Hi, everybody, and welcome to this Q4 presentation from Catena Media. I'm Göran Blomberg. After a soft start to the Q4 in October and November, we ended the quarter very strong in December. In total, Q4 revenue was flat, the EBITDA was up around 9% in the quarter. Adjusted EBITDA margin ended at 46% versus 42% last year. We had a very strong operating cash flow all over the year, also in Q4. We ended the year with a net debt of EUR 57 million, compared to EUR 150 million last year, and that means a leverage of 1.09, and going down from 3.46 last year. Next slide, please. When you look at our business, there are a couple of things that we would like to highlight. We have a very strong business in the U.S. 2019, it represented 18% of our business. Now it's up to 30%. In Q4, the growth was 42%. Year-on-year, we are at 72% growth. We had a strong development in Japan over the year with an increase of 38%. So also for AskGamblers with 23% growth year-on-year. Sports was negatively affected by the COVID during 2020. Was back to normal in December and that continued in January. We faced headwind in Germany for both sports and casino. Germany was down 50% in the Q4. All in all, we have around 15% of our business that is in decline. Therefore, we have put the transformation program in place to enable growth and increase efficiency. We have significantly strengthened our financial position during the year. First through a rights issue. Then through the strong cash flow. We are now operating within our target of 0-1.75 in leverage. That means that we have possibilities for strategic M&A now during 2021 and going forward, as well as share buybacks and dividend. We will evaluate all those options going forward. We had a very strong start in January. As I said before, we had the momentum that continued into 2021. Together with opening of two new states in the U.S. at the end of January, we ended with a 58% growth and 61% in like-for-like organic, since we divested one product within the financial segment last year. 61% like-for-like growth, and we are very happy with that. We estimate the full year 2021 to be well above our target of double-digit growth because of this strong start that we have seen. I'm now very happy that Michael Daly will step in as the new CEO for Catena Media. Michael has very successfully built up our U.S. business to a strong growth and profitable business. He also brings an excellent skill set to his new role as the CEO. I'm really looking forward to go into the next phase of increased growth and profitability together with Mike. I leave over to Peter for the numbers. Thank you very much, Göran. Good morning and welcome to our Q4 results call. Let's switch to slide number six, Revenue and NDCs. Our total revenues recovered after a somewhat weaker third quarter, grew by 7% quarter-over-quarter, and ended up on a level that is comparable to last year's fourth quarter. However, the organic search revenue increased by 2% year-on-year. As you see, paid revenue has been the only KPI trending below last year, and that has been the result also of a decision that was previously taken to focus more on organic growth. However, we have changed our performance marketing setup during the fourth quarter and have seen already very positive results during that quarter with an increase of 20% in paid revenues if you compare to just the previous quarter. In its entirety, revenue is flat year-on-year, as I said, despite the strong growth in the U.S. that Göran also mentioned, with above 40% in the fourth quarter. That, of course, is the result of a weaker performance in exactly this 15% of legacy business parts that we put a transformation program on. Which relates to casino assets and the German markets. Sports still showed a slight decline due to a weak start in the fourth quarter that we have seen, but recovered in the final months of that fourth quarter. You see it's increased by 10% year-on-year, which is mainly due to the Sports segment. Also with the U.S. having contributed largely with all major sports leagues being up and running, as well as the performance marketing efforts that I just mentioned. Let's switch to the next slide, please, and a closer look at our segments then. With the recovery of sports, the share of sports is now back to 35%, and that is where it has been before the outbreak of COVID-19 pandemic in the first quarter of last year. Sports saw a slight decline of 2% year-on-year, as just explained on the previous slides, that was the result of a softer start, with a full recovery towards the end of the fourth quarter. Casino represented 60% likewise has been in line again with pre-COVID-19 levels. That share in relation to each other of sports and casino has normalized in that respect, after the COVID-19 situation. Financial services segment has been stable at 5% of total revenue. Note that we divested the U.S.