Welcome to Media and Games Invest Quarter three Presentation 2022. Throughout the call, all participants will be in listen-only mode, and afterwards there'll be a question and answer session. If you wish to ask a question, please press zero one on your telephone keypad. I will now hand over the word to CEO Remco Westermann and CFO Paul Echt. Please begin your meeting. Thank you very much. Good morning. I would like to welcome our shareholders, our analysts, and also other stakeholders to Media and Games Invest as the earnings call for the third quarter 2022. I can tell you already, we are very pleased with what we're presenting here, but I would like to go into the presentation. Let's go to slide number 5, please. Presenters today, as already announced by the moderator, Paul Echt, our CFO, and myself, Remco Westermann, the CEO of the company. On the right side of the slide, you see the shareholder positions. There are some changes amongst the shareholder positions. Oaktree has increased their position, and we also see some new shareholders, if you look at the main shareholders on the lower side of the chart. Going to the next slide. Yeah, what happened in Q3? In a nutshell, we will go further into detail, of course, during this presentation. We have some numbers on the right side, but I would like to start with our positioning as a leading European ad software platform with strong first-party games content. Everybody knows we started as a gaming company, then started to do media to support the gaming side, and now see that the media side is the leading part of this company, and we go forward with that in very strong combination with the gaming part. What did we do, or what are the numbers for Q3? We did EUR 312 million revenues, if you take the last 12 months, and we did EUR 85 million EBITDA in the last 12 months. This is already within our full year guidance, so we also have some information on that, which Paul will take later, which is that we will change some guidance for the future. Yeah, altogether, very happy. The market has headwinds at the moment, as everybody knows, getting into that later also. We were able to generate 39% overall growth in the third quarter and a 23% organic growth. Especially the organic growth, yeah, very, very happy with the number because, the market is a bit challenging at the moment, but we are, with the flywheel that we have, really able to cope very well with that. Overview of, let's say, some main KPIs, over 800 employees, 54% ad spend growth in Q3, so that's really a good number. Over 500 software clients with over $100,000 revenue per year, so that's really a number now, over 500. We had a 97% retention rate, which was better than in the previous quarters, which means that only 3% of our existing customers left, which can be because of mergers, which can also be because of yeah, go to some competitors. But that's of course a very sticky rate that we are able to show here. We have a 104% net expansion rate, to explain, the customers that were there a year ago in the same quarter do now 4% more revenues, which was in the last quarter actually did a bit less revenues than the year before. We're really happy that we were able to also grow the existing customer base, which with lower CPMs in the market, et cetera, is not something that comes by itself. Going to the next slide. Our reach, no changes here basically. Roughly 70% of our revenue is generated in North America, especially in the US. 19% Europe, and 13% in the rest of the world. Furthermore, combining a vast global reach, 660 billion yearly ad impressions, so that number has further increased, connecting over 2 billion consumer end devices and having over 250 million daily active users. A lot of first-party content, which is a strong basis for our success, our over 5,000 own games, our over 20,000 connected mobile apps where we have SDKs integrated, and over 1 billion gamers as an audience that we serve. Going to the next slide. Yeah, what are the main happenings in Q3 2022? There were a lot of things happening, of course, and these are only the highlights that we take out here. Yeah, the first one I mentioned it already, 23% organic growth in this market is, yeah, we think really good. We were able to even grow on the demand side, which is a bit weaker side, as our investors know, and where we really want to grow faster because it makes us even more efficient. We grew even 38%. Yeah, how and why did we grow? We have strong new customer growth. We added over 30 publishers and over 10 advertisers. I'm talking now about substantial advertisers, substantial publishers, so software clients. Very important, we are in a market that is dramatically changing. Apple, as IDFA changes, have a dramatic effect on the market. Identifiers are disappearing or let's say are getting much more difficult. That's the reason that we focus a lot on contextual data, and we're really happy that we launched Moments.AI as a brand in that market or as a product brand, and are really further expanding our contextual data capabilities. On the gaming side, yeah, Fantasy Town mobile game is now available on iOS and Android. We're very happy with the game. It's doing very well. Games like this, you optimize them. It's a step-by-step approach, but we see really good results on it. I