Okay. Good morning, welcome to the Q2 2021 presentation for Play Magnus Group. I'm Andreas Thome, the CEO of the company, with me today is, as always, Dmitri Shneider, our CFO. I will share some business updates and recent developments before Dmitri takes the financial section. We will have a Q&A in the end. We can go to slide four, financial highlights Q2. This was again a really strong quarter for the company. I'm very satisfied with the overall progress we made. We are ahead of the plan that we outlined for the markets in October last year. Bookings for Q2 was NOK 6 million, which is up 211% year-over-year. Revenue for Q2 was NOK 5.1 million, which is up 178% year-over-year. The average monthly paying users was approximately 60,000, up 91% year-over-year. Our PPU was $16.4, which is up 14% year-over-year. Driven by the strong momentum we have, we have again updated the guidance for 2021 now to $23 million-$25 million. The previous guidance was $21 million-$23 million. We have a solid cash position with $28 million USD as of this week. We can go to the next slide. If we take a closer look at the Q2 bookings, they were higher than expected. As I said, we had a 91% growth in paying users year-over-year, and we continue to have strong progress in the e-learning segment and courses. Our tour partnerships were exceeding our expectations. As we have acquired companies, we need to look at what was organic and what was inorganic. The inorganic bookings accounted for 20%, or about $1.2 million in the quarter, meaning the organic bookings were 149% up year-over-year, again being very solid. We can go to the next slide about the guidance. Based on this, the 2021 guidance is now again being increased. We expect the repeat and recurring bookings to grow in the second half of the year. We also believe that tour bookings can be as strong as the first half. Q4 will benefit from the Champions Chess Tour Final and the World Chess Championship Match between Magnus and Nepomniachtchi in Dubai. It's important to note that out of the $23 million-$25 million, approximately $4.5 million-$5 million comes from the recently acquired companies. Go to the next slide. We had many highlights this quarter. I have picked out some. We now really see that we have established positions in e-sports with the tour and e-learning with Chessable and our latest M&As. These are two of the most exciting growth industries globally, and we will come back to what this means later in the presentation. The tour is definitely exceeding expectations, with large increase in bookings, strong pipeline of partners, with larger and longer term contracts. When it comes to Chessable, the pace of quality content has been increasing fast, and the service is performing well. This quarter, we also launched the Chessable Classroom, which creates completely new opportunities moving forward. We have continued to deliver on our M&A strategy. This morning, we announced acquisition of the US chess learning provider Silver Knights, which is important to strengthen our position in live learning and the scholastic segments. We also professionalized our organization function by function this year, and we've been very satisfied with our new hires in products and other areas. We finally found our CMO, chief marketing officer, Scott Dodson, who has extensive experience through e-learning and gaming. Scott will drive our growth teams and the branding initiatives. Can go to the next slide. We will go deeper into the recent developments, but first, as someone new to the company, I will do a quick strategy recap. Next slide. Chess is played by 650 million people globally and is rapidly moving online. Relative to other sports and games, chess is perfectly suited for online play and learning. The chess market is booming and the commercial opportunities are untapped. Chess is truly a global game with many positive attributes and associations. Can go to the next. The last years, we have built a really unique portfolio of valuable brands and services, and I believe we have come a long way in a short time. We focus on the verticals for play, watch, and learn. As you can see from the bottom of the page, the biggest part of our revenue is either coming from subscription or repeat buy of content. We also built up now a meaningful part from tour partnerships and some revenue from publishers. Next slide. We are a high growth company. Our 2019 bookings were $3.6 million. In 2020, we grew to $9.3 million, and now we have an updated guidance of $23 million-$25 million for this year. The growth is really strong. When we look forward, we have a clear growth strategy. It's about scaling our existing products through innovation and marketing. We continue to invest into the Champions Chess Tour. We always look for smart M&As. We have set ourselves a long-term goal of NOK 60 million in 2025, and with the current pace of growth, we should be in a position to reach this goal before. Next slide. Play Magnus is establishing leading positions in two fast-growing, high-potential markets, the esports and e-learning. What does that mean? Over the last year, we have built a valuable esports business from scratch. We have a large and growing audience, we have a leading broadcast, we have global partners, and we have all the best players in the world playing in our Champions Chess Tour. These are all ingredients for a vertically integrated esports play. As we talked about, over the last year, Chessable has become the established leader in chess education. It has an engaged and growing user base. It has a large library of content. Now