Hi, welcome to Profoto's Q3 interim report. My name is Amanda Åström, and I am Head of Investor Relations. Today, I have with me our CEO, Anders Hedebark, and our CFO, Petter Sylwan. I will now hand over to Anders, who will start off by giving you some highlights. Good morning. We are very happy to present the Q3 quarterly report. Our net sales increased by 24% for the quarter, and the organic growth was at 7%, adjusted for currencies and for acquisitions. We see a continued good demand for our products within the studio segments. Also strong demand and growth in the U.S. and Canada. There is, however, a general concern about the world economy, it had some negative effect on the demand. This was especially noticeable in Europe, in Europe, especially in the German market. The postponed sales from last quarter that we talked about were invoiced and delivered, so we do not see any more major quality and delivery problems of components. The quarter, we noticed a 24% sales growth, and the net sales were SEK 235 million. Last year it was SEK 189 million. The EBIT margin was 28% in the quarter, which corresponds to SEK 66 million. We could now see that we're up to SEK 836 million in last 12-month sales. In last 12 months, SEK 836 million, I said, which corresponds to 22% growth, and a healthy EBIT margin of 30%, which is SEK 247 million, which is also a growth figure. A short recap on what we do and who we are. Profoto is the leader in a global niche and with high barriers to entry. Our brand is used by the very best photographers all around the world. We have a very long history. We were founded in 1968, and we have more than 50 years of experience. Our focus is on the customer and delivering quality products to the customer group. We still, even if we have a long history, have a very entrepreneurial spirit and drive within the company. We are the leader in the lighting products for professional photographers. That is part of the growing image and the content creation market. We do great products, an easy-to-use flash system and light-shaping system for professional photographers, and it is really used by the world's best. We sell all around the world. Our focus is not on anything else but organic growth and high margins. This means that we need to invest heavily in innovation and new product launches. It also means that we need to focus, operational efficiency is key for us, that's why we have an outsourced production, which means that we have a very light balance sheet. This also means that a lot of us are working with management in different ways, we are only hiring the very best that we can find in the market. As said, we are part of this larger image and content creation market, and we are the leader and the premium position in lighting solutions market. The market is around $1 billion worldwide, and it is really driven by the number of images that are posted on the internet, which you can see on the graph to the right. We invest heavily in innovation, around 10%, depending on year-over-year, but on average 10%, we invest back in product development so that we can launch new great products into the market and to the customers. Half of the employees around are busy with bringing out new product and developing new product for the market. We also work with a very active patent strategy where we have a number of patent families that we are protecting our innovation with. At one and a half or five quarters ago, we were quoted on the stock exchange here in Stockholm. At that time, we communicated this image, which shows where are we going. We are trying to reach our financial targets within the black part of this image. In addition to this, and this is for a lighting solution for professional still photographers. Here we focus on the organic growth and on profitability. In addition to this, we work in three areas. Number one is in the smartphone photography for professional use, and we have a great cooperation with, for instance, with Sony, where we are bringing out. We are the only company in the world that are able to connect the smartphone camera with professional lighting equipment. That is area number one. Area number two is continuous light for film, video, and that kind of application. We already today have products for photographers that want to mix video production with still photography. We see a potential for taking a bigger share of that market. Number three, we are active in the industrial or more E-com content solution market. That is why two quarters ago, we acquired a company StyleShoots in Holland. StyleShoots, they are manufacturing a workflow software which supports the E-com content production studios to produce better content in order for the E-com companies to actually have high-quality images on their websites. This will lead to shorter time to market from when you actually receive the apparel, the shirt or the jacket, that you want to sell on the internet. The productivity is very important. Everything here is to increase conversion. The key is to increase conversion and minimize return for those companies. On the 26th of October, which was after the quarter, we launched the first complete solution for E-com studios when we merged the product lines of the acquired StyleShoots, which you see to the left in this image, and with Profoto's legacy product portfolio, which you see to the right. Today we are the only company that are able to offer both automated solutions and modular solutions, combined with a workflow software solution. We are a one-stop supplier for the E-com content production studios. That is catering for basically all the needs that you have in that kind of studio. That was it for me, and I will leave the word to Petter. Hello, everybody. I'm the CFO of Profoto. Let me first, for those that haven't followed Profoto that much, summarize the Profoto investment case. We all have a leading position in a global niche, the market that grow 3%-5%, i.e. the professional flash market. Within that niche, we are the premium brand. We are the biggest. We are about twice as big as our nearest competitor. We have a global network of about 270 dealers, and that is one of our most valuable assets in how we grow our sales. We have for many years, at least 20, step-by-step grown our profitability year on year 6.6%. We are operating with an asset-light balance sheet, which means that we translate most of the profits into cash. We look at the long picture of Profoto the last 20 years or so. We have continuously grown. We have a backlash during the pandemic when the ability to take photography as a profession was heavily restricted. The growth, except that year, has been unbroken for many years, exceeding 10% year on year. We have increasingly year on year increased the profit. 