Hello world. Good morning from Helsinki, Finland. You have tuned in to another Next Games video cast. Today we'll be presenting our financial results of the first half of this year. My name is Niels. I will be your host for today and your voice. Our speakers today will be Teemu Huuhtanen, our fearless leader. He'll be talking about some highlights of the first half of this year, the global gaming market, and the focus of our company, and some publishing operations. He'll be followed by the real brains of this organization, Annina Salvén, our CFO. If you have any questions for either of them, please put them in the box and I will pose them to them after the presentations. You can ask your questions both in Finnish and in English. We prefer English because my Finnish pronunciation is atrocious. That's all from me. I will now hand over the mic to Teemu Huuhtanen. Thank you, Niels, and very good morning on my behalf, and sunny morning, and welcome to our audio cast and thanks for tuning in. Before we start, we're going to take a look at a couple of videos. They're about the upcoming Our World. Actually, it's already live here in Finland for the ones that have already downloaded it. Excellent. Others, please do so. Let's take a look at a couple of videos, what the game looks like. Go. All right. Let's continue with the highlights of the first half. Just one sec. There we go. Here. Sorry about the technical difficulties here. You can say that the first half of 2021 went pretty much as expected, and the performance was actually what we predicted internally, and it remained really stable compared to even the last year of 2020 first half. Both of the existing The Walking Dead games are very predictable, especially No Man's Land, and profitable. I'm really proud of the fact that the whole company EBITDA has been positive since the first quarter of 2020, which is a great achievement considering how much money and investments we're putting into R&D. Annina, our CFO, will be talking more about this later on. If you look at the company overall strategy and implementation of the strategy, that has been executed in a very good manner. As you can see, our efficiency is improving, but especially like I mentioned, we're really looking forward to launching new games. At the end of the first half of this year, we already had around 60% of our staff working on new games. By the end of this year, at the end of fourth quarter, we're going to be having three different teams working on three different games, and that's obviously the core of the growth for Next Games. The share issue that we did in March, I think we fully lived to our promise. If you look at it like what has been achieved because the money was raised to make sure that the company can grow and launch new games, we've doubled our investments in R&D to EUR 3.6 million, and at the same time, intangible assets have increased by EUR 3.6 million. Again, Annina will go into details about these numbers a bit later on. First and foremost the outlook remains unchanged. We see that the plan that we've set for the company and the products earlier this year remains. Let's continue with the financial highlights. As I said, the existing business of The Walking Dead games is very predictable and stayed at the level that we expected. At the same time, it's really important to understand that the new games we're launching, they will be scaled and especially marketed once the games are ready. The games are ready when the game team, the company, and the partners we work with think so. It's not that any other, like the market expectations would dictate when the games go out. It's very important to understand that. Therefore, we're not really concerned that we didn't see much revenues of the new games during the first half because the games are progressing as expected otherwise. Again, EBITDA remained positive, pretty much at the same level as last year during the first half. Few words about the market in overall. Mobile gaming during the pandemic and gaming in overall obviously was, I don't want to say a winner by any means, but it did do well as a business. If you look at the numbers, mobile gaming actually keeps dominating and increasing the dominance when you compare mobile gaming to console gaming or PC gaming. This year it's estimated that the mobile gaming revenue is going to be over $90 billion, and if you look all the way to 2024, the overall market is expected to be around EUR 220 billion in overall. The most important thing is that the mobile revenue growth will continue to outperform both console and PC going towards 2024. If you look at the players in overall globally, it's estimated that next year there will be around 3 billion players of all kinds of games. The most important thing is that out of these 3 billion, almost all 2.8 billion will be playing games on mobile or also on mobile. Needless to say that the business of Next Games is in a good position if you look at the market trends and what's happening on a global level as well. Few words about the strategic areas of focus for the company. As I already mentioned, we're really pleased with the improved productivity and profitability of the company overall during the recent quarters and halves. At the same time, I think we've really focused on being able to scale our business, and that comes with the new games, two games