Hi. Welcome, everyone. Thank you for joining us for Meltwater's fourth quarter 2021 earnings call and presentation. With me today is John Box, CEO of Meltwater, and Elena Shishkina, CFO of Meltwater. We're gonna start with a nice overview of the company in an investor presentation that we'll be sharing slides, and then we will open up the call for analyst Q&A. Thank you so much again for joining. At this point, I'll turn it over to John. Hello, everybody. Thank you for joining today. John Box, CEO of Meltwater. As Brinlea said, I'm joined today by our CFO, Lena Shishkina, as we report on Q4 and the full year 2021, as well as looking to provide insight to the year ahead. We will start this call, as always, with a brief look at the company itself before moving into the financials and the performance with our key KPIs. A longer version of this deck we're about to show is available on NewsWeb, as well as our new investor relations site, where you will also find the full Q4 report. Starting with the business highlights, today, Meltwater is the global leader in media intelligence, helping our clients find and analyze online data. The company was founded in Oslo, Norway back in 2001, and is today headquartered out of San Francisco, but we're very much a global footprint. We have just over 27,000 customers. They're in 134 different countries. Up to 2,200 employees, and information on headcount development is shared in our Q4 report. ARR of $444 million at the end of the year, and close to 100% of our contracts and revenue is subscription-based or recurring revenue. Our people and culture are very much key to our success. Throughout the last year, and in particular in the fourth quarter, we were recognized with multiple awards around both our product offering as well as our company culture. A selection of those awards are shown here. G2 awards at the top for our products based on actual customer reviews. That's where we've been named a leader in multiple categories, and in the top 10 of the top 50 marketing products category. We also received multiple Comparably awards around people and culture based on ratings from employees. We're proud of these achievements as well as our culture as a company, which has been consistent now for in excess of 20 years. Meltwater differentiates in the space by having a fully integrated platform for multiple use cases that spans across public relations, communications, and marketing. One of the main ways that we help our customers is with brand management, so helping them to track and analyze their brand, their share of voice, reputation, as well as sentiment across both traditional news as well as social media. Many customers then look to build upon that using Meltwater for competitive intelligence, benchmarking their efforts with others in the industry, as well as risk and crisis management, helping to spot potential issues in real time. We can help customers to get their message out there using Social Media Management to publish messages across social networks and connect with consumers, fans, and followers. Our acquisitions in 2021 open up multiple new use cases such as Consumer Insights and Influencer Marketing. All historic acquisitions have been fully integrated to the Meltwater platform, and that is happening now with our latest acquisitions. This will not only create synergies, but also allows us to continue to provide one integrated platform to our customers' benefit and ultimately a single source of truth for their PR and marketing efforts. Now, some of the latest product development has really centered around e-commerce, particularly with influencer and social marketing, helping our customers to integrate with tools such as WooCommerce and Shopify to provide very clear ROI around those efforts. Now, to deliver so many use cases requires a very sophisticated technology platform that operates at a very large scale. This platform helps to provide crucial functionality, such as real-time alerts as just one example, which are delivered to customers in email, our mobile application, in Slack or Microsoft Teams. The platform analyzes over 800 million documents across news and social per day, and on this content, we're completing in excess of 20 trillion searches in over 100 languages to discover insight for our customers and deliver that insight in the form of real-time alerts. These can be used for things such as breaking news around your brand, changes in sentiment, key events around a competitor, or perhaps growth in your social media fan base as just a few examples. Our investments in artificial intelligence and data science really help to support all of these different use cases. Those investments are complemented by our newly appointed scientific advisory board with leading academics from Stanford, MIT, and Oxford and so on to ensure that we remain at the forefront of key technology areas such as NLP. Enrichments help our customers cut through the noise and extract meaning from the online data. For every single piece of content, we add these enrichments, up to 400 types in total, to help provide that insight. This could be related to who wrote the content, for example. How many followers do they have on Twitter? Demographic information on users, all with the aim and intention of helping our customers better understand their audience on social media. Sentiment of the content is key for many use cases. Was this piece of content negative about the brand or positive about stock price and so on and so forth? Our investments in this area continue to allow us to provide increased insight for customers on an