Thank you. Welcome, everyone. I think obviously we should start by introducing ourselves. Emily, did you want to introduce yourself first? Yeah, sure. Thank you, Ross. All right, for the ones who don't know me, I'm Emily Villatte, the CFO of Acast. I came into this business two years ago and have been working diligently to level up our finance processes and get to the point we are today. Prior to joining Acast, I spent some 12 years in big corporate FTSE 250 business in financial services, mainly in London, but also in Sydney and Stockholm, and I am based here in our HQ in Stockholm. Ross, over to you. Great. Thanks, Emily. As you can see, my name is Ross Adams, and I'm the CEO of this business. I've been CEO now for just under four years. I've been with the company since its first inception seven years ago. A little bit about my background, which is fairly relevant to the position I find myself in today. I spent my first 10 years working in commercial radio, learning how to cut my teeth on monetizing and commercializing audio. I was then lucky enough to join a startup called Spotify at the very beginning and helped launch that business back in 2008. I was there for seven years, and then I joined Acast and helped again set up and launch that business also. Over 20 years in pure experience. Right, Emily, let's get this started. Welcome to our first quarterly report, and a massive thank you for everyone joining us. I think it's worth mentioning that we'll be releasing this earnings call as a podcast later today. For those that do miss it, you can access what we're talking about there. If you're listening today via a podcast, a big hello. We're going to open up to questions. You should have received instructions on how to do that. If not, we'll go through that at the end. It's very simple if you do want to ask questions. Any we don't cover, we will be endeavoring to answer those in writing afterwards. Before we dig into the numbers, though, I wanted to again reiterate to you exactly what Acast is. It's so important that you understand exactly how the podcast ecosystem works and our position within the industry. Podcasting is very different from other mediums. As I said, it's important you all understand the position we operate within this audio ecosystem, and so we don't get compared wrongly or confused with other models that also operate in this space. Buckle up, it's a slightly complicated one, but for those of you who've already seen these slides, apologies, but do sit tight for eight or 10 minutes, as I will be repeating myself from what I've already told you. The next slide, in fact, which is this one, is a video, and Em, if we can hit play, please. What a bedding track that was. Okay. On to the next slide here. Essentially to understand exactly how podcasting and the ecosystem works, it's always good to use an analogy to help highlight that. Here you can see a very similar medium, which is, of course, the internet. We're showing WordPress here as a key example. If you are a web page creator, you need somewhere to host and distribute your website. You'd use a service like WordPress, and via HTML, it sends it to all of the different web browsers out there. Now, as an internet user, you have complete choice as to where you want to surf the web and where you want to access that particular website. Regardless of the web browser you use, it's available on every single one. Podcasting works in exactly the same way. Acast is a hosting and distribution and monetization platform. The way the industry works is rather than delivering via HTML, we deliver podcasts via something called RSS. Now, RSS basically distributes to all of the different podcatchers out there, and believe it or not, there's over 250 different podcatchers. As a podcast listener, you get to choose the app you want to listen to it on, and therefore, we need to make the content available on every single platform. Acast's position is one of an infrastructure position with a marketplace strategy at its core. It's key to understand that for a podcast to be a huge success, it needs to be available to stream, as mentioned, on every platform the listener chooses. This is what we mean when we talk about the open ecosystem available on all platforms. We distribute content to absolutely all of them, which means in turn, we can monetize every single listen on any single platform, allowing us to scale and grow very quickly. That is pure podcast apps, music streaming services, web-based and embeddable players, as well as the likes of connected devices, like the likes of Alexas, et cetera, and so much more. To be able to monetize to the best ability, you need the cutting-edge ad tech, you need tracking and distribution, everything digital advertisers expect. You need the best targeting, and importantly, a marketplace that offers reach and scale as large brand advertisers continue to start to turn to the space for exactly that reason. This is happening because of the unstoppable shift that's happening from radio listening to podcast listening, and therefore radio spend to podcast spend. All of this we offer, we are