Welcome to the presentation of Meltwater's Q2 report. I am Geir Harald Aase, the new Director of Investor Relations. Today, our CEO, John Box, and CFO, Martin Hernandez, will do the presentation. The presentation will take around 20 minutes. Afterwards, they will answer your questions. Type your questions into the meeting chat anytime during the presentation. John, now I hand over to you. Yeah. Thank you very much, Geir Harald. Hello, everyone. Thank you for joining today. John Box, CEO for Meltwater. Delighted to take you through some of the key highlights and talking points from the first quarter of this year. Our CFO, Martin Hernandez, will take a closer look at the P&L. In February, we presented our quarterly results for the first time as a public company, and we're pleased with what we're able to put forward. At the beginning of 2021, I'm happy to report that we've seen strong progress in a number of key areas. We'll talk you through what we believe was a strong first quarter of the year. As you would've seen in our most recent releases, there is continued good performance with our strategic focus areas of premium customers and social revenue. Strong profitability, adjusted EBITDA at 14% of revenue, which was 187% improvement on Q1 of last year. Happy to complete our first two acquisitions as a public company with Klear and Linkfluence. They are industry leaders in their categories, which we consider to be very attractive. Our strategy and focus remains unchanged as we pursue organic and inorganic growth opportunities in the aforementioned areas. Let's talk a little about the company itself, our background, and our technology before we return to the Q1 numbers and performance. Today, Meltwater is the global leader in media intelligence. The company was founded in Oslo in 2001. Today, we're headquartered out of San Francisco, but with a truly global footprint. As we have employees, offices, and customers all over the world. Approximately 27,000 clients globally, over 1,700 employees, an ARR in excess of NOK 380 million, and the vast majority of our contracts and revenue is subscription-based or recurring revenue. Investment highlights. As said, today we are the global leader in our space with an integrated platform cutting across news and social media. The total addressable market is very large. It's something we estimate to be in excess of $40 billion. Meltwater has a strong track record with M&A. Since 2016, we have successfully acquired and integrated eight companies and now added two more with Klear and Linkfluence. We want to leverage that experience to consolidate the fragmented social space. A key asset of Meltwater is our global reach and the sheer size of our sales organization, which is 900 people strong today, and it's an excellent distribution channel for acquired products and companies. We have long-term targets of 20%+ organic growth and 20% EBITDA margins. As said, we work with approximately 27,000 customers today. It spans across many verticals and industries, from the likes of Coca-Cola to Greenpeace. Today, we are proud to be working with the 10 main players in most industries, including the 10 largest pharmaceutical companies in the world, as just one example. If a company or organization needs to find and analyze online information, they can certainly be a customer of Meltwater. This slide highlights a lot of opportunity for us as a business because typically, we're signing up these customers in one country or perhaps just one department. They're not necessarily global accounts for Meltwater today. That is something we aim to capitalize on, turning these customers from local into global accounts. We'll talk through some recent examples of that shortly. Meltwater differentiates in the space by having a fully integrated platform for multiple use cases that spans across PR, communications, and marketing. Our clients subscribe to a core platform and can add modules on top. Each one comes at an additional price point and offers new functionality. On the left here, we see functionalities from a news and PR standpoint. On the right, some modules that are more social-focused. The two latest modules to become part of the offering will be consumer insights, thanks to the Linkfluence acquisition, and influencer marketing, which is really a subset of the social media marketing bucket, and that is fueled by the acquisition of Klear. The consistent feedback that we see in the market is that customers are looking for less vendors and platforms. Most crucially, what they're wanting is a single source of truth when it comes to analyzing data, and that is really what Meltwater can provide. It's also why the Meltwater offering is so competitive. Quite often, when we are winning contracts, particularly those global accounts that I mentioned before, we're actually replacing multiple vendors across geographies and leveraging the strengths of the integrated offering and our global footprint. Every single day, we're actually collecting in excess of 750 million documents. We bring that content into one central repository, and at the same time, we enrich that data. That's where we leverage our investments in artificial intelligence and data science to perform tasks such as applying sentiment, entity recognition, and content categorization, which in turn creates insights for our customers in the form of real-time analytics. To give you an idea of the scale that's involved here, we run over 20 trillion searches every single day for our customer base. In terms of the acquisitions with Linkfluence and Klear, the investments that we've made in the backend platform and technology, they can be leveraged by companies we acquire, and Linkfluence and Klear will do just that moving forward. We're excited about the two acquisitions, which we believe are strong additions to the product suite. Linkfluence is a business that's been around for about 15 years. It started in France, but like Meltwater, is global today. Their product really focuses on social media, but particularly