-facing Hammerstone business, which is a real-time stock market news subscription service, towards the end of December. Going forward, the Financial Services segment will have a slightly lower run rate in revenues, and hence share the total revenues. By source, the revenue split between revenue share and our cost per acquisition, CPA, and fixed fees has been fairly stable in its entirety as compared to the previous quarter. There's nothing strange about that. Let's turn to the next slide and take a closer look at segments and total quarter results in terms of the adjusted EBITDA, then. As you can see in the graph, after a somewhat disappointing 2019, 2020 now turns the business back to a bottom line growth, resulting in a full year adjusted EBITDA of EUR 52 million. That's a 20% increase year-on-year. The fourth quarter in itself, adjusted EBITDA grew by 9% year-on-year. Casino results increased by 8%, while sports decreased by 8%. That sports decrease was entirely the result of the new performance marketing approaches, and hence the direct costs in relation to that in the fourth quarter. If you take a closer look in our segment reporting in the report, personnel and other operating expenses in the Sports segment have been flat on a year-on-year comparison. The Financial Services segment increased with, I would say, as seen above 3,000% year-on-year, and also above 200% versus the previous quarter. Why is that? What we announced during last quarter's call, we decided to not further invest into this segment. That doesn't mean that we're not further developing the portfolio, but it meant a shift towards more maintenance and optimization, and in particularly profitability contribution at the end. That result we have seen accordingly in the fourth quarter already. All in all, taking that together, the fourth quarter margin increased from 42% last year to 46% this year's fourth quarter. Let's go to the next page then and look at the cost development that is responsible for that margin increase. The total cost of the fourth quarter, excluding items that affect the comparability, has been EUR 14.3 million. That's 54% of total revenues, and that is EUR 1 million below the fourth quarter 2019, but something like EUR 1.4 million above the third quarter. Let's break this down and explain. The direct cost increased again during the quarter versus the previous quarter, Q3, as just previously explained, but it's still 9% below the fourth quarter of the previous year. The personnel expenses have been flat if you compare that to the first half of 2020. During the third quarter call, in November, I explained that we had certain effects during the third quarter as a result of changes in management and accounting effects between the second and the third quarter in relation to certain payroll cycles in the U.S., and generally vacation period. That affects it, and therefore explains the lower Q3 numbers. At the same time, we continuously invested into the U.S., and that meant, of course, strengthening and particularly increasing our workforce, and as a result, an increase in personnel expenses. Other operating expenses were around EUR 1 million below the level of last year, and increased by roughly EUR 500,000 versus Q3, but are almost on the pre-COVID-19 level of the first quarter. That was a result of increased, in particular, product spending and professional fees in relation to certain SEO efforts and content building and other product-related expenses. In particular in the sports segment, with naturally as a consequence of more sports having returned after the summer. Then again, as a result out of that, the margin increased from 42% to 46%. Let's turn to the next slide and let's take a closer look at the profit for the quarter. EBITDA increased quite significantly by 46% year-on-year. Items that affect the comparability, they account for the difference between adjusted EBITDA and EBITDA. Now in the fourth quarter, such items amounted to a net income of EUR 100,000. Those were related into a gain on the investment in subsidiary of EUR 500,000. That was the Hammerstone divestment, an increase in loss allowances, also a reversal of reassessed share-based incentive plans in their entirety relating to previous periods, however. This relates to older incentive plans of 2018 and 2019 years. Depreciation and amortization charges have been further decreasing. We have seen that trend, and I commented on that during the last call since Q4 2019, have been steadily decreasing, and that is a result of previously acquired assets that have been fully amortized by now. As a result, the operating profit increased to EUR 10 million. Note that last year's Q4 operating profit was highly negatively impacted by the impairment on the intangible assets, and if you would adjust for that, then nevertheless, the operating profit increased by more than 100%. Interest payable on the borrowings, that relates to our existing bonds out there in the market, and in the fourth quarter also still to the revolving bank credit facility. I will comment on that on the further slides later. Note that interest payments on our newly issued hybrid capital securities, there was an interest payment of EUR 1.3 million during the fourth quarter. They do not show up here in the profit and loss for the period, as those are directly taken against equity. You see that in our statement of changes in equity accordingly. Our losses on financial liability, they again relate to changes in the fair market value of the existing bonds, they do not have any cash flow effect, of course. As a result of all of that, the profit for the period has been EUR 7.7 million and the earnings per share EUR 0.11 before and EUR 0.07 after dilution. Let's turn to the next slide and our cash position and cash development. The net cash generated from operating activities increased by 32% and amounted to almost EUR 12 million, EUR 11.9 million, with a cash conversion of 96%. As you see in the charts following the quarterly trends as previously. During the third quarter, just as a recap, we made a mandatory prepayment of almost EUR 50 million in relation to our existing bonds and also repaid EUR 5 million of the revolving bank credit facility. Now in the fourth