Meeting. Thank you. Good morning, welcome to our year-end report presentation. I'm here together with CFO, Andreas Uddman. Looking at slide number two, just a brief overview of Stillfront. We are a free-to-play powerhouse with now, as we speak, 19 gaming studios that is operating on a platform creating significant operational synergies that are constantly improving. We also have a very diversified and evolving game portfolio where we have loyal users playing our games in millions every month. We also have products that have shown a long life cycle, and that is very important for stability and predictability. We have had in Q4 an average of 22 million unique players on a monthly basis and four million on a daily basis. I would like to note that this is excluding the last three acquisitions of Sandbox, Super Free and Moonfrog. With them included, we have indicated earlier that the number will be a factor of three approximately in terms of users. Further, our main markets continue to be U.S., the largest, Germany, second largest, MENA region, third, U.K., fourth, and now we have France on the fifth place in terms of size. We are currently more than 1,000 professionals around the globe in several different countries and offices. Turning to next slide, you can see these offices, again, not including Sandbox, Super Free and Moonfrog. On the left side, you can also see how our reach looks like in terms of revenue distribution. We have in North America 48% of our revenues, down from 51%. We have in Europe an increase to 37% from 31%, and Asia is approximately unchanged with slight decline from 12% to now 10% in Q4, 10% of revenues. On the right side on the slide, you can see all the beautiful logotypes from all our studios. Turning to slide four, looking at our numbers and our revenue and UAC development. We have in the fourth quarter revenues of SEK 1,080 million, which is representing 96% increase compared to last year. That is driven primarily by the acquired growth, Storm8, Candywriter, Nanobit and Everguild, but also with an organic growth in Q4, which is in local currency, 10%-15%, which we think is decent or solid. What is different this quarter is that it's quite worth mentioning or emphasizing is that it varies a lot over the portfolio. Some products have shown very strong growth, others have been more flat, but that is exactly why we are building constantly a well-diversified portfolio. If we look into the UAC, we had a spend during the quarter of 20% in relation to our net revenues as compared to last year, 19%. The numbers was very representative, but it was more volatile in this quarter than it usually has been. We think and analyze that that was due to the U.S. election, which made it following a quite unusual pattern up until the election, but then it has been quite normal. What that means is that as you can see, we have spent in percentage-wise similar to any seasonality pattern increasing in Q4 compared to Q3. The difference is that it came later than it usually does because it's usually in October we push more than we have done this year in Q4. That is also what explains that we gain momentum into January rather than having that in December. Further, looking into the full year, oh, sorry, before that, I should also emphasize the FX situation, which has been extreme this year with an increase in exchange rates in the beginning of the year, but then a drastic drop, and also that negatively impacted us significantly in the fourth quarter. Compared to Q3, we had a drop of SEK 60 million just between Q3, what we had as average FX in Q3 compared to what we had in Q4, it represents a SEK 60 million drop. Looking at the full year, we had recorded revenues of 3,991, which is 103% higher than it was last year. We think that is a strong development. We achieved that growth with 19% in UAC in relation to net revenues. That is also a number that was slightly lower than we recorded for full year 2019, where it was 20%. You can also see how we have been quite stable in how much we spend, not on a quarterly basis it could vary, but if you look at the last 12 months, it's quite stable from 2020, 2019, 2018 and 19% in relation to net revenues. Turning to slide five. Looking a bit into our EBIT development, our adjusted EBIT, which is the primary profitability measure that we use, you can see that we recorded SEK 399 million in adjusted EBIT for the fourth quarter, which is an improvement and growth of 125% compared to last year, and a record high margin of 37%, not only for the quarter, but actually for the last 12 months, which is, we think, a strong number. We have maintained and been able to achieve this high profitability basically through a high degree of operational discipline through all our studios and a well-executed live operations, which both provides us with higher margins and high profitability as well as it does with achieving growth in a cost-efficient way. As mentioned, we have both organic growth driving the improved margins as our business model provides us with higher margins as we grow with the scalability we have inbuilt, but also that we have acquired two high-margin studios through Storm8 and Candywriter. The contribution comes from both the organic and operational development as well as the acquisitions that we have made during the year. We can also mention that the studios that is not in this report, but we have acquired and coming during Q1 are more higher growth but slightly lower margins, and that is exactly what we have searched for, and we are happy that we have been able to close this transaction. We will come back to that later in this presentation. You can also see that on the right side, on the full year EBIT, we have the last 12 months, SEK 1,494 million in EBIT, which is a 131% growth compared to last year. We think that is a strong development. As you can see where our EBIT is growing faster than our top line shows again the scalability of our business model. You can also see how we have steadily been able to grow our margins from 33% through 35% up to 37%. Again, we think that we should balance around our target 35% and hence be able to spend more in growth the next coming years. That is what we would like to achieve, and we think we are on track for that. Turning to slide six, looking into our active portfolio. Again, as previously, active portfolio is the games that we work very actively with that has dedicated Live Ops team. It's not the long tail of games still being live but not on the level and on the