Welcome to the Third Quarter Presentation for Canopy. Some might think it's strange with Q3 now but the reason for that is that we have a deviating financial year starting in May, ending in April. Q3 is for the months November through January. I'm Ivar Blekastad. I'm a Group CFO in Canopy. The CEO couldn't be here today, unfortunately, so I will be running the presentation. Just to have a recap of what Canopy is about. Canopy is a holding company which owns several entities which again owns several brands. Together this is a group of companies forming a platform to help resorts and attractions to improve our key processes through digitization. I will come back to a little bit what the different entities here actually deliver in that respect. I will start with just going through some highlights and I will go quickly through key financials and then dive a little bit down into these operational entities, which I showed you at the brands on the former page. I will have a quick summary and then we will have a Q&A session. Please post your questions as we go along and we will then answer them at the end of the session here today. Key highlights for the quarter is that we had revenues of NOK 27 million. We had B2B recurring revenues of NOK 75 million in ARR and transactional net revenues. EBITDA was minus NOK 10 million. We had 233 resorts in the quarter, and we had cash position of nearly NOK 100 million. A couple of other items we want to mention here is that we merged the Skitude branch in Spain into the Spotlio entity. We did that early December. As you might have noticed before, we have announced it, is that we changed the name of the holding company from Skitude to Canopy Holdings. I want to go into the key financials and a backdrop a little bit to understand them is that, yes, we have been COVID impacted this ski season. There has been a lot of skiing activity and as you can see on the right-hand side, there is a snapshot from our dashboard on the Skitude apps. It's, I mean, lot of activities, more than 11 million sessions recorded. That's almost a tripling since same time last year. On the chart below there, you can also see that it has been quite much higher on the pre-COVID season in 2019-2020. Even if the skiers are back in the slopes, there has been factors that are impacting our transactional business. I've listed some of them here. I believe we have also addressed this in previous announcements. What I think we haven't mentioned before is that we have seen quite slower volumes now, especially in February, compared to last year, and we believe that is related to a shift in buying behavior. Last year, skiers were uncertain about COVID so they didn't buy tickets until they knew that the resort would be open. This year, the uncertainty wasn't that large so they prepaid a lot of tickets already in November. We had 100% same store growth in November. In February, that came down quite much. We believe that it was a pent-up demand from skiers in February last year, that we haven't seen in the same way this year. If we look at our KPI development, we recently sent out a separate KPI announcement which showed the KPI up to January and for the third quarter which showed a sequential growth of 15%. Here we have added one more month and altogether since October, last quarter we have added nine resorts. There are six transactional resorts and three B2B SaaS resorts. If you look at the increase in revenues, we saw the very strong increase every month up to January. In February it has been a little bit dipped down and that mostly relates to the negative same store growth from the ski resorts and in combination that we haven't closed any new resorts in that month. All in all, from April to February, we have had a year-to-date growth of 20%. If you look at the transactional business from May to February, it's 30% growth. Another thing is to pay attention to here is that the increase in parks and attractions from 15% in May to 28% in February which is more or less a doubling. As we showed in the last KPI update, most of the growth in transactional business has come from parks and attractions. That is, of course, we have a little bit weak February from the skiing resorts but we expect that the increase in the number of parks and attractions will give us quite a good growth for the summer season starting off in April. This slide, which tracks over trailing 12 months of transaction net revenue in the various resorts which throughout the season last year showed a very huge growth and then also grew again in November because of its strong prepaid sales has kind of been a bit down since then. Both in December and January, we saw year-over-year growth of some 5% but in February, the year-over-year growth from February last year were actually nineteen percent negative in the average for all these resorts that we had both this February and last February. The explanations for that, I believe, we touched upon in the previous slides about COVID implications. Our financials also then show some effects from what I'm told now. Revenues were disappointing, negative 5% and there are two factors to that. As I see it, both negative same store growth, both in January and February. In addition, Catalate actually processed more resources last season. These were resources that were transitioning out of Catalate because of a bankruptcy. They have found other suppliers but they hadn't moved over to them yet. Catalate processed these for the winter season last year. If you were doing pro forma and adjusting out those, it would have shown a positive growth. Other things to pay attention to in this P&L is that we had a quite huge growth in personnel cost. The reasons for that is that we have employed people in HoldCo. That's among others, me and Bent. I started