quarter, we made a voluntary prepayment of EUR 6 million in nominal value in relation to our existing bonds and repaid the remaining EUR 7.5 million of the revolving bank credit facility. That has been now repaid in full. In addition, we repurchased a total nominal value of EUR 9.8 million of our own bonds that we now own. As a result out of that, cash and cash equivalents amounted to almost EUR 30 million at the end of the fourth quarter. Turn to the final slide of the financial section, and a look at the company's debt. As just mentioned on the previous slide, debt has been heavily reduced through the prepayment of existing bonds, as well as the repayment of the remaining part of the revolving bank credit facility and also our repurchases. As Göran mentioned in the very beginning, our net debt, net interest-bearing liabilities, they amounted to EUR 57 million at the end of the quarter, which is a significant improvement as compared to last year when it was slightly above EUR 150 million, which of course is a result of our successful refinancing during the summer, and also the continuously strong cash generation in the business of course. The leverage ratio which is the ratio of net interest-bearing liabilities over the last [audio distortion] months of adjusted EBITDA amounted to 1.09. That was simply continuing the improving trend since the second quarter when we had 1.68 and the third quarter when we had 1.32. Taking a look into this first quarter of 2021, we announced a further voluntary prepayment of EUR 6 million in total nominal value of the existing bonds. That will occur next week on the 2nd of March. We also press released a total further repurchase of our own bonds of EUR 3.3 million since the start of the year. With that, I finish the Financial Services section and hand over and welcome Michael to our quarterly calls, who will continue with the outlook and in particularly development in the U.S. Thank you, Peter. If we would proceed to slide 14, please. Two more slides to the European sports and casino. With the exception of the Italian market, most of our European casino brands face continued challenge to maintain their website ranking and traffic. Another exception to that is AskGamblers, which is more of a global product for us, which had a strong finish in the fourth quarter with improvements in ranking and increase in organic traffic and conversion rates due to continuous improvements done on the product by that team. As aforementioned, about 15% of our business showed no growth, leading the decision to start a transformation program to consolidate our casino segment. With this, we expect our organizational efficiencies and optimization to grow. Sorry, growth and optimization. Both sports and casino faced headwinds in Germany in Q4 due to the tolerance period for the new regulations. In total, sports revenues from Germany dropped by half during the fourth quarter. We do expect the German market to continue to be negatively impacted in the first half of 2021. In 2020, with many sports events canceled, our business pivoted to promote other products, notably casino and poker, with some success. Although this could not compensate for the loss of sports betting, as Peter mentioned, our business is normalized back from pre-COVID in Q4. In the fourth quarter, the business normalized. Yes, driving sports is in a good recovery. Switch to the next slide, please, on the U.S. update. The U.S. is now live as of January in 12 states, five for casino and/or poker, in the case of Nevada, and 12 for sports, also including Nevada, where we're doing some land-based affiliation work. The market openings in Michigan and Virginia, and the remote registration starting in Iowa in January, were a great start for 2021 for us. Overall, in 2020, we had a great year in North America. Catena's share in North America is now 30% of our business' total revenues is coming from North America, and that unit saw 72% year-over-year growth. Outlook for North America for Q1. Super Bowl ended the NFL season, which happened to coincide with the launch of Virginia and Michigan. Strong start to Q1. We have events like March Madness, which is college basketball in the U.S., which is good for sports affiliation. The rest of 2021, it's a limited likelihood to see any new states launch. We have a number of states out there with measures and bills, the likelihood of any of them passing in 2021 seems low. With Virginia and Michigan launching in January, we have new states for the entire NFL season starting in September timeframe. We expect a very strong NFL season, as well as strong and steady casino growth in the various states that are allowing that, which also now includes Michigan. We switch to the next slide, please. On the U.S. potential. This has changed slightly since the last time we updated, because obviously we had some states post-quarter go live. We now have 12 states where we have the ability to do affiliation or that we're doing affiliation. In Q4, that was 46 million were the population. Into Q1, that's become about 65 million. It does decrease our upcoming states, upcoming states being those that are in the near-term horizon. We have Illinois, which actually we're already partially affiliating for because of governor COVID mandates allowing online to open earlier versus December of this year. We have Maryland, Louisiana, and South Dakota, all of which have ballot measures passed, but now have to do regulations and the like. We could see them launch this year, potentially the start of next year. There is still a very