we have expertise in teaching, we have a network of authors, we have ownership of content, and all of this is coupled with tech. These are ingredients to capture a large and growing learning chess opportunity. Next slide. About the tour. The tour has been growing fast on YouTube and Twitch, and it has now reached more than 100 million unique views this season. That's with two tournaments left. The tour has surpassed all chess watched on Twitch in 2019. The tour is continuing to drive traffic to our ecosystem of services, and we had three tournaments dedicated to our own companies. We had a New In Chess Classic this spring. We had Chessable Masters, which was in July, and now this weekend, we are starting the Aimchess US Rapid. In Q2 and Q3, we have also seen partners signing larger multi-year contracts, which is really important for the long-term planning and the financial scalability of our business. We also see that media rights can be valuable over time as this audience and relevance grows. We are really happy about the 5-year agreement that we signed with TV 2, which means that the fans in Norway have a lot to look forward to. Next slide. We're super excited about the launch of the Chessable Classroom. This is a major milestone in the Chessable evolution to confirm its leadership in chess education. This is a truly integrated learning experience for coaches and students, created in partnership with many of the leading chess coaches globally. It powers many use cases, from chess academies, activation with partners, live coaching, and it's also being used in the FIDE Chessable Academy youth development program. Long term, the classroom should help to boost engagement on the Chessable platform. Next slide. The recent acquisitions we have made, they have mainly been in the content space. This morning we announced a deal with Silver Knights. This is one of the largest chess programs in the U.S., offering offline and online classes for kids. It's already being used by 300 schools and has taught 100,000 kids in the U.S. This year's revenue has been in the range of $750,000 but is expected to grow faster post-COVID. Our mission here will be to provide chess offering to every school in the U.S. and the world. It will also integrate the Chessable Classroom and incorporate some of the live coaching assets that we develop for coaches. There's a lot of expectations and excitement before the World Chess Championship match, which will take place in the World Expo from November 24th to December 16th. We are investing heavily here in a mass market broadcast, in content creation, marketing campaigns, but also on-site activations. It's a really exciting second half that we have in front of us. With this, I will give the words to Dmitri. He will go through the financial section, and I will come back then later for the Q&A. Okay. Thank you, Andreas. Next slide. All right. Talking about the core KPIs, just like in prior quarters, the tour and courses drove the growth. The tour in particular had very strong performance in contributing to the 211% year-over-year bookings growth and has firmly established as a key driver of our company as its value proposition becomes more clear and more understood and more sustainable. User growth, monthly paying users grew 91% year-over-year. This is a very strong growth led by the e-learning segment, especially Chessable. Quarter-over-quarter, there was modest growth impacted slightly by the normalization in some of the external tailwinds, but certainly we do expect that this should recover in the second half. The average revenue per paying user continued to grow 14% year-over-year, helped by the e-learning segment. As part of this growth, our organic bookings remained very strong at 149% year-over-year, and the monthly paying users there were also very strong organically, up 56% year-over-year. Going to the next slide, diving in deeper into the bookings. As Andreas mentioned, we had NOK 6 million in bookings in the Q2, NOK 11.3 million in bookings in the first half, and this compares to NOK 3.6 million in the first half of 2020, and NOK 5.7 million in the second half of 2020. Essentially, in the first half we've already booked about NOK 2 million more than all of last year. The tour was a significant driver of this. The tour had over NOK 2 million in bookings in this quarter, and NOK 3 million in the first half. This was led by several larger deals by both existing and new partners. We do expect the second half to be similar in strength as existing partners continue their relationships for the 2022 season, and the pipeline remains very strong and very encouraging going forward. Courses also remained strong and at near record levels of Q1. Courses not only had significant growth year-over-year, but when we look at quarter-over-quarter, they were modestly stable. This looks even more impressive if you think about how significant the growth was in Q4 and Q1, and the fact that the courses segment was able to maintain at roughly these record levels bodes really well for the future, and the second half. We do expect sequential growth going into the fall and second half. Subscriptions were negatively impacted by the moderation in the casual segment, as we had expected. We do expect this trend to stabilize in the second half. The acquired companies are performing well, with a contribution of NOK 1.2 million to the bookings in Q2, and NOK 2 million in the first half. Keep in mind that this was not a full half, because some companies, like Everyman Chess and Ginger GM, only joined in March, and Aimchess only joined