Good afternoon, everyone. On behalf of Montega, welcome to the earnings call of New Work SE regarding the financial results of 2021. Thank you very much for your interest in joining the call. We are delighted to welcome the CEO, Petra von Strombeck, the CFO, Ingo Chu, and Patrick Möller from Investor Relations. The board will give you a presentation on the financial results as well as the strategy update shortly. The floor will be opened for all upcoming questions following the presentation. Having said that, I'm happy to forward the word to you, Petra. Thank you very much. Welcome everybody to our preliminary results presentation. Thank you for your interest. Thank you for being with us today. This time, as you see, we choose a slightly different format, a bit more personal through video. We decided to do so because we wanted to provide a crisp strategy update and outlook as well, and thought a longer call is better with faces instead of just pictures. As always, Ingo and Patrick are sitting next to me. Ingo will guide you through the financials later. Let me start by saying that we are very happy with the year 2021. After a COVID-impacted year 2020, we do see re-accelerated growth rates, thanks to the broad recovery of the employment market. We achieved, partially even over-achieved, our targets. Let's start with a summary. All our financial KPIs showed good, solid growth rates, and also our non-fin KPIs performed nicely. We expanded reach and visibility of our core destinations, XING and Kununu. The new XING app is launched, and the B2B side of our business is showing a very nice performance with re-accelerated growth of both customers and revenues. Let me do a quick deep dive into the three core financial KPIs. As you can see, revenues, EBITDA, and net income are up. Our pro forma revenue grew by 5%. The good thing is we see an acceleration quarter after quarter. Q1 was a downer at minus 1%. Q2 was at plus 5%, and in Q3 we report 7% growth, followed by 9% now in Q4. Our pro forma EBITDA grew by 7% and net income is up by 10%. Let me quickly comment on the pro forma numbers. In 2021, there is almost no deviation versus reported figures for revenues and EBITDA, and only a minor deviation of EUR 300K for net income. Net income is up more strongly. There is a one-time tax effect included. Ingo Chu will comment in more detail later. In a nutshell, you see, even in years where external factors compromise our growth, we manage to stay highly profitable, while at the same time we invest in our business, which we do more focused than before. How about operating performance last year? When talking about our destinations, it's really important to understand that both are equally important. There is of course XING, the number one professional network in terms of size. We now have 20.3 million white-collar professionals as our members and added 1.4 million versus last year. We have successfully relaunched our app in December. In addition to a significantly improved user experience with a completely redesigned news feed, it offers individual recommendations with more relevant for personal job life. This is actually where we are heading. We want to respond even more individually to the needs of our members. No matter what they want, no matter where they are in their lives, in a world of work that is becoming increasingly fragmented, our users need guidance. That's what they tell us, and this is what we can deliver on. One highlight in response to this need is the XING Guide, a form of conversational interface we use to interact with our users. Another novelty is that we integrated information on corporate culture of companies into thousands of job ads, so the XING job market becomes more relevant for our users. The app release was accompanied by a large marketing campaign. Do your XING is the claim of the multi-channel campaign that aims to ensure that people don't have to bend over backwards at work and can be authentic and themselves. A demand that is, by the way, more and more requested by professionals in a market where the employees are fighting for talent. Moving to Kununu, one of the stars in our portfolio. Kununu continues to develop strongly and is by far the leading destination for employer insights. In total, users added 35% more highly valuable employer ratings, culture insights, and salary data points. The number of salary and culture data points even doubles versus last year. Why is this so important? Well, the employment market changes dramatically. In the beginning of the year, we've done a representative study with Forsa showing that the willingness to change jobs has increased dramatically in the DACH region. Especially younger people and women are dissatisfied, and more and more employees are questioning their work situation and examining very closely whether their employer is still a good cultural fit for them. Job seekers naturally look also at salary benefits and career opportunities. The younger generation particularly is looking more and more at the supposed soft factors. How hierarchical are things? Can I determine my own working hours? Is this an employee where I could feel comfortable, enjoy working every day? How happy can I be in my job? This is why Kununu is so important to our future strategy and success. We deliver transparency to the working population. This is a real value nobody else delivers out there in the depth we do. As you know, we are monetizing Kununu by selling employer branding packages for Kununu as well as the corporate XING profiles, which already today account for close to 20% of total group sales alone. Let's now have a look at our B2B business. That accounts for 60% of our revenues today and is back on double-digit growth trajectory. One leading indicator in this business is the B2B subscription customer base. Probably you remember with the inception of the pandemic, for the first time ever, our B2B customer growth stopped and even declined slightly. As you can see, thanks to a very strong second half, we are back on track in terms of customer growth. This growth was accelerated quarter after quarter with 220 net new customers in Q4 alone. There are more good news. First of all, we experienced a fast recovery in our job ad business. Let me add one remark, job ads are not dead. It's rather the bread and butter business of every HR department, and I believe this business deserves more attention also going forward. Second, even throughout the pandemic, we managed to increase our existing B2B E-Recruiting customers. The result is very promising, and let me read out the growth rates throughout the quarters to you. Again, we started for the B2B sales only with -1% growth in Q1. We added +7% in Q2. We doubled from 7% to 14% in Q3, and further accelerated in Q4, and ended at 21% growth versus last year. This is really promising. 