the global leaders and innovators at it, we have been for seven years and will continue to be. Next slide. As you can see here, we have a great track record to prove why we are the industry leaders. Multiple proof points to lean on since our inception in 2014. Obviously, I've just explained who we are and about us, if you look at some of our track record, 31,000 shows, 3.4 billion listeners, if you're looking at the last trailing 12 months, SEK 804 million in net sales when looking at the previous trailing 12 months too. We are present in over 12 countries. A lot of 12s in that sentence. With new market launches, of course, coming in the future. The rest you can read. We'll cover it in detail in the following slides. Next slide. While I'm not going to read these word for word, it's important to understand our vision, our mission, and of course, what we do, which I've just explained a lot about. We relentlessly strive to champion a fair and sustainable open ecosystem, servicing and empowering the exploding audio economy. It's our mission to put the creator at the heart of all we do, making sure we're innovating with the next-gen tools and products to help drive podcaster growth and monetization opportunities better and more efficiently than anyone else. We do this by being the global marketplace where creators and advertisers connect. Thank you for sitting through that. For those who saw those before, thank you. Hopefully, those who didn't are a little more informed now of the podcast ecosystem. Now on to the juicy stuff. How have we performed and fared in Q2 2021? I'm pleased to share some of our results. Before I do, I just want to say a big shout-out and thank you to the entire team at Acast who helped deliver these results. I'm an incredibly proud CEO, and a strong set of results like this makes my job, of course, a lot easier, and I'm so grateful for that. Thank you to all Acasters out there. Let's start with a top-line update of our Q2 activities, starting with the financial highlights. We're powering ahead with a strong second quarter. As you can see here on the slides, we delivered 130% net sales growth, which is 134% organic growth when adjusting for currency effects. We've got a healthy gross margin of 37%, in line with the same quarter last year and in line with our financial targets. We saw a significant improvement in our EBITDA margin from -45% in Q2 last year to -33% in Q2 this year, an adjusted EBITDA margin of -21% in Q2 2021. Adjustments, of course, have been made here primarily in relation to eliminating the one-off IPO-related costs. Emily will present the financials in detail shortly. In terms of the business highlights of the quarter, we saw our listens grow by 26% to reach 880 million in Q2 2021, compared to 701 million in Q2 last year. Our ability to monetize those listens took a significant leap as our ARPL, or Average Revenue Per Listen, we'll be talking about that quite a lot, has increased by 86% to SEK 0.26 in Q2 this year. We measure this metric not just for our benefit, but for that of our podcasters, as the better we get at monetizing listens, of course, the more money we can share and deliver to our creators. We know it is imperative that our interests are aligned there. The podcast industry as a whole, though, did see an impact from a bug in the Apple Podcasts app commencing in Q2, which resulted in lower-than-usual listens. This is an industry-wide issue that happened, and you can read about it in all the trade press. Apple has corrected this issue during July, but due to the time it takes to push out these updates for the fix to take effect, then we expect to see an impact on listens also during Q3. By Q4, this one-off issue should have been reversed. It's important to note, though, that regardless of this had no impact on overall revenues as a result. We're very pleased with the progress of our Acast+ beta testing phase. I'm going to be telling you more in depth about what Acast+ is. It's basically our subscription technology. I'll go into detail about that in a moment. The IPO was concluded in the quarter, as you know, strengthened our balance sheet with over SEK 1.2 billion. This will support our quest, of course, to build and support that open ecosystem I spoke about earlier for all the world's podcasters and to empower that burgeoning audio creator economy that we see exploding right now. We'll do this through organic and strategic growth initiatives. It also allows us to repay the quasi-equity instrument to the European Investment Bank. Actually, I also just want to add quickly that this clearly is a real testament to how far we've come as a business in seven years, and how robust our operations are that we can deliver an IPO whilst the business itself is still growing at triple-digit speed. Hats off again to all you Acasters who made all that possible. During the quarter, we welcomed thousands of new shows to our network, taking the total number of shows to more than 31,000 at the end of Q2. There's clearly too many to go through, but here are just a few of those key signings out of the thousands, and I'd like to highlight