Hello everyone, and welcome to Meltwater's second quarter and first half 2022 earnings webinar. My name is Mike, and I will be your operator today. Before I hand the call over, I'd just like to go over a few housekeeping notes for the program. As a reminder, this webinar is being recorded. After the speakers' presentations, there will be a Q&A or question and answer session. If you would like to ask a question during this time, please either use the Raise Hand function to ask a live question with your microphone or type your question into the Q&A box. Both options are available in the control panel at the bottom of your Zoom window. We'll begin with live questions before proceeding to the Q&A box. If you plan to ask a question, please ensure that you've set your Zoom name to display your full name and firm. Thank you for your attendance today, and I will now turn the call over to Brinlea Johnson of The Blueshirt Group. Welcome, everyone. Thank you for being here today. I'm joined by John Box, CEO of Meltwater, and Elena Shishkina, CFO of Meltwater, to discuss the second quarter and first half of 2022. Management will be reviewing an earnings presentation that will also be available on the IR website, and we look forward to addressing live questions at the end. At this point, I'll turn the show over to John Box. John, take it away. Thank you very much, Brinlea. As everyone can see, we've actually switched from Microsoft Teams to Zoom this time around, so hopefully eliminate some of the technical difficulties that we've faced in the past. I'll start sharing screen now, and then we can move into the presentation. Hopefully everyone's able to see that. Welcome, everyone. Really appreciate you joining John Box, CEO for Meltwater. I'm joined in New York today by our CFO, Elena Shishkina, as we report on the second quarter and the first half of 2022. We look forward to providing an update on the company itself, our financials, and the performance with our key KPIs. A longer version of this deck that we are about to show is available on NewsWeb, as well as our investor relations site, where you will find the full Q2 and first half report. We'll start with the business highlights and an overview of the company. Today, Meltwater is the global leader in media intelligence, helping our clients find and analyze online data. The company was founded in Oslo in 2001. It is today headquartered out of San Francisco, but with very much a global footprint. We have just over 27,000 customers. They're in 134 different countries. Approximately 2,300 employees. They're in 50 different locations across the world. An ARR of NOK 464 million to end the quarter. Close to 100% of our contracts and revenue is subscription-based or recurring revenue. We see a selection of the awards the company has won related to both our products and people, including new awards from the second quarter. They're largely centered around leadership, career growth, and diversity. Continuing to maintain a strong and good company culture, being a good place to work for people, that's something that will be critical to our success, and we strongly believe that these awards show that we're very much pointed in the right direction. Meltwater differentiates in the space by having a fully integrated platform for multiple use cases that really spans across public relations, communications, and marketing. The primary use case for our customers is brand management. That's helping them to track and analyze their brand, share of voice, reputation, and sentiment across both traditional news as well as social media. Many customers build upon that by using Meltwater for competitive intelligence, benchmarking their efforts with others in their industry, as well as risk and crisis management, helping them to spot potential issues and threats in real time. Meltwater also provides social media management to help customers publish content across a range of social networks and engage with fans, followers, and consumers. Three acquisitions that we made in 2021 open up new use cases and market opportunity. They are namely Klear, Linkfluence, and Owler. All previous acquisitions have been fully integrated to Meltwater. That is happening now with the acquisitions that we completed last year. This will not only create synergies, but 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. This slide also is key in helping to understand why we win in our space and industry. Customers choose Meltwater because we provide the largest set of capabilities and use cases in the industry today. It allows clients to replace multiple point solutions with Meltwater's integrated platform. Likewise, for global contracts, we're able to replace multiple local vendors due to our broad set of capabilities as well as access to the best content set across traditional news as well as social. Some of the exciting new highlights from this quarter, and we've released several important updates and enhancements across the entire product suite. I would also mark that the cadence of releases has continued to improve thanks to the investments that we've made in R&D, and the releases are largely centered around supporting our move upmarket and our focus on social products. From a social media management perspective, which was also a highlight in the first quarter, we've continued to add functionality across key networks. We're