Good afternoon. Welcome to the Azerion Strategy Deep Dive on quarter three 2022 results. After the speaker's remarks, there will be a question and answer session. For those of you who are joining us via Zoom, if you would like to ask a question at this time, please raise your hand by clicking the Raise Hand at the bottom of your Zoom window under the Reactions button. Once called upon, please unmute your audio to ask your question. Thank you. I'd now like to turn the call over to Atilla Aytekin for the welcome remarks. Yes, thank you very much. Good afternoon, everyone. I am Atilla Aytekin. I'm the Co-CEO and the Co-founder of Azerion. I would like to welcome you all to our Strategy Deep Dive and third quarterly results announcement. I'm very excited to be hosting this Strategy Deep Dive today. After engaging with the market over the last few months since our listing earlier this year, it became very clear that many of you would benefit from a deep dive on our business model and our strategy. We decided to combine our Q3 results with an extended presentation about our business. We plan to share a more detailed outlook on 2023 and beyond early next year when we announce our full year 2022 results. Today, I'm pleased to be joined by some of my colleagues in the leadership team. As you see on the presentations, the pictures, let me introduce them one by one. First, next to me is Sebastiaan Moesman, our Chief Revenue Officer. We have Jurriaan van Teunenbroek, Vice President of Games and Content, and our Chief Financial Officer, Ben Davey. I will start the presentation with our vision for the digital advertising market and how we see it evolving over the next few years. I will take you through our business model, competitive advantage, and how we are growing faster than the market. I will also talk about operational and financial performance, historical, and our outlook into the future. Sebastiaan will share some insights into our value propositions and to advertisers and publishers. Jurriaan will talk about how we create engaged audiences with content and how we offer a comprehensive value proposition to, again, our advertisers, considering opportunities in the metaverse and digital collectibles. I will also cover how we complement our organic growth with M&A, and we'll show you how we are extracting value from our acquisitions. Ben will take you through our reporting segments, and we share more details on our financial performance while also covering the Q3 results highlights of course. Before I move on, let me take a moment to acknowledge the disclaimer. I want to start with an overview. We are on the right page. Yes. I want to start with an overview of the digital advertising market. My first message is that the market is growing fast, and that's because more and more people are able to access the internet and spend more time online. You see, the past 10 years, the online audiences has doubled from 2.5 billion - 5 billion today. More people going online means larger digital audiences for advertisers. Because if brands wants to engage with their customers and target new customers, they will have to be where these customers are, and that is online. As a result, the total digital advertising market nowadays is expected to continue growing very rapidly and reach $800 billion in the next few years. The opportunities in the markets don't stop there. While this market is growing, it is still highly inefficient. If you look outside of the dominant user-generated social media space, like Facebook, like YouTube, the digital advertising supply chain, what you see on this, on this page, is full of players who add intermediary layers between an advertiser and a digital publisher. If an advertiser wants to display a digital ad in the publisher website, they need to liaise with many technology layers and providers, which makes the whole process very complex and expensive for advertisers and publishers. In addition, this market is also highly fragmented geographically. The suppliers in the U.K., for example, are not necessarily the same ones in France or in Italy or in U.S. As a result, advertisers are increasingly looking for a one-stop shop where they can have one global partner that offers an easy-to-use and cost-effective product in a brand safe environment. At the same time, publishers are looking for similar simplifications and cost effectiveness while also seeking to maximize their revenues. With content becoming increasingly free to use, publishers need to find revenue streams and ways to stand out from this crowd, and that is with engaging and retaining their users. That is why we designed a business model that integrates the value chain and makes it simple and cost-effective for the advertisers and the publishers. That is why we have made selective acquisitions that enabled us to offer an integrated set of products and services, again, to advertisers and publishers. With a strong leading position in Europe and rapid expansion in other markets like Australia, like U.S., and like Latin America. As part of our integrated offerings to advertisers and publishers, we have local direct sales teams who help the advertisers deploy their campaigns and maximize the performance. While our publisher monetization services enable publishers to optimize their inventory and increase their user engagement. That's how we have been successfully delivering value to the advertisers and to the publishers, and this is only possible because we bring audiences together. Like you're seeing in this, in this page, advertisers are looking and seeking for audiences, while consumers seeking content. Content is crucial part of our model. For us, offering content is bringing the audiences together, engage them and entertain them. For that, we offer gaming and non-gaming content. For the non-gaming content, we partner with digital publishers, and for the gaming content, we partner with game creators. In addition to that, we also have our own proprietary content. This is why we started as a gaming company. This was our way into digital audiences, into engaged audiences, to learn how to entertain people and to learn how to engage them. Also to learn how to smartly use insight in consumer behaviors and decisions making to improve our technology. From there, we expanded into the digital advertising. Initially in games, but then later across all types of content. This gives us a credibility with advertisers and with publishers when we talk about content and audiences. Equally important, it makes our model more resilient. During the current challenging macro environments, we continue to see growth in our organic business, both in operational and in financial performance. Starting with operational performance, we are now reaching a scale that brings us to the table of the largest advertisers. We reach audiences that add up to more than 500 million active users every month and working with 300,000 of publishers' websites. We sell more than nine billion digital ads every month on average, and we are proud to be present in 24 countries. As I said before, we believe that the local sales support is a key differentiator of Azerion. This growth is reflected in our financial performance. We are confirming our revenue guidance for this year of at least EUR 450 million, and we expect to grow, and we expect to generate an adjusted EBITDA of more than EUR 50 million. We're strategically moving into our business portfolio more towards the digital advertising. A vast majority of the acquisition we made over the last two years are in this digital advertising space. This change of the mix of our portfolio has an impact on our overall margins since digital advertising companies have a different margin compared, for example, to our gaming content business. Having said that, improving our profitability is a top priority for us, and we have identified some areas of priority to optimize these margins. First, we aim to further integrate our past acquisitions and realize more synergies much quicker. While also growing our high margins, the products to advertisers and the publishers. Another important value driver for us is continuous innovation. Innovation to improve our content and our technology. We will also focus on new features to drive more consumers, consumer engagement and ultimately higher revenue per user. Let's first take a closer look at our business model. Let me hand over now to Sebastiaan for a deep dive in the digital advertising. Yes. Thank you, Atilla. Yeah, in order to offer the best value proposition to advertisers, of course, we need to know exactly, what they, what they want and what they really need. Interestingly, even though advertising budgets have shifted into digital, as Atilla already mentioned, not many things change in what advertisers need, especially not in the most fundamental things, that they need. They haven't changed just because technology came of it. Sounds maybe incredible that because a lot of technology was introduced, things have changed massively. Advertisers still need a tangible return on their investment. They still need to reach audiences in a very creative and catchy way. They still need to support, the rollout and the measurement of their campaigns, and they also need to remain careful where the brands are displayed and the values they're associated with. This has not become a lot easier, because