a few of them from different places in the world. In the U.S., we signed a great show from the largest online progressive news network and the creator of the flagship political show, "The Young Turks," which joined Acast. Their new audio strategy also aims to attract and be inclusive of audiences with interests beyond news and politics. Jumping over to the U.K., a highlight has been picked that the longest-serving two members of the UK podcast community picked Acast at the start of the journey, and even now, seven years on, continue to keep re-signing with us. Adam Buxton and Scroobius Pip, massive thank you to you guys. Absolute legends. In Sweden, one of the most powerful influencer couples, Joakim and Jonna Lundell, launched their new podcast with us this spring titled, "Jocke & Jonna." They're on a mission to become Sweden's largest podcast, and we're very happy to support them in their journey. Of course, it's great to see how YouTubers are realizing the power of audio monetization and turning to Acast. Now, moving down under, saw Equity Mates Media, which is the number one finance and investing network for young Australians, join Acast. It's the home of five of Australia's most popular podcasts. We're of course delighted to be working with them. Last but not least, Ireland's leading independent and trusted source of news and journalism, The Irish Times also joined Acast. They tap into a weekly audience of 1 million people across its digital content and print newspaper and is now investing in new formats, such as podcasting, to serve the changing needs of its readers. We welcome, of course, yet another premium publisher to the Acast fold. I could, of course, go on and mention more brilliant shows, but we've run out of time. I've listed a handful here. Every single market has signed multiple marketing shows. In short, we're thrilled to have all these creators join us. Now onto Acast+, which is our subscription technology. As I said earlier, I'm very pleased with the progress we have seen in the beta testing phase. In a second, I'm going to walk you through the video of how this actually works. This example is actually from a fantastic podcast and partner, Tommy, Hector & Laurita, based in Ireland, with a massive show that only launched last September, gaining 7 million listens across 175 countries since its launch. The example shown here is listening to the free show on the Apple Podcasts app. During the show, at various points in a podcast, you're going to hear about their subscription service, explaining what it includes and what the price points are, basically driving you to click. The listener will be driven to click the link placed in the description of the show. Regardless of what podcast app they're listening to the show on, they can just click in the description and up will pop a window, which is where we'll join the video in one second. Once they click, it will open up the option and details of how to subscribe, as seen on screen. You can also do this on the web as well, but we're showing you a mobile example here. If you could start the product video now, Emily, please. As you can see on the screen here now, that the listener will see this is basically designed during using our technology within our CMS. You can have multiple options on what you offer here, multiple tiers. Once you've decided on the tier that you'd like to subscribe to, you join the Acast paywall service, clicking the likes of Apple Pay or Google Pay or whatever payments you want to use. Once you've paid, you then choose the listening app you'd like the paywalled content to appear on, and away you go. In this example, it's going back to Apple. The podcast feed you follow, the free feed on the Apple Podcasts app in here shown as an example, will usually just, of course, show the free released shows. What it would do now is show the paywalled content alongside that and continue to update as they release more and more content automatically. You only need to join the Acast paywall once, and every time you push play in the future, our subscription technology checks you're a paying subscriber or not, and then blocks or allows access accordingly. No piracy occurs, and we manage the billing and payment transactions for all the podcasters that use it. Acast+ brings new monetization options to podcasters, including the ability to offer the likes of ad-free streams, extended episodes. It could be bonus content, and of course, much, much more to paying subscribers, depending on what show you're launching. So far, our beta partners that are using Acast+, which we launched back in March, are seeing an average revenue boost of 20% compared to their usual ad revenue. It's a very additive product that helps drive new revenue streams for creators. As a side note, a press release went out yesterday. This Irish podcast that we showed here has actually seen an increase of 59% in monthly revenue, thanks to introducing Acast+ and their subscription to their super fans. We've also seen that adding paid subscriptions is not impacting podcasters' ability to command advertising and sponsorship for their