focused on Instagram and YouTube with support for new items such as Instagram Reels and Carousel posts very early this quarter, in the third quarter, that is. We've also started to provide additional functionality for TikTok, which is a platform which continues to see rapid growth and is fast becoming a key platform for businesses. One of our differentiators in the market today is really the global reach, customer base, and content that we're able to provide. In the second quarter, and this is thanks to integration from Linkfluence, we are looking to further leverage those differentiators with improved language detection and topic insights. These improvements help our customers to better understand the data more quickly and easily, no matter what language that data is produced in. The number of languages that we support today, it's the largest in the market and really well supports our focus on global enterprise accounts. Lastly here, a revamp of our homepage. This is for all users, and it enables them to reach the different modules of the platform more easily alongside courses in our Meltwater Academy and additional resources to help improve the customer experience at large. Okay, quick sip of water. Now for a look at the recent trading and where the business stands halfway through 2022. Now of course, some of these numbers that we're showing here were released in the trading update in early July, but there is additional detail around revenue, margins, and the impact that we see on the business from FX rates. ARR growth of 13% and organic revenue growth of 12% in the second quarter. The guidance for revenue this past quarter was NOK 109 million-NOK 110 million. We finished at the top end of that range with $110 million in revenue. As the year has gone on, however, we've seen quite an unprecedented movement in FX rates. That, of course, has the largest impact on revenue, as today, more than half of our revenue is coming from non-USD currencies. Revenue in Q2, adjusted for constant currency, would've actually been $116 million. Six million higher than the reported rate in actual FX or an 18% year-over-year increase. For the first half of the year, revenue was $219 million, and again, when adjusted for constant currency, is $9 million higher at $228 million, also an 18% year-over-year increase. The Premium segment has fueled the majority of our ARR growth in the second quarter. Premium showed 24% ARR growth in this past quarter, and ARR from social products continued to show strong growth rates, up 30% in Q2. Customer retention, we've maintained the same rates as the first quarter for the total portfolio with 108% net retention in premium, 118% in 100K+ accounts, and 95% across all customers. All of these rates have shown a strong year-over-year development. Adjusted EBITDA margin of 5% for Q2 2022 and 6% for the first half of the year. Both of these numbers leave us in good shape for the full year, but are once again impacted by the FX rates. While more revenue for Meltwater comes from outside the U.S., the cost is more evenly distributed, with some larger items such as AWS for hosting, of course, in U.S. dollars. In constant currency, Adjusted EBITDA margins would've been 1 point higher in the first half of 2022. Again, this slide quite clearly illustrates the impact of FX rates on the revenue and of course our growth rates in the first half of 2022. Starting with ARR, as mentioned, ARR growth maintained the levels of the last two quarters with 13% ARR growth in the second quarter 2022, a 5-point improvement on Q2 the prior year. ARR is calculated using a weighted FX average from 2021, which is important of course to see the trends over time, but naturally shields it somewhat from those currency fluctuations. Revenue is based upon more real-time FX and therefore prone to those fluctuations. We see the impact of this in the first two quarters of this year. In constant currency, revenue would've been $3 million higher in the first quarter and $6 million higher in the second. Currencies such as the euro, which is our second-largest currency, has experienced a 20% year-over-year drop against the dollar. The British pound, Australian dollar, and Japanese yen, also large currencies for Meltwater, have also experienced sharp declines against the USD. The constant currency rates provide insight to the true year-over-year performance of the business and shows a strong growth rate of 18% versus 12% in actual FX. While we'll continue to report and guide in actual FX, we will also provide the numbers in constant currency to continue to provide a clearer picture of the performance of the business at a time when the strength of the U.S. dollar has such a pronounced impact. We'll spend some time here on the Premium segment and then revert back to this topic later. It's obviously a clear focus area for the company. The Premium segment is now NOK 238 million in ARR or 51% of the total. This is compared to just 47% of the total portfolio in Q2 the prior year. The reason as to why we focus on premium customers is very clear. These customers are more profitable and have stronger retention rates. The more of our business coming from larger accounts, the stronger our retention rates will be as a company, and this will offer opportunities also for margin expansion in the coming years as a larger portion of our business is coming from this