strangely enough, in digital, delivering an advertising message to the right people in the right way, safely and at a competitive price, is more complicated than ever. Combining all of these technologies, audiences, content and creative materials into a successful campaign is a big and expensive task that requires skilled people that are hard to find these days. That's why delivering results is really the value proposition that we have. Our teams help advertisers plan and deploy their campaigns, and they take ownership of both the delivery and the success. The way that we deliver that single result driven service to our client is by combining five fundamental components as we see it of the digital advertising industry. It starts with content because content is what brings the audiences together. Content is where people spend time and where advertisers will display their brands. It's important to advertisers that we work with content that is brand safe and engaging. Content is such an important part of our value proposition that it deserves its own deep dive. Later on, my colleague, Jurriaan, will cover how we create engaged audiences with content, but that's after my section. The next key element of the proposition, the second one here on the page, is reach. With content, we reach audiences, and as Attila said, we reach over half a billion people every month. This gives us the critical mass and the scale to provide the right audience to advertisers everywhere at the right scale and the right time. That brings me to the middle part on the slide here, which is technology, because you need and you have to offer a full stack of ad technology, and you need to integrate dozens of layers of technology into one. It's not just about reaching the audiences, but also about making it seamless and, let's say, cost-effective to advertisers and publishers. The next element on this page is the creative ad formats. We really believe that you can have all the tech and the audiences and the content in the world, but if the advertising in itself isn't highly engaging, then it was all for naught. We've been investing a lot in innovative formats for many years, and by now our proprietary ad formats can drive sometimes up to 20 times more user engagement according to independent studies that have been done. Advertising really works, but not just any advertising. You need to put as much effort into the ads as you put in the audiences and the content. Our last key offering is people. It sounds all digital, but to best support advertisers, we really believe in teams close to our clients. We have local experts in basically every big city that help set up and deliver, track, measure the performance of the campaigns, and optimize the delivery, so our clients reach the audiences with insight and the best impact possible. This is recognized by our clients. Sales from our local teams have been growing every year, and by now it's almost half of our total advertising revenue. For the next year, we expect it to further increase to about 60% of our advertising revenue. The rest of the revenue, by the way, comes from automated auction sales, the programmatic sale, as they call it, which assists over 400,000 advertisers in more of a long tail of small clients. Let's take a look at how we compare with competitors in this space. As Attila said earlier, the digital advertising industry is highly fragmented. There are many specialists who are filling gaps in the advertising around audiences, data verification, technologies, content, and advertising formats. The issue they all face is that they depend heavily on many other solutions that are in play at the same time to generate the results the advertisers are looking for. It's a combination of technologies that need to work fluently, if something doesn't work, everybody starts pointing at each other. That's also why many of our competitors are also clients of ours. This is such a big ecosystem that everybody's also working with each other to get things done. They purchase parts of the offering that they don't own themselves from us in this fragmented chain. The problem is, all this makes the process really complex and expensive for advertisers. When something goes wrong, yeah, the advertiser is often left hanging because it's really hard to pinpoint exactly where or which partner things went wrong and then to fix it. That's why we offer an integrated solution that brings advertisers more value. Of course, however, we're not the only integrators. There are other companies integrating technologies and products to bring a solution to advertisers that is more easy to access and manage. Everybody sees the need for this consolidation. In particular, the social platforms are successful in combining the content, reach, and the technology, as you can see here on the second bar in the chart. However, their strategy is mostly around the self-service model with basic advertising formats. You log into their platform, you upload your basic creative, and then you maximize the use of their audiences and their social environment. In contrast, also, some others provide specific impactful ad formats to advertisers, like video or native. They've built an impressive network and some technology around it to offer advertisers in every market with this very specific product. However, they don't own any content or user data themselves, they offer that single product to the market instead of an all-round solution. What differentiates on the bottom line, if you want here, is the fact that we integrate everything, all five core elements of digital advertising into a single solution. It's not something easy to replicate, and we believe it's really the best way to deliver our clients the ultimate value, which is the return on investment. This strategy has been driving our organic but also our inorganic M&A growth decisions for a long time. Every single investment we've made was to strengthen our position in one of those core five elements. You can see on the screen some examples of product developments, enterprise partnerships, inorganic and organic acquisitions we did. Hopefully, it helps a little bit to put our recent acquisitions into context. Take the recent acquisition of MMedia, for instance, in the Netherlands. This acquisition added primarily to our people element. It adds a lot of high-quality, skilled people in the Netherlands helping advertisers to succeed. Strong sales force, solid customer book in a country where we're not just present but actually also headquartered. The integration and synergy opportunities with MMedia are huge, both on the technology side as well as on the corporate side. Together, we can bring beauty to the advertiser if you want. On their own, MMedia had trouble because they didn't own technology, they didn't own their own content. For advertisers, it means that from day one, we can offer larger audiences, more exciting ad formats, and integrated technology in a more cost-effective way. For us, it's all about integrating these elements into client success. To deliver on that promise, all five elements are of great importance. I use the next few slides to take a closer look at these five elements one by one. I will not start with the content. I'll let Jurriaan cover the content later. Let me start on the second one, which is reach. We reach audiences, as we've said, totaling more than 500 million people every month, we do that with a combination of game and non-gaming content. Non-gaming content, we reach about 400 million active users who are accessing all kinds of online content through all kinds of devices. These publishers are our partners. We have full visibility in what their content is, that way, we provide advertisers with an incredibly diverse, local, and also engaging content network. Next, through the game content, we reach about 100 million active users. Here again, we leverage from partnerships. We work with game creators to continuously expand our game portfolio and while we also own some of the game content, which gives our model a healthy balance and resilience. Finally, we have also our e-commerce stores where we sell Premium Games titles to consumers. Here the audiences are, of course, smaller, but the insights into consumer behavior are very valuable. The publishing partners are crucial to us. In contrast to companies like Netflix, Spotify, YouTube, Azerion is not trying to get the consumers to come to us as a destination. We believe in the power of partnerships, and we work hard every day to make our publishing partners successful with us. We help them maximize their revenue. We help them expand the relationship they have with users by adding entertainment content and monetizing the opportunities. For example, a news website like Chicago Tribune attracts users who typically read news for a few minutes and then leave. By working with us, and adding a catalog of casual games, crosswords particularly, the same users feel more engaged, and they stay with the Chicago Tribune longer. That creates more revenue opportunities for both of us, and then we monetize together. At the same time, we use our decades of experience as publishers and content creators ourselves to help our partners solve challenges and grow their business. By now, we work with over 300,000 contracted publishers worldwide, and we also have about 10,000 publishers who work exclusive with