Good morning everyone, and welcome to Linkfire's Second Earnings Call. Today we're going to present highlights from our Q3 2021 report that we published earlier this morning. Please pay special attention to this forward-looking statement disclaimer before we move on. Presenting today are Tobias, our CFO, and myself, Lars. I am the CEO and Co-founder. The agenda is we'll run through some of the business highlights of Q3, then we'll run through financial performance. We'll run through some general business updates, and finally, we'll finish with a Q&A where you can type in questions here in the webcast or if you're dialing in to the teleconference. Let's move on. Business highlights. Since this is our second earnings call, we thought that it was meaningful just to start with a bit of a recap of what Linkfire is. Linkfire are in the business of connecting consumers to entertainment. More specifically, entertainment products. That is very much the song or the film. It can be an album, it can be a ticket, a live stream, and very recently, very popular, NFTs. Really very broadly, entertainment products. We do this, among others, through our market-leading SaaS marketing platform that have a strong foothold in music. That platform is used by all the major record labels globally, all the major artists, globally as well. In this platform, they create links that drive their fans or consumers into these products. We also connect consumers into entertainment from our growing network of different partners. We've talked previously about Snapchat and Twitch, but we also have a growing network of other social media apps and different publishing websites and so forth. The name of the game is to provide the fastest and most simplest path into consumption or purchase or transaction of any of these products. The reason why we do that is because we believe and can see that the whole entertainment landscape and ecosystem are becoming more complex. There are more content, more songs, more movies, more podcasts becoming available. There's also more services, and there's more places where all of these things are available. We see it obviously inside the streaming services, but now we can also increasingly see music being integrated into social media apps, messaging apps, different websites. We're also seeing it increasingly more so in the metaverse as well. Basically, it's a very complex ecosystem, and we want to be the bridge between the discovery and the consumption side of things. If you look at our highlights from the report, you can obviously find a lot more detail in the actual report, but just drawing out four highlights. In Q3, we worked very hard on the acquisition of smartURL. Please bear in mind that the finalization of the acquisition were concluded after Q3, but it's something we worked on during Q3. smartURL is a company that we've been competing with heads-to-head since the beginning. They started a good five to seven years before us, so they have a really, really strong foothold in music, but entertainment in general. They have good relationships with streaming services, ticketing services, but also film studios and so on. What we're essentially buying is we're buying a strengthening in the position. Of course, there's also strong unit economics in it. We are buying a lot of traffic. We are buying a lot of users that will significantly, you know, increase our potential as well. We expect a minimum of 15% revenue lift in 2021 of the 2021 revenue, so in 2022. If we then look at what else we've achieved here in Q3 is we've managed to increase our RPM significantly as well. Our RPM is revenue per thousand consumers that we connect. It's a way for us to measure are we making money on the traffic or, and how good are we at that? We've increased that over 50% from the previous quarter and actually over 120% from the same quarter in 2020. What have we been doing? Essentially, what we've been doing here in Q3 is optimizing our product, optimizing the recommendations of services that we perform. By tweaking that and making it more relevant, we have then increased our conversion rates and therefore also our revenue potential. It's something that we will keep doing. Basically, we can see that by enhancing the technology and the product, we can actually lift it even further. Another way of lifting is obviously negotiate better deals and more deals as well, and we are also working on that, but the primary reason here in Q3 is by improving the recommendation engine. Another highlight is, it's something that we got questions too previously as well, is traffic linear? Can we expect growth month-to-month, quarter-to-quarter? For us, traffic is not linear. It's very cyclic. Sometimes there's a lot of releases, sometimes people are more online, sometimes not. Traffic this quarter is down 6%, but it's performing as expected. Year- to- date, we are up 5%, and we're seeing really, really good traction there. It's just so that no one gets nervous, we don't see any negative tendencies at all. In Q3, we remained focused on scaling the business. We hired a lot of smart people, primarily around product recommendations or in the product department, but also commercially in our U.S. office, as well, around making more partnerships, better partnerships as well. We're focused on scaling the business. Indeed, the numbers show the same. To