Good afternoon, and welcome to MTG's Interim Report Presentation for the Fourth Quarter. My name is Lars Torstensson, and I'm CFO and EVP Communication and IR here at MTG. Joining me, I have, as always, our Group President and CEO, Maria Redin. We will begin by presenting the quarter and then take your questions in the Q&A session for dialed-in participants only. With that said, I'm now handing over to you, Maria, to take us through the quarter.
Thank you, Lars, and hello everyone, and welcome to our Q4 call. For us, as you know, the biggest news actually came after the end of the quarter, where we announced the divestment of the ESL group to Savvy Gaming. That was a transaction that transformed the esports market overnight, and the deal actually meant that ESL, MTG had been able to create the first esports unicorn, thanks to the valuation north of $1 billion. The transaction also provides MTG shareholders with a 2.5 x return on the investment on ESL. This is the culmination of a seven-year-long journey driven by clear vision, close partnership with ESL management, and supportive shareholders.
For the ESL Gaming, it brings a merger with FACEIT and a new supportive long-term shareholder who loves esports as much as we do and can also help the company take the next step to become the clear leader in the competitive gaming space. Where does it then leave MTG and us? Well, the answer is quite simple. MTG is now a pure play gaming company. With the transaction and the sale of ESL, we fully expect the transaction to close in Q2 as announced this year. One of the key priorities going into this deal was actually deal certainty. Given the competitive landscape, that was highly important to us, and we have now done the final filings this week, and we are fully confident in deal closures.
Post-announcement, it's now also time for us to take the first step as a pure play gaming group, and therefore very happy to see the strong operational performance that we're having in the gaming vertical and that we delivered in Q4. The pro forma growth accelerated to 13% year-over-year in the quarter. The main driver of this growth have been PlaySimple and Ninja Kiwi, supported by improved sequential performance from InnoGames. In total, we reported group revenues of SEK 1.7 billion with a pro forma year-over-year growth of 7%. We've also had a record high Adjusted EBITDA in the quarter of SEK 346 million. These operational financial results reflect a year of focused work and a dedication from the whole team, and that has resulted in a fundamental transformation of the group.
If we move down the slide and look in more detail on the gaming vertical. We've taken several important steps to make sure that we're building a more relevant and competitive gaming group for the future. We're convinced that we enter 2022 with a well-diversified portfolio of gaming titles that enables ongoing organic growth. We began consolidating results from Ninja Kiwi in May and later PlaySimple in August 2021. This means that now in Q4, it's actually the first quarter where we have fully consolidated our complete current gaming portfolio. That is, of course, the main reason that we're reporting 100% year-over-year growth in both revenues and EBITDA for this segment.
Therefore, it's really important to look at the like-for-like developments, so I would suggest we move to the next slide, and we look at the organic growth and its drivers behind it. If you look at the pro forma growth, we delivered 13% year-over-year net sales growth in the quarter and 12% for the full year. Our adjusted pro forma EBITDA margin was 32% in the quarter and 31% for the full year. We reported revenues of SEK 4.8 billion for the combined gaming portfolio, and the exciting part is that we clearly outperformed the market, which is expected now to grow around 7%.
At the same time as we deliver accelerated growth, we kept our margins intact with a total group EBITDA for the gaming part of SEK 1.5 billion, and as said, this was done in combination with accelerated pro forma growth. Looking isolated then at Q4, we're reporting revenues of SEK 1.3 billion. The growth rate has accelerated from 8% in Q3, which is mainly driven by stronger underlying performance of the classic pro forma, which improved sequentially on a quarterly basis. What are then the drivers of this success? Well, I want to mention a few parts. First and foremost, the PlaySimple and the growing franchise of Ninja Kiwi Bloons TD 6 were strong performance drivers in the quarter. The growth was further supported by the launch of Bloons TD Battles 2 and the improved performance coming from InnoGames' Forge of Empires.
Finally, we're also very happy to see that Rise of Cultures showed strong early signs of success as it was commercially launched now already in January. It's clear that most of our growth is coming from our newly acquired businesses. We're very happy with the performance and how we look at the combined portfolio, and the new assets are delivering just over 40% year-over-year growth in Q4. That means that our newly acquired assets represents roughly 50% of our sales and EBITDA. When we then talk about our newly acquired businesses, it's worth highlighting Ninja Kiwi's stellar performance. We've always been firm believers in the strength of evergreen IPs. Despite that, the performance on Ninja Kiwi titles still exceeded our expectations. As a result, we have adjusted the earn-out liability in the quarter.