segment. We're pleased with the development of the Premium segment so far this year, but we know we can continue to improve upon these numbers in the coming quarters. The second strategic focus area for Meltwater is the ARR from social products. In Q2, we saw 30% growth in the ARR from social, which is now NOK 198 million of the total ARR for the business. ARR from social products now makes up 43% of total ARR, a 6-point increase on Q2 of the prior year. I would highlight here that two of our acquisitions, Linkfluence and Klear, have a larger percentage of their business from Europe, which has been more adversely impacted by the economic and political environment, and this of course impacts on the growth rates for social overall in the second quarter. The overall market demand for social products, it remains strong and continues to grow. We see this very much in APAC and Americas especially. The strength of the social offering, it's a key reason as to why we win the larger enterprise accounts, which was highlighted in the premium slide previously. There's no question that social will become the largest part of our business and will continue to have strong growth rates in both the short and the long term. Lena, I'll hand over to you for a couple of slides, starting with the income statement. Thank you, John. Hello, everyone, and thank you for joining us today. We finished the quarter with revenue $109.7 million at the high end of our revenue guidance range, despite FX headwinds driven by weakening non-U.S. dollar currencies. On a constant currency basis, the adverse FX impact on the revenue was approximately $9 million in the first half year and $6 million in the second quarter. In the first half of 2022, organic revenue accelerated to 14% growth year-over-year and 18% on a constant currency basis compared to 8% organic growth in the first half of 2021. Revenue growth in the second quarter was 12% and 18% in constant currency. Gross margin was 74% in both the second quarter and the first half year. This development is driven by the three key factors. Firstly, the impact of FX on revenue. Secondly, full impact from M&A. Q1 of 2021 had no cost from M&A, and Q2 was partial. Lastly, the majority of cost of sales are in U.S. dollars. Our full hosting costs with AWS and our largest content providers are all in U.S. dollars. Approximately 65% of total COGS in U.S. dollars today. We still fully expect an improved gross margin in the fourth quarter, driven by synergies from M&A and higher revenue against a largely fixed cost base. This improved run rate will continue into 2023. Operating expenses in Q2 increased to NOK 76 million compared to NOK 63.5 million in Q2 2021. Last year, Q2 had a partial quarter of expenses from the acquired companies, as I mentioned, the above is due to the timing of the acquisitions. Sales and marketing expenses in both the quarter and the first half of the year are at the planned levels and increased related to additional headcount, including headcount from the acquired companies and increase in travel expenses. So far this year, 38 heads have been added in sales, 23 of these in the second quarter. For the full year, sales and marketing expenses are expected to be at 44% of revenue despite FX impact and in line with the numbers shared at the beginning of this year. R&D at 11% of revenue as we planned. We'll continue to focus on product development, our product integrations with acquired companies, particularly in social business, as John mentioned. G&A expenses reflect our previously communicated commitment to support public company reporting requirements and investments in our infrastructure to drive business to scale in line with our plan. Lastly, Adjusted EBITDA margin in Q2 was NOK 5.5 million or 5% of revenue. In the first half year, Adjusted EBITDA was NOK 13.9 million or 6% of revenue. Adjusted EBITDA and Adjusted EBITDA margin performance in the second quarter and the first half of the year was in line with our expectations despite the material impact of FX headwinds. In the first half year, FX impact on revenue, as we mentioned before, was approximately NOK 9 million, which was only partly offset by the natural hedge in non-U.S. dollar expenses. On a constant currency basis, Adjusted EBITDA in H1 2022 would have been approximately NOK 2 million higher or one percentage point higher in margins. Notwithstanding the impact of FX headwinds, we're committed to expanding margins in the second half of the year into 2023, while ensuring sufficient investments are made to support our growth objectives. With this, John, let's move to the next slide. In the first half year, the business generated NOK 11.9 million in positive cash flow from operations. This compares to NOK 6.4 million in the same period last year. Growth in operating cash flow year-over-year was aided by a reduction in one-time cash expenses in H1 compared to the same period last year. There was NOK 2 million decrease in operational cash flow in the second quarter. Foreign currency fluctuations and weakening of non-U.S. dollar currencies had an impact on the operating cash flow as well as normal business seasonality in the second quarter. Cash balance at the half year end was NOK 34 million compared to NOK 44.4 million at the end of 2021. The difference in cash balance is primarily driven by the repurchase of equity shares in accordance