increasing amount of content and to support both new and existing use cases. Okay, now for a quick look at the recent trading and an overview of the fourth quarter. It was a strong finish to the year with 20% ARR growth at the end of 2021, 13% of which was organic. Revenue finished ahead of the guidance communicated at our last earnings call, with revenue for the full year of $403 million. Our premium segment continues to show very strong growth from progress, with 36% ARR growth at the end of the fourth quarter. Now, a subset of this premium segment is customers who spend over 100K per year with Meltwater. In 2021, the number of clients in this cohort increased by 46%. Another key KPI is the sale of social products. This saw 55% ARR growth at the end of 2021. This is part of the reason as to why we saw such good progress with net retention rates last year. More data on this shortly, but the premium segment had 108% net retention on a trailing 12 month basis in Q4, and it was 95% for all customers. As reported earlier today in our release, adjusted EBITDA margin of 10% for the full year. Here you clearly see the positive development of both ARR and revenue over the last two years. The 20% total ARR growth, or 13% organic, was up from just 2% growth at the end of 2020. Revenue of $107 million in the fourth quarter or $403 million for the whole year. This represented 16% growth, including M&A, or 7% organic for the full year. Our ambitions remain unchanged with 20% top-line growth. Premium customer segment now, and just as a reminder, these are customers with $25,000 or more in ARR per customer. The ARR coming from such customers reached $222 million in Q4, as said, a 36% increase on Q4 2020, including M&A or 25% organic. This segment now represents 50% of our overall ARR after strong progress in 2021, and we maintain ambitions for this to make up 70% of total ARR in future years. The second strategic focus area is really the ARR from sales of social products, which as said, grew 55% in Q4. The ARR from social products is now $179 million or 40% of our total ARR. Market demand for social products is stronger than ever before and continues to grow at a good pace. The integrated solution for news and social is a key reason as to why customers opt for the Meltwater software, and that is really helping to drive this increased revenue from social products. The largest opportunity for Meltwater here, it really lies with our existing customer base. Additional insight around this will come shortly in the presentation, but with our current growth trends and the market demand, there's no question that social will become the largest part of our business in the future and continue to grow at strong rates. These are just some examples of new customers in the premium segment in the fourth quarter. It ranges, as always, across many different verticals and industries, but it includes very notable brands such as Strava, Monster Energy, LEGO, and McKinsey, which is once again a real testament to the strength and breadth of our product offering. Now, the logos on the last slide are just some of the 886 new premium customers added in 2021. Now, from account standpoint, this is more than twice what we added in 2020 when we added just 345 to premium. The average ARR per customer in premium is $58K. Of these 886 new premium customers, 107 of those have a spend of over $100K per year. That's in the $100K cohort that we spoke to before. This compares to just 17 $100K accounts that we added in 2020. Our efforts up market, they're really driving up the average ARR per customer across the entire client portfolio. This is now $16.4K per customer or a 17% growth compared to Q4 of 2020. Lena, I'll hand over to you for some slides now on the key financials and also developments in go-to-market. Thank you, John. Hello, everyone. Thank you for joining us today. We had a strong finish of the fourth quarter 2021 with $107 million in revenue and 16% growth year-over-year. Organic growth in the fourth quarter of 2021 was 9%. For the full year 2021, revenue was $403 million and 12% growth year-over-year. Organic growth was 7%. From Q4 2021, Meltwater reports in IFRS accounting standards and income statement presented here uses alternative performance measures or APMs. Detailed differences between IFRS income statement and non-IFRS income statement using APMs are included in the appendix of this presentation, along with the definitions of APMs. Gross margin was 75% for the full year 2021, and it was 74% for the fourth quarter. The decrease is primarily driven by acquisitions, and we expect synergies in 2022. G&A expenses were 15% of the revenue or $3.3 million higher in Q4 than prior years, due to combined acquisition costs and also recurring expenses related to the public company, excluding one time. For the full year, G&A expenses as a percentage of revenue remain unchanged and consistent with 13%. Amortization of the sales commissions under IFRS drove sales and marketing costs to 40% in Q4 2021 compared to 47% in Q4 prior year, and 42% in the total for the full year 2021. This view is different to U.S. GAAP adjusted view we reported earlier when the sales expenses were amortized under ASC 606 accounting standard and then reversed in the adjusted income statement. A few words about the one-time expenses. In the fourth quarter, there were $5.4 million, of which $4.5 million were booked in G&A related to up-listing to the Oslo Stock Exchange. This includes accounting, audit, and legal fees associated with Meltwater and AVE conversion and transition to IFRS accounting standards. Q4 adjusted EBITDA was $8.2 million and 7.6% of revenue. For the full year ended December 31, 2021, adjusted EBITDA was $41 million and 10.2% compared to $37 million and 10.3% in the prior year 2020. 