that are being launched this year, and like I said, three new games that are in development by the end of the year. We're definitely seeing this as a great opportunity for a significant revenue increase for the company. Looking at the four strategic focus areas, we've talked about these quite a bit during the Capital Markets Day and the previous financial reports. Today I want to really focus on players first approach and what does it mean really for Next Games. We talk about our continued commitment to invest in players first, and that our games are a place where our players are really protected from any toxic behavior, would it be inappropriate language, bullying, or discrimination. All of this really starts at the workplace, at Next Games, and in the culture that we're committed to building at Next Games. It is really our people that create what we bring to our players, and therefore really their wellbeing, freedom of expression, feeling of safety is really the main focus for us and the most valuable equity. Therefore, Next Games applies zero-tolerance policy to any discrimination of any kind. At the same time, we have deepened our focus on diversity, inclusion, and belonging. This is something that I'm really proud of. The whole company, especially the task force that we put in place way over a year ago, year and a half ago, have been really instrumental on keeping these topics excuse me on top of our minds on daily basis. I'm also proud of the fact that our board and management is diverse in respect of gender and background and so forth. As you could say, an ambitious goal, which I think the whole industry should be considering as well is the fact that we're committed to 50/50 gender split by the 2030. This is something that really has been a topic in the industry lately, and I really wanted to address that diversity, inclusion, and belonging is something that we really believe in and have been working on and supporting for years already. Let's talk about the products and publishing operations. Looking at the same framework that we've been using for a while to look at the life cycle management of our games. On the left bottom corner, you have games that are being developed. These team sizes depend on in which phase these games are. In the beginning, small teams, and as the production proceeds, the teams get bigger. Like I said, three games in development by the end of the year. Looking at the top left corner, we have growth, and of course, it's mainly about Stranger Things this year. We'll talk about Stranger Things in a bit. The live operations box on the top right corner, we have The Walking Dead games and Blade Runner: Rogue. These are smaller teams where the games, you could say that the features are pretty much done. The bigger or more extensive development is already done, and the teams are mainly focusing on live operations. Of course, we're looking at the profitability first when running at these games. You have the back catalog, where we have Compass Point: West. Let's look at The Walking Dead games. The lifetime revenue for The Walking Dead franchise for Next Games is closing to EUR 180 million by now. Like mentioned throughout the reporting period, especially No Man's Land continued to see very high EBITDA, and the monthly performance was very stable and predictable. As you can see, the EBITDA percentage has been constantly around 30% and keeps improving and was at 32%. When you look at The Walking Dead: Our World, it's fair to say that the game got hit by the pandemic as it was a location-based game, and obviously moving around was not something that as a company even we would encourage. It's kind of obvious that the game got hit by the restrictions. Since then, we've been developing the game to meet the new standards, so to say. It's also fair to say that the focus is also downsizing the team in order to increase the profitability, and we expect the EBITDA level to be around 20% going forward. Blade Runner: Rogue, also available in Finland, among the other countries, Poland, Canada, and the U.K. When it was actually released in the U.K., it went to top 10 charts in the RPG genre. It needs to be said at the same time that when these games are launched in new markets, our goal at this point of the scale-up of these games is not really to go after a specific chart position. Those positions come and go. The main focus still is to validate and optimize the games, and as long as we're doing that, the focus is really not on charts. It's definitely on other things. The good news is that the U.S. release is still coming up during the second half of this year, and there are certain features and things we still want to put in the game, like the event-based PVP, before the full release will happen. Stranger Things. Before we go into Stranger Things, I want to make sure that everyone knows about the fact that when you deal with big IPs like Stranger Things, you typically always work together with your partner to release any data if you so wish. Typically, before these games are out, the communication is fairly limited. For that matter, I hope everyone understands that we're working with a partner, and we release numbers as we both agree so. Going forward, obviously when the game goes live, the level of communication and details will be greater. Like I mentioned, the game is live in Finland. Please, any