in March last year and Bent in February. Spotlio was closed end of December. Last year, we had only one month with Spotlio cost. We have invested quite heavily into rebuilding the Catalate organization. They started off with 70 employees in January last year and now it's around 35. All in all, we are now 84 FTEs at the end of the quarter. Now I will go a little bit deeper into some of these entities that I showed at the start. First, I will just compare the different business models for our B2B business lines. The reason for that is because they're different. For Spotlio and Skitude, they are straightforward SaaS. That should be an unknown business model for most investors. For Catalate, it is different. They don't have an upfront agreed payment each year but they get commissions for all ticket sales that are running through their products. Of course, you can see we had a little bit down in February this year because the same store growth was negative. All in all, we expect that the digitization and the shift to online will increase over time for resorts. We will grow with this shift to online because we will process those online payments. If you look at the gross margin, it's also quite low in Catalate. The main reason for that is that we also are passing through credit card fees, so to the resorts, and then we need to pay the credit card fees to the card providers. If you look at CAC, also quite different. In Catalate, it's we're talking about months. It's so attractive. A good thing about this business model for the SaaS and it is, it's more normal SaaS. Also for collecting payments, it's also a difference because SaaS, there you send out invoices upfront for the license period and you collect that. In Catalate, we are getting cash as we are processing the tickets b ut we don't have any counterparty risk. All these collections is done by Stripe and we have the cash in our account two or three days after a transaction. Both business models have recurring renewable agreements. We have more multi-year agreements on Catalate. Actually, majority of agreements are multi-year, and it's increasing because most of new customers are signing multi-year deals. In Spotlio and Skitude, it's mostly annual renewals. If I now just go a little bit more into Catalate to try to understand that a little bit better, they have a leading e-commerce pricing engine and products. It's some reference right there about dynamic pricing. I'm sure most of listeners there know what it is because all the airlines do it. For these segments, Catalate is leading. They have done this for a long time. They have built up a very strong engine based on more than $1 billion in sales, tens of millions of price requests and price points and transactions for a number of years. They have tweaked it and improved it to the best possible way to generate the most optimal pricing for the customers. As we get more data, we will even do this even better. Kind of a competitive advantage will grow with even more volume. The value proposition for the customers here is quite strong. I have listed benefits here. Don't wanna go through each of them but conversion ratios, we are able to maximize and we are able to maximize revenues for the resort. Those resources have a given capacity. If you look at the right-hand side here, we actually expect all operators that have these characteristics to convert into the dynamic pricing. There are good reasons for airlines, hotels and Uber and others already have done this. Now it's coming to the parks and attractions and ski resorts as well. Here, I've just taken out one of the customer references we have in our blog. Please go into that blog and read about more references if you like. I have here picked up the most easy to understand and maybe the most compelling ones. It's two resort customers of Catalate in the same area, with the same size, with the same walk-up price but with different pricing strategies. Partner B run just a flat price throughout the season like most ski resorts and others are doing now. The partner A, they applied a dynamic pricing strategy. What they were able to see after a season was that, partner A, with the dynamic pricing strategy, get more revenue, more or less every day throughout the season, also the low-demand days and of course, the high-demand days. All in all, the partner with the dynamic strategy achieves 57% more revenues than the other one with the flat pricing strategy. This is a very strong value proposition for resorts. With a strong product and a strong value proposition, Catalate is growing and doing very well in the market. Here, I will just show the transactional recurring revenues from May. From May to January, it grew by 35%. At the same time, we rebuilt the Catalate organization. Starting last year, we only had five FTEs in sales and marketing. Now we have 11, more than double, and there will be even more in the season. Starting next financial year, we will have a much stronger sales force than we had beginning of this financial year. That sales force will attack a very large market, very attractive market because this dynamic pricing is now happening in the ski resorts and parks and attractions worldwide. It's all about penetration. It's not to talk about taking market shares from competitors. It's about convincing these resorts that they will benefit from converting to that pricing logic. Just based on the parks and attractions and ski resorts worldwide, you see some quotes or numbers of how many there are. We have estimated the total addressable markets for Catalate products to be around EUR 1.5 billion. There is more because there's a lot of other segments as well, but this makes a lot of sense to do dynamic pricing. We have museums, zoos. We have immersive experience. I mean, it's a