Q2 2024 Evolution AB (publ) Earnings Call

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Operator: Welcome to the Evolution Q2 2024 Report. For the first part of the conference call, the participants will be in listen-only mode.

Unknown Attendee: Welcome to the Evolution Q2 2024 report. For the first part of the conference call, the participants will be in listen-only mode.

Welcome to the evolution Q2, 'twenty 'twenty four report.

Speaker Change: For the first part of the conference call the participants will be in listen only mode.

Operator: During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now, I will hand the conference over to the speaker, CEO Martin Carlesund, and CFO Jacob Kaplan. Please go ahead.

Unknown Attendee: During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speaker, CEO Martin Carlesund, and CFO Jacob Kaplan.

Speaker Change: During the questions and answer session participants are able to ask questions by Dialling pound key five on that telephone keypad now I will hand, the conference over to the speakers CEO Martin Carlson and CFO Jacob Kapaun. Please.

Martin Carlesund: Please go ahead. Good morning. Welcome everyone to the presentation of Evolution's second quarter of 2024. My name is Martin Carlesund, and I'm the CEO of Evolution. With me, I have our CFO, Jacob Kaplan.

Speaker Change: Please go ahead.

Martin Carlesund: Good morning. I welcome everyone to the presentation of Evolution's second quarter of 2024. My name is Martin Carlesund, and I'm the CEO of Evolution. With me is our CFO, Jacob Kaplan. I will start with some comments on our performance in the quarter, and then I will hand over to Jacob for a closer look at our financials, as usual. After that, I will round off the presentation with an outlook for the remainder of Q4, and then we'll open up the quarter.

Martin Carlson: Good morning, welcome everyone to the professional evolution second quarter.

Alicia: My name is my proposal the CEO of Alicia.

Alicia: With me I have our CFO Jessica.

Martin Carlesund: I will start with some comments on our performance in the quarter where I'll travel hand over to Jacob. We'll also look at our financials, as usual. After that, I will round off the presentation with an outlook for the remainder of 2024, and then we'll open up the course questions.

Jay: I always thought was on four months of our performance in the quarter, whereas I will hand over to Jay.

Jessica: Financial future.

Speaker Change: With that I will wrap up the presentation with an outlook for the remainder of that will open up to questions.

Martin Carlesund: The four we move on, I would like to highlight that the picture that you see on this slide, which is from the actual rules of Boomers Round, where lightning strikes from the skies in our latest largest ever game show, Lightning Storm. It's a beautiful picture, and I just want to highlight that. Next slide, please. The past quarter has been a period of high activity within evolution, maintaining the high page from the past two quarters, and as you also see from the slide, the momentum of activities continuing into Q3. During the past nine months, we have heavily increased our delivery capacity, and right now we are in the middle of bringing our products to new markets that are about to regulate or have recently regulated, such as the Shack Republic, Brazil, and Philippines.

Martin Carlesund: Before we move on, I would like to highlight the picture that you see on this slide, which is from the actual rooftop bonus round where lightning strikes from the skies in our latest, largest ever game show. Beautiful picture, and I just wanted to highlight that.

Speaker Change: The full removal I would like to highlight that the picture that you see on this slide which is for the actual rooftop bone Lasalle where likely strikes from sky in our latest largest advergame license.

Speaker Change: Beautiful picture.

Speaker Change: One pilot next factory.

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Martin Carlesund: The past quarter has been a period of high activity within Evolution, maintaining the high pace from the past two quarters, and as you also see from the slide, the momentum of activities continuing into Q3. During the past nine months, we have heavily increased our delivery capacity, and right now, we are in the middle of bringing our products to new markets that are about to be regulated or have recently been regulated, such as the Czech Republic, Brazil, and the Philippines.

The past quarter has been a period of high activity within evolution, maintaining a high pace from the past two quarters and as you all see from the slide the momentum activities continued into Q3.

Speaker Change: During the past nine months, we have been heavily increased our delivery cabinet capacity and right. Now we are in the middle of bringing our products to new markets that are about regulate or have reasons directly.

Speaker Change: Sheikh Republic, Brazil, and Philippines longtime regulation of market is positive and one of the key drivers for growth in our industry.

Martin Carlesund: Long-term regulation of the market is positive and one of the key drivers for growth in our industry. During the quarter, we have further expanded our offering in the U.S. by launching our live casino games in Delaware and also added some of our most successful games in several editions. More is yet to come in that category. Another step in further strengthening our presence and licensing in the U.S. market took place after the end of the period, so that Evolution entered into an agreement to acquire Galaxy Gaming, and I will come back to that on a later slide.

Martin Carlesund: Long-term regulation of markets is positive and one of the key drivers for growth in our industry. During the quarter, we have further expanded our offering in U.S. by launching our live-to-signal games in Delaware and also at the time of our most successful games in several additional states, more is yet to come in that category. Another step in further strengthening our presence, and that is a thing in the U.S.

Speaker Change: During the quarter, we are further expanding our offering in U S by launching an online casino games in Delaware and also some of our most successful games in several additional states more is yet to come in that category. Another step in step in further strengthening our vessels.

Speaker Change: Assessing in the U S market took place after the end of the party.

Martin Carlesund: market to place after the end of the period.

Martin Carlesund: Through evolution, I entered into an agreement to acquire Galaxy Gaming, and I will come back to that on the latest slide. All I can see in the games exists to generate excitement and entertainment for players. A large part of that excitement comes from the fact that we as players can win and win really big on one single state. This past quarter, Praise the Time, paid out over 35 million euros to over 5,000 players. The biggest payout ever in all my casino, in one single game run. Events like this brings excitement to the games and resonates with players.

Speaker Change: Pollution entered into an agreement to acquire <unk> gave me and I will come back to that on later slides.

Martin Carlesund: Online casino games exist to generate excitement and entertainment for players. A large part of that excitement comes from the fact that we as players can win and win really big on one single spin. This past quarter, Crazy Town paid out over 35 million euros to over 5,000 players, the biggest payout ever in an online casino in one single game round.

Speaker Change: All my casino games exists to generate excitement on it David.

Speaker Change: A large part of that excitement comes from the fact that we had.

Speaker Change: We ask that you can win and we'd really be on one single state. This past quarter based upon data over 35 Btu was over 5000 players the biggest payout advair in what the NOI casino in one single game.

Martin Carlesund: Events like this bring excitement to the games and connect with players. Long term, the margin of the game levels out, but short term, a big payout like that affects our revenue share negatively. Well, we have a truly great roadmap to 2024. I actually think it outshines 2023.

Speaker Change: Events like this brings excitement for the game.

Speaker Change: And resonate with players long term the more than of the game.

Martin Carlesund: Long-term, the morning of the game levels out, but short-term, a big payout like that, the technical revenue share is negative.

Speaker Change: The game level out, but short term the big payout like that affect our revenue shack negatively.

Martin Carlesund: Well, we have a truly great road map to the Trumpetan Tour. I actually think it outchised 2023. The road map is also Trumpetan Tour a bit tilted towards the second half of the year, and we will do in 2025 work to work releasing more games earlier.

Martin Carlesund: The roadmap is also 2024 a bit tilted towards the second half of the year, and we will work towards releasing more games early in 2025. This week, we have the early adopters release of the biggest game show, as already mentioned in the history of our casino, Lightning Storm. That's the biggest launch ever for Evolution, and nothing but perfection is enough for this game.

Speaker Change: Well, we have a truly great roadmap.

Speaker Change: That's why.

I actually think it outside.

Speaker Change: The roadmap is also truck transport would be tilted towards the second half of the year.

Speaker Change: Doing well.

Speaker Change: Work to work at least a more games earlier.

Martin Carlesund: This week, we have the early adopter release of the biggest game show, as already mentioned in the history of my casino, Lightning Store. That's the biggest launch ever for evolution, and nothing but perfection is enough for this game. I am very excited about how this game will be received by our end users.

Speaker Change: This week, we have the early adopters release of the biggest game show us over to Marcia in the history of my Casino Lightning storm.

Speaker Change: That's the biggest launch at Revolution, and nothing about perfection is enough for this game and I'm very excited about how this game will be received by our users I also look forward to the wider lease up two players in a few weeks.

Martin Carlesund: And I'm very excited about how this game will be received by our end-users. I also look forward to the wide release of two players in a few weeks. Further, I want to comment on the two items that took place outside the project. One is the announcement of the Capital Allocation Framework set by the Board of Directors. It further clarifies our priorities when it comes to how we invest and distribute cash generated nowadays.

Martin Carlesund: I also refer to the wide release of two players in a few weeks.

Martin Carlesund: Further, I want to comment on the two items that took place off the parade. One is the announcement of the capital allocation framework set by the Board of Directors. It further clarifies our priorities when it comes to how we invest, and this recast generated in our business. We have a strong track record of our channels to shareholders during the past and years since our idea. The new framework is no deviation to the way we have acted in the past, but the proof provides to the clarity going forward.

Speaker Change: Further all the comments on the two items that took place at the party.

Speaker Change: Walnuts the announcement of the capital allocation framework set by the board of director is further clarify our priorities when it comes to how we invest and distribute cash generated in our business.

Martin Carlesund: We have a strong track record of returns to shareholders during the past 10 years since our IPO. The new framework is no deviation from the way we have acted in the past, but it provides further clarity going forward.

Speaker Change: Strong track record over Johnston childless during the past 10 years since our IPO the new framework is no deviation.

Speaker Change: The way we have acted in the past, but the tool provides further clarity going forward.

Martin Carlesund: In the light of that framework, the second part is that the Board also decides we are on a re-purchase of shares to the month of 400 million euro. Board in accordance with the new framework and our earlier actions. It shows the strength of our business as well as the strength of our balance sheet together with cash flow. On the basis of this evolution, can maintain an ambitious agenda for growth, while, without anything of our investments in the business, while we return a significant capital to shareholders, both will be within as well as by that.

Martin Carlesund: In light of that framework, the second part is that the board also decided on a repurchase of shares to the amount of €400 million, all in accordance with the new framework and our earlier actions. It shows the strength of our business, as well as the strength of our balance sheet, together with cash flow. On this basis, Evolution can maintain an ambitious agenda for growth without limiting its investments in the business, while also returning significant capital to shareholders, both in dividends and by-products.

Speaker Change: In the light of that framework. The second part is that the board also decided on the repurchase of shares to the amount of 400 million what in accordance with the new framework and our early access it shows the strength of our business as well as the strength of our balance sheet together with cash flow on the basis of this evolution account maintained number.

Speaker Change: Michigander, who grow wylie without limiting our investments in the business. While also returning significant capital to shareholders, both EBITDA as well as buybacks.

Martin Carlesund: For more regular slide, I want to show you something from our day-to-day work at the evolution and what the common point that the Czech Republic is regulating really means. Let's have a look at the next slide. I thought I did a little bit from our forum slide and share something from our work lab. This is some picture from the Emerging Czech studio that we are about to launch in August. These pictures are basically once, four or so, and you can imagine this is a hectic time in Prague right now. Setting up a new studio is exciting and brings many parts of the company together.

Martin Carlesund: Before we go on to the next more regular slide, I want to show you something from our day-to-day work at Evolution and what a comment that the Czech Republic is really regulating really means. So let's have a look at the next slide. I thought I'd deviate a little from our sub-format slides and share something from our work lab. These are some pictures from the Emerging Chex Studio that we are about to launch in August.

Speaker Change: We'll go into more regular slide I want to show you something from our day to day work is evolution of what a continent that shake Republic is regulating really meet so let's have a look at the next slide.

Speaker Change: Okay.

Speaker Change: I thought it'd be de listed from ours out formal slides and assure something called work lap. This is some pictures from the margin check studio that we are about to launch in August. These fixes are basically one for one. So you can imagine this is a hectic time installed right now.

Martin Carlesund: These pictures are basically once every four weeks old, and you can imagine this is a hectic time in Prague right now. Setting up a new studio is exciting and brings many parts of the company together. Building crews, operations setting up, recruitment, training, the first game... The first game presented is coming out, etc, etc.

Speaker Change: Something up in Houston, there is exciting and brings many parts of the continent together building cruise recent set out recruitment training the FERC gain.

Martin Carlesund: Building crews, operations set out, recruitment, training, the first game, the first game, the process is coming on, etc., etc. Almost every part of the company is involved in some ways. We are in a great building in Prague, and the bottom left you see what would be the campaign and break area. Top left is the studio floor in development, and to the right in this slide is our office area and administration. And at the bottom right, the first group of game persons are going through our academy in a temporary academy. We are now in the final month of preparations before going live.

Speaker Change: FERC game presented coming off etcetera etcetera.

Speaker Change: Reconquered the companies involved in some way.

Martin Carlesund: Almost every part of the company is involved in some way. We are in a great building in Prague, and on the bottom left, you see what would be the canteen and break area. On the top left is the studio floor in development, and to the right on the slide is our office area and administration. And at the bottom right, the first group of game presenters are going through our academy in a temporary academy. We're now in the final month of preparations before going live. The Czech studio will be a relatively small part of the matter initially, but we are happy to enter a new market, a regulated market. And I want to show something from the reality of building a studio.

Speaker Change: We earned a great building and talk in the bottom left you see what would be the caffeine and break areas top left this is suited for and development and to the right. In this slide is our office area and administration and at the bottom right. The first group of games that are going through our cabinet and then temporary academy.

Speaker Change: We're now and define a market penetration opened operations that will go live the shakes to do will be relatively stable corporate mappa initially, but we are happy to answer and the new mark regulate the market and I want to show something from rehab, they're building a studio M. This is what creates the flawless entertaining world class team.

Martin Carlesund: The Czech studio will be relatively small, corporate network, initially, but we are happy to enter and a new mark, regulate the market. And I want to show something from reality that they are building a studio, and this is what creating a flawless and the training world-class playing experience for players looks like. And this is what gets us really excited in revolution.

Martin Carlesund: And this is what creating a flawless, entertaining, world-class playing experience for players looks like. And this is what gets us really excited. Next slide, please. When it comes to financial highlights, we do see a bit of a slower quarter in terms of the top line, which also affects the margin. And even though the quarter shows solid results and is affected by a large credit time payout, it's not fully reflecting the operation at four.

Speaker Change: Looks like and this is what gets us really excited and the lithium.

Unknown Attendee: Next slide, please.

Speaker Change: Next slide please.

Speaker Change: Okay.

Jacob Kaplan: While it comes to financial highlights, we do see a bit of slower quarter in terms of top line, which also affects the margin. And even though the quarter shows solid result and is affected by a lot of stress that they are, it's not fully affected in the operational performance. However, when looking further into transfer and support, we see a market that provides us with excellent opportunities and good momentum. As well as a company really well prepared to that journey. Revenue month to Euro 5008 million corresponding to the year and year revenue growth of 15%. Revenue bill as constant currency is estimated to 19% to the quarter.

Speaker Change: When it comes to financial highlights, we did see a bit of a slower quarter in terms of top line, which also affects the margin and even though the quarter showed solid Lasalle and is affected by large fixed payout. It's not fully reflect the operational performance. However, when looking further into transplant before we see a market that provides us with excellent opportunities and good momentum.