Finnish shareholders and other gamers, please check out the game. Happy to hear any feedback. The feedback is still really crucial for us, as the game is a service. We are going to keep introducing new features to the game and especially do balancing and changes based on the player feedback, so it's crucial for us. Also happy to confirm that this game will be launched during the second half of 2021, also in the United States. So far what we've seen, because this is public information, for example, on Sensor Tower, you can see that the game really performs nicely in Canada and now in Finland. In that sense, everything is going smoothly and as expected, and we're pleased with the developments. Next, financial review and our CFO, Annina Salvén. Thank you, Teemu, and welcome from my side as well. Let's look at the P&L for the last half. As you can tell, our revenue was EUR 12.3 million, and it was in the comparison period EUR 14.4 million, so we did communicate that we are expecting a slight decline or stable revenues. As Teemu already mentioned, No Man's Land was certainly stable, and Our World had a slight decline in revenues. Despite all of that, our EBITDA remained positive at EUR 200,000+, and it was last year in the comparison period, EUR 300,000. Basically around the same level. This is due to the fact that we have been able to maintain the previously higher achieved publishing profitability, so we are doing a 24% EBITDA for our publishing operations. Just a quick reminder that the publishing operations is what we look at when we talk about the part of the business that is not related to R&D. Kind of if we would be running a games company standalone, not doing R&D, that would be the profitability of the company. As a result, as I mentioned, our EBITDA was still positive, our operating results, so our EBIT, was slightly less than it was last year in the comparison period, and it's because it was negatively affected by a one-time write-off of EUR 300,000. Otherwise, as you can tell, and we'll go in more in detail on the next slide, our investments in product development and R&D continue to increase, and they increased this period as well. As I mentioned already, our publishing operations is stable. We have maintained an EBITDA percentage of 24%, which is really good for the live games. As you can see, the things that's still affecting our P&L is research and development. We're running a profitable business, and we're investing very heavily in research and development. Our total cost increased to EUR 3.8 million from the comparison period of EUR 3.3 million, which means we're trailing closer to EUR 8 million in R&D this year, when we were closer to EUR 7 million last year, so EUR 1 million more. That means that of course, the R&D as a percentage of revenues is higher. When we were looking at comparison period of the first half, about 18%, now we're looking at about 25%. Certainly, that's a percentage that in proportion will go down as revenues start to increase, even if we continue to invest heavily in R&D. The reason for our heavy R&D investments is certainly the two games that are upcoming, Blade Runner and Stranger Things. Addition to that, what Teemu mentioned, we are about to have three new teams working on three new games, and we're heavily investing into having a larger portfolio of games in the future. We talk about our cash position. Our net cash flow from operating activities remained positive. This is what reinforces the message that we are running a profitable business. When you look at the standalone cash flow from our business, it's positive. What's affecting our negative cash flow or our position of declining cash is the investment in R&D. Because we're spending a lot of money into our research and development activities, investing in licenses, investing in new products, that is, of course, affecting our cash position. As Teemu already mentioned, we did a successful equity raise during the first half of the year, that's why our net cash in financing activities was positive. Overall, our cash and cash equivalent as of June 30th was EUR 4.9 million. However, it is worth mentioning that we had not received some relevant receivables into this, so we're missing about EUR 1 million in cash, about EUR 500,00 from Unity and about EUR 500,000 from Business Finland. These are deals that we make that is for Business Finland, for example, cash that we spend upfront and we get reimbursed for later. Those things will affect our cash position of when those payments are being made on any given time. That's unrelated to our normal Google and Apple payments. Also worth mentioning is that we did renew our credit limit with the banks and Finnvera, so we have a new credit line of a little less than EUR 1 million. In the terms of that credit line, we can also double it during the fall if necessary, so we have more cash at hand, and that credit line is specifically tailored to scaling the games. I'm going to give it over to Teemu for the outlook and concluding remarks. Thanks, Annina. All right. Outlook and concluding remarks. Let's summarize again our midterm financial targets. We will aim for EUR 250 million annual revenue rate, and at the same time, we want to achieve EBITDA over 23%, which would turn into around 18% EBIT. The profitability levels, obviously, we've proved over the last year and a half, two years, that