Thank you very much. A warm welcome to all of you that have decided to join our meeting today. Today is about Q1 2021 and the outlook for the rest of the year. If we move to slide number two, there you have the normal disclaimer that governs anything we're going to be saying in this call. If you haven't read that before, then I would advise that you familiarize yourself with that. On slide number three, we have the agenda. The agenda is we'll give highlights of Q1. I'll do this, and I'll also give you a little bit on our cloud journey. Michael is going to dive a little bit deeper on the financial review and also the 2020 outlook. We will dive into the Q&A for today. If we move to slide number four, that has the highlights of the quarter as such. As you can see, we grew revenue by almost 10%, 9.4% if you look in local currency, 6.9% in reported, and EBIT went up over last year as well. The order intake was a little bit soft in the quarter. We didn't sign any new initial licenses. We had to wait until Q2 to get that signed. Professional services continued to grow 9.5% based on all the orders we got in Q4 and all the activity that came from there. We still see strong growth in our professional services. 12 months rolling software and updates is now at 3.2%. We have previously said we expect that to be about flat when we end the year, and we've given all the reasons for that in previous calls of all the conversions and so on that is happening. Still 3.2% growth in the 12-month rolling for this quarter. Free cash flow, quite strong, EUR 39 million, almost EUR 40 million, an increase by EUR 7 million over last year. Quite a strong cash flow, good cash conversion. Michael is going to get back to that in a minute. If we move to slide number five, we are trying to give you an insight on the two new metrics that we think that are driving the business, the annual recurring revenue, and then the revenue signed on contract until now. If we start with the last one first, we now have EUR 341 million that has already been signed. That is up 6% compared to the same period last year. That is revenue that is on contract by now. Annual recurring revenue is looking at the last 12 months, and that sits at EUR 257 million so far. That is up 13% in local currencies and almost 11% in reported currencies. Our recurring revenue is now growing faster than our revenue, which means that an increasing part of the revenue we generate is recurring revenue. We're quite pleased about that because that gives stability to the business also going forward. If we then move to the next slide, that is the deal list. As I said, there wasn't any new clients in Q1. In Q2, we did sign two new clients, one for SimCorp Dimension and one for Coric, one in the U.S. and one in Canada. Unfortunately, we can't give you names yet. That'll come at a later date when we announce this. A good start to the second quarter, and hopefully a quarter where more gets listed before we meet again in August. Moving on to slide number seven, we are going to talk for the next few slides a little bit about the cloud journey. Many of you have asked about this as we've had calls over the last few months and quarters. I decided that we should give you a little more insight into this. The cloud journey for us is three different things. It's a business model. This is this of we're already in a subscription model. We've been that for a while. We have an agreement with our clients that they will upgrade at least once a year, and you cannot stop paying maintenance or stop paying the subscription unless you have to stop using the software. Exactly the same as any other SaaS business. We have since 2016 delivered SimCorp Dimension as a cloud solution to a number of clients, and today we have more than 50 that are on a solution by SimCorp that is hosted in the cloud, not all of them Dimension, but quite a number of customers. What we're doing now is a technology upgrade. We are lifting the current application to the cloud, and we're building all our new applications in the cloud. That's what I'll focus on. I won't get into the business model, the delivery model, but more the technology side of this. If we move to the next slide, what you can see is that we're building what we call the unified platform. That is the isolating layer between all the applications, the puzzle pieces that are on top, all the applications, and that is how they connect to all the underlying service. In this case, on this slide, we've chosen Microsoft Azure. That is the cloud provider we've chosen. The unified platform will also be able to connect to others, including customers that are on-premise. If you have a server farm running Windows Server or so on in your own data center, the unified platform is connected to that, which means that the applications we're building On top of the unified platform, we'll be able to run both in a customer data center on Microsoft Azure and potentially also on other cloud services should we decide so. Far, we've decided for our cloud service to be on Microsoft Azure. We move to slide number nine, you see the three pieces of the puzzle that is happening. SimCorp Dimension as a Service is the current service we are offering in the cloud, by lifting that on top of the unified platform running on Azure, we're going to be able to get more flexibility for our clients. We're going to be able to scale up and down more easily given that it is a cloud service that we are providing. We are doing this 3-tier lift, I'll get back to that in a minute, what that means. We are splitting our applications from 2-tiers to 3-tiers. That is going to get us an opportunity to be more efficient in what we do. It's going to provide better access to artificial intelligence, machine learning. It's going to enable us to have more open APIs. It's a better security model and so on. All technical, something that's super important as we move forward. Lastly, we are on top of the unified platform, also building a set of new cloud-native services. I'll get into some of those as we go. In essence, we're lifting the existing applications on top of the unified platform. We are operating the existing applications to be 3-tier, and we're building new cloud services on top of the unified platform. That's the journey we're on from a technology point of