Hello and welcome to Thunderful Group Q4 presentation. My name is Simon Jönsson, Equity Analyst with ABG, and I will be the moderator today. First, we'll have a presentation by Anders and Lennart. This will be followed by a Q&A, and you can send in your questions in the box below the presentation on the website. With that said, I will leave the floor to you guys. Thank you, Simon. Good morning, everyone, welcome to today's presentation of Thunderful Group's financial results for Q4 2022. Today's presenters are me, Anders Maiqvist, the Acting CEO in Thunderful Group. With me today is also our CFO, Lennart Sparud. We're also very glad and happy to be standing here in front of the father from Somerville, which was our best top-selling title here in Q4. Today's agenda, I will start with the key highlights in Q4. I will then continue with some background of Thunderful Group and our two segments. This time I'll also add some reflection on each segment's performance and achievements in the full year 2022. Lennart will then continue and guide you through the financials. Finally, in the events after the quarter, I will briefly present two add-on acquisitions made by two of our subsidiaries at the beginning of this first quarter, 2023. Starting with the key highlights, Thunderful Games delivered a strong quarter with the net sales of SEK 199 million and with EBITDA of SEK 124 million. The net sales from new releases in the quarter was 46% of Games total net sales in Q4. Throughout 2022, we've seen increasing net sales from new releases quarter-over-quarter in every quarter in 2022. The organic growth in Thunderful Games is 23%. Should mention that most of the revenues are coming from US dollars, so there's some FX tailwind built into that as well. The cash flow from operating activities in Q4 was fantastic at 406 million SEK. Because of the strong cash flow in Q4, the free cash flow was also positive at 196 million SEK for the full financial year 2022. The free cash flow for us is cash flow after investing activities without any adjustments. This really marks the first year with a positive free cash flow since 2019 in the consolidated Thunderful Group. In Q4, we also closed Jumpship. We presented the acquisition in our previous quarterly financial update, in this quarter, we are pleased to inform that Jumpship contributed with 75 million SEK in net sales, which is in line with the upfront consideration that we paid of 6 million GBP. In Thunderful Distribution, Bergsala delivered a strong performance in Q4 with SEK 61 million in EBITDA and with 10% EBITDA margin. The other two distribution companies faced gross margin pressure as a result of the close-out sales performed also here in the fourth quarter. The close-out sales had impact on profitability, the positive message is that we've completed the close-out sales, and we have not performed any inventory write-downs. Both companies are now having a much better structure ahead of 2023, I will talk more about that later on in the distribution segment. An overview of the entire group's financial performance in Q4 show that we had negative net sales growth of -9%, Games delivered 96% positive growth, while Distribution had -18% negative growth. The adjusted EBITDA was plus 31% and adjusted EBITDA was plus 41%. Both these profitability metrics saw significant positive impact from Games, while Distribution had negative profitability contribution. Cash flow from operating activities reached SEK 406 million, which is a year-over-year improvement of more than 2,000%. Pausing here for a while, looking at the graph to the right, it's clear that we've reached our highest EBITDA level in the last five quarters, even though Distribution is very far from its historical profit levels. The EBITDA growth comes from Games, where we have formed a new structure in 2022. Throughout the year, we've seen consecutive EBITDA growth quarter-over-quarter in our Games segment. I said before that net revenues from new releases have had higher and higher net sales contribution every quarter in 2022. Even without new releases, we have consecutive EBITDA growth every quarter. Before 22, Thunderful Games was heavily dependent on successful game releases to reach decent EBITDA levels. Now when we've reached a stable EBITDA baseline from our low-risk revenue pillars, co-development and partners, we are in a very different situation when we manage to release successful games. Successful game releases can now take Thunderful Games to new levels, as we've seen here in Q4, and it all starts from a much higher and more stable EBITDA baseline. Also spending some time on the black bars, the not so nice development in distribution. We have been talking for a long time about high inventory levels. Finally now in the second half of 22, we managed to reduce inventory levels with SEK 280 million. This resulted in a free cash flow after investing activities for the whole group of almost SEK 200 million for the full year 2022. This means that cash flow generated in distribution has not only financed all of the investment in games, but was also used to amortize bank loans. The net debt was reduced with SEK 260 million in Q4 and is SEK 180 million lower than what it was at the end of the last year. We have now been able to finance