would also invite all of you to play the game. A very, very important point, the EGM has now resolved that we can relocate to Sweden. That's something that we have been talking about for quite a while, but it's now really coming close, we're getting also towards the end of the year to go to Sweden, very important steps taken in Q3. The board extension, come to that later in the later slides, establishing the audit and the remuneration committee, important steps. Acquisition of contextual-based DSP Dataseat is the last tick the box of our M&A strategy that we wanted on the media side, and really happy that we're able to close that. Also some more information later in the presentation. We extended our C-level. Jonatan and Samir, already longer with the company and running the media side, have become members of the C-level now, and as such are also in the six-headed C-level committee. Coming to the next slide. ESG. Yeah, taking responsibility and laying the foundation for further growth. What is happening here environmentally, carbon neutrality, talked about it before. Players that have the possibility to also get involved in these kind of topics. For example, the tree planting, we are now over 110,000 extra trees. The social side, yeah, very good to say that we have a board now that has a 50/50, how to say it, gender, balance, and that we're further working on that in the company as well, and also further implementing our benefit system, which we are fine-tuning, adding things, so also going very well. On the governance side, and I'll zoom into that, but here already the headlines, we have our relocation to Sweden and the appointment of Deloitte as an auditor for the next year, so Big Four. Some further governance points, yeah, the board extension, audit and remuneration committee. The split of chairman and CEO, so I'm no longer chairman of this company. I'm still a member of the board, but I'm still the CEO. The nomination committee, of course, which is also coming up for the next period. Coming to the next slide, where we zoom into the governance side. Update on the relocation process. I'm not gonna read all the points here, but we are on the finish line towards getting to Sweden. The last point, the last tick the box point on the left side, the 2022 AGM and the EGM resolves now the relocation to Sweden. From our side, from the company side, there's nothing withholding us from doing it, and that means that we're now into the last step, processing of the final administration steps, administrative steps to conclude the relocation process as of 2023. Very close to it, and from January second onwards, we will be in Sweden. On the governance structure, a lot happened there. Establishment of the nominations, remuneration, and the audit committees. Extension of the board to six members. The gender parity, as already mentioned before. Split of CEO and chairman. Engagement of a Big Four auditor, so Deloitte being appointed now. Extension of the MGI C-level, and implementation of internal control systems, which we do together with KPMG, where we're also making big progress. Let's say we have made a lot of changes on that side. Coming to the next slide. The board, the new board. Tobias Weitzel, already known. Myself, Elizabeth Para-Mallam were on the board before. The new members of the board are Franca Ruhwedel, who is also heading the audit committee, very experienced also in audit committees, among others with ThyssenKrupp and Siemens. Mary Ann Halford, sorry, from the US, very specialized also on the media side. She will also head the remuneration committee. I'm very proud and happy to also have now a Swedish member on the board, Johan Roslund, who has previously also headed the Young Shareholder Committee, or the Young Shareholder Association in Sweden, and is also an active member now of the board. Happy with having this new board in place. Going to the next slide. A bit more about the business model, the what's behind Media and Games Invest. A lot of people know this already, but for those that don't, this is our flywheel, which really consists of three base elements. The one is where we started, our games, but also our integration into apps. Then we have the media side, which is on the left side, which is the full chain, so a vertically integrated platform, having the demand side and the supply side, DSP and SSP, and also being multichannel with mobile, desktop, CTV, and digital out-of-home. On the bottom of it, but as the basis for making these whole value chains, or let's say making the whole value chain efficient, the data part where we strongly put efforts on contextual data, but also have a lot of first-party data. More players means more advertisers, more advertisers means more publishers, and that means more critical mass and more profitability and growth. That's very important. The flywheel works very well. As you see here, the two logos, AxesInMotion and Dataseat. Those were the two last tick the boxes that we have done on the M&A side, which are really adding strongly AxesInMotion mobile game developer and publisher and Dataseat and contextual DSP for user acquisition. Strong additions here. I'll come to the next slide, where we go a bit more in detail on those two. Dataseat, yeah, it's basically startup, but growing very fast. As you