21% growth in our most important revenue category, that's even a bit faster than we anticipated. Our business continues to generate more cash than we need to fund our existing businesses or invest into new opportunities. This is why we decided to continue our path of returning excess cash to our shareholders through a regular dividend. We will suggest to the AGM and the supervisory board a regular dividend of EUR 2.80 per share. Given that we are in a very comfortable cash situation and have built up cash in our history of more than EUR 150 million, we will also recommend a special dividend of EUR 3.56. We do strongly believe in our future and in the structural tailwind, which will continue to play in our favor. I will come to that point in more detail in the strategy update later. That's it from my side. With that, I hand over to Ingo. Yeah. Thank you, Petra. Good afternoon, everybody. I'm Ingo. I'm the CFO, and I would like to lead you through our preliminary figures for the full year 2021 and Q4 2021. Overall, as Petra said, 2021 has been a good year for us, which actually turned out better than we had expected at the beginning of the year. Let's start with the five key message points. Number one, we continue to increase our access to talents on the C side. Both XING and Kununu have grown their non-fin metrics, and that's important because it is the basis for our monetization, especially in E-Recruiting. Number two, top line growth is picking up again, and revenues came in at EUR 290.9 million. Number three, EBITDA came in at EUR 97.3 million, which is in line with our upward adjusted guidance. Number four, operating cash flow has increased to EUR 85.6 million. Number five, we propose to increase our regular dividend to EUR 2.80, and to also pay a special dividend of EUR 3.56. Now let's have a look at the P&L. Reported service revenues came in at EUR 290.9 million. That's up 5% year-over-year. Pro forma service revenues equal reported service revenues. Growth was driven by our E-Recruiting business and our marketing solutions business. We are getting well out of the COVID crisis. One thing is important to bear in mind, and that is that most of our revenues are subscription-based. In phases of growth of subscription billings, actual revenue growth follows later on. Reported EBITDA amounts to EUR 97.3 million. That's 11% up year-over-year. Again, pro forma EBITDA equals reported EBITDA, and pro forma EBITDA is up 7% versus previous year's like-for-like pro forma EBITDA. EBITDA meets our upward adjusted guidance, and EBITDA margin came in at 33%. Depreciation amounts to -EUR 44.8 million. That's significantly down year-over-year. You will remember that last year's depreciation was impacted especially by the Honeypot impairment. Now, if you eliminate these effects in the previous year, depreciation this year is up, and the main reasons are that we had write-downs on software portfolio restructuring, and that we also had temporarily higher finance lease depreciation in connection with our new office spaces in Hamburg and Vienna. Reported financial results amounts to -EUR 0.4 million, which is down year-over-year. Last year, however, you will remember, was impacted by a significant positive non-operating extraordinary effect, especially from earn-out adjustments in the amount of +EUR 9.8 million. Now, if you eliminate positive non-operating returns on cash invested, this year's pro forma financial results amounts to -EUR 0.8 million, which is basically on last year's level. As you know, it consists essentially of non-cash effects according to IFRS accounting rules. Reported net income came in at EUR 39.6 million, which is up year-over-year. Reported EPS amounts to EUR 7.05. Please note that this year our tax result includes a positive one-time effect of approximately +EUR 4 million. Going forward, for your models, we expect a tax rate in our IFRS P&L of approximately 30% on EBT. If you adjust reported net income for non-operating effect, which this year is only the return on the cash investment, pro forma net income comes in at EUR 39.3 million. That's up year-over-year. Pro forma EPS comes in at EUR 7. Now, on the next chart, I'll give you some more context on the profitability by business unit. These are reported figures. If you look at it, the big picture is driven, on the one hand, by our revenue development and on the other hand, by restructuring measures that we've taken and some portfolio management. If you look at B2C, the B2C segment contributed a segment EBITDA of EUR 34.9 million with a segment margin of 36%, both up year-over-year, despite the fact that we had a slight decline in revenues in this segment. Here you can see the positive impact from the restructurings on the cost side, but also of some portfolio cleanup measures. B2B E-Recruiting as a segment contributed EUR 114.4 million of profitability. That's up year-over-year. Margin came in at 67%. That's slightly down year-over-year because of our investments in future growth. Again, please remember that these segments are not independent of each other. Our strong access to talents from the C-side is the basis for monetization in our B2B E-Recruiting unit. B2C segment and B2B E-Recruiting segment are actually the two sides of our group wide marketplace. We are building the E-Recruiting business on top of our C-side destinations, namely XING and Kununu, at marginal cost. It's normal that margins in E-Recruiting are higher. Now, if you look at the B2B advertising and events segment, EBITDA came in at EUR 11 million. Margin is 47%. That's significantly up year-over-year. The drivers are, on the one hand, the rebound of our transactional marketing solutions business and the cost restructuring at the events business. Now, if