we can run the publishing operations on that level. The revenue goal of EUR 250 million obviously requires new games, but like I said, two new games going out this year and three games in development. The outlook, as mentioned, remains as it was. We expect revenues to grow to at least EUR 40 million during 2021, and the company is targeting profitable growth with full year EBITDA. The basis for the outlook is that the existing The Walking Dead games will continue at the same level where they are right now or slightly declining trend. The revenue from Stranger Things during 2021 is obviously contributing to this, and Blade Runner obviously not as much as Stranger Things. A summary of everything we've gone through today. Performance stayed stable for the publishing operations. The company has stayed EBITDA positive since first quarter of 2020. Three new teams working under the new games umbrella by the end of the year, and already at the end of first half, we had 60% of our staff working on new games. The share issue we executed in March, we lived up to the promise, and we've invested in the upcoming games, so in R&D and also in intangible assets. Again, the outlook has stayed unchanged. Now we can go into Q&A. Welcome all. Yes, we have some questions. Teemu, "Milloin Stranger Things: Puzzle Tales [Non-English Content]" Go ahead. When are we launching Stranger Things: Puzzle Tales in the States? That's how I understood. Yes. Like I said, we're launching in second half of this year. About the expectations, obviously we're not going to go into those, but like I mentioned, we're really pleased on how the game is doing in the markets that are open already, and there's new features still coming up and everything. That's it. Yes. When it's done. Next question. Netflix announced that it's moving into video gaming. Will this strategy shift affect our partnership with regards to Stranger Things game? Well, first of all, Netflix is a tremendous company, right? Great partner to have, and I think we're all really happy that they're making this move. Obviously games is an exciting business in overall, and way bigger than any other movies and what have you, so it's great to see a company like Netflix doing this. How does it affect us specifically? I think there are already so many different platforms where you can put your games and how you can distribute your games. It's another opportunity for us, of course. Whether it affects our plans regarding the upcoming game, no, not really. We're doing Stranger Things: Puzzle Tales together with Stranger Things, and keep scaling up the game and launching in new markets. Indeed. Speaking of Netflix, are we in talks with Netflix about other possible IPs? Well, like I mentioned, I think we have a really good relationship with Netflix, but we don't speculate on new IPs other than there's three new games coming up with three different IPs. We don't go into any specifics with whom or with what possible IPs or so forth. Indeed. As the doctor said, spoilers. Yeah. Next up, why to publish Stranger Things in Q3? It seems that the next season will not be released in Q3. Will you get some support in marketing of the game from Netflix? Sure. Actually it's vice versa. You want to put your game out in time for you to be able to optimize the gameplay and the economy and everything in the game. If anything, that's great for us, that the next season comes in 2022. At the same time, when you think of acquiring users, you have all these big beats like the new season or season four starting and so forth. This is actually tremendous news for us from that perspective. Everything we do together with Netflix, like I mentioned, we'll talk about those things together, let's say in due time. Indeed. It's all extra hype. Yeah. Can you describe the KPIs we've so far gathered on the Stranger Things game? Any color on the retention, conversion, level of monetization would be highly appreciated. Like mentioned, we will go into those details once the game is under our publishing operations umbrella. At this time, like we said, we're happy with the developments and confidently keep moving forward. Indeed. Not to repeat my question, but can you describe any KPIs of the Blade Runner game as well? What are our expectations of this game, and will it be a major contributor to the EUR 40 million sale targets for this full year? Well, Blade Runner won't be as big of a contributor as Stranger Things will be for 2021, for sure. Looking at the KPIs, the KPIs are something that keep us believing that we're doing the right thing. We know that there's things that still need to be fixed and optimized, but we don't go into details of these games before we actually release them globally. Before all the details. Yes. Next question. You need to grow really fast in H2 in order to reach your guidance. How are you going to achieve that? Sure, maybe Annina can chime in. We didn't feel the pressure of putting money behind Stranger Things during the first half just because we want to show revenues. We know that the revenues will come. I think it's much smarter for us to optimize when we actually do it from business perspective as well. Like I said, we really don't care what the market thinks and when it should come out. It's more about when the players validate that the game is good enough to go out. We're getting there. Once we do