see on the bottom, they had 264% organic growth quarter-over-quarter, so this quarter versus the same quarter last year. Generating also substantial ad impressions now with 17 billion. From a startup, I can say this company is developing very quickly in a very important part of our offering. They are concentrating on user acquisition and actually doing that without identifiers, so without the IDFA from Apple, and with that really showing very, very good results. Then on the right side, AxesInMotion, a mobile game developer, mobile game publisher. Enriching it with over 800 million downloads or users in the game. Actually, since we acquired the company, we have almost 50 million new downloads in the game. They are very good, let's say, progress. As you see here, also 24% organic growth. Both companies showing strong growth themselves, but even stronger within the portfolio that we have. There's a lot of synergies, adding customer for Dataseat, for example. Also, Dataseat working with the data that are available in the company. AxesInMotion profiting from the, let's say, the capabilities of the platform, et cetera, et cetera. They are further additions to the platform and to the flywheel and making us make further revenues. Coming to the next slide. Yeah, that brings me a bit to the markets. We have slowed our M&A activity. Actually, M&A is not a priority. Why is that? We have volatile markets and decreasing public equity valuations. There's potentially a recession coming. There's a gap in valuation expectations between the buy side and the sell side, and debt and equity markets are difficult to finance M&A. Plus, our net leverage is already at the upper end. We are rather focusing now on deleverage instead of M&A. There might be opportunities coming up, but at the moment it's really like, let's concentrate on organic growth, and in the coming quarters. I think that's important for this company, and there is enough potential there. As you saw, we did already very strong organic growth in the last quarters and also this quarter. Coming to the next slide. That's handing over to Paul, actually, for the financial performance. Paul. Thank you, Remco. Hello everyone, starting here with the third quarter financial highlights. As Remco mentioned already, we saw another strong quarter of revenue growth and high profitability. Growing with 39% now in the third quarter, reaching EUR 88 million in revenues and therefore outperformed already the strongest quarter of the previous year, Q4, and also had a very strong underlying organic revenue growth, which was largely driven by many new software clients, but also FX tailwinds. In terms of profitability, we saw a 21% EBITDA growth, leading to EUR 23 million adjusted EBITDA in this quarter. A 24% EBIT growth leading to EUR 19 million EBIT in the quarter. Also from a margin perspective, a 26% EBITDA margin and 21% EBIT margin going very strong. In terms of cash flow generation, achieved the operating cash flow of EUR 22.2 million with a very strong cash conversion of 87%. Yeah, again, overall very strong revenue growth coming from M&A, but especially also very strong on the organic side and generating also substantial free cash flow in the quarter. That brings us to the segment performance, and here we also see very strong organic growth on both sides. On the left side, we see the demand-side segment, which we're growing from EUR 5.1 million - EUR 9.6 million, which represents 88% revenue increase year-on-year with a strong underlying organic growth of 38%. That was actually also by adding a lot of new advertisers, so-called software clients to our demand-side. That was also largely driven by additional games advertisers, which using the platform for user acquisition now. In terms of EBITDA, we have grown it from EUR 1.2 million- EUR 1.6 million. We diluted our EBITDA margins a bit because we hired more personnel, more salespeople, which are going directly for advertiser contracts now, which is also resulting in a very strong organic growth. It's also something where we were investing. Nevertheless, total EBITDA is growing quite nicely year-over-year. Coming now to the supply side segment, and here we have grown revenues to EUR 78 million, with a very strong growth of 35% and a very strong underlying organic growth as well of 22%. Also growing EBITDA from EUR 17.8 million- EUR 21.4 million. We also diluted our EBITDA margins here a bit because we were going more for innovation, driving a lot of R&D also on the publisher side of things, and therefore invested also more into personnel. On top also something which we see is that we also needed to increase our ad volumes to drive more organic growth, which means higher infrastructure cost. As CPMs were going down, in the end, the efficiency per ad in terms of our take rate is also going down, leading to higher infrastructure cost per ad. That is also diluting our EBITDA margins a bit on both sides. Nevertheless, many new clients, also more than 30 new software clients on the supply side, also driven by games publishers and also adding very nicely more CTV publishers to the platform, also generating already substantial organic growth in this quarter. That brings us to our long-term financial development. Here we see that we have achieved now EUR 312 million revenues