20 years ago, it was in the range less than 10%. The last five, six years, we have had EBIT in the range between 25%-30%. That is what our financial target is reflecting today. Now focusing on the quarter. We've grown in all region. In most of the region or in Asia and EMEA, it was mainly due to currency improvements and the additional sales from StyleShoots. The main volume growth was generated due to increased demand in the American region. By that, we continue to trade with high profits, 28% in the quarter. Here is an adjusted reported profitability. We haven't made any adjustment in the quarter, the adjustment equals the reported profit. Summarizing and comparing to our financial targets, we have a growth target long-term 10% organic and EBIT range or a margin of 25%-30%. We hit the EBIT margin with our 28% in this quarter. We don't really reach the organic growth we would like in this quarter, we continue to believe in the financial targets long-term. We have a dividend policy, like we should pay dividends of at least 50%, we have continued to trade, that should be fully possible with the way we operate. That's all for me. Thank you. questions maybe. Thank you. If you wish to ask a question, please press 01 on your telephone keypad. If you wish to withdraw your question, you may do so by pressing 02 to cancel. There'll be a brief pause while questions are being released. Our first question comes from Karri Rinta from Handelsbanken. Please go ahead. Your line is now open. Yes, thank you very much. Thanks for taking my question. I have three. Firstly, this revenue that or this invoicing that was delayed from Q2 to Q3. Can you quantify how much that roughly was delayed from Q2 to Q3 in terms of sales? As we described it in the last report that it was more than normal. We have had delays in each quarter related to components and delays of components for the last year since we went public, and it became a shortage of supplies. We haven't intentionally mentioned that because it hasn't had any significant impact. This was the first time that we saw that it was more clearly substantial. It is a difference from what it has been from the other quarters, but we chose not to disclose it in the last report, and we don't do it now either. All right. Yeah, I guess we'll just have to look at the nine-month numbers. StyleShoots or the impact from acquisitions seems to have been quite a bit lower in Q3. Is there an element of seasonality that explains this sequential decline, or is this more related to the comments that you made about the e-commerce players being more careful with their investments? I would say that it's a combination. It's clearly so that the Q3, from a seasonality perspective, is historically StyleShoots' weakest quarter. These are industrial decisions, and at least two months in this quarter, the decision makers are typically on vacation. It trades much, much lower normally. We also had a more than expected negative impact of the delays in decision-making in the E-com business overall, and that affects StyleShoots both. There are both of these combinations. All right, thanks. That's helpful. The distributors, I guess mainly in Europe, becoming more careful with their inventories. How did that develop during the quarter? Did they start the quarter with caution, or did they become incrementally more cautious as the quarter advanced? I guess that's probably something that is going to continue in the fourth quarter as well. That one? Yeah. We saw in the beginning of the quarter that they were more cautious. We do not measure the stock levels at the dealers' level. We're not able to do that. The cautiousness continued. It did not increase over the quarter, though. If so, it might have been easing up maybe, but I cannot surely verify that. We did not see an increase in cautiousness during the quarter anyway. We can also say about the inventories that, right, that we don't continuously measure, we don't continually have access to that data. What we do know is that if they clearly have high excess inventories, on a sample base, we used to know that. The other way around, we don't necessarily know that they have very high inventories. We don't hear that in their decision-making. Okay. Their inventories are, from what you can hear, they are normal. Yeah. Okay. Finally, about the good development in sales both in North America and in Asia. I guess in North America, the reopening effect must have played its course already during the- Yes previous quarter. This is something else. What is this something else that is driving the good demand in the U.S., and how much scope do you see further reopening potential in the APAC region as China hopefully starts to emerge from the lockdowns? I think in all three regions, I would say, there is this underlying positive demand after the pandemic. It's not necessarily a pent-up effect, but business started to trade again at normal level for the need you have, and U.S. has been such market that hasn't so far been that negatively affected. There has been a general increase in demand from photographers on all levels to invest. There is the other way around, the different circumstances in each region. How much does it prevent or stop sales now or hinder sales or going forward? There you have had that, as we see it, U.S. so far, at least up until the quarter, we haven't had that much bad feedback or so from the market from a generally negative outlook of the economy. It hasn't affected that much in the general perception in the market. Yeah. We have already talked about that in Asia and China, there has been the restrictions that has been the major restriction for further