10.2% adjusted EBITDA margin for the full year 2020 under IFRS corresponds to 5.8% adjusted EBITDA margin under US GAAP, previously guided as approximately 5%. To conclude on this slide, with adoption of IFRS, our long-term operating model does not change from how we presented this in the Capital Markets Day at the end of 2021. John, we can move to the next slide, please. Meltwater generates positive cash flow from operations, which for the total year of 2021 was $7.1 million. This provides flexibility and freedom to invest in the future growth. Operating cash flow balance in Q4 2021 reflects one-time payments such as approximately 10% of wage and hour portion of settlement in the U.S., and $4.5 million related to the up-listing that I mentioned before. During 2021, Meltwater continued to execute on its M&A strategy by acquiring Klear, Linkfluence and Owler. These acquisitions contributed to the accelerated growth in both ARR and revenue in the fourth quarter and in the full year 2021. In Q4 2021, we completed the fourth acquisition in the year, DeepReason.ai. Total cash outflows for the M&A in 2021 were $49.6 million. Meltwater has sufficient available liquidity to fund strategic initiatives, coupled with a low level of leverage at the end of 2021. Total cash available at the year-end was $44.4 million. To the next slide, please, John. As mentioned previously, Meltwater finished 2021 with adjusted EBITDA of $41 million or 10.2% in IFRS. 10.2% adjusted EBITDA margin under IFRS corresponds to 5.8% adjusted EBITDA margin, how we previously reported this under U.S. GAAP, and the guidance of approximately 5%. This bridge here on this slide explains what the differences were. First of all, 3.2 percentage points in adjusted EBITDA margin was gained from capitalized and amortized sales commissions. IFRS and U.S. GAAP standard are aligned here. Meltwater historically had the management view, which was more cash-based and more conservative than the industry peers. Now converting to IFRS reporting, we will apply sales commission amortization over four-year schedules, and we will be consistent with the industry peers reporting. The second impact on adjusted EBITDA was 1.2 percentage points, where 1.2 percentage points was gained from IFRS accounting related to capitalized interest on leases. On the lease accounting, though, it is important to note that the right of use are included in the OpEx and adjusted in the income statement using APMs, as the company recognized lease expenses as rent expenses. This view presented here will be reported going forward for adjusted EBITDA and adjusted EBITDA margin, and that's how we will be presenting this in the future. To the next slide, John, and let me move now to the go-to-market highlights. As we invested into sales over the last 12 months, and will continue to do so in 2022, it is important to understand where we invest and the return on those investments. That is something you see here and shortly with the LTV to CAC ratios. Our business team consists of three roles: SMB/mid-market, account executives, and enterprise. In 2021, our sales headcount increased by 12%, and this is still below the headcount numbers pre-pandemic, while ARR accelerated. 34% of the headcount investment in sales in 2021 went to enterprise. This is our most productive area, which generates higher returns. For example, if you take what an SMB or mid-market sales rep sells in one year as the baseline, the enterprise rep would sell five times more. Our strategy to direct our sales investments to up-market and higher value clients will accelerate growth, improve margins, and subsequently contribute positively to the bottom line. To the next slide, please, John. Growth in our premium client segment drives up our overall net retention rates. In Q4 2021, net retention rates for premium clients were 108%, which is up from 100% in Q4 2020. For the clients of 100+ K in ARR, net retention rates increased to 119, up 15 percentage points from Q4 2020. This is a consistent improvement quarter-over-quarter in these retention rates. Overall, net retention increased to 95% from 86% in the fourth quarter in the prior year. This is 9 percentage points improvement over the last year. To the next slide, which is my last slide in this presentation today, finally, LTV to CAC ratio in the premium segment was 6.7, which is double LTV to CAC for the overall portfolio of 3+. The combination of larger average deal sizes and improved customer retention is driving the premium LTV to CAC up, which is in turn improves our total LTV to CAC ratio, because 50% of our ARR is actually coming from the premium as of 2021. This confirms our strategy and justifies the payback of the premium segment, where we will continue to focus and invest going forward. With this, I will hand over back to John. Thank you very much, Lena. Lena just showed some of the improving net retention rates across the business, and a key driver behind those improving rates, and particularly with the larger paying customers, is from the success in selling social products. Now, there are four core social products that we focus on. They are namely Social Listening, Influencer Marketing, Social Media Management, and Consumer Insights. In 2021, we saw good success with sell-through of these products to existing customers and new ones alike. The graphs at the top highlight this progress. There's of