That the payout thresholds that Ninja Kiwi is gonna reach will be higher than what we expected at the time of closing, and we are therefore making an adjustment of SEK 320 million in Q4, which primarily relates to Ninja Kiwi outperforming our expectations. We take a step back and put this in context. When we take into account the upfront payments and the estimated total earn-out, the implied EBITDA multiple for this deal is 6.9x the adjusted 2021 actual EBITDA adjusted. When we look back and we see the expectations when we announced the deal, this was a multiple of 7.3x based on the 2020 Adjusted EBITDA based on only the upfront consideration.
Understandably, we're quite excited about the performance, even taking into account the extra earnout liability, which is purely driven by the improved financial performance by the company. When we then look forward into 2022, several of the soft launch titles are now set to launch commercially, both in Q1 and later on this year. These will, of course, the key growth drivers for our organic growth as well as the group's overall marketing spend. If you're on this slide, then we drill down into the portfolio. Our dependency on our top three titles has come down further in the quarter as we fully consolidate PlaySimple. Currently, our top three performing games are Forge of Empires, Word Trip, and Crossword Jam. As said, PlaySimple has now been consolidated for the full quarter.
In Q4, they saw an opportunity to excel in marketing initiatives around the Anagram franchise in particular. The games have continued to perform very well, and we saw a positive return on that investment. The strong performance of the PlaySimple Anagram has also had a positive impact on our monthly and daily active users in the quarter. This, combined with the strong early trends for Bloons TD Battles 2, which was launched by Ninja Kiwi, as well as the Rise of Cultures launch from InnoGames. If you take it all together, they're gradually building up for a full commercial launch in Q1, and all in all, it's driving sequential growth in monthly and daily active users, building a fantastic momentum going into 2022. If you then look down into our IP, evolving and expanding our portfolio of IP is critical to our future success.
We want to continue to broaden our genre coverage to balance out the impact from differences in maturity for different titles and to continue to diversify our revenue streams. With the new portfolio, we also, this is really key, we reduce our dependency on individual games. The work that we are doing on diversification means that we are less dependent on our top three games today than we were before. As we go into 2022, we have a clear portfolio strategy, well-developed priorities, and a team that is ready to deliver on our ambitious strategy. Moving on forward, of course, one of the most important strategic priorities as a pure-play gaming company is to ensure that we have the right operating model and framework to nurture our game companies, their teams, and entrepreneurs. We will continue to execute on our buy and build strategy going forward.
Thanks to the recent divestment to ESL Gaming, we have demonstrated that we have the patience, vision, and the focus to grow and develop companies for success. Our next journey will be to embrace and evolve MTG as a growth accelerator for our gaming companies. We will accomplish this by creating value across the group through strategy focus on building selective centers of excellence around best-in-class capabilities we already have in the group. Some of these most critical areas for us include business intelligence, user acquisition, and blockchain technologies. We want to make sure that we elevate talent and knowledge no matter where it originates, both from the headquarters and also from the people in our companies. In the coming months, we'll continue to develop our strategy and refine our approach.
Our ambition is to host the capital markets day in Q2, and we hope that you can join us then for a deeper dive into these topics. Let us now move into the Esports segment. Operationally, ESL Gaming successfully delivered and produced five master properties in Q4. This was a mix of both studio and online events. ESL Mobile continued to develop at a high pace and finished three regional seasons with games like Clash of Clans and PUBG Mobile. Some of the developments in Q4 also included ESL Gaming announcing a multi-year extension with Monster and Maincast, as well as publisher deals with Psyonix for the Rocket League Championship. DreamHack went back to their roots and successfully relaunched a live LAN event in Sweden, and DreamHack Sports Games also organized three challenger properties in golf and football.
Net sales for the Esports vertical were down 10% year-over-year in the quarter, with a positive FX impact on 1%. Sales declined 11% organically year-over-year in the quarter, mainly as a result of Q4 2020 being packed with events because of the impact that the pandemic had on the year, which meant that we actually moved properties to Q4 rather than Q3. Looking at the second half performance, we see that Esports is back to growth in the second half of the year. Looking then at the announced transaction that we have now in January, that is of course the biggest news of the quarter, the sale of ESL to Savvy Gaming.
