All right. Good morning, everyone, and welcome to Acroud's Q4 presentation. My name is Robert Andersson. I'm the CEO since a year ago. With me here to present the financial details later, I have Gustav Vadenbring. Today we will get a quick overview, then I will discuss the journey ahead, as there's been quite some large changes in the company. After that, Gustav will go through the financial details, I will end with some closing comments before we go into question and answers. To start off with, we will have a quick overview of the company and the quarter. If we look at the fourth quarter, our revenue amounted to almost EUR 2.5 million and an EBITDA of almost EUR 1.3 million. Profit after tax was negative almost EUR 700,000, about EUR 1 million of those negatives is due to foreign exchange and our bond. Since our bond is in SEK, it's had a negative impact on the net results. The change in new depositing customers is positive. It's up 3%, and cash flow from operating activities was almost EUR 1 million. Moving ahead, if we look at other key figures and also for the full year, it amounted to slightly above EUR 11.5 million, EBITDA at around EUR 5.5 million, and profit after tax was EUR 1.25 million. Depositing customers has gone down. This is predominantly due to the changes we had in the Dutch market and adapting to regulations. That market is set to open up during this year again, and we are well-positioned for that. Cash flow is also about or above EUR 5.5 million, so you see that the cash flow is matching our EBITDA very well. We have a diversified product offering in Q4. Casino is not as predominant anymore. Poker has been gaining ground. We're doing a lot of good things in poker. Sports remaining roughly the same in the mix. Others is predominantly in the financial vertical. If we look at some events during and after Q4, we are executing on our growth strategy pretty much spot on, I would say. What we have been doing is acquisitions. We also have combined that with focus on organic growth by focusing on fewer sites. We also did a new share issue where we raised approximately EUR 90 million to strengthen our balance sheet. It also reduces the risk in the company. It also makes us be able to do acquisitions. We did acquisitions. We acquired a sports betting-focused company that's focused on emerging markets as well as the U.K. We have been granted the licenses in several U.S. states. I will talk more about that later. We acquired the assets of Power Media Group. Those assets are Voonix. Voonix is a software as a s ervice product. Matching Visions is, I would say, a business hub in between affiliates and operators. I would classify this as a business as a s ervice. More on that later. Traffic Grid is more a traditional advertisement network. I thought it would be interesting to take a little bit look back at the year, because it's pretty much a year since I joined the company as well, almost on the day. To sum that up, it's been a really challenging year on many levels. Of course, Corona. Also within the company. I came into a company that was quite focused on just its affiliate sites and stuck in details, maybe, if you will. We have shifted the strategy to being more offensive, and we secured a refinancing and raised new capital. We not only changed the company name, but the brand, and we're rebuilding the culture in the company and executed some strategic acquisitions. I think that this year is now we have really laid the foundation for future growth. Me, personally, I'm extremely optimistic about the future, simply because we have built such a strong team now. The mindset is transformed. We are very entrepreneurial nowadays, which feels great. Now we are finally starting to form this. If this wasn't clear before, the name of the company, Acroud, is a play with the word crowd, and we'd like to see ourselves as a crowd of brilliant minds. All right. If we look at the journey ahead and how we get to where we want to go, we can start off with this strategic repositioning that I've been talking about from the old Net Gaming and traditional affiliate business in casino kind of thing. We are moving from few markets and a single business model to much more diversified business model, where we now are becoming more and more a software-based company with our core. Yes, of course. Our main thing is still within affiliation and in iGaming, but it's definitely more revenue streams now, and you will understand the kind of strategic journey that we have ahead ourselves. I will try and explain that a little bit more now. It's a new Acroud. We are at your service. In the base, we have our traditional affiliate business. We are an affiliate. We do this within poker and sports betting in the casino vertical. We have our flagships, such as PokerListings and Casino Spellen, CasinoGuide, Casino Top 10. That's the old business. Now, since we did acquire the assets in PMG, we are really starting to build out an ecosystem in this industry that can reach well beyond what I would say, the traditional affiliate business. We have what I like to call the BOSS pillar, which is the business as a s ervice. Matching Visions is an excellent example of this. This is basically a meeting place for other affiliates and operators. We offer affiliates to join this network, and they will be able to access business with larger operators that's potentially out of reach for them at much better terms than they would if they went at it alone. Traffic Grid, as I said, is a more traditional advertisement network. In