course no year-over-year comparison for Linkfluence or Consumer Insights because we weren't selling that product in 2020. If you look at the landscape today, there are nearly 19,000 current customers not leveraging even one of these four core products, and you see the penetration rates per product in the table. We're really only starting to scratch the surface of the social opportunity within our own customer base. Moving forward, this represents a lot of opportunity for Meltwater, both short and long term, leveraging that strong market demand to continue selling these four products to existing customers, increasing those penetration rates. We estimate the total opportunity just with existing clients to be over $700 million in ARR with these four products alone. The last section now, just looking at the outlook for 2022, and we'll start with the market opportunity that we see today. Today we are the market leaders in our space. We enter the year with very strong internal momentum, and it's a very large total addressable market, and it's one that continues to grow as market demand increases and we tap into new market opportunities presented by the acquired companies from 2021. As said before, demand for social has never been higher. Businesses continue to invest into social media in all forms, and with the product suite and customer base that we have today, that is something that we can capitalize on. As said earlier, we fully expect for social to become a much larger part of our ARR into the future. What we see with the unit economics and return on our investments, particularly up-market, provide compelling reasons to continue to focus in this particular area. The product is clearly appreciated by the largest companies, organizations, and brands in the world, and that is exactly where we will focus. Lastly, market consolidation. That has continued throughout 2021, and Meltwater will continue to be an active participant in that as we look to add new use cases to our product set and complement our organic growth as a business. All that in mind, these are the four key areas that we will invest in in 2022, starting with R&D or investment into our product. This investment will allow us to more quickly integrate the four acquisitions. It will increase our competitive standing in the market and ultimately look to increase customer satisfaction to positively impact our retention rates. Secondly, we will continue to invest in the sales team, particularly the one that's focused on premium accounts. We saw the headcount growth here in 2021, the productivity of sales reps as you move upstream, and the economic return of our premium segment. This investment will accelerate growth in this area and benefit overall top-line growth. Thirdly, the team that focuses on upsells and cross-sells to existing clients. This investment will allow us to leverage the opportunity that we have with the social products and positively impact our net retention rates. Lastly, scaling G&A. This investment in 2022 will result in improved reporting agility and robustness. We believe that we've certainly made improvements here today with the reporting package that we've made available, but we'll strive for further improvements throughout the course of this coming year. We are providing revenue guidance for the first quarter of $105 million-$107 million. For the full year, we expect to exit with approximately $510 million in ARR. Revenue for the full year between $450 million and $460 million, and adjusted EBITDA margins of 6%-7% to reflect the previously outlined investments and to help drive towards those long-term targets. The next slide actually provides a full bridge for adjusted EBITDA from this year's 10% to our guidance for 2022. Once again, from a long-term perspective, our ambitions are unchanged. That is 20% top-line growth and 20% adjusted EBITDA margin. Last slide now before we open up for Q&A, and this is just a bridge to show how we get to the margin guidance. One thing I'd also like to highlight here, and that's if we continue to report under our old U.S. GAAP definition, there would be margin expansion from 2021 to 2022. If we look at this year, we expect a 1 point improvement on gross margin, partly driven by synergies with acquisitions, increased revenue, combined with the fixed cost content agreements that we have. Adjusted EBITDA in 2021 benefited 3.2% from ASC 606, or the amortization of sales commissions. In 2022, this is forecast to only be a pickup of half a point and reflects the strong business performance in 2021. Last year in 2021, we benefit from a softer business performance in 2020 during the height of the pandemic as less sales commissions were paid out and amortized. During 2022, we're taking some of the costs, of course, of the stronger top-line performance in 2021. There's also a 2% increased investment into R&D for all of the reasons that we've stated previously, and that takes us to the 6%-7% adjusted EBITDA margin forecast for this year. With that, I would like to thank everyone for their time today, and dialing in. Now Elena and I will happily take your questions for the rest of the time that we have. Brinlea? Operator is gonna poll for the audio questions that have come in thus far. Operator? If you have a question for the speakers, please press five star on your telephone keypad. To withdraw your question, please press five star again. We will have a brief pause while questions are being registered. The first question will be from the line of Eirik Rasmussen from Carnegie. Please go ahead, your line will now be unmuted. Yes. Hi, guys, Eirik