size that we have dedicated teams. What we are working very actively with and have done for quite some time is to constantly improve the diversification and the balance of our portfolio. I think that we have taken significant steps during 2020, and also in the fourth quarter. We are constantly improving that diversification and balance in terms of age, in terms of where the consumers come from, in terms of female and male audience, and not the least, how we have now managed to balance between the three different product categories. We have close to a perfect balance between the three different product areas that we have, and that is something that we think is very important for us to continue to provide the stability and predictability of our gaming portfolio's performance. Now the portfolio is represented by 42 games, and 77% of our revenues in the fourth quarter were coming from the mobile channel, so it's growing. Our ad bookings improved slightly from the third quarter, so it's now 8% in portion of the total revenues. Also, looking at the whole portfolio, you can see that 36% of our portfolio comes from simulation, RPG, and action, which is now very well-balanced but slightly larger than the other two areas. Looking at the ad revenues, I would like to emphasize that we have an ambition to strengthen this. It's good for profitability, it's also yet another means for diversification. Even though the improvement 7%-8% is not that high, it's worth noting that we have increased from 1.5% in Q4 2019 to 8% this quarter. Since we have doubled our business, it's actually a factor 10x in absolute numbers how much our ad revenues have increased in one year. I think we are good on the way, I'm not pleased with this number. We should definitely be able to grasp the untapped potential of further ad revenues. Worth mentioning is that we have additional 4% of bookings coming from the non-active portfolio. As we have stated already in the Q3 report, and as I touched upon just recently, that it was a more volatile environment for marketing this quarter than we have seen previously for the reason that I mentioned. Overall, and that is important, that we have not compromised on the return on ad spend target of net returning the spend within 180 days. We have good margins to our highly set expectations on how it should return. There's no compromise there, and the absolute spend is the same, but it's slightly later that we have spent during the quarter than we usually do in Q4. I would like to mention that we have more than 20 titles upcoming in our pipeline for soft launch 2021. That is for us a record number of new products on its way out. Further, I would like to comment on our user numbers. You can see that we have a 274% year-on-year growth on monthly uniques and on daily uniques we have 215% growth year-on-year. What is important for us, something we have strived for, is to increase the number of paying users. That is up, most of these numbers up 278% year-on-year. We actually have a all-time high in Q4 in the number of paying users, 877,000 paying users, which is then, as you can see, higher than Q2 when we had a very high intake of new users. That shows that the loyal users continue to play our games, continue to pay for the entertainment that we provide. When the MAU and DAU goes down as a natural reaction on the huge intake from 15th of March to end of May, the paying users are actually still increasing. I think that shows that the efforts with Live Ops and the loyalty our users show us is there for sure. A comment on the average revenue per daily active users, which is down year-on-year, which is a direct reflection on that we have added the mashup and casual category. That is completely due to that. More relevant, I would say, is that you can see that from Q2 to Q4, it's no change in the average revenue per daily active users, which is actually representing and showing clearly that the COVID-19 effect that we have was in the number of intake, how much marketing we could perform from mid-March to end of May. That was exceptional and exceptional profitable as well. The pattern from these users coming in is very similar since the ARPDAU is unchanged from Q2 to Q4. Basically, we have no COVID-19 effect in the existing pattern from the users. Turning to slide number seven. Looking at our strategy portfolio, we are very pleased to see that our strategy portfolio is continuing to perform with a high, strong growth and a very high stability. In this case, there is no acquisition, it's just organic development. It's currently 12 games, 63% mobile revenues. We have no ad revenues in this area, and close to half of the revenues come from Europe. 32% of our total active portfolio comes from the strategy area, so it continues to be a very important area for us. With a 13% organic growth, we are very happy to see that. As we have seen for quite some time now, many of the mid-size products are performing very well, such as Call of War, Supremacy 1914, and we are very pleased to see that War and Peace has increased significantly after one or two weaker quarters. It's really working our product portfolio strategy. Conflict of Nations that was launched on mobile in late Q3 has delivered over our expectations. It's a very strong product with high growth. Again, we can see that true cross-platform product is really increasing the KPIs and providing us with higher growth and higher profitability. As I mentioned, War and Peace and Conflict of Nations, both launched in 2017, reached all-time high bookings in the fourth quarter of 2020. On the other side, Nida Harb and Strike of Nations had slightly lower activity levels during the quarter. They, especially Nida Harb, don't have, for obvious reasons, being a MENA region product, do not have a seasonality effect in Q4. They rather have a positive seasonality effect in Q2 connected to Ramadan, not of course Christmas. Looking at our MAU and DAU and paying users development, you can see that the MAU is very stable. We had an uptick in Q2 for the reasons that I mentioned. It's very stable, both 1% growth year-over-year. You can also see it's very stable from Q3 to Q4. Looking at the DAU, it's 3% up. Looking at the paying users, again, it's growing more than the MAU and DAU, which I think is a very good development and pleasing to see. Sequentially, it's 11% up. It's almost on the level of the record second quarter. Looking at the average revenue per daily active users, it's year-over-year up 9%. Also performing very solidly. You