all game investments in 2022 with a cash flow from distribution, and we have also been able to amortize bank loans and reduce our net debt. This is what Thunderful Equity story was all about in the first place, to use the strong cash flows generated in distribution and invest in games. Let's have a quick look at Thunderful Group and our two segments. I will also spend some time summarizing the full financial year 2022 in each segment and briefly touch on a few initiatives and achievements in both of the segments. Thunderful Group operates in two segments, Games and Distribution. While the Distribution business covers the Nordics, the Games business is global. We are now almost 480 employees. We have 11 internal games in development and 18 games from external developers in our pipeline. Across the segments, we manage a portfolio of around 100 brands, and we've kept our famous Nintendo partnership for more than 40 years. In Thunderful Distribution, this segment consists of three company groups. Bergsala is selling Nintendo products in the Nordics and in the Baltic states. Bergsala's business has been stable in the last years. There is a clear seasonalization toward the end of the year. Bergsala also has a clear margin mix where software sales have higher margins than hardware sales. Amo Toys is our Nordic toy distribution group, currently distributing around 70 brands, including some of the most popular toys on the market. Amo Toys business has had a stable top line over the last 4 years. Before the pandemic, this was the distribution company Thunderful with the highest margins. Nordic Game Supply is a Nordic distributor of gaming accessories, gaming merchandise, and boxed video games. Nordic Game Supply's business saw revenue growing fast during the pandemic. The company has seen significant negative growth post the pandemic. Over time, this company group has had the lowest margins of the 3 distribution companies. As we've now closed the financial year 2022, we've included a slide to compare Thunderful Distribution's financial performance to previous years. Starting at the top, we have three graphs of company-specific development in net sales and adjusted EBITDA. Starting from the left, the performance in 2022 was very similar to 2021. Bergsala has been stable for several years and has not been causing the problems we've seen in distribution in 2022. Amo Toys top line, the net sales, has been very stable for four years. In 2022, we only reached SEK 1 million in EBITDA when we were reaching around SEK 30 million in the two previous years with similar net sales. The explanation is significantly increased costs for warehouse operations and a need for an extra external warehouse throughout 2022. In Nordic Game Supply, we've seen a clear growth in 20 and 2021 that was caused by the onboarding of the new distributor brand, Razer, and the effects from the pandemic. In 2022, we've had a decline accelerating quarter-over-quarter, and here in Q4, we had negative growth of 40% year-over-year. As with Amo Toys, Nordic Game Supply has been negatively affected by increasing costs for warehouse operations in 2022. Under the 3 graphs, we have historical snapshots of inventory and development of cash flows for every year since 2018. Already at the end of 2021, inventory levels had reached SEK 760 million. The inventory build-up continued in first half of 2022, and we were not able to reduce inventory levels until the second half of 2022. Here in the second half of 2022, we managed to reduce inventory levels with around SEK 280 million. This graph clearly also tells us that there are further improvements to be made. At the end of 2022, we are in a level somewhere in between where we were at the end of 2020 and at the end of 2021. Net sales in both Amo Toys and Nordic Game Supply are similar in the full year 2022 as they were in the full year 2020. The last graph, cash flow from operating activities in the whole group, show that we had negative cash flow from operating activities in both the full financial year 2020 and in the full year 2021. This was mostly caused by distribution. In 2022, we had small but steady development in each LTM period for Q1, Q2, and Q3. Now finally in Q4, we managed to see a major impact in a 12-month period. We are glad to see that the overall company group is again cash flow positive, but it's also important to remember that we have initiated a few cost initiatives in distribution. In the previous financial update, I talked about some workforce reductions. In Q4, we've decided to cease our small operations in Germany for Nordic Game Supply, where we have been loss-making for quite some time. Amo Toys, we managed to start both inbound and outbound operations from Thunderful's own warehouse in Jönköping now here in January. The warehouse move will continue for some time, but we will see significant cost reductions for warehouse operations for both Amo Toys and Nordic Game Supply in 2023. With the reduced inventory levels and the performed cost initiatives, both Amo Toys and Nordic Game Supply now have better structures ahead of 2023. It's a question of how the pressure on purchase power for consumers in the Nordics will continue to affect us. Far we haven't seen much impact in Bergsala or Amo Toys, but Nordic