large roadmap ahead for North America. Almost 100 million in population in just the four large states, there has been fair activity on New York. Nothing concrete that we're willing to say it's within the upcoming states at this point, lots of great movement in Florida, Texas, and New York in particular. Then you have many other states which have almost the same size population that are still on the horizon somewhere. As we've seen in North America at least, and with COVID adding to it, nothing is really that predictable on timing, except that things seem to continue to move faster than anyone would have expected a year ago. I'll now turn it over to Göran for the key takeaways for Q4. Thank you for that. If we summarize the situation in Catena, we have a sports business that is back to normal. We have good development for our businesses in Japan within AG. We face headwind in Germany for both sports and casino and part of the legacy business as well. Those areas with headwind summarize up to 16% of the business. For that, we have put the transformation program in place. We have strong growth in January, showing 61%+ in like-to-like revenue. Because of all this, we estimate that 2021 will be well above our target of double-digit growth. I will by that open up for questions. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name is announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial zero two to cancel. Our first question comes from the line of Erik Moberg of ABG Sundal Collier. Please go ahead. Your line is open. Morning, gents. Thanks for taking my questions. To start off, on the legacy side of the business, on the casino side, you mentioned the transformation program there. Could you perhaps elaborate a bit on this part's current EBITDA margins, as well as how much of the current cost base you think that you will be able to trim down? Michael. Thanks for the question. The transformation period is about optimizing the businesses for growth. At this point, I don't think we're ready to comment yet on the exact effects of cost because it is a process underway. It is in order to align our businesses with the consumers and the operators and the markets we work in, again, to optimize for growth so that we can increase the growth in the areas that are not. As we said, it's around 15% of the business. It is also to allow the teams to focus on the other 85% of the business that are growing well. Got it. Could you perhaps elaborate a bit on how this part of the business ended the quarter? Was the end of the quarter stronger than the beginning of the quarter? We haven't really broken out, Erik, that particular segment of the business in that way for this report. I don't know how to comment on that. We've seen growth in the end of the quarter in numerous areas. Again, it's not what we desire in the operating tempo, let's say. Fair enough. Just from a regulatory standpoint, to look at this part of the business, aside from Germany, are there any other regions that you foresee year-over-year headwinds going into 2021? Quite honestly, I don't believe so. Germany has the regulatory. I think Germany, it should be noted that, while the regulatory headwinds are short-term impacting, we expect Germany will be a strong market for Catena in the years ahead. Regulations are ultimately not a bad thing for affiliates that are able to operate and thrive in regulated markets, which is something we are able to do. Germany, we will continue to grow that business over time. Just these short-period headwinds are impactful to the current business as the markets modify. In the other markets, we see opportunities for growth across the board. Again, regulations shifting things so that our operating models have to adjust. Lots of potential for growth. Catena is not just a U.S. and Japan story. There's potential in all sorts of European markets, new ones opening as well as the current ones we've been operating in. Yes, so we're not abandoning any markets or anything like that with the way we talk about transformation. Again, it's optimizing for how each of those markets require a slightly different operating focus. Got you. That's a good flavor. Just looking towards the later parts of 2021 and the beginning of 2022, could you perhaps give us a flavor on Netherlands and the potential contribution from that market? Netherlands is very exciting for us. We are working down the path there as expecting to be an affiliate there, working with the operators that will be coming online. Being very cautious, it is a highly regulated market. Again, we thrive in such things. We expect a strong performance there. I don't believe we are, at this point, ready to break out our expectations on the Netherlands in particular, because there are still a number of factors, including does it stay on track from the country perspective of the expected launch dates, et cetera. Fair enough. In regards to the trading update, to me it appears like revenue in January at least amounted to, say, EUR 14 million. I assume this partly can be explained by strong development in the U.S., but could you perhaps elaborate about on the geographic split in January, and how do you think this will evolve throughout the quarter? Well, we don't give any geographic split in sort of month-by-month basis. As you said, we have a strong development in the U.S. and we have a good momentum in the other businesses as well. Therefore we say that based on the start, we see that we, for the entire year, will be well above our double-digit growth target. Okay. Would it be fair to assume