in mid-May. Organic bookings, as mentioned before, were a strong contributor this quarter. Moving on to the next slide. Looking into the organic growth. We had NOK 6 million in bookings in Q2. That's up from NOK 1.9 million in Q2 of last year. Organic was NOK 4.8 million, and you can see how that breaks out versus the contribution from the M&A. The additional NOK 2.9 million of organic growth amounts to the 149% year-over-year increase. The tour was a big portion of that, adding NOK 2 million, and the course segment contributed the rest. Chessable led the course, the repeat and recurring bookings growth, as Chessable grew over 100% year-over-year. This organic growth was helped by both paying user growth as well as the average revenue per paying user. For the M&A, as I mentioned previously, you can see here most of the benefit of the NOK 1.2 million this quarter was in the other segment, which is mostly the publishers and some ad revenue. iChess courses and New In Chess, and Aimchess also do have some subscriptions. If we look at the run rate of the contribution from the M&As, we have NOK 2 million in the first half. That's not a full half, as I mentioned just a minute ago. We also will have a much stronger 4Q, as is historically the case. At least we expect that. The run rate is more than NOK 4 million. We do expect NOK 4.5 million-NOK 5 million, and that includes also the Silver Knights contribution, which we will consolidate over the last 4 months of the year. Going to the next page, just a little bit about the tour partners. From the NOK 2.2 million in bookings in Q2, we recognized NOK 1.3 million in revenue. The key partner contributions were from FTX, with the Crypto Cup, and Meltwater, which has continued its title sponsorship for the 2022 Champions Chess Tour season. We do expect the second half to be similar in strength as the first half, given existing partners, and the pipeline of the new partners is looking very good. I should mention that the way we book revenue, so even when we have, let's say, a five-year deal like we do with TV 2, we will not book beyond the next financial year. In this case, it would not be beyond the 2022 financial year. Going to the next page. Looking at the growth in monthly paying users, this grew 91% with strength across the board, but led by Chessable course customer and the Play Magnus apps. Year-over-year, the Play Magnus apps grew significantly, but sequentially, we did see moderation as the external tailwinds from The Queen's Gambit, that stay at home started to moderate. This is pretty much as expected. Similarly, we did not see a huge moderation in the Chessable users, which is also sort of what we expected. When we saw The Queen's Gambit, we did not expect a significant benefit to Chessable's core and engaged user base, and we also similarly did not expect a big moderation, and that so far has been the case. Going into the fall in Q4, we expect the number of paying users to increase due to the World Chess Championship, of course, and all the engagements, the Champions Chess Tour, but also just product improvements and product launches, as well as customer growth at the acquired companies. Going to the next page, talking a little bit about the average spend. This grew 14% year-over-year, but to $16.40 up from $14.50 in Q2 2020. Chessable continues to be the main driver of the improved product mix due to launches of more premium content, including by top 10 player Anish Giri, Chess24 fan favorite Peter Svidler, which saw some nice synergies with Chess24 user base, and Judit Polgar, Play Magnus Group ambassador, as well as one of the strongest players of all time. Content from the acquired companies, New In Chess, Everyman, and Ginger GM are also performing well. The content team continues to execute well in digitizing these titles and executing the strategy and adding video upgrades with top influencers and authors, which is driving good growth. The average revenue per paying user decrease quarter-over-quarter is due to the moderation in the chess traffic and ensuing course sales, as well as a full inclusion of the New In Chess subscriber base, which has an average monthly fee lower than the group average. Profit and loss. Adjusted EBITDA was approximately negative NOK 3.5 million in Q2 versus negative NOK 2.6 million in Q1. The strategy here has been the same as last quarter. Specifically, we're hiring into areas that are growing rapidly, such as Chessable. We're also investing in operations by hiring centralized support staff that can handle significant scaling over the next several years. That's legal, HR, IT, operations, and such. This will help us improve our processes and integrate all the M&As that we're doing. We do believe that the rapid pace of hiring that we had in the first half should be more stable going forward into the second half of this year. We also signed a multi-year deal with FIDE, as was mentioned last quarter, for the sponsorship and broadcast rights, including the upcoming World Chess Championship and the FIDE World Cup that just occurred. The cost started hitting in the second quarter and we'll have costs on this in the third quarter and fourth quarter. Speaking about the tour, the core tour expenses were pretty stable, which is very positive news. We did have an increase in prizes as we launched more tournaments, as well as the increased prize fund in the Crypto Cup as there was an extra $100,000 added based on the price of Bitcoin. This was a very popular tournament and had really great promotions and viewership. We also had some increase in the