you look at revenues, here you can see the development by segment. We have no difference between reported and pro forma revenues. B2C revenues came in at EUR 98.1 million. That's slightly down year-over-year. As you know from the last call, drivers are both the InterNations business as well as the XING paid membership business. For this year, 2022, we are expecting a slight decline in B2C revenues driven by both businesses, InterNations as well as XING. The InterNations memberships business depends on access to offline events, which given the current restrictions, are still significantly below levels. With regard to our XING paid memberships, you know from our last call that a strong labor market reduces demand for premium. Also, at XING, we focus on growing the network overall so that we can monetize the resulting talent access in E-Recruiting. From a group perspective, this is the revenue maximizing strategy, and it is better than driving direct B2C monetization. Short term, we're taking this revenue development. We're not happy, of course, but short term, it's the right thing to do. Long term, of course, we want to stabilize development. If you look at B2B E-Recruiting, we are, and Petra has said that already, we're very happy with the development here. B2B E-Recruiting has grown 10% to EUR 169.8 million. Growth was driven by all revenue streams. Passive recruiting, which as a transactional business, had a strong rebound in 2021 after a sharp COVID-induced decline in 2020. Also our subscription revenues for employer branding, active recruiting, and applicant tracking have driven E-Recruiting growth. Now, when looking at our revenue growth, please bear in mind that the development in subscription billings only translates over time into revenues. At the start of the pandemic in 2020, when our billings stopped growing, we still had revenue growth based on past billings. Now we have the reverse effect. In 2021, when our billings are growing nicely, that growth translates into revenue growth only over time. Our billing development in 2021 is stronger than our revenue development. That's important to remember, especially when you compare us to other recruiting players who have transactional revenues only. Now, looking forward, we expect increasing revenue growth in 2022 in E-Recruiting. As you know, demographics drive long-term demand for recruiting solutions. With XING and Kununu, we have very strong access to talent, which allows us to deliver on any recruiting demand. Just in the past years, E-Recruiting has been the strongest contributor to our revenue growth, is now by far the biggest revenue stream, and will also be the strongest driver for revenue growth going forward. If you look at B2B marketing solutions and events, revenues came in at EUR 23.5 million. That's up 16% year-over-year. While the events business still suffers from the pandemic, marketing solutions as a transactional business has seen a strong rebound in 2021. Next, let's have a look at cash flows. As usual, we exclude for transparency purposes, organizer cash. Show the cash effects from discontinued operations in a separate line. However, that's only for the previous year. Operating cash flow before investing cash amounts to EUR 85.6 million, which is up year-over-year. Key drivers were EBITDA and cash flows from changes in net working capital. Cash outs for investments in our operating business amounts to -EUR 43.3 million. That's up year-over-year, mainly due to the CapEx related to the move into our new headquarters in Hamburg. There is an offsetting cash in from a lease incentive from our landlord, which according to IFRS, we have to show in our cash outs for rent in the amount of +EUR 7.2 million. Cash outs for rent in total amount to -EUR 0.5 million, and that consists of -EUR 7.7 million in cash outs for rent and the already mentioned +EUR 7.2 million lease incentive. In 2021, we had cash outs for investments from acquisition which amount to -EUR 2.1 million, which is the earn-out installment for Prescreen. With some other small item that leads to a free cash flow before dividends of EUR 39.5 million. Out of that, we've paid a regular dividend of EUR 14.6 million. With that free cash flow after dividends amounts to EUR 25 million. That's it for the full year 2021. To sum it up, we have continued to grow our talent access on the SE side. Our revenue growth has picked up, especially driven by recruiting, and we've grown EBITDA while continuing to invest into our long-term growth. Now let's quickly go through our Q4 numbers. I will be briefer than normal in this section so that we have more time to talk about strategy update from Petra in the second part of the call. Reported revenues came in at EUR 78.2 million. That's up 9% year-over-year, up 6% quarter-over-quarter. Reported EBITDA amounts to EUR 18.7 million. That's down year-over-year, down quarter-over-quarter. As you know from our last calls, we had a different spending seasonality in 2021, with major cost items becoming effective in the second half of the year instead of the first half of the year. The example for that would be the marketing campaigns for XING and Kununu, which have been received very well. Also, we had one-time OpEx in relation with the move to the new headquarters. We had one-time OpEx in relation with several personnel changes and restructuring, each individually too small to qualify as pro forma, but overall adding up. We had higher bonus accruals, et cetera. As I've said, a significant part of this is one-time. The Q4 costs are not our cost run rate for the full year 2022. Reported EBITDA margin came in at 24%. Depreciation amounts to 14.9%. This includes the usual one-time extraordinary write-offs in software, this time also driven a little bit by portfolio cleanup measures. Reported financial result is +EUR 0, includes non-operating effects from the revaluation of our financial assets in the amount of +EUR 0.2 million. Reported net income came in at, excuse me, +EUR 7.4 million. The one-time positive tax effect of EUR 4 million, which I mentioned earlier, was booked in Q4. That's why net income is higher than EBT. As I've said, going forward, we expect a tax rate of 30% on EBT. Let's go over Q4 revenue development really quick. B2C revenues came in at EUR 