Martin Carlesund: However, when looking further into 2024, we see a market that provides us with excellent opportunities and good momentum, as well as a company really well prepared for that year. Revenues amount to Euro 508 million, corresponding to year-on-year revenue growth of 15%. Revenue growth at constant currency is estimated to 19% for the quarter. If the DMR then is 68% in the second quarter, as mentioned earlier, we have had a very rapid expansion over the past nine months, and it's natural that it's followed by a period of consolidation, which we see in this quarter. Remarkers are much lower,

Speaker Change: As well as a company really what's the path to that Jim.

Mike: Revenue amount to 508 million corresponding to a year on year revenue growth of 15% revenue Bill at constant currency is estimated to Mike himself for the quarter.

Jacob Kaplan: Every day, and more than is 60%. So, in the second quarter, as mentioned earlier, we have had a very rapid expansion.

Speaker Change: EBITDA more than a six day, it's up in the second quarter as mentioned earlier, we have had a very rapid expansion past nine months and it's the net it's not that it's followed by a further consolidation which received this quarter where margins are much lower we maintained the guidance for the full year of EBITDA margin in the range of $6, 71%.

Jacob Kaplan: It has nine months, and it's natural that it's followed by a period of consultation, which you see in this quarter. We're more than or not slower. We maintain the guidance for the full year of every day more than in the rest of 1961. For our live segment, we're having a month to form 38 in Europe for the quarter corresponding to year-year goals of 18%. Orange E-Rugnes landed on streaming in Europe, corresponding to growth of 1.5% year-on-year. Continues to make incremental improvements to our orange E-business at the new games, as well as new content to us.

Martin Carlesund: We maintain the guidance for the full year of LBDA more than in the range of 69-71%. For our live segment, revenues amounted to €438 million for the quarter, corresponding to a year-on-year growth of 18%. R&D revenues landed at €70.3 million, corresponding to a growth of 1.5% year-on-year. We continue to make incremental improvements to our R&D business, adding new games as well as new functionality to all. During the quarter, as already mentioned, we are affected by the large first-time payout.

Speaker Change: Our land segment revenues amongst two forms of the eighth in Europe for the quarter corresponding to the year on year ago, or 18% R&D revenues now with 73 million corresponding to a one 5% year on year, we continue to make incremental improvements to our R&D business and the new games as well as new pumps.

Speaker Change: Two of us.

Jacob Kaplan: During the quarter, we are all of the national, as already mentioned, we are affected by the large-fresh campaign. Even though these short-term effects result, it's important to remember that pay-offs like this also increase demand for the game, paving the way for more payers in the future. That's how most regions are showing a bit of slower development in the quarter, nothing outside the usual cycles within sector, but, like I said, those south from the region are not quite as good at seeing them. Overall, and pleased to the progress, we are remaining several of our initiatives throughout the quarter, as I have started many times before.

Speaker Change: During the quarter all of dementia.

Speaker Change: As already mentioned, we are affected by the large first time payout, even though these short term effects. The soft it's important to remember the payoffs like these also increased demand for the game paving the way for more days in the future.

Martin Carlesund: Even though these short-term effects result, it's important to remember that payouts like this also increase demand for the game, paving the way for more players in the future. That said, most regions are showing a bit of slower development in the quarter.

Speaker Change: Most regions are showing a bit slower development in the quarter nothing out of the usual cycles within sector, but like I said theres often a these are not quite we would like to see them.

Martin Carlesund: Nothing else are the usual cycles within the sector, but like I said, the results from regions are not quite as good as expected. Overall, I'm pleased with the progress we have made in several of our initiatives throughout the quarter. As I have started many times before, if we need to choose between modest and increased market share, we will always opt for top line growth and market share.

Speaker Change: Overall I'm pleased with the progress we have made in several of our initiatives throughout the quarter.

I've started many thought before if we need to choose between a modest and increased market Java windows.

Jacob Kaplan: If we need to choose between a modest and increased market share, we will always offer top-line goals and market share. I look forward to the rest of the year. We have a fantastic game release coming up, and we'll continue to enjoy a strong market momentum, and we have a well-precision to do a very strong second half of this year.

Speaker Change: Mangoes Marketshare I look forward to the rest of the year, we have a fantastic game release coming up on the container to enjoy a strong market momentum and we are well positioned to deliver a strong second half of this year.

Martin Carlesund: I look forward to the rest of the year. We have a fantastic game release coming up, and we continue to enjoy strong market momentum, and we are well positioned to deliver a strong second half of this year. Last night, we entered into an agreement to acquire Galaxy Gaming. Galaxy is the premier provider of table games and side bets, both for online as well as land-based casinos. Games like Final Fantasy III, Lucky Ladies, and Perfect Pairs are all in their capital.

Unknown Attendee: Next up is...

Speaker Change: <unk>.

Martin Carlesund: Last night, we entered into an agreement to acquire Galaxy Gaming. Galaxy is the premier provider of payment games and sidebats, both for online as well as landlady's casinos. Games like Tournament Pastry, Lucky Ladies, and Perfect Fest are all in their catalogue. We have known the company for many years and are already today licensed in games from Galaxy, as others are the main on-line B2B provider as well. They have an experience and one skill, better skill team in place, mainly based out of Las Vegas, and our intention is for Galaxy to continue to operate as an independent company and business or Sound Revolution sound chip.

Speaker Change: Last night, we entered into an agreement to acquire Galaxy gaming Galaxy is a premier provider of payment against inside bets both for online as well as land based casinos games like Panama, three Lucky ladies and perfect pass are all in debt capital.

Martin Carlesund: We have known the company for many years and are already today licensed to play games from Galaxy, as do other main online B2B providers as well. They have an experienced and very skilled team in place, mainly based in Las Vegas, and our intention is for Galaxy to continue to operate as an independent company and business also under Evolution Gaming. By joining the two companies, we accelerate and solidify our presence in the U.S. market, where Galaxy is licensed in 28 out of 29 possible states.

Speaker Change: We have known the company for many years and are already today lessons. We gained some galaxy S. Others main other making the OMB to be provided goodwill.

Speaker Change: They have an experienced and landscape battery skilled team in place mainly based out of Las Vegas allow intention is for galaxy. Two continue to operate as an independent company and business Lasalle evolutions object.

Martin Carlesund: By joining the company, we accelerate and solidify our presence in the US market, where Galaxy is licensed in 28 out of 29 possible states. On top of that, Galaxy holds a number of tribal licenses. Through Galaxy, we gain a relationship with regular regulators and regulate the state that are not yet open for online and fast track or future licensing at the same time as the revolution as the group without two independent subgroup license. Galaxy holds over 130 licenses to worldwide. Galaxy will further strengthen our game portfolio and secure access to fantastic titles. Our days are accustomed to or ready today.

Speaker Change: By joining the continent, we accelerated our solidify our presence in the U S market with Galaxy is licensed in 28 out of 10 of the highest possible states.

Martin Carlesund: On top of that, Galaxy holds a number of tribal licenses. Through Galaxy, we gain a relationship with regulators and regulated states that are not yet open to online gaming and fast-track all future licensing at the same time as Evolution as a group will have two independent subgroup licenses. Galaxy holds over 130 licenses, which are worldwide.

Speaker Change: Pulpwood that galaxy fold the number of dry blacklist.

Through Galaxy, we gain our relationship with regulators regulated state that are not yet opened broadline fast track all future licensing at the same time as the evolution of the group will have two independent subgroup lessons Galaxy holds over one third of licenses.

Speaker Change: Worldwide.

Martin Carlesund: Galaxy will further strengthen our game portfolio and secure access to fantastic titles our players are accustomed to already today. There are also games in the portfolio where we see an opportunity to create new online games. I see the acquisition of Galaxy as an important step in creating a foundation for future growth in the North American market but also in other parts of the world, where we can now, without direct costs, expand all our existing brands further.

Speaker Change: Galaxy will further strengthen our game portfolio and secure access to fantastic titles outpaced are accustomed to or rather today Theyre also gains in the portfolio, where we see an opportunity to create new online games.

Martin Carlesund: There are also games in the portfolio where we see an opportunity to create new online games. I see the acquisition of Galaxy's and the importance of starting to create promotion for future growth in the North American market, but also in other parts of the world. We now, without direct costs, can expand their already existing brands further. Our cash offer values Galaxy to an enterprise value of 1.4 million. The offer is supported by the Board of Directors.

Speaker Change: The acquisition of Galaxy and important step in creating the foundation for future growth in the North American market, but also in other parts of the world, We know without direct costs can expand their already existing brands further.

Martin Carlesund: Our cash offer values Galaxy at an enterprise value of $124 million. The offer is supported by the Board of Directors of Galaxy and is naturally subject to closing conditions. We expect the transaction to close in about 12 to 15 months. Again, we are very excited about this combination and look forward to it.

Speaker Change: Our casual foot values gathers gets enough press value one 4 million.

Speaker Change: <unk> supported by the Buddha bags, Ocala stand naturally subject to dosing Felicia, we expect the transition transactions of tools aimed about 16 months.

Martin Carlesund: On Galaxy, the naturalist object is close information. We expect the transaction to close in about 12-15 months. Again, the cycle about this combination, so forward to it.

Speaker Change: Again very excited about this combination with volatility.

Jacob Kaplan: Next slide, please. I'm pleased to say that the challenges we experience in Trans-23, in terms of recruitments and the capacity, have been a blast, and our recruitments have remained high in the quarter. We have had the 3,700 new revolutionaries from Q2 last year, constituting a third of the very rapid expansion. I would like to remind all of you that expansion and recruitments come together with cost and time-wise across the poorer.

Speaker Change: Next slide please.

Martin Carlesund: Next slide please. I'm pleased to say that the challenges we experienced in 2023 in terms of recruitment and table capacity have been addressed, and our recruitment base remains high this quarter. We've added 3,700 new evolutionaries since Q2 last year, constituting a period of very rapid expansion. I would like to remind all of you that expansion and recruitment come together at cost and time, not before and after. We'll continue to make great progress in our student development and all the quality. Thanks a lot.

Speaker Change: I'm pleased to say that the challenges we experienced in transplanted three in terms of recruitment and David capacity have been addressed and our recruitment base remains high in the quarter.

Speaker Change: The 3000, new sub now menu evolution as from Q2 last year constituting a burger, but very rapid expansion I would like to remind all of you that expansion and recruitment costs together with cost and time wise cost before revenues.

Jacob Kaplan: We'll continue to make great progress in our suit development and all of all its plans.

Speaker Change: We continue to make great progress in our suit developments in all according to plan.

Jacob Kaplan: Next slide, please. The game running this shows the development of the whole evolution network and includes all games. It can be seen as the general indicator of activity now in our network. I'm very pleased to see that the activity increased due in the quarter, maintaining the healthy pace presented in the third quarter. Increased activity could not have taken place without all, of course, an increase of table capacity as well as ensuring a high delivery out of our studios. Play game runs do not always correspond to revenue, which we see in this quarter, where the game runs grow faster than revenue.

Next slide basis.

Martin Carlesund: The game run in this shows the development of the whole evolution network and includes all games. It can be seen as the general indicator of activity in our network. I'm very pleased to see that activity increased during the quarter, maintaining the healthy pace presented in the first. However, increased activity could not have taken place without all the efforts and the increase in table capacity as well as ensuring a high delivery out of hours.

Speaker Change: The game round initial of the developmental the whole evolution network and includes all games. It can be seen as a general indicator of active in our network.

Speaker Change: I'm very pleased to see that activity increase during the quarter, maintaining the healthy pace for something in the first quarter increased activity could not.

Speaker Change: Have taken place without the old airports, an increase in pay with capacity as well as ensuring high deliberate outflows our studios.

Martin Carlesund: Play game rounds, plus or not, always corresponds to revenue, which we'll see in this quarter, where the game rounds grow faster than revenue. Also, larger wins on a game get publicity and often attract many players, however, with smaller bets.

Speaker Change: Play game wrong does not always correspond to revenue, which you'll see in this quarter with a game Ross grow faster than revenue.

Jacob Kaplan: Also, daughter wins on a game, gets publicity and often attracts many players; however, it's smaller pets. For the long term, this trend is very positive. The fact that the players are curious and wish to test our game with barefoot further down the line, even though it does not always drive revenue in the short term.

Speaker Change: So larger wisdom on the game get published data and attracts many players. However, it was more of a pass for the long term. This trend is very positive. The fact that the place are Julia and wish to test our game with bear fruit further down the line.

Martin Carlesund: For the long term, this trend is very positive. The fact that players are curious and wish to test our games will bear fruit further down the line, even though it does not always drive revenue in the short term. Next slide, please.

Speaker Change: Even though it does not always drive revenue in the short term.

Martin Carlesund: Next slide, please. We're now in month six, into what we call the product leap years of 2024 and 25. Our ambition is just as high as always, driving toward bringing unique day experiences and least excitement to new level. Let me first mention a few of the games that we have been launching in the quarter, or about to be launched. We ordered a mentioning, mentioned lightning storm Q1, as it was planned for release by the end of H1, first of. The Lightning franchise is one of the strongest brands of our portfolio. Lightning Storm is our most ambitious game show ever, and the newest, most thrilling and extravagant number of our life and family.

Speaker Change: Next slide please.

Martin Carlesund: We're now in month six into what we call the product leap years of 2024 and 2025. Our ambition is just as high as always, striving toward bringing unique data experiences and excitement to new levels. Let me first mention a few of the games that have been launched in the quarter or about to be launched. We already mentioned Lightning Storm Q1, as it was planned to be released by the end of H1, in the first half. The Lightning franchise is one of the strongest brands in our portfolio, and Lightning Storm is our most ambitious game show ever and the newest, most thrilling, and extravagant member of our Lightning franchise.

Speaker Change: We're now in monkey fits into what we call the product lead years of 20% for implants, but our ambition is just as high as always striving towards bringing unique experiences analytics tighten up the new lab now.

Speaker Change: Let me first mention a few of the gains that we have had been launched in the quarter or about the beliefs.

Speaker Change: We already mentioning mentioned lightning storm in Q1 as it was planned for release by the end of H, one first half the likely franchises one of the strongest brands of our portfolio and Lightning storm is our most ambitious gameshow Edward and the newest mostly linked.

Speaker Change: Driving a number of our life and found it slightly.

Martin Carlesund: Lightning Storm masterfully combines instant payouts, bonus games infused with experimental twists, and a sizable multiplier to deliver unique gameplay gameplay. And although it's very slightly delayed, we will settle for nothing but perfection for this game, as it's one of the biggest releases today. This game is truly spectacular, and I dare promise it is something that the market has never seen before. To further our Lightning family, we have added two new installments. Adding lightning versions to our popular games, Dragon, Tiger, and Dragon Legend. Lightning Dragon Tiger is a classic Asian card game with striking multipliers, set in a sophisticated studio and features dramatic effects, thrills, and suspense.

Martin Carlesund: Lightning storm most fully combines instant air, bonus games infused with experimental twists and a sizable micro multipliers to deliver unique gaming earnings. And although very slightly delayed, we will accept that for nothing but perfection for this game as it's one of the biggest releases today. This game is truly spectacular, and at their bonus it is something that the morph has never seen before. To further our lightning family, we have added two millions of downloads, adding lightning versions to our popular games, Dragon Tiger and Sikpo. Lightning Dragon Tiger is a classification core game with striking multipliers, such in a sophisticated studio and features dramatic effect, release and suspend.