around the use case of consumer insights. Leveraging social media to better understand what consumers think about products, companies, people, or really any subject matter. They have a strong customer base today, as evidenced by the logos on the slide. We know their products are a good addition to our current suite, and there are certainly customers in the Meltwater client base that can benefit from their technology. Klear is in the world of influencer marketing, which has seen really strong growth over the last five years. We've known the team at Klear for nearly four years now, as we've partnered with them and resold a white-labeled version of their platform. From an alignment and integration standpoint, we're in a good position to very quickly take this offering to the market and leverage that global sales force and customer base that we have today. The market we're in, as I said before, is very large. We estimate the total addressable market to be in excess of $40 billion. Meltwater, as a company, we really started in the blue segments on the left, where the TAM is about $26 billion. This is the market that we really think about with media intelligence. Our initial buyer typically sat in public relations and communications, and as our product has developed and evolved, today, we have a really significant presence in both marketing and social media. When you think about what it is that Meltwater really provides, it's business-critical information, and there are actually many departments outside of PR and marketing where we've traditionally focused that can benefit from such offerings. Here you see some examples of that, which really opens up the market opportunities for Meltwater. We are very passionate about culture. Our core values have remained consistent for 20 years. It's built around four Norwegian words that all new employees learn on day one at the company. At the end of the day, it is the people that make this a Great Place to Work. I think a real testament to that is that 150 people have now been at the company for more than a decade. That helps us to ensure that our values are maintained, and we'll continue to build upon that platform moving forward. Another key part or element of our culture is the ability to develop leaders from within, and we have a preference for small and agile teams. We've consistently won awards like Great Place to Work across multiple countries, and we'll get back to some accolades in the later part of this slide presentation. Marty, I'll hand over to you for a couple of slides now. Thank you, John. We had a very strong first quarter, finishing with $94 million in revenue, up 6% year-over-year. Our Q1 results were driven by good growth in our premier customer segments as we continue to drive our strategy of moving upmarket, and it was also positively impacted by our social business. Adjusted EBITDA for the quarter was $13.5 million or 14% of revenue, which was a significant improvement of over $4.7 million or 5% of revenue versus the prior year. This was primarily driven by increased productivity in our sales organization. Briefly, if you were not in our call last quarter, charitable contributions are related to MEST, which is a school for young university graduates across Africa that Meltwater helps fund to approximately $2.5 million per year. One-time expenses of $2.9 million in Q1 were related to M&A expenses and costs associated with the employee buyback program. Thank you. Q1 2021 cash flow from operations was $3.7 million versus $5.2 million for the first quarter of 2020. Net cash declined by $15 million in the quarter, primarily related to cash payments during the quarter related to the listing and also to the employee buyback program in the quarter. Excluding these payments, the company did generate cash in the quarter. We exit the year with a very strong balance sheet of over $87 million in cash and no debt. To aid us in our acquisition strategy, we put in place a $150 million revolver, all of which is available for us. We believe we are very well-positioned to execute on our acquisition opportunities. John, I'll hand it back to you. Yeah. Thank you, Marty. Back to the two key areas that we're focused on, the premium client segment and also our social ARR. As a reminder, premium customers, they are the ones that spend $25,000 or more annually with Meltwater. The ARR coming from such customers reached $171 million in Q1, which was an 18% increase on Q1 of 2020. The net retention for these customers was up 5%, reaching 104% over the trailing 12 months. This portion of our business, the premium customers, it now accounts for 45% of our overall ARR. The number of 100K+ accounts was up 19%, with 252 accounts now in this category. It included some new logos, companies such as Wayfair and Warner Music, and accounts such as Mundipharma and Deutsche Post that moved up to be 100K accounts for Meltwater. We're pleased with the traction we see in premium customers and the improving net retention rates that only strengthens our focus in this area, where we have more sticky customers and strong economic returns. The second key area is the social ARR, which was up 26% in Q1 and now stands at NOK 123 million. Social products continue to be sold as part of an integrated solution to our customer base across all tiers. Again, we're pleased with the accelerated growth in this area, which was at 21% in Q4 of last year. Total ARR was up 5% for the quarter, naturally driven by the success in executing on our focus areas, as well as improved net retention rates across the company. This shows through with the average ARR per customer, which now stands at NOK 14.4K, up 12% year-over-year. The positive development from Q1 continued into April as 46 new customers were added to the premium client segment. There were some notable brands in various sectors that came on board as new clients, including City Football Group, the owners of Manchester City, MongoDB, and Telus Communications out of Canada. In various parts of the world, we saw