commissions due to an increase in the signed deals. This we expect to be normal. Other things that impacted the OpEx, and this is a little bit less material, but we did have some consideration due to the M&As that we made. Basically when we acquire a company, most of the cost will be in the investment line item. Sometimes, as the founders stay on and that additional compensation, usually performance-based, but sometimes the consideration is spread out, that will be recognized in the OpEx. In the Q2, this was not a material amount. It was about $100,000. Should we see significant growth in some of the M&As that have these performance targets, that line item can increase, and we will do our best to break this out for investors so that they can do the math themselves on specifically how much we actually paid for the companies in addition to what's in the investment line item. This can be found in the semiannual report that we just published in one of the notes. Lastly, on the course content side, the course content subscription expenses remained stable quarter-over-quarter. There was improvement in Chessable, but we did have additional expenses with royalties with the publishers. The progress on Chessable is going very well on that side. Where do we go from here? When do we scale? When does the operating leverage kick in? In our view, we are on our path to scaling in 2022. As we've talked about many times, we're in the middle of heavy investment. We are already starting to see returns. For example, the tour has become a significant contributor, and it's on its way of being profitable as a great example of this. Going forward, we believe that the burn rate should start to narrow in Q1 2022, as we get higher revenues and become more efficient in our operations. We will certainly continue to invest in the areas where there is significant growth, but we do think that there is optimization and efficiencies that can be increased. Firstly, the revenue, we do expect higher revenue from both existing contributors, such as the tour and Chessable, but we also expect that some of our growth initiatives should start paying off. Chess24 and the Chessable Classroom being prime examples of these opportunities. Also, we believe that some of the acquired companies will benefit from the acquired growth, from the organic growth, as well as the synergies of being part of the Play Magnus Group. Aimchess and Silver Knights, starting Q1, will have a decent amount of time to get some of those synergies and benefits from the ecosystem. On the cost side, as I mentioned, we will continue to invest in areas where there's significant opportunity, but we do want to streamline our operations to become more efficient, for example, so that all our staff is contributing to their full potential. Additionally, given all the M&As, there is room to simplify the corporate structure, centralize systems and processes. Overall, we feel very good about how far we've come, and we're very excited to continue executing on the opportunity ahead. I think I will stop here and start the Q&A. Thank you, Dmitri. We will now move into the Q&A session with both Andreas and Dmitri. We welcome any of you to submit any questions you may have in the webcast player. We'll start off with the first question here. Can you comment on the terms of the Silver Knights acquisition? Yep. I'll take this one. We paid on the last 12 months revenue, low to mid-single digits on sales. When looking at kind of a more normalized run rate, taking account into pre-COVID, it's more like low single digits, and the acquisition is in cash and stock. On a related note, can you elaborate on the synergies between Silver Knights and PMG? I'll take this one, and then, Andreas, you can jump in. Yeah. Yes. There are many synergies. The first one is that Silver Knights has built up a fantastic operations in the Mid-Atlantic area, teaching in-person schools, and most recently, online. Where PMG can really help is several ways. One is on the infrastructure. The Chessable Classroom will make it a much more streamlined and premium and better way of teaching the online programs. That's something that we're very excited about. Two, getting exposure and benefits from mega influencers such as Magnus, who's very passionate about scholastic education, as well as Judit Polgar and other key ambassadors of our ecosystem. That goes a long way with parents and school administrators. Of course, just the general distribution and marketing efforts of our teams that can help scale up the business in a much faster way than they could do on their own. We're extremely excited about this live coaching and scholastic market, especially in the U.S., but also globally. There is no reason why we cannot have some sort of a chess offering in every school in the U.S., either through the Chessable Classroom or Silver Knights, and certainly, this opens up a mega market for us to expand and execute on over the coming years. Yeah, I just want to add something. This is an area that we have looked at for probably two years now in our internal strategic discussions. Silver Knights was definitely our first choice acquisition to move into this area. Can you comment on the M&A pipeline moving forward? Yeah, I can do it. We have been very active in M&A, and there were some companies that we had prior to the listing and prior to the capital raising, there were some companies that we already had scouted out and we had already started those discussions with. That's why we have been able to do so many M&As in a very short time. We still have an active M&A strategy, and