with our share purchase program, totaling NOK 28.9 million during the first half year, lease payments of NOK 6.8 million, capitalized software development costs of NOK 10.4 million, and negative FX impact, which for the first half of the year was NOK 1.7 million and reflected in the cash balances. This was offset by a drawdown of NOK 25 million from the revolving credit facility to fund share repurchase program from the general market. In addition to the total cash available at the period end, NOK 100 million debt facility was available on the 30th of June 2022. From NOK 150 million credit revolver that we secured in 2020. With this, I will hand over back to John Box. Yeah, thank you very much, for that, Lena. We'll move into the go-to-market highlights now. Coming back to the topic of social. A driver behind the strong customer retention rates, particularly with those larger paying customers, is success in selling social products. This slide is something that we've shown for the last two quarters and really focuses on the success in providing four core social products to our customers. They are namely social listening, influencer marketing, social media management, and consumer insights. Here we see how the positive trends and growth with these products has continued in the second quarter of 2022, with 54% ARR growth in social listening sales is just one example. We'll continue to focus on the opportunity within our existing customer base, where still in excess of 18,000 current customers are not leveraging any of these products today. The next slide really highlights the upsides that we have to continue to sell these products to our existing customers. Two opportunities to really highlight here. The first being the impact on the size of a customer's account when these social products are bundled into the one offering. Customers with just one of the four core social products are immediately at the premium level with an average ARR of over $26,000. This increases as you add more products to the subscription, and when a customer has all four social products, the account is in excess of $200K in ARR. This opportunity has helped to increase the average spend of a Meltwater customer and accelerates our efforts in the Premium segment. On the right, we see the progress with selling these products to customers. Today, 66% of our ARR comes from customers with zero social products in their subscription, and this has improved by 9 points compared to Q2 of the prior year. As our sales teams become more familiar with the products from acquired companies and the products continue to be further integrated to the one platform, this will further accelerate these efforts so that more customers are including two, three or four of the products in their subscription with Meltwater, which we see has a strong impact on that ARR per customer. Success with this particular mission, of course, will positively impact the retention rates and the customer stickiness as clients move up to premium and will in turn increase the revenue coming from social products, where again, we see this largest market opportunity today. Back to Premium. Here are some examples of the latest premium customers, including some on the left who are now part of the 100K+ cohort. It covers many industries, tech, public sector, financial services, luxury goods and fashion, with names such as Burberry, Ubisoft, and DoorDash. This again really highlights the broad appeal of the Meltwater product offering and our success in moving upmarket. Of the $11 million in ARR added in the second quarter, $10 million was from Premium. This is despite the tough external environment and the macroeconomic pressures. We do continue to see customers of all shapes and sizes signing up to Meltwater or expanding their relationships with us, particularly at this premium price point. This is not only again proving our success in the Premium strategy, but we feel speaks to the importance of the product offering at these uncertain times where companies and customers still prioritize their spend and their subscriptions with Meltwater. The logos on the prior slide are just some of the examples of the 158 new premium customers that were added to the portfolio in the second quarter, maintaining the average price point of $58K per year in ARR. Of those, 21 were in the 100K cohort, where the average ARR is around $209K. This reflects again those continued efforts on the enterprise customers, and you can quite clearly see that we're winning more and more of these larger paying accounts at the 100K plus price point. The efforts up market continue to drive up the average ARR per customer across the entire client portfolio. This is for the first time crossed $17,000 in ARR, with the average customer today spending $7.1K per year with Meltwater. Overall premium net retention was 108%, up 6 points from Q2 of last year. Across all customers, 95%, up 6 points from the same time period in 2021. Overall retention has remained at the same levels. That's despite a small dip quarter-over-quarter with 100K+ accounts. As a relatively small cohort with larger average deal sizes, of course, this number is more prone to peaks and troughs quarter-over-quarter. The fact that the overall premium and total customer retention rate stayed the same despite the dip in 100K plus highlights improvements in both non-premium as well