Speaker Change: Slightly storm masterfully combines instant payouts numerous games infused with experimental twist on a sizable multipliers to deliver unique gaming guidance at all.

Speaker Change: Although very slightly delayed we will settle for nothing but perfection for this game as it's one of the biggest releases to date these games truly spectacular.

Speaker Change: Datacom is it is something that the market has never seen before.

Speaker Change: To further our lightning family, we have added two new installments.

Speaker Change: Adding lightning version 12 over the games Dragon Tiger and sequel Lightning Dragon Tiger is the classification part game Restrike multiplier, southern and sophisticated Sudan pitches dramatic effect businesses.

Martin Carlesund: Lightning Thickbow adds extra excitement to the traditional dice game well known by players. Another thrilling game that we have already released is The Latest Generation. Online Live Slot Game Combination Game Show. Features a simple and easy to play slot game. Balloon Race was very well received by IAM users, and with its unique combination of different player experiences, it also attracts many new players, and it's part of a whole new type of genre.

Martin Carlesund: Lightning Sikpo adds an extra excitement to the traditional tight game, well known what players. Another thrilling game that we have already released is the latest generation, online live-slot game combination, game show, features with a simple and easy-to-play slot game. Badlundraise was a very one received by an user, with its unique combination of different player experience, it's also tracks nine new players, and it's part of a whole new type of genre, opinions of even more people. It's a combination of live and slots, which we have been talking about for quite some time. On the RG side, we have released 26 times this in the poker, all very good games with the fine trading month of quality and innovation of all four individual RG brands. Northern We are game changers and game creators who are our innovation, not only do we offer unique player experience and state-of-the-art game, but we're also transforming the industry and with our audience investing into some mentality of never-satling we constantly descend and expand our market leading position.

Speaker Change: Likely cyclical adds an extra excitement to the traditional dice game well known by players.

Speaker Change: Another thrilling game that we have all of their lease is the latest generation.

Speaker Change: And our online lives slot gaming combination game show features with this with a simple and easy to play the game that non res was very well received by end user with its unique combination of digital play experience. It's all subtract nine new players in it.

Off of a whole new type of genre opinions up even more people.

Martin Carlesund: Appealing to even more people. It's a combination of live and slots which we have been talking about for quite some time. On the RNG side, we have released 26 tankers in the quarter, all very good games, with a defined trademark of quality and innovation of all four individual RNG brands. No Limit City, Red Tiger, MapNap, and Big Time Games.

Speaker Change: Combination of live and slots, which we have been talking for quite some time on the R&D side. We have released from the six time for us in the quarter all of that good gains with defined trademark of quality and innovation.

Speaker Change: For individual RMG brands, No limited data with Tiger.

Speaker Change: Sanjay.

Martin Carlesund: We are game changers and game creators who, through our innovation, not only do we offer unique player experiences and state-of-the-art games, but we're also transforming an industry, and with our R&D and investment in studios and mentality of never settling, we constantly defend and expand our market. I'm very happy with the outcome of GameGrowth. Next slide, please.

Speaker Change: We are getting changes in game creators, who all innovation not only do we offer unique player experience in a state of the game, but we're also transforming an industry and with our R&D investments instituted some.

Speaker Change: Tablet they have never stopped language constantly defend and expand our market leading position I'm very happy with the with the outcome of game.

Martin Carlesund: I'm very happy with the outcome of the game Rock, with the development of Transformers.

Speaker Change: <unk> conference call.

Martin Carlesund: Next slide, please. Looking at our product, it's a truly global audience with a global and ever-increasing demand. All our regions are growing, year-on-year. Europe had a steady growth trend around time, the last year or so, and continues that way, coming in the last time growth compared to two last year. The demand in the region remains high, and with addition to the capacity of the average in 2024, was a good potential of expanding even further. Asia is the direct access growth market and for the quarter, quarter growth of 22% year-on-year, it's a small increase from previous quarter than in Q1s or Q1s who are relatively big step from Q4 and quarterly variation are to big expected.

Speaker Change: Next slide please.

Martin Carlesund: When looking at our product, it's a truly global audience with global and ever-increasing demand. All our regions are growing year-on-year. Europe has had a steady growth trend, around 10% in the last year or so, and continues that way, coming in at 9% growth compared to Q2 last year. Demand in the region remains high, and with additional student capacity added in 2024, we see good potential for expanding even further. Asia is the fastest growing market.

Speaker Change: While looking at our product is truly global it's a truly global audience with a global and ever increasing demand for our agents are growing year on year Europe had a steady growth from their own pump something last year salt and continues to upgrade coming in advance of growth compared to Q2 last year.

Speaker Change: And the region remains high and with addition assume capacity ebbs and plus what we see good potential of expanding it even further.

Martin Carlesund: And for the quarter, quarterly growth of 22% year-on-year. It's a small increase from the previous quarter than in Q1. However, Q1 was a relatively big step from Q4. And quarterly variations are too big.

Asia is the fastest growing markets and.

Speaker Change: For the quarter reported growth of 22% India is this more of an increase from previous quarter than in Q1, <unk> Q1 was a relatively big step in Q4, a quarterly variation off to be expected given the size population and <unk> <unk> of the market, we consider really agenda.

Martin Carlesund: Given the size, population, and online size of the market, we consider the region with great potential. In North America, we continue to make steady progress with a growth of 8% year-on-year. Our line offering is growing in line with the overall market, however, we are losing market share in R&D offerings compared to last year. However, I believe that we are improving our neoprene. In the quarter, we started introducing our No Limit City lineup, and we have made a number of improvements to our organization that I expect to bear fruit later in the year. LATAM is supporting healthy girls for the quarter coming in at 70% even as Brazil continues to be a bit of a waiting room as regulation is stiff.

Martin Carlesund: Giving the size population and online class of the market, we consider the region with great potential. In North America, we continue to make steady progress with the growth of 8% year-on-year. Our live offering is growing in line with overall markets; however, we're losing market shares in our geo-print compared to last year. I believe that we are improving our geo-print in the quarter we started introducing our mobile chips lineup, and we have made a number of improvements to our organization that I expect to bear fruit later in the year. Laptime is supporting healthy growth for the quarter coming in at 100%, even as Brazil continues to be a bit of in the waiting on as regulation is still happening.

Speaker Change: With great potential.

Speaker Change: North America, we continue to make steady progress with a growth of 8% year on year. Our line offering is growing in line with the overall markets have I will mark just an aussie offerings compared to last year.

Speaker Change: Believe that we are improving our near print in the quarter. We started to use no more than 60 lineup and we have made a number of improvements or organization that I expect to bear fruit later in the year.

Speaker Change: Latam is supporting healthy growth for the quarter coming in at something <unk> be them as Brazil continues to be a big dog in the waiting almost regulation this didn't happen.

Martin Carlesund: Other regions, consisting mainly of Africa, had a nice increase in the quarter. Again, development can be launched, as you've seen in the table. Last year, we were flat for a few quarters before growing nicely this past year. The share of revenue from regulated markets continues to be stable at just under 40%.

Martin Carlesund: Other regions constitute a consistent remainder of Africa. Has a nice increase in the quarter. If you want, again, the relevant can be lengthy, as I've seen in the table, last year where we were flat for a few quarters before growing as it is positive quarters. The share of revenue from regulated markets continues to be stable at just under 40 times.

Speaker Change: There is other reader constitute consisting mainly of Africa has a nice increase in the quarter go out again development can be mounted assessing and stable last year, where we were flat for a few quarters before growing nuts that is positive waters.

Speaker Change: The shadow revenue from regulated markets continues to be stable at just under 4%.

Jacob Kaplan: With that, I will hand over to Jacob to have a closer look at our financials, please, next slide. Thank you, Martin. And good morning to all of you listening.

Jacob Kaplan: With that, I will hand over to Jacob for a close look at our finances.

Speaker Change: With that I will hand over to Jacob for a closer look at our financial please exercise.

Jacob Kaplan: Please, next slide.

Jacob Kaplan: Thank you, Martin, and a good morning to all of you listening. Revenue in the second quarter of this year amounts to 500 and 8.4 million euro for a growth rate of 16.3% compared to the same quarter of 2023. Revenue in the quarters made up of 430 million euro from our Latino games and 70.3 million euro from the orangey games. In the comparison to Q2 2023, there's a negative effect from changes in currency rates estimated to about 3.5%. Laptime is in revenue in the quarter of 430.1 million euro gives us a growth rate of almost 18% year-on-year.

Jacob Kaplan: Thank you Martin and good morning to all of you listening.

Jacob Kaplan: Revenue in the second quarter of this year amounts to 508.4 million euros, for a growth rate of 15.3% compared to the same quarter 2023. Revenue in the quarter is made up of 438 million euros from our live casino games and 17.3 million euros from the RNG games. In the comparison to Q2 2023, there is a negative effect from changes in currency rates estimated at about 3.5%.

Jacob: Revenue in the second quarter this year amounts to $508 4 million euro or a growth rate of 15, 3% compared to the same quarter of 2023 revenue in the quarters made up of 438 million Euro from our casino games and $70 3 million Euro from the R&D gains.

Jacob: And the comparison to Q2 2023, there's a negative effect from changes in currency rates estimated to about 3%.

Jacob Kaplan: Live casino revenue in the quarter of 438.1 million euros gives us a growth rate of almost 18% year-on-year. Compared to the previous quarter, Q1 2024, the increase is about 7 million euros. Increases in revenue from one quarter to the next can vary a bit. We saw a big step up in live revenue in Q1 compared to Q4, as Martin mentioned, but Q1 to Q2 is a smaller increase compared to. As earlier mentioned, we were negatively affected in Q2 by large wins on some of the games.

Jacob: <unk> revenue in the quarter of $438 1 million Euro gives us a growth rate of almost 18% year on year compared to the previous quarter Q1, 'twenty point before the increase is about 7 million Euro B increase our revenue from one quarter to the next can vary a bit we saw a big step up in <unk> revenue in Q1.

Jacob Kaplan: Compared to the previous quarter, Q1 2024, the increase is about 7 million euro. Increase of revenue from 1.40 to the next can vary a bit. We saw a big step up in dive revenue in Q1 compared to Q4, as Martin mentioned. But Q1 to Q2 is a smaller increase compared to Trump. As earlier mentioned, we are negatively affected in Q2 by large wins on some of the games. Also, sportsbook margins in some regions have faded operators in this quarter, which have to be negative for focusing out. So there are some factors to point at, but there are also things within our control that we can improve and simply perform better.

Speaker Change: That's a cute worst market mansion, but Q1 to Q2, it's a smaller increase compared to trap.

You mentioned, we are in I guess it would be affected in Q2 by large wins for some of the gains also sports book margins in some regions have favorite operators in this quarter, which have to be.

Jacob Kaplan: Also, sportbook margins in some regions have favored operators in this quarter, which tends to be negative for Casino. So there are some things to point out, but there are also things within our control where we can improve and simply perform better.

Speaker Change: Negative for casino. So there are some factors to point out but there are also things within our control that we can improve I'm simply perform better.

Jacob Kaplan: Overall, activity levels and player numbers have been good on the network. There are some great product launches coming up, as you saw, so we feel good about the rest of the year. But Q2 does come in a little lower on live casino revenue than I expected three months ago. R&D revenue amounts to €70.3 million. That's 1.5% growth year-on-year and also a slight increase from the previous quarter. We continue to have a good release tempo for games and will gradually during the year add more functionality to OSFs like Live Spins, Spin Gifts, and also our AI Software Commander.

Jacob Kaplan: Overall, activity levels and player numbers have been good in the network. There's some great product launches coming up, as you saw. So we feel good about the rest of the year. But Q2 does come in a little lower on life, as in the revenue, than at least what I expected three months. R&D revenue amounts to 17.3 million euro. That's one and a half percent growth year on year and also a slight increase from the previous quarter. We continue to have a good release tempo for gains and would gradually during the year add more functionality to OSFs and night life spends spin gifts and also our AI software commander.

Speaker Change: Overall activity levels and pay your numbers have been good in the network. There are some great product launches coming up as you saw so we feel good about the rest of the year, but Q2 does come in.

Linda: Linda on licensed into revenue from at least what I expected three months ago.

Speaker Change: R&D revenue amounts to $70 3 million Euro Botswana hope for some growth year on year and also slightly increased from the previous quarter.

Speaker Change: We continue to have good released Apple for games and will gradually during the year add more functionality to Oss like Lifespans, Inc. Spin gifts.

Speaker Change: Also our AI software commander.

Jacob Kaplan: I'm pleased to see the trends of increment and improvement on revenue from the previous quarter continuing within R&G, even though it's not by big steps. And while it will not always be a straight nine development quarter to quarter, we can do more in the R&G verticals going forward. EBDA and the quarter totals 345.8 million euro for EBDA margin of 68 percent. As mentioned already at the end of 2023, we are in a period of heavy expansion during this first quarter of the year, and that has an effect on margin. For the first six months of the year, margin is 68.5 percent.

Jacob Kaplan: I'm pleased to see the trend of incremental improvement on revenue from the previous quarter continuing within R&G, even though it's not by big steps. And while it will not always be a straight line development quarter to quarter, we can do more in the R&G vertical going forward. EBITDA in the quarter totaled 345.8 million euros for an EBITDA margin of 68%.

Speaker Change: I'm pleased to see the trend of incremental improvement on revenue from the previous quarter, continuing within orange It even though it's off by big steps and while it will not always be a straight mine development quarter to quarter, we can do more in the orange and vertical going forward.

Speaker Change: EBITDA in the quarter totaled $345 8 million for EBITDA EBITDA margin of 68%.

Jacob Kaplan: As mentioned, already at the end of 2023, we are in a period of heavy expansion during this first half of the year, and that has an effect on margin. For the first six months of the year, margin is 68.5%, and for the full year, we maintain our guidance of EBITDA margin in the range of 69 to 71. I'll move on to the next slide.

Speaker Change: As mentioned already up Amdocs market penetrated we.

Speaker Change: We are in a period of heavy expansion. During this first half of the air and that has an effect.

Martin Carlson: Martin for the first six months of the year modulus.

Martin Carlson: 68, 5% for.

Jacob Kaplan: For the total year, we maintain our guidance of EBDA margin in the range of 69 to 71 percent.

For the full year, we maintain our guidance.

Martin Carlson: The market in the range of 69% to 71%.

Jacob Kaplan: I'll move on to the next slide. This has a closer look at our professional statement. We'll start with revenue. The three month period April to June, live and R&G revenues increase 18 and one and a half percent. The respectively compared to the same period 2023, fully organic growth in both of those verticals. A little bit further to the right in the table, we compare the first half of 24 to the first half of 2023, and growth for the six-month period is almost 90 percent for life, just over 1 percent for R&G. We just covered comments on revenue development in the most recent quarter on the previous slide, so I'll continue down to expenses.

Martin Carlson: I'll move on to the next slide.

Jacob Kaplan: This gives a closer look at our profit and loss statement. We'll start with revenue. For the three month period April to June, live and RNG revenues increased 18 and one and a half percent respectively compared to the same period in 2023, fully organic growth in both of those verticals.

Martin Carlson: This is a closer look at our across the last eight months, we'll start with revenue.