24 million. That's down year-over-year. We've talked about the situation here. B2B E-Recruiting came in at EUR 47.2 million, up 21% year-over-year. Here we're getting well back on track to growth. Finally, B2B marketing solution and events revenues amount to EUR 7.1 million, which is up 4% year-over-year. Let's talk about our dividend. As you know, we are paying a regular dividend, and that generally speaking, our policy is to pay that dividend continuously and sustainably. Based on that policy and based on our results in 2021, we will propose a regular dividend per share of EUR 2.80, which is up 8% versus last year. Also, you know that we believe in having a strategic cash reserve which we can use for strategic opportunities such as acquisitions. At the same time, we do not want to have more cash than necessary. Now, our total cash reserves have increased to more than EUR 100 million during the past two years, and that is more than we need. That is why we've decided to pay a special dividend of EUR 3.56, or approximately EUR 20 million in total on top of our regular dividend. As always, let me emphasize that paying a regular dividend and even paying a special dividend does not prevent us from further growing the company. Given the generally speaking high profitability, even in investment mode, prepaid revenues and low capital intensity, our business remains very cash generative. Regarding potential large opportunities, if you take into account our remaining cash, our authorized capital, and our debt capacity, we could easily fund projects around EUR 500 million. That's it about the 2021 numbers. Let me give you an outlook for 2022. As you know, our long-term opportunities continues to be very attractive. Talent will become significantly scarcer due to the inevitable math of demographics. As a consequence, demand in E-Recruiting space will increase. Labor market phenomena like the Great Resignation might even reinforce this demand. With our market-leading key destinations, XING and Kununu, we can offer recruiting customers unique access to scarce talent. Short-term, if you look at COVID, there is light at the end of the tunnel. In 2020 COVID had stopped our new business growth in E-Recruiting solutions. In 2021 E-Recruiting growth has come back. New business growth has developed well, and billings are growing nicely. Due to the subscription mechanics, revenue growth is lagging behind the billings growth, but also has seen an upward trajectory in 2021. Based on that, our outlook on E-Recruiting revenues in 2022 is double-digit growth. Combining this with our situation in direct B2C monetization, our outlook for group revenue growth is very high single digits. Our guidance for the year is an absolute pro forma EBITDA of around EUR 104 million in 2022, which reflects our continued investment now. So much for our outlook in 2022, and with that, I hand back over to Petra to talk about our strategy. Thanks, Ingo Chu. Thanks a lot. Before we head into Q&A, I would like to give you a short and crisp update on our strategy going forward. Very generally speaking, everything we told you at the Capital Markets Day in March last year is still highly relevant. Our vision for better working life is still our North Star. The only change is that we sharpened our short-term and execution focus. You might remember this chart from last year. It actually shows the strategic framework on how we look on our business. You see the two parts of our business. We have a B2B side of business that you see on top, starting with the HR customer, and a B2C side of business on the bottom, starting with the B2C user, the individuals. Both are interlinked. Our ambition is to become the number one recruiting partner for HR in DACH, the German-speaking region. This is our ambition and strategic priority. This will only be possible through leveraging our strong C-side talent access. Therefore, we will continue to work on winning talents in the DACH region. We will strengthen and invest in both Kununu and XING, and also look into extending our footprint in high volume or scarcity labor segments. Our short-term focus will, thus, not be on the adjacent C-side markets. The same is true for the B side. We will fully focus on recruiting and expand our leading market position in employer branding and sourcing, and extend our recruiting portfolio further. A potential expansion into a full HR service offer will not be our focus for the next two to three years. It's all about focus. We are convinced that we can create more value by focusing on our core value proposition around finding and hiring talent on the B2B side, and enabling our users to live a better working life through our B2C-side propositions. I'll come back to this in more detail in a moment. One more thing, very important, our financial targets and growth ambitions remain obviously unchanged. Why are we focusing on recruiting? I guess you can tell. Talent shortage is one of the hottest topics these days. The press is full of coverage, and I guess you as investors talk to corporates every day, and you hear the same as we hear. The challenges are about recruiting and finding talent. We conducted a study with Forsa in the beginning of the year, as I've already said, and it confirmed the markets have changed from employer markets to employee markets, from a shortage of jobs to a shortage of talent. Today, every fourth talent even quits the current job without having a new position, and almost 50% of the younger workforce is open for change. Talent is scarce, and talent will remain scarce. The great news for us, the worst is yet to come. It's important to repeat this again and again, particularly for those who are new to the story. Germany is facing a declining workforce for the first time in history. 