If we take a step back, I mean, part of being a great owner is to know when to add value and support, but also to know when the time has come to divest the companies to help them on the next phase of their journey. We're a huge fan and believer in the strategic merger of ESL and FACEIT, but we also were realistic about the fact that we could not have made this happen on our own basis. The sale of ESL Gaming to Savvy therefore helps us achieve several strategic and important objectives. First of all, it lets us enable the merger and the creation of the world's leading competitive gaming platform. It enables us to also create the first-ever esports unicorn with a valuation north of $1 billion.
It also helps us to deliver a substantial shareholder return that equals 2.5 x on our investments. We do expect around $875 million of net proceeds from the transaction, and we are gonna propose to provide back at least 40% of that money to shareholders. Most importantly, we are now becoming a pure-play gaming company with a strengthened balance sheet, which gives us the opportunity to pursue an acceleration of our gaming strategy as well as further relevant M&As. On that high note, I'll hand over to Lars.
Thanks, Maria. Let's have a look at the financial performance of MTG on a group level. I would like to re-emphasize what Maria has already said, a very solid quarter displaying our execution of our strategy to build a more diversified group of companies on the gaming side. Net sales increased by 56% on the back of an intensive M&A year, adding three great companies in Hutch, Ninja Kiwi, and PlaySimple. On a pro forma basis, net sales increased by 7% representing a strong performance by our gaming vertical. Speaking of the gaming vertical, it grew 13% pro forma, a very strong showing. Adjusted EBITDA for the group grew 80% year-over-year. I think it's quite impressive to see that we are able to accelerate growth and still maintain the margin contribution from the gaming vertical.
Speaking of the gaming vertical, we had an Adjusted EBITDA Margin of 32%. Once again, we saw stellar performance from Ninja Kiwi, the main driver, but also supported by InnoGames. Adjustments in the quarter to the long-term incentive program were mostly related to the long-term incentive program in both the esports and the gaming vertical. Additionally, no surprise, we saw a cost associated with our M&A activity amounting to SEK 28 million in the quarter. We also have slightly elevated central costs on the back of building an even stronger team around the gaming vertical. Moving on to the next slide, please. There are quite some items in the cash flow statement that are worth highlighting in the quarter. As we grow as a company, purely mechanically, our cash flow contribution from operations improves.
It also impacts taxes paid as we now have more profit-generating units in the group. On net working capital, we had a positive swing, partly due to ESL Gaming seeing early payments or prepayments from partners in the quarter. Additionally, our gaming vertical contributed positively as payments made through Google Play and App Store have a positive impact on accounts receivables. It should be noted that this will reverse somewhat in Q1 2022. In the quarter, we paid the last part of the upfront payment to Ninja Kiwi, amounting to around SEK 100 million . Additionally, the first earnout payment based on the calendar year was finalized and paid in December, amounting to SEK 160 million . At the end of the period, we had SEK 943 million in cash in MTG.
We are currently carrying approximately SEK 1.9 billion in debt, divided between a bridge facility of SEK 1 billion and a revolving credit facility of SEK 1 billion, of which SEK 900 million has been drawn upon. This leads to a total net debt of SEK 957 million. Also, a few words on the general strength of the balance sheet following the sale of ESL Gaming. Of the net proceeds, approximately SEK 8 billion, we anticipate to distribute 40% back to shareholders, equaling SEK 3.2 billion. Just to clarify on the distribution, we plan to do that in a fair and tax-efficient manner. That leaves a net cash position of slightly shy of SEK 4 billion, including bank debt.
It provides MTG with a strong position to be able to act if interesting M&A opportunities would arise. Last but not least, when looking into 2022, I would like to remind all listeners that we are commercially launching three games from InnoGames across the first half. That will be backed by increased marketing. Additionally, the Esports vertical will be treated as discontinued operations in Q1 2022 and hence not be consolidated. With that said, I hand it back to you, Maria.
Thank you, Lars, and let's continue on the forward-looking stage. The sale of ESL will help us refine and simplify our equity story. We are now a gaming company. We have a clear and focused strategy, and we have the team and the balance sheet to continue to build on our success. The transaction will serve as a catalyst to accelerate our buy-and-build strategy and to continue to be one of the driving forces in the market consolidation that we see around us. We have full confidence in the sale of ESL that they will close within the timeframe that we have outlined, and we don't see any significant risk in this area. To wrap it all up before taking your question, we have a fantastic team in place to execute our strategy.
We have the firepower to be an active force in our industry, and we enter now 2022 with a strong operational momentum. Take that all together, we're extremely excited as we now put 2021 behind us, and it's also looking forward into 2022. With that, and Lars and I are ready to take your questions.
