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Well, thank you. Let's switch to Page 27, please. So I'm going to try to give you a flag of financial development in Q3 and where we're heading. And in Q3, we have seen the previous uptake in traffic from Poker Casino has slowed down somewhat in Q3, and that's after the COVID-19 outbreak then was very strong in April and May. In addition, we also see that we've been impacted by the retaking measures and adapted to the Dutch market, which also impacted our revenue level in Q3. And the Dutch market will be regulated then in 2021 which is we see an upside in corporation. And if we look on Q4 in total, what we are standing for, we'll see an uptick in revenues. And it's a mix of both our strategic acquisitions, but mainly it's the NDC development we're seeing is taking uptake in October. And that we see to the -- in the growth to the right as well that NDC has been somewhat lower in Q3 2020, but we see a significant uptake then in October and that we're confident with. So we switch to Page 28, please. We also see that regarding our vertical split that our poker is increasing in importance. It's now comprising almost 19% in Q3. And that's also related towards sales of poker, and their Pokerlisting.com is developing well. We also see that Sports Betting, as Robert mentioned, comprised of 5%, but there will be a significant growth onwards we see. And we see some increasing within Sports Betting at the moment. So the share of Sports Betting will definitely increase where we are heading. We also see that the North American market to the -- in the graph to the right that it's increasingly important. So that's definitely in accordance with our strategic plan and also comprising an approximately 23% of revenues in Q3. So if we switch to [ Page 28 ] (sic) [ Page 29], please. We continue to work with our revenue diversification. That's important for us. And one important step with the revenue diversification has been the strategic shift to Webshare, which has impacted us. As you see in the last quarters or during 2018, 2019, when we had a shift towards Webshare, which now has stabilized around 55% to 65%, which we think is a sound level. So we are happy with that. And we also see that the new revenue streams in Q3, which Robert was talking about, the upselling is really giving an impact from Q3, and that we will continue to work with. We switch to Page 30, please. Regarding our cost base, we work with that actively, and we can see that the cost base is decreasing quarter-on-quarter. And we continuously work with our efficiency in cost efficiency. One important step that we're doing in the strategic work is reallocating costs to cost us content and link building, et cetera, with more marketing cost, which has a direct correlation to revenues, and that we will see the impact of in coming quarters, we're [ sure ]. And I can also say that we will see also impacts of our cost levels in -- during Q4 and onwards. We switch to Page 31. We continue to work with our EBITDA margin, which is strong, around 40%. As our revenue has decreased somewhat, the revenue -- the EBITDA margin has decreased as well. But we are confident that we will increase EBITDA margin coming quarters. There will be both through that we will have a lower cost base and also that our revenues will increase. If we switch to next Page, 32. If you look at our financing in our [indiscernible] debt, we have a business model which deleverage very fast. We will have a cash conversion generally around 80%, a little bit lower now in Q3. But this kind of business model has very high cash conversion and low CapEx, which you will see soon on the next coming page. But that means that we deleverage our gross debt, you see on the bottom right graph, relatively fast, and that's through amortizations. And also we have repurchased bonds during a few quarters during both 2019 and 2020. We will continue to work with EBITDA goal, net debt EBITDA goal that should be down to 2% over time. It's our financial targets. So we will see that we will deleverage and have a lower net debt-to-EBITDA margin ratio during 2021. So we switch to the next page, please. Cash flow development is, as I mentioned, cash conversion is high in this business model. A few points I would like to highlight for Q3. If you're reading the interim report as well, you can find even more details there. But operating cash flow amounted to EUR 738,000. We had the impact of cash flow from investments that we settle one earn-outs of EUR 600,000 from an acquisition in 2019. And we impacted also then by cash flow from finance activities. And that's mainly amortization and the interest payments for our financing in our bond. We switch, just additional figures for the ones who is interested, we won't go in to go, but you'll find them online later, if you want to dig into that. So I'll switch over to you, Robert.
All right. So let's do some closing comments before we get into the Q&A. Summarizing, we are fast-moving, and we are relevant. New management in the sense that I've joined the company, and we are restructuring the way we work across the board. We have added new revenue streams, and we will continue to do so. We are seeing a strategic repositioning in shift. The M&A pipeline is strong, and I'm really happy to say that we are, as I said, able to choose some really good assets to have at least now signed LOIs with. We will always have increased shareholder value in focus. And to reiterate a little bit what Gustav said the business generates strong cash flow from operating activities. So that's also very good. So going forward, in summary, we are very positive. 2020 has been a challenging year in many ways for many people, but I'm really optimistic for '21 and '22. And with that, we open up for Q&A.