show. Instead, incremental ad revenue growth can partially be attributed to the increased awareness of their podcast. Due to their PR push around the introduction of new membership tiers, resulting in total listens to the public episodes also increasing. Now over to our wonderful CFO, Emily, for a more in-depth review of our finances. Thank you, Ross. Let's go back to the top line and start with our net sales growth. We've seen it in the past. It's 130% growth in Q2 2021 compared to Q2 2020, and 134% organic growth when adjusting for currency. We had no acquisition impact when looking at an organic growth basis. If we look at the right-hand side and our growth figures on previous quarters, you will see that we had 130% was the highest growth in the last number of quarters that we're reporting there. The lowest growth was in Q2 2020, and I will remind everyone that we had a slight COVID impact during that quarter. For a short period of time that we count in weeks, not quarters, advertisers took a little bit of a breather in terms of podcast advertising investment, and that had an impact on our growth in Q2 2020. It was an easier comp. Some of that post-advertising spend, we got back in Q4 of last year. I just want to highlight that when we get to that point of presenting our Q4 figures, clearly we'll be keying off a more difficult comparative for the future. All in all, that aside, one cannot argue that our net sales growth figure was a strong result in the quarter. Moving on to the gross margin. We had a healthy 37% gross margin in the quarter, which is largely in line with the result that we had in the same quarter last year. If we dig into a little bit of the minutiae, I would highlight that one thing impacting our margin, if we go into the decimal points and the details, is that we had an ever so slight skew towards selling sponsorships versus branded ads or brand ads, and those products carry a slightly lower margin than the brand ads. Particularly in the U.K., we've been very successful with this product, and it's the function of the product mix that is having an ever so slightly impact on our gross margin in this quarter. Again, you see the seasonality in gross profit. We always have Q4 as our strongest quarter in the year. That is just something to keep in mind as we move forward. In terms of the EBITDA result and the EBITDA margin, as Ross highlighted, we've had a stellar improvement in EBITDA margin, going from -45% Q2 last year to -33% in this quarter. Much of the costs impacting the margin here are related to our IPO. We can see that the losses at adjusted EBITDA level have actually flattened out, and we've got to -21% adjusted EBITDA margin in the quarter. Clearly, we're not just growing our top line, we're also scaling our operations, and costs are growing at a significantly slower pace than our revenues, and this is clearly part of our path to future profitability. I'll remind you that in our financial targets, we've set a break-even EBITDA target for the next three to five years. This is a delightful slide. This is showing all of our market segments, Europe, Americas, and other markets. Here we illustrate the top-line growth and their local profit contribution before allocation of global overheads. If we start with Europe, 174% net sales growth compared to the same quarter last year. What I want to highlight here as well is that every single market is contributing, and it is particularly encouraging to see that the likes of Sweden and U.K., where we have quite a dominant market position, we're still contributing to this growth. It was an easier comp in Q2 last year, as we saw more of that COVID effect in Europe than elsewhere. Setting that aside, it is undeniable that the net sales growth figures are strong and increasing profitability at the same time. In the Americas, we had 65% net sales growth, but it was heavily impacted by currency. On an organic growth level, we reached 84% organic growth in this segment. This is mainly driven by the successes that we're having in the U.S., but we're also seeing some fantastic progress starting to come through in Canada and Mexico, which are also included in this segment. Of course, going from a negative 11% local profit contribution margin to a positive 11% is a great achievement and a testament to the scaling that is taking place. Having said that, we are investing heavily in the U.S. and in these new growth markets, Canada and Mexico, and will continue to do so, to be able to make the most out of the smorgasbord of opportunity that we see in the Americas. Other markets are mainly our Australian, New Zealand business, but also include an international sales team. Strong net sales growth and going from a small loss to a small profit. They're in the black, everything counts. A very good performance from everyone. When we look at our listens, we did see 26% listens growth compared to the same quarter last year, and a significant improvement in our ability to monetize here, measured as average revenue per listen ARPL. Ross spoke about the impact of the Apple bug. I'll just reiterate that we saw that impact in