Game Supply was down more than 40% year-over-year in Q4, even though we did close out sales. The start in 2023 seems to be going in the same direction, and it's very difficult to give long-term guidance for Nordic Game Supply in these challenging market situations. Moving on to Thunderful Games. Thunderful Games is structured around our four revenue pillars. Our co-development pillar currently includes two of the studios, primarily developing games based on IPs from external licensees. This revenue stream contributes with predictable revenues with stable and high margins. It also contributes with rev shares from the developed games. There is no need for investments in this revenue stream. Our Partners activities is where we are helping external game development studio to self-publish their games. As with co-development, this pillar contributes with predictable revenues and with revenue shares from games that our Partners self-publish. Also for Partners, there is no need for investments in this revenue stream. The IP building pillar is represented by all studios focusing on our own IPs. This is also where we do publishing, both of our own IPs but also when we publish external games and help external studios building up their IPs. This revenue stream is dependent on a high rate of investments but can generate high profitability levels when published games reach commercial success. The investment pillar ranges from investments in early prototype game projects to acquisition of larger companies. This revenue stream is naturally dependent on investments. For game projects, we benefit from revenue shares from the games in which we have invested. For these game projects, we always try to sell in our Partners activities. Looking back at 2022 also for Thunderful Games, there certainly have been a few achievements made. For co-development, the collaboration between our two studios, Coatsink in the U.K. and Stage Clear Studios in Spain, have increased over the year. We have managed to grow revenues and EBITDA quarter-over-quarter throughout 22. We have signed new contracts and increased the number of developers engaged in co-development. For the Partners revenue pillar, we have had fantastic revenue improvement in 22. It has not been as stable quarter-over-quarter as co-development. We have restructured the organization and recruited new senior staff members. We have leveled up our service offering and have been able to onboard a few new clients. Two of those new clients are poncle, the developer behind Vampire Survivors, which has been nominated to Indie Game of the Year here in 2022. We've recently also onboarded GSC Game World, the AAA developer behind the S.T.A.L.K.E.R. series, and the team is now working on one of the most anticipated AAA titles for 2023, which is S.T.A.L.K.E.R. 2. This also marks the first AAA client for Thunderful Partners. As for IP building, our sales contribution from releases in each quarter have increased quarter-over-quarter throughout 2022. We've completed organizational changes in our marketing and production team and seen effects from these changes in the second half of 2022. We have now announced some titles resulting in the highest interest we've ever seen before game releases, and we will continue to work as hard as we can to try to maximize the sales potential for these games. Our back catalog sales have been stable in 22 despite the negative market sentiment. The positive development comes naturally as we've been releasing games more frequently in the last two years. If we summarize all of this, the explanations behind Thunderful Games' consecutive EBITDA growth in every quarter in 2022 are, one the stable revenues from co-development and partners, low risk revenue pillars with no need for investments. Naturally, these two pillars are also contributing with positive cash flow. two, the IP building pillar where we have seen net revenue increase quarter-over-quarter in 22. In Q4, we finally managed to reach profitability in the IP building pillar. In fact, IP building was profitable also excluding the successful release of Somerville from Jumpship. Reaching a much higher EBITDA baseline from our low risk revenue pillars, co-development and partners, has really been the achievement of the year in Thunderful Games. Whenever we have a quarter with some truly successful game releases, as we have had now in the Q4, we will see revenues and EBITDA starting to come up from this much higher EBITDA baseline. Moving on to the releases in games. In Q4, we have released eight games. Three of those games were developed by internal studios and another five games from external studios. The released games have contributed with almost SEK 92 million in net sales in Q4 In descending order, the main contributors are Somerville, LEGO Bricktales, and The Last Hero of Nostalgaia. After the quarter, we have released two more games, both coming from our internal studios. Yesterday, Early Morning Studio, our mobile first studio, released Vendir: Plague of Lies. It's the first game release from Early Morning Studio since we bought the studio about a year ago. The title was released globally on Apple iOS and Google Play. Today, Coatsink's VR title, Jurassic World Aftermath Collection, is being released as a day one title