[Operator Instructions] Our first question comes from the line of Simon Johnson from ABG.
I have 3 questions from Erik Moberg. First, could you perhaps give us some flavor on potential contribution from the letter of intent you signed regarding the acquisition of Sports Betting assets in Latin America suggest?
We will disclose all of this once we have signed the deal. At this moment, I don't want to comment on that as we haven't publicly commented on it.
Okay. Next one, we understand you're in a turnaround phase. Yet, you are facing easy comparables year-over-year, while Q2 performance wasn't that great either. Yet, you are seeing quite a drastic drop both year-over-year and quarter-over-quarter. So could you elaborate a bit more on what's going on here? And also add some flavor on what exact measures you are taking to get back to growth?
For us, the core revenue drop -- drops or drop came from kind of repositioning ourselves on the Dutch market to be able to participate in the market after the regulation because there is a pool of period. So we have now gone into a wait state, where we are not active in the market anymore. That is the main explanation, and the measures that we are taking is to put a lot of focus on other products. I think the strategy for ranking has been also not entirely optimal. So we are changing and updating to more modern SEO strategy. And I think we are already starting to see the results of that. Especially now late September, early October, is something where we -- or late September and the whole October, we are seeing some really nice results from our work during the summer.
Okay. So I have a follow-up on that one. It's about the Netherlands.
Yes.
Will you or will your -- will you be prevented from operating in that market once the market becomes fully regulated?
No.
Or -- okay. So the [indiscernible] period of this make you be able to...
Yes. In the sense, this was a voluntary thing to ensure it as we are an affiliate. It's not the same as with the operators. But this was a choice we made in order to ensure that we don't run into anything. It's still, so to say, we are not an operator and don't fall under that. But we anyway decided to ensure that we would be able to operate on day 1.
And the next question comes from the line of [ Juan Boyca ] from Nordic Corporate Investments.
I have a question about your M&A strategy because if I look at all key parameters in your performance, EBITDA, NDC, cash flow, that has over the last 3, 4 quarters worsened quite significantly. And your current gearing is at 3.2x, so pretty high. So when it comes to your M&A, how do you envisage to finance that? Is that through cash? Or is it only share deals? Or how -- because your cash position is pretty weak at the moment. So what are -- what's your strategy?
That, well, before I can't disclose anything more than that's publicly disclosed. But what we are doing is we are going to pay the acquisitions in a fair amount of shares and then some cash, that's plan. The detailing of the financing, I can't go into at the moment.
Now an additional question about -- you're gearing at 3.2x. Are you pretty certain that, that is the peak of your gearing going forward?
Gustav, do you care to comment?
See, can you hear me right? Yes. That's absolutely what we're aiming at. So that's -- the answer would be, yes, that's what we're aiming now.
And we have one more question from the line of [indiscernible] from Nordic Corporate Investments.
I have 2 questions. The first is the upselling. Can you say a bit more about that in simple terms, what does it mean? And the second question is the other revenue, you mentioned of 12%. I understand that's the new area. What is it specifically since it's regulated? Is the data you're selling related to Sports Betting? Or what is it?
Right. So I can start off with the upselling. It is quite simple measures where we also not just basically have reviews, but we also have advertisement space, which we can sell to the operators for extra exposure on our sites. It's as simple as that. E-mail marketing has not been done before. So there are these quite simple tweaks at the moment where we do upsell, both towards the user and our operator. It's -- in its start, so to say, but it's not been done before in this company, but it's not rocket science. When it comes to the revenue stream in the U.S. that you were wondering about, what we basically sell is or what that company sells is its own tips. Basically, you can buy a package of information, saying you should bet this on that game and this on that game because this and that. So you basically have experts providing you a tip that you can buy from that person or that tipster now.
And do they pay one-offs? Do they pay once in a while when they want this? Or do they pay monthly for access to that?
The current business model is that you pay for when you want it and for that package that you want. But there is, of course, significant upsides in potentially changing or adding possibilities to the business model in terms of having recurring revenue with subscription models, et cetera.
And as there are no further questions, I will hand it back to the speakers for closing remarks.
Well, I gave my closing remarks. So for me, I'd like to say thank you for those who've been online and listen. And all the investors that are speaking by our side during 2020. I'm sure, as I said before, that we are looking at the great '21 and '22. I'm super excited about the journey ahead. So this feels really good for me.
This now concludes the conference call. Thank you all for attending.