just establish both context here, when looking at our four metrics that we report on consistently, I think the two first ones speak for themselves. Just putting context to consumer connections. Consumer connections are people that click on our links, and this is referred to as traffic as well. The RPM is the revenue per mille, and it relates to the consumer connections. It shows our ability to monetize the people that are clicking on our links in groups of thousands. Starting with the revenue, the revenue growth is in line with our expectations and comes on top of a strong performance in the same quarter last year. We grew 42% on total revenue, and this growth stems from a consistent subscription revenue growth and a 115% growth in the commission revenue. That is mainly driven by improved RPM performance. The development in our gross profit and our gross margin of 72% is consistent with the previous quarters and in line with our expectations as well. I'll get back to some drivers later in the presentation that will drive our gross margin towards our midterm goal of 80%. Consumer connections dropped 6% from last year, which performed very strong, and we are up 5% year- to- date. The consumer connections are, as Lars just mentioned, fluctuating and dependent on various factors such as the number, the size of releases, the period as well, seasonality, and then the partner technology adaptation within our partner network. We'll get back to traffic growth drivers later in the presentation as well. The RPM grew 128% to hit an all-time high of DKK 8.62, and that's mainly attributed to improvements of affiliate rates over the past year. The RPM also took a steep jump of 53% from the previous quarter, and that's mainly driven by this, these product optimizations that we've done, and we remain in constant innovation of our technology and of the things that can carry our RPM towards a higher level. It will tap into the future traffic growth so that we can ensure sustainable growth in our revenue as well. The development here is a sign of that effort. Year- to- date, our revenue growth is 49% above last year, hitting a total of DKK 24.7 million on a constant currency basis, and the subscription grew 22%, whereas the commission revenue grew 180% over last year. It's mainly the same drivers for all of these metrics, as I mentioned for Q3. I wanna highlight that last year we focused a lot on hitting this critical mass of consumer connections or traffic, where we hit 1.5 billion total for the year. That has allowed us to focus on the RPM, so the monetization of that traffic, and that's reflected in the performance year- to- date and specifically in Q3 as well from our latest efforts. With the muscle from the IPO, we are increasingly focusing on strengthening both the RPM and our traffic, as supported by initiatives like our product optimizations, geographical expansions, as we'll return to later in the presentation, and the acquisition of smartURL. The development of the business overall is in line with expectations, and we remain confident about our financial targets. Moving into the financial performance. I'll focus on the year-to-date growth mainly, where the registered recorded revenue grew 41% over last year. Noting here that the majority of our revenue is invoiced in US dollars, which make up for the difference to the constant currency basis figures. The constant currency basis figures are based on original currencies and thus the clean development in our growth. Our general currency risk management is described in Note 21 of our annual report, and it lays out a low-risk approach. I want to remark that the commission revenue as well, the share of total has improved or increased significantly. It has doubled since the same time last year, where it made up for 17% of the total revenue. This year- to- date, it makes up for 34% of the total revenue. This is outlined in the revenue specification in Note 2 in our interim report, and it's a testament to the efforts that we're doing in monetization, in improving our monetization efforts on our traffic. It's super interesting long term for our margin development because this revenue comes at a higher gross margin, and that's why we're focusing on this to make sustainable growth as well. The cost of sales increased by 60% over last year at a gross margin of 73% for the year-to-date versus 76% last year. Our cost of sales are mainly server and hosting costs, and last year included some server credits that lowered the registered costs for the comparison period. We remain in proactive investments for improving our server infrastructure. This secures a premium service delivery to our customers and a scalable setup, especially on our partner side, where there's a lot of opportunity to scale out traffic rapidly. Other external expenses include the DKK 5.6 million IPO cost from Q2 in the year-to-date figures. In Q3, the other external expenses increased as a result of our markets in-market expansion efforts in both Ghana and Japan, and as well, a concentrated ramp-up in staff during the quarter. We focus on hires that drive shorter-term commercial value, both in the sales departments and in the product department. During the past quarter, we hired 12 new colleagues, and costs related to these hires are included in Q3. Staff costs naturally increased as well as a result of the