that, this is a tremendously big IP, and it will get a lot of organic users and so forth. In that sense, while we said that the outlook would not change for the full year, I think that means that we understand, of course, that the revenue needs to grow quite rapidly, but then again, we're looking at the product that's pretty well-tested and has a huge team behind it and so forth. That's where the idea comes from, and I don't know, Annina, if you have anything to add. Well, gaming is a business of stacking revenues. Everybody who grows revenues in gaming knows that that's how it works. You start scaling with some budgets, then you start stacking and doubling. This is not something we're doing for the first time. When we scaled No Man's Land, we scaled No Man's Land from EUR 34,000 a day around July to EUR 220,000 a day by the time we hit mid-October. Also as a reminder that during those days, this was before we were publicly traded, we never had more cash than about EUR 3 million. Yep. The message sort of is, if the numbers are there for a game, it's not difficult at all to scale that up. You can even scale a lot faster. Yeah. It's a business of stacking revenues. Thank you. Nice lead-in for the next question. Is your cash position big enough to scale up new games so fast that our guidance indicates? Sure, again, let's do this jointly. Maybe from non-financial perspective first. Like Annina mentioned, we've already done scale up of No Man's Land with much less euros on the bank account. Annina already mentioned that we have a credit line, we feel confident that we can do it. At the same time, this is really a fact in the business, if you have a game that has the numbers that would prove that you should maybe scale it up faster, the money is very easy to find, for that matter, we've already talked to so many different strategic companies and options. If that time would come that we have a game that can be scaled up faster, it would not be a problem. For the time being, and for the outlook that we've set, we're fully prepared and capable of doing it. Annina, I don't know if you had. The way we do it is we run these models on how much money do you need, sort of as working capital, as you grow a particular pace, particular percentages per week, so on and so forth. What's related to that is the ROI, so the return on investment that you're expecting over how long of a period for that particular game. For every dollar you spend, how fast do you need your money back? What manipulates those models is the retention and the ARPDAU, all these types of things for the game. We plug all of those in, we run the models, yes, indeed, at the current models that we're looking at, we have no problem with our current cash position to scale an additional EUR 14 million on top of the current kind of projections for The Walking Dead games. Thank you. If you build it, they'll come. Next question, how does Apple IDFA change affect our plans to scale our new games? Sure, a good question. I think it affects every company that wants to acquire users on iOS. At the same time, we're seeing some of the challenges for sure as well, when it comes to paid user acquisition. I think there are ways and kind of improvements we can do to make that performance better, but I think it's all about the strategy of Next Games, working with big IPs like "Stranger Things," where you have way many other ways of acquiring users than just Apple iOS and their dominance. We have a new season coming up. We have all these characters that are recognizable and so forth. That's really where the strategy kicks in, and so we're looking at acquiring users with a full spectrum of choices, not just iOS. Of course, specifically for iOS, we need to work with this change and adapt, and that's what we're doing. Annina, do you have anything to add? I can perhaps add sort of an analogy that investors are sort of probably easier to grasp, is that pre the IDFA change, the strategy of user acquisition was essentially stock picking. Basically what most companies in gaming were doing is they were doing hyper-targeted UA, trying to find these particularly beneficial players that were spending a particular amount, and you paid a premium for those types of players. Having said that, though, what you're now kind of moving into is more of like an ETF. You're more looking at an index strategy because it's not going to be as easy to do stock picking. It's probably going to be easier to do a portfolio strategy. We know for a fact, even in finance, that it's not so easy to be the best at stock picking. Often you can achieve the same returns by doing, not always, but many can do just fine by doing a portfolio or an ETF strategy instead. The question for the gaming companies is who's better positioned in the environment of being in an ETF strategy? Kind of an index strategy of going broader. There's no doubt that those who are having games like Next Games that are license-based, that are well-known, that are based on brands that everybody knows, have a larger chance than going into these sort of very specific niches with unknown brands. Great. Thank you. Yes, let's talk about this. Question is, if we have totally forgotten about Blade Runner, why would we finish it if there's no trust in it? I think this question came in before your presentation. Okay. It's good to iterate because it's an awesome