Ladies and gentlemen, thank you for standing by. I'm Constantinos, your Chorus Call operator. Welcome. Thank you for joining the Intralot conference call and live webcast to present and discuss the nine months 2022 financial results. All participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Chrysostomos Sfatos, Deputy Group COO of Intralot. Mr. Sfatos, you may now proceed. Thank you. Welcome to our nine months financial results call. I would like to pass the microphone to the CFO, Mr. Andreas Chrysos, for his presentation. Good afternoon, ladies and gentlemen. The first nine months of 2022 presented stable revenues and improved EBITDA compared to the respective period of 2021, indicating a stabilization of the business on the one hand and an efficiency on the cost side on the other. Major highlights for the period on the operational front are, number one, the accumulation of the efforts that management has undertaken on the cost side in the last few years, especially at the headquarters perimeter. Secondly, full rebound from the effects of the pandemic that had an impact in the respective period of 2021 in Australia. Third, the ramp-up of projects that went live in 2021, mainly in Croatia. Fourth, the better performance in some entities in the rest of the world, such as Morocco, Ireland, Argentina and Turkey. Fifth, the positive impact from the effects primarily from the strengthening of the U.S. and the Australian dollar against the euro. These effects were partly counterbalanced by the correction in the performance of the U.S., following primarily the positive COVID bumps effect of 2021 first half performance, as well as higher merchandise sales in 2021 that positively affected last year's comparable results. Secondly, the negative implication from the license expiration in Malta in early July 2022. From a cash flow perspective, strong operating results described above, along with the implications from the credit positive financing restructuring projects that were completed during 2021 and 2022, led to strong cash flow generation depicted on group cash balance remaining high at a level of EUR 100 million from EUR 107 million at the end of 2021. After the group used around $25 million from the U.S. balanced cash to repay the 2025 PIK Toggle Notes during the summer. On the contract renewals front, we extended our cooperation with OPAP S.A. for one additional year from the 31st of July 2024- 31st of July 2025, with the possibility of further extension for one additional year in the field of numerical lottery products and services. As regards the future, we expect continued good performance in the fourth quarter, especially in the U.S., where we had a historical Powerball jackpot in November. We are now moving to the nine months of 2021 financial presentation. If we go in page number five, we see the results of our licensed operations, which have contracted by 13.3% or EUR 12.6 million negative as a result of the license expiration in Malta in early July, affecting the third quarter results negatively by around EUR 22 million and the nine-month periods by around EUR 25 million, in part counterbalanced by the better performance in Argentina, driven by the considerable local market growth. Turning to page number six, we will notice a material improvement in the performance of our technology contracts. The key takeaways in this activity line is the slightly negative revenues in the U.S. for the period, mainly due to lower merchandise sales and the correction of the positive COVID bump effect in 2021, with a positive variance in the third quarter, however, materially affected though by a strong U.S. dollar versus the euro. In Australia, we see a much better performance since last year's respective period result and a much better third quarter since this part of the world was negatively affected by lockdown restrictions last year. Same trend in Croatia, following the go live of the lottery contract solution that commenced after the first quarter of 2021 and wrapped up throughout the remaining months of 2021. Lastly, on this page, a better performance in other jurisdictions due to higher service sales. Finally, turning to page seven, we see an almost stable performance of our management contract activity, with Morocco performing slightly better year-over-year and Turkey in the third quarter counterbalancing the negative variance of the first half of 2022 compared to last year's respective period, favored substantially by the growth in the online segment. Turning to page eight, we see the overall profit and loss performance metrics for the nine months and for the third quarter of 2022 versus a year ago. Takeaways on the operational front are stable performance in the revenue line year-over-year, analyzed in detail in the previous slides. The GGR line, which was better by 5% due to a lower average payout ratio versus respective period of last year. A gross profit line at equal levels year-over-year. The OpEx line performance was by EUR 2.2 million, but equal at EUR 60 million year-over-year if excluding the depreciation. All the above resulted to a better EBITDA performance of EUR 88 million in the nine-month period, 6.6% better compared to the respective period of 2021. Finally, a healthy EBITDA margin of sales at around 30%, better by 1.9 percentage points versus last year. Moving down to the EBT line, it stood at EUR 19.4 million, lower by 66% year-over-year. Last year respective figure was positively affected by the one-off benefit of the refinancing exercise that took place in 2021. Focusing on the reasons for this performance, the main drivers are, first of all, the lower interest income of around EUR 45 million, arising mainly from the balance sheet optimization transaction that concluded within the third quarter of 2021. The lower income from participation and investments of, again, around EUR 45 million, significantly affected by the gain from the balance sheet optimization transaction during the third quarter of 2021. The higher depreciation and amortization by EUR 5.5 million versus the nine months of 2021, mainly in Turkey Bilyoner. The negative impact from the FX results by EUR 1.9 million versus the nine-month period of 2021. The decrease of the EBT line was partially counterbalanced by the lower interest expenses by around EUR 20 million versus the nine month period of 2021, which was a direct effect of the debt restructuring process. The lower reorganization expenses by around EUR 16 million versus the nine