expansions to our global organization as we hire more people. Other operating income relates to the gains from stabilization activities, the greenshoe from the post-IPO in the 30 days following the listing. Just highlighting the tax for the year as well, this relates to income tax benefits under the Danish applicable corporate tax rate, and it relates to R&D expenses that are paid out on an annual basis. Moving to the balance sheet. The balance sheet. In the balance sheet, the main line items are intangible assets and of course, cash and equity. Just briefly talking about the intangible assets, that's our capitalized development projects as we remain innovative about our technology and solution to the market. We expect this to continue, and we amortize these projects as they complete. The cash and equity remain positively impacted by the proceeds of the IPO, and since last quarter, our trade payables have reduced since we settled the IPO payables related to the listing. Debt restructuring of our interest-bearing liabilities and the non-current liabilities have started in Q3, and we expect it to settle in Q4. Recapping to that is that we have an obligation to ensure the optimal use of proceeds, and this will reduce our interest cost, and it will also reduce our debt on our balance sheet. Cash flow. On the cash flow statement, our operating losses are impacted by the cost related to the IPO, and that sits on the change in working capital this quarter as we settle the vendor payables related to the listing. I wanna highlight as well the development expenditures that are related to our development projects and R&D. As we remain innovative and exploring in our technology, we retain this for the coming future as well. Proceeds from the capital increase in connection with the IPO is the main driver for the increased net cash flow for year- to- date as well. Moving into the general business update. Yes, thanks a lot, Tobias. Basically, the general business updates is we talk a little bit about what's happening in the market around us, and where do we see opportunities, basically. We're not going to touch so much on the growth levers. We've talked a little bit about that, how we will increase the RPM, and how we will grow traffic as well. If we look at some of the market trends that are happening, around us, what we have seen now is that music and entertainment continues to become more ubiquitous. It's starting to transcend from streaming services, and it's basically becoming available pretty much everywhere where digital exists. Case in example, Snapchat has now signed an agreement with Sony Music. Sony Music's catalog of products will become available inside Snapchat. This is obviously good for users, it's good for Snapchat, for Sony, but it's also good for us. We have a partnership with Snapchat. Really what it's evident of is that, you know, both the social media applications, but also the catalog owners or the repertoire owners are basically, you know, doing license agreement together, extending their foothold, basically. We've also seen examples of Swedish pop star Zara Larsson selling merchandise very successfully on the gaming platform Roblox. Basically also indicating that, you know, that artists can sell products, you know, have a growing audience and user base that interact in many different places, among others, also gaming. It speaks very much into what we're doing, is we're partnering up with all these gaming platforms, social media apps as well, to make sure that we can be the connector, that we can help drive from demand into consumption or purchase. If we then look at some of the opportunities that we see and where we have already acted. If we look at the geographical expansion, we've basically seen really strong market trends, but also underlying unit economics in the region or in Africa. Therefore, we have set up an office in Africa, in Ghana more specifically, to basically, yeah, be present there and grow our footprint and grow our traffic and our monetization there. What we are seeing in Africa is that the artists and the entertainment industry in general are being exported beyond Africa. We have seen similar tendencies with South Korean artists, Latin American artists that have been performing really well on the global charts and so forth. We are now starting to see the same with African artists. Last month in October, the highest trending artist on Linkfire, and you have to bear in mind that these are all used by all the major artists globally, and the highest trending artist here was a Nigerian artist called CKay. It's very important that we are there, and there's a lot of opportunity there. We are constantly looking to see does it make sense to geographically expand even further. We have kept talking about Japan. We're also very interested in South Korea. We have hired Japanese-speaking personnel in our L.A. office. We're obviously looking at seeing how do we enter Japan the best way possible. If we are switching over to the right-hand side, we are also seeing a growing opportunity within M&A. We have obviously acquired smartURL, and we do have other targets on our M&A agenda as well. What we are seeing is that as we are talking with more and more companies, we're actually seeing that this could be an even bigger opportunity here, for us to grow even faster, via M&A. Very specifically, we