can see that it's SEK 7.3 in Q2, SEK 7.1, SEK 7.2. I think we have a good development in terms of the KPIs throughout the line. UAC is also stable. It's on 17% in relation to bookings. That is exactly the same number as in Q3 and one percentage point higher than in Q4 2019. Turning to Simulation RPG Action on slide eight. This is, as I said, now the largest product area, even though it's almost on par with the other ones. We have significantly improved the diversification and changed the product mix in this area with having the Nanobit products added in the fourth quarter. Now we have 22 games in this area. 70% is mobile, 5% ad bookings, and we are 46% revenue collecting from Europe. We had a 56% increase in bookings, and again, it's key titles performing well. Nanobit added to the portfolio just as Everguild, even though Everguild still is a quite small product and small studio, we think that we have great growth opportunities there. Nanobit recorded slightly lower revenue than expected due to the performance marketing volatility that we spoke about, but also that they are heavily exposed towards U.S., and then the FX dip that we have seen for quite some time had a relatively higher impact on Nanobit. They did deliver EBIT margin in line with our expectations, and they have also a stable and solid start into the next year. We can see that Big Farm: Mobile Harvest, also launched in Q4 2017, has continued to perform very strongly, as well as Shakes & Fidget, which has outperformed my expectations for quite some time now. Going into our user numbers, you can see that our MAUs has grown 149%, our DAU is growing 69%, and our monthly paying users is growing 112%. It's a solid growth across the line here, of course, driven by acquisitions to a large extent. You can see that our average revenue per daily actives are again very stable. I think that's a sign of health indeed. It's slightly lower if you look at year- on- year, but that is due to product mix. If you look also from Q3 to Q4 and looking from Q2, it's very stable. Worth commenting on the bookings and the UAC. You can see that the UAC is growing faster than the bookings, which is a direct relation to the product mix, whereas Nanobit products are, as you saw already at the acquisition when we guided, they are growing in general over time faster and have an opportunity to do so, and hence they are spending more in UA. As the spend was late during the quarter, giving momentum into Q1, that is what explains basically the difference in increase in UAC and bookings in the short term. This is an effect that is not completely surprising, only looking at one quarter for the newly acquired products from Nanobit. Looking into next slide and Casual Mash-Up. This is an important growth area for us that we decided to try to get into in Q4 2019, and I think that we have been able to do so in a good way. One of the reasons that we strive for including this area is that we would like to have this product area that is moving faster up and down because the cohorts are shorter in lifetime. That is also what explains that we could increase extremely rapidly in Q2 when the COVID-19 marketing opportunities open up. It's also natural that they are bouncing back in volume, as we can see, and I will touch upon more in a minute. That is exactly what we would like. That dynamic we lacked when we were much heavier exposed to strategy games. That is one of the reasons that we think this is a very important area for us to grasp short-term and long-term opportunities in a way that we cannot do with strategy games. Now we have eight games in this category. 100% is mobile. Ad bookings is now 20%, up from 16% last quarter. 72% of the revenue comes from North America, and hence there is a clear FX hit in this area more than any other area. Nevertheless, it's 32% of our bookings still, and we are happy to see that Candywriter, BitLife has started to perform very strongly, and we have just recently entered new markets as we spoke about when we acquired the company that increasing the spread from being very US exposed into new markets has commenced late Q4 and early now in this year. We have high expectations that will pay off for BitLife and this product area. Storm8 titles, they performed steadily in the quarter, even though in absolute numbers it's softer than the record levels we had in Q2 and Q3, but it's very stable compared to the last year, which is obviously not in our numbers since we acquired them in January. It's a solid performance year-on-year, and we are very optimistic about this product that will grow for a very long time going forward. Again, this is the area where we're most exposed to the U.S. market and hence the FX effect. Looking at the MAU, DAU, and MPU numbers, we can see that we have a drop of 16% sequentially in MAUs and 13% drop in DAUs, which is what we expected, you can also see that the paying users is declining with 12%. Again, the pattern that the paying users are more loyal, even though there is a drop for reasons that, again, we increased so much in Q2 and the cohorts had, in average, compared to strategy, shorter cohort life cycles, so it's expected pattern. Looking at our average revenue per daily active user, you can see it is extremely steady being at 1.6, 1.7, 1.6, and 1.6. That, again, shows that we had no COVID-19 effect from increased playing time or the individual user behavior. If that would have been the case, we would have had higher average revenue per daily active users due to COVID-19, and we have not. That is clearly the case. You can see also that we had quite stable spending in UA in relation to net revenue. In this area, we are 16%-17%. The last four quarters have been a quite stable level, and we think representative levels. With this, I would like to hand over to Andreas to look into our financials after presenting the portfolio and the numbers to that. Please, Andreas. Thank you, Jörgen. Good morning, everyone. Thank you for joining us. I will start with slide 10, looking at the highlights for the fourth quarter. As Jörgen has touched upon, strong revenue growth of 96% and an adjusted EBIT margin of 37%. We continue to have a strong cash generative business of SEK 281 million of free cash flow after product development and prior to acquisition and financing. We exit the quarter and the year with just over SEK 1 billion of cash and an undrawn long-term credit facility of SEK 2.5 billion. This was also the quarter where we put a new credit facility in place in early