Good morning, everyone, and welcome to the Q2 presentation for Canopy Holdings. My name is Bent Grøver, I'm the CEO, and with me today I have Ivar Blekastad, the CFO. Before we dive into the presentation, I want to make sure that you know that you can pose your questions through the web channel that you're on, and then Ivar and I will do our best to answer the questions at the end of the presentation. Our Q2 is from first of August to the thirty-first of October, and in Q2 we had net revenues of NOK 9 million, which is a pro forma growth of about 28% year-over-year. For the first half of the year, we had net revenues of NOK 18 million, which is a pro forma growth of 12% year-on-year, keeping in mind that the first half of the year is a low season for us, given our sort of seasonality linked to skiing at this point in time. Now, as we're entering the winter season, we expect higher revenues and we also expect to have an improved EBITDA and a reduced cash burn. Our cash position at the end of Q2 was NOK 111 million versus NOK 129 million at the end of the prior quarter, and I think we were well positioned to fund all the planned organic growth we have for well beyond 2022. We also started informing the market about our annual recurring B2B net revenues, and at the end of November it was at EUR 7 million, which is an increase of about close to 15% since April. We also have increased the number of B2B resort customers by 13 since April, totaling now 227 customers. Also, the Skitude app has passed two million downloads in total and as you may have noticed in the beginning of the presentation, the name was changed from Skitude Holding AS to Canopy Holdings AS yesterday afternoon, evening. We are building the ultimate skiing ecosystem, but to fit into our multi-brand strategy that spans across destinations, attractions and seasons, we see that more and more of what we do also applies into other verticals outside of the ski resort industry. Our sort of stronghold, where we came from is within skiing, as you can see in terms of the names of the companies as part of our group. We have Skioo, Skitude, Liftopia, and the last two to be acquired and launched was Spotlio and Catalate. In terms of the three main brands we have, Catalate is our sort of white label e-commerce solution, which includes dynamic pricing. They expand across any vertical as such. They sell to water parks, to ski resorts, to other types of attractions, and they have sold tickets for about $1 billion over the years. This dynamic pricing element, which is their forte, also is available on competing e-commerce platforms via APIs. Not just on their own white label solution, but other platforms, which we think is a key sort of growth driver for us. They do annual multi-year agreements with resorts, parks, attractions, and they have a commission-based pricing and revenue. Spotlio is more the enabler of trying to integrate different types of products into one channel. What they do, they have a front-end e-commerce solution integrating different products within a destination or a resort, and they have a SaaS-based business model typically with upfront payment for annual contracts, and they also have setup fees for new installations. Finally we have Skioo, which is the white label app we sell to ski resorts, and that includes also in-app purchasing of tickets. Their business model is mainly SaaS-based with upfront payments for annual contracts. As some of you may be aware of, we also have a separate Skioo app for the B2C outside the white label apps, but it's on the same platform. To dive in more into Catalate more particularly, what they're best at is pricing and dynamic pricing, how to be more efficient in pricing, how to use price to better improve yield for their clients, how to make the pricing more efficient, how to make sure that price is not a barrier to sales to grow the volume and sales for their clients. Underneath that, they of course have this e-commerce platform, the Cloud Store shopping experience, which you don't have to have, but you can do so as part of the package. Finally, what they also do is to provide more distribution services, basically to get as many people in front of the products or their clients as possible. Spotlio, as I said, they're trying to help the destination, which means you have the lift operators, it could be bed owners, restaurants. How do you pack these things into a single channel to make sure it's easier to buy the products for the end user? They do this typically for the large operators like their resorts and other large U.S. destination operators. What they're trying to do is to optimize conversion. How do you make sure that the barriers or the complications of buying process is limited to the ultimate extent? Also, how do you build the brand for their clients? Skioo, through the app, I think that over time this will be, apps or whatever function it has, but certainly these devices or these smartphones, you know, we have to be present, and Skioo is our tool for that, and they are enabling the ski resorts to have better communication with their guests, either upfront, in or during as in terms of real-time information or at the end of it. Of course, this includes how to increase the loyalty, improve the ski experience, how to take away problems like queuing, how to move people around, but also enabling the staff to do better decisions while they're helping the guests in the resort. It's also trying to engage people. How to... Of course, when you have holidays, a part of the fun is planning to prepare for this holiday and also at the end, try to share your holiday, and this app helps doing that. Now, just an example. We do monitor different things in the business and the market, and we have been quite pleased to see the daily sessions on the in-app activities has been going up quite dramatically over the last few months and is at the moment 80% higher than