ability to deliver. That is easing up. In Europe, we all know that it's clearly so that the fear for the future has the most negative impact. You can complement here, Anders. I don't think it's anything special that is driving each single region. It's rather how much is the general economy fears affecting the underlying willingness to invest in each region Now we're looking forward. Yeah. Maybe one final question about your product roadmap for 2023. Have you changed anything? Do you have any contingency plans in case the economy weakens more than you expect, or do you still expect to launch new products next year as well? First of all, we read the papers, and we are aware of the world economy and the discussion or the belief that we should go into recession. We can't see that right now, I should say, number one. Number two is that we are working with our agile management system. This means that we're doing quarterly forecast and we revisit all costs every quarter, going 12 months ahead. Which means that we are always prepared to adjust our cost level to the current market demand. We are always prepared, and we are obviously working with contingency plans for if the worst come to worst. Concerning product development investments, our ambition is to continue to invest in new products for the market, because that is a major part of our strategy. We aim to continue to do what we planned, the reason for this is obviously also that product development is long-term. It takes several quarters, several years to develop great products. That is why we are viewing product development as a long-term commitment. There is no changes other than normal changes in the product roadmap. If anything, we're working with new great offering to the market. All right. Thank you. Those were my questions. Thank you. Thank you. Thank you. The next question comes from Amar Galijašević from Carnegie. Please go ahead. Your line is now open. You've talked a bit about demand in different regions and for different customers, but could you give us some more color on how demand changed through previous recessions and what might be different this time around for you guys? You guys? Yeah, please. Thank you for a great question, Amar. It was a long time ago. Last recession, the financial crisis. First, one situation picture there was that we had the same kind of base of customers as today, but the split of customers were different. What we today call e-commerce, if we simplify things, is today, perhaps roughly speaking here now, half of our business and the other freelance photographer is half that. At that time, the e-commerce/industrial was 80%-90% of our business, and it was only 10%, that was the freelancers. There was a mix change there of customer base. That was the difference. It was also apparent then that when the demand was decreasing in 2008/9, the decision-making for the industrial buyers, today e-commerce, but slightly different in the ultimate decision-making because that was most rental companies. At that time, they decided, "Okay, we rent out whatever we have, and we don't buy anything more." For half a year or a year, they simply didn't buy anything. We quite substantially lost 80%-90% of our customers for half a year or a year, the rental customers. The freelancers, mainly driven by new product during that time, kept up the demand relatively good for us. We ended up with a 20%-25% decline of sales in 2009. Today, we have a different mix of customers. We are standing on more legs. We have higher geographical reach. For instance, China and Asia wasn't at all as big at that time as it is today. We have a similar pattern behavior we could expect. Freelancers mostly would, I would assume, act something similar. Could be wary on demands or at the end of the day, they need something and the decision-making easier. It's more my own money. Do I have the money or not? While the industrial customers is, we can expect some kind of similar behavior, postponing investment, but it's slightly more positive in the sense that they are buying for their own investment case. They are building a studio, which they probably have a return calculation, and our focus is to help them to improve productivity and partly lower costs. If they want it, if they need it, they probably will buy it, but the decision-making may be a couple of months rather than a month or so. That's the way I would describe it. Yeah. Does that put any color to your question? That was very helpful. Thank you for that. On the demand, the standard demand situation for one second here. We talked about Asia and China. In the past few weeks, there's been some talk about stricter restrictions again. Is this something that you see yet, or has just momentum continued into Q4 as well? The momentum in the Q4. We don't comment on the Q4. However, we did not see, because of any lockdowns, any major effect. This always is a problem, in China, it's shifting around. Lockdown in Shanghai is replacing a lockdown somewhere else. Right now we see more stability in the demand in the Chinese market. Did that help you, Amar? Yes, that was helpful. A question on the cost base. Other external costs increased quite a lot in Q3 compared to Q2. I was just thinking how we should go about that and think about that for the future. We have described in the report a quite substantial part of the cost increase is related to more one-time related costs, mainly related to the transfer of production from Russia to Poland. For natural reasons, it happened in a quite unplanned way. Costs that were occurring, identified later in this process during the summer. Those costs are not planned to be part of the ongoing business. Today we manufacture 90% in Poland, and we plan to be fully Polish production before the end of the autumn here. Yep, perfect. I think that was all from me. Thank you, guys. Thank you. Thank you. Thank you. There are no more questions at this time from the telephone conference. I hand over the word back to you, Anders and Petter. Yes. Great, no more questions on our email. I just want to thank you and highlight that we have a new date for our end-year report, which will be published on the 22nd of February. Thank you for joining us today