view. We move to the next slide. That's an overview slide that says, SimCorp Dimension as a Service. If you move to the next one, that tells the progress we're on. We are on a progress from moving from an on-premise software paradigm where the client is responsible for most things, we are only responsible for the software as such, to a technology services paradigm where we do all the technology-enabled services. This is what we do today on SDaaS, the SimCorp Dimension as a Service technology, and then the customer owns running the business processes on top of this. The paradigm we're moving towards is one where we also take care of some of the services, and a good example of that is the SimCorp Datacare service that we provide, where if this was in the old days and it was the SimCorp Gain product we were selling, which is the core foundation of our SimCorp Datacare, then we would sell the SimCorp Gain software to the customer on the left-hand, on-prem. They would host it, they would have the business processes in place to actually do cleaning of the data, and what we're now doing is, if you go to the right side of this, that we are actually selling them clean data. That's the difference in this. That's the progression we're on with many of the products we have from just selling the software to providing the software as a technical foundation to actually also providing services on top of these pieces of software. If we move to the next slide, that's just a detailing of the current offering, the SimCorp Dimension as a Service offering that we have. That means that all of the modules that we have today is running on top of a cloud service, and we are providing all of the services around this. We have a single point of contact for the customer. If they need support, it's us that does this. It's 24 by 7. We are hosting this in an environment where it has security, it has the certifications, it's SOC 2 compliant, and so on. It's all driven by a set of SLAs that we have with the customer. The customer interacts with us, we provide the service. That's the journey towards everything as a service, and today we do this for all the modules that is inside of SimCorp Dimension. If we move to the next slide, that gives you the technical lift, the cloud lift we're doing, and again, to the next slide, which is slide 14. As I said, we are doing what we call a lift to a 3-tier architecture for all of the applications we have today. All of the 20 modules you saw on the previous slide, all of those are 2-tier today. They're client-server, as they are called, and we are now moving that to a 3-tier architecture. That means you're splitting the presentation layer from the application layer. That means we'll have one where there's a database server running, there's an application server that actually facilitates running all the application. That's new for us. This is where the Unified Platform fits in. That is that application server that everything then sits on top of, and then the presentation layer is just a thin client, like a browser or something like that. It allows you to have multiple clients on top of it and so on. That is the split we're doing of the existing software. The application that's going to sit on top of the unified platform will be this three-tiered application that is a lot more flexible in the way it runs. It's a more secure way of doing it because it's all centralized and so on. It is also more scalable as it has shared resources and so on. We'll have the unified platform built. We'll lift all the existing applications on top of that. That's the cloud lift we're doing. We will build all our new applications on top of the unified platform as well, which is what we'll talk about now. If you move to slide number 15, that gives you the cloud-native services. Moving to 16, that gives you that all of the services we're now building, we're building on top of this unified platform, and we're moving to a paradigm where we'll have the applications running, but we'll also potentially provide services on top of this. As I said, Datacare is a good example of where we are providing a business process as a service. We see other opportunities for doing this as well, and providing a SLA to the customer, a service level agreement to the customer of a service rather than just a piece of software. If we move to slide number 17, there's two examples of this. We have now a client digital engagement portal that allows asset managers to engage with all of their customers in a digital way. We are running that. We are providing an SLA to the customer of a service that is set for that, and the customer then they can put their data into this, and their customers can access that. Something we're operating fully as a service. Something we're building as a service is performance analytics. That's a product that we're building out right now. We have a performance attribution module inside of SimCorp Dimension today. To make that truly scalable and real-time, we want to move that to a cloud-native model, and that's one of the services we'll be building. Again, something where customers can sign up for this performance analytics. They can host their own data in this and get performance analytics on the fly. That's the explanation of the cloud services. Summarizing, we're building the unified platform that allows us to run on pretty much any service, that be Microsoft Azure, on-premise, whatever. We are moving all of our applications that is in SimCorp Dimension to that. We're doing that by doing this move from a 2-tier model to a 3-tier model, and we are building all the new applications on top of a unified platform. That's the cloud journey we're on from a technical point of view. From a business model, we've been there for a long time. From a deployment model, we've been there for a long time. With that, Michael, and all the technical explanations, over to the technical explanation of the financials of Q1. Yes. Thank you, Klaus, and I will do it relatively short. The reason for doing it relatively short is that we believe that our Q1 results are very much like we expected. Maybe as an opening remark, I just want to remind you on what we stated in connection with our annual report, where we gave the guidance for the full year, where we also quite clearly stated that we expected H1 