that the legacy business at least is relatively flat from the exit of December, and then it's U.S. as the main driver of the sequential improvement there? Well, as we said, the legacy business and the German business is still in decline, and those 15%, where we have a transformation program, are still in decline. Got it. Just one more question from me. Just in regards of, you indicated that you might be looking at M&A in the U.S. going forward. Could you perhaps elaborate on your thoughts of M&A versus focusing on organic growth in the U.S.? Happy to. I think there is a balance in all companies that need to be considered in organic and M&A. Again, not just North America. North America is the most obvious target for such in terms of being it is one of the faster-growing markets globally. There is lots of opportunity for M&A, and it is a balance then that we have to analyze what would that kind of investment do towards our own sites in organic growth. M&A is about finding maybe there are other affiliates that make sense to bolt on. Maybe there are other companies that are, let's say, in the periphery of this space, sites that could become affiliation by work with us. They might not have organic affiliate revenues today, but we could add that revenue stream in there. That's potentially interesting. Probably the most interesting to me in long-term perspective is where technologies can be used to leverage our businesses, not just in North America, but potentially globally. Those are the types of M&A I think we'd consider. Yes, it is always a balance against organic growth, which organic growth is going to be the strongest driver for us, I expect in the near term anyways because if you look at North America, at least the number of large affiliates that would have significant impact to our bottom line immediately are a very small number, and a number of them are our competitors, larger competitors in Europe too. There are some out there, but again, are they worth what they would be versus us investing in organic growth? That's part of our analysis we'll have to do. Fair enough. Just in regard to value creation, from a value creation standpoint, given the current valuation, do you think that M&A really could add more value than focusing solely on sort of buybacks and organic growth? Just from that perspective, do you think that the current valuation allows you to do M&A? I believe it does. I believe it gives us potential, and I'll turn it to, yeah, Göran or Peter to talk more specifically on that. I think, yeah, M&A is on the table for Catena Media. The other options are there as well. From my perspective, growth in M&A is a great engine for an organization in the right place. I think it is something definitely on the table. I'll turn it to Göran who maybe can add some comment. Well, I agree what you say. At the moment, the cheapest asset to buy is probably our own share. At the moment we have to go to the AGM first to ask for permission to do a share buyback. Of course, that will be part of our tool in our toolbox in how we create value going forward. Fair enough. That's some good flavor right there. That's all from me. Thank you very much, gents. Thank you. Our next question comes from the line of Mikael Laséen of Carnegie. Please go ahead. Your line is open. Great. Hi, good morning. Yeah, I've got a few questions. First of all, can you say something about the difference between the net new depositing customer growth in Q4 grew 32% quarter-on-quarter, and revenue grew by 7% quarter-on-quarter, suggesting a lower revenue per NDC. What is the reason behind this? Peter? Yeah, there are primarily two reasons I would highlight. The one is sports. Sports has been a little bit weaker, of course, in the third quarter in comparison to the fourth quarter. As I said, sports had a little bit of a weak start in the fourth quarter, but then developed and recovered fully towards the end of the fourth quarter, in particular in the U.S. with all the major sports leagues having been up. The second item has been our performance marketing efforts that I referred to earlier as well, where, of course, NDCs have been increasing in accordance with our increased spending, which you have seen in the paid revenue as a result of that as well. Okay. This group of segments or regions not growing 15% for the group. Just wanted to understand approximately where these sites are or regions are, primarily Europe, but can you talk about this maybe in more detail? Part of it, I understand, is Germany, right? Yes. I'll take that. This is Michael. It is in our European area. The challenge is in Germany from the headwinds which are external and ensuring we transform our products in order to be ready for the transformations that are outside of ourselves. There are just a series of casino products, as we said, in Europe that have not been optimized for growth, those need to be transformed. Those businesses need to be better aligned with the countries they work within. That's the segment. It's not all of our product. It's not all of our casino product. As we noted, products like AskGamblers are doing exceptionally well. It's being able to replicate some of that success we know we can have in various casino products with the rest of them that are in the European-facing markets. Okay. Part of it is Germany. Is that correct? Yes. Part of it is Germany. Always will have to be part of Germany as the market is changing there, we have to transform to keep up with that. Okay. How large was Germany in Q4 as percent of total revenue approximately? I'll turn