as premium accounts below 100K compared to the prior quarter. Although net retention rates can move up and down per quarter, it remains a key focus for the company in 2022 and also for the long term. We expect these overall trends to continue to improve long term with adjustments to pricing, a larger percentage of ARR coming from premium and investments that we've made into the overall product suite. Okay, last section, looking towards the future and also the updated guidance before we move into Q&A. As previously stated, all guidance will continue in actual FX. For the third quarter, we are providing revenue guidance of NOK 109-NOK 110 million, taking into account the FX headwinds. For the full year, we are adjusting both the top and the bottom line. We expect to exit with approximately NOK 500 million in ARR, with revenue for the full year between NOK 440-NOK 445 million. That's despite a $22 million impact on revenue expected from FX for the full year. We're only adjusting the top end of the guidance down by $15 million, which once again highlights that the business is performing well, and this adjustment is only to reflect the negative impact from FX. Adjusted EBITDA margin guidance is raised from a 6%-7% margin to 7%+ for the full year. This improvement in margins, even with the negative impact from FX, reflects the strong performance of the business in the first half of the year, combined with a prudent approach to investment in light of the economic environment. The investments that we have made and continue to make are aimed at driving profitable growth for Meltwater and provide the platform to meet our long-term ambitions, which are unchanged at 20% top line growth and 20%+ Adjusted EBITDA margins. Perhaps finally, before we move to Brinlea and Mike for the Q&A, we're pleased with the results from the business in the first half of the year. We have exceeded expectations and consensus on margins and met the expectations on revenue. Without the negative impact from FX, we have announced a strong beat on both the top and bottom line with very high confidence for the full year performance. From a market perspective, we continue to win premium contracts, increasingly so at the highest price points, and the demand for social products continues to grow. That said, considering the macroeconomic climate, especially the FX headwinds, we feel the guidance adjustments for the full year are the right ones to make at this time, and are particularly pleased with being able to raise margin expectations despite these conditions. The business that we have is very resilient. We've always continued to grow despite external factors thanks to our durable business model, our strong culture and employees, and the importance of our product suite to 27,000 customers globally. We'll keep a close eye on what's happening externally and update the market with both actual FX numbers as well as constant currency, which again highlights the strength of the company and our continued focus on driving profitable, sustainable growth for the long term. With that, I'll thank everyone for their time today. Really appreciate everyone dialing in, and Lena and I will happily take your questions for the rest of the time that we have. Fantastic. Thanks. As John said, we're now open for Q&A. Just as a reminder, if you want to ask a question, please either use the Raise Hand function to ask a live question with your microphone, and in that case, once you've been called on, you'll have the ability to unmute your audio, or you can type your question into the Q&A box. With that, we have our first question from Christoffer Wang Bjørnsen from DNB Markets. Christoffer, your line is open. Hey, can you hear me? Yes. Cool. All right. Thanks for taking my questions. So, you know, first it's on churn. I saw you removed that nice time series you had in the Q1 where we could see the lifetime of customers and stuff. If I remember correctly, in Q1, the gross churn was around 20.8%, 20-something, 21%. Can you give some color on how that's been progressing in Q2? I feel it's fair to assume it's gone in the wrong direction since you won't share that number. The second question is more on the cash flow. It's great to see margin guidance coming up for Adjusted EBITDA, but on the other side, you're kind of increasing capitalized R&D quite significantly here. Yeah, any comments on that would be helpful as well. How should we think about capitalized R&D for the rest of the year, for instance? Thanks for the questions, Christoffer. I'll start on the retention rate side of things. The LTV to CAC numbers are still available in the report as they were at the end of the first quarter. I don't believe that gross retention rates were shared in Q1, and we haven't shared them again here. We've always focused on reporting the net retention rates. I think what we said at the end of the first quarter in May is that we would expect a more stark improvement in net retention rates in the second half of the year, and we still believe that to be the case. I think we've shown good improvements year-over-year. We've been consistent over the last three quarters, of course, with improvements not just in the Premium segment, but also across the entire customer portfolio. As mentioned before, as more and more of the business is coming from Premium, and that segment is obviously performing well as we