customers expanding their licenses with Meltwater to add new capabilities that lifted them from the lower tiers into premium. They included China Mobile and Topcon. Just to illustrate how such companies are using Meltwater products, two quick examples, starting with Neuro. Neuro will be leveraging the Meltwater platform across multiple markets as a single source of truth for brand management and analysis. The solution will help them to track not only traditional media, but also analyze social content globally. They will provide executives with regular updates in the form of briefings directly from the Meltwater platform. Arrow Electronics, on the right-hand side here, has been customers for five years plus now. They are a Fortune 500 company headquartered in Colorado in the U.S. They have upgraded their Meltwater license with new reporting capabilities to better help the company understand their position in the market and to benchmark with competitors. The reporting will be used at the exec level and encompasses the new custom scoring algorithms to better analyze the virality and influence of their media coverage. In terms of product highlights, in the first quarter of this year, we saw a large number of product updates and enhancements released, 219 to be exact. Many of these were aimed at customer ease of use and improving the Social Suite, specifically with the premium clients in mind. Our technology platform is the true power behind Meltwater, and that is at least in part thanks to the proprietary NLP stack and data science capabilities. In Q1, we added two new languages, namely Russian and Indonesian, which increased the number of languages fully supported by our models and sentiment engine to 21. I mentioned custom scoring with regards to Arrow. It allows customers to specify what they deem to be important coverage for their brand by assigning scores to things such as outlet reach, sentiment, mentions of key stakeholders, and so on, and this all flows through in our automated reporting. Lastly, very pleased we've been able to launch Meltwater Academy. This is a new initiative for Meltwater, as we will provide official certification and training around both our tools and the industry. It is something we feel will help customer loyalty and engagement for the long term. We added to the two Comparably awards from Q4 of last year, with some additional ones in the first quarter. Best Global Culture, Best Sales Team, and Best Product and Design. Culture, the integrated product suite, and our sales organization have been continuously earmarked as keys to our success, so these awards are good acknowledgment of that fact. We were also ranked number one in the latest G2 rankings for the category of media monitoring and continue to lead in numerous other categories and use cases. As we continue to find new ways to engage our customers during the pandemic in a digital fashion, we launched the Meltwater Voices series this year. The events highlight individuals who are leaders in their respective fields and have skill sets that directly correspond to our industry. The first event focused on crisis communication with an Army general and a former FBI negotiator as the speakers. We had over 4,000 registrants for the conference, and we're pleased with the response and feedback thus far. Lastly, in terms of the outlook, we are raising top-line guidance to NOK 390 million-NOK 400 million to include pro forma contributions from our two acquisitions and still anticipate our growth to accelerate in the second half of this year. With the momentum in our current trading and the opportunity presented by the two exciting acquisitions, we are going to increase our investment into both sales and marketing, as well as R&D. The time is certainly right for such investments, and this will impact the EBITDA margin in 2021. From a long-term perspective, our ambition is unchanged at 20% on the top and bottom line. The M&A environment, it's still target-rich, and we maintain ongoing conversations in that area. The final point here, I reiterate something we've previously said, which is that we anticipate moving to the main list in the middle of 2021, subject to all necessary approvals. With that, I'd like to thank everyone once again for dialing in today, and now happy to open up for questions for both Marty and myself. Thank you. Geir Harald, I think you're muted. Still muted, unfortunately. No, now I'm good. There you go. Perfect. Back to the questions. I will try to group them, because we have got quite a few questions. When it comes to the top-line guidance, we have several posing questions around that. What is the key drivers? Is it acquisitions, organic growth? What is the factors that we have been considering when we have now lifted the guidance for the top line in 2021? Yeah. I'll go first, and then Marty. Please feel free to add any additional points. The first quarter, as you've just seen, was very strong, and it's important to note that Q1 is, of course, entirely organic. The acquisitions won't impact until April for Klear and May for Linkfluence. We're not providing a specific breakdown of standalone versus acquisitions when it comes to the top-line guidance. I can say that our standalone performance and guidance, it's still very much within the previous range. As said previously, we're really happy with the beginning of this year and the performance we saw in Q1, which was entirely organic. Marty, anything to add on that point? Yeah, maybe just one thing to remind folks of that, from a guidance perspective, we are forecasting to include Klear and Linkfluence from the date of acquisition. It does not reflect an entire year of revenue from those two acquisitions. As we noted in the Klear press release, Meltwater was a material portion of their revenue since we've been working with them since 2017. Those two adjustments also need to be considered as you look forward into 2021. Harald, I can just speak a little bit on the Q1 performance. It looks like in the Q&A, very much linked to this