it to Peter. I'm not sure we've broken that out. We have not talked about the exact size. As we noted, Germany in itself halved for both the legacy sports and casino parts. It is part of the 15%. You can assume it is a considerable part in the 15%. Okay, got it. Yeah. It must be a lot lower exposure to Germany right now when you enter 2021. It must be a lot lower than that. Just to understand the impact going forward. It is naturally much, much lower given the impacts that we have seen in the fourth quarter. That is totally right. We would not comment now on the exact size, but the exposure that we have in Germany in terms of if your question would go have we reached the bottom? Well, that is hard to say, but we already took quite a hard hit during the fourth quarter in relation to the German development. If you would compare it now year-over-year, the beginning of 2020, that's quite a considerable change in what we generate out of Germany right now. Okay, thanks. Also another question on casino versus sports and the mix going into 2021. I was just wondering about the scalability in the sports betting operations, because you have a quite good margin in casino and a decent margin in sports, but they are lower than in casino. How can you scale the sports side when that is taking share of the total group? I'll take that. The Sports business is healthy and growing back. It's hard to give some year-over-year comparisons in 2021 versus 2020 because of the COVID impact on sports, particularly in the European front, which got hit during one of the high seasons for sports. Sports and casino is a great blend of a business in order to cover the seasonality. Our sports continues to grow. Remember, though, when you look at how much of a casino business is made up of a company in sports is inherently a lower value in the player you get than casino. The amount of work done for sports to get to the same level as casino is much larger. Sports numbers grow greater on NDCs faster than, let's say, the revenues do. It's a lot more extensively content-heavy business. We grow very well at that in North America, where market's open. We're growing very well at that in various European countries. I don't think it's fair to say sports versus casino, if you're looking at that in just the financial side. They are slightly different animals, if I'm answering your question. Okay. That's good. Thanks. That's it from me. Thanks. Thank you. The last question on the queue so far comes from the line of Hjalmar Ahlberg of Kepler Cheuvreux. Please go ahead. Your line is open. Thank you. I mean, you have touched a bit on this, but just to kind of summarize the 2021 growth potentially, where you see potential above target growth, and you've mentioned U.S. being very strong in the start of the year. You mentioned Germany as potential negative and the legacy business also declining. Could you mention some other upside or downside risks in this target for 2021? Well, if you compare to 2020, there will, of course, be a big difference in the sports segment because we had a large impact last year from canceled sports events. That is a main difference from 2020. We see continuous good development for AG and Japan as well. Okay, thanks. Just a question on the U.S. I mean, it's historically been very much about New Jersey and Pennsylvania in terms of revenue. Can you talk a bit about how the different states are going? Do you still see growth in New Jersey? What is the mix of revenue between states now compared to, I mean, beginning of the year, maybe? I know it's difficult to compare because of COVID-19 and so on, but if you can give some flavor there. I'll take that. Yes, there's still good growth in New Jersey, and New Jersey probably has more competitors in it every year. Its growth rate probably is slowing, quite frankly, compared to some of the other markets, especially when you're talking about comparably to North America. Pennsylvania is well into its growth phase, particularly in casino. It's going up, and its sports business continues to grow as well. The casino is, as I was just noting before, casino being the more valuable players and the like, has more impact as the casino business grows. All of the states are going very well on sports for us. Colorado, Indiana, West Virginia has become better than was expected. Each state, you have to take in a little bit of a different context in whether it has sports and casino and as well as in just the size of the total population. Yes, there's going to be a new balance and a new baseline probably for the U.S. for the coming rest of the year now with Michigan and Virginia launch, because Michigan is one of the largest states in the United States, and it launched both casino and sports with a very favorable tax rate. You have almost 12 operators who were able to operate from the state and from almost day one, versus something like Pennsylvania that has taken up to a year to get a number of operators live on the casino and sports front. You will see our portfolio shift in balance towards those larger states as more of the large states come on. Illinois, like I mentioned earlier, is growing well. It's not seen a ton of investment from operators and everyone else yet because it's been an uncertain market of how long it would stay open for because of that being open under a temporary governor's order. We continue to invest in it and know that it will become even a stronger market as it reaches a real launch date at the end of the year. Yes. There's a balance in our states that will shift around, and