Martin Carlson: The three month period April to June.

Martin Carlson: M life, and R&D revenues increased 8% and one 5% respectively compared to the same period quantify Q3 fully.

Martin Carlson: Full year organic growth in both of those verticals.

Jacob Kaplan: A little bit further to the right in the table, we compare the first half of 2024 to the first half of 2023, and growth for the six-month period is almost 19% for Lycosin and just over 1% for RNT. We just covered comments on revenue development in the most recent quarter on the previous slide, so I'll continue down to expenses. Personnel expenses amounted to 111.4 million euros in the first quarter, an increase of 27% compared to the same period last year.

Martin Carlson: A little bit further to the right in the table, we compare the first half of 'twenty before too.

First of all for quite a market street and growth for the six months period was almost 90% Blackstone on just over 1% for R&D.

Martin Carlson: We just covered comments our revenue development in the most recent quarter on the previous slides.

Martin Carlson: Continued on to expenses.

Jacob Kaplan: Personal expenses amounts to 111.4 million euro in the first quarter and increase of 27 percent compared to the same period last year. We have added almost 4,000 headcounts in due to last year, so it's quite a big expansion for us. This increases personal cost, but also affects other functions in the company with increasing costs. We will continue to increase up to the rest of the year as we open new studios in Latin America and expand also elsewhere. Depreciations amount 234.6 million euro that includes 11.5 million euro in the taxation of intangibles placed at two to acquisitions made.

Personnel expenses amounted to 111 4 million euro in the first quarter, an increase of 27% compared to the same period last year.

Jacob Kaplan: We have added almost 4000 headcounts since Q2 last year, so it's quite a big expansion for us. This increases personnel costs but also affects other functions in the company with increasing costs. We will continue to increase staff during the rest of the year as we open new studios in Latin America and expand also elsewhere. Depreciations amount to €34.6 million, which includes €11.5 million in amortization of intangibles related to acquisitions made

Speaker Change: We have added almost 4000 head count since Q2 last year. So it's quite a big expansion for US. This increase was personnel costs, but also affects other functions in the company with increasing costs.

Speaker Change: We will continue to increase through the rest of the year as we open New studios in Latin America and expand also elsewhere.

Speaker Change: Depreciation amounted to $34 6 million Euro that includes $11 5 million euro in amortization of intangibles related to acquisitions made.

Jacob Kaplan: It's relatively fast compared to the previous quarter this year and up 15 percent compared to the same period 2023. The next line, other operating expenses, this includes number of items such as the consumable equipment, communication costs, consultants, royalties that is all included there. Line amounts to 51.2 million euro in the quarter. This is a line item that is a bit lumpy; it's up 2.3 million, I should say, from Q1 this year and up 9.3 million, or 22 percent, compared to the same period 2023. Summing up total operating expenses total 197.3 million euro for the period, that's an increase of 23.6 percent compared to the same quarter loss.

Jacob Kaplan: It's relatively flat compared to the previous quarter this year and up 15% compared to the same period in 2023. The next line, Other Operating Expenses, includes a number of items such as consumable equipment, communication costs, consultants, and royalties, all included there. The line amount amounts to 51.2 million euros in the quarter. This is a line item that is a bit lumpy. It's up 2.3 million, I should say, from Q1 this year and up 9.3 million, or 22%, compared to the same period in 2023.

It's relatively fast compared to the previous quarter, this year and up 15% compared to the same period.

Speaker Change: The next line other operating expenses. This includes a number of items such as our consumable equipment communication costs consultants joined with this molecule.

Speaker Change: Your line amounts to $51 2 million euro in the quarter.

Speaker Change: This is the line item, but it's a bit lumpy, it's up to $3 $32 3 million I should say from Q1, this year and up $9 3 million at 422% compared to the same periods in 2023.

Jacob Kaplan: Summing up total operating operating expenses total 197.3 million euros for the period, that's an increase of 23.6% compared to the same quarter loss. Operating profit sums up to 311 million euros in the quarter, and moving down financial items 6.8 million euros. This includes interest rate income and the revaluation of bank balances, but there's also a charge for the IFRS 16 lease cost that's included there. Tax in the quarter was 48.8 million euros; that is a tax rate of 15.3%.

Speaker Change: Summing up total operated rig operating expenses totaled 197.

Speaker Change: For the period, that's an increase of three 6% compared to.

Jacob Kaplan: This year, operating profit summed up to 311 million euro in the quarter and moving down financial items, 6.8 million euro. This includes interest rate income and the revaluation of bank balances, but it's also charged for the IPRS 16 list costs, that's included there. Tax in the quarter is at 48.8 million euro, that is tax rate of 15.3%. As with previously communicated, our tax rate increases by 24, as the pillar 2 machine comes into effect. Still not fully clear exactly how the pillar 2 top up tax will be handled, and we continue to follow the development during the year and the accrued tax to our best knowledge.

Speaker Change: Same quarter last year.

Speaker Change: Operating profit sums up to 311 million in the quarter and moving down finish items $6 8 million Euro. This includes interest rate income and the revaluation of bank Valassis. Its also charge for the IRS extending this cost that's included there.

Speaker Change: Tax in the quarter is at 48 8 million euro, but it's a tax rate of 15.

Speaker Change: 3%.

Jacob Kaplan: As we've previously communicated, our tax rate increases in 2024 as the Pillar 2 regime comes into effect. However, it is still not fully clear exactly how the Pillar 2 pop-up tax will be handled. We continue to follow the development during the year and the accrued tax to our best knowledge. We will work to achieve a tax efficient structure of our operations as long as that is profitable. I'll move on to the next slide for a look at cash flow and financial position.

As we previously communicated our tax rate increases plus bucket or the toothbrush incomes into effect.

Speaker Change: They will not fully clear exactly how the pillar two Copa flex will be handled.

Speaker Change: Continue to follow the development during the year and the accrued tax to our best knowledge.

Jacob Kaplan: We will work to achieve a tax-efficient structure of our operations as long as that makes business sense.

Speaker Change: We will work to achieve a tax efficient structure of our operations as long as that mix businesses.

Jacob Kaplan: I'll move on to the next slide for a look at cash go on financial position. Starting from the left, we have capital expenditure. As mentioned a few times, we are in a healthy expansion phase this year, and that's reflected also here in our CapEx level, which is up compared to last year. We've estimated 120 million euro in CapEx this year, and for the first half of the year, we're slightly ahead of that pace. In Q2, CapEx in Tally glasses, that's the great part of the bars in the charts to the left, total 16.1 million euro. You think it's both expansion in existing studios, as well as several new projects, new studio projects that are coming up.

Speaker Change: I'll move on to the next slide.

Speaker Change: For a look at cash flow and financial position.

Jacob Kaplan: Starting from the left, we have capital expenditure. As I mentioned a few times, we are in a heavy expansion phase this year, and that's reflected also here in our CapEx level, which is up compared to last year. We've estimated 120 million euros in CapEx this year, and for the first half of the year, we're slightly ahead of that pace. In Q2, CapEx in tangible assets, that's the grey part of the bar in the chart to the left, totaled 16.1 million euros.

Speaker Change: Starting from the left we have capital expenditure.

Speaker Change: A few clients we are going to have the expansion phase this.

This year, our investors, but also here in our capex level, which is up compared to last year.

We've estimated 120 million euro in Capex this year and for the first half of the year, we're slightly ahead of that pace.

In Q2, Capex intangible assets, that's the great part of the the bars in the chart to the left totaled $16 1 million Euro. It includes both expansion in existing studios as well as several new projects new studio projects.

Jacob Kaplan: It includes both expansion in existing studios as well as several new projects, new studio projects that are planned. The blue part of the bar represents investment in intangible assets, that is, the development of new games and features on the platform. CapEx and intangible assets total 16.4 billion euros in the. So total capex in the quarter was 32.5 million euros and for the first six months 69 million euros.

Speaker Change: That are coming out.

Jacob Kaplan: The blue part of the bar represents investment in intali-blastets; that's the development of new games and features on the top form. CapEx in intali-blastets, total 16.4 million euro in the quarter. So total CapEx in the quarter, 32.5 million euro, and for the first six months, 69 million euro. So slightly ahead of the pace, the estimate of a hundred and ten million for the full year, I would say still looks like a good estimate for me. Moving on to the chart in the middle of the slide, this shows cash flow in the period. We see operating cash flow of investments of 280 million euro.

Speaker Change: The blue part of the bar represents investments in intangible assets. That's the development of new games and features on the platform Capex and intangible assets totaled $16 4 billion Europe in the quarter. So cocoa capex in the quarter $32 5 million Euro and for the first six months 69 million Euro. So slightly you have of the pace that estimate.

Jacob Kaplan: So slightly ahead of the pace, the estimate of 120 million for the full year still looks like a good estimate. Moving on to the chart in the middle of the slide, this shows cash flow during the period with operating cash flow after investments of 280 million euros.

Speaker Change: 105 million for the full year I would say still looks like a good estimate for me.

Speaker Change: Moving on to the chart in the middle of the slide this shows cash flow in the period was the operating cash flow after investments of 280 million euros.

Jacob Kaplan: The cash conversion, operating cash flow in relation to the PA on some of our good levels, well over 80% for the roading format period. The last time we spoke, lost quarter, we mentioned an increase in the accounts receivable in that quarter; that is down to normal levels in this quarter, and the overall cash flow is very strong. Moving on to the right-hand side of the slide, that's a summary of our balance sheet at the end of the period. We are remaining in a strong debt-free financial position at the end of the period; cash balance was 689 million euro.

Jacob Kaplan: The cash conversion, or operating cash flow, in relation to UDPA is on a very good level, well over 80% for the rolling 12-month period. The last time we spoke, last quarter, we mentioned an increase in accounts receivable in that quarter that is down to normal levels in this quarter, and the overall cash flow is very strong. Moving on to the right-hand side of the slide, that's a summary of our balance sheet at the end of the period. We remain in a strong debt-free financial position. At the end of the period, the cash balance was €689 million.

Speaker Change: The cash conversion operating cash flow in relation to EBITDA on a very good level well over 80% of the erosion from off period.

Speaker Change: The last.

Speaker Change: I spoke last quarter, we mentioned an increase in accounts receivable in that quarter that this down to normal levels in this quarter and the overall cash flow is very strong.

Speaker Change: Moving on to the right hand side of the slide a summary of our balance sheet at the end of the period.

Speaker Change: Sure.

Speaker Change: Remain in a strong debt free financial position at the end of the period cash balance of 689 million Euro.

Jacob Kaplan: During the quarter, we paid a dividend for 2023 amounting to €564 million. I'll go to the next slide, and then I'll comment on the capital allocation framework that's been communicated and also the buyback. So, as Martin mentioned at the top, the board has communicated a capital allocation framework. The framework clarifies our thinking around capital allocation without boxing in the board to act programmatically without consideration of the company's long-term strategic objectives.

Jacob Kaplan: During quarter, we have paid a dividend for 2023, about 264 million Euro.

Speaker Change: During quarter, we have paid a dividend for quite a degree market to 564 million Euro.

Jacob Kaplan: I'll go to the next slide, and then I'll comment on the capital allocation framework that's been communicated and also the buyback that's been initiated. As Mark had mentioned at the top, the board has communicated the capital allocation framework. The framework clarifies our thinking around capital allocation without boxing in the board to act programmatically without consideration of the company's long-term strategic objectives. In summary, the framework is the following. We need to be in a net cash position over time. Still, we reserve the ability to use short-term leverage for unique opportunities that would add value to shareholders.

Speaker Change: I'll go to the next slide and then I'll comment on the capital allocation framework, that's been communicated and also the buyback.

Speaker Change: Jacob.

Jacob: So as Marvin mentioned at the top of the board.

Jacob: As communicated a capital allocation framework the framework clarifies, our thinking around capital allocation without boxing in the board to act programmatically without consideration of the company's long strong long term strategic objectives.

Jacob Kaplan: In summary, the framework is the following. We aim to be in a net cash position over time. Still, we reserve an ability to use short-term leverage for unique opportunities that will add value to shareholders. The number one use of capital will be to invest in our organic growth. Studios, staff, and games development. We have a highly profitable business in a market-leading position with a low cost product in an industry with secular growth trends. To continue that development, it will be the number one priority and the main use of capital.

Jacob: Summary, the framework is the following.

We aim to be in a net cash position over time.

Jacob: We reserve and ability to use short term leverage for unique opportunities without.

Jacob: Value for shareholders.

Jacob Kaplan: The number one use of capital will be to invest in our organic growth, studio, staff, and games development. We have a highly profitable business in a marketing decision with a work-toss product in an industry with secular growth. Grants to continue that development will be the number one priority in the main use of capital. We have a dividend policy in place since the IPO in 2015. It states 50% pay out of net profit, and that policy will remain. In addition, we continuously evaluate MNA opportunities that can support our long-term vision, but there's not a set amount of capital allocated MNA, and possible MNA should be on value-enhancing trends.

Jacob: The number one use of capital will be to invest in our organic growth studio staff games development, we have a highly profitable business profitable business and a market leading position with a world class product and industry with secular growth trends to continue that development will be the number one priority.

Jacob: The main use of capital.

Jacob Kaplan: We have a dividend policy in place since the IPO in 2015. It states a 50% payout of net profit, and that policy will remain. In addition, we continuously evaluate M&A opportunities that can support our long-term vision, but there's not a set amount of capital allocated to M&A, and possible M&A should be on value-enhancing terms. Without the right opportunities, there will be no M&A, and that's perfectly fine. And last, historically, we've had free cash flow remaining after the items I just described.

Jacob: We have a dividend policy in place since.

The IPO in 2015 at Sage, 50% payout of net profit and that policy will remain.

Jacob: In addition, we continuously evaluate M&A opportunities that can support our long term vision, but there's not a set amount of capital allocated to M&A and possible M&A should be on value enhancing tax without the right opportunities there will be no M&A, that's perfectly fine wholesale.

Jacob Kaplan: Without right opportunities, there will be no MNA, and that's perfectly fine also. And that, historically, we've had three cash flow remaining after the items I just described, and the new framework states that 100% of this excess cash will be returned to shareholders. Generally, this will be through a repurchase of shares, or it's been more value enhancing; it can also be through an extra dividend. So that's a quick summary of the framework. It's very much in line with our actions in the past. Still, I think it adds clarity to how we plan to allocate capital going forward.

Jacob: Allows historically, we've had free cash flow remaining after the items I just described.

Jacob Kaplan: And the new framework states that 100% of this excess cash will be returned to shareholders. Generally, this will be through a repurchase of shares, or if it is more value-enhancing, it can also be through an extra dividend.

Jacob: The new framework space at 100% of this excess cash will be returned to shareholders. Generally this will be through a repurchase of shares or more value enhancing it can also lead to an extra dividend.

Jacob Kaplan: So that's a quick summary of the framework. It's very much in line with our actions in the past. Still, I think it adds clarity to how we plan to allocate capital going forward. As the graph to the right in the slide shows, capital returns to shareholders have been substantial during the past 10 years. In fact, returns through dividends and buybacks have been consistent, and they total well over 10 times the IPO value. With this capital allocation framework as a backdrop, the board has also decided to initiate a buyback of 400 million euros, also announced.

Jacob: That's a quick summary of the framework.