to PlayStation VR2. For the games we currently have in development, we start with this list of games from our internal studios. We currently have 11 titles in development, of which four are planned to be released in 2023. Some key highlights since we presented Q3 in mid-November has been the announcement of SteamWorld Build in late January. This announcement has turned out to be our most successful announcement in Thunderful's history. Wishlist has been built up fast, we've had more demo downloads than what we've ever seen for any other game in Thunderful's history. In early February, we also announced Coatsink's Astronimo. It's the first own IP game since Thunderful acquired Coatsink back in 2020. The game is coming soon to Early Access. Lastly, Project Kokidon has been added to the internal pipeline since we bought Studio Fizbin after the end of the quarter. I'll give you some more details about that acquisition after Lennart's financial update. For the externally developed games, we now have a pipeline of 18 games. As many as 15 of those games are currently planned to be released in 2023. Some key highlights for the external pipeline since our last financial presentation in mid-November includes Viewfinder, a game announced at The Game Awards in December. The game is published by Thunderful and developed by Sad Owl Studio, a studio in which Thunderful is minority owner. Planet of Lana is now set to be released in May. Recently, our team posted that the game has reached more than 300,000 wishlists. The last game is a little teaser with project name Raspberry. We still haven't announced it, but the game entered closed alpha testing in November 2022. Thunderful will announce our publishing efforts for this title in the very near future. Now I'm handing over to our CFO, Lennart Sparud, who will guide you through the financials. Thank you, Anders. Hello, everyone. I will now guide you through some more detailed financial slides. The fourth quarter was a very strong financial quarter for the Games segment, yet another weak quarter for the Distribution segment from a profitability perspective. To guide you through the details, starting with net sales development, where we had seen a growth of -9% quarter-over-quarter, reaching SEK 1.2 billion in the quarter. The Games segment has a growth of 96% and the Distribution segment a growth of -18%. For Adjusted EBITDA, the growth is SEK 48 million or 41%, reaching SEK 166 million in the quarter. Adjusted EBITDA in the Games segment amounted to SEK 92 million, which is 283% above the comparison quarter. On the other hand, the distribution segment showed an adjusted EBITDA growth of SEK -41 million or -44%. The cash flow from operating activities was far better in the quarter versus the comparison quarter. We reached a positive cash flow from operating activities of SEK 406 million compared to SEK 90 million in the comparison quarter. I will come back to this part later in the presentation. Looking on segment level for Thunderful Games, we have seen a growth in net sales quarter-over-quarter of 96%, reaching almost SEK 200 million in the quarter, which by far is the highest net sales in the games segment in a single quarter so far. Organic growth is, in games is 23%, and growth from companies acquired in the last 12 months is 73%. Breaking down the organic growth, it's mainly Coatsink, Robotality, and Headup driving the organic net sales growth in the quarter. The acquisition-driven growth in net sales and EBITDA is related to the acquisition of Jumpship in mid-November. For investments in games, we reached total investments of SEK 133 million in the quarter, of which 60% is related to the acquisition of Jumpship. For development CapEx, we reached SEK 37 million. This is mainly because we have more developers employed compared to the year before, and we are now more than 300 developers in the group. In the distribution segment, we have seen an overall net sales growth of minus 18% quarter-over-quarter. Breaking it down in the subgroups, we see that Bergsala is decreasing with 5%, driven by less availability of hardware compared to the comparison quarter. This is due to lack of components and not logistic obstacles. NGS is decreasing with 41% or SEK 160 million due to a general lower market demand for game accessories, particularly in higher price categories. Amo Toys is decreasing with 14% quarter-over-quarter. The decrease for Amo Toys was driven by better access to products in the third quarter 2022 when the net sales increased by 19% compared to Q3 2021. For profitability measured in EBITDA in Distribution, the segment has an overall growth of -SEK 39 million or -41%. Bergsala's EBITDA delta is up SEK 4 million despite the fall in net sales. This is primarily due to a high proportion of sales of games which have a higher gross margin than hardware. In NGS, the EBITDA delta of minus SEK 39 million is primarily explained by lower gross profit and higher logistic costs. The lower gross profit comes from a lower net sales but also a lower gross margin as an effect of the structured clearance sales in the quarter. Amo Toys EBITDA delta is down SEK 4 million, and this is explained by pressure on margins from clearance sales of inventories and continued high logistics overhead. Our