to be impacted by COVID-19 restrictions, and that we also expected H2 to be more opening up of the societies and thereby also influencing, you could say, our interactions with prospects and clients. We'll come back to that, but we stick to that prediction. Going straight into slide number 19, where you have the traditional waterfall diagram showing the revenue growth and the EBIT margin. We believe that we have a resilient business model, and that generated a 9% organic growth for the quarter. Just in comparison, the Q1 2022, we had a 0 growth organic. You could say from a like-for-like, we went from 0% growth in Q1 2020 to a 9.4% organic growth in Q1 2021. Looking at the EBIT margin, again, a like-for-like comparison in local currency, a 22.5% margin compared to 17% in Q1 2020, so a 5.5% percentage point increase in the margin, and the reported margin was 22%. Moving on to slide 20. I would say a modest order intake as we also expected at 13%, not 13%, but a EUR 13 million order intake, and that was of course impacted by what Klaus also said that we didn't add any new clients in Q1. Good thing is that we added two new clients in April, one Dimension client and one Coric client, both in the North American market. We have signed some additional license sales, and then also bear a little remark as no new clients coming in in Q1. We also saw a lower order intake of Datacare and other subscription services in Q1 compared to Q1 last year. Moving on to slide number 21, looking at the order book. We did have a large increase in the order book in Q4 last year, and some of this was from a revenue recognition point of view, depending on some conditions to be met, and those conditions were, as expected, met in Q1 and thereby we could again, as expected, revenue recognize those in Q1 2021. That had the impact that the order book declined by EUR 7 million compared to year-end last year. If you compare to one year ago, so end of Q1 2020, actually, the order book increased by EUR 8 million. That increase of EUR 8 million was primarily related to subscription services like Datacare that now account for EUR 70 million in our order book, while it was EUR 6 million one year ago. We have seen a big increase in the order book related to subscription services, which will be revenue recognized as we go over time. If we look at the different revenue lines, they actually all increased in Q1, some more than others, but all revenue lines saw an increase. Starting with the licenses, we had, you can say in%, a pretty large increase in new licenses as we were revenue recognizing some of the orders we had won in 2020. I'll also say the comparison was relatively low. In nominal numbers, it was modest both in Q1 2021 and in Q1 2020. I'll come back to additional license sales and also the contribution of where we saw the growth in additional license sales. Moving to professional services and hosting, there we see or we harvest the benefit of what we did, especially in Q4, where we were gaining a lot of orders on professional services. Also as we have more and more SDDF clients, we get more and more revenue both on hosting but also in the adjacent services in relation to the hosting. You can see both professional services and hosting fees increasing by more than 10%. Finally, our software updates and support increased slightly by 1% organically. As Klaus also said, we expect that to be flat when we get to year-end for the reason explained earlier. Moving to slide number 23, where we have a split of the additional license sales. As you might recall, additional license sales can be threefold. It is more selling to existing clients, it is the renewals, and it is conversions. We didn't have any conversions in Q1 2020 or now in Q1 2021, so there is no impact from conversions. On the other hand, we had an increase in renewals, which is of course also part of our business model that, as Charles also said, we started with subscriptions in 2016, and now we start seeing some renewals coming in. In Q1, we had the revenue impact of two renewals in North America on Dimension. We have some Coric clients which renew, and then traditionally, SimCorp Italiana, they have many one-year contracts which are also renewed in Q1, and that is also what we saw in this Q1. Renewals actually increased by EUR 4 million and accounted for EUR 10 million of the additional license sales. On the other hand, you could say the most existing clients was relatively modest in Q1, and there we had a decrease of EUR 3 million compared to the comparison quarter last year. Going to the cost base. In our opinion, it's the right cost lines which are increasing, and it's the right cost lines which are decreasing. If you look at admin cost, that is decreasing by a little more than 10% organically, while R&D cost, we are still investing into the future, and our R&D cost increased by 5% organically. You have cost of sales increasing 6%, and that's of course related to that the underlying business activity in professional services and hosting were also increasing, and it was actually increasing by more than 6%. We saw earlier on that that was increasing by 10% plus, still some scale in that business as well. Finally, sales and marketing cost. That's actually not something we like to see a decrease in because that's very much related to our sales activity, our meetings with clients, and also commission. As there were less travel due to COVID restrictions compared to one year ago where you don't have the full impact of COVID-19 in Q1 2020, we have less traveling cost, and we, due to not gaining new clients in this quarter, had less commission. Going to slide 25, the cash flow development. We believe it was a relatively strong cash generation, which also underpinned the resilient business model. We increased the free cash flow with 22%, and bear in mind that Q1 2020 was actually also a quite strong cash flow quarter where we increased the free cash flow by 26% compared to Q1 2019. You could say it's two consecutive years where we have had a good start of the year in terms of free cash flow. The 12-month rolling cash conversion is a little more than 100%, which is quite pleasant. My last slide before we go to Q&A on slide 27. It's quite simple. Q1 was as expected, and as we see a good pipeline for the rest of the year, we'll most