we are going to continue to do M&As. Most likely, it will not be as many as we have done up until now, but it's definitely something where we are very opportunistic, and we have a great team that are both scouting opportunities, able to work with the companies, and also integrate them. We are still looking, and we have an active pipeline. We have a question here about Chessable Classroom. How is Chessable Classroom being used in the chess market today, and how will this evolve moving forward? Yep. Chessable Classroom just recently launched, but it's already been trialed by top coaches in the U.S. and globally with very positive feedback. The initial idea behind it was to create an integrated offering so that a chess teacher would not need to use multiple platforms to teach a chess lesson. Previously, what they would need to do is use a live video offering, like a Zoom or a Teams, and as well as some sort of a chess offering, like for example, ChessB ase or Lichess or something like this. Now altogether, there's an offering that a teacher can use all at once. Additionally, there will be things like report cards and classroom management that are very useful for parents and school administrators to judge whether the programs are effective. Other use cases that have already been actually used is with our corporate partners. For some activations, we will have an influencer, like Judit or someone else, be using the Chessable Classroom with some of the corporate clients or executives, and it's just a nice engaged way to do this. There are potential further use cases where we introduce this to other corporate clients as an additional service. It's also been used internally for gatherings and mini sessions, mini lessons. There's a lot of opportunity here, both for academies and coaches, but also in other areas as well. How do you see the segment split between courses and subscriptions on the tour evolving over the next quarters? That's a very good question. We do think the Champions Chess Tour is here to stay and will be a meaningful contributor over time. Not sure if it will always be 1/3 of the overall mix, but it will be a strong contributor. The courses will continue to grow, and continue to become a bigger portion of the mix. We do think that subscriptions should stabilize in their mix as Chess24 adds their product offerings, launches the new things that they've been working on. Silver Knights also has a subscription offering, as does Aimchess. We will see how the subscriptions evolve as some of these kind of new growth initiatives take hold. Certainly, we do expect a relatively even mix of courses, Champions Chess Tour, and subscriptions altogether. The other part of publishers and ads to become a much smaller portion of the mix over time. Yeah, looking back to this quarter, we have a question to explain further on the sequential reduction in subscriptions. There was certainly impact from the moderation of The Queen's Gambit and some of the stay-at-home external trends. It's summer. That also kind of contributes to this. The more casual apps, such as Play Magnus, which saw very significant growth over the last two quarters, started to normalize. Generally, traffic was moderating across the board. It impacted the core and engaged segment much less, very little, as can be seen by the numbers. The subscriptions, which did have a more kind of casual tilt to it, which benefited more previously, started to normalize. We do think that they've reached levels where they should start growing again going into the fall and Q4. Yeah. I mean, I'll just add on to that. I mean, this is really one of the areas where we have made most of our product investments. Again, second half, specifically towards the end of the year, should benefit from these investments. We have a question here from Øystein Uldal at ABG. Have you started to see some effects of the new Spanish courses, or does the majority of this effect still lie ahead of us? It's still early. We're still building the content library and still kind of working on the user acquisition, building the brand in the Spanish language space. We are seeing some benefits, but most of the growth is still ahead of us. What are the main product development focuses over the next quarters? There are many. I would say it is probably two areas that are the most important. One is a relaunch of Chess24, with focus on a new play zone, which we know is a very big opportunity and where there is a lot of traffic that we have not been able to take advantage of, because the current play zone that we have on the market has not been so competitive. This is one area which is very important. We have also staffed up the Chessable development teams significantly. We are starting to already see the first results with the Chessable Classroom that we launched this quarter. As Dmitri explained, it is very exciting when Chessable moves from being a tool where you learn on your own to be a tool where you can learn in a group and interact with others. We'll also have more focus on making Chessable more mass-friendly, easier to discover the right content, making that user journey simpler and more intuitive for not only intermediate and advanced users, but also more for beginner users. These are the areas that we are investing in. Probably a last one to mention as well is that we also believe there is more opportunity with the tour and making our broadcast experience even more interactive and interesting for the consumers and for the users. We have a lot of people following us, so that's another area where we have invested