on a LTM basis with a very strong EBITDA of EUR 85 million and a strong EBIT of EUR 68 million. Overall, a CAGR of 67% since 2018 and also remain very stable in terms of EBITDA margins. Also here, we need to drive higher ad volumes to generate the same amount of revenues, leading to higher infrastructure costs and therefore also EBITDA margins being diluted a bit. Coming to our software clients and the KPIs to look a bit deeper into what's happening on our platform. Here we see that we have now sent 172 billion ad impressions to end consumers in the third quarter of 2022 compared to 135 billion. Growing quite nicely actually our market share and the reach of the overall platform, and therefore also growing our revenues. On the software client side, we also see that we have substantially added new software clients, almost 150 on a year-on-year basis, so growth of 34%. Therefore that is also additional revenues which we will see in coming quarters, which then mitigate a bit the rather stable net dollar expansion rate. As you might remember, the net dollar expansion rate was, well above 100%, actually 170% in the first quarter of 2021, 125% in the first quarter of 2022, 98% in the second quarter of 2022, and now 104%. Comparing it to the second quarter, we see actually increased budgets, again, which is a bit, different market trend, than the overall market, I would say. Also here we see that our account managers being able to increase wallet share quite nicely and therefore, that's also slightly adding while the majority of the organic growth is coming from new clients. Yeah, very strong retention rates with 97% and also overall, very strong growth of ad spend growth with 54%, which we like to compare actually also to the overall market growth on average of 10%. Therefore, we can also see here on the ad spend growth that we're taking market share and becoming a very important player in the advertising industry. That brings us now to the balance sheets, so our net leverage and interest coverage ratios. On the left side, we see the net debt to EBITDA. Here we see that we have started to delever already in the third quarter now, compared to the second quarter where we saw the peak in terms of net leverage due to a lot of cash outs for the KingsIsle earn out consideration. Despite the Dataseat acquisition, which is the reason that our net debt has increased from EUR 299 million- EUR 307 million, due to our increasing EBITDA, we were also able to delever already and also expect to further delever over the coming periods. In terms of interest coverage ratio, we remain also very strong with 4x interest coverage ratio and therefore consider this as still very strong credit ratios, especially in the current market environment. Coming to the operating cash flow and CapEx development. Here we see that we have further grown our operating cash flow to EUR 91 million on a LTM basis, with a very strong underlying free cash flow after interest expenses of EUR 60 million. Here we also deducted already the maintenance CapEx of EUR 9 million on a LTM basis. Therefore, comparing the EUR 60 million to the EUR 21 million interest expenses, we see that we cover our interest expenses multiple times. One thing which we see on the right side as well is that expansion CapEx, which mainly relates to M&A, is also constantly going down now on a LTM basis. That is also reflecting the change in strategy that we don't have such a strong priority on M&A anymore. Overall, very strong free cash flows covering our interest expenses multiple times and therefore also have a good cash generation of the underlying business model. That brings us now to our guidance for 2022. Here we are very pleased that we are able to show further strong growth. Actually therefore, as we met our guidance already on a LTM basis as of Q3, have decided to also update our revenue guidance for the full year to now EUR 315 million-EUR 325 million, which corresponds to a 25%-29% growth rate compared to the previous year. While EBITDA remains unchanged. As mentioned already, we need to drive more ad volumes with the platform, and therefore, also infrastructure costs per ad are going up and therefore, plus also the certain FX tailwinds which we see in the revenues, which are also offset by higher costs, as we report in euro and, these costs are coming in as US dollars. We remain unchanged on the EBITDA side. Yeah, very strong signal overall that we were able to really outperform our guidance, or expect to outperform the guidance until end of the year and therefore increasing it. Coming now to the midterm financial targets. Here, these also remain unchanged as we are being very confident that we can further grow over the next 3- 5 years, with a very strong revenue CAGR, and also being very confident, that we can maintain our very strong margins while we are also being confident that we can delever, over the coming periods, to below 3x again. 