December, which increased that amount significantly that we have available to then complete the acquisition of both Sandbox, which was done in Q4, and then we have Super Free in the end of January, and we are hoping to close Moonfrog in Q1. We had a leverage ratio of 0.88, which is within the group's targets. Summarizing, strong operative performance in the business, both from a top-line margin and cash flow perspective, and further in strengthening our financing platform during the quarter. I will move into slide 11, looking at Q4 isolated, and then I will talk about the full year. Our net revenues grew with SEK 529 million, 96%, both from acquired but organic growth as well. This has started then in the quarter to diversify our revenue generation, both Nanobit and Everguild contributing to the P&L. We have a further increase in ad revenues to 8% of bookings in the active portfolio. Additional diversification of that, which impacts our gross margin positively as well. We had a negative FX effect in Q4 of SEK 37 million. That's year-over-year, so not quarter-over-quarter. This also has a positive impact on our costs. We have our natural hedge in our portfolio, so even if the absolute numbers go down, the margin remains intact. We had a deferred negative effect of SEK 4 million in Q4, which is in line with normal seasonality patterns. We had a gross margin which was down one percentage point versus Q4. This is natural. We've seen that in the previous quarters as well due to the share of mobile, which has gone up. We have this natural hedge in our portfolio where ad revenues actually defend the gross margin because there is no sort of platform fees attached to that. Our other external costs are down 12%. This is partially driven by FX effects, and then there are some reallocations between line above EBIT as part of the year-end close, which shows in this position. Staff costs increased in the quarter with 45%, SEK 100 million and SEK 262 million, which more or less is driven by the more studios we have added, offset by an FX impact, also reducing that cost. The good thing is that costs grows a lot less in the quarter than top line, and that's the strength of our model and the scalability of our models. Depreciation and amortization has gone up significantly, which is mainly driven by amortization of PPA items, which increased by SEK 74 million -SEK 111 million over the quarter. This is for recent acquisition and acquisitions we completed during 2020. We had items affecting comparability in the quarter, this was SEK 43 million. This is mainly driven by Sandbox and the Super Free acquisition, which was announced in December. This gives us an adjusted EBIT margin of SEK 399 million, which is a 125% increase versus Q4-19. Financial items, we had in total SEK 57 million. SEK 26 million of that is what I would call real interest, which is in line also with previous quarters. We had SEK 12 million of non-cash interest on earn-outs which we book each quarter. We had some impact on FX here as well of SEK 7 million. This is going to be in some of our operative businesses. We hold some non-local currencies, and that has impact on the group level as well. We had SEK 12 million in total of non-recurring items, partially driven by the new RCF. That gives us an earnings before tax of SEK 188 million. We have a tax rate for the fourth quarter which was unusually low. We were conservative and prudent in Q3. We have had during the quarter, we reassessed some of our positions and got some favorable outcomes in some of our product approaches we have taken previously. If you look at the tax rate, which you need to look at the full year basis, it's 27%. If you exclude non-deductible transactional cost, the tax rate for the full year will be 24%. That gives us then a net result of SEK 163 million which is an 88% increase versus 2019. Turning to slide 12. Here's the summary of this 2020, which has been a fantastic year for Stillfront. We more than doubled our revenues to just under SEK 4 billion. This is of course very good to grow, but especially how we've been growing. We've been growing through diversification, i.e. more games, but it's also that those games have led to diversification in our demographics, in our gender balances, and also the age distribution. This creates a very strong revenue diversification, which puts Stillfront at the very ability to manage a portfolio on a much broader scale than we had a year ago. We also increased ad revenues significantly. If you look at it's 6% of our bookings for the full year 2020. In absolute terms, that is increasing with over SEK 200 million. That is also a very strong diversification that we do get more revenues because it is a natural strengthening of our gross margin. The gross margin has then gone down in the year to 72%. This is due to higher share of mobile, but it has been then defended by a broader revenue diversification through ad revenues. We have deployed SEK 743 million of UA in the full year, which it's a large number. It's a 7% increase. We have managed to reduce the cost in relation to revenues versus 2019. We have acquired studios which drives more or less the increase in personnel expense. Those are now at SEK 597 million for the full year, which increased by 67%. As you can see, we do add more top line than we add people, and that is a clear showing of our scalability in our model. Depreciation amortization for the full year increased significantly, mainly driven by PPA items, and it increased with 150% on that. Adjusted EBIT, almost SEK 1.5 billion for the full year, which is an increase of 131%. Also that we have strength in our margin. If I would summarize the year, it's been a year of where we have executed on a lot of the things that we have set out in November 2019. It start to show good results in the numbers. I will jump into slide 13, the balance sheet. Looking at them versus Q3, because that's a more relevant point. Total intangible assets increased by 25%, mainly driven by goodwill, which increased to SEK 1.6 versus Q3, and other intangibles which increased by SEK 495 million. That is the mix between pure product development and also items added for PPA purposes during the quarter. We have also added in both Sandbox, which was purchased on the last day of the year on the balance sheet, and also Nanobit. On the deferred tax assets and current receivables, that decreased with SEK 776 million. Just to remind you why that decrease is so high, is that we recorded Nanobit as an accounts