Jacob: Much in line with our actions in the past.

Jacob: I think it adds clarity.

Jacob: So how we plan to allocate capital going forward.

Jacob Kaplan: As the graph to the right in the slide shows, capital returns to shareholders have been substantial during the past 10 years. In fact, returns to dividend and buybacks have been persistent, and they total well over 10 times the IPO value.

As the graph to the right in this slide shows captain returns to shareholders have been substantial during the past 10 years.

Jacob: In fact, the returns through dividend and buybacks have been consistent and they totaled well over 10 times the IPO value.

Jacob Kaplan: With this capital allocation framework as a backdrop, the board has also decided to initiate a buyback of 400 million euros, also announced today.

Jacob: With this capital allocation framework as a backdrop. The board has also decided to initiate the buyback or 400 million Europe also announced today.

Jacob Kaplan: All right, that was the end of my prepared comments.

Jacob Kaplan: All right, that was the end of my prepared comments. I'll hand it back to you, Martin, for some closing words. Thank you, Jacob.

Speaker Change: Alright that was the end of my prepared comments I'll hand back to your market for some closing words.

Martin Carlesund: I'll hand back to you more for some closing words. Thank you, Jacob. Thank you.

Martin Carlesund: Thank you. Last slide before questions, and a few closing words from me. We are in a period of heavy expansion and investment right now. Expansion in our studio operations, expansion in our game portfolio, and expansion in new markets like the Philippines, the Czech Republic, and Brazil. It's a very exciting time. To be able to push this goals agenda while at the same time distributing significant capital back to owners is a sign of the strength of our business and market. It's a sign of the strength of the group.

Market: Thank you Jake Thank you.

Martin Carlesund: Last slide for questions, and a few closing words from me. You are in a hurry to have expansion and investment right now. Expansion in our studio operations, expansion in our games portfolio, expansion in new markets like Philippines, Czech Republic, and Berlin. It's a very exciting time. To be able to push these rules agenda while at the same time distributing significant capital back to owners is a sign of the strength of our business and market position. It's a sign of the strength of evolution. As those of you who are proud of us for some time now, we are always excited about our product roadmap.

Speaker Change: Slide the Pasha.

Speaker Change: And the two chosen words.

Speaker Change: For me.

I appointed him having expansion and investment right now expansion in our studio operations expansion of our games portfolio expansion, new market like Philippines, Czech Republic and Brazil.

Speaker Change: It's in a very it's a very exciting time to be able to push these bills agenda, while at the same time distributing significant capital back to owners as a sign of the strength of our business and market position, it's a sign of the strength of adoption.

Martin Carlesund: As those of you who have followed us for some time know, we are always excited about our product roadmap and the next game. We have been working on Lightning Storm for a long time, and I dare say it's some of our best work yet. Building on so many things that we have learned from previous games, I very much look forward to bringing them to players in the coming months. In terms of new live games, there is more to come later in the year, and also on the RNG. Exciting things lie ahead.

Speaker Change: As those of you who followed us for some time know we're always excited about our product roadmap and the next game, we have been working on lightning storm for longtime not assay at some of our best work yet billing on so many things that we've learned from previous games are very much look forward to bring it to players in the coming months.

Martin Carlesund: And the next game, we have been working on Lightning Stone for a long time, and as I said, it's some of our best work yet, building on so many things that were learned from previous games. I've very much to call to bring it to place in the coming months. In terms of new live games, there is more to come later in the year and also on the RNG exciting things that I have. At the same time, the roadmap of 2025 is taking shape, and that looks amazing with an ambition level higher than ever. I will look forward to the rest of 2024, and I can't wait to start 2025.

Speaker Change: In terms of new live games, there is more to come later in the year and also on the RMG exciting things at.

Martin Carlesund: At the same time, the Road Model 2025 is taking shape, and that looks amazing, with a higher ambition level than ever. I really look forward to the rest of 2024, and I can't wait to start 2020.

Speaker Change: At the same time, the roadmap with plus five is taking shape and that looks amazing with an ambition level higher than ever.

Speaker Change: I will look forward to the rest of 2004 and I can't wait to start client satisfied.

Unknown Attendee: With that, we open up. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad.

Operator: With that, we open up for questions. If you wish to ask a question, please dial pound key, 5, on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key, 6, on your telephone keypad. The next question comes from Oscar Ronnkvist from ABG Sundial Collier. Please go ahead. Good morning, Martina and Jacob. More growth than I expected, and I think consensus as well. At least according to my numbers, Asia was the slow part of the quarter.

Speaker Change: With that we open up for questions.

Speaker Change: If you wish to ask a question. Please dial pound key five on your telephone keypad to enter the queue.

Speaker Change: If you wish to withdraw your question. Please dial pound key on your telephone keypad.

Oscar Ronnkvist: The next question comes from Oscar Ronnkvist, from ABG Sundal Collier. Please go ahead. Good morning, Martina. Thank you for hearing my questions. So first, just on the top line, so a little bit of lower growth, and I expect that in the thing consensus as well. Please, according to my numbers, Asia was the slow part in the quarter. So to just focus through a little bit, what happened, or if it was like completely in line with your expectations, the 1% sequential growth, the high activity in backer at the good sequential game round growth, and also on the H2 outlook, you sound a little bit optimistic.

Oscar Ronnkvist: So if you could just talk us through a little bit what happened, or if it was completely in line with your expectations, the 1% sequential growth, you have high activity in Baccarat, good sequential game round growth. And also, on the H2 outlook, you sound a little bit optimistic. Do you expect an acceleration from there?

Speaker Change: The next question comes from Oscar von Crest from AVG Sundial Calia.

Speaker Change: Please go ahead.

Speaker Change: Good morning, Martina <unk> co.

Speaker Change: Thanks for taking my question so.

Speaker Change: First just on the top line, so a little bit of a lower growth than I expected I think consensus as well.

Speaker Change: According to my numbers Asia, we'll see.

Speaker Change: No part in the in the quarter so.

Speaker Change: I just.

Speaker Change: Talk us through a little bit what happened.

Speaker Change: If it looks like completely in line with your expectations, the 1% sequential growth.

Speaker Change: Activity in baccarat.

Speaker Change: The sequential game round growth.

Martin Carlesund: Have you any indications from the start of Q3? And does this have anything to do with this Georgia studio impact? Thanks. That's a little bit of a quite big question, but I would say, I mean... High activity in the quarter, we're pushing forward, expanding. I'm really happy with the outcome of that.

Speaker Change: And also on the H two outlook.

Speaker Change: Sound a little bit optimistic do you expect an acceleration from there have you had any indications from the start of Q3 and does this have anything to Georgia due to impact to do thanks.

Oscar Ronnkvist: Do you expect an acceleration from there? Have you have any indications from the start of Q3, and does this have anything to do with this Georgia studio impact? Thanks.

Martin Carlesund: That's a little bit of a quite big question, but I would say like this: I mean, high activity in the quarter, we're pushing forward, expanding. I'm really happy with that, some of that. We think that we could actually live in more one account revenue, exactly the reasons behind that, there's a multitude of that, the market is for this, but I think that we could have done a little bit better. Yeah, we look forward to the rest of the year. Actually, for all regions, there is an exciting time, so I think that we look forward to being a little bit better personal in all regions.

Speaker Change: Yes.

Speaker Change: It is.

Speaker Change: Yes.

Speaker Change: Quite a big question, but I will say like this.

Speaker Change: That high activity in the quarter were pushing forward expanding.

Speaker Change: I'm really happy with the outcome of that.

Martin Carlesund: We think that we could have delivered more when it comes to revenue. Exactly the reasons behind that, there's a multitude of them, so the market is what it is, but I think that we could have done it. Yeah, we look forward to the rest of the year. Actually, for all regions, it's exciting times.

Speaker Change: We think that we could have delivered more when it comes to revenue exactly the reasons behind that.

Speaker Change: It's not due to that Mark this quarter is but I think that we could've done better yeah. We look forward to the rest of the year.

Martin Carlesund: I think that we look forward to... to being a little bit better place in all the regions. Perfect, thank you. And the Georgia Studio Disruption Impact, does this have anything to do on the revenue side, in your view? No, that happened.

Speaker Change: Actually for all regions. There is an exciting time, so I think thats.

Speaker Change: We look forward to.

Speaker Change: To being a little bit about the personal but in all regions.

Speaker Change: Okay.

Martin Carlesund: Perfect, thank you. And the Georgia studio disruption impact, does this have anything to do on the revenue side, in your view? No, that happened. First of all, it's not materially in any way. I can take up the tune if you just mentioned it. One of the strikes started as you refer to in Georgia, it was state that it was 5,000 of these long strikes that's completely alive, it was 500, so it's not materially in any way, and it's still not affecting us materially and it happened after the water.

Speaker Change #100: Perfect. Thank you Ed and the Jordan studio disruption impact does this have anything to do on the revenue side in your view.

Martin Carlesund: First of all, it's not material in any way. I can take the opportunity to just mention that when the strike started, as you referred to in Georgia, it was stated that there were 5,000 MBEs going on strike. That's completely a lie, it was 500, and it's not material in any way, and it's still not affecting us. Unknown Attendee, Raymond Ke, Amar Galijasevic, Evolution Gaming, Perfect, thank you.

Now that happened in her first of all it's not material in any way.

Speaker Change #101: I can take the opportunities that you just mentioned that.

Speaker Change #102: When the strike started as you referred to in Georgia.

Speaker Change #103: State that at those 5000 of these going on strike Thats completely ally it was 500.

Speaker Change #103: And it's not materially underway.

Speaker Change #104: And they stay longer.

Speaker Change #104: Yes.

Speaker Change #104: Materially.

Speaker Change #104: This happened after the quarter.

Oscar Ronnkvist: Perfect, thank you.

Martin Carlesund: And then just wanted to get a sense of the potential synergies between the two companies. You talked about fast tracking, licensing, so how are you going to sort of utilize or exploit the potential synergies in Galaxy, or should we just see this as a financial bolt-on? Thank you. We have had a relationship for many, many years with Galaxy.

Speaker Change #104: Perfect.

Speaker Change #105: Thank you and then just wanted to get some from the.

Oscar Ronnkvist: And then just wanted to get some of the galaxy gaming; it's good to elaborate a little bit on the license potential synergies there. You talked about fast tracking licensing, so how are you going to sort of utilize or exploit the potential synergies in Galaxy, or should we just see this as a financial bolt-on? Thanks. We have had a relation for many, many years with the Galaxy; they are supplying to us and they are supplying to others, and it's a very good acquisition, or we can use these games and side baths that they have, and we can expand that out a little bit to other markets.

Alex: Yes, Alex the gaming if you could elaborate a little bit on the license potential synergies there you talked about fast tracking licensing so.

Stephen: How long are you going to sort of utilize at which point the potential synergies Stephen Galaxy or should we just see this financial bolt on thanks.

Martin Carlesund: They are supplying to us, and they are also supplying to others, and it's a very good acquisition where we can use these games and side bets that they have, and we can expand that out a little bit to other markets. So that's positive. On top of that, they have 130 licenses total in the world, but they are licensed in 28 out of 29 states, where the last state is in progress.

Stephen: Yeah.

Speaker Change #108: <unk> had a relationship for many many years with the galaxy they are supplying to Austin and Dallas Atlanta others.

Speaker Change #109: It's a very good acquisition, where we can use this.

Speaker Change #109: Gains on the site that they have.

Speaker Change #109: We can expand that out a little bit soft.

Martin Carlesund: So we get a relation, and we go into land-based, and we get licenses in all states, which is sort of fast-tracking when those states are going online, and we already have a relation with that. Perfect, thank you. Last one, maybe to Jacob.

Martin Carlesund: That's positive. On top of that, they have 100,000 license tokens in the world, but they are licensed in 28 out of 29 states, where the last state is in progress. So we get a relation and we come into land-based and we get license in all states, which is sort of fast tracking the one, those states are going to online and we all have a relation of delivery, so that's it. I was positive.

Speaker Change #109: The markets that posted on top of that they have on the surplus total world but.

Speaker Change #109: Their license update after 29 states, where the last stages.

Speaker Change #109: And on the progress.

Speaker Change #109: So we get our relays shop and will come into land based that would get licenses in all states, which has sort of passed tracking that.

Speaker Change #109: When those spaces are going to online.

To have a relation of dealer relations vessels in Boston.

Oscar Ronnkvist: Perfect, thank you.

Jacob Kaplan: Just on the buybacks going forward, do you have any sort of sense of what's a sufficient cash position that you need to have or want to have that we should model when you should model the buybacks going forward? This is not a set number, but like I said, this new framework is very much in line with how we've acted in the past, and as you see, we have not built a multi-billion euro cash position. So I think that gives you some idea going forward, but it's not a set number to put in there. I got it. Thank you very much.

Speaker Change #109: Perfect. Thank you.

Jacob Kaplan: Last one, maybe to Jacob. Just on the buybacks going forward, do you have any sort of sense of what's the sufficient cash position that you need to have or want to have? We should model the buybacks going forward. This is not a set number, but like I said, this new framework is very much in line with how we acted in the past. And as you see, we've not built most of the million euro cash position. So I think that gives you some idea going forward. But it's not a set number to put in that. Got it.

Speaker Change #109: Last one maybe two to Yakov.

Speaker Change #110: On the buybacks going forward do you have any sort of sense of what's the sufficient cash position.

Speaker Change #111: Need to have or want to have.

Speaker Change #112: Should you should model the buybacks going forward.

Speaker Change #113: There's not a step number but.

Speaker Change #114: Like I said that this new framework, if very much in line with how we acted in the past as you see we have not built.

Speaker Change #115: Multibillion euro.

Speaker Change #115: Our cash position. So I think that gives you some idea going forward, but there's not a step number two put them back.

Speaker Change #116: Got it thank you very much thank.

Unknown Attendee: Thank you very much. Thank you.

Speaker Change #117: Thank you.

Martin Arnell: The next question comes from Martin Arnell from DNB Markets. Please go ahead. Hi guys, this is Martin here. My first question is on the, you mentioned the sports margins here. I think this is interesting. How much did that impact? Was it more than usual when it's volatility? And also, did that have anything to do with your performance of life in storm? As I know, it's no relation to life in storm. And it's, of course, one that's hard to quantify. I wouldn't put too much into it. It's just, like we said, I mean, there are some outside factors that we can point to that might be a little bit sort of against something this quarter.

Jacob Kaplan: Thank you. The next question comes from Martin Arnell from DNB Market. Please go ahead.

Martin Arnell: The next question comes from Martin <unk> from Dnb markets.

Speaker Change #119: Please go ahead.

Martin Arnell: Hi guys, this is Martin here. My first question is... You mentioned the sports margins here. I think this is interesting. Did that impact the game? Was it more than usual when there was volatility? And also, did that have anything to do with your postponement of lightning storms?

Speaker Change #119: Hi, guys. This is Martin here.

Speaker Change #120: Any questions.

Speaker Change #121: On the you mentioned the sports margins here I think this is interesting how much did that impact was it more than shell when its volatility and also did that have anything to do with your postponement of Lightning storm.