short-term view of the demand in Distribution indicates continued strong demand for distributed Nintendo products and toys, but far lower demand for game accessories. We have continued to work hard on reducing the inventories levels, and we continue to do this through this year. The inventory level is SEK 210 million lower than the end of Q3. Total net sales in the quarter are down 9.2% compared to the comparison quarter. Thunderful Games segment has an organic growth of 23% and an acquisition-driven growth of 73%. As mentioned before, Coatsink, Robotality, and Headup is the main driving factor to the growth in to the organic growth, and the net sales growth in the Distribution segment was minus SEK 220 million or minus 18%. Net sales in all three companies in Distribution was less than in the comparison quarter. As mentioned earlier in this financial section, the cash flow from operating activities was far better in the quarter versus the comparison quarter. We reached a positive cash flow from operating activities of SEK 406 million compared to SEK 90 million in the comparison quarter. Less inventory build-up in Distribution contributes with cash flow of SEK 208 million in the quarter. Changes mainly in the Distribution segment have produced desired results, but work still remains to optimize stock levels and adapt operations to prevailing market conditions. Even so, it's pleasing that the group once again is reporting positive cash flow. We have just above SEK 700 million tied up in net working capital as per end of December 2022 compared to almost SEK 1.1 billion by the end of 2021. The key driver behind the strong improvement in the cash flow is the net effect in core working capital in the Distribution segment with a net contribution of almost SEK 340 million. By the end of the quarter, we had SEK 0.5 billion in total available cash if we include our unutilized credit facilities compared to SEK 122 million by the end of 2021. Net debt by the end of the year is SEK 180 million compared to a net debt of SEK 377 million by the end of September 2022. The net debt over EBITDA ratio for 2022 was 0.3 times. That was the end of the financial section. Thank you, Lennart. Events after the quarter includes two smaller add-on acquisitions made by two subsidiaries to Thunderful Group. It's only 1 slide, and I will guide it, guide you through it quickly. The game developer Studio Fizbin has been acquired by our subsidiary in Germany, which is Headup. It's the first acquisition from Headup, and it was completed here in February. Thunderful has already published one of the titles that Studio Fizbin has developed, and we are currently engaged in a new publishing contract with the Fizbin team. The new game is planned to be released in Early Access in 2024 and has the project name Project Kokidon. Fizbin was founded in 2011 and has developed four titles. Currently, all 20 team members are working on the new game published by Thunderful. The main rationale for this transaction is that we're getting access to the back catalog and the four IPs developed by Fizbin. We already know the team and have high thoughts about the creative skill set and the game being in the development. Studio Fizbin is EBITDA accretive even without funding from Thunderful Publishing. The built-in margin that the studio had in our publishing relationship also now lands in Thunderful's pockets. The second acquisition was made in January by Amo Toys, acquiring the inventory and personnel in an asset deal from TecTeam Scandinavia. Making acquisitions in the Distribution segment is not an explicit strategy for Thunderful Group, but it was an easy decision to make when the opportunity arose to make a direct additional add-on acquisition through an asset deal at the right price and with the right conditions. The operations in TecTeam will be EBITDA accretive for Amo Toys starting already here in Q1. These two smaller add-on acquisitions prove that we built up an organization from top management to the subsidiaries, where managers in the subsidiaries can aim for add-on acquisitions and be fully supported by top management. Over time, this will give our group some extra leverage to grow and find new opportunities. Thank you all for listening in to today's presentation, and we're now handing over to Simon and the Q&A session. Thank you, Anders and Lennart. I want to start off with some question from me, and also again, I would like to remind you, if you have a question, please write it in the box below the presentation on the website. Starting off with games here, you have the four different pillars you talked about. I was wondering if you look ahead, where will the main or which one of the segments will be the main growth driver in 2023? I'd say that the achievement that we made in 2022 is basically to stabilize the entire Thunderful Games segments. We've done that by reaching a new higher and more stable both revenue level and also EBITDA level in co-development and partners. Whether these two pillars will increase significantly or not, it's a little bit based on the type of deals we do and also the type of clients we can onboard, especially within partners. It's difficult to grow very fast within co-development as it requires that you recruit a lot of new talented game