us. All right, let's take a look at the second part, the ad tech capabilities. Little bit of a complicated slide. In order to make it simple for advertisers and publishers, we handle the complexity for them. This chart shows how we integrate the various layers of technology between advertisers, publishers, and users. Our logos across all the steps of this chart show that our proprietary technology covers really the full stack. It also shows that we supply parts of our technology to players that officially, let's say, compete with us. This makes the model also more resilient. Means we provide advertisers and publishers with an easy-to-use and integrated solution in a cost-effective way. Integrating technology like this isn't as simple as a diagram like this seems to suggest, though. Our engineers and development teams are constantly optimizing the environment and the architecture as it scales up. Behind this slide, there's a whole world of technology to allow an auction to be set up and run across thousands of advertisers. This auction then 1 billion times an hour. It's sometimes even in my own mind, it's still mind-boggling numbers. The result of all that engineering is our ability to be more co-cost competitive, integrating all these layers of technology, which as a business on their own, would have to take between 5% and 10% margin of the total budget. If you just do viewability checking, for instance, then, yeah, you build a company around that. You need to staff up that company, build the technology, sell it to clients. All of them need to charge out and take a slice of the pie. That's on the left-hand side. You can see the layers of technologies between an advertiser and the digital publishers that are all essential in the traditional value chain, from demand-side platforms on the top to identity and segmentation tools down the bottom. If you're able to integrate and move that whole thing to a structure like you see in the middle, then you can see we're able to deliver more value to advertisers and publishers because we have integrated this tech and become just economically more efficient. Then if you move all the way to the right, we show the fully integrated value chain when we are ourselves also the publishers, which is the case for our game content, for instance. All right, the next part on the five components of digital advertising was the creative. I think some people sometimes forget, but, it's not just about being able to run an auction and to display an ad at a certain point to a person. You also need, and I think we have incredibly engaging innovative ad formats. Not just one of them, but most every format that advertisers could use to really create an impact on consumers is something that we have. Our objective is always to improve the user experience and capture the attention of the audiences. We offer advertisers a full suite of ad formats across multiple devices and platforms because the content can be great, but the advertising also needs to be great. For example, you can see on the screen here, we have proprietary high impact formats, gamify our ads sometimes with our premium desktop skin formats, and we give the user an opportunity to interact with the ad even in an entertaining way. We're also growing in other formats like digital out-of-home, and most recently, audio advertising with the acquisition of Targetspot, which is an emerging technology that opens up a whole new universe of audio publishers and clients for us as well. We reach audiences at scale. We offer our fully integrated technology to advertisers while we engage and capture user attention with our innovative ad formats. Last point, let's talk about that part last, how we add value with our people. We believe the teams that sell to clients are crucial, and we sell solutions to advertisers via two channels. One is the automatic automated programmatic channel, and the other one is the direct sales from our teams. In total, we assist over 400,000 advertisers, but through our direct sales teams, we assist several hundreds of advertisers from various sectors. In about 70%-80% of the cases, advertisers work with media agencies to represent them and to deploy their budget. Our relationships with advertisers and media agencies are all crucial and long-standing ones. We invested over the last years to make sure that we have expert teams where our clients are, so we now have offices in 24 markets, and over 1,200 people work for Azerion. We're recognized by our clients as well. Just a few weeks ago, for instance, we were voted the best media partner to work with for the second time in a row this year in the U.K., with the highest score ever in the history of the of that survey. Where other companies might generate their revenues so therefore slowly, solely through an automated offering, Azerion generates more than half of its advertising revenue through these local teams selling to local advertisers. At the same time, there's a lot of resilience in this direct sales. The largest direct sales advertiser represents less than 1% of our total revenue, while the largest media agency represents less than 10% of our advertising revenue. The last, or actually it was the first element of our service to advertisers, is content. As promised, it's so crucial, we'll do a separate section on it, so I'll hand over to Jurriaan to share more about this exciting part of our business. Thank you. Great. Thank you, Sebastiaan, and nice to be here. Content is key to attract and engage audiences. It's a very important part of our business model. That is why we strive to offer the best content to our users. As we keep an eye on trends, we see that users are increasingly seeking content that's not only digital, but also available across device and platform. People want to have the same experience regardless of their device, and they are more and more seeking to have cloud-based games content that they can access through browser on their mobile devices. At the same time, users want to be entertained. That way, the content is presented must be engaging, and we see a growing trend for gamification of content. Sebastiaan briefly spoke about the safety on content being a key value proposition for advertisers, and I can tell you that it also applies to consumers. Entertaining, functional, and trustworthy content are becoming increasingly important. Consumers want to onboard for free. The freemium model is leading, and this is a great match with advertisers for both game and non-game content. For our non-game content, we reach 400 million monthly active users by partnering with digital publishers from all sectors: news, weather, magazines, fashion, you name it. For our game content, we work with a mix of proprietary content and partnerships with game creators. Let me give you an overview on our game content and how we further expand our value proposition towards advertisers. As you can see in the slide, our content is free to play and consists of two types, starting on the left side with our casual games. About 100 million monthly active users play our casual games for an average of 18 minutes per day. Casual games are a business of portfolio and volume. That is why we have over 20,000 titles distributed across almost 5,000 portals. Some of our casual games are developed by us, but for the majority, we partner with over 1,000 game creators, so we are continuously adding new titles and grow our portfolio. We also use data to track which games are most popular, so we're always improving our catalog. On the right side, you see the other type. Those are our Premium Games. They are a business of margin and building communities. We own nine Premium Games, including four metaverse titles. Our users play for about 18 minutes per day in our social environment. We have deep insights on consumer behavior, and we use it continuously to improve our games, making them more fun and engaging to our users. A key growing area in our Premium Games is the metaverse. We are frontrunners in the metaverse. One of our products, Habbo Hotel, was founded over 20 years ago, and we have a global community of players from over 150 countries. We are innovating with partnerships for in-game branding and the sale of virtual items. For example, in our other metaverse, Hotel Hideaway, we created a virtual Love Island villa in partnership with ITV Studios. It was a great success, and it attracted three million visit in just 30 days. We are also a key player of NFTs as digital collectibles. In our Habbo Hotel, as we move into Web3, we have successfully developed unique digital collectibles that are playable and integrated in our metaverse. We follow that with various partnerships, and we are establishing ourselves as a partner of choice for brands that want to engage with their audiences through these digital collectibles. This is a growing part of our business, and we are excited with these opportunities it brings for our metaverse products as well for advertising and brand cross-selling opportunities in the Azerion platform. Another important area of growth for Azerion is our game distribution business. You can think of game distribution as the App Store for the web. If game creators want to distribute and monetize their games, this is their go-to place on the web. The spectrum of game creators we work with is very wide. For the small game studios with limited resources, we