4-5 million talents will leave in the next 10 years due to the retiring baby boomer generation. This is not a prediction, it's a fact. All the people joining the workforce are already born, and immigration won't stop this either. Talent scarcity will get worse. Already today, the number of unfilled positions is back to pre-COVID levels at around 1.4 million. During the crisis, this number was down to 800,000 in Q2 2020. By 2030, the unfilled vacancies will rise to 5 million. What does that mean for employers? Time to hire goes up, pretty obvious. The tenure goes down because it's easier to switch employers, so there is more recruiting need, and the cost per hire will go up as HR needs more budgets for ad, marketing, employer branding, and finding talents in the active sourcing or headhunt field. We do have an excellent visibility on what is going to happen in our core market. Germany, Austria, and Switzerland will remain our core markets, and the area is huge. If you add up the attract, source, and select segments we consider relevant for us, the total market size is between EUR 4 billion and EUR 5 billion and growing. EUR 5 billion as a total addressable market. Based on our 2021 numbers, we generated EUR 170 million today. There's room for growth. Pressure on companies is increasing as talents become more scarce and HR needs new, more, and different solutions to attract, source, and select talent. As Ingo Chu already said, we do not just offer B2B solutions, but we offer talent access as well. We're in a great position. We're active in Europe's largest economy, and we're sitting on a booming market. To give you a bit more detail concerning the addressable market. We define our addressable market in terms of number of companies to be 140,000. This is the number of companies having the relevant size for external recruiting solutions or employer branding. We currently service 13,000 subscription customers and 20,000 customers if you add the transactional sales as well. On average, they spend around EUR 34,000 per year for those solutions. Our ARPU is around EUR 10,000-11,000. In both dimensions, there is room for growth. It's probably not a surprise that we'll put even more focus on driving our B2B recruiting business further. It has been the growth driver for the last couple of years. The majority is subscription, and even in the pandemic, it was stable and very profitable. This is why our future short-term strategy is based on recruiting and talent access, with a clear aim to become number one recruiting partner for HR in DACH. We will achieve this by leveraging our marketplace even better going forward. We currently operate several marketplaces, as you can see on this chart. Marketplace number one, obviously XING. Given our position as the largest professional network, we have access to 20 million or more than 20 million registered members with CV information, et cetera. We enable HR departments and recruiting agencies to target potential candidates effectively through our tools. Given the data treasure we are sitting on, we match open vacancies to candidates better than any other player. That's one of our unique strengths. We also see an opportunity in expanding the targetable candidate audience beyond XING to expand our sourcing approach to all job seekers. This is a potential investment field. Switching to our marketplace number two, Kununu, actually the rising star in our portfolio. This is a marketplace beyond and independent from XING. The number 1 review platform, offering real customer value and transparency for talent, and an opportunity for employer branding for companies. Kununu will expand its reach, both the talent and the company side, and thus create a very strong and powerful win-win situation for both sides. We see the potential for additional marketplaces, as you can see on the right-hand side. Honeypot being one of them. Let me give you some more detail on our main marketplaces and initiatives, starting with XING. XING is the largest talent network in DACH. 20.3 million people. We added 1.4 million in 2021. Based on our recent benchmarking study we carried out in January this year, XING plays a key role already today in job change of our talents. That's quite a statement. Based on the same recent benchmarking study, the XING TalentManager clearly outperforms competition in terms of filling vacancies. We have almost every open vacancy on the platform, thanks to our crawler. We have more than 20,000 recruiters using XING to find and chase talents. There are more than 250,000 employers on XING. Our XING platform will become much more jobs and career-focused than before. Our clear ambition is to become the number one destination in DACH to find a job, get hired, and receive career guidance. We are working towards this target. We will create relevant content for job orientation. We will be giving users unique insights about job opportunities and guide them through different macro and micro moments of their job life. We will be offering self-assessments to our user and more to come. How about Kununu? Kununu clearly has a market-leading position. Every second job seeker consults Kununu to receive information about potential new employers. Kununu is clearly the number one in terms of valuable employer ratings with a huge head start. Kununu managed to add another 2 million insights around corporate culture as well as salary data points. Talking about the culture. We strongly believe that a good, open, and appreciative corporate culture is becoming an increasingly important factor in the war for talents. For companies, this means they have to take corporate culture seriously. A good salary and attractive employer benefits are important, but they are no longer enough in the working world of the future. Kununu is in a perfect position to expand its position as number one destination to find workplace insights which are needed to make decisions. How are we going to proceed in terms of monetization of our recruiting solutions going forward? The answer is differently than we did before. Until now, we have been selling single solutions to HR and recruiting agencies. As you can see, we have quite a variety of different offerings, employer branding and XING TalentManager obviously being the major parts. To become the number one recruiting partner for HR, we need to improve our offering. We are investing and working towards building an integrated recruiting solution, a seamless experience, where our current award-winning ATS software from Prescreen will become an important layer. So far, we have been selling bundles that were not linked. Tomorrow, our different HR solutions will be interlinked, interconnected, and harmonized with the aim to transform recruiting from a process to an experience. Our recruiting technology shall become an integral part of the day-to-day life of our HR customers, built around their needs in order to deliver on their requirements. Building a more harmonized and integrated solution obviously also means a stronger lock-in and more customer stickiness. Let me wrap up. We have a clear goal going forward. We are sitting on a huge market and it's boom time. We have very strong assets and we are in excellent position. 