Q2. We'll continue to see an impact in Q3. By Q4, that should be eliminated from the numbers. I don't have exact figures to share with you, but that is something to keep in mind. Having said that, though, we have in the past seen a dynamic whereby our net sales growth is fueled both by our ability to attract new listens to the platform, but also our ability to improve monetization. That is the dynamic that we foresee continuing into the future. Looking at our operating cash flows for the quarter, we did have an impact from our IPO costs in the quarter. Operating activities delivered negative SEK 59.1 cash flow impact, and then a very small negative impact from working capital. If you look at Q2 2020, there was a slight COVID impact whereby we saw advertisers holding back money at the end of Q1, and some of that flowed back in Q2, which is illustrated in that positive working capital impact. I've included this slide for the Q2 results, as I just want to highlight the item affecting comparability and non-recurring items. We did have our IPO cost come through the P&L in Q2, so I wanted to highlight and make sure that that was clear as to the size and shape of those charges. You will likely also have noticed that we have a financial cost coming through related to the repayment of our quasi-equity instrument that we've had with EIB. Whilst that presents as a large cost through the P&L, actually in the quarter, it had a positive impact on equity. All in all, it has not had any significant impact on equity since the time we drew down on that loan. There are accounting technicalities that impact how we have to present this in the P&L and in the balance sheet. I'll end on a happy note. The cash increase from the new share issue coming in at just over SEK 1.2 billion as a result of the IPO. On that note, Ross, back to you. Thank you, Em. I thought it'd be worth us mentioning, of course, a few recent events and areas of focus that we think we should mention here. Onto the slide. First up, we announced a partnership with the renowned political publisher in the U.S. called Crooked Media. For those of you who don't know who they are, Crooked Media was founded by three people, Jon Favreau, Jon Lovett, and Tommy Vietor. All of them served as staffers under Barack Obama, with Jon Favreau being Obama's head speechwriter from 2005 to 2013. They produce a huge network of incredible shows, some of which are amongst the most popular US podcasts, such as "Pod Save America" and "Lovett or Leave It," but to name a few. Their roster of shows also has a mass following and listenership in international markets, which is where we come in. We welcome, of course, Crooked as a partnership specifically to help them monetize these international listens. They join other podcasts in our marketplace, like the likes of TED Talks and PRX, who we also represent from an international standpoint. It's worth noting, though, that on average, U.S.-produced English-spoken content travels incredibly well to other markets, with between roughly 15%-30% of their overall listening being international and outside of the U.S. Similar international deals, of course, will remain an area of focus for Acast in the future. Next up is the British Podcast Awards, which happened in London last month, where we were a sponsor, and of course, a whole crew of Acast has attended in person, which was a bit of a treat. There were 80 awards given out on the night, and I'm pleased to say that Acast podcasters were awarded some 40 out of 80 awards. One of the biggest awards of the night, the Podcast Champion Award, went to Fearne Cotton, who is the host of a podcast called "Happy Place," for her efforts to open up the mental health conversation and her work in the wellness podcast space, which she's not only created but truly defined with that massive podcast. It's, of course, a recent signing of Acast, too. This clearly demonstrates the dominant position we hold, maintain, and are growing, with such strong market share of the top commercial podcasts on offer in the U.K. A big well done to the UK team. We have continued to roll out Acast+ onboarding lots of new beta partners in multiple markets week in, week out, with some continued learnings as we work towards that full release out of beta publicly later this year. We're very excited about, of course, how additive this can be, as I explained earlier, to that burgeoning creator economy offering that new monetization path alongside ad revenue while being, of course, platform agnostic, championing that open ecosystem. Podcast Movement took place two weeks ago in Nashville in the U.S., again in person. We had multiple team members attending as we were one of the major official sponsors at the conference, which was on two or three days. We held panels, dinners, and it was great, of course, to have a chance to meet new and existing partners. One thing that we'd like to highlight in the U.S. is that while the market is very fragmented, we've obtained a significant position as one of the top podcast networks when looking at our marketplace of listens or listener unique reach. While we're seeing