the activity compared to the pre-COVID levels. However, also we see that the transaction volume in Catalate is also increasing compared to last season, as Ivar will come back to in a second or two. What we are concerned or my concern is we don't know yet what the new COVID variant, Omicron, will have on the skiing business and the resorts as a whole this season. At this point in time, the last check we did across all the relevant markets, all the main markets were open for skiing except for Austria. They are set to reopen on the twelfth of December in a few days' time, but we'll have to wait and see on that one. Of course, the ski resorts and those in Austria can open early if they want to, but I'm not sure how many resorts have done that. In Northern Italy, there are certain regions that require vaccination pass in order to activate your lift pass. For most other markets we see, there are only restrictions with respect to indoor activities, restaurants, and these elements. Our exposure to certain markets like Austria is limited, as most of our transactions business is either U.S. or Switzerland, France. We think that it's France and Switzerland that might have an impact on Catalate's resort partner, Catalate's business for the coming season. We don't know yet how that will unfold. For the other business lines, the other revenues we have is limited exposure due to its SaaS model. Now I'll give the word to Ivar. Okay. Thank you, Bent. Now I'll go into some more numeric information. In late October, we issued the KPIs related to our B2B recurring business. For more information and definition of what that includes, please refer to that report. We have more revenues than this, among others, B2C, as also Bent has been telling about, but we haven't launched any KPIs for those yet. The report we come up with in October included the KPIs for up to September this year. Here you see that we have added two more months, October and November. Since December, we have added four more transactional resorts, and we have net one decline in the B2B SaaS resorts. In terms of revenues, you can see that we have quite a strong development in the B2B transactional recurring revenues, especially in November. That comes from a combination of more resorts, but also an average increase to the average revenue per resort, mostly driven by increase in the same-store sales growth. To show you more about that same-store sales growth, I can go into the next slide. Here you see, this is a continuation of what we also issued in September. What you see here is 12 months trailing net revenues through from December 2020. This includes only the resorts that we have had for 12 months throughout the whole of this period, so it's comparable. Last winter season, you see we had a very huge increase due to increased digitization of ski resorts. It has been a little bit more flattish during the summer months because the most of the resorts are still within ski. What we have hoped and believed in is that we will see an and further increase in the same-store sales growth also this coming season. You can see that it's already started to pick up in the early season in November with a 5% sequential growth over October. It's a little bit early to conclude that this is driven only by increased digitization. It might also be a different buying pattern this year compared to last year because people might be more insecure about the ski season and then more prone to buy ski tickets earlier. We need to have also December numbers to be more conclusive on how this will look into this season. At least as for now, it looks positive. Yes. We can go into the quarterly and half year P&L. We have already commented on the main numbers, so I will not do a lot of time on this. Other than that, you can see that the second quarter was very similar to the first quarter. Personnel cost has increased a bit due to more employees, especially in our Catalate business. You can also see that in the second quarter, 93% of revenues was recurring revenues. For balance sheet, it's not so much more to comment on that. We have already explained the cash position. For cash flow, it's also quite straightforward in Q2 and also first half. For first half, it's basically the EBITDA minus CapEx minus some debt repayments. The CapEx here is mostly capitalization of our software development. As we also have commented here and also previously, we expect that the cash flow will be much stronger than this for the next half because of the winter season with more revenues. Here is our top shareholders. It's what it is, so no point in commenting on that, I would believe. We are back to the summary. Not sure if you want to say anything here, Bent. Just- I just want to say that we just look forward to this season. It's still uncertain how this will pan out. I think now we'll just open the floor for questions. Perhaps, Ivar Blekastad, you can just tell us what if there's any questions here. Yes, I have one question, and that's a question if there are any changes in the 2025 ambition of revenues of EUR 80 million. No. It's not. We're still working towards that. Nothing has changed there. Next question. You have previously not given any guidance for the full year. Obviously, there is a lot of uncertainty with COVID, but can you give guidance? I'm not in a position to give guidance at this point in time. Unfortunately not. I think the key thing for us is to look at that 12 and 12, the B2B net recurring revenue. I think that's what's it's the main thing, and we have seen that's been also fairly decent during last year. We hope that will go up, but I don't know to what extent it will do. Yeah. That was the last questions, really. Okay. Nothing further here. Well, I would just thank you all. I wish you all a very merry Christmas, and I hope to see you all again in the new year. Thank you very much.
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