receivable in Q3. It's a pure accounting treatment that has now moved up to intangible and non-current assets. We ended the year with SEK 1 billion of cash, and we did utilize some of our credit facilities as part of the acquisition of Sandbox, and we utilized some of the cash. We increased our balance sheet position of SEK 543 million versus Q3. Total earnouts, we have SEK 2.1 billion, which is up from SEK 1,784 million in Q3. This is driven by mainly Sandbox and Nanobit. SEK 1.3 billion of these are long-term, where i.e. will set them after 2021, 66% in cash and 34% in cash, and SEK 773 million of that is short-term, i.e. settled during 2021 with the same relation in terms of cash and equity. We ended the quarter and the year with SEK 1.8 billion and an adjusted leverage ratio pro forma of 0.88, and adjusted interest cover ratio pro forma of 12.6. Moving to the cash flow, slide 14. Looking firstly at the quarter, as I mentioned earlier, strong cash flow from operations of SEK 413 million in Q4. This has a positive working capital effect of SEK 120 million, but that is also offset by larger tax payments in Q4 of SEK 108 million, which is a normal seasonality effect on tax payments in Q4. We invested in total just over SEK 1 billion. SEK 879 million of that was related to Sandbox. We had investment of product development of SEK 122 million in Q4, which is an increase from last year of 45%, but in relation to revenues, it's still within our previous numbers of approximately 11%. We had cash flow from financing. We did utilize some of the credit facilities, that was SEK 599 million in Q4. As I said, previously also touched upon it, cash flow generation is always good to look from an LTM perspective. If we look at the cash flow generation from the business, it was SEK 1.2 billion prior to product development in the full year. That's an increase by SEK 755 million versus 2019. We did invest in total of SEK 444 million in product development. Even if that increases, that increase is lower than the increase from cash flow from operations. That is very much the strength in our model. It allows us to utilize that. It allows us to continue to execute on our M&A strategy. Full year free cash flow after product development amounts to SEK 772 million. That has been one of our areas that we have seen also as well as on our P&L and our operating performance a very strong contribution for the year. With that said, I will hand back to Jörgen. Thank you, Andreas. On next slide, we will just summarize here before we open up for questions. We think we ended the amazing 2020 in high speed with continued strong growth, the 10%-15% organic growth, many products on development for soft launch next year, more than 20. We did see the high volatility that we touched upon. We did see the negative FX effect, obviously not in local currency, but in reported currency. Three new studios have joined the group. Looking at the full year, I think that as Andreas touched upon and myself also, what we said and what we hope that we will achieve communicating to the market at our Capital Markets Day in November 2019, I think we have achieved that and a bit more. We have definitely taken steps in building the leading free-to-play powerhouse. We have strengthening step-by-step the business platform that we've put so much energy into, and that is so important for us to achieve this wanted position with record number of synergies. We have had over 80 synergy collaboration projects between the different studios, where we have more than 60 currently every day leveraging the structure of Stillfront and the business platform of Stillfront delivering cost and/or revenue side synergies. I think this is a key element in building the free-to-play powerhouse and achieve long-term profitable growth. We also have, during the year, built and established a very strong ESG platform and a sustainability framework, working with all the three areas. Worth mentioning is that within the social aspects, we have been establishing our FAIR model that we have spoken about earlier, we also have a dedicated responsible individual for looking at content and how we market product in our top management, our CPO. Also we have on the environmental side, we have measured and compensated for all the carbon emissions that we have due to our own operations, but 95% comes from our users' emissions. We have compensated for all of that, including the playtime from our consumers to fully compensated for that with certified gold projects. We have also achieved a climate neutrality stamp from third-party in certifying that we have done that for 2019 and 2020. Again, 60 collaboration projects running currently. We continue to diversify and build and improve the balance in our portfolio. I think that we, with the acquisitions, also have a good or great opportunities to continue these efforts into next year. I'm really grateful and impressed by all the studios and all the 1,000 people that we have, how dedicated and how professional they are in the everyday work with our product, the Live Ops and marketing through our group. Again, our footprint has already during the year significantly improved, but we have with the new acquisitions and with the new product pipeline, new opportunities. Finally, on next slide, looking into this year, we can see that we have had a strong performance across our game portfolio in January. We also see good opportunities to increase our UA for further growth for 2021 and onwards. That is exactly what we would like to achieve with both Nanobit, but also the newly made acquisitions that we have several new growth engines on board for not only 2021, but for 2022, 2023, and onwards. Of course, it will be in the very short term, tough comparison numbers because we had this exceptional uptick from mid-March to end of May. That is a very short-term one-off effect. I think that will not impact our business as such, just the optical comparison numbers. Basically, we feel that we have strong business momentum and many exciting opportunities with the more than 20 products that will come out in soft launch, as well as we have the three new studios not yet consolidated and a strong and interesting pipeline for further M&A activities. With that, I will open up for questions. Please go ahead. Thank you. Our first question comes from the line of Jesper Birch-Jensen of ABG Sundal Collier. Please go ahead. Good morning, Jörgen and Andreas. A couple questions from me. First off, you touched on this here at the end, but