new creators joining from all corners of the world, 25% of our shows are based in the U.S. If I equate that down to uniques, that means that more than 14 million Americans listen to podcasts powered by Acast every single month. In fact, if you compare those numbers with Podtrac's ranking of the top US podcast publishers, which is an industry ranking chart, Acast would be sitting pretty in third place in the US chart, and actually number one globally in terms of listens and unique reach. This highlights the stellar progress we've made and continue to make in the U.S. What a nice nugget for us to end on. With H2 and H1 wrapped up, we're very much focused, as you can imagine, on the second half of the year. Now, Em, I think it's time to hand over to our friends at Financial Hearings for the Q&A session. Again, I'm sure they'll be repeating how you can ask questions. Thank you. If you wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to confirm. There will be a brief pause while questions are being registered. The first question comes from Derek Laliberté from ABG. Sir, please go ahead. Yes, thank you very much. Good morning to you. I was just trying to understand the components of this exceptional growth that you are delivering or delivered in the second quarter. You mentioned the Apple bug here affecting listens but not revenues. Can you provide some indication of what actual listens might have been like? I'm also thinking that if you were to look at the actual listens, the Average Revenue Per Listen wouldn't have been as great as reported. If there's any comment you could make on that, would be very helpful. Thank you. I can pick up on the numbers there. The reason why it's difficult to give an exact number is that the impact of this type of bug is implemented over time as the bug is being disseminated across iOS and the Apple Podcasts apps. Similarly, when it is fixed, it takes roughly about a month for everyone to update their devices so that it is eliminated. As a guide, we were clear on that in the prospectus that just under two-thirds of our listens come from Apple devices. Whilst the impact has been reported at different levels in the industry, we could use 10% impact as a guide, but it is hard to know exactly when the full impact is coming in, how fast, and then how fast it is moving out. We mainly saw this impact come through starting in June, and will continue through July and so forth. Those are just a little bit of high-level guidance. I can't give you an exact figure. As you know, since we don't have a 100% sell-through rate, we have inventory to work with, we had absolutely zero impact on our revenues, and every single campaign that came through our doors, we were able to deliver on. That's very helpful. When it comes to the overall growth in listens, could you comment anything of what share of the growth is coming from the shows you already had signed a year ago, and what was the contribution like from the shows signed over the last year, for example? I don't have the exact numbers, but it is a combination. We're both seeing a growth in underlying listens from the shows that are joining our platform. They're becoming more and more successful. At the same time, we're seeing new shows come in. Of course, there will be some podcasters who stop podcasting or step out from the platform, but that is a very small number. We have incredible stickiness on our platform. Once people come on board, they tend to stay, which is a delight. It is definitely a combination. I think adding to that, Derek. Good morning, by the way. I think one of our USPs has always been about growth. That's not about just new shows that join us and new shows that launch, but it's existing shows that are with our network too, and we're the experts at growth, which is why we're attracting so many professional podcasters to our platform. Of course, as Emily said there, podcasts can be seasonal. You'll have some that are on, some that are off season, some that are always on for entire year. It varies. Hopefully that answers your question. Yeah, I think that's very clear. Just finally from my side, I was also wondering if you could comment a bit on the growth in your three sort of different segments of long tail podcasts, the big independents and the professional publishers and so on, how those contributions have been. Thanks. The biggest contribution, as you know, there is a big head of the snake in podcasting. The biggest shows have significant listenership. Clearly, as we get these big US giants on board, they will contribute in a significant way compared to the smaller shows in the long tail that come in. Those grow over time. We're really looking at nurturing them and helping them get to a bigger position, where some might even be able to do podcasting as more of a focus compared to a hobby. We really attract that type of podcaster with ambition. The listens that come into our platform are, how shall I say? It's sort of high-nutrition calories. They're really high-quality listens and really high-quality podcasters and shows that are coming in regardless of whether they're smaller