the SaaS business, we have something called Voonix, which is a data collection tool, which is probably industry-leading in the sense of being able to provide larger affiliates with data so that they can steer their business in a very solid way. We have AffHut, which is a software that allows you to create your own Matching Visions. If you want to build out a meeting place for other affiliates and connect other businesses to that, AffHut is your go-to software. This one has now been also expanded to be able to handle streaming affiliates really well, and this is something that we are launching currently. We are in an alpha phase with this and doing some trials, which is, for us, a really interesting proposition that we are creating basically a Matching Visions, but for streamers, and this can easily then reach into other verticals within streaming, such as e-sports. This is something that we are really excited about going forward. It's a lot of things in the pipeline. The new Acroud is at your service based on these three pillars. If we look at the strategic initiatives that we have a little bit, we have the geographical expansion. We are expanding into U.S. About 20% of our revenue is coming from the U.S. Obviously, we want more coming from there. We want to expand beyond the iGaming vertical. We have some in the financial sector. With Voonix, we have an excellent opportunity to move into other verticals as well, to provide basically intelligence and data for our affiliates in other industries. That's one. We are going into rich content and streaming, as I just explained. We are launching basically a Matching Visions for streamers, which is going to be hopefully really successful going forward. I have personally very high hopes for this. It also goes really hand in hand with the letter of intent and the possible acquisitions that we are trying to do going forward, which is based on also streaming, but they are also actually a software as a s ervice company, if you read the press release from yesterday, where they have a tipster service that helps you create better bets. All of this goes well into the fact that we want to be a software-based company that has a much stronger strategic structural capital inside the group than just the traditional affiliate sites with Casino Top 10 and how to play poker and all of this. We are building more value into the company, I would say, with this. If we look how this plays out on a tactical level, this means that focus, less is more on the traditional side of things. This means that we are focusing on fewer sites that will get more love and attention and also work harder on its rankings and reach. We still have our M&A which, well, you could see yesterday, we like to do M&As that sits right into our strategy. Diversification of revenue streams. This is, again, something where we are looking into our M&A activities and our own organic activities. How can we build up more revenue streams to not be so sensitive to one revenue stream? Then, of course, we have the U.S. rollout in terms of the geographical diversification. U.S. is focused, we have the luxury of having organic traction now. Actually, one of the acquisitions we did has almost unexpectedly started to gain traction with one of its sites in the U.S., which we are now seeing that we are going to put a lot more internal focus on growing. Looking at the regulations, we see that more and more are regulating, and now we have been talking about the U.S. in particular. If we look at the U.S. in particular, what's happening there? Let's start off with here. In these states, you have some sort of already regulated betting industry or have passed bills. The natural question becomes, of course, where are Acroud? As you can see, we have licenses or business certificates in nine states where we can operate. That's why we also now have 20% of our revenue coming from the U.S. In the future then, how is it looking? Well, we have another three applications filed that are pending. We are likely going to get these in March. If we look in general on the immediate future and the big upsides, well, of course, if we get these through New York and California, we don't know exactly when, but when they happen, there are some tremendous upsides here. We continue our push in the U.S. both organically, but we are also, w ell, I will get more back to that soon. This is then our brands that we have. Some of them are in the different pillars, so we have Voonix, AffHut, Matching Visions, but these are really our focus at the moment. If we go over to M&A and then relate it to U.S., as I was just talking about, we have assigned LOI with something we call Project Vertical. We did focus in the end of the year a lot on getting the PMG closed and to be able to integrate that as soon as possible. This is taking longer than planned. We are actively working on this. Taking longer than planned and due diligence in the U.S. is a little bit more cumbersome than we are used to, simply because all the background checks need to be done so there are nothing that can affect our current portfolio of licenses. We are moving on that. Then we have Project Santa Claus, like we like to call it, and this is what we actually announced yesterday. It is a large streaming and betting tips provider. It's predominantly a software-based tips to service. This generates most revenue, and in that, they have a percentage of turnover from the betting providers. Yet again, it's a new business model because if you have rev share, you are