saw in the second quarter, that will have a positive impact on both the customer retention rates for the total portfolio, but also for the LTV to CAC rates, because those customers are simply more profitable. I think we've spoken before about pricing opportunities that we see, and that's for both existing as well as new customers. They will reflect the cost of goods on our side, but also investments that we've made into the product, which we feel has come a long way over the course of the last 12-24 months. Still have good confidence in improving retention rates in the back half of this year. Our goal has always been to get total customer net retention into the upper 90s in 2022 at the back end, and then look for north of 100% as 2023 goes on. On the cash side, Lena I'll hand over to you in a second here, but it's fair to say there's some seasonal impact that we feel, particularly in the second and third quarter, but maybe you can expand on that and answer Christoffer's second question on cash. Yeah. Thank you, Christoffer. Nice to hear from you. As I said before, Q2 and H1, compared to last year, were significantly lower in the one-time expenses. I think you see the pickup in those line items, which we also expect will decline in the second half of the year as we communicated earlier. You know, we're looking at areas where we can preserve cash and increase our initiatives around the margin expansion. However, as we planned, we invested in R&D. I think that shouldn't be a surprise. You know, we entered 2021 at 10% of revenue in R&D. We're currently at 11%. I think the plan initially was 11%-12%, so we are in line with that plan. I think the difference here is that we hired almost the bulk of R&D in the first quarter and even in the first months, so the R&D, you know, will continue to develop on the roadmap that we put in place at the back end of 2021 so that we can accelerate growth in the top line and also, you know, enforce some integrations from the acquired companies, particularly in social. I would say use it as a baseline. It will probably be in the range NOK 10-11 million, which I think we were communicating at the beginning of the year. Okay. That is going according to plan. Okay. Thanks, Lena. That's helpful. Just a quick follow-up. In the Q1 report, you actually shared on page 30 the customer lifetime in the Q1, that was 4.8. That means, you know, the inverse of that is 20.8% gross churn, right? I'm just wondering if that is heading in the right direction, if churn is down in Q2. Yeah. I mean, just to loop back on that, I guess, Christoffer, what we've said previously is that the biggest driver of improvements in net retention has been improvements in gross retention, and that is still the case in the second quarter. As we move forward into the back half of the year and even into future years, being more customer-centric and retaining the customers that we have is paramount to us. There's a number of ways that we'll look to improve the gross retention numbers. Even over the course of the last two months, we've opened up a brand-new community for our customers where they can engage with one another, share ideas on best practices when using Meltwater, participate in conversations around product roadmap and product direction. That's just really one example of how we're looking to be more customer-focused as we move forward. The better we are at retaining the clients that we have on our books already, which, you know, it's a large number of customers, it's many key marquee brands, it's over 50% of the Fortune 500. As the products suite continues to expand, the better we are at retaining our customers, the more net retention opportunities that we have moving forward. Again, just going back to the question, the gross retention rates have been pretty stable, and it has been the biggest driver behind the improving net retention rates over the last 12-15 months. Amazing. Thank you, all. Getting back to the line again. Thank you. All right, your next question is gonna be from Kristian Spetalen from Arctic Securities. Kristian, your line is open. Thank you. Can you hear me? Yes. Okay. I just want to clarify a bit on the updated ARR guidance, which is down NOK 10 million. You say this is down due to exchange rates, and there's no organic negative revision, correct? The NOK 500 million target now would still be NOK 510 million on the old kind of basis with average 2021 exchange rates. Let me clarify on that point, Kristian. There's a few different FX rates obviously floating around with actual FX, constant currency. ARR, however, is calculated using weighted FX rates from the prior year, which is slightly different to constant currency. I think when we last gave guidance in May and then spoke to it somewhat in the trading update in early July, today we're simply in a different environment compared to then and need to acknowledge that in the guidance that we provide to the market. I think the one thing you'll clearly see from this earnings presentation is the focus that we have on larger accounts and larger customers, the success we saw with our 100K-plus clients in the second quarter. These customers though, these contracts that we look to win upmarket, these are the sales cycles which now, particularly starting around July and August, are being most impacted by the economic environment that we experience. It's not to say