or larger. The biggest contribution comes from the larger shows. All right. Thank you very much. That's all from me. Thanks, Derek. The next question comes from Danny Rimer from Carnegie. Sir, please go ahead. First of all, good morning and congrats on your first report as a public company. I would like to start by asking you about the development in your different geographies. Can you give an indication of how much of this sales increase that is attributable to the development in new markets in Europe versus markets where you already hold a leading position? Absolutely. The dynamic in Europe, which I think is a fantastic dynamic, is that all of the markets are contributing. The investment markets are starting from a smaller base, clearly. We've had significant growth from both the U.K. and Sweden, where we have this dominant market position. What this tells me is that there is no such thing as a mature market in podcasting. Everyone is contributing. The dynamic in Europe that I'd also perhaps add, if we're getting into some further nuance, is that if we look back at the newer growth markets that we have invested in over the last two and a half years, we've put quite a lot of flags in Europe. We have Ireland, we have Germany, we have France, we have Denmark, and so forth. We have planted quite a few new flags, and everyone is contributing with strong growth, but they're coming from a smaller base. All markets are contributing to growth in Europe. In the Americas, right now, the U.S., and you might have seen this, you can go back to our annual report where we reference our three largest locations, U.K., U.S., and Sweden. You will see in the Americas that the U.S. is the lion's share of that revenue. Clearly the bulk of the growth in the Americas is coming from the U.S. We are seeing some fantastic signs and momentum coming from our newer joiners in Canada and Mexico. I think Mexico was the location that we opened up just before COVID hit in Q1, Q2 last year. That was a great contribution before many went into lockdown. Everyone's contributing, but the larger locations, U.K., U.S., Sweden, have contributed the most, in terms of nominal increase, given that they're starting from a higher nominal net sales figure. Does that make sense? Perfect. Yes. That's very helpful. I would also like to follow up, and I'm sorry to bore you with this Apple bug questions, but given that it takes about one month that you see these delayed effects, so to say, and given what you just said about the delayed effects from that bug, is it reasonable to expect that you will see a greater impact in Q3, given that it seems to be solved first, during the beginning of August? The impact will continue in Q3 at a listens level. Just like Q2, we are not anticipating any impact on revenues. We will have to just ride this out and get to Q4, and that will be the point when we will be back at our sort of normal baseline in terms of listens growth. It's key to remember as well that we are obviously continuing to sign more and more podcasts every single day in all markets, as well as growing organically and growing shows and show growth. Well, yeah. Perfect. Also we also have seen some news that some podcasters seem to experience delays in publishing their podcast due to Apple Podcasts following the new iOS update. Is this something that has affected your business or your customers, and if so, how? It's not something that has been flagged as an issue our side. I know that's been reported in some trade press, but that's not an issue that's been reported widely on our side. Okay, perfect. Then finally from my side, can you just provide any more comments on the cost development during the quarter? You mentioned increased costs related to staffing and then obviously the IPO-related NRIs. Is there anything else worth mentioning here? I think one thing to mention is that as our sales go up compared to Q1, for example, there is an element of cost growth related to variable pay. That is something that is a dynamic that we’ll see in the quarters where we have stronger net sales. That is one element to mention. I’d also perhaps add a little bit of nuance around the comparative and Q2 last year. We’re always investing, and we’re always recruiting and investing in the business. In Q2 last year, given that there was some turbulence in the market and we had a slight pause on for a few weeks in terms of advertising spend, we did have a very short period where we did not invest as heavily as we have in the past. That is perhaps also what's coming through when you look at the growth compared to last year. We gained some momentum in terms of investing in the business towards Q3 and Q4 of last year. Right now we're exactly where we need to be, and we are continuing to invest. That pace of investment might, and the profile of that this year might look a little bit different compared to last year, given that we had a slight advertising pause in Q2 as a result of COVID. Okay, perfect. Thank you very much. Thank you. Ladies and gentlemen, I would like to remind you that if you wish to ask a question, please press zero one on