developers. I'd say for 2023, I mean, what we've been working very hard with in the IP building pillar is basically to improve our efforts when it comes to announcing and marketing our games. Now for 2023, I mean, I presented that we have 15 games to be released from the external pipeline. We have a few game from the internal pipeline as well, and I mean, what we've seen so far for some of the games that we are releasing in 2023 seems very positive, both in terms of wish lists and also demo downloads so far. I'd hope that IP building will be the revenue pillar growing the fastest in this year. All right. If we maybe break it down a little bit, just talking about co-development, like how much is that related to Meta in this case? I'd say the way we do this now is that both Stage Clear Studios and Coatsink are working to a large extent in co-development. We have a few different clients, but it's really so that Meta is the main client driving most of the top line. I'd like not to go into the split between the different clients, but Meta is the top client, but we have a few additional clients as well. All right. Is it mainly just development work for hire stuff, or is it also that you have or could have upside from game releases? Yes ... milestones, royalties? The way we kind of define co-development is not as work for hire because we the most common practice is that we always have some kind of revenue share on the games or the projects where we do co-development. There's always an upside when the games have been released. All right. Turning to Robot Teddy. Excluding the poncle deal, how should we view the revenue contribution for Robot Teddy here in this quarter compared to previous quarters and also heading into this year, 2023? Also a follow-up on that, how much or how could poncle contribute? Yes. With partners is kind of similar as co-development in the way that we have a few consultants where we are basically charging our clients for the services they are providing. We also have a built-in revenue share on the games being published by our partners. I mean, the way this is structured is that our revenues are growing or declining based on, you know, the successes from our partners' games performance. So far we've had partners with the, you know, significantly higher revenues for the games than what we've had from our IP building activities, and we've also seen a more stable revenue quarter-over-quarter for those type of games. It's always difficult to guide on the future, but I think what we've kind of proved in Q2, Q3, and Q4 is that Robot Teddy has found a much more stable level than what we've seen seen before. All right. If we include poncle, is it fair to assume that, you know, Robot Teddy could maintain a similar level in 2023 for the full year as it did in 2022 on revenue, on top line? That would definitely be our goal. All right. Yes. Good. Also turning to distribution, just to be clear, because you had lower sales this year compared to 2020, inventories in relative terms is higher. To be clear, do you mean that a normalized level given this, the current like sales in distribution, the inventory should be below SEK 500 million on a normalized level? Is that? Yeah, I'd say that, you know. fair assessment? Exactly. I think you're pretty spot on there. Inventory levels at the end of a financial year is always, you know, based on what we assume to sell for the future, but also that is based on what we have actually achieved in the year. I mean, net sales in 2020 and 2022, those two years have been very similar for the two companies with their mainInventory problems, Amo Toys and Nordic Game Supply. One could clearly see when I presented that graph that we are now on a higher level than where we were in 2020, but also on a much lower level than where we were at the end of 2021. There should really be an opportunity to reduce the inventory levels even further and go down to the level we were at the end of 2020, which was just below SEK 500 million. Could that happen already in H1 2023, or is it mainly like before or heading into peak season here in Christmas 2023? Looking at that, Amo Toys is the company clearly having two main seasons, like one spring/summer season and one autumn/winter season. In Nordic Game Supply, just as in Bergsala, most of the seasonality is towards the end of the year. Typically, we have higher sales in Q3 and Q4. I think it will be struggling to reduce the inventory level as fast now in the first half. I think, you know, one should really calculate that it will still be going in the right direction, but potentially not as low as what it was at the end of 2020 already in June 2023. All right. The reduction here in the quarter of the inventory, could you give some color on the distribution between... I guess Bergsala didn't have that much inventory going into the quarter. So I guess the main driver was Amo Toys. Is that correct? Also what is happening with NGS? I know it's tough in this market to reduce inventory, but I think you reduced the purchases also- Yep in the summer. Were able to reduce the inventory in NGS here in the quarter? Yes. We've had significant inventory reduction in both Amo Toys and Nordic Game Supply. You know, one must say that it's more difficult to reduce the inventory