Martin Carlesund: And as I said, no, it's no relation to Lightning Storm, and it's, of course, one that's hard to quantify. I wouldn't sort of put too much into it, it's just, like we said, there are some outside factors that we can point to that might be a little bit sort of against us in this quarter. But there are also things that we could do, and like Martin said, I think we would have liked to, you know, a little bit more was also our expectation, and maybe one of your pregnant sons.

Speaker Change #121: No. It has no relationship Lightning storm.

Speaker Change #122: It's of course, one that's hard to quantify I wouldn't put.

Speaker Change #122: With too much into it just.

Speaker Change #123: Like we said I mean, there are some outside factors that we can point to that might be a little bit against us in this quarter, but there's also things that we could do like Morgan Stanley I think we would've liked to.

Martin Carlesund: But there's also things that we could do. And like Martin said, I think we wouldn't like to, you know, a little bit more source of our expectation. So I wouldn't sort of blame it all on the sports margins. That's the wrong confusion.

Speaker Change #123: Little bit more what sort of our expectation so I wouldn't sort of blame it all on the sport module, that's the wrong conclusion.

Martin Carlesund: And based on your comments on pipeline and factors in Q2, could you confirm that you expect higher growth in the next quarter? And or at least stabilizing?

Speaker Change #124: And maybe what Youre.

Speaker Change #124: On some level.

Martin Carlesund: Yeah, okay. And based on your comments on pipeline and factors in Q2, could you confirm that you expect higher growth in the next quarter and, or at least, stabilization, and also can you comment on the US market and what you are doing to improve there? I guess that you were expecting higher growth than you are now, for three months. We don't guide on the quarters. So we don't do that.

Speaker Change #124: Yes, Okay and based on your comments on pipeline.

Speaker Change #125: It factors in Q2 could you confirm that you expect higher growth in the next quarter end.

Speaker Change #126: Or at least stabilizing and also can you comment on the U S market. What are you doing to improve there I guess that you were expecting higher growth that you are now like three months ago.

Martin Carlesund: And also, can you comment on the US market? What are you doing to improve there? I guess that you were expecting higher growth than you are now, like three months ago.

Martin Carlesund: We don't guide on the quarters. So we don't do that. But we have got; we maintain our margin guiding, and we are; we look forward to the rest of the year. Okay, there's a lot of things that we're doing to, when it comes to the US, we have launched new games. We added the new fantastic games for live, as you know, and launch those ones. We have the right stock and the right state. So we are in a moving situation there and doing a lot of things that we expect to have as I write, growth and effect later in the year.

Martin Carlesund: But we have got to maintain our modern guidance and we are, we look forward to the rest of the year. There's a lot of things that we're doing when it comes to the US. We are launching new games; we added the... new fantastic games for live, as you know, and we launched those ones. We are at the right start at the right stage. So we are in a moving situation there and doing a lot of things that we expect to have, as I wrote. And do you expect effects from that to be seen already?

Speaker Change #127: We don't guide on the quarters.

Speaker Change #126: Don.

Speaker Change #128: We don't buildup.

Speaker Change #129: We have got we maintained our margin guiding.

Speaker Change #129: And we are.

Speaker Change #129: We look forward to the rest of the year. There is a lot of things that we're doing.

Speaker Change #129: When it comes to the U S. We are launching new games, we added.

Speaker Change #130: New Fantastic answer live as you know.

Speaker Change #130: Once those flawlessly.

Speaker Change #131: We have the right staff to do assets. So we are in we are in a in a.

Speaker Change #131: Moving situation, there and doing a lot of things that we expect.

Speaker Change #131: Right.

Speaker Change #131: And in fact later in the year.

Martin Carlesund: And do you expect effects from that to be seen already in Q3? I don't want to quantify what happens with quarter by quarter. I will stay on that if we have an effect during this year.

Speaker Change #132: And do you expect the effects from that to be seen already in Q3.

Martin Carlesund: I don't want to quantify what happens quarter by quarter; I will stay on that. It will have an effect during the... Okay, final question on capital allocation. Basically, you're talking about, you know, distributing all of your free cash flow here, excluding bolt-on. But you also want to have net cash. So the question is, how would you define excess cash here or on the board? Can you talk a little bit about that, Jacob, perhaps? Now Cass's position is a little bit more fluent.

Speaker Change #133: I don't want to quantify what happens quarter by quarter.

Speaker Change #134: Well I wouldn't stay on but it will have an effect this.

Speaker Change #135: This year, yes.

Jacob Kaplan: Okay, final question on capital allocation. Basically, you're talking about, you know, distributing all of your free cash flow here, excluding bolt-ons. But you also want to have a net cash. So the question is sort of how would you define excess cash here or the board? Can you talk a little bit about that, Jacob, perhaps? I have a lot of cash resting in the company. All the time it's always coming out, and right now you can see the capital location policy to frame that up a bit. And also then giving a little bit of stringency to the timeframe of that shifting out.

Speaker Change #136: Okay fine.

Speaker Change #137: Final question on capital allocation.

Speaker Change #137: Basically we're talking about.

Speaker Change #137: Distributing all of your free cash flow excluding.

Speaker Change #138: Excluding bolt ons.

Speaker Change #138: But you also want to have a net cash.

Speaker Change #139: So the question is sort of how would you define excess cash.

Speaker Change #140: Can you talk a little bit about that perhaps.

Jacob Kaplan: As we go, the demand for that might increase as we need to do more investment. But for us, the capital allocation policy is more framing up what we have already done.

Speaker Change #141: Net cash position is.

Olympus Lou: Olympus Lou answer.

Olympus Lou: As we go.

Speaker Change #143: The demand for that might increase as we need to do investments in others, but for US our capital allocation policy is more framing up book, we have more write down we have shifted out tampon side zero value. During the last quarter. Then we have not had a lot of cash resting in the continent over time, it'll Wisconsin coming out.

Jacob Kaplan: Unknown Attendee, Simon Davies, Amar Galijasevic, Unknown Attendee, Raymond Ke, Amar Galijasevic, Okay, thank you guys. Thank you. Thanks, Paul. The next question comes from Ed Young from MS. Please go ahead.

And right now you can see the capital allocation policy to frame that up a bit and also them, giving a little bit strange.

Speaker Change #143: The timeframe of that shifting out.

Unknown Attendee: And then on top of that you see that we are then repurchasing shares of 400 million, according to that policy. Okay, thank you guys. Thank you.

Speaker Change #143: On top of that you'll see that we are repurchasing chest wall Honda media According to that policy.

Speaker Change #143: Okay. Thank you guys. Thank you thanks Mark.

Ed Young: Next one.

Ed Young: The next question comes from Ed Young from MS. Please go ahead. Good morning. Thank you for taking my questions. My first question was on the crazy time payout that you mentioned in your written remarks. Martin, you've always been very reticent to talk about this too much, but it obviously was a big number. Could you help us understand how we should think about that payout, particularly in terms of were crazy time or game shows payout to players? Was that above normal levels during the quarter, or could you perhaps sort of talk a little bit about how you think about the way players typically recycle winnings?

Speaker Change #143: The next question comes from Ed Young from MFS.

Speaker Change #144: Please go ahead.

Ed Young: Good morning. Thank you for taking the time to answer my questions. Good morning. My first question was about the crazy time payout that you mentioned in your written remarks. Martin, you've always been very reticent to talk about this too much, but it obviously was a big number. Could you help us understand how we should think about that payout, particularly in terms of where crazy time or game shows pay out to players? Transcribed by https://otter.ai, A payout of 35 million during one single game run is the largest one ever in online casino, and the statistical chance of that happening is, of course, quite low.

Ed Young: Good morning, Thank you for taking my questions.

Martin Carlesund: So that affects the quarter. And once earlier, I don't remember exactly when, we had a payout of $25, and I think that we mentioned that. So, this is. It will happen more and more as we grow, but it affects us.

Ed Young: Good morning, My first question was on.

Speaker Change #146: The Crazy time payout, but you mentioned in your.

Speaker Change #146: Britain remarks, Mark and you've always been very rich.

Speaker Change #147: <unk> talked about this too much but it obviously was a big number could you help us understand how we should think about that payout, particularly in terms of.

Speaker Change #147: Crazy time will gameshows payout to players.

Speaker Change #148: Was it above normal levels during the quarter.

Speaker Change #149: Could you, perhaps talk a little bit about how you think about the white players typically recycled winnings.

Martin Carlesund: Thanks.

Martin Carlesund: A payout of 35 million during one single game round is the largest one ever known. I can see the statistical chance of that happening. Of course, quite low. So that's that affects the quarter. And once or here, don't remember exactly one. We had to pay about 25, and I think that we mentioned that as well at that time. So, so this is then it will happen more and more or less to grow, but it's it affects us exactly the effects of it. It's very hard to judge because it drives also revenue through to new gaming and so on, but it's substantial.

Speaker Change #150: A payout of 35 million in neuromuscular game wrong is the largest one other non legacy none the statistical chance of that happening is of course quite low so that's that affect the quarter.

Speaker Change #150: Once.

Speaker Change #150: Earlier don't remember exactly one without a payout of 25 and I think that we had mentioned that thus far at that time. So so this is.

Speaker Change #150: It will happen more and more of us to grow.

Speaker Change #150: It affects us exactly the effects of it it's very hard to judge because it drives revenue through two new gaming and so on but it's.

Martin Carlesund: Exactly the effects of it are very hard to judge because it drives revenue through new gaming and so on, but it's at standard. It's not substantial; it's a large payout. Okay, and then secondly, in North America, the growth is the lowest of your regions, and it's below market growth rates. Can you help us understand why there's that gap between market growth rates and where evolution is growing?

Speaker Change #150: Stature.

Martin Carlesund: It's not substantial. It's it's a large payout.

Speaker Change #150: It's not substantial.

Speaker Change #150: It's a large payout.

Martin Carlesund: Okay, and then secondly, on North America, the growth is the most of your region. So it's below market growth rates. Can you help us understand why there's that gap between market growth rate and where. Evolution is growing to expect them to converge over time to expect to outgrow the market over time. What is it you need to do in the middle there to do that? We are we came in. We were strong on slots because early move by nap time and we acquired that so we have a strong position in in stocks from the beginning.

Speaker Change #151: Okay, and then secondly on North America. The growth is the most of your regions. So its below market growth rates can you help us understand why does that gap between the market growth rate.

Speaker Change #152: Evolution is growing do you expect them to converge over time do you expect to outgrow the market I would tell them what is it you need to keep it in the middle of that to do that.

Martin Carlesund: Do you expect them to converge over time to expect to outgrow the market over time? What is it you need to do in the middle there to do that? We are, we came in; we were strong on slots because of an early move by Netrunner, and we acquired them. So we had a strong position on slots from the beginning. Life is doing great. We're doing good, though. We're growing, maybe even we're doing well in life, but we are losing market shares in slots as the number of actors is increasing quite significantly and new games are coming. It's been hard to defend that position.

Speaker Change #153: We came in.

Speaker Change #154: We were strong on slots.

Speaker Change #154: The move by naphtha and we acquire them. So we have a strong position in slots from the beginning.

Martin Carlesund: Life is doing great. We're doing good there. We're growing. Maybe even. We're doing good in life, but we are losing market shares in slots as the number of actors are increasing quite significantly, and you gain some coming. It's been hard to defend that position. So that's the whole story. And now we're launching more games and which continues to see how share of life is increasing in the United States. And we are optimistic about the future, but that's the story.

Speaker Change #155: <unk> is doing great. We're doing good that we're growing.

Speaker Change #154: Maybe even.

Speaker Change #154: We're doing good in light, but we are losing market shares in slots as the number of actors are increasing quite significantly on the advanced a comment it's been hard to defend that position. So that's the whole story and now we're launching more gains in wickes and continues to see our share of lives is increasing.

Martin Carlesund: So that's the whole story. And now we are launching more games, and we continue to see our share of live games increasing in the United States. And we are optimistic about the future, but that's the story. Okay, so should we expect North America to improve as RNG mixes down over time? Is that a fair assumption?

Speaker Change #154: States.

Speaker Change #154: Domestic about future, but that's the story.

Martin Carlesund: Or? Okay, so should we expect North America to go through improve as RNG mixes down over time? Is that a fair assumption? The statement by I do is that we have other really in town sport. We're doing a lot of good things and an operation to see with that. And we are not satisfied with the growth as we see it right now.

Greg: Okay. So should we expect North America, Greg <unk> previous Orangey mixes down over time is that fair.

Speaker Change #154: <unk>.

Speaker Change #154: Yes.

Martin Carlesund: The statement I would make is that... We have had a really intense quarter, we are doing a lot of good things, and we are not satisfied with the growth as we see it right now. Okay. Okay, thank you. The next question comes from Monique Pollard from Citi. Please go ahead. Hi, good morning everyone.

Speaker Change #157: The statement, but I do with that.

Speaker Change #162: We have had a really tough quarter, we're doing a lot of good things on non operation, let's see.

Speaker Change #162: Are not satisfied with the growth as we see it right now.

Martin Carlesund: Okay. Thank you.

Speaker Change #160: So okay.

Okay. Thank you thank.

Speaker Change #160: Thank you.

Monique Pollard: The next question comes from Monique Pollard from City. Please go ahead. Hi, morning everyone. Thank you for taking my question. Good morning. The first question I have was just on the Galaxy Gaming Activision. I understand that you're going to keep the entity running really quite separately. But just trying to understand if there's any risk to some of the external revenues reducing from your competitors like Play Tech, Magnetic Play, etc. Who use Galaxy Gaming at the moment.

Speaker Change #160: The next question comes from Monique Pollard from Citi.

Speaker Change #161: Please go ahead.

Monique Pollard: Thank you for taking my questions. The first question I had was just on the Galaxy Gaming acquisition. I understand that you're going to keep the entity running really quite separately, but just trying to understand if there's any risk to some of the external revenues from your competitors like Playtech, Pragmatic Play, etc., who use Galaxy Gaming at the moment.

Monique Pollard: Hi, Good morning, everyone. Thank you for taking my question.

Speaker Change #157: Hi.

Speaker Change #157: Good morning, guys.

Speaker Change #165: Question I had was just a mechanic.

Sure.

Speaker Change #159: I understand that youre going to keep the empty running maybe quite that correctly.

Speaker Change #164: But just trying to understand if there's any risks to the external revenues reducing from your competitors like playtech marketplace right you've got it he gardening maintenance.

Martin Carlesund: Hi. I would I would I would compare that situation with the fact that when we bought big time gaming, we had mega waves inside that, and we sold that, and we sold that, and we got substantial support from other B2B providers. So they bought mega waves from us, and we have never seen a risk in that.

Speaker Change #159: Hi.

Martin Carlesund: Hi, I would compare that situation with the fact that when we bought Big Time Gaming, we had mega waste inside that and we sell that and we sell that and get the substantial part from other B2B providers. So they buy mega waste from us, and we have never seen a risk in that. Now we are creating the same situation with Galaxy where we are actually supplying, so we will be both competitors applying, and I do not see a risk in that. Okay, understood. Okay.

Speaker Change #159: <unk>.

Speaker Change #166: I would I would compare that situation with the fact that when we bought big Tam gaming will have mega ways inside the cell death, and resell that and yet.

Martin Carlesund: And now we are creating the same situation with Galaxy where we are actually supplying, so we will be both a competitor and a supplier, and I do not see a risk. Okay, understood. Then the second question I had, Jacob, you mentioned that the other OPEX line can be lumpy. Obviously, we saw that material step up in that other OPEX in the quarter.