Thank you, Maria, and that concludes our formal presentation for our fourth quarter. We are now ready to take any questions that you might have on the report. Operator, if you could help us to have the first question, please.
Thank you. The first question comes from the line of Oskar Eriksson. Please ask your question.
Thanks. That might be me, Oskar Eriksson here at Carnegie. A couple of questions from me on the gaming segment. You seem to primarily be pushing Rise of Cultures now for InnoGames. Could you elaborate a little bit on the early indications? Do you expect continued scaling up of the marketing investments? Throughout Q1, could you say something about retention and monetization, please?
Yes. Hi, Oskar. Yes, we're talking about Rise of Cultures because I think that's the game that is now actually moved into full commercial launch. We have actually, on a small scale, been ramping it up in the second half of the year. I think it's now in sort of Q1 and onwards where you're really gonna see meaningful marketing be put behind it. When it comes to retention and monetization, I mean, I don't want to give out too much rather than we would not put it into full commercial launch unless we saw really strong metrics, because that's the way that we feel comfortable that we can do marketing and also scale marketing on the back of it. You need both the proper retention and monetization metrics.
On a good note, I can share with you that we are actually looking at already now around 300,000 daily active users in that game, which is something that we're very excited about.
Perfect. Thanks, Maria. On a similar note, organic growth -8% in Q4. Looking into Q1 here, would you expect Hutch to contribute positive in Q1? Also, do you expect InnoGames to have better year-on-year momentum, also taking the Rise of Cultures release into account? Thank you.
Yes. No, but we're quite happy actually when we see the sequential performance, Q3 going into Q4, and we see that there is a good traction in our companies, and they're delivering according to the plan, which means that we expect that the organic growth momentum will continue to build in a good way going into Q2 and Q3 this year. You should expect organic growth to return during the first half this year.
I don't wanna give specific and detail on the different companies because we look at the company in its totality and making sure, to be honest, that the most important number, the way we look at it, is a combined group performance, which means that it's a 13% pro forma growth for the combined group in Q4 and 12% for the full year, which is the number that we would like to continue to grow better than the market, the way we've done now actually throughout the whole sort of 2021, which we are excited about.
Understood. Just a final question from me before handing over. Clearly a fantastic performance by the high margin Ninja Kiwi in Q4. First of all, I mean, is it sustainable? What's the pipeline ahead? If you could give any sort of indication on the Q1 and full year EBITDA margin, given the strong performance here by Ninja Kiwi. Thank you.
Yeah. No, it goes without saying that the Ninja Kiwi performance is absolutely stellar, and it shows the relevance of evergreen IPs and strong IPs. It obviously also performs better than what we anticipated, which is something that we're really excited about. There's no reason to not believe that strong performance will continue. That is also why we increased the earn-out, not just for the existing year, but also for 2022. The margins are, to your point, extremely high, and that is driven by the fact that everything is sort of community and influencer driven when it comes to the users.
I think that what we would like to do is, as Bloons TD Battles 2 is being launched in November, we want to make sure we start to scale that up and actually start to put marketing behind that. That is the first time actually Ninja Kiwi has spent any marketing dollars. That should imply, in theory, that the margin should go down a little bit, but then you should over time see positive growth instead. The high margins overall will sustain in Ninja Kiwi. It's a fantastic company with a strong profitability.
Great. Thank you very much, Maria.
Thank you.
Thank you, Oskar. Operator, could we have the next question, please?
The next question comes from the line of Martin Arnaud from BNP Paribas. Please ask your question.
Hi, guys. Yeah, my first question is on the shareholder distribution of SEK 3.2 billion. How will you prioritize between the alternatives you have, like buybacks, redemption, cash dividend?
Hi, Martin. Thanks for the question. I think what we have said is that we're gonna distribute at least 40% of the net proceeds back to our shareholders. The comment that we made is that we need to make it, you know, as tax efficient as we possibly can. We haven't yet clarified exactly how that distribution will look like. That's something that the board will come back with in front of the upcoming AGM. Hence, we will let that the rest for a while until that is the case. For now, I mean, the only indication that we provide is that it needs to be tax efficient.
Okay. Thank you, Lars. When do you expect closure? Is everything sort of running according to plan in everything so far?