levels when top line is down 41% year-over-year, as it has been in Nordic Game Supply. We did changes to the way we buy products, starting already in the middle of Q3. We've seen, you know, inventory reductions also in Nordic Game Supply. I think that is also the answer to why we are still on SEK 650 and not SEK 500. It's basically the reason behind that is that Nordic Game Supply had problems in selling stuff, basically because the market has been in such a decline. We did closeout sales this year that we didn't do in the comparison quarter, but still we are down 41% on top line. What about the risk of impairments in the inventory? What is the risk in inventory, basically? Because I guess you could still sell keyboards and mouses and headsets- Yeah ... next year or, yeah. Yeah. I'd say now it's very, very low. I mean, we've achieved this strength of cash flow here in Q4, without any inventory impairment or write-downs of inventory at all in Q3 or not anything in Q4 either. I think we really show that we can go in the right direction and still keep a, you know, almost zero EBITDA generation from these two companies while not doing inventory write-downs. I think from a cash flow perspective, we should still be able to improve cash flows by reducing the inventories. Now also, as I kind of mentioned before, there have been cost initiatives made in both companies, especially when it comes to logistics, like warehouse operations costs. We really expect them to go down significantly in 23 versus 2022. Profitability should improve significantly. Year-over-year Yeah yes, absolutely. Already in H1 year, Q1, Q2 distribution, is it possible? In first half 2023, yes. The split between Q1 and Q2, yeah, a little bit difficult to guide on. Typically Q1 has been a good quarter for Amo Toys if you look at a historical perspective. I know the visibility is basically zero in NGS. In a longer term perspective, what is like a normalized level of the total top line volumes? Is it still like an elevated market here in 2022, or can we see this as a kind of a normal level? If you look back a couple of years, you have still won more contracts, you expanded the business, you brought on Razer, for example. What is a normalized level in this relatively mature market? Yeah. It is a difficult question. One can say that if, you know, looking back a couple of years in one of the slides I presented here, we had, I mean, decent profitability, even when we had top line of around SEK 500 million. In 2021, we had almost 2 times of that, SEK 980 million in top line. I mean, the top line this year, has resulted in a negative EBITDA. We've been by reducing that top line with SEK 200 million-SEK 300 million, looking historically, we actually achieved a better EBITDA coming from that. Then again, as you said, I mean, we've onboarded a couple of new, distribution agreements, like really major ones in 2019 and 2020. I mean, right now nothing is normal in this market. I think we are in a cycle where I mean, basically our retailers sold too much during the pandemic. Now there's this refresh cycle. When does consumer need to buy more stuff? It's, it has obviously not been in the fourth quarter where most consumers have had, you know, other priorities, it will probably not be in the first quarter either. Then, you know, what will happen with the market in Q2 and Q3 and general consumer behavior that is really challenging to forecast. Yeah. Makes sense. On Bergsala and Nintendo, I guess we're closing in on 7 years on the Switch console. Do you have any idea of when we could see a new generation? What would that mean for your sales? You think would it cannibalize on your current sales, or do you think that the hype for Switch has kind of maybe gone down a little bit? I think it still was the most sold console here in 2010 too, globally. How should we view that potential of a new console in coming 2-3 years? Yeah. It's for me, as for most other people, it's very difficult to know when and if Nintendo will launch another console. I mean, kind of as what we saw here in Q4 this year is basically that we had lower top line than in the comparison quarter. We had higher EBITDA coming out of that lower top line, which is basically because the mix between software sales, that is games and hardware sales, so the Switch consoles, was more in favor for the games in this quarter. We sold more games in comparison to the hardware sales, which is basically what has been driving profitability for us. I mean, so far this year, we all know that the sequel to The Legend of Zelda: Tears of the Kingdom, that is Breath of the Wild 2, will be coming here in Q2. I think, you know, short term, it's really about selling games to the consoles. We've never had, obviously, a bigger installation base than what we have now. That is something we really saw here in Q4 when there are so many good AAA games from Nintendo out there in the stores. The installation base is getting bigger and bigger every year. Naturally then there's more customers to sell all these fantastic AAA games to. It's, I'd say right now it's more about selling games to the existing hardware than having hardware driving the profitability going forward. Can you say anything about the distribution between, or the share of software