sensitive on the revenue share, which is based on net profit from a player. You are sensitive on the player losing or winning, especially in sports, you are sensitive to if all the favorites wins or loses. Here, it's a percentage based on turnover, so you actually are not sensitive to winnings and losses, which is another diversification of the revenue model, which is great. Their streaming services brings in also NDC, so the traditional affiliate revenue. In these streaming channels, there is also traditionally paid media that makes money. We see large synergies going forward. This also, since we're launching software to help improve streamers to track their revenue and to create more business. We find this to be not only a perfect match in our SaaS model but also within our push in streaming. With this, I hand over now to Gustav to actually go over the financial details. Yes. Thank you, Robert. I'll give you a flavor of the financial development in 2020 and also the fourth quarter in 2020. 2020 has been a relatively challenging year for us financially. At the same time, we built the company fully and transformed it, and also adapted it for future growth, which we will see in the future. What we can note also is that we also have a total different risk profile with all the diversification we do, and you'll see that on these coming slides. During the year, we also have adjusted our product offering in Holland, like Robert mentioned, and that was impacting our revenues in the Q3 and Q4, as you can see. What we can see also is that in Q4, we are increasing revenues and also our NDC levels are increasing significantly, driven by poker and betting. We look on our revenue diversification. We've been working with that quite significantly the last year. We can see that the poker vertical is gaining ground, as Robert said, and we also see that sports betting is increasing quarter by quarter. We will see that the sports betting will increase further on as well in line with our strategy. We also see that the North American market is growing. We increase our traffic there, and also we increase the revenues within poker within North America. The last years, we've been working with revenue diversification of the company. One of the tracks we've been working with has been to increase the amount of rev share to create sticky revenues. During this year, 2020, we are around 60%-65% rev share, which we think is quite an adequate mix for the future. We also have been working quite a lot with implementing new revenue streams. From Q3 this year, we have started with the upselling and selling fixed fees, et cetera, and they comprise now almost 10%-12% of our revenues, which you can see in the upper right corner. The cost base of Acroud is relatively simple as a business model, mainly comprising personal cost and employee costs. The personal costs have been somewhat decreasing the last two quarters as we have a little bit less full-time employees and our other external costs have increased a little bit. The cost level for 2020 has been, in total, quite flat for the full year. What we are doing as well is that we are allocating costs from more sites to less sites for the first, and the other one is that we are allocating costs more to revenue-related areas where we invest more in marketing and direct sales. The business model of Acroud is also enabling a high EBITDA margin. We're operating with a margin plus 40% during the year, you can see. We also are scalable. When the revenues has decreased in Q3, it impacts the margins, so to say. Now we go to our financing and our debt structure. During the year, also the business model enables us to deleverage very fast as we are operating with around 80% cash conversion. At the same time, CapEx is quite limited in this kind of business. That means that a lot of the EBITDA converts to cash, which is very good. During the year, then we have decreased our gross debt. It's been partly the new share issue that was done, which has enabled us to do repurchase of the bonds. This has also led to that we decreased our interest costs, which you can see in the P&L. We go to the cash flow development of the company. We can see in 2020 that our operating cash flow remains strong. We generated around EUR 5.8 million in operating cash flow. The items that are impacting below the operating cash flow, cash flow from investments, that's mainly related to the acquisition of Leomedia, Robert told you about earlier, but also earn outs from previous acquisitions from Next3Desks last year. The other item with the cash flow from financing activities is the widget. It's mainly related to cash in from the new share issue, which was done in November 2020. That has been then counterbalanced by where we purchased bonds of around EUR 6.2 million during 2020. At the same time, we had transaction costs from the refinancing and new share issue around EUR 1.6 million. We have also amortized our bond up to EUR 1.2 million. What is notable as well is that we decreased our interest payments almost by 20% during 2020. I will leave over to Robert for some closing comments. Let's try and summarize this. We are moving towards being a service company. We have a lot of new revenue streams in our new company. We have a lower risk profile. Our balance sheet is better, more revenue streams, as I said. A strong M&A. I think we have done some really good and smart acquisitions, and I think we are about to do them as we announced with the letter of intents as well. I'm really happy where we are at the