2023 is still a bit difficult to predict. As usual also in previous years, we expect to provide a guidance for next year then, after Q1 when we have a bit more visibility. But overall, we see that the business is performing well. We're getting a lot of new clients on board, which also mitigates a bit The rather stable revenues from existing clients and therefore consider the outlook as positive for the company. I would like to hand over to Remco again for the Vision 25. Thank you, Paul. Thank you very much. Yeah, coming up to the next slide, which is a bit more short-term, at least I hope. That is indeed about what's happening around us because that's where we also received questions from shareholders, of course. Yeah, our environment has changed, not only ours, but for everybody. Cautious capital markets, expensive capital, interest hikes, inflation, recession fears. Yeah, those are increasing cost of capital, equity as well as of debt. Economic uncertainty, high recession risks combined with ongoing war in Ukraine, supply chain issues, and all those kind of things. Structural market changes which have more to do directly with the market, which is for example, the change, the deprecation of identifiers, so IDFA and all those kind of things. Walled gardens closing up. Apple, very strong initiative on advertising, for example, and closing their walled garden. But also Amazon, for example, have huge budgets to enter the gaming space, et cetera. We have also to do with structural changes that have nothing to do with the general market environment, but also affect our markets. How do we react? How do we cope with that? You know, we see ourselves as agile. We react and we anticipate, which means we accept and navigate the capital markets. Capital has become more expensive, which means that we only selectively use our capital, and that means focus on organic growth, which is, as you saw before, really nicely going forward, and no focus on M&A. Reacting to the economic situation by investing in organic growth, focus on profitability and cost management. We are also looking much more closely on where can we save costs, where can we do things more efficient. We still have a lot of synergies from the various M&A cases that we did, especially tech synergies take a bit longer to realize. Strong focus in the company on that. Also looking where can we save some money? Where can we do things different to become more efficient and more profitable? Apart from, of course, focusing on further growth. We have a strong value proposition and positioning. The flywheel in combination with the contextual data is a strong proposition, and it's a great time at the moment to gain market share. Not a time to be negative, but a time where things have changed and where we have to act a bit different than we did only three quarters of a year ago. It's nice to also, in this kind of conditions, be able to act and to go forward. Brings me to the vision, the next slide. Our vision, nothing changed. Nevertheless, would like to emphasize it because it's always easy to concentrate on the short term, but I think it's very important also to see where the company is going. First point, being one of the most desired global companies to work for, we are getting better there. Embracing diversity, global, no politics. No politics, very important. Professional, engaged, innovative, strong drive. We are really able to hire top talent in this market and also keep them in the company. I think that's very important. Becoming one of the top five worldwide leading ad software platforms is of course about growing, where we see some important points for that. Transparency, open source, innovative, multi-format, omni-platform, vertically integrated. Delivering cool games. Yeah, you see that we are doing that we're also launching new games. Also, AxesInMotion is up to launching new game. Really a lot of things happening here. Further, of course, also improving games that we have and further monetization and investing in content. Respecting our partners' values and delivering transparency to our clients, yeah, very important to have the trust not only of the employees, but also of the partners that we work with. Content-based data sharing, very important in that respect, in the economy where we are in. Then build a clear USPs, things that differentiate us. Contextual, I mentioned already before. White label platform, enabling companies to run their own ad software, is another thing that we're working on. Yeah, those are things that we see a bit longer term, our vision 2025. That brings me to the end of the presentation. Yeah, I would maybe like to summarize a bit. We are further focusing on growing the company, on spinning the flywheel. Now we are halfway in the last quarter, which is normally, historically always Q4 is the strongest quarter of the year for gaming and ad for media. We are also here confident to further perform well, to continue our organic growth, and that's also what we show, of course, with increasing our guidance. We are, however, still careful. If you look short term, we expect further headwinds, and even though stock markets are now all very bullish at the moment, I'm afraid that we are not all through this whole thing. Economy, we will see recessions. We still further will have high interest rates. The environment will not dramatically change suddenly again. But we are well-positioned with our flywheel, with 70% of our revenues in the U.S., which is expected to be much less affected by recession fears, and then a strong position in contextual targeting without identifiers. We're confident to further grow, to gain market share, to grow our earnings