question, there is questions around the growth in Q1 and why it improved to the degree that it did. A few points to really note there. I think it's really the execution on our core strategies, the premium customers, which is becoming a larger and larger portion of our overall business. You see there the good net retention rates at 104% in Q1, which is trailing 12. Also, with social revenue, the growth accelerated to 26% in the first quarter, with the revenue coming from social products. We do see improving net retention rates across the board. I think that's really driven by both product enhancements, ease of use, and some product development that's really benefited the premium customer segment, as spoken to before. It's also linked to customer success initiatives that the team has successfully driven in the business. The last point would just be the increase in market demand that we see for the integrated platform, which is, of course, a key part of our strategy and helps us differentiate in the market today. Thank you. We have also some questions on the EBITDA margin, especially going forward. Marty, maybe you can maybe say a few words on the adjusted EBITDA margin going forward. Yes. We are planning to continue to invest as we move through fiscal year 2021. We want to capitalize on the growth opportunities that John talked about earlier, around driving that investment target at the top- line growth. While we're not guiding on EBITDA margin at this stage, we certainly will see positive EBITDA as we move through the year, generating cash. We do expect the margin to come down a bit. I think just to add to that quickly as well, we certainly feel that the timing is right now for all the reasons mentioned during the presentation. It's good traction in the market and internal performance, increasing demand for the integrated platform, and then perhaps most crucially, I think it's the opportunities that are presented by the acquisitions themselves. There's a lot of opportunity in their respective industries, and that's something we want to take advantage of, which is why we feel the time to invest is certainly now. Thanks. We have a few questions about Linkfluence and Klear acquisitions. Like Marty, for instance, from Arctic Securities, they ask if you will disclose past financial on these acquisitions. We're actually not providing that level of detail on the acquisitions. No, because we have another question also on the ARR also. What are the ARR level for Linkfluence and Klear? I actually think that in the Linkfluence and Klear press releases, we gave some indication of run rate for both acquisitions. I think what we said that the Linkfluence was running at around EUR 20 million or EUR 24 million. John, I apologize I don't have that right in front of me at this point. EUR 20 million, EUR 24 million, I believe. Klear is a much smaller acquisition. Their total was around $7 million, and we were a substantial portion of that. Thanks. Maybe for you, John, on the technical integration needed for Linkfluence and Klear, when will we have them fully functional on the platform? Yeah. Good question. With all our acquisitions that we're looking to do, our ambition will certainly be to port those products across to the Meltwater platform as we have done in the past. Some people will remember that's exactly what we did with Sysomos previously. That creates a lot of efficiency on the back end, and most importantly, it's best for our customers on the front end. We want to continue to give clients that one integrated product suite that they log into. I think the integration effort; it's slightly different for the two products and companies that we've acquired here. We have a clear plan to do this as quickly as possible, both with cost and revenue synergies, of course, in mind. From more of a commercial standpoint moving forward, we'll be looking to leverage the Meltwater global sales team and customer base to obviously very quickly monetize those acquisitions. As Marty and myself have both said, we have a preexisting relationship with Klear, so we certainly have a head start with that product in terms of the fact that our sales team are very much trained on that product and know how to take it to market. There's also good alignment from the product and engineering teams on both sides. In the Sysomos example, I think it took us about 24 months to completely migrate every single customer over from their platform to Meltwater. I think in the case of Klear and Linkfluence, it will be a phased approach, and certainly we can move some customers over quicker, but the exact timeline depends a little bit on which acquisition, and it's slightly different for the two. Thank you, John. Maybe another question for you, John, is from Christoffer Wang Bjørnsen at the DNB. He is referring to the slide with all the key figures for the traffic and the searches into our platform. His question is, it seems like it has grown quite a lot. However, why isn't this expansion not proportional to the revenues or ARR growth? Are these search metrics not representative of the engagement and usage of the platform? It's a good question. I think it's a little difficult to correlate the number of documents or searches to ARR. I wouldn't expect them actually to mirror one-for-one. In terms of the number of documents, there's just a lot more information that's out there today. There are more tweets, more Facebook posts, more content going on YouTube, et cetera. Particularly from a social perspective, we do see a large growth in the amount of content which is available, and we're constantly looking to add new content types and data for our customers, which is why that's expanding. I think last year we were around 500 million documents at various points, and as Christoffer has pointed out, that's grown to 750 now. I think the searches is really in line with the success both on the social and the premium customers. Typically, with those premium customers, it will be a larger installation where the customer has more