you mentioned that you see good opportunities for growth in 2021, but that you could face tough comparables here in the short term. Just to clarify, you mean mostly Q2, right? January and February should possibly be boosted by COVID versus 2020. That is correct. We saw the uptick very rapidly in March. It's partly in Q1, but you're perfectly right that it's mainly Q2. That is correct. Thank you. My next question is just in terms of the margin here in 2021. We've seen elevated levels through 2020. You mentioned improving genre mix, some higher contribution from high-margin studios and so on. Now in Q1, we have two studios coming in which is growing a lot and investing a lot in UA. On the other hand, we have potentially challenging marketing conditions in Q2. How should we view margin on 2021? Do you foresee outperforming your targets through 2021, or should we more think of levels in terms of your 35% target? If we take away the very short term, because it will always be, and this is not only connected to COVID-19, but one quarter to another can always shift, but we are building still for long term. We have an ambition that we should beat our 2023 targets. We have new ambitions that go much further and higher than that as well. We are only playing the long-term game here. I think that what we would like to do, and the reason why we have 35% as EBIT target and not 37% that we have been on, is that we see great growth opportunities in many dimensions. I would like the margin to be slightly lower because that means that we will grow slightly higher organically. I think we do have shown since 2018 that we are on good organic growth, but I think that we could continue to grow with good numbers, but it will not be paired with 37% margin. full year 2020 versus full year 2019 was between 15%-20% organic growth, and full year 2019 versus 2018 was between 21%-24%, so definitely much higher than the market. I think we cannot promise to grow 20%, 25% organic, but we hope to think that we have provided ourselves with the opportunities to grow faster than the market. We don't expect that will be paired with 37%. We want to grasp the growth opportunities rather than keeping only margin. Thank you. My last question is just in terms of BitLife, which you've mentioned has entered new markets, and I was wondering if you could specify a bit more which markets you're referring to, because this will be quite interesting to track given the success in the U.S. Yeah. Naturally, we started off with U.K. This is a very text-intense game, so localization takes a bit more time, and also, as we touched upon, related to COVID-19, Candywriter was the only studio that did not benefit from COVID-19 since they had so much ad revenues, and ad revenues dropped since the nominal CPI went down. They successfully managed to increase their in-app purchases in an impressive way. Now we are on the move again with the localization and the adoption and entering into new markets, starting with U.K. That is where we have some more significant data at this point. When you look at the open sources, you will hopefully see that. We are preparing ourselves for rolling out to new markets during 2021 in several different steps. Of course, it needs translation and localization on significant text amount, but that's in the making. Okay. Thank you. That was all from me. Our next question comes from the line of Alexander Duval of Goldman Sachs. Please go ahead. Yes. Hi, everyone. Many thanks for the question. Just a quick one on gross margins. You talked about how gross margins are actually down slightly due to mix of games this year in fiscal 2020. Can you help us think about how we should be looking at gross margins this year? Should we be assuming a flattish development? How should we be thinking about that dynamic on a multi-year view? Secondly, obviously, you've recently announced a number of acquisitions. Can you just give a bit more of an update on the kind of pipeline of opportunities you're seeing near term and the kind of firepower that you could have to dedicate to those kind of opportunities? Then just maybe remind us your multi-year M&A philosophy. That'd be very helpful. Thanks. I can start off, and then you can fill in, Andreas. When it comes to gross margin, there are some different effects that comes into play. One is how large portion of mobile we have, and that has increased. That is pushing the gross margin downwards. I think that, for obvious reasons, there is a 70% natural level of that. I think that will not push down the gross margin very much. It's not to expect, since we are at high levels. On the other hand, working in the other direction, benefiting our gross margin is ad revenues, and I think as I touched upon, that we have and we shall over time be performing better there. I think that it will not be in the drastic changes to gross margin, basically, throughout the next coming year. When it comes to M&A, I think that we see a lot of exciting opportunities, and I think that we have shown that the exciting opportunities that we have been working with during the fall have turned out as we hoped for with three new, and including Nanobit and Everguild, five companies on board. I think that we are optimistic about the number of opportunities that we see in our pipeline and not the least, the quality of the opportunities. I hope and think that we will be able to continue our track of both organic growth as well as acquired growth. When it comes to firepower, I will let Andreas, maybe you can touch upon that, and if you would like to add something on gross margin, please do. No, I think from a gross margin, I think you captured the main point. In terms of firepower, looking back in 2020, we did change tactics a bit. We raised the SEK 1.2 billion in June of equity, which we then successfully deployed already end of September with Nanobit. We then worked on our debt portfolio with our banks and increased debt capacity, that has enabled us to do even further acquisitions. We created a very strong financing platform in 2020. We have shown that we can deploy capital. Of course, it's difficult to say exactly when that is in M&A processes, but that is obviously something that we tactically work on a daily basis to look at the needs of our M&A pipeline. It's also very important to note that we did generate SEK 772 million of cash after product development. That is a very big strength in our business. We are a cash flow generating business. That could, if comparative, we can buy a