Speaker Change #166: Substantial apart from other <unk> providers, so they buy Mega wise from us and we have never seen the risk in that.

Speaker Change #166: Now we are facing the same situation with galaxy, but we are actually supplying so we will be both on passive asset buying.

Speaker Change #166: I do not see a risk in that.

Speaker Change #167: Okay understood alright.

Jacob Kaplan: Then the second question I had to leave is Jacob, and you mentioned obviously that the other effects line can be lumpy, and obviously we saw that material step up in that other object in the quarter. I'm just trying to understand what you'd call out in this quarter that leads that right. Is it things like the studios in Czech Republic and Colombia, or is it anything else specifically to call out there? There's nothing to call out, but of course when activity level is high and like you say studio build products contribute that also it doesn't only affect personnel cost.

Speaker Change #167: <unk>.

Speaker Change #167: Don.

One question I had probably wanted Jacob.

Speaker Change #168: We see that the other opex line can be lumpy and obviously, we saw that materials desktop to now all the opex in the quarter I'm just trying to understand what you.

Jacob Kaplan: I'm just trying to understand, you know, what you'd call out in this quarter that led to that rise. Are it things like the studios in the Czech Republic and Colombia, or is there anything else specifically to call out there? There's nothing to call out, but of course, when the activity level is high, and like you say, studio build projects contribute to that, that also affects personnel costs. I mean, that drives costs on other lines too.

Speaker Change #169: You'd call out in this quarter that led to that why is it things like the GDS in Czech Republic, and Colombia or is there anything else specifically to call out there.

Speaker Change #170: Theres nothing nothing to call out but of course, one activity level is high and I can say studio build projects completed.

Speaker Change #170: That also it does.

Speaker Change #171: The only epic personnel costs.

Jacob Kaplan: So it's, as I'm going to say, connected to the high activity level, but there's no one item to call out. And then, are you giving an exact date for the launch of Lightning Storm? I know you pushed it slightly back and it's going to be this quarter, but do you have a launch date or is that not something you're sharing? The Lightning Storm was already launched, so it was a couple of days back, two days and a half ago, so it was actually only delayed a little bit, so instead of coming just at the end of the first half, it came at the beginning of the second half, so it's already resumed.

Jacob Kaplan: I mean that that rights also goes from other lines. So it's something to say continue connected to the high activity level, but there's no one I tend to call out. Okay, perfect.

Speaker Change #171: That drives also postpone other lines. So it's also known to stay connected.

Connected to the high activity level, there is no one item to call out.

Speaker Change #171: Okay.

Jacob Kaplan: And then are you giving an exact date for the launch of Lightning Storm. I know you said you know you pushed it slightly back and it's going to be this quarter, but you have a sort of launch date or is that something you're sharing. Lightning storm is already launched. So it was for you. Yeah, a couple of days back, to and today and a half back. So it was actually only delayed a little bit. So instead of coming just in the end of first half, it came just beginning of second half. So it's over the release.

Speaker Change #172: And then have you.

Speaker Change #172: Giving you an exact.

Speaker Change #173: And then chip Lightning storm I know you said you.

Mr: Thank you Mr slightly back and it's going to be this quarter, but do you have a sort of state or is that not something you're sharing.

Speaker Change #175: Lightning storm is already launched.

Speaker Change #176: And just for annuities, yes, a couple of days back to today's half back. So so it was actually only delighted at the bit so.

Speaker Change #176: Instead of coming directly to end the first half it came in the.

Speaker Change #177: Beginning of second half so it's all weather related.

Jacob Kaplan: Oh, perfect. Thank you; that too much. Thank you very much.

Speaker Change #177: Alright.

Jacob Kaplan: I pass. Thank you. That was my test. Thank you very much.

Speaker Change #178: Thank you that's all my question. Thank you very much.

Speaker Change #178: Okay.

Alistair Johnson: The next question comes from Alistair Johnson, from BNP Paribas. Please go ahead. Morning guys, thanks for taking the questions. Good morning.

Alistair Johnson: The next question comes from Alistair Johnson from BNP Paribas. Please go ahead. Morning guys, thanks for taking the question. Good morning. And just firstly on the Galaxy gaming acquisition, you said, you know, that it should go fast track. You're licensing in new U.S. states. I was wondering kind of how you could say that with such certainty and also whether the fact that you were sort of running it as a separate entity relates to concerns that the Evolution parent company would struggle to get licensed in new or potentially even existing U.S. states in the future.

Speaker Change #178: The next question comes from Alistair Johnson from BNP Paribas.

Speaker Change #179: Please go ahead.

Alistair Johnson: Good morning, guys. Thanks for taking the questions.

Speaker Change #181: Good morning.

Alistair Johnson: And just firstly on the Galaxy Gaming acquisition. You said that it should fast-track your licensing in new US states. I was wondering, kind of how you could say that with such certainty.

Speaker Change #182: Just firstly on the on the Galaxy gaming acquisition you.

Speaker Change #181: Said.

Speaker Change #183: Then it should fast track.

Speaker Change #184: Licensing in New U S States I was wondering kind of how you could say that with such certainty and also by the fact that you are sort of running it as a.

Martin Carlesund: And also whether the fact that you were sort of running it as a separate entity relates to concerns that the Evolution parent company would struggle to get licensed in New York, potentially even existing US states in the future. The first answer is that we would be in relation. We get licensed during this closing period with all 28 states. So we will have we go through all of these things in that separate entity and in that structure. And, of course, learn from that and understand what to do and how to address it. So, in that way you fast track and help us later when the state is unregulated.

Speaker Change #185: Separate entity relates to concerns that the evolution parent company, which struggled to get licensed in New York potentially even existing U S states in the feature.

Martin Carlesund: The first answer is that we will build a relationship. We will get licensed during this post-inquiry process with all 28 states. So we will go through all of these things in that separate entity and in that structure and, of course, learn from that and understand what to do and what to do not, and others.

Speaker Change #186: The first the first answer is that.

Speaker Change #186: We will build relation will we get licensed during this close implanted with the all states. So we will we would have we go through all of these things in that separate.

Speaker Change #187: Empathy in that structure and of course learn from that and almost and what to do.

So in that way through fast track.

Martin Carlesund: So in that way, you fast-track and help us later when the state is online regulating. Then, of course, we have an optionality then at the later stage to where to place a live product or something like that because you will have two different setups. And then secondly, a technical one. When you play slots at an operator, you stay on the website of the operator, but when you play an Evolution Live casino game, I think you're transferred to the Evolution lobby and relocated to a different IP address.

Speaker Change #188: Help US later, one mistake is unregulated done of course, we could.

Martin Carlesund: Then, of course, we could; we have an optionality then to, in a state, to pay to life or like for something like that because we have two different separate licenses.

Speaker Change #188: Have an optionality.

Speaker Change #189: In the latest state to whack phase.

Speaker Change #190: Sales of light product or something like that because that's a different setup of licenses.

Alistair Johnson: Thank you.

Speaker Change #191: Thank you.

Martin Carlesund: And then secondly, a technical one. When you place slots at an operator, you stay on the website of the operator. But when you play an evolution like casino again, I think you're transferred to the evolution lobby and relocated to a different IP address. Does that mean that effectively you are now on a server controlled by evolution? That's a technical question. The connection to the video feed that you will get and the game feed that you will get. We arrive from our servers to you. So, in that sense, you're connected to those, and then you're at the same time connected to the operator that you're playing on because you have your wallet, and all your money is connected to that.

Speaker Change #192: And then secondly.

Speaker Change #193: Nickel one when when you pay slops.

Speaker Change #194: Operator, you stay on the website of the operator, but when you play in a finished lot casino game. I think you are transferred TBE evolution lumpy and relocate it to a different IP address does that mean that effectively you are now on a server control by evolution.

Martin Carlesund: Does that mean that, effectively, you're now on a server controlled by Evolution? Oh, that's a technical question. The connection to the video feed that you will get and the game feed that you will get will arrive from our servers to you, so in that sense, you're connected to them, and then you're at the same time connected to the operator that you're playing on because you have your wallet and all your money is connected to that, so there's a sort of three-party agreement there. That's more or less exactly the same situation on Slot.

Speaker Change #194: Yes.

Speaker Change #195: Oh, that's a technical question.

Speaker Change #195: The connection to the video feed that you will get the gaming feat that youll get arrived from our servers to you.

So in that sense, we're connected to those and that our menu at the same time connected to the operator that you are paying on because you have your wallet ammonium montney is connected to that so those are sort of three party agreement that that's more or less exactly the same situation on slots.

Alistair Johnson: So there's a sort of three-party agreement there. That's more or less exactly the same situation and slots. Okay, very helpful.

Speaker Change #196: Okay very helpful. Thank you very much.

Alistair Johnson: Thank you very much.

Unknown Attendee: Thank you.

Speaker Change #195: Yes.

Speaker Change #195: Okay.

Speaker Change #195: Okay.

James Rowland Clark: The next question comes from James Rowland Clark from Barclays. Please go ahead. Hi, morning. Thank you. Morning.

Martin Carlesund: Okay, very helpful. Thank you very much. [inaudible] The next question comes from James Rowland Clark from Barclays. Please go ahead. Hi, morning.

Speaker Change #197: The next question comes from James Rowland Clark from Barclays.

Speaker Change #198: Please go ahead.

James Clark: Morning. Thank you. Good morning.

Speaker Change #199: Hi, good morning.

Speaker Change #200: Thank you good morning, good morning.

James Rowland Clark: Three questions, please. You mentioned earlier the study higher than normal payouts on a crazy time, 35 million. I appreciate that you're the cycling element there as well, but have you got a benefit to what the drag was on Q2 revenue growth from that? Second question is in the statement you talked about regional development being a little bit slower than you expected. Could you just dive into what you are discussing or referring to there? Is that lower bed days or spend per capita? and any further color will be really, really helpful. And then finally, just on the FY guidance on the EBITDA margin, you kept that unchanged at 69 to 71%.

Martin Carlesund: Three questions, please, and you mentioned earlier the slightly higher than normal payout at a crazy time of 35. I appreciate that there's a recycling element there as well, but have you got a sense as to what the drag was on Q2 revenue growth from that? The second question is... In your statement, you talk about regional development being a little bit slower than you expected. Could you just dive into what you are discussing or referring to there? Is that lower bet days or spend per capita?

Speaker Change #201: Three questions. Please.

Speaker Change #202: And you mentioned earlier, the Saudi higher than normal payouts on creating time $75 million.

Speaker Change #203: I appreciate it and as a recycling element in that as well, but have you got it okay.

Speaker Change #204: <unk>, what the drag was on PT revenue growth from that.

Speaker Change #204: And second question is.

Speaker Change #205: In the statement you talk about regional development being a little bit slower than you expected could.

Speaker Change #206: Could you just dive into what you are discussing or referring to that is that and I'll, let that day. They will spend per capita.

Martin Carlesund: and yeah, any further color would be really, really helpful, and then finally, just on the FY guidance on the EBITDA margin, we kept that unchanged at 69 to 71 percent, so that the top end, if you were to hit... Unknown Attendee, Raymond Ke, Amar Galijasevic, Evolution Gaming, and the Bridgeing Items that take you from the 68.5% EBITDA margin in H1 into the second half Thank you. I can start there with Kaplan, and you can jump in Martin. On the quiz time payout, it does affect it, but it's hard to quantify exactly because it's like you say, I mean, the part can be recycled and so forth. So I don't have one number to share. It does have an effect, but it's not the only thing affecting it.

Speaker Change #207: And any further kind of beauty be helpful. And then finally, just on the FY <unk> guidance on the EBITDA margin you kept that unchanged at 69% to 71%.

Jacob Kaplan: So the top end, if you were to hit it, it implies, you know, almost 73%. Also, it's quite a wide range from the bottom end in the second half. So can you just help us with the sort of bridging items that take you from the 68.5 percent EBITDA margin in each one into the second half? Thank you.

Speaker Change #208: The top end and you have to hit it.

Speaker Change #209: Implies nation of almost 73% or site.

Speaker Change #210: It's quite a wide range from the bottom in the second half.

Speaker Change #211: Can you just help us with the.

Speaker Change #212: This is a bridging items, they're taking from the six 8% EBITDA margin in each one in the second half. Thank you.

Jacob Kaplan: I can start there with a couple of you. Can jump in, Martin. On the quiz time, if that's effective, it's hard to quantify exactly because it's like to say, I mean, the part can be recycled and so forth. So I don't have a one number to share. It does have an effect, but it's not the only thing affecting the quarter. I'll pick your third one, also on the margin guidance that remains. We haven't given any sort of guidance, but in the range. So you're right. I mean, to reach the top end of the range, that's more of a distance than to the in the range.

Speaker Change #213: I can start with a company that you can jump in market.

Speaker Change #214: On the question on payout, it's not perfect, but it's hard to quantify exactly because like you say I mean.

Speaker Change #215: It was part can be recycled and so forth. So.

Speaker Change #216: I don't have the.

Speaker Change #217: One number to share it does have an effect, but it's not the only thing affecting the quarter.

Jacob Kaplan: I'll pick your third one also, on the margin guidance. That remains, we haven't given any sort of guidance within that range, so you're right, I mean to reach the top end of the range is more of a distance than to sort of be in the range, so we've kept it at that, and yeah, we'll see how we do in the second half. And there was one in the middle. Anyway, what can you say about the revenue? I would say that...

Speaker Change #218: So I'll take your third one also on the margin guidance that remains.

Speaker Change #218: We haven't given any sort of guidance, but in that range. So.

Speaker Change #218: Youre right I mean to reach the top end of the range.

Speaker Change #218: That's more of a distance them through sort of deemed range. So we've kept it at that.

Jacob Kaplan: So we've kept it at that, and we'll see how we do in the second half of the year.

Speaker Change #219: Yeah, let's see how we do.

Speaker Change #219: In the second half of year.

Jacob Kaplan: There was one in the middle. There is a portion of things that we can do better and that I expect us to do better, and we will do a lot about that. And then there is a portion of things that happens that this could be the waste time model of the sport with Martin or something. That is what it is. And then there is a situation on the market, and all of these comes together, and I think that we need to focus on the things that we can do better internally, and there are a couple of those.

Speaker Change #219: And they just wanted to make.

Speaker Change #220: I missed that.

Dennis: It's Dennis.

Speaker Change #222: What can you say about the revenue.

Dennis: Setup.

Dennis: Yeah.

Martin Carlesund: There is a part of things that we can do better and that I expect us to do better, and we will do a lot about those. And then there is a portion of things that happen that could be the crazy time or the... All of these come together, and I think that we need to focus on the things that we can do better internally, and there are a couple of those. We are in the middle of changes in the US, and we are working on that. So that's the situation. There's not, I can't point you to like, okay, it was this and that and this and this. It's like that's the combined situation.

Speaker Change #223: There is a portion of things that we can do better than that I expect us to do better.

Speaker Change #223: Bill will talk about those numbers a portion of the things that happens.

Speaker Change #223: This.

Bill: Could be the first time.

Martin: Martin is talking about.