users, more departments using the tool. That in turn means that they have a lot more searches. Typically, when you're dealing with larger brands that are looking at multiple use cases, so not just doing brand management, but brand management, competitive benchmarking, looking for industry trends, consumer insights, and so on and so forth, that really expands the number of searches that they would be running. The same rings true when it comes to social, because there's so much more social content out there than there is news content. That's why we see such a large increase in the number of searches that we run for our customers today. Christoffer, hopefully that answers the question, but if not, I'm sure we'll speak in the coming days and can go into it in more detail. Good. Maybe a question for you, Marty. It's a few questions about the cost level of the stock-based compensation in Q1. What should we expect going forward on those kind of the stock-based, the compensations costs? Thank you, Harald. This is related to the employee buyback program that we noted at the time of the listing in the information doc and also released, I believe February 14th or 15th, the conclusion of that buyback, where we repurchased, it was a one-time purchase offering into the employee base of the company. It's not expected to be something that's recurring going forward. Thanks. Maybe to you both. We have a few questions around retention and churn. What kind of insights can you give on the group level, the top level? Maybe you have seen some of the questions we have around retention rates. It's not something that we've previously shared in terms of the churn or the retention rates in the various tiers. We've only shared the premium customer net retention rates, which, as said before has improved to 104%. That said, I think I may have mentioned last time out that every quarter last year, we did see the total net retention rate, so blended across all the tiers, improve every single quarter in 2020. Once again, it has improved in 2021. That has been across all the tiers, not just in premium, which is our gold and platinum, but also in silver and bronze. We also saw improvement in those areas, and that's what's really helped the ARR growth improvements in the first quarter. I think the reasons for that are the ones I already covered previously, particularly around the product enhancements, as well as the customer success initiatives that we are running with. Things like the Meltwater Academy that I spoke to before, I think, that really helps us to drive customer loyalty and engagement. There's a number of things that we've done in that area, from improved implementation and onboarding of new customers over the last year to many different initiatives from a customer success standpoint that have improved the net retention rates in the business. Thank you. One for you, Marty. It is from Eirik at Carnegie. It is about the lines below the EBIT, and the P&L will be included in the half- year and the reports going forward. Yes. They will be. We actually did in this presentation, also in the appendix. The quarters, the plan is to bring it down to EBIT and then do the tax provision for the half- yearly and, of course, the annual that we just filed. You can see it in the 2020 numbers. We have the time for a few more questions, Marty and John. For John, some people are asking about the expectation for what the non-premium and non-social media segments. What kind of traction, what kind of growth are you seeing in those segments? Yeah, look, I think in the first quarter, as I said, it was good traction and momentum across the board, in all the different segments, and not just with social, but in our traditional news and PR part of the business as well. I think it's important to note here that because the suite is truly integrated, it can be a little difficult at times to distinguish between news and social, because it is sold as an integrated suite. That's worth bearing in mind when trying to distinguish the two groups. Both remain important for us moving forward, news and social, and not just the premium customers. Although that is a clear focus for the reasons outlined before, right? We have stronger net retention in that area and a better LTV to CAC ratio in a very meaningful way, which is why we do focus in that area. I think a lot of the initiatives that we have run, a lot of the product development that we've done, it can certainly benefit all of our customers across the board and not just the larger paying customers. Just looking in the Harald in the Q&A as well, there's a couple of quick questions that I think are easy to answer. Yeah. Is there a change in the duration of billing periods or anything like that? No. Just to be clear, we've typically invoiced a year in advance for customers, and it's largely annual contracts, and that is unchanged. That's very much the same as it's been for 20 years. There's no changes there. It's a lot of the questions going repeatedly. Maybe one question for you, Marty, is on the balance on the long-term debt to capital. Have you any thoughts of increasing debt as a result of acquisitions? Well, we certainly have the opportunity to do that, but that'll be driven by the acquisitions that we close, which, as I think everybody on the call knows, is a fairly art versus science, and they have a bit of a mind of their own about when they're going to close. We exited the quarter with over NOK 87 million of cash. From a liquidity perspective, we're in really good shape. We have, of course, the full revolver still open of NOK 150 million. It'll be opportunistic as we find the right acquisitions and close those. Okay. I think we have touched on most of the questions here. Yeah. If we have not been answering you in a good way, maybe you can just send us an email, and then we can come back to you. Maybe we should round off. Thank you for listening, and thank you for your questions, and goodbye and take care. Thank you very much. Appreciate it. Thank you for your time.