it will shift also. What we saw in January will shift back down, quite frankly. Michigan and Virginia both have a launch bubble to some level in the initial sign-ups in sports and pre-registrations that we took for months before. That new baseline will be higher, and it will be heavier contributed to by some of the new states like Michigan. Okay. Very good. Thanks. One last there on, you talked about this performance marketing. It sounds like you see a better profitability here. Historically, you said that you wanted to have more organic revenue and less PPC. Is it right to understand that you now also see some potential to add paid revenues as well? Yeah, I take that. Exactly as you say, Hjalmar. It's part of the toolbox. It is, of course, also a possibility if you take a look at the part of the business from the legacy side to mitigate certain shortfalls and to contribute, at least in the short term, on that transformation. The main part, of course, is where do we see profitability prospects for both the sports and the casino products from a PPC, a pay-per-click spending and paid revenues. It is not that we do not see as part of the strategy to increase this part or do acquisitions that are PPC related. That is definitely not on the plate. It is contributing in the overall balance of revenue streams. One thing, of course, to keep in mind is, and you may see that in other companies, is paid media or performance marketing has, of course, a considerably lower margin. One has to be a little bit more careful and mindful about what is the impact on the overall margin, gross profit and operating margin of the entire business. We are carefully taking a look at that. I do not expect that we will overspend in that area. We see good potential, and that's why we took on that. Okay, thanks. Yeah, just lastly, in the financial segment, you divested Hammerstone. Do you see potential to do more divestment there, or is it difficult to find buyers of these kind of assets? We have no certain plans at the moment. Okay. Michael, you can continue. Yeah, I guess what Göran was saying, I think that's still an analysis we're doing. I disagree that there would be not buyers interested in such, but it's for us to consider what is the long-term plan for that. That's yet to be determined. Okay. Thank you very much. I have a written question here as well, that is, will the strike price for the warrants be changed if we start to pay dividend? No, it will not be changed if we start to pay like normal ordinary dividend. The strike price of 18.9 will be the same. Thank you. Just to check if there are any further questions on the phones, please dial zero one on your telephone keypads now. Okay, there are no further questions on the phone at this time. I do have a few questions on email. The first one is regarding U.S. and how many active pages do we have? It's for Michael to answer. There's also a question about how many active states and how many are still not available since states not have been opened. Michael, will you please answer that question, please? Of course. Thank you, Åsa. When they say active pages, I'll assume we're talking about sites versus pages, because pages is in the thousands or millions even when you talk about all within all the websites. We're about 70 active websites. To be quite frank, I don't have the at-hand number because it is a constantly shifting number. We run a multi-tier strategy in North America. We have our national brands, which are a few like Legal Sports Report or The Lines, our large sports products. We have PlayUSA, BonusSeeker, we have Play NJ and PlayIndiana and the Play brands across the States. You have the tiers below that, which are specific sports and casino and horse racing for particular states. There are numerous sites. When it comes to what are active states versus not active, as we mentioned in this brief, there are about 12 states we are active in for regulated gambling. There is also daily fantasy sports and social casino and sweepstakes casino and other things, which is what we do a lot of affiliation on in the non-regulated markets because it's all legal to run those businesses as well. We affiliate for companies that seek that traffic. That's what we do with a lot of those sites that are, let's say in Play MA, our Massachusetts brand, or Play FL, Florida. They're not live yet, and they're not as heavily invested in by Catena at this point either, quite frankly, in the amount of pages or news flows, et cetera. There is still a revenue stream coming off those. There is no stone unturned, let's say, when it comes to opportunities in North America. That holds true in other markets too, in what we're able to do when markets haven't opened yet, but we're building ahead of time. There's opportunities for such often. Yeah. That's where we stand on states. 12 states currently active in some way for regulated sports and casino betting [spreads] and/or casino betting in North America, and many other states, almost 37 other states or so that we can do social casino and daily fantasy. Yes. Okay. Thank you, Michael. No further questions on email. There is still no further questions on the phone, so I'll hand back to our speakers for the closing comments. Okay. To summarize what we have said is that we have had a good start in 2020, and we are sort of mitigating the various headwinds that we have seen, the 15% with the transformation program, and otherwise, the rest of the business is performing very well. We are very positive when we look into the 2021 and onwards. Thank you very much.