from Carnegie here. Thank you for taking my questions. John, first one to you, maybe partly to Lena as well. Could you just please help us understand the comment there about margin expansion if you'd stuck to U.S. GAAP? I think, you know, if we extrapolate the favorable IFRS effect for 2021, you know, it looks like you're kind of guiding 2%-3% on adjusted EBITDA margin on U.S. GAAP. I think that would be helpful to understand. Yeah. I'll perhaps go first here and then hand over to you. If you look at that bridge, Eirik, as said, we'll expect that pickup in gross margins. G&A we expect to be flat as a percentage of revenue. If there was no amortization this year when it comes to sales commissions, we would also expect to be flat in sales and marketing. It's not quite accurate to say that if we were reporting under U.S. GAAP, it would be less. It would actually be quite similar, but we would perhaps have a one-point improvement if we were using our old methodology for reporting under U.S. GAAP. Lena, is there anything you would add to that at all? Yeah. Thank you, John, and thank you for the question, Eirik. That's correct. If we look at, you know, comparable years, GAAP view year over year, there's a percentage point improvement there. I think what you have to capture maybe when you go through the details of the bridges and the report, which is a lot of information right now, so we try to be consistent and stay consistent with the management view of the reporting. Therefore, the biggest difference is really the amortized sales commissions, and then leases, that stayed in the OpEx. When you compare those lines and how they move, it kinda gives you the same picture. Then under the old definition, as John said, there is a margin expansion in 2022. Oh, okay. Thank you. A bit on the longer term, you know, what is the longer term? Will we kind of for sure see margins come up from 2023 and beyond, or should we kind of continue to expect these investment levels for the next years as well? I think certainly the investments that we're making in R&D we would expect to see continue. I mean, we've outlined today the key reasons as to why we want to invest in that area. I would see G&A as more of a short-term investment that we make in 2022 to improve our reporting, as said, and to help us scale. Naturally, that's not an investment that we'll keep for the long term. G&A and gross margins will certainly see a pickup in the coming years. As said previously, we'll maintain those long-term targets of 20% top and bottom line. In terms of actually reaching those goals, I think it's the success in premium is gonna be paramount, the social growth that we spoke to, and most crucially, the retention rates. We're definitely happy with the progress that we saw there in 2021. We would expect to see further improvements this year, and then beyond that point as well. I think from a bottom-line perspective, important to note that the model that we showed during the Capital Markets Day in November, that still holds true. It's the gross margin improvements, future leverage in G&A, and then sales and marketing. Lena, is there any points you would add to that at all? Yeah. A few points really. Thank you, John. I just want to reiterate the message that the operating model that we presented in the Capital Markets Day, that is not changing. The improvement that you would see in the margin in 2022 is in gross margin and G&A. They would be scaling down by Q4 basically, right? There's a ramp in G&A and gross margin, and then it scales down from the model that we currently have. The way to think about the margin evolution, or adjusted EBITDA evolution, it's really what we gained by 3 percentage points in amortized sales commissions in Q4 this year. That is kind of the same 3 percentage points, you know, carry into 2022. I guess it's difficult, maybe, to compare the 10.2% effectively, you know, to 6.7% adjusted EBITDA guidance on that front just because you need to account for this amortized commissions that are changing between the years. If you look actually at sales and marketing, it's flat in terms of the percentage of revenue how we're looking at sales and marketing expenses in 2022, but there is a swing in the amortized commissions. This is purely because, you know, the great success of 2021, so that is great news. The success of our people and the success of the hirings and the success of premium. I think all this coming together at a high cost, but also it's difficult to compare those costs in 2020 - 2022, right? In terms of the headcount, we're still under the number pre-pandemic, but in terms of the success of our teams and productivity, this is much higher in 2021. Yeah, that's really helpful. Thank you. I guess, you know, it's a bit hard with these reporting changes and timing of the amortization, et cetera. If we kind of just switch gear, this will be my final question, I guess, so lots of other people have questions as well. If you add the approximate, I think it's $12 million in capitalized software costs for the full year 2021, I think you're kind of burning cash from an operational perspective. How should we think about this for 2022? Mm-hmm. I can take that, John. Okay. We're still, you know, very healthy business generating positive cash flows from operations. That is the goal for 2022. We will stay positive on cash and generate cash from operations, that is the goal. With improved margins, I think we will see a good uptake at the end of 2022. John, anything else from your side? No. Just that we feel very confident from a cash perspective, as Lena