a lot, specifically in the broadcast. Now, also looking at how this integrates with our web properties is going to be very important. A related question to your answer, how will the tour evolve moving forward? Yeah, that's a great question. We have come, again, I think, very far already, and we had to focus first. First, we focused on the best players in the world. We also started to add this youth segment, introducing both the mix of male and female players under the Challengers Tour brand. One thing we are looking at now is also expanding the tour regionally to have more regional qualifiers, to have more opportunities to create engagement at the local level. We think this, combined with the play zone on Chess24, can be very exciting. Yeah, I think that's definitely important. Also, just continuous involvement of our distribution strategies. We have succeeded very well on some platforms with some broadcasters, on some online streaming platforms, but there is also more to do there to work on distribution and reach for the tour. We have a question here from Eric from ABG. For the second half 2021, how much of your bookings target do you expect organic growth from the number of paying users to contribute? We expect about four and a half million to NOK 5 million overall for the M&A. We've already delivered NOK 2 million, so it's about two and a half million. That's right there. The tour, we think, will be very similar in size as kind of what we have right now. Right in the first half, it was about NOK 3 million, and the rest we think is going to be courses, organic courses, and then subscriptions. You spoke about normalization. Do you expect a continued normalization of trends, or has it stabilized from here? It's obviously difficult to say, but in our view, it seems like it should have normalized at these levels, and we do think that going forward, they should start to grow again. How will cost and EBITDA evolve from this level? Can you add more context to what was said in the presentation? In the next two quarters, we still will be investing. The hiring is going to be a bit more stable. The pace of hiring is more stable. Overall, there's still investments in Q3 and Q4 as revenue catches up. Starting from Q1 2022, the formula is more or less simple. We expect more revenue, and we don't expect the costs to grow significantly more. The adjusted EBITDA was negative NOK 3.5 million this quarter. It was a bigger jump this quarter than it was quarter-over-quarter last time. We don't expect such big jumps going forward. Starting in 2022, we do think that the pace will start to narrow. By year-end, we think that it'll be kind of like we talked about before, a break-even run rate is our intention, and we continue to kind of look at it in the same way that we previously have. We have a question here. Where do you see the biggest challenges, and what has not gone according to plan? Yeah. Of course, there are always challenges in businesses, but I think this year for us has just been phenomenal growth. What is challenging is, of course, to bring together a lot of companies to do as many M&As as we have done. It's this balance between maintaining the focus on each brand and then taking out the synergies. I think we have done a good job there. We have kind of used the Champions Chess Tour as this entity to unify things, and we have used that one to kind of market the different brands, give them exposure. Let me say that that's maybe the area which has been challenging. At the other side, it's touching more on what Dimitri said. We are a company which is growing really fast, and it's about making the right investments for the future, not getting too worried about when the cost is increasing, when we see that we have a positive return on those investments. We are planning for high growth in the coming years. That's why we are confident in what we're investing into. Yeah What impact can we expect from the World Championship in the second half? Traditionally, the impact has been very significant on the chess interest. It also comes together with a period of the year which is very strong for digital products, because that's also when you have the Black Friday, Cyber Monday holiday season. You have a kind of double effect. I think we will see good effects both on the user numbers, but also the general interest of partners and media around chess. What we try to do is to time our product launches and initiatives into this period when we know that we get highest return. As you can see from the improved guidance which we gave, we have a nice growth into the second half and really driven, of course, by that extra activity and extra momentum which comes from that. Yeah. World Championship. It's a nice addition. Usually if the fourth quarter is a better quarter because of the holiday season, the sales on courses and different products, there's a lot of chess activity. Of course, the World Championship is a nice boost to that, certainly that's not the only reason why we're becoming more optimistic on the year. That is all the time we have for questions. Thank you to all who sent in and tuned in today. If there are any further questions, feel free to reach out to ir@playmagnus.com we will endeavor to get back to all outstanding questions via email. I'll now hand back to Andreas to end the presentation. Thank you very much for listening to us today. We will also have a session with ABG and with Sverre Johnsen that some of you might join. Yes, thank you very much for this, and we are always open for questions and input as well later. Thank you very much.