Good afternoon, and welcome to Zedge’s First Quarter 2019 Earnings Conference Call. During management’s prepared remarks, all participants will be in a listen-only mode. [Operator Instructions] After today’s presentation by Zedge’s management, there will be an opportunity to ask questions. [Operator Instructions]. In today’s presentation, Tom Arnoy, Zedge’s Co-Founder and Chief Executive Officer; and Jonathan Reich, Zedge’s Chief Financial Officer and Chief Operating Officer will discuss Zedge’s financial and operational results for the three-month period ending on October 31, 2018. Any forward-looking statements made during this conference call either in the prepared remarks or in the question-and-answer session whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to specific risks and uncertainties disclosed in the reports that Zedge files periodically with the US Securities and Exchange Commission. Zedge assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. Please note that the Zedge earnings release is available on the Investor Relations page on the Zedge website. The earnings release has also been filed on a Form 8-K with the SEC. I would now like to turn the conference over to Mr. Arnoy.

Thank you, operator. And thank you all for joining us today. I am Tom Arnoy, Co-Founder and CEO of Zedge. Welcome to Zedge’s first quarter 2019 earnings conference call, recapping the three months ended October 31, 2018. Joining me today is Jonathan Reich, our Chief Financial and Chief Operating Officer, who will provide additional insight into the numbers that we reported earlier this afternoon. I’d like to take this opportunity to update you about some key elements of our business. In Q1, we introduced new functionality, including stickers that empowers users with the ability to modify the images in our catalogue, making them more personal, what we call co-creation. We have also enhanced the ability to post and share the co-created content with friends across social and messaging platforms, including Facebook, Instagram, Twitter, and WhatsApp. Over the past month, we see that users that co-create and share, which represent around 5% of ARPMAU are experiencing session times of approximately 10% higher than an average user. Our data also points to an improvement in frequency of use for these users. We are encouraged by the potential this points to. We consider that these are early stage features that we haven’t optimized and truly marketed as of yet. Our team is focused on iterating and amplifying these features to further improve session time, the frequency of use, and retention by making them a core part of the engagement funnel in order to expand the audience of users that make this a normal part of their journey. Q1 was a momentous period for Zedge Premium which delivered encouraging metrics for this business vertical. Participation and conversion rates are strong for this early stage in the venture and continue trending in the right direction. By the end of December, all users will see Zedge…

Thank you, Tom. My remarks today will focus on our key operational and financial results for the first quarter of our fiscal year 2019, the three months ended October 31, 2018. For a comprehensive and detailed discussion of our results, please read our earnings release issued earlier today and our Form 10-Q, which we expect to file with the SEC next week. Following my comments, we will open the call to any questions you may have. Monthly active users, or MAU, that is, the number of unique users that opened our app during the preceding 30 days, increased 3.6% to 34.6 million at the end of the quarter from 33.4 million in the corresponding period a year ago and decreased 0.5% from 34.8 million in the previous sequential quarter. Year-over-year growth in emerging markets was 18.8% offset by a decline of 12.6% in well-developed markets. On a sequential basis, we experienced a decline in well-developed markets of 3.2% and an increase of 1.3% in emerging markets. As Tom discussed, we are working on initiatives targeted to improve MAU growth and our geographic makeup. Total revenue in the first quarter declined 10.5% compared to the year-ago quarter and decreased by 7.7% from the previous quarter to $2.4 million. Revenue was impacted by the decline in MAU in well-developed economies, which command higher advertising rates when compared to those offered in emerging markets. Zedge Premium’s Gross Transaction Volume that is the total sales volume transacting through the platform was $41 thousand in Q1 compared to zero a year ago. GTV run-rate tripled over the course of the quarter. This growth was the outcome of introducing video wallpapers on Android. As Tom mentioned, we are in the early stages of promoting Zedge Premium to our users and improving its monetization funnel. Accordingly, as…

This concludes our question-and-answer session and conference call. Thank you for attending today’s presentation. You may now disconnect.