covered during the presentation and just then. We certainly expect to be generating positive cash flow from operations this year. I also would suggest that 2021, there were perhaps some one-time expenses hitting cash that we don't expect to have in 2022. Some of those related to the uplisting and stock buybacks and things of that nature. We do expect the one-time expenses this coming year to be a lot less, and that will positively impact on cash as well. If that answers the question, Eirik. Absolutely. Thank you, guys. Thanks, Eirik. The next question will be from the line of Kristoffer Jonsson. Please go ahead, your line will now be unmuted. Hey, good afternoon. Thanks for taking my question, guys. First one is more on the growth side. It's super to see you guys expecting to continue accelerating the growth rate. Also great to see the growth in ARR in non-premium continuing to accelerate. Maybe you could reflect a bit more in detail on 2022 revenue growth and ARR growth, you know, the split between, you know, non-premium and premium. Like, is both going to accelerate or is the one going to accelerate more than the other one? You know, is non-premium going to accelerate as well or stay at the same pace? Those kind of things would be very interesting to learn more about. That's the first question. Yeah, I think you picked up on an interesting point there, Kristoffer, and that's on the non-premium side. Of course, we focus on premium as a segment for all of the reasons that we communicated previously. We have the strongest unit economics and also those customers, they have more potential to buy more products in the future. As we continue to add to our product set through internal development as well as via M&A, those premium customers are where we can see that very strong growth and convert premium to 100K accounts and beyond. We're happy with the progress that we saw in premium last year. We certainly expect to see that continue, if not accelerate. A lot of that will really come from two things. Number one, we'll be continuing to see improved retention rates in the premium segment. We're happy again with the progress from 2021, but still feel that we're scratching the surface there. That's both with regards to gross retention, so keeping the customers on the books, but also our ability to expand those accounts. Hopefully, the social slide made clear there is still a lot of opportunity that remains within the customer base. That remains for both premium and non-premium customers alike. Of course, the premium have more potential to perhaps go from zero - four of those core social products, but many of those non-premium customers could at least add one or two. Some of that will help lift them from non-premium into the premium segment, of course. I mean, what is also very obvious is the average ARR per account is getting real traction, and we're doing a lot more business in that 100K + cohort. That is most definitely gonna help accelerate in the premium area. I think we'll have incremental improvements again in non-premium, really driven by the retention rates, but the focus will more so be in the premium area. Lena, I don't know if there's anything you would add to that at all. No, I think that's fine, yeah. Good to hear, Kristoffer. Thank you. That's very helpful and really exciting. I guess next one is on your share buyback. You know, you already done some work there. Any updates on what you would be using those for? You know, any M&A upcoming where you could use that or yeah, just anything on the M&A pipeline, timeline would be great. Yeah. Maybe if we just divide that into two questions then, one on the buyback and one, I guess on the M&A side of things. As of the 22nd of February, we had spent just shy of $16 million. I think it was $15.9 million on the buyback. $7.4 million was related to the employee buyback program from December, and the remainder has been used for those open market purchases that we've spoken to before. We'll continue to provide regular updates, of course, in that area, but thus far it's $8.5 million related to the open market purchases. As we've communicated from day one, we do anticipate that we can use some of those shares that we're buying back in the market for M&A in the future, and we still believe there's a lot of strong M&A opportunities in the marketplace today. We do have dialogue with targets at this point, so there are companies that we're actively speaking to. As communicated at CMD, there will be companies that add new social products to the suite to increase that potential in social growth, or they would aid us with market consolidation in a geography or two. We can't really communicate any specific timelines on M&A right now. We would certainly expect to continue to be active, and would certainly expect to close M&A transactions in 2022, but just no more specific timeline at this point. Elena, anything to add from your side? Yeah. Thank you, John, and thank you for the question, Kristoffer. I guess just to confirm both buybacks as we communicated in December and then general market in January, yeah, that's a good opportunity for us to create an opportunity for future M&A. The pipeline is attractive as you know, it's something for the future and hopefully there will be some news in the course of 2021. Maybe one disclaimer I have to say just in case it didn't come across. All the numbers we're presenting today is actually excluding M&A. So we just want to be clear on the bottom line particularly, and we see some impact of the M&A in 2021 for the good reason, you know, for the accelerated revenues