offer access to large audiences through thousands of portals, which means they can start monetizing their game from day one with a revenue share model. Every month, game creators submit hundreds of games, and we select around 250 to add to our catalog. At the same time, our game distribution business opens up new opportunities for large game creators. For example, the creators of AAA games like Ubisoft. They are increasingly choosing Azerion as a partner to distribute casual games based on their AAA titles. This means a HTML5 free-to-play version developed based on their high production games, distributed through game distribution portals and monetized with our Azerion's digital advertising business. It's a hassle-free and cost-competitive option for game creators to tap into new audiences and lock new revenue streams. A few words on our e-commerce business. We have two platforms, Genba Digital and Voidu. We resell AAA and other large PC game keys, and we generate revenue from the sales of these game keys. The strategic value of e-commerce business goes beyond the stable financial performance that it generates. We have first-hand insight into consumer preferences and the latest trends in gaming content. This business also gives us access to large game creators, which opens up opportunities for partnership in our game distribution business, so it's integrated into our platform. If we add game distribution, the metaverse, digital collectibles opportunities, we get to the extended value proposition towards our advertisers. As an example, Ubisoft is one of our advertisers. We are cooperating to bring their casual content to the web. We sell their AAA titles, and now we are exploring the new Web3 trends together. As brands seek engaging and innovative ways to connect with their audiences, this extended value proposition is very compelling towards advertising and to further differentiate Azerion in the digital advertising space. To finalize my part, as we speak about game audiences, a common misconception is that games are mostly played by children. Research shows that our players are spread over different age groups and gender. This makes our game audience diverse and attractive to advertisers, especially because game players are engaged audiences. These are people who come back every day to play their favorite games over hundreds of millions of gameplays per month. We've covered the organic business. Let me hand over to Atilla to share more about our inorganic growth. Yes. Thank you, Jurriaan. Now that we have covered our organic business and our organic growth in detail, I want to shift our attention to M&A. M&A is a key driver for growth in Azerion as we become a consolidator in this fragmented digital advertising market. Our buy and build strategy has served us very well and enabled us to build a resilient business model. As the opportunities in our M&A pipeline are increasingly getting attractive, we have a path ahead of us to continue our journey as a key consolidator in this market. We have done about 10 acquisitions so far this year already, adding very valuable products and capabilities to our offerings. Those acquisitions have significant synergies with our platform, which we are just starting to realize. Let me take a closer look to a few couple of examples to explain how we are adding this value from acquisitions and how we create opportunities within the Azerion platform. Let me start with Vlyby. The acquisition of Vlyby brought additional ad formats to our set of offerings to advertisers. Box four in the presentation of Sebastiaan. Also, just by integrating our technology, we could from day one optimize and increase our combined revenue in the advertising auction platform, the programmatic platform. There is more opportunity to optimize costs moving forward, from overhead to further integrate the technology in the back end, of course. Another great example of value creation is the acquisition of Targetspot, which is giving us access to a new emerging format, and that's audio. It also opens up a whole new universe of publishers focused on audio content, which we could not reach before. At the same time, we can now offer this innovative audience format, audio format to our existing advertisers also. We can expand our offerings to these new publishers, for example, with our publisher optimization services. Finally, let's look to another example, Metatize. With this acquisition, we step up our capabilities on our mobile advertising. This means that we can improve our offerings to our exclusive publishers and reach more mobile audiences for advertisers. In addition, we have now another revenue stream, and that's commercializing this technology to external partners. These are just a few examples of how we create value from acquisitions. There is a lot more that we can realize from further integrating them, of course. Let me now hand over to Ben for a deep dive on financials. Thank you, Atilla, and good afternoon, everyone. Look, now that you've seen our business in more detail, I would like to show you how it all fits together in our financial reporting. Starting at the foot of the chart, you can see that our advertising and e-commerce businesses are reported under our reporting segment called Platform, while our Premium Games business is a separate reporting segment. I'd also like to use the graphic on screen now to explore some of the value drivers of our business model. Starting at the top of the chart, you have our advertisers and media agency clients, in other words, our advertising demand. As we move from the top center of the chart towards the left of the slide, we typically see lower volume and higher margins. While our automated auction sales is a volume product and serves over 400,000 advertisers worldwide, it represents about 50% of our advertising revenue, and we estimate that this may trend to 40% in the next few years. At the same time, our direct sales business serves a few hundred of our advertisers. Given the direct and often strategic relationship with our clients in this business, our differentiated offerings and the volume that it brings, direct sales accounts for the remaining 50% of our advertising revenue and is expected to grow to 60% in the next few years, according to our estimates. In the same way, if you look at the bottom of the chart, which relates to our publisher content, otherwise called our supply, as we move to the right, we grow margins and value. Our contracted publishers account for over 300,000 of our publisher websites, but account for less than 50% of our advertising revenue, while the 10,000 exclusive publishers we serve represent most of our advertising revenue. If to the far right-hand side, as Euron is also the publisher, then of course our margins are even more attractive as they are fully integrated. This means that we're able to capture more value and also means that we can share part of that value back with our advertisers and publishers and offer them more cost-efficient solutions. Let's see how this translates into our financial performance for the year. As Atilla mentioned earlier, we are confirming our revenue guidance of at least EUR 450 million this year, and we expect that our adjusted EBITDA will be above EUR 50 million in 2022. Our medium-term objectives include continuing to grow our market share and delivering on organic growth. Growing our direct sales advertising volumes, at the same time optimizing costs and improving our margins. As we hear feedback from our stakeholders, we're also sharing some rules of thumb for modeling purposes, you can better understand the contribution of our businesses to the total revenue and the value drivers behind each business. You can see some of that guidance on the right-hand side of this chart where we start to break down for you our revenue splits by type of business and delivery system. You will have seen that our expected adjusted EBITDA margin has dropped compared to previous years, it's important to address this question for you. There have broadly been five key factors impacting adjusted EBITDA margin in 2022. The first has been a significant movement in our business mix towards platform, driven by both organic growth we are seeing across the platform and through our acquisitions. The second point is the focus of our acquisitions since Q3 of 2021 on the platform. That is significantly accelerating the change in our business mix towards platform and was particularly impactful since Q3 last year, all acquisitions have actually been in the platform businesses. These acquisitions, as Atilla mentioned earlier, carry with them advertising-type margins and are often acquired at margins below our own. We have to take the full cost bases up front, of course, effectively rebasing our own cost base, and then work very hard on delivering the benefits of those acquisitions in the medium term. Until we do, they will of course impact our margins. This process has accelerated recently with seven acquisitions completed since the start of Q3. The third influencing factor is the investment that we've made in our public company structure this year. We saw this as a necessary step change in our cost base, and although difficult to be precise, we estimate the effect of that may be around EUR 3 million-EUR 4 million and includes, for example, investment in our board, our finance function, investor