2021 showed solid growth. We are gaining momentum again. The outlook for the mid-run, Ingo has already specified that, is to come back to pre-COVID levels, double-digit growth, and an EBITDA margin above 30%. With this, I thank you for your attention, and we are now happy to take your questions. Thank you very much for your presentation, Petra and Ingo. We are now opening the Q&A session. You can either place your question by raising your hand and asking the question by audio line. There's a button on the lower side with a hand, so just press it. Alternatively, you can place a question via the chat box. If you signed in via phone, please press star key followed by 9 and then the star key followed by 6 to enter the question queue. We will start with a question from Marius Fuhrberg. Your line is now open. Yeah. Hi. Hope you can hear me. Yes, we can. Can you hear me? Yes, we can hear you fine. Okay. Just as well. On your guidance or especially on the midterm guidance, firstly, you told us that you're aiming at pre-COVID levels. Should we think of this more like in the range of, like 2018 or 2019, so more in the +20% or below 20% top-line growth level? Second, maybe directly after this, EBITDA, you're aiming at an EBITDA margin of more than 30%. This is also what we are currently seeing. Given that you're growing strongest in your B2B E-Recruiting segment, could you give us a bit more of an update when we should expect the margin expansion from this to kick in? Because as you've shown, the E-Recruiting segment comes at highest EBITDA margins in your business. Maybe a third one on strategic side, could you provide a bit more concrete example of this integrated approach that you are going to or giving your customers, especially for the B2B side? Do you want to start with the first one? Okay. Yeah. Let me take the first two. In terms of revenue growth that we are aiming for midterm and when we are completely post-COVID, is it above or below 20%? If you look at the past eight years, sometimes it's been- I can actually hear you, so I don't know how it's with the others. I'll move closer to the microphone. Can you hear me now? I cannot. No. Yes. Marius, can you hear me? Can be... You are heard very well. Okay. With regard to revenue growth midterm once we are completely out of COVID, if you look at the past eight years, we've been. You know, sometimes we've been above 20%, sometimes we've been below 20%. That's what we meant. It's, you know, if you ask for it's around 20%. That's about as much as we'll say at this point in time. When it comes to margin, we've always said, as long as we are in investment mode, we will be in the low 30s%. However, once we say we don't grow anymore, and we don't see any growth opportunities out there in the market anymore, then of course, margins should go up to at least 40%. I mean, for the next 5 years, I don't see us going beyond the low 30s, because for the next 5 years I see us investing into further growth. In your terminal value, you should have something around 40%. Let me maybe add that the businesses are interlinked. Even though most of the growth will come from the B2B side, which has a high margin, we also invest in the C side. Don't take the margins of the businesses independently in order to predict, because it's actually marketplaces, and we have to invest on both sides, C and B side. To come to your last question, actually, the idea is really to create a combined product with a single access, where all the different recruiting solutions are interlinked, so that it's easy for the customer to use them to develop all the recruiting needs or to help all the recruiting needs sourced through that tool. It's actually a combination of the existing products, eventually new product features, and everything will be combined in one product suite. That's the idea. I hope that answers your question. Thank you very much for answering. If there are any follow-up questions, please, feel free to raise your hand again. We will continue with the next questions. They come from Katarina Klaas. Your line is now open. Hi. Yes, thank you very much for taking my questions. I assume you can hear me, if not Yes, we can. Okay. Perfect. My question would be on the double-digit growth and then the trajectory maybe from 2022 to what's in 2023, just for my understanding, how I can think about it. Is it that we will see a pickup in the subscription revenues because obviously that has a bit of a time lag, as you've mentioned before, and then you will reach the double digits already in 2023, as you have already given us a bit of an indication for 2022. The second part of my question would be where will this growth come from. Will it be new customers that you onboard, or will it be more spend per customer because of the single solution that you've mentioned. What is your view on this, please? Okay, I You take that. I take the second one? Yeah. Yeah, we can do that. Now first of all, when we talked about double digit for next year, we were talking about E-Recruiting revenues. We were not talking about group revenues. Okay? Just to make sure that we communicate clear here. If you ask more precisely where you wanna go, I would say for the E-Recruiting business, we would be in the high teens this year in 2022. On group level, given the situation on B2C, we'll be in the very high single digits. When we said at Capital Markets Day post-COVID, we wanna go back to on group level double digits, that will be 2023 and onwards. All right. What was the second part of the question? Sorry about that. Will the growth come rather from- Okay. Right. Sorry. More customers or more? Actually, it will be both. If you look at our product portfolio and the single products we have today, the usage of products per customer, per B2B customer is actually one point X, and X is not very high. So obviously the idea of creating