Yes. Everything is running in line with plan, which is great, and we have no reason to expect anything else either from day one, to be fair. The relevant applications will be filed this week, and thereafter the clock start ticking, and then it's just the waiting time. We have announced that we said initially that we expect closing in Q2, and that remains true.
Okay, great. Also some questions on your organic growth performance. You mentioned that you expect a return to organic growth in the first half of this year. Sort of if you look at your Q4, did it improve at the end of the quarter? Can you share anything on the progress so far, almost halfway into Q1?
Yeah, no, as we said, I mean, we're quite happy to see the improvement in Q4 versus Q3, and it has been a sort of gradual improvement. And of course, the next big driver of improvement also lies in the successful launch of the new games. I mean, you have three games going into full commercial launch in Q1 and Q2 that it will of course be a big driver to that, together with the improvement that we have seen, in particular in Forge of Empires, in the way that we changed the in-game events and also being able to do more efficient marketing, which is also an equally important part of it. So when we take it all together, I mean, we look very positive in the future, but it will continue to come sort of sequentially build up.
Okay. Thank you. Do you expect continued growth improvement in the old games in like Forge of Empires also here in Q1 compared with the second half of last year?
We don't want to go in and comment on individual sort of games and their improvements. What we always trying to do is to optimize the performance of every single game. Then it is also, to be fair, to some extent, the capital allocation on how do we then divide our marketing spend, where do we see the best return on that marketing spend? That is also a judgment that both on a company level and on a group level, we look at that. That is something that InnoGames is looking at their end. On a good note, we have three games where they can then also increase the marketing spend on next year. That is quite exciting, and the company has never been in that good position.
Yeah. Okay. Just finally, when you look at where you are today, and when it comes to InnoGames, just thinking about the margin progress in this quarter when you increase the marketing spend for the new game.
Yeah, you didn't see the full effect in Q4. Rather, you're gonna see that coming up now in Q1, where we're going into full commercial launch. As you do that, and as we have always said that, especially in the mid-core games, I mean, the first year, I mean, you actually have a negative contribution on the bottom line. Of course, there will be a driver on the top line growth. That's what you should see as well for InnoGames as we now go into 2022. On a good note, that will also accelerate their growth, and that's the part we're excited about, and that growth will then eventually turn into higher profitability.
Okay. Thank you. Excellent.
Thank you.
Thank you, Martin. Operator, we can take the next question, please.
Thank you. The next question comes from the line of Rasmus Engberg from Handelsbanken. Please ask your question.
Yes. Hi. Two questions, actually. This improvement that we see in the fourth quarter compared to the third quarter, what do you make of that? Where do you think it comes from? Is it comps, or is it changes in InnoGames, or is it the product portfolio, or what is it? And then the second question, as we go into Q1 and Q2, comps. Can you remind us, are comps not as easy as they were in the fourth quarter? So on a pro forma basis, potentially we could see a little bit of a slowdown. Is that fair to assume, or how do you look at that?
Yeah. No, but if we start with the sequential improvement that we see now in Q4, I mean, that really comes from both the continued strong performance of the newly acquired assets. I mean, we saw an opportunity to scale marketing in PlaySimple and the Anagram franchises, which we're very happy about. That saw a big ramp up on the top-line revenues and the increase in daily and monthly active users. That is, of course, something we also bring with us going into 2022, that we come in with elevated user levels and engagement level, which is fantastic. Then also on top of that, of course, when Ninja Kiwi continues to perform strong in the Bloons TD 6 and also launch Bloons TD Battles 2.
When you saw the sequential improvements in InnoGames, in particular Forge of Empires, where, I mean, we said in Q3, we were not happy with the event calendar. It was simply not strong enough, which meant that it was not appealing enough for our customers and users, and indirectly they told us so. So that was something we improved now in Q4, and we also saw better marketing environment for that game as well. Those are the great things that we saw sort of improving and driving the sequential performance in Q4. I think as we move into then Q1 and Q2, of course, we then bring with us those strong operational momentum.
I think that as we look into Q2, I think that's when you will see the comps also evening out when you talk about the sort of COVID effect, if I can put it that way.
All right. Thanks.
Thank you.
Thanks, Rasmus. Operator, could we have the next question, please?
Yes, of course. Thank you. The next question comes from the line of Tom Singlehurst from Citi. Please ask your question.