game. No, we have not forgotten Blade Runner by any means. Actually, there's a very talented team still working on the game, and like I said, there's a couple of things we need to get done before the game is ready for the global release. The game looks great. If you look at the reviews, people love it. We're getting there. Definitely, no, we have not forgotten about Blade Runner. Indeed. We have not. Next question. How much cash do we have in our balance sheet? Marketing Stranger Things requires capital. Do we have the resources for UA, or would we need to raise more cash from the markets? Annina, if you can take this. Again, no. We do not need to raise more capital from the market to scale Stranger Things. We've run multiple models that show us that it is completely possible to do. Of course, it is dependent on the game metrics that we see and the ROI, but in terms of what we're expecting to see and what we're seeing currently, there's no need for us to raise additional capital. I will also remind that we do have a EUR 900,000 credit line, which is tailored to scaling the game, and that line can also be doubled if we are meeting the requirements for it, e.g., we can show revenue growth and we can show revenue generation back into the cash position. In that sense, we have a good position to scale the games, and I'll also reiterate what Teemu said. In the event that the game, let's say, is scaling really well and we're generating revenues, that means that the, let's say, valuation of the company is at a different level, and there would be interest to scale up even faster, to grow even faster. I have not heard of games companies who would have a scalable game in their hands that was not able to raise money if so needed. The general principle is we have enough cash to scale Stranger Things. Great. Those were all the questions that came in through the letterbox. I have a notification that we have one person in the phone queue ready to ask their question. Okay. We have a question from Sami Sarkamies from Nordea. Please go ahead. Your line is open. Thanks. Let's also do it the old way. Let's start from Stranger Things. I think you were earlier planning to launch the game during the first half of the year. Can you elaborate on what happened and what were perhaps some of the surprises that are now pushing the launch into, I guess, end of third quarter? Yeah. Thanks, Sami. I think we communicated I'm trying to be very precise, but we said that we're going to start launching new markets during first half. I don't think we necessarily said which markets. Again, it's very crucial to understand that we go by the metrics. We don't go by any other feeling or gut feeling. We're very happy on how the team has been working and improving the game, and the time for example, for the U.S. launch is second half of this year. In that sense, I would want to say it's actually like any game development. You might hit some surprises or some delays, but in the big picture, nothing has changed, and the game is going out during the second half of this year. Okay. To be precise, I think in the written report, you're also talking about launch in the third quarter. Is it so that the U.S. launch, you sort of indicated that might not yet happen in the third quarter? No, not necessarily. Maybe in detail, I can open it up a bit. Typically nowadays, it's not necessarily that you open both iOS and Android in a specific market, for example. You'll definitely be seeing activities in North America during third quarter as well. Again, the actual scale-up of bigger investments in UA, for example, will happen during this half. Is it specifically that all the big actions happen during third quarter? That's something that we don't comment at this point. Yeah. I think it's better to move away from that sort of thinking of like, "Oh, this is how you launch games now." You put it out there, and you spend a hell of a lot of money. Excuse me, am I allowed to swear? A lot of money in this one moment when you put the game live. Every game developer today, every publisher today knows that the best way to scale these games is you put it out there, and you start increasing your marketing investments. You start at a fairly comfortable level, and as you see the results and the game being stable, you increasingly increase those marketing investments. You hold your position, then you want to increase again. You may want to hold your position, increase again. It does happen over time. One more thing to add maybe is the fact that we're talking about Stranger Things. For example, you have the season four launch in the horizon, and by that time, you can imagine how much buzz there will be globally on this IP, which makes us to really take that opportunity to probably spend way more during that period than we would spend on some other period. There are other events like this, like the Stranger Things Day and so forth, that really help us to scale up the game because everyone else will be talking about Stranger Things anyhow. Therefore, the days of launching a game and spending tremendous amounts of money during the first week are gone. Maybe on console, not on mobile games. Okay. you're planning to utilize the, let's say, free market buzz around Stranger Things when you're thinking the U.S. launch? Yeah. Well, it will be one of the opportunities. There will be definitely other