moment. I feel that last year in 2020 has been a lot about call it spring cleaning or what you want, but kind of shaping up the company and building the foundations that we are going to jump into the future from here. I feel really good about now 2021 and 2022. What can I say? The job is starting to be a lot of fun now. We also have, of course, strong cash conversion from operating activities and as always, we are focused on building shareholder value. It's a given. With that said, a lot of pieces of the puzzle are falling into place, and we are really developing the media house of the future, and we are preparing ourselves for growth. You can expect us to keep this very high pace as we have had during the year because the only constant in life is change. With that said, I say thank you, and now we are ready for questions and answers. Thank you. Ladies and gentlemen, if you have an audio question for the speakers, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while the questions are being registered. Our first question comes from the line of Erik Moberg of ABG. Please go ahead. Your line is now open. Morning, gents. Thanks for taking my questions. To start off, in regards to the European business, although it improved QoQ, performance is still lacking year-over-year, and also when we compare it to H1 2020. Could you perhaps give us some more color on the previous issues as well as what you have done to address this? Also when do you assess that we'll start to see growth on a year-over-year basis again from Europe? I'll try and answer that as clearly as I can. The drop you have seen from Q3 and Q4 is predominantly almost fully related to our shutdown of business activities that was in relation to the Dutch market due to the upcoming regulations. It's as simple as that. It was a really big market for us. That, what we're seeing now, there are some slight delays in opening up the market. I think they just announced a month delay where they will start taking applications now in April, which means that we believe business will be up and running sometime Q3, Q4 this year. We are well-positioned to regain our revenue quickly. We are now in dialogues already with a lot of operators that are planning to apply for licenses so that we can be there helping them drive business from day one. Is that clear? Otherwise, I also think. Yeah. Europe's back to growth, without the Dutch market this year, so to say. That's a good color. Just to follow up on the Dutch market there, given that you operated there before, and I guess that was against their cooling off rules, so to speak, do you think that this will make it harder for you to obtain a license once that market actually is in there? It's not us that needs to obtain a license, and we have had a good dialogue with KSA, and we have cleared all matters. There is nothing that could potentially stop us there, so to say. As I said, since I came in, we have picked up a very good dialogue with KSA, and there should be no issues. Got it. Great. Just to follow up there on Europe and the outlook for 2021, aside from Germany, which I assume will face headwinds, are there any other region that you perceive any headwinds on a year-over-year basis? No. Have increased? I say that what could happen to us has happened to us, if you will, which was the Dutch market. Sweden is becoming a much more interesting place because all the tough regulations, I would feel, is in place. There I don't see any more downsides, for example. To answer that, no. Germany for us was a very small part of our market, for good and bad. That has had a completely insignificant impact on us. Okay, great. On the U.S., obviously you witnessed some improvements here, both QoQ as well as year-over-year, but it's still below both 2018 and 2019 levels. This is a region where iGaming witnessed quite an explosive growth ever since. Could you perhaps elaborate a bit on why that is the case? Well, it's simply because the attention wasn't there before as it should have been, and with the big changes we have done within the organization and the focus. I can't answer for how it was run before, but we are putting since more than half a year ago now some proper focus with launching also organically competitive products. I think there was a case before maybe there was not enough reinvestment of growth, and since revenues were going down, there was a halt in investing enough to keep the competitors at bay, so we lost ground. We now have some regaining to do. That's been part of our strategy for quite some time now. We need to be better than our competitors, so we're working hard on it. I think that's the honest answer there. Got it. Then just follow up, you now have a license in both P.A. and Michigan. Could you give us some color on when you expect these expansions to come through on the top line? I can't give any comments to that now, obviously. As we go along, we will report it. We don't give any forecast there. Got it. Thank you very much, guys. That's all from me. Thank you. Once again, I remind you, if you do have a question for the speakers, please press zero one on your telephone keypad now. We currently have no further audio questions. I will hand back to the speakers. All right. That was it for Q4, and that puts 2020 behind us. As I said before, I'm really excited about 2021, and I'm actually already now really looking forward to present the Q1 figures. I guess that will happen in May. See you in May. Thank you. Thank you, guys.
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