Yes. Thank you. Tom Singlehurst here from Citi. I was interested in a throwaway line earlier on where you talked about your sort of central capabilities, and I think you referenced business development, sort of marketing, and then you said blockchain technology. I mean, a bunch of other sort of mobile gaming platforms have seen a sort of, let's not call it a one-off boost. They've seen a boost from sort of selling NFTs and other sort of metaverse-related sort of revenue streams in the fourth quarter. Was there any sort of major impact for you from those kind of activities? And does that comment about blockchain at the central level indicate that you think it's gonna be a big opportunity going forward? Thank you.
Thank you. Hi, Tom. No, it's a good question. I think the honest answer is that I don't think anyone truly knows the impact that sort of blockchain gaming and NFTs will have long term on the gaming space. But what I do believe is important to sort of understand it and understand how could it possibly change the unit economics within free-to-play mobile, and how could we potentially play a part of it. On a good note, we've actually within Kongregate been working with different sort of crypto partners and exploring already, not seen any material sort of monetary parts, but from a learning experience, it's been very relevant.
I think those are the parts we wanna build on now and observe the outside to say, is this something we should do when it comes to actually providing relevant, entertaining sort of blockchain gaming? 'Cause there is today probably not any out there that is sort of entertaining blockchain gaming. Could it possibly have an impact on how actually the free-to-play model will work going forward? I think for us, it's more getting ready and observe the outside a little bit for the future rather than to have any financial impact sort of in the quarter that we just left or in the quarter that is to come.
Very clear. Thank you.
Thanks, Tom. Operator, could we have the next question, please?
Yes, of course. The next question comes again from Oskar Eriksson, Carnegie. Please ask your question.
Hi. Oskar here again. Two follow-up questions. I mean, first on the EBITDA margin, 32% here in Q4. Do you have any input on what to expect here in Q1? Just, I mean, describing the dynamics, given the full commercial launch of Rise of Cultures and also as you indicated, Maria, marketing spend for Bloons TD Battles 2. Any sort of indication on sort of the direction and magnitude would be helpful. Thank you.
No, I would say, I mean, we have in the whole almost 2021, even though we've been soft launch in the new games, I mean, we have only been putting marketing on back of already existing launch game, which of course gives you higher margins than what you would do if you actually start to launch a new game and actually have a negative contributing EBITDA. That implies that you should expect the EBITDA margin to go down in the first quarter, and then of course, throughout the year, sort of sequentially improve, but you will see a lower margin the first half of the year than the second half of the year in theory.
Having said that, on a good note, as we also have a broader portfolio, of course you have more profitable games that contribute to the broadness and the richness of of the EBITDA contribution. That makes it all the easier for us to be able to scale new games. I'm sorry I'm a little bit fluffy, but it's hard to be sort of very concrete on it. You have two different dynamics. You have a negative contribution of the new game launches that we're doing, which will bring our future revenue growth, to be fair. On the same side, you have really strong performing underlying games in the existing launch portfolio that you saw operating now in Q4. That is of course keeping that sort of strong margin up. Those two will sort of meet each other in Q1 and Q2.
Yeah. It's a little bit of the beauty of the new structural portfolios that we can balance better, you know, push marketing pushes within specific studios, while then having more mature games in other studios. As Maria say, even though we will see marketing spend go up in Q1, and to some extent first half, we still are gonna be able to balance that to some extent, with the performance of the other portfolio companies, which is of course a strength of the more diversified MTG.
Great. That's helpful. Last one from me, specifically on Hutch, which seems to have had a slightly slow performance in the second half of 2021. Could you say something about the pipeline of new content, and seasonality here in Q1, Q2, please?
Yeah. I think the Hutch is very much focused on the two games now, which we are supporting. It's Top Drives and F1 Clash, and have a much better focus on the live ops, and we're also with the centers of excellence that we're building up are gonna be able to support them also and work together with them to make sure that we drive UA also to one level better. I think there's a lot of things that should work in favor of Hutch, and to see these two great games to really move forward.
Great. Thank you very much.
Thank you.
Thank you, Oskar. Operator, do we have any more questions?
There are no further questions at this moment. So dear participants, as a reminder, if you wish to ask a question, please press star and one on your telephone keypad. Once again, star and one if you wish to ask a question. Dear speakers, there are no further questions at this time.
Okay. Very good. Thank you. In that case, that concludes the conference call for the fourth quarter. We appreciate that you have taken the time today to join us, and we look forward to staying in touch until we release the next quarterly report, which will be on the 27 of April. With that said, take care, everyone, and, speak soon. Bye-bye.
That does conclude our conference for today. Thank you for participating. You may all disconnect. Have a nice day.