relations and technology. The fourth factor is the underlying inflation that we see in the cost base, for example, in relation to salaries, which obviously reflects the macroeconomic conditions that everyone is subject to right now. The fifth factor was the positive impact of our successful NFT pilot in Q3 of 2021. For the full year 2021, that pilot generated proceeds of over EUR 6 million. As you've heard from Jurriaan, the NFT strategy remains very much part of our future strategy, although recent market conditions around NFTs have influenced the pace of our rollout. If you were to normalize our adjusted EBITDA margin for 2021 to exclude the benefits of the NFTs, we estimate that the adjusted EBITDA margin last year would have been around 13 and a half%. I'm confident that none of these factors is impacting the strong fundamentals of our business, and I'd like to show how some of those levers are now available to us to improve our margins on our path to net profit. This next slide talks about the financial priorities for 2023. Starting with our financial framework, we will increasingly manage the business for value with a focus on driving to net profit and continuing to strengthen balance sheet equity. As part of this strategy, we will continue to strike a balance between net debt and equity to fund growth, as demonstrated recently by the increase in the use of our equity to fund acquisitions. At the same time, we will continue focusing on our costs to improve profitability. As we grow our business, our costs are also rising. Some of this increase, as we've talked about, is structural because we're investing in the business and in our growth. Of course, we saw that particularly during 2022, including the cost of our listing. But with that investment, we expect to harvest the benefits of scale created over time. Now, those benefits include an increased ability to develop strategic relationships with our partners on both the advertising and publisher sides of our platform. The more strategic the partnership, the greater share of wallet that is available to our platform and the greater the efficiency in our delivery. As we gain more scale, there is potential for even more benefits to follow. The acquisitions that we've talked about have, of course, added in the short term to our cost base, and there we expect real room for improvement as we further integrate the acquired companies and those businesses. Take just one example, the number of offices that we had in the U.K. At the start of 2022 and before our most recent acquisitions, we had, through acquisitions, four different office spaces in the London area alone. We've just reduced them to one office and intend to migrate our most recent acquisition to that same location very shortly as well. The same strategy, of course, applies to suppliers, to other overheads across the several countries where we're present. As we further integrate our past acquisitions, we will aim to optimize our cost base. Finally, as we aim to maximize our free cash flow, we've increased, for example, the use of share consideration in our acquisitions this year, which gives us flexibility to continue our growth and aligns the commitment of the incoming companies to Azerion's performance in the longer term. Moving to cash generation itself, I'm pleased with the operating cash flow from the first nine months of 2022. It shows strong cash generation from operating activities from our businesses and resilience under the current macroeconomic conditions. Our business has also demonstrated resilience across all of the financial and the non-financial KPIs this quarter. Let me now take you through the highlights of our Q3 results. Starting, as we do normally with the business and portfolio highlights, a number of which have been touched on. As you can tell from the updates we've given this quarter and indeed, the second half of 2022, we're very busy on the M&A front, and we are announced a number of acquisitions that we believe are adding truly valuable capabilities to Azerion. At the same time, we have an important integration with one part of Google's operation, which has allowed us to benefit from Google's audience targeting, which is going to unlock additional volumes for our advertising auction platform, Improve Digital. We were delighted to launch the new Habbo app both on Android and iOS. At the same time, and congratulations to you, we also won the top European Metaverse Platform award at the first annual European Metaverse Summit. Hopefully we'll continue to do that in the future. We obviously concluded a number of additional acquisitions in October and November. In November, we also won an additional award that Sebastiaan commented upon, which is effectively being the best media partner to work with, which we're delighted to receive in the U.K. In November, a result of an independent survey that we commissioned, confirmed that the proprietary digital advertising formats that we deploy can drive up to 20 times higher attention compared to standard formats, and you saw some of those examples earlier on. Turning now to the more traditional slides relating to performance. If I start with Q3 of 2022, we were pleased with the outcome at the revenue level, and you can see a 26% increase versus Q3 of 2021. That was driven in particular, as you know, by the Platform segment. Our adjusted EBITDA for Q3 came in at EUR 12 million, down year-over-year relative to Q3 2021. I've explained how that was significantly impacted by the very successful NFT pilot in Habbo for the same period last year. If I move on to the year- to- date, I've explained that we remain on track to deliver EUR 450 million of revenue for the full year. In terms of the performance year-to-date, we delivered just over EUR 300 million of revenue, which was up 67% versus year-to-date last year. Our adjusted EBITDA came in at EUR 30 million for year-to-date, and that's an increase of 10% versus the same time frame in 2021. Turning briefly to the Platform, you can again see strong revenue growth, due mainly to the acquisitions and underlying organic growth. We were very pleased to see a continued increase in user engagement levels and ongoing growth in our casual game portfolio. One of the measures that we use is gross revenue per million accepted ad requests. That increased to EUR 11.2, as compared to EUR 9.9 in Q3 2021, which obviously shows growth notwithstanding the macroeconomic conditions. We had lower gross profit margin, which was mostly driven by those market conditions. The higher operating costs that I've just explained, mainly driven by the acquisitions, so taking on board the cost basis of those acquisitions, we do believe that is a pointer to future synergies and efficiencies. Turning now to Premium Games, we again saw steady growth in the year-to-date revenue due to acquisitions and organic growth. We've talked about Q3 2021. If you exclude that impact of the NFTs, revenue was actually at a similar level to that in Q3 2021. We are very impressed and really delighted to see that our engagement time has maintained its recent levels, so 80 minutes average time in-game per day in our Premium Games segment, showing steady user engagement of course, and now a relatively stable 556,000 average daily active users when compared to the previous quarter. We've also seen a strong growth in average revenue per user, at EUR 0.42 per user compared to EUR 0.37 the same period, in 2021. I'll now hand back to Atilla to conclude the initial presentation. Yes, thanks, Ben. Let me now wrap up before we move to the Q&A. We believe the fundamentals of the digital advertising markets remain very strong, and the winners of this still highly fragmented market will be the ones who can offer an easy-to-use and cost-effective solution to advertisers and publishers. We also believe that content is a key part of this value proposition. We can win in this market by attracting and engaging audiences with content that consumers and advertisers can trust. That is why we choose games as our way into the customers' hearts. We like the growth and cross-selling opportunities that the game content brings. It also makes our model more resilient and full of insight into consumer behavior, which are very valuable to advertisers. We built this model with a buy and build strategy, we see compelling growth in our organic business ahead, as well as attractive inorganic opportunities in our growing M&A pipeline. As we said before, we would consider our options to fund M&A, including capital markets, as we continue our journey as a consolidator in this market and extract value from our acquisitions. I hope today's presentation gave you more insight into what we are building in Azerion. That's the Azerion of today and in the Azerion of the future. Thank you very much. With that, let me now hand over to Q&A and invite you for the questions. We will now move into- Ben to facilitate. Oh, sorry. We'll Ben facilitate sessions and invite Sebastiaan and Jurriaan also to join us for Q&A as well. Operator, sorry. Go on. Thank you. We will now move into our Q&A session. For those of you who are joining us via Zoom, if you would like to ask a question at this time, please raise your hand by clicking the Raise Hand at the bottom of your Zoom window under the Reactions button. Once called upon, please unmute your audio to ask your question. If you've