month period of 2021, following the successful conclusion of our capital structure optimization process. The gains on the net monetary position by around EUR 13 million versus the nine months of 2021, arising mostly from Turkey due to IAS 29, which now is considered a hyperinflationary economy since June 2022. The positive impact from the EBITDA by EUR 5.5 million versus respective period of last year. Lastly, the absence of impairments and write-offs by around EUR 5 million versus the nine month period of 2021 that took place in the first half of 2021. Turning to page nine, the other graphs have been analyzed already in detail. Focusing on the bottom left of the slide, we see the operating cash flow at EUR 68 million in the nine months of 2022 versus EUR 84 million in 2021, because 2021 was positively affected by the one-off income tax returns re-received by the parent in the first quarter. Net CapEx, EUR 3 million lower versus a year ago. On the bottom right of the slide, we see the net debt and the leverage ratio being at EUR 510 million and 4.4 times respectively as of the nine month period of 2022. Turning to page number 10, we see the net debt movement bridge that depicts the elements that affected this ratio in the nine month period. Strong free cash flow generation and completion of the restructuring actions, namely the buyback of the minority shares of the U.S. subsidiary through the latest share capital increase, and the U.S. debt refinancing had a positive impact on the net debt. Gross debt movement was adversely impacted by the weakening euro that fully offset the benefits from the reduction in our USD-denominated gross debt. Lastly, if we go to page number 11, we see the contributors per region in our revenues and EBITDA, with North America, Europe and Oceania contributing the major portion in line with our strategy in the last few years to shift our activity towards more developed markets of the world. At this stage, the presentation of the nine months of 2022 results is finished and the Intralot executive team is at your disposal for any questions you may have. Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Kostas Boukas with Beta Securities. Please go ahead. Good afternoon, gentlemen. My question has to do with your share capital, your balance sheet. I can see there is a positive effect from the share capital increase by EUR 129 million approximately due to a share capital increase that you proceeded in the third quarter. On the other hand, I can see there is an effect due to change participation that stands at a negative effect at EUR 125 million. Could you please further elaborate on this? Because this resulted to have a negative equity again. Would you be kind enough to elaborate on this, please? Yes. As you correctly point out, there is an increase in the share capital and the premium, the parent equity has increased. As is depicted in the notes, the parent equity is EUR 143 million. As you correctly point out, the change in participation reflects the historic sort of acquisition price, the accounting price of the assets that were acquired with the proceeds of the share capital increase, which is our percentage to Intralot, Inc., our US subsidiary that we did not control in the previous year. This historic value has a different accounting price than the fair market price. There is a negative effect in the retained earnings, and this is something that will require a further accounting treatment on our part in order to repair this. We want to plan this further in order to accomplish the desired result. This can be done through many strategic initiatives that we have in mind, which are a little bit behind due to the volatility in the markets. We will do all the necessary moves in order to tie this up with our strategic initiatives, and we certainly see a lot of opportunities ahead. As we have proved in the past couple of years, we have no shortage of ideas and in designing and executing complex transactions. This will require some further accounting treatment. Okay. If I could elaborate further, if I, if I understand correctly, you had a price for the Intralot, Inc. in your books, and you acquired the remaining percent, that's the 35% that was held by the bondholders at a higher price, which resulted in losses in your share in your retained earnings. Is this correct? The problem in this treatment has to do with the fact that we acquired something that we already consolidate. This is why you have the negative impact on the equity. Okay. This asset, now leaving the accounting treatment aside, this is a very important asset for us, and this transaction has been a game changer for the group. It gave us access to the liquidity and, that's why we did it. The, the real benefit from this transaction, as we have explained many times, is very significant. There is an accounting treatment that we need to complete. Okay. Just to follow up on this, as far as I understood, the initial plan you had in your mind, was that you're going to turn positive in your share equity by the end of the year. Through this treatment you would go out of surveillance status that you currently are, and which would relieve or provide a relief for the share price in the stock market. Is this still in place? You referred that several plans related to Intralot, Inc. are going behind you to the current situation of the market. Yes, correct. These plans are very important plans. I think while at the same time we are delivering good operational results, this would create the assurance necessary that we are moving on the right path. Thank you very much. The next question is from the line of Aparna Ramaswamy with JP Morgan. Please go ahead. Hi, good afternoon. Thank you for the presentation. I have three questions. To start with, I seem to remember that you had indicated on the previous calls that for the full year 2022, you could probably have an EBITDA print of about EUR 100 million-EUR 110 million, and that you were basing that off base on 2021 EBITDA being around EUR 110 million. Just looking at year-to-date, EUR 88 million, and even if we were to consider the upper end of that range, call it EUR 22 million of EBITDA in 4Q, and looking at last year's 4Q reported numbers, do you think there's actually room for a sort of EBITDA guidance beat here, going into your end and based on what you're saying in terms of no changes, in investors or in consumer sentiment? My second question is on your upcoming contracts, if there's anything else