that these deals aren't being done, they most certainly are, but they are being scrutinized by higher levels of management, and the sales cycle is simply longer than it was at the earlier part of this year. It's really the Enterprise segment which we feel takes the impact somewhat of the external economic environment. The plan that we laid out at the beginning of the year was to really accelerate ARR at the end of 2022. That's where we'll really feel the impact from the longer sales cycles on the ARR rates, but less so on revenue. I think it's fair to say as well that we're being more measured in terms of headcount that we add, particularly into sales, as we do want to maintain the good margins that we've seen in the first half and even improve those in H2 in light of the economic uncertainty which is out there. The updated guidance that we provided of NOK 500 million in ARR, that is taking into account the uncertainty of the times and is still using that weighted FX rate from 2021. Does that help to clarify? Yeah. That also answered my second question with regards to if this kind of small negative revision is based on the performance in H1 or if there's some headwinds you see going forward. Many thanks though. I'll get back in line as well. Thank you. Thank you. All right, with that I'll now turn it over to Brinlea to cover some of the questions - Hello - submitted through the Q&A portal. Thank you, Mike. I will go ahead and move forward. Our first question comes from Øystein Elton Lodgaard from ABG Sundal Collier. What are the reasons that you raised EBITDA margin guidance despite a lower top line? Yeah. Thanks for the question, Øystein. I mean, we finished the first half of the year with 6% adjusted margin, and are now of course guiding on 7+ for the full year. In terms of how we'll look to get to that number and why it is that we're raising the guidance for the Adjusted EBITDA margin, I think it's fair to say that from the first half of the year we feel happy with the performance and have been able to identify operational efficiencies which enables us to lift that margin despite the FX impact that we've seen without jeopardizing the growth of the business. Some of those things would be office footprint and leases. Obviously, as we switch from a fully in-office model to one which is more hybrid today, that's identified opportunities to reduce our facilities footprint. We've continued to optimize our agreements with content partners, particularly with the top ones. That also has a positive impact on the margins. As we continue to see good progress in Premium, that is improving the sales efficiency. In the second half of the year, we'll also slow down on travel spend. All of these things combined enable us to lift the margin guidance that we're providing for the full year. We want to make sure that the investments that we make in growth is for profitable, sustainable growth. That really shines through with the head count that we look to add for example, but also provides a platform for 2023 to make sure that we're able to hit the margins and top line numbers that we expect in the coming year. Lena, I don't know if there's anything else you would add to that, but that's really the story from my side. Yeah. Thank you, John. You covered almost all of it. I think it was essential to iterate when we met in June in Oslo. I think what we're saying, and I highlighted in the trading update as well, we were getting ready for the second half headwinds, so therefore all the initiatives that John mentioned was started way early in the year so that we can get ready, you know, not hire as many maybe people as fast, reduce facilities footprint as John's mentioned as well, but then obviously focusing on the growth margin improvement which we will see towards the end of the year. Yeah. Thank you, John. Thank you, Øystein. Another follow-up from Øystein, related to net retention rates. With the improved net retention rates for self-serve customers, would you consider moving more customers over to self-serve to realize some additional cost savings? Yes, absolutely. That's most certainly a part of our mid to long-term plan. I think we'll see the impacts of that in 2023. It's not so much planned for the back end of this year, but as we move into the new year, I would certainly expect to see more customers from account perspective alongside more of our ARR as part of our self-serve portfolio. As you mentioned, Øystein, over the last two years we've seen very strong improvements in the retention rates of those customers, and it also provides leverage from a sales and marketing perspective because it's simply more cost effective to service customers of a certain size and shape in that particular fashion. That is one of the reasons why in the mid to long term we know there will be leverage in sales and marketing, is because more of our customers and more of our ARR and revenue will sit in the self-serve portfolio. Thank you, John and Lena. We have no further questions submitted at this time. Really appreciate everyone joining us today and their continued support of Meltwater. If you have additional questions, please feel free to reach out to ir@meltwater.com. We'll be available to address anything that you have. We look forward to keeping you on our progress, and this concludes our formal remarks for today. Thank you all. Thank you. Thank you.