joined via a phone line, please press star nine to raise your hand. Thank you. We have our first question from Tom Singlehurst at Citi. Would you like to unmute yourself and ask your question, please? Thank you. Tom, I don't think your phone is unmuted. Operator, perhaps we move to the next question and then come back to Tom. Oh, hi there. Oh. Oh, Oh. Oh, yes. Have you got me now? Yes, we have. Yep. I hear you. Perfect. Listen, thank you. Sorry, I do apologize. That was completely my fault. Thank you very much for the presentation. Absolutely fascinating. As a first question, I'm interested in whether you can talk about scope for larger scale sort of consolidation in the landscape. I'm, you know, do you think sort of broader ad tech services will end up being a winner-takes-all or a winner-takes-most market? What does that mean for sort of large scale consolidation and potentially your position, you know, in the market in that context? Okay. Thank you, Tom. Look, I'll turn to Atilla, I think, just to pick that one up for you. Yes. Thank you. Of course, it's one of the most important questions of our M&A, of course. Because what we explained is that this market is quite fragmented, and that acquisitions what we do is for more audiences, for more volume, especially how Sebastiaan explained, is the two key drivers is the content and the audiences, and especially the reach on these audiences also. That's why our, let's say, strategy for improve this and accelerate this will continue. Fortunately, we can't give any numbers for the scope where we want the end. Becoming more and more bigger and becoming more relevant to have a bigger wallet from this market is one of the bigger aims. We still see very big rooms for doing this. We want to become, let's say, in our words, unavoidable in the markets with our reach and with the content that we have at that moment. One thing that we also see that may be also quite interesting to show is at this moment, with this macroeconomic environments, that the funnel, the M&A funnel is quietly attractive filled, and also the valuations are getting much more, let's say beneficial for us than in the past. That's why we will continue doing this with a much better advantages M&A opportunities and increase these content, the audiences and the reach. I think, Sebastiaan perhaps just a quick add on for me. Yeah, if you zoom out a little bit, I think what was also part of your question, if you look at the 2021 global advertising spend, already you see 75% of that money is flowing to a few very big integrators. The obvious ones like YouTube, Facebook, et cetera. You see a market appetite from the buying end of the market for an easy and very cost-effective solution. If the market wants to offer anything competitive in that space, you need to be at scale, you need to be easy to access, you need to be competitively priced. I think that only works at a certain scale. That's the there's an inherent move towards consolidation from that point as well too. Thank you, Sebastiaan. Thank you, Tom, for your question. operator, can we have the next question, please? Yes, our next question is from Gustaf Broberg from Berenberg. If you'd like to unmute yourself and ask your question. Thank you. Yes, good afternoon, everyone. Thank you for taking mine as well. I have two, please. Firstly, just on M&A as well, I mean, the pace of M&A remains quite high, and you said the funnel remains well-filled. Again, I do want to stress that it seems like the pace is very high, and I was wondering, does it make sense for you to maybe take a step back, pause a little bit for, say, six months or so, consolidate what you have, and then sort of work on the margin a little bit before revving up the engine again? I have a second question on e-commerce. This is the one, so Voidu and Genba basically, that has a less obvious strategic fit to me with the rest of the business. Could you just help me dig into that one a little bit more, and maybe give a few examples of how you achieve what you want to on the strategy side with the likes of Voidu and Genba? Yeah. Great. Thank you, Gustaf. look, I think, Atilla will pick up the first part of your question, and then Jurriaan will be able to pick up for you on the, on the second part. Atilla, just commenting on the pace, or the potential future pace of M&A. Yeah. Yeah. That's a very good question. First, I want to point out our, let's say, the strategy of M&A from the beginning of our, of our company. We didn't start at M&A just this year or last year, but from the beginning of the company, we had a buy and build strategy, where we also set our buy strategy is an organic acquisition strategy. That means we are in the ecosystem or, with another word, in the value chain from advertisers to publisher. You see a lot of, let's say, different technologies, different fields and different companies working with that. Try to move that into a one single chain of technology, one single chain of from advertisers to publisher. Last year, we also did nine acquisitions, was almost the same volume. The year before we did also between eight and nine acquisitions. The first thing is we have a lot of experience with the scale, with the pace of these acquisitions and integrating them as soon as possible. The second is that the acquisitions that you see now in Q3, there was let's say a concentration of acquisitions in Q3, which has not the reflection on with the efficiency and the integration already in Q3 and Q4. We will move forward. The integration, we are busy with it. Beginning of next year, we will see more and more effect on that. Instead of taking a step back, if you look to the priority of the, let's say, strategic dynamics of this industry is still growth of the volume and growth on an entrance to this different kind of audiences is really important. With immediately remarketing that with, of course, with the margin improvement in mind. That's why the margin improvement will still be very high priority, very high strategic. We will continue to grow, but still, well, let's say not remain, but an extra focus and emphasis on cost efficiency and margin improvement will stay along. I think that last comment, Atilla, is really key. I think from our most recent experience, MMedia, which has been a great fit for us in the Netherlands, moved into our building on day one. That's shrunk the normal integration time by weeks if not months. We're doing similar things now in other countries. I think to Gustaf's point, we see lots of opportunity in the future, but we are absolutely focused on accelerating our integration. Perhaps now turning to Jurriaan, an interesting question on eCom. Thank you for the question. Good question also. Of course, e-commerce at first is a very stable revenue part of our business. The second very important part is that it also brings us in touch with large publishers. With some of those, they are actually also advertisers within our platform. We have a back and forth communication with these large publishers that we are also building a partnership with Of course, the third part point that's also very interesting for us, it brings us a lot of insight into consumer behavior. It keeps us, let's say focused and fresh on the latest trends within the gaming. The fourth part that we also see that's very relevant and gives us a little bit of an advantage is that we are also capable of cross-selling this within our own platform and portfolio. A gamer that plays a casual game, many times also is a gamer that could be playing a AAA title. There's a lot of integration and a lot of mix with this e-commerce in our platform. Hope that answers the questions. Okay. Thank you, Gustaf. Yeah, very clear. Thank you. Thank you. Operator, next question, please. Our next question is from Wim Gille at ABN AMRO. Please unmute yourself to ask your question. Thank you. Good morning. Can you hear me? Yes, we can. Thanks. Very good. Wim Gille from ABN AMRO. Got a few questions. To start off with, I think it was Atilla's prepared remarks that you were referring to kind of, let's say the cost initiatives that you have embarked upon to improve the margins. You mentioned specifically integrating past acquisitions. You also mentioned a few others, and I missed those. Can you repeat them for me and also possibly quantify how much cost you can take out of the, let's say, out of the P&L for 2023. A few boring ones on the Q3 results, maybe for Ben, I guess. Can you give us a bit more feeling on what the organic growth was that you recorded in the Platform business specifically? What were the revenues that were added to the Platform revenues from companies that you acquired since Q4 last year? What was the organic growth there? Also given, let's say the enormous space of M&A, it's very difficult for us to identify how the business is performing in a recession. With that question being on top of mind for investors and analysts alike, it gives a bit of feeling on how the business performed underlying in the recession. Is it that you see an impact on the volumes? Do you see an impact on eCPMs and what have you? What in general is happening to the top line in a recession, should we enter a recession in the coming two quarters? On acquisitions. You have, I think, on top of mind, EUR 45 million in earn-out obligations when the business combination got realized. Can you remind us what the earn-out