a product suite is also to add more products per customer and increase ARPU. That's one thing. As we've seen, there is a huge potential also on the addressable company size or the company number out there with 140. We'll definitely also grow by new customers. It's a double effect actually. Perfect. Thank you very much. You're welcome. Thank you very much for your question. There's another question coming from the chat. I will read it out to you. Could you provide a little bit more color on the development of the number of actual B2B subscriptions and how the growth momentum developed in the past month? Maybe you could also give a first glimpse into how 2022 started in this context. Maybe we should share the chart in the presentation again? Because I think we have the concrete subscription numbers within the presentation. Yes. We can guide you through that. Maybe that was not explicit enough in the presentation. Just a second. You see on the left-hand side also? Almost. Almost. Getting there. Mm-hmm. Just a second. Here. You see on the left-hand side how, starting on the left-hand side of the graph, in the year 2020, we had a slow decline of our subscription base, and we grew that subscription base, customer base again, in the year 2021. I also announced the number for the fourth quarter, which added 220 new customers to the base. We do not yet comment on this year, but given the market and the trend out there and the fact that the scarcity of talent increases, you can probably imagine that we have a positive outlook on this year as well. I think we should also add then that the subscription customers, actually, these are the customers, generally speaking, who go for active recruiting, who go for employer branding, who go for applicant tracking, and sometimes, depending on it, who go for package deals, which also includes passive recruiting. What you also see, and Petra has mentioned that in her part, is that we've changed our thesis on passive. We actually when we look at the customers in the HR side and we look at the market, passive will remain there and will also contribute to growth. That is a number because it's normally a transactional revenue, which is not included in these customer figures. Any development that you see on the passive side will not be reflected in this number. Thank you for explaining. The next question comes from Simon Bentlage. Mr. Bentlage, your line is now open. Yeah. Hi. Thanks. You guys hear me? Yes. Yes. Yes, we do. Awesome. Yeah, Ingo, just one question for you. You talked about the billings growth, and how it exceeded revenue growth. Are you willing to share any numbers here, any percentages that I think would be helpful? The second question would be on the special dividend, just trying to kind of understand how you guys think about capital allocation. Would you also think about share buybacks, and maybe an update on where you stand in terms of M&A opportunities, anything you're looking at or- Yeah, sure. Any color would be helpful, I think. Yeah. Actually, I'm really happy to comment on billings growth, which are leading revenue growth. I don't wanna give out figures. The reason is basically when I give out figures or if we give guidance, we wanna do that on the basis of audited figures, and billings are not audited figures. Of course, internally, we track them. They're a lead indicator, and they enable me to kind of guide your expectations, but it's not a number that we want to give out. So that's for the billings numbers. With regard to capital allocation, I mean, we are, and you know that, we are constantly looking at M&A opportunities. I mean, for us, it's a tool and it's a tool that helps us to basically implement our organic strategy. If it helps us, if we do see targets which, you know, make our organic strategy bigger, faster or less risky, then it's worth acquiring, and then we do it. At this point in time, there's no big stuff coming on, so you shouldn't put that into your models. In terms of capital allocation, we prefer actually special dividends to share buybacks because already our free float is small, our trading volume is small. If we do share buybacks, that probably makes the stock even more illiquid. Both measures of giving out cash or giving back cash to shareholders depend on the same bottleneck and that these are retained earnings. These are retained earnings according to local GAAP. I mean, given accounting practices and giving our cash flow mechanics, what you have is that free cash flow usually is higher than our IFRS net income, and our IFRS net income usually is higher than our local GAAP net income, which determines what we can pay out, and that is usually the bottleneck. Okay. Understood. What do you guys think about just maybe raising the regular dividend instead of paying out lumpy special dividends or- Well, it gives us a. Is there a specific difference? Yeah. Well, I mean, in terms of, it's not part of our official dividend policy, but if you look at it, our regular dividend used to be a third of IFRS net income. Now it's about 40% of IFRS net income. Having a mix of a regular dividend, which we are sure we can sustain and continuously pay, and then giving lump sums out, we think is the best for having the flexibility on the one hand, you know, giving back when we don't need it, but at the same time, keeping it if we wanna have our cash cushion. We'll stay with that dividend policy. All right. Fair enough. Thank you. Thank you for your questions, Mr. Bentlage. There's another chat question. I will again read it out to you. It comes with a short story behind it that people are leaving some big firms without any new job. Petra, you already said it in your presentation as well. They don't want to work also sometimes for your main clients, big hierarchical corporates. They want to work for themselves and/or within loose, flexible networks. That is also what the survey showed. What are you doing to address this part of the working world and this, yeah, maybe new breed of talent? Is the traditional role hiring CV matching at some point a dead end? Very good question. My answer is, yes, there is certainly a part of the workforce for whom this kind of loose network, it's a bit like the freelancer markets that have grown in the last years dramatically. That's