and for enhancing our products and value proposition for clients. Just to make sure that we're all on the same page, the numbers we presented today for the future, they do not include M&A. All right. Thank you. Final, very quick, you know, high level maybe, but in the $450-$460 range on the top line guidance, what's kind of the key levers differentiating between the bottom and the top? Sorry, you cut out for me a little bit there, Kristoffer. Do you mind repeating that? Okay. Sorry. Yeah, so like the $450-$460, what's kind of the key driver? That's what would make you end up in the lower end of the range, and what would be the kind of the drivers for you ending up in the higher end of the range versus- Yeah. Thirty. Yeah. Okay. Sorry, I got the question now. We certainly believe that it's the focus areas that we've communicated on this call. I think you see in the numbers from 2021 that we've shared in the deck as well as the report that it really is premium and social that are driving the revenue growth for the most part. I think the key for us will be maintaining those growth rates in premium and social, and also our success in selling the products from the acquired companies to our existing customer base. I think that combined with continuing to get the best account executives and enterprise people possible into our sales and marketing organization, it's really the combination of those factors that will make sure that we're able to achieve or exceed the guidance that we've provided today. Yeah. I could probably add to this a little bit. Uh, and just- I guess on the levers on the margin, Kristoffer, you've asked, obviously continue to invest in sales and marketing in heads. As I said, sales commissions aside, you know, the baseline is pretty much the same year over year, but we will in terms of the percentage of revenue in those investments, but we will continue to invest in the upper market. There's also 1-2 percentage points of R&D that we were consistently communicating that we will invest in R&D and product development. Then at the same time optimizing the gross margin, you know, adding a percentage point on the gross margin and investing into G&A that it will come down in the next years as a percentage of revenue. I think these are the levers that will contribute the most. All right. Thanks a lot. I'll jump in the back of the queue. Thanks, Kristoffer. Thanks. As a reminder, please press five star to ask a question. We will have a brief pause while questions are being registered. If there are no more questions, from audio operator, I can move to some of the questions that were submitted via the web portal. We have no further question at this moment, so I'll hand it back to the speakers. Wonderful. We have a couple questions from Christian Kopfer from Arctic Securities. Can you break down the share-based compensation of $25 million, please? Yeah, I can take that one. Thank you, Christian. $25 million, it's what we have seen in Q3 is accelerated amortized schedules, and that breaks down to $22.2 million of the RSU and stock options modifications, and $2.8 million of the run rate. That's how that breaks down. In two elements, the amortized modifications that we communicated earlier and in the prospectus at the back of 2021, and then the run rate is $2.8 million. Maybe just to provide a bit of insight, Christian, for 2022, we do expect that Q1 will be in the high teens. That's the last expense from the RSU modification. Going forward, we would expect the stock-based compensation to more so be in the range of $7 million-$9 million per quarter. When of course you run all that through, it means that the stock-based comp is probably gonna be about 30% less in 2022 compared to 2021. Thank you, John. We have one final question from Christian as well. Should we view the U.S. $15.6 million in G&A as some sort of new baseline? Lena, G&A is probably a good one for you to take here. I would look at G&A as a percentage of revenue. I would say it's 13%, I think more or less today. It has been flat as we were putting the budgets together, we were trying to maintain this flat, but then that goes down in Q4. I would say it would be an interesting time to speak about maybe at the Q3 earnings to see how the rest of the year is evolving. But yeah, that's an area of focus for sure. Yeah to invest and then, yeah, get better. I think what you would see with the reporting today, we are getting better, but we will continue to excel in that area. Just to back up what Lena said there, in the fourth quarter we would certainly expect G&A to drop as a percentage of revenue compared to what we see right now, and those drops should continue into 2023 and beyond. It's certainly a strong area of leverage for us in the future to help us achieve those long-term margins that we spoke to. Exactly. Maybe just a final addition to it, maybe that wasn't kind of in that question. We were peaking at $1 million of run rate a quarter, associated with the up listing, which includes audit, legal fees, consultancy and IFRS conversion. That is probably would be the new baseline if that makes sense. Outside of this, we're focused to invest to become a better scalable, robust organization. Thank you very much, Elena, and thank you all for joining us today. This now concludes our formal presentation and Q&A session. I would encourage you to review the company's shareholder letter also that we issued, today, and feel free to reach out if you have any follow-up questions. Thank you again for your time and interest. Thank you very much. Thank you. Have a good day everyone. Bye-bye. Bye.