your telephone keypad. The next question comes from Emily Johnson from Barclays. Madam, please go ahead. I have three questions, if I may. The first one is, how are your plans to invest in the US market progressing? How much has Amazon's acquisition of Art19 and Spotify's continued bullish comments impacted the competitive dynamics in the market, and therefore your plans of how and where to invest in the U.S. to gain market share? My second question is, you mentioned that the primary proceeds you raised will be used for organic and strategic growth. Can you elaborate on what strategic means? Would you consider M&A, and if so, are there any specific areas that you're more interested in? For example, any specific geographies, types of target, like content versus tech versus other networks similar to Acast? My third question is that you mentioned the rollout of Acast+ is progressing well. Can you just remind us of the economics behind that, of what% of subscription revenue do Acast keep versus content creators? Thank you. Sure. If you want to add in on the first one as well, but I think that was about investing in the US market and of course, as we mentioned in the prospectus, and during the IPO round, that is a key area that we are looking to raise money to invest in. We see that as a massive opportunity. As you can see, so do the likes of Art19 being bought by Amazon, and obviously what Spotify are doing amongst others. For me, that's a clear validation that this space is growing. What you need to remember as well is that there are end platforms, which I've just mentioned, the Amazons, the Spotifys, et cetera of this world, and their key focus, of course, is on that listener and maintaining listenership within their app and their walled garden. For us, our strategy is about distributing content to the likes of them. It's a very additive partnership, and a very symbiotic relationship. Of course, there are areas where we will compete, but for me, I see that as a pure validation signal and an opportunity that there is opportunities to grow for all in this market. Em, do you want to add anything on how we're investing in the U.S.? Yeah, sure. I'll go back to the US investment question and growth. Just reiterating the notes from the previous question around the cost and investment, we are continuing to invest in the U.S. When we invest, we get exactly what we're hoping from that investment. We will continue to do so for the future. Really happy with that progress. If I jump to the next question around use of proceeds, we have planned that we would utilize the primary proceeds for three purposes: organic growth, strategic growth, and repayment of the EIB loan element. The EIB loan element has now been paid back, and we have strategic and organic growth to pursue. In the prospectus, we signaled that we had carved out around 50% of the proceeds for strategic growth, and what we mean is precisely to your point. We mean that M&A is very much on the cards. Whilst we, of course, can't comment on any specifics, there are different ways to use M&A to fast-track our growth, either through looking at new geographies or to fast-track taking a position in a new or existing geography. There's also a route around content, expanding our content catalog through reach, for example. There are some, not many, slightly similar businesses to Acast, but it's very much something that we are looking at from different angles. Can't comment on any specifics, but M&A is definitely part of our strategic growth plans. The last comment was on Acast+. I don't know if you want to comment anything there, Ross, but right now as we're in the beta phase, we are testing out different methods and different approaches to pricing. Right now, our standard terms are 15% gross profit to us, 85% payaways. That's part of the public standard terms that we have. We're looking at this and considering how to look at this moving forward. Having said that, Acast+ is a product that has high scalability, and the reason we share more with our podcasters is, of course, that they contribute a lot of value in this transaction. They're sharing their most prized and intimate relationships with their listeners, and they create bonus content and consider how to use Acast+ as part of their content strategy. That is clearly why they get a higher share in terms of payaways, albeit we're elaborating around that. It's a more scalable product, so in terms of us incurring costs at the OpEx line, it's very minor as we roll this product out in the future and go for scale. Does that make sense, Emily? Yeah, that makes sense. Sorry, could you just repeat the number you mentioned there? My line cut out slightly. 15% currently. 15. We're looking at different methods and models for finding the optimal route. Super. That's all very clear. Thank you. Thanks, Em. Thank you. We don't have any further question by phone. Great. Well, I think that probably takes us to the end of this financial hearing. I appreciate everyone for tuning in and also those, again, tuning in to the podcast. Thank you, Em. Thank you, everyone, and we'll see you next time.