and also to further delever. That is the end of our presentation, and I would like to hand over to the moderator to open up for questions. Thank you very much. Thank you. If you wish to ask a question, please press zero-one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero-two to cancel. Our first question comes from Danesh Zare from Redeye. Please go ahead. The line is now open. Good morning, Remco and Paul. Thank you for a good presentation and a great quarter, especially considering the macroeconomic environment. A question regarding the underlying growth within games, your own games portfolio. Could you speak something about that, the retention rate of the player base and in-app purchases, et cetera? Paul, you want to take that one? Yeah, I can take it. As you know, we have various different games across the company. We have the mobile games, the casual games and then the MMO games. Looking at the mobile games, they're growing quite nicely. I think we also had in the presentation with more than 22% organic growth year-on-year. That's very strong. On the MMO side, especially also looking at the large acquisitions which we did around KingsIsle, etc. We also see a solid organic growth. Casual games also remain strong because we could also realize a lot of synergies across our advertising software platform. I think we also had in the capital markets presentations that we increased CPMs very nicely on that end. That's something which was already since I think March that we also disconnected some smaller MMO games and obviously also further optimizing our portfolio over time. Overall, games is also very stable and showing also very good revenue growth in the sectors where we further invest in. That is especially in the mobile and casual game side of things because that's where we can generate the most synergies also together with our advertising software platform and therefore that will also be a focus for the company going forward. Okay, thanks. A quick question regarding improved cash flow. You cite improved receivables and payables management, and that has driven an increase in operating cash flow. Could you elaborate on what you've done on that front? Yeah, absolutely. What we did is in the end also hiring more people for so-called finance ops. As we transformed the company over the last years more from a pure games company towards an advertising software platform, also the accounts receivable and accounts payable management plays a much more or larger role, as obviously receivables and payables make a good chunk of the balance sheet. Here we also further optimized certain payment periods with our demand partners, but also payouts for publishers. There is limited possibility to do so. Nevertheless, due to a stronger market position which we have in the market now, we more and more can also convince other partners to accept our terms and so-called our templates, by onboarding new clients, and that obviously helps over time to further optimize also the working capital ratios. As we have shown also in the second quarter, our net working capital as a percentage of revenues is going down, and therefore we have also further could improve these ratios in the third quarter. Further working on these things. Great. Thanks. I'll get back in the queue. Thank you. Thanks. Thank you, Dan. Thanks. Thank you. The next question comes from Sven Sauer from Kepler Cheuvreux. Please go ahead. Your line is now open. Yeah. Hi, Remco. Hi, Paul. Congratulations on the results. I have three quick questions. First of all, do you see a difference in the client behavior regarding ad spend, regionally? So basically from U.S. and from European clients. If possible, can you share the amount of, or can you provide some info on the share of U.S. media clients? The second question would be regarding the tech layoffs and hiring that we've seen in the news. What's your view on that, and what's the situation at MGI? The third question would be if you could share the currency impact on organic growth in Q3. Thanks. Thanks, Sven. That's four questions, actually, I wrote down. Yeah, maybe the different behavior of the clients regionally. It's more customer segment, let's say, where we see differences than big regional differences, maybe with the exception of Asia. Asia is running pretty nicely, so we don't see big impacts there in the markets, where we're mostly running in Southeast Asia, which is Indonesia, India and those regions. US and Europe, where we see a bit more hesitance, is on brand advertisers actually. And that's what we have seen also in the past. In periods of uncertainty, it's the fastest way of cutting costs, of course, is stopping marketing budgets or reducing marketing budgets. We also have to say that some of those are coming back now, where we saw, let's say, lower budgets we see again coming back. Still the effect of it is that there is less demand overall in the market and that we have seen CPMs come down. Even you need to build a bigger volume now to make the same revenue because CPMs are lower. That of course has also an impact on the various revenue, how to say, generations. That's to give you a bit of overview, but we don't see a huge difference between Europe and the US at the moment. Might change of course in the future. Segment where we also