Super Free upfront with that kind of cash. Those components tactically, strengthening our financing platforms and also our cash flow generating business are something that we will continue to work on. Great, many thanks. Our next question comes from the line of Oscar Erixson of Carnegie. Please go ahead. Thank you. Good morning, guys. A few questions from me, starting with your comments on the trading here at the start of Q1. Are you seeing clearly higher bookings in January and the start of February versus the Q4 average? Can you quantify that at all, please? Thank you. As you know, that will be to give a direct forecast. We can just say that we are pleased with the momentum that we had in January. If you look at open sources, you can see that the open sources suggest that the bookings have increased like for like. We think that that is a good start. To give a full Q1 forecast here now is not what we can do. Got it. On user acquisition, obviously it's dependent on ROI, and you are very data-driven. Can you provide any type of indication on the direction here year-on-year in 2021 given the acquisitions coming in? Also if you could discuss just the highest potential gains in terms of growth investments at the start of 2021? Yeah. As I touched upon, we do not compromise on our return on ad spend, the 180 days net return at the most, and we have had some margin to that as well. What I hope and think, again, we are always loyal to and disciplined, loyal to the data, so to speak, and disciplined in our spending and very agile, so we can shift spending from one territory to another. We can shift spending from one category to another and from one product to another, and that do shift from one day to another, literally. I think that is one of our key strengths. We're not trying to guess, or we don't have budgets for a full year or for a full quarter or for a full month or even a full week that some product could always spend a certain amount. It should be driven by highest return. I think that what we definitely have is that the acquired studios do represent high growth opportunities. I hope and think that we can increase our UA in relation to net revenues so that we will grasp and build the momentum for not only 2021, but towards our 2023 target through higher organic growth and contribution from the acquired studios. The studios' nature and the product they have, and not the least, the number of products we have on our way out. If they are performing and meeting our requirements on KPIs, and some of them will for sure, some of them will not for sure, but that will always also increase the UA spend. I really cordially hope that we can increase the UA spend, not by compromising with our 180 days return target, but due to the fact that we have, through acquisitions and through the organic pipeline of more than 20 games, that we have a lot of growth opportunities. It will not constitute an immediate growth because the organic products are coming throughout the year, quite evenly spread, so to speak. I hope and think that you will see higher UA and hence build for higher growth 2021, 2022, and 2023, organically that is. Great. Thank you. Another question for Andreas, I think. If you could just say something about the advertising revenue, the advertising percent of revenue and net debt, EBITDA pro forma, including the latest acquisitions here of Super Free Games and Moonfrog. If you could provide some input on that would be great. In terms of advertising revenues, you mean how they have developed? That is the question, how they've developed. In Q4, we had 8% of bookings, which is an increase from Q3, so there we see a slight increase. I think the key point is actually for the full year, because that's where we see the biggest, where we've gone from approximately 1% of our total bookings and active portfolio in 2019 to 6% in 2020. The percentage point looks a bit small, but if you consider that we actually grew significantly, that increase is SEK 206 million versus the two years, and that's the significant growth. If we can increase that even further, then we create an offset on our gross margin in terms of our increased mobile share. For the second question, as we communicated in terms of our leverage targets, we did say as of when we acquired Sandbox and Moonfrog and Super Free, that we will remain within our leverage financial targets of 1.5. That we stand by. Okay, perfect. Thank you. Just a final question from me to Jörgen. The IDFA changes, do you have any indication on the date or month when it will materialize? I've heard early spring. Could you discuss the steps that you're taking to prepare for it now over the past couple of months, that it's getting closer? Thank you. Yeah, I'm not the one pulling the strings, but this exactly happened. We thought it was November, then it was January, now it's April. Seeing is believing. We don't think over time this will, for reasons that I've elaborated on several times, I wouldn't repeat them now, but we think that we stand in a good position tackling this operational-wise. We did also start with adjusting ourselves in the way that our marketing mix already in late September, early October. I think that we see that we can continue to spend on the same level throughout Q4, and with very good return numbers in terms of net returns within 120 days with margin. I think we are in a good position, and already last year at Q2, between 20% and 40% of all our users have been acquired without any opportunity to target them. We have taken further steps. I think that so far so good. If it happens in April, which is our current view, we are very well prepared. Great. Very clear. Thank you very much. That is it for me. Our next question comes from the line of Edward James of Berenberg. Please go ahead. Morning. Thank you for taking the question. Just two or three from me. On the performance of the Casual Mash-up segment, particularly the decline in sort of active users and bookings Q3 - Q4, can you just discuss that in relation to the directives of Zynga and Glu Mobile, particularly with Glu Mobile's Design Home and Kim Kardashian games, which are reasonably similar to Storm8 and Nanobit's titles? Just to understand whether your position in those markets has deteriorated or stayed the same, and whether that leads you to think of either an adaptation of the strategy and the way that you will approach scaling that vertical over the next 12 - 18 months? Yes. Again, I understand that it comes question because we had an