are keeping a strong eye within the spoken word category, that is podcasts, audiobooks primarily. We can see that their share of audio listening or share of ear is growing every year. Basically we listen to more audiobooks and podcasts out of the time that we spend. It's very complementary to our product offering. We have a lot of the capabilities in our platform already or in our product. It's something that we are looking very interested in to see if we can make some faster moves in this area. If we finish the presentation, we'll just recap our financial targets. We finished the year-to-date, or sorry, the quarter with a year-to-date of 49% growth. For us, that means that we are still within the midterm financial targets. We are very confident with these targets of 50%-70% growth. We are also looking at a gross margin of approximately 80%. We remain confident in these financial midterm targets. Great. I hope that we managed to present some of the highlights in a good manner. Now we're open for Q&A. Is there any questions from From the Operator. From the Operator. Just as a reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have no questions on the phones. All right. Is there any questions from the webcast audience? We can take one on smartURL. Yes. What is the impact on Linkfire of the deal? We mentioned in the announcement that we expect a revenue impact in the next 12 months from the deal of 15%. The way that sets itself or the way that is calculated is based on the footprint that we gather from the deal, and then the applied overlay of monetization abilities that we take onto the deal. In connection with this deal as well, we have closed in on the partnership as well, that you can maybe talk a little more to on the entertainment on the parent company from smartURL. Yes. smartURL was owned by a parent company or a media agency called Gupta Media. What we've done as part of the agreement as well is we've initiated a partnership with Gupta Media, where they're basically going to help us provide strong advertising capabilities to our inventory and help us scale up the RPM even further. They work with some of the biggest entertainment clients in the U.S., but also worldwide. That's part of that partnership basically. Yeah. Basically it's going to add more monetization events or more monetization capabilities to our service. Yeah. What we are seeing specifically on our different widgets and links and so on is that we have rooms in the various links where we can put advertising paid components in there as long as it's relevant for the actual user journey. This is part of what Gupta Media will help us populate make those ads way more contextual. We get access to their network of clients and partners as well. Yeah, who's going to be the next traffic partner? It says, obviously we can't disclose any of that. Yeah. We can say that the opportunities in the market are immense. As Lars mentioned earlier in the call, we see very much our technology applicable to, well, the entire web, whether that is applications, social media, websites, news sites, lyric sites, whatever it can be. We really see us plugging into any environment where there's entertainment discovery happening. That's what we're working on and what we're ramping up on. Yes, designing our services towards so that it's an off-the-shelf product that has, you know, go- to- market, a low go- to- market time, and that's what we are focusing on increasingly. Yes. I mean, it's probably some of the questions that we get the most. Who is the next big name partner that you're working on? We can't disclose anything. We have a very big pipeline, and we have a lot of conversations that are maturing in that pipeline. We are also focusing a lot on increasing the time to market of this pipeline. That is both, you know, obviously on optimizing the commercial aspect of it, but it's also optimizing the product aspect of it. The technology needs to be integrated with these partners. There's many aspects where we can shorten the lifetime. It's something that we will communicate as soon as we have any of these partnerships. Rest assured, it is something that we are working on and there is very good speed on that front as well. Yeah. Yeah. I think we can take the last question, which is the traffic performance this quarter going to be the maturation point for Linkfire? Most certainly not. We've seen 5% year-to-date traffic growth. We're coming into Q4, which is notoriously a higher traffic quarter as well. With the partnerships that we are working on right now, we expect to see even further and significant increases in traffic. Also, the acquisition of smartURL will greatly boost our traffic as well. I don't think there's any signs whatsoever that there is a kind of saturation at all. If we look into the potential, if we are using the statement that music and entertainment is becoming more ubiquitous, that there's traffic coming from many different sources, then we've only really touched the tip of the iceberg here as well. Yep. Indeed. Okay. No more questions? No more questions. Well, thanks a lot for tuning in, and if you have any further questions, please don't hesitate to either write on the investors@linkfire.com. You can also call Tobias and I or visit investors.linkfire.com. Thanks a lot. Looking forward to seeing you again. Thanks for checking in.