see, let's say much less spend is hyper-casual, because that is really very much hit by the IDFA part. The people are, I think, struggling a bit at the moment with their offerings. Share of media clients that you asked for is roughly the same. A US, let's say US or North America is roughly 70% also on the media side. There we don't see big differences. We have a bit more larger customers, I would say, in the US than we have in Europe. So if you talk about over $100,000. Then tech layoffs. Yeah. It's really interesting to see how abrupt a lot of companies are acting. We saw also before, it was insane how many people they were hiring. I think Google hired so many people last year, now seeing that they all, let's say, starting to lay off is not a total surprise. I mean, a lot of them are still very profitable, so it's more like also what investors at the moment are looking at and where they have been hiring so much in the past that it makes sense also to get a bit leaner again. We also see companies that are in trouble that lay off. The good thing out of that is that there is, let's say, less churn in the companies, which we see already, and that also it's much easier to hire people. We are still net hiring, but just a bit. In that sense, it's easy for us to really add people, because as you see with the strong organic growth that we have, we don't need to increase our costs as fast as our revenues. There are some extra people needed to really serve the customers well and also to further invest in future growth. I hope that answers at least the first three questions, and then I would hand over to Paul for the currency part. Great. Yeah, very briefly to touch base on the organic growth. So, as you could see in Q3, we had 22% organic growth, compared to an 18% in Q1 and Q2. That additional revenue growth is actually really coming from new clients and, therefore it's not FX driven. But yes, Sven, I mean, your indication is correct. There is a certain FX tailwinds within our organic growth in the third quarter, and that's roughly, I would say, 50%. We don't report on it, therefore not sharing all the details, but that's something which we're also looking into and might change reporting next year, starting very fresh then in Q1. Yeah. I hope that provides sufficient information. Great. Very helpful. Thanks a lot. Thank you, Sven. Thanks, Sven. Thank you. The next question comes from Alex Ackermann from First Berlin. Please go ahead. Your line is now open. Yes. Good morning, guys. Thanks for the detailed presentation. Nice to see the quarter so well, despite everything going on. Just one thing from my end. The third quarter margin structure, as you guys detailed, where the pressure is coming from, is this a level that you see holding over the near midterm, especially into 2023? Or would you expect this to come down even further, given the effects that you named earlier in the presentation? Thanks. Paul, you want or shall I take this one? I can start and then you maybe add one of the things if need. In terms of our margin expectations, yes, there is some pressure on gross margins, which is mainly due to the fact that CPMs are going down, which means also our take rates are going down. To drive organic growth like we did also the third quarter, we need to drive much more volumes through the platform, which means a bit of inefficiency as we also have high infrastructure costs. That is something which we would also expect for next year to still be there. While we are confident that we can maintain our good EBITDA margins of 25%-30%. Currently we're now at 26% in the third quarter. That's our current expectation, but also here it's a bit difficult to predict, as yeah market is changing and things are changing, but there's also additional cost savings which you can realize. I think Remco mentioned earlier there is certain platforms which we currently merge. For example, also the CTV Stack, the Smaato acquisition, will now be fully merged into the Smaato platform. There's a lot of platform mergers ongoing, also on the game side, which means also a lot of additional cost savings which we can achieve there. Therefore, we think we can offset also a certain amount by that, and therefore being very confident to achieve our 25%-30% EBITDA margin also in a more difficult environment. Yeah. I would like to add only one point to that. We also, let's say, are growing very fast in the CTV, connected TV at the moment, and that's a market which traditionally has a bit lower margins, whereas such also the technology costs as percentage of the net revenue are a bit higher. In that sense, that's also a bit of a mix effect that we have on top of the economic effect. Okay, guys. Great. Thank you very much. Pleasure. Thank you. Thank you. Thank you. A reminder, if you wish to ask a question, please press zero one on your telephone keypad. There are no more questions from the telephone conference. I hand over the word back to you, Remco and Paul. Yeah. Thank you very much. I would like to thank everybody for listening in to this presentation. If there's more questions, people know to reach us. We have an active investor relations department, and of course, our quarterly report is also available on the website. Thank you very much and, yeah, looking forward to the next quarter.