amazing timing. We were just bluntly lucky with the timing when we acquired Storm8 since they had the natural attributes on picking up opportunities much faster than strategy games, then came the COVID-19 effect, the timing was great. Making that fantastic uptick in just weeks, very shortly after our acquisitions, it's natural that it comes a bounce back because it's very important to understand the dynamics here. The cohorts of mashup and casual games, and hence then the Storm8 games, is that a cohort is shorter and it's natural that it's shorter because the lifetime spending is more front-loaded than it is in strategy games where you have to build that over many quarters or even years before you get up to a good level of the percentage-wise of the lifetime revenues for a certain cohort, whereas it's very fast up in casual and mashup, but then it's not flat, but it's flattening much faster. That is why when you don't have the massive intake that we had from March to June in casual mashups, then you have the bounce back. It's not related to that there is a different competitive situation from the companies that you mentioned. That more games coming to this area is not changing our view on the growth opportunities. It's rather confirming that there is a market there and there is a huge demand. Is that demand fulfilled already? There's nothing more to go for it? No, I cannot imagine that we're even nearby because the appetite for games in this direction is significant. You can see many very successful among the most successful games globally overall topping charts are mashup games. There are so many more combinations, and the existing ones will live for years, not only ours, but also our competitors, and they will grow for years. I think that nothing has changed in terms of strategy. We are comfortable with the competitiveness of the Storm8 products. They will grow for many years. There is a very unusual pattern during the year, so I understand from where the question comes, but it's not a decline situation, it's a growth product. Okay, great. That's very clear. Thank you. Just one more. Can you just sort of confirm which companies or which acquisitions are included in the pro forma EBITDA calculation? I'm assuming that the acquisitions to be completed in Q1 2021 are not included in that pro forma EBITDA calculation. Yeah. Sandbox is in there, but not Super Free and Moonfrog. Okay, great. Thank you. Our next question comes from the line of Hjalmar Ahlberg of Kepler Cheuvreux. Please go ahead. Thank you. Maybe just the first question on, I don't know if you can comment that, but looking at Sandbox and Super Free, you gave a kind of a guidance for 2021, and we only have the Q3 numbers for those two, but can you comment on how these two companies have done in Q4? Have they seen the same kind of trends that you have, or is that a bit different there, and also if the kind of forecast is heavily loaded towards second half of the year or it's more evenly distributed? We don't give the exact number for Q4, but it has followed our expectations. That is what we're going to see. There is nothing in Q4 that drives us to revise our guidance that we gave. It's following what we expected. Of course, that will be surprising since we announced the deals in mid-December as well. I think that they are definitely still valid. It's also different between Super Free and Sandbox. Sandbox is part of the growth, but definitely not all, but part of the growth is related to their mobile extension, and how we can create synergies from that. Also we believe that the product in itself is so strong and so high quality, so it's scalable to a higher degree in what they have done previously, using the center of excellence that we have in Stillfront and hence leveraging our business platform. We think that will happen. Had it happened already? Well, it's not that far. It takes a certain time to set up these synergies to come into play. We are optimistic about that gradually from basically the beginning of the year, throughout the year, and in the case of especially Sandbox, we see second half since they launched their mobile product in Q2, we see the growth and it would be potentially more linear coming from Super Free. Potentially with some seasonality in Q3, but otherwise it's linear. Thanks. Maybe just one more on the UA side there. As you said, the casual and mashup category is more volatile on revenue and more dependent on UA spending, and you've been at around 16% of revenue in this category, I think. I get you don't want to give any indications, if you compare the spending of the three categories, do you expect the biggest increase in 2021 to be in the casual mashup category, whereas the strategy and RPG might be more similar to Q4 levels? Yeah. Typically, strategy is moving slower in every aspect, in both how it changes in UA spend and so on, because the whole dynamic on these products and the user's behavior and the cohort's behaviors is not as rapidly changing. Also when you have a higher degree of ad revenues, it's also contributing to something that we wanted with the diversification, but it also is moving faster than a strategy that does not have any ad revenue. I think and hope that we can increase UA spending in casual and mashup most, simulation RPG in between, and I don't expect that we will increase UA so much in strategy. Again, you have to remember that it's data-driven. For instance, when Conflict of Nations, the mobile version that really has performed over all our expectations, obviously we fuel that single product with more UA than we do with a product that has been out for a longer time. Data will decide, but that is what I envision for during the year, that most UA increase in mashup, casual, in between simulation RPG, and lower on strategy. Okay, thanks. The last question on your earn-out. In the Q4 you had SEK 2.1 billion, I think, booked. Is that including Sandbox, but I guess not including Super Free and Moonfrog. Is that correct? That's correct. Okay. Great. Thank you. Just to remind everyone, if you do wish to ask a question, please press zero one on your telephone keypads. You may withdraw your question at any time by pressing zero two to cancel. We'll have a brief pause while any further questions are being registered. There are no further questions at this time. Please go ahead, speakers. Yeah. Thank you all for your interest and dialing in to our presentation here, and good questions. Well, I basically wish you a great day. Thank you for today.