that's material. Didn't seem like so from the bond docs, but just wanted to check, given that obviously you had the Malta contract that did expire and that you didn't bid for in the past. Finally, now that you do have access to the Intralot, in liquidity, what are your thoughts on, the outstanding bonds? Given the recent refi that got done at 3%, is there any similar facilities that you could consider, to have a sort of better refinancing for the outstanding bonds? Thank you. Thank you. On the EBITDA forecast, guidance, yes, we believe that we will be north of last year's EBITDA, given the eight-month results and given every nine-month results and everything that we know about the fourth quarter so far. As Mr. Chrysostomos mentioned earlier, we expect a better Q4, much stronger Q4 in the U.S. Overall, the performance in the rest of the world continues to be strong. We believe that we will have EBITDA growth for the entire year. At year-end, we definitely expect to be north of EUR 110 million, maybe significantly more. The nine-month performance we expect maybe not so strong as the nine months. We definitely expect positive variance for the EBITDA compared to last year for the full year. On the second question, yes, we have some developments in the United States. We were hoping that we will be able to announce something on this call, but the formalities have not been completed in a significant sports betting contract that has been on our pipeline for a while. Hopefully soon we will be able to give you some more details, color or specifics with announcements. We're confident and strong about this. In general, we are kind of very pleased with our developments, well, our performance in Croatia. Because you asked about Malta, we think that we will be able to recover the Malta EBITDA from the other contracts that are coming on stream right now. Finally, for the, I guess your third question relates to the outstanding bonds and the refinancing. Actually, of course, we're having a lot of discussions. Recently we've been in London, as part of the Athens Stock Exchange roadshow a couple of days ago, and we had some discussions. We understand the dynamics in this market. Since there are a lot of maturities coming up in 2024, 2025, there are ideas floating around. The volatility in the markets will require a little bit more patience before we rack up our minds and come up with some plan. Not very long, but definitely with all the experience that we have now in this area, we believe that we can have the planning. Definitely by our next call in the annual results, we will have some more color to provide. We expect that the volatility in the market will subside in the first quarter of 2023, and that would be the right time for us to make our plans. Given the fact that the company has stabilized its EBITDA, has reduced its expenses, and we are now generating free cash flow. We are positive in free cash flow this year. We were able to partially repay debt. We think that it's going to be a much more streamlined exercise than in the past. Given the time horizon and all the conditions, we think that in three months' time we will be able to provide you some more color on this. Thank you. If I may just follow up on that one. I thought the refi for the 25 at the sort of term loan that you had there, that was great in terms of the 3% pricing there. For the outstanding bonds, is your intention to still be in the bonds market, or would you consider, you know, call it loans or other sort of facilities to take out these bonds? Yeah. We, you know, I cannot answer this question definitively. The fact that we have started a good relationship with a banking consortium in the United States, definitely provides more optionality. You know, we will consider both avenues. In 3 months, we will be able to give you more information on that. Yeah, both options are on the table. It could be a combination, you know. Our relationship with the banks is very good in the US, and the both markets are what they are. Both options are available. Thank you. That was helpful. The next question is from the line of Iakovos Kourtesas with Morgan Stanley. Please go ahead. Hello. Good afternoon, everyone. Great to see nice results and a positive development around the company overall. That's great. A question. You actually had pretty strong EBITDA growth in this quarter, also versus the last quarter. What was actually driving this? Surprisingly, it was the performance in the developing markets. Of course, there was a strong rebound in Australia, which is a significant market for us. The Australian rebounds was very significant. Argentina and Turkey also gave very good results. In spite of the inflation regime there, the performance is very strong in actual numbers. The other fact that is very important in the year-on-year improvement of the EBITDA is the significant reduction of our costs. We have in the nine month period that you see there is about EUR 7 million improvement on the EBITDA based on cost containment, mainly in rest of the world. That's also a very important factor. That's how you see the revenue stable and the EBITDA increasing. Okay, great. Last question, how does your sort of new contract pipeline look these days? I said earlier, we have something quite mature in the United States. Unfortunately, I cannot give the full details here, but in very little time we will be able to make that announcement. Okay. Overall, we are very upbeat about opportunities of iLottery in the United States, plus looking at. You know, we have still a lot of time until our maturities of the contracts, of the big contracts. There are opportunities floating around, even in the rest of the world, and we will be sharing some color soon. Mr. Iakovos Kourtesas, are you finished with your questions? Good. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone. Once again, to register for a question, please press star one on your telephone. As a final reminder, to register for a question, please press star one on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you. Thank you very much for attending the call. I'd like to close by saying that we are very encouraged by the nine month results and by this performance, strong performance in the rest of the world. As I mentioned in a question earlier, given what we know about Q4, this will be another good year for our results. It gives us confidence about the future. Thank you. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a good afternoon.