lot. There's a very huge potential for Catalate. If I go into Spotlio for a while, I just want to reiterate that we merged the two entities together. Combined, they have more than 170 destination resort customers. They have a little bit more than 40 employees. App downloads have been more than three million and they have run a lot of sales also through their booking systems that they deliver to their customers. If you look a little bit more about what products we are offering combined here, there are very strong products. Interactive digital maps come from Skitude. Direct booking come from Spotlio. Mobile apps come from both. Data communication, that's more like running operations inside the resort. You communicate with the people, the ski guards, everything so you're able to manage the people working there. For especially Spotlio products, these are loved by the customers. There have not been one churn since I started in Canopy. Actually, the net retention here is 125% so far this year. What I want to show next is kind of the little bit obvious benefit of combining these two entities. Here is a customer portfolio of Spotlio, which is predominantly North America. Here is a customer portfolio of Skitude which is predominantly Europe. In combination, they have an unmatched footprint across both North America and Europe. No other tech provider to ski resorts have something like this. This generate a lot of opportunities for cross sales, up sales between Spotlio and Skitude, and also to add other products on top to increase ARR from the existing customers. It also offers a big pool of existing relationships for Catalate to upsell our pricing products to. There is no overlap here with the existing customer portfolio of Catalate. Just to summarize what I've been through now. It was a disappointing quarter in terms of revenues but that's mostly related to COVID. COVID, as you see it and the transactional part of our business. As I also mentioned, we have almost double the number of parks and attraction customers now. We expect to see a quite strong growth starting from April and going through the summer season and the first half next year. We are very strongly positioned with leading products within dynamic pricing with a very strong value proposition and a track record towards a shift to dynamic pricing with all these lesser resorts around the world which now have started to also apply dynamic pricing. They are behind hotels, airlines and these types but now they are really also going into that. We have an unmatched footprint with the ski resorts across North America and Europe which offers a lot of upsell cross-sales opportunities going forward within the group. With that, I want to end my presentation and I will open up for Q&A. Yeah. It's a question about why is Q3 revenue lower this year compared to last year when the world is more opened up this year? I tried to explain it. Combination of some factors, COVID factors impacting the timing of sales and also less travel into ski resorts. There have been more season passes, fewer day tickets, and more pre-sold tickets this year compared to last year. That's what we are able to explain now. In addition, as I also mentioned, that Catalate processed more ski resorts last season. Yeah. Another question. Could you give some flavor on expected development in transaction and net revenue per resort of the current resort base? Yeah. That's a bit difficult. We had hoped to see an increase also this season. We saw a big increase last season. I commented a little bit on that. Catalate last season processed approximately 30% of a normal year's visitors volume or day tickets in the resorts they are servicing. Even if we had a little bit setback this February, in the longer run, we expect that to increase. I'm not sure if it will go to 100%, but at least it should. Catalate should process more than 30%, as these resorts increasingly going online. Yeah. What is the strategy with Skitude going forward, given that it has EUR 0.6 million in ARR and 109 resort partners? Yeah, that's a good question. We are working on that. First of all, it offers. I believe it offers a quite... We are not able to charge the value of what these apps are providing for the resort. We should be able to increase prices. We could also launch self-service apps to several thousands of resorts and cut out our direct sales force for that. We can also. The Skitude is sitting on an immense data set of skiing activity in the resorts and also outside the resorts because they are inside the app and doing different things both in the resort and also when they are at home or traveling between the resort and home. Actually 60% of the time they are inside the app is outside the resort. There must be some product we can make to leverage those data volumes. There's no one other actors in the world that sit on so much data about skiing behavior and in resorts as we do. That's something for the longer term. Once a cooperation with Alturos being announced, is this cooperation still on or do they go separate ways? No, that partnership is on. So far, it has given us one resort in Europe and we are working on it to try to leverage it even more. So far it has only been one, trying to get more. Yes, I think that was it. There was some questions from one analyst there. I can do that one-to-one because they are a little bit technical, I think. I can come back to you on that, if that's okay. Other than that, I don't see any other questions. We are about time so I suggest we conclude here. Thank you all for participating and I of course I'm available for answering questions later and also going forward. Just send me an email so I can try to answer if anyone has sent anything more. Thank you all for watching this today and I wish you a very nice day.