versus hardware sales and how that compares to, like, two or three years ago for Bergsala? Yeah, it's kind of different quarter to quarter because it's strongly driven by what type of releases- Yeah Bergsala has. On a annual metric. Yeah. I'd say that, you know, our evergreen sales, as we call them, like we're still selling a lot of Mario Kart and Mario Odyssey, for example, like titles coming out in the first 2 years of Nintendo Switch life cycle. You know, we're selling more and more evergreens every year, and that is also a natural progression over time. As long as Nintendo Switch is the most popular console, we will also be selling more and more of our evergreen titles. All right. Jumpship, you had, the release here, Somerville. Could we expect any revenues in 2023, or what are they working on? Any new releases coming up? Yeah. DLCs or something to. Um- ...sales? One can, you know, without guiding too much on that, historically, we've always been trying to sell our PC console games, kind of on as many platforms as possible. Far everyone can see that Somerville has been somewhat limited in the number of platforms where it's been available. You know, one of the things we might be doing is to getting this game to new platforms. We haven't announced that, you know, that would naturally, looking at what we've done with other our other games, that would naturally be one of the paths we are currently investigating. The team has also started working on another title. There will be more coming up from Jumpship- All right. ...also in the future. On poncle and Vampire Survivors, can you say anything about the revenue model or the contract with them, with Robot Teddy? Is it mainly gonna be royalties on the backlog, or how should we view the potential? Yeah, it's very similar to the other type of contracts that we've had in Robot Teddy. We are, A, invoicing for the services we are providing for the team members we have in Robot Teddy and their skill set and, you know, what they are doing to help the company. We also have a rev share on basically all sales from that company. I mean, Vampire Survivors has been a great hit. It's a game that I believe, and I think quite many people believe, that it will be able to, you know, do other interesting stuff with that type of game. When you have such a strong IP, there's always ways to monetize on that. On Robot Teddy, Among Us VR seems to have done quite well in Q4. Any specific contribution from that driving Robot Teddy? Yeah, I'd say that I think it was after three weeks or something that the developer press released that they had sold 1 million pieces, which I guess is one of the best-selling You know, titles, VR titles in such a short time period ever. Of course, I mean, I briefly talked about the Vampire Survivors deal before. But of course, that has had a, you know, valuable impact on Robot Teddy as well. All right. Lennart, couple of questions on the financials- Yeah mainly on the CapEx side and investment side. Mm-hmm. What can we expect in terms of CapEx going forward, talking about mainly the capitalized development? Is this a base we should expect will continue in coming quarters, or are you continuing to expand and build more? I think this is, like a baseline you can see now. I think it's been quite stable during the four quarters into 2022. I think it will not decrease, I would say. Rather more likely to increase a bit, but we don't see any major changes. Okay, because you have a couple of bigger releases. Yeah coming up. Yeah. You say that you have enough capacity to develop on or deliver on the current pipeline. Yeah. Is that a fair assessment? Yeah. Yeah. Looking at 2023 here, the games you expect to release, can you say anything about the aggregated CapEx or budget, total budget of those games to get any kind of indication of, you know, what's behind the releases in terms of development? I don't know if that's information we normally disclose. I think we've, you know, back in the days, we guided, quite, you know, detailed when it came to the 3 titles that we, that we had, in development at the IPO, the games we released in the second half of 2021. That was Lost in Random, Wavetale, and The Gunk. I think what we, what we used to say is when it comes to the internal titles, there's, you know, we have a few titles with actually lower development budgets than those 3 games. We have a couple of titles being more or less exactly the same, and then we have 1, 2 titles being, you know, significantly higher than those titles. From a timeline perspective, it's a fair assessment to say that the first internal game from the Swedish studios, coming after these 3 titles in 2021, which is SteamWorld Build that we now announced, that will mean that SteamWorld Build has a little bit lower development budget than the 3 games we released in 2021. It's still been so far, very well-received after the announcement in January. on average, relatively in line with those games you have. Yeah. Guided on before. Yeah. Yep. I believe that was around or between SEK 30-50 million per game. Yeah. Something in that-... Roughly ...that range. Roughly. All right. That was all the questions. Thank you so much. Thank you. Thank you to audience as well for tuning in, and have a nice day. Thank you. Thank you.