obligations are that you guys have, which you need to be paying in 2023? Also in relation to the recent acquisitions that you've done, can you give us a bit of feeling where do you expect the net debt / adjusted EBITDA to end by year-end, with all the acquisitions incorporated? These were my first couple of questions, I have one follow-up. Okay. Thank you, Wim. A fair bit to work through there. I'll take most of those, and then I'll obviously play in, I think, on the market perhaps, Sebastiaan, a little bit more what we're seeing at the market level. I think the first sort of bucket of questions related to cost initiatives, and I think your question was sort of can you just sort of re-refresh back through how we see sort of the cost initiatives working through the system. I think the first point was, as you say, around the integration of past acquisitions, which tends to be a combination of head office, HR type costs, obviously costs related to premises and costs related to technology. We have a number of master contracts that benefit from the scale that we already have. More often than not, the underlying contracts that our acquired companies have are on less beneficial terms, and we're able to migrate those. We're getting better and better at doing that quickly. There's a whole bucket of cost that relates to those initiatives. At the same time, a number of the acquisitions come with technologies that are additive to our own platform, and we integrate those. What that allows us to do is more cost effectively than cross-sell products across the entirety of our distribution framework, and that itself will bring you benefit to margin. When it comes to margin enhancement more generally, just to repeat the point I mentioned in my, in my own slide, if we move our advertising demand more from the center to the left, that gives us larger share of wallet and allows us to deliver more cost effectively to those partners. Similarly, as we drive our publishing content from the left to the right, so more towards our more exclusive contract relationships and indeed our own content, you're gonna see margin improvement and cost efficiency in the delivery, the more that those flows go in those directions. Those I think were the main areas of cost initiatives that we touched on during the presentation. In terms of quantification for 2023, which is I think the second part of your question, we're right in the middle of our budget process for 2023. Obviously, the team have given me a fair amount of work to do at the back end of the year to make sure that we've got both the budget process that incorporates all of our new acquisitions, but we also need to make sure that the entirety of our management team are really embedding the new product capabilities into their forward planning. I can't give you yet a quantification of the types of benefits that we see coming through in 2023. That work is very much in progress. I also do want to keep an eye on the rest of Q4 and then very early Q1. But we do intend to give you an update on those lines in our Q1 results alongside our full year prelims. The second question that you had related to organic growth. The number that I can give you now is for the whole group. We can obviously follow- up offline as well, 'cause there is a little bit of science in terms of how to do this, and it's not terribly precise because we get organic benefits from the acquisitions that we make in different parts of the organization. Having said that, if you do think big picture for a moment, if you take, and I've mentioned this methodology to a number of you in the past. If you take what we presented as our same store business at the end of 2021, so that's taking into account all of the acquisitions that we have made as if they had been made at the start of 2021. That pro forma number for revenue was about EUR 384 million. If you then effectively strip out the acquisitions that we have made as best as I can this year, 'cause they do integrate increasingly quickly. If I try and strip those out for you in 2022 and look to an expectation as to how we might perform to the end of the year, on the calculations that I've made, we're low double-digit organic growth on the basis of the business as it stood at the end of 2021. Which in obviously a relatively challenging macroeconomic environment, we think it is actually a pretty robust and resilient performance. The third question was a very interesting one, which was how do we think about the sort of the macroeconomic environment more generally? How do we feel our business is performing? How do we think about the market more generally? On that I might suggest I start with Sebastiaan, and then I'll perhaps follow up with just a few observations as well. Sorry, I was still trying to figure the question out perfectly so that I can give the right answer. The question was, looking forward, if you take a view that the outline environment, for the next couple of quarters is gonna be relatively challenging, what do we think the impact on the wider market is? Not specific to us, but the market, and then perhaps coming back to how we think about it in our context. I've got some observations on the second part. I think in general, the although the market has been slowing down compared to the past years, this is simply because some of the advertisers, their business is struggling due to, let's say, real-life circumstances like war in Ukraine. It means that there's a little bit of a slowdown in the advertising spend in general. If you see our company in relation to that space, there's so much room to grow for us still to get a bigger share of the market. We are, let's say, on a timeline scale, we've just started our company, you could say. Advertisers are getting used to us, agencies are getting used to us. They see the recurring results that we provide, the consistency that we provide, so they're increasing their business with us. This basically is eating out of other people's budget, but it's in our benefit. We think, although the market might not be growing as fast as it did in the last few years, we still have an immense amount of growth potential there. I think just doubling down on that for a minute. Whilst you do see, I think, Wim, some impacts at the market level, we still don't see significant impacts on our day-to-day activity. And in particular, we've seen more recently some record advertising activity in certain of the days in November, which I think has been helped by the diversification of our offering and our client base. We're keeping a very close eye on it. It's why we've got lots of work to do to finish off the budget for next year. There does still seem to be real opportunity in the market, at least as we're facing it. I think the next area of questioning was in and around the acquisitions that we have announced more recently. I think you talked about the EUR 45 million or so from last year. Obviously we've cleared a lot of that during the course of this year. I think I'm right in saying that there's about half of that, a little bit more than half, outstanding until the end of May of next year. Then we have a small tail of ongoing and more recent acquisitions through to the end of the year. That is where we're up to on that one. I think your final question was really more about the end of the full year, which I think you were talking about 2023, 'cause obviously we've given, I think now hopefully a pretty clear view on how we think we're gonna end up 2022, which was of course revenue of at least EUR 450 million and expected adjusted EBITDA of over EUR 50 million. In relation to 2023, I think which was your question, look, we're right in the middle of finishing really our budget process. I do want to see how the next six, very important six, weeks or so, or five weeks or so go, as well as getting some early data points at the start of the year before we conclude on that. As I say, fully intending to update you and obviously everyone else as we get into the full year results, Q1 next year. Thank you very much, Wim, for your questions. Perhaps, operator, if we could go to the next question, please. Yeah. We have a question from Matthew Walker at Credit Suisse. Matthew, if you could unmute yourself by pressing star six, that would be great. Thank you. Thanks a lot. Can you hear me? Yes. Oh, you can. Okay, brilliant. Thanks a lot. Sorry, I'm on the phone rather than the Zoom. Yeah, no. Hi, everyone. I just wanted to ask a few questions. The first is, you mentioned low double-digit organic growth for this year. Going forward, you mentioned the 14% compound growth rate for the market up till 2026. Are you still thinking that the business, your business is gonna grow by 20% organic growth or 20% plus organic growth? That's the first question. Second question is, I think you were targeting margins in the medium term in the low 20s. Is that still the case? What do you mean by medium term? On the M&A, since you didn't advertise, can you give us the impact of all the stuff that you've done since then in terms of revenue and EBITDA? How much will fall in 2022, and how much will fall in 2023? The final question is, you're issuing some treasury shares for these acquisitions. Is there a share price below which you will not issue shares for M&A and prefer to issue in cash? That's the final question. Okay. I think I caught all those, but apologies if I