relevant for a part of the workforce, but it's only a fraction. For the majority, it's still about very regular jobs in very regular companies most of the time. Actually we offer solutions for both. I mean, freelancers are very active XING users because they recruit their next job or their contact or their next project on our network. We do offer a basis for this kind of interaction between potential clients and customers. The second thing is, yes, I think CV matching is only part of the game, but please don't underestimate that we have a ton of additional data so that we can actually really match better than anybody else and provide answers to the question, "Do I fit into that company or not?" I think on both sides we are in the game. Thank you very much for elaborating. There are some questions, maybe also follow-up questions. The first one is from Katarina Klaas again. Your line is now open. Katarina, we can't hear you. Sorry. I thought I had pressed it hard enough. Right. Follow-up would be, I have read that StepStone is also looking into stepping into employer branding. How do you think about that? I know obviously it's a very different angle, but just to get your thoughts on that would be great. Well, actually, our employer branding offer is currently based on Kununu. Actually, Kununu is market leader by far with a very strong proposition. I think our employer branding offer is unique and strong. Will that market become more competitive? It obviously will, because as we said, employer branding will become a must tomorrow. It's boom town for employer branding as well, because the companies will have to work on their profiles, on their employer brands to be able to attract the scarce talent resources. No wonder, other players consider entering that market, but we are in a very strong position. Let me add some piece of information with regard to the uniqueness of Kununu versus, for example, other players who are actually job boards. The thing about Kununu is that it attracts talent traffic from user-generated content about employers, employer reviews, salary, or about culture, employer culture. It's user-generated, so it's talent-generated content which draws talent because it you know, talents get probably the most authentic Mm-hmm. An authentic view how it really is to work at a given company by going to Kununu. What is unique about Kununu is that Kununu is not a job board, so there is no conflict of interest. I mean, the sole user or customer or is actually the C-side at Kununu. They do everything to give the best insight about certain employers. Job boards is different. They monetize on a different side. You know, they always have the direct job ad part in it. If you look, for example, at what happened to Glassdoor in the U.S., it is probably one of the difficulties that they had because they kind of were a mixture of employer branding, review-based, but also job board offering classical job ads. Great. Thank you. Thank you very much for your question. There's another question from Simon Bentlage. Your line is also open. Yeah. I just wanted to get back to B2C again also. I'm wondering, you talked about accepting a bit of decline in the short term. Can you specify here what kind of, you know, decline you're willing to accept? Are we talking about 5%, 10%? Just give us a little bit of a feeling here. Single digits. Single digits. Single digits. Okay. Just maybe a little bit of insight on how your relaunch has worked so far. Are you seeing any changes in, you know, member activity or, the development of member numbers? Just anything you can give us here. Actually, what we see is that, I mean, technically everything worked super smooth. That's good. The new app has a very good acceptance of our users. We do track obviously all kind of performance levels, but we wouldn't give details on that, I'm sorry. Overall, we are satisfied with the new app. We see that the new features we integrated are well accepted by our users. Example XING Guide, et cetera, we get very positive feedback on that. Overall, we're happy with the performance, but we can't comment on details. I'm sorry. No, no. Okay, understood. Thank you. Thank you for that question. A kind reminder, if there are still open questions, please feel free to address them via audio line or either via chat. In the meantime, we already spoke a lot about the Kununu platform. Regarding the development and looking at the structural prospects of the business, what kind of EBITDA margin level would you see realistic in the next, let's say, three to five years? Next three to five years, we will stay in the low 30s%. I mean, if you look at the addressable markets, we should be able to grow and invest in growth continuously. We'll stay in the low 30s%. The simple rationale is, I mean, we've talked about getting back to pre-COVID levels, which were around 20% in revenues. If you look at the past years before COVID, we've maintained the growth rate around 20% in the top line, and we've maintained an EBITDA margin in the low 30s%. Now, we could go immediately to a 40% EBITDA margin, but we would stop growing. If you take EBITDA as a proxy for cash flow, we would have a one-time value creation of about a third, from 30%-40% EBITDA margin, but no more growth. If we come back to around 20% in revenue growth, we would have the same. We keep margin constant, we would have the same effect after 1.5-2 years. That's why with these mechanics and with the addressable market and the growth potential that we see, the value maximizing strategy would be go for growth while keeping margins constant instead of maximizing margins and foregoing growth. All right. Thank you very much. Further, the questions are not seen at the moment. We will just see. Like, there's a short technical issue. However, I think I'm still heard. Yeah. We can hear you. All right. As I said, there are no further questions. I would like to thank all participants who have joined this call. Also thank you very much, Petra and Ingo, for your presentation and taking the time to answer all the questions. I will hand over for some final remarks to you, Petra and Ingo. Thank you very much. Well, thank you everybody for attending, for your interest, for the good questions. Have a good time and see you next time. Thank you very much.