Martin: That just is what it is and then there is a situation on the market on all of these comes together and I think that we need to focus on the things that we can do better internally and there are a couple of those and we are in the middle of the changes in the U S and we are working on that.

Jacob Kaplan: And we are in the middle of the changes in the US, and we are working on those. So that's the situation. I can't point you to, like, okay, what's this and that and this and this. It's like, that's the combined situation.

Martin: So that's the situation, there's not I can't point to it.

Like Okay. It was based on that on this on this effect that's the combined situation.

Jacob Kaplan: Okay, thank you. So just coming back on the margin, the sort of bridging the margin from H1 to H2, is it really purely that the revenue growth comes through in the second half? The operational level on that will help you get the margin into the guidance. One part of that is, of course, earning more money, and one part of that is to control the cost. Right now we're coming out on the expansion phase. We have been expanding a lot of them. Now we hope to be on that level all right now and see that there are situations in the second half.

Martin Carlesund: Okay, thank you. Sorry, just coming back on the margin, the sort of bridging the margin from H1 to H2. Is it really purely that the revenue growth comes through in the second half and the operational leverage on that will help you get the margin into the guidance? One pot.

Martin: Okay. Thank you sorry, just coming back on the margin.

Speaker Change #226: Sort of bridging the margin from each one to each state is it really purely that the revenue growth comes through in the second half.

Speaker Change #227: The operational leverage on that will help you get the margin into the guidance.

Speaker Change #228: While pork.

Speaker Change #227: Sure.

Martin Carlesund: We remain on our 69 cent one-time. One part of that is, of course, earning more money, and one part of that is to contribute. Right now, we're coming out of the expansion phase. We have been expanding a lot, and now we hope to be on that level where we are right now and see a better situation in the second half, which we stated already in Q4. Okay, thank you very much. Thank you very much.

Speaker Change #229: We remain on La <unk> zone, one part of that is of course, earning more money in one part of that is to control. The cost right. Now we are coming out on the expansion phase we have been expanding a lot them now we hope to.

Speaker Change #227: Yes.

Speaker Change #227: Beyond that that's where we are right now I'll say that the situation in the second half, which we stated already in Q4.

Jacob Kaplan: Which we stated already in Q4 20 countries.

Speaker Change #227: Yes.

James Rowland Clark: Okay, thanks very much. Thank you very much.

Okay. Thank you very much. Thank you very much. Thank you.

Matthew Svensson: The next question comes from Matthew Svensson from Keel Capital. Please go ahead. Hi and thank you for taking my question. I just want to follow up on the earlier question regarding the EVO lobby and the connection that you have to the player on live casino. I guess that means that you have a full understanding who the operator is and where the client is located.

Martin Carlesund: Thank you. The next question comes from Mathias Svensson from Kiel Capital. Please go ahead. Hi, and thank you for taking my question. I just want to follow up on the earlier question regarding the EVO lobby and the connection that you have to the player in the live casino. I guess that means that you have a full understanding of who the operator is and where the client is located. Does that mean that you find it problematic that you have a revenue share on games being played in countries that might be sanctioned by the US or an operator that might be controlled by persons that are sanctioned by the US and the UK?

Speaker Change #227: The next question comes from Matthew Simpson from <unk> capital.

Speaker Change #230: Please go ahead.

Matthew Simpson: Hi, and thank you for taking my question I just wanted to follow up on the.

Matthew Simpson: The earlier question regarding the Evo lobby and the connection that you have to play it on live casino I guess that means that you have a full understanding who the operator is and where the client is located.

Martin Carlesund: Does that mean that you find problematic that you have a revenue share on games being played in countries that might be sanctioned by the US or on operators that might be controlled by persons that are sanctioned by the US and the UK. That's the question that you're asking. We have answered many, many times, but we have a relation with the operator and the operator have a relation with the player and that we only work with license operators and they have to be regulated by state or government and when it comes to each or other they have to be regulated in Europe.

Does that mean that you find problematic that you havent revenue share on games being played in countries that might be sanctioned by the U S or and operate.

Matthew Simpson: The controlled by personal style sanctioned by the U S into the U K.

Martin Carlesund: The question that you're asking, we have asked it many, many times, but we have a relationship with the operator, and the operator has a relationship with the player, and we only work with licensed players. We do not take any money, and we do not have any control over where the player is. The only connection we have is that they have an IP number. An IP number is an average information about that.

Matthew Simpson: Okay.

Speaker Change #232: That's the question that you're asking.

Speaker Change #232: <unk> asset management.

Speaker Change #233: We have a relation with the operator, the operator ablation with the plan that we only work with licensed operators and they have to do regulated by state.

Speaker Change #234: Governments and when it cost show rather that the regulators in Europe.

Martin Carlesund: We do not take any money; we do not have a control where the player is. The only connection we have is that they have an IP number. An IP number is an average information about that. The full KYC responsibility and where the player is placed and taking the money from the player resides with the operator. So that's how we look at it.

Speaker Change #234: We do not take any money and we do not have a control where the players that own. The connection. We have is that they have an IP number not been ambition average information about that the full <unk> responsibility and wet weather players based on taking the monitor underplay. Besides with the operator, so that's how we look.

Martin Carlesund: The full KYC responsibility on where the player is placed and taking the money from the player resides with us. So that's how we look at it. The second part of your question, the countries that are on district sanctions, they are blocked in our system.

Speaker Change #235: Got it.

Martin Carlesund: Second, what are your questions around? The countries that are on the district sanctions? They are locked in our system. Okay, thank you.

Speaker Change #235: Secondly, as part of your question there on the thanks to countries that are under strict sanctions they are blocked and ourselves so.

Speaker Change #235: And neither of them yet.

Speaker Change #235: Okay. Thank you.

Speaker Change #235: Thank you.

Unknown Attendee: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad.

Martin Carlesund: Okay, thank you. As a reminder, if you wish to ask a question, please dial pound key, 5, on your telephone keypad. The next question comes from Raymond Ke from Nordea. Please go ahead.

Speaker Change #236: As a reminder, if you wish to ask a question. Please dial pound key five on your telephone keypad.

Raymond Ke: The next question comes from Raymond Kuh from Nordia. Please go ahead. Good morning, Martin and Jacob. A couple of questions from me. So you've had a lot of employees, and you will continue to add people. At the same time, game shows are growing to represent an increasingly larger share of your sales. How do you expect this to sort of impact your sales per employee or ability to scale looking ahead? The same. It's very hard to calculate the revenue per table, revenue per employee, or transfer. But we answered it to you as the comment was from me that we don't see the United States as a market that will negatively affect the market.

Raymond Ke: The next question comes from Raymond <unk> from Nordea.

Speaker Change #238: Go ahead.

Raymond Ke: Good morning, Martin and Jacob. I have a couple of questions from me. So you've added a lot of employees, and you will continue to add people. At the same time, game shows are growing to represent an increasingly larger share of your sales. How do you expect this to sort of impact your sales per employee or ability scale looking ahead? The same, it's very hard to calculate the revenue per table, revenue per employee, or per employee. What we have in the US, the comment was from me that we don't see, America. The US has a market that will negatively affect the margins.

Speaker Change #239: Good morning, Mike Martin Jaco, a couple of questions from me.

Speaker Change #240: So you've added a lot of employees and you will continue to add people at the same time game shows of growing to represent an increasingly larger share of your sales.

Speaker Change #241: How do you expect this to sort of impact or sales per employee or our ability to scale looking ahead.

Speaker Change #242: The same.

Speaker Change #242: Very hard to calculate revenue per table revenue per FTE or segment.

Speaker Change #243: While we entered into the U S.

Speaker Change #244: The comment was made that we don't see.

Speaker Change #244: United States is market.

Speaker Change #244: That will negatively affect the market, but that includes also that we see an incremental margin and a good scalability in other parts of Nic comes together.

Raymond Ke: But that includes also that we see an incremental margin and a good scale ability and other parts when it comes together in a total great way. We continue to look at it like that. So we will add papers, and some things are a little bit more expensive, and that will be also for the scalable products such as game shows or other, and it comes together to the margin guidance as we have. Got it and sort of related, but you track the game rounds index, and when this increases sort of at a faster pace than the cost of your operations.

Martin Carlesund: But that also includes that we see an incremental margin and good scalability in other parts, and it comes together in a total great way. We continue to look at it like that. So we will add tables, and some things are a little bit more expensive, and that will be offset by a scalable product such as game shows or others, and it comes together to the margin guidance that we have.

Speaker Change #244: In a great way.

Speaker Change #244: We continue to look at it like that so so we will update us on some things are a little bit more expensive and that will be offset with the scalable products such as game shows or other and it comes together to the margin guidance that we have.

Martin Carlesund: And sort of related, but you track the game rounds index. And when this increases sort of at a faster pace than the cost of your operations, should this translate over time to better scalability in your view?

Speaker Change #245: Got it.

Speaker Change #246: And sort of related but do you track the game rounds index.

Speaker Change #247: When this increases sort of at a faster pace than the cost of your operations I mean should this translate over time to better scalability in your view.

Martin Carlesund: I mean, should this translate over time to better scalability, in your view? The yes is the answer. The answer is yes. It's positive that we'll constantly grow what game knows, and in the end of the day, that transfers revenue. But then, of course, we have to remember that some of the markets, if we take Brazil as an example, have a higher GDP than, for example, Sweden. So there will be lower backs from that, so there might be a deviation of time to time, but as long as it increases the money revenue eventually, it will transfer to rest.

Speaker Change #247: Okay.

Martin Carlesund: Yes is the answer. The easy answer is yes. It's positive that we'll constantly grow game runs, and at the end of the day, that transfers to revenue. But then, of course, we have to remember that some markets, if we take Brazil as an example, have a lower GDP than, for example, Sweden.

Speaker Change #248: Yes is the answer to these assays, yes, it's positive that we're constantly grow Brett game rounds and in the end of the day that transfers to revenue, but then of course left.

Speaker Change #249: Remember the summer markets, if we take Brazil as an example has a higher.

Speaker Change #250: No it needs to be done for example, Sweden.

Martin Carlesund: So there will be lower bets from there. There might be a deviation from time to time, but as long as it increases more than revenue, eventually, it will be transferred to revenue. Got it. Then, regarding spin gifts, could you just explain a bit how this is sort of implemented, like, will you implement it across all your slot games, or can players use spin gifts for slot games and then use them on maybe another game and maybe even a live casino game, or how are these?

Speaker Change #250: There will be lower back from that might be a deviation from time to time, but as long as it's increasing more than revenue eventually.

Speaker Change #250: It will be customer revenue.

Speaker Change #250: Got it done.

Martin Carlesund: Then regarding spin-gifts, could you just explain a bit how this is sort of implemented? Like, will you implement it across all your slot games, or can players use spin-gifts for slot games and then use them on maybe another game and maybe even a live casino game, or how are these? Yes, but it's a very good question. It's a good question. The remark I do when I said that there's a lot of good things coming when it comes to slots and that we were so confident that we were just trying to show that. That is exactly this area, and we will of course develop spin-gifts in the future to come, and it's a controlled way of giving bonus back to the operator, not the player, but to the operator.

Speaker Change #251: Regarding spin gifts.

Speaker Change #252: Could you just explain a bit how this sort of implement the like will be implemented across all your slot games or Ken players you spin gift horse those gains and then use them on maybe another game and maybe even a live casino game or how are these that yet.

Martin Carlesund: Yes, it's a very good question. It's a good question. The remark I make when I say that there are a lot of good things coming when it comes to slots and that we'll also complement them with what's asked for. That is exactly this area, and we will of course develop StingIts in the future, and it's a controlled way of giving bonuses back to the operator, not the player, but to the operator, so we will sort of finance the bonuses instead of in an uncontrolled way.

Speaker Change #253: It's a very good question.

It's a good.

Speaker Change #254: Question, the remark I do well when I said that there is a lot of good things coming when it comes to slots and that will also complement this with whatsapp function of it that that is exactly this area and we will we will of course develop and gifts.

Speaker Change #255: And if you could come in et cetera.

Speaker Change #256: Controlled way of gaming boneless back to the operator not to play over to the operator, So we will sort of finance the boneless instead of the Noncontrolling glyphosate, yes.

Matthew Svensson: So we will sort of find out the bonus instead of in our control way. It's very positive, yes. Okay, perfect. Thanks, that's all for me. Thank you very much.

Martin Carlesund: Okay, perfect. Thanks, that's all. Thank you very much. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Please go ahead.

Speaker Change #257: Okay perfect. Thanks, that's all for me.

Thank you thanks John.

Speaker Change #257: Yes.

Martin Carlesund: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

There are no more questions at this time, so I hand, the conference back to the speakers for any closing comments.

Martin Carlesund: Please go ahead. Thank you very much for listening.

Speaker Change #258: Please go ahead.

Martin Carlesund: Thank you very much for listening. It was a pleasure to talk to you. I pleasure to have all the questions.

Speaker Change #259: Thank you very much for listening session to talk to a best of all the questions and look forward to see you soon again.

Unknown Attendee: Flash with a talk to you. Flash with all the questions. Look forward to seeing you soon again. Have a nice summer. Bye.

Martin Carlesund: Look forward to see you soon again. Have a nice summer. Bye. Bye-bye. [inaudible] For more information, visit www.globalonenessproject.org [inaudible] ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? [inaudible] connect with them through contact lay.

Speaker Change #260: A nice summer.

Speaker Change #261: Bye bye.

Speaker Change #261: [music].

Unknown Attendee: Cool recording is off. Bye.

Speaker Change #261: Yes.

Speaker Change #261: [music].

Speaker Change #261: Yes.

Speaker Change #261: Sure.

Speaker Change #261: Sure.

Speaker Change #261: [music].

Speaker Change #261: Yes.

Speaker Change #261: [music].

Unknown Attendee: Thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time, thank you very much for your time 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know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I I know I know I know I know I know I 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I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I know I Thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us Thank you so much for joining us Thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you Thank you so much for joining us today, thank you so much Thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much for joining us today, thank you so much James Clark, Edward Young, Monique Pollard, Simon Davies, Martin Carlesund James Clark, Edward Young, Monique Pollard, Simon Davies, Martin Carlesund, Martin Carlesund, Martin Carlesund, Martin Carlesund, Martin Carlesund, Martin Carlesund James Clark, Edward Young, Monique Pollard, Simon Davies, Martin Carlesund I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love 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you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I love you so much, I James Clark, Edward Young, Monique Pollard, Simon Davies, Martin Carlesund, Alistair Johnson Comference will automatically end in 30 seconds Comference ending, goodbye

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Speaker Change #261: [music].

Speaker Change #261: Okay.

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Speaker Change #261: Yes.

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Speaker Change #261: Yeah.

Speaker Change #261: Conference will automatically and in 10 minutes.

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Speaker Change #261: Sure.

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Speaker Change #261: Okay.

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Speaker Change #261: Okay.

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Operator: ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? What is your favorite thing to do in the morning? What do you do to wake up? What is your favorite thing to do in the morning? What do you do to wake up? What do you do to wake up?

Speaker Change #261: [music].

Speaker Change #261: Yes.

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Operator: [inaudible] Conference will automatically end in 30 seconds. Conference is ending. Goodbye.

Speaker Change #261: Conference will automatically and in 30 seconds.

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Dan: Conference I'm Dan Goodbye.