missed one out and obviously you can, you can sort of correct me. I think the first one obviously related more, more generally to guidance for next year. Look, I think in particular, Matthew, given what I explained in relation to the impacts on our adjusted EBITDA margin for this year and those five factors that I talked about, and in particular in light of the sort of business mix change that we've talked about towards Platform and the acceleration of that trend that the acquisitions have brought, we will need to update our guidance. There will still be a strong focus on improving margin and adjusted EBITDA, and we do see, as you can hopefully hear from the presentations, opportunities to do that in both the short and longer term. It will, however, take longer to deliver on those benefits and make sure that they're coming through to the Platform. With that in mind, what we're intending to do is obviously look at the remaining part of Q4 and how we perform for that, complete the budget process that I've talked about, get a little bit of a further insight from the trading information at the start of Q1, and then do a full update alongside the full year results in Q1 of 2023. The next question I think was the balance. I think I might have missed one, Matthew, so apologies. The balance of the acquisitions and roughly how they fall in terms of contribution 2022 versus 2023. What I would say just in passing, by the way, is we are trying to make sure that we put onto the website current news releases that A, obviously allow you to track when these acquisitions happen, and also give you a flavor as to what the revenue is expected for the relevant sort of 12-month period. What you can do is allocate that almost by reference to the point in the year that we are making the acquisitions. Big picture, if I have a look at the numbers that I'm sort of working to, the way that I'm sort of seeing it is we've basically got, I think, about a quarter of the revenue that we would expect for the full year coming through in 2022. It's that order of magnitude, Matthew. Obviously, a little bit of forward view embedded in that and, you know, obviously the next month or so will be very important. Obviously we've got a whole new operating environment for 2023. Hopefully that gives you a, a sort of shape to the, to the, to the, to the businesses we've acquired and how we think about the contribution for next year. I think the final question was around share price-. Yeah. I think Let me pick up the share price question and then we can come back I think to the one that I missed out, if there was one. The final question was around share price and M&A considerations. Look, I think on that, Matthew, we just have to be very considered, and we look at the opportunities as they arise. I mean clearly, we are live to any sort of dilutionary impacts or unnecessary dilutionary impacts on the earnings per share metrics. There's also an element, of course, as to the partners themselves. What we have seen more recently is real appetite from our partners to take equity in the business. They do see it as part of the alignment process. They do want to contribute to the equity story going forward. A significant number of the managers that come with these acquisitions stay with us for the longer term. At the same time, as you say, I mean, clearly we need to keep that in balance. We need to make sure we've got all of the shareholder considerations in mind. We will make sure that we evaluate each and appropriate transaction by reference to whatever the share price is at the time and the appropriate EPS and dilutionary impacts. Those were the three that I caught. I think I missed one. The number two there, No, I don't, I don't think so. I don't think you did. Oh, okay. It was just on the M&A impact. I think you recently put out a number of like 120, hundred and something like that, EUR 125 million. There was a range, yes, that's right. ... of revenue acquired this Is that- Yeah, this year. What you're saying is, for everything that you've acquired year- to- date, about a quarter of that revenue falls in 2022 and then three quarters fall in 2023. Is that right? Yes. It's that sort of order of magnitude. As I say, there's a lack of precision around the edges to that calculation, but, yes, you know, in that sort of ballpark, we think, as you think about it's probably about the right sort of metric. Okay. Great. Thank you very much. Thanks. You're welcome. Thank you, Matthew. Okay. Operator, next question. One more question. Yeah, we have one more question from Wim Gille at ABN AMRO. If you'd like to unmute yourself, Wim. Thank you. I promise this is my last one for today, yeah, Ben. The acquisitions, yeah, we fully understand that the M&A is very integral and integrated and a central part of the strategy. Obviously the, let's say, picture that you're painting is a very valid one, that you want to create this big platform, that creates that spinning wheel, and that we can create some momentum. For us to really see that, we need to see that in the financials, with an acceleration in organic growth, and an expansion in the margins and the cash that you generate. That is, with all the M&A that's going on, quite difficult to distill in the financials. Maybe just from a kind of operational perspective, can you once more give us a bit of an outline? How do you integrate these companies? Is it that you just get rid of all the HR, finance, accounting and whatever? Is it that you really genuinely put all the technology in the platform, rewriting codes, adding the services that you have into the Improve Digital Platform, that you relay the pipes to the various auctions that you have out there? Can you give us a bit of a flavor of how you typically integrate one of those acquisitions and what the benefits are, both from a cost side as well as from a cross-sell perspective to the Azerion Platform? Yeah, very much so. Look, I'll hand over to Sebastiaan. Thank you, Wim, for your extra question. Yes, it's the heart of our business almost, Wim, so happy to elaborate a little bit. Let me use MMedia as an example, one of the most recent acquisitions we did in the Netherlands. This is a company that is selling to advertisers, basically the reach, reaching the right audiences on Dutch publishers. They have a sales team, but of course, besides that, they have a finance CEO. They use some technology from external partners. This is their set of assets before we acquire them. Now, when we acquire them, everybody will understand the low-hanging fruit. We move them to our office. We look at their tech contracts with external partners or the technology that they built themselves, and we move that instantly into our, let's say, contract portfolio if you want, which oftentimes because we're much bigger, has less percentage point cost. There's a lot of gain there. You can imagine that fairly quickly or over time, there's, on the HR side, as Ben already said, there's probably going to be some redundancies, whether that's on HR or technology or even sometimes CEO or sales. Those are the easy first cost reductions. That will be a very small part of the integration because what is the interesting part is that we now have a sales team in the Netherlands who has a strong client book with big customers, advertisers like I'm making it up, but the big ones like Nike or Unilever. They're in their hands. They used to sell ad placements on, let's say, male-related sports websites, and now these salespeople get the opportunity to do two extra things. They can sell a broader range of publishing capabilities, including our own entertainment and gaming real estate. At the same time, they can also offer a lot more and diverse ad formats like audio advertising, video advertising, et cetera. The same sales team now suddenly has the opportunity to reach out to the same client base, sell more, and at the same time, also sell more of our own operated products. You see the usage of our products go up, and that, of course, is the cross-selling that we're talking about, where we suddenly have the same salespeople suddenly selling more let's say of our own products. On the technology side, if you think about a company like MMedia using external ad technology partners, we basically say, "Stop the contract. Now you're using our ad technology." Basically, as part of the chain, that adds revenue to our ad tech, and it removes the necessity of the cost for the company. A lot of components in play that allow us to not just save some cost out of the organization, but actually to get much more extraction on the margin from this company by cross-selling the products that we already have in the portfolio. Hope that helps sketch a little bit how we do this. Thank you very much. Thank you, Wim. operator, any more questions? Do we have a question from Seb Joseph at Digiday? If you would like to unmute yourself, please. Thank you. No, I don't think so. Maybe not. I've lost him. Okay. Okay, there's no further questions at this time. Would you like me to pass over to Atilla for closing remarks? Yes. Thank you very much, operator. Yes. Thank you very much. Thank you, everyone for joining today. While there are no further questions, and the last questions we lost, sorry for that. Let me close the call and see you again when we publish our Q4 and full year results next year. Thank you, have a nice day. Bye-bye.