opportunities as well, but I'm saying that the strategy for Next Games has always been to take advantage of these different events or series, whatever they might be around these IPs. There's millions and millions of fans of Stranger Things globally, and that's another opportunity for us to really work with them to spread the message of this game. I'm just saying that we are going to take advantage of the strategy of Next Games while we scale up the game. Okay, thanks. We continue to do so, of course, for The Walking Dead titles. Certainly the impact has grown less, of course, because the series is not as big as it was. Over the period of time that we've scaled No Man's Land, we utilize the season every time, every February and every October. It's completely normal that updates kind of live their own life. In the license-based gaming business, you put the update out when you're ready with the update, and then you start scaling when it's a good time to scale. There's sort of normal scaling, which is the constant increase of user acquisition. You're constantly trying to grow the game by increasing your user acquisition in proportion to as you see your revenues grow, so you don't have an issue with capital. I have a presentation on the CMD about this that you can find online. In addition to that, you do these major beats, as Teemu mentioned, that usually surround a point in time where there's additional buzz around it. I think you sounded fairly happy with how the Stranger Things game is looking at the moment. On Blade Runner, it seems that there are still actually quite a few things on the laundry list that you want to tackle before the U.S. launch. Is third quarter U.S. launch for Blade Runner realistic, as you still need to work on the game? Yeah, for Blade Runner, I think it's fair to say that not necessarily third quarter. It could be fourth, but again, it will come in phases. We are going to optimize the UA spend and everything based on the results. There's another update coming for Blade Runner right now, or in matter of weeks. Then again, we know how the numbers have improved. It could be third quarter, but from the company perspective, doesn't matter really if it's fourth quarter. Like I said, Stranger Things really represents a big portion of the revenue that we were thinking about allocating for new games. Okay. If you think about the second half of the year for you guys, you will be working on two simultaneous launches. We have already discussed that you are fairly sort of constrained on the other cash reserves, even though you're explaining that you will be able to manage with current resources. In practice, will you be monitoring how the games perform and then put sort of money behind the better performing product? Yes. That's the best way to do it. You want to put your cash and your efforts on the product that is performing better in the user acquisition space, always. That's the way you run multiple games at the same time, of course. That's a given. Again, I would say, I understand the sentiment behind saying our cash is constrained, but I'm going to be really honest. Like I said, I know that those investors who invested in us was part of the IPO, and we definitely had a higher cash balance at that point in time. Like I mentioned, we grew No Man's Land to generate more than EUR 37 million-EUR 38 million a year. We never, ever had more than slightly over EUR 3 million in cash at that point in time. We're pretty used to being able to scale games with this cash balance, and we're very comfortable with it. Okay. Maybe finally, related to that topic, we already discussed your full year guidance in length, but if we think about the scale-up that will be required during the second half of the year in order for you to sort of meet the net sales guidance, how does that work on the EBITDA level? Will you be able to scale up in a manner that does not have a big burden on the EBITDA? Again, yes, that's our guidance, that it will happen this way. To some extent, EBITDA and cash will go hand in hand, not entirely. It depends, of course, a little bit on the revenue recognition and how much you're recognizing revenues. Having said that, again, what makes the biggest difference on whether or not you're going to be able to scale your game profitably or not profitably, so EBITDA positive or not, is what margin you're seeing between your LTV and your CPI. That is what we run in these models. We make those estimates based on what are the numbers we're seeing from the game back in the market, what do we want those numbers to be? As we progress towards that, and then what is the CPI that we see, and we do an evaluation on those margins. If the margin is smaller, that usually means you will have to scale a game over a longer period of time, and it usually means that you're going to see an effect on your EBITDA, a stronger negative effect on your EBITDA. The better that margin is, the more organic uplift you have, the less likely you are to see a negative effect on your EBITDA for the game. Well, okay. Thanks for the answer. I don't have any further questions. Thanks, Sami. Thanks, Sami. That's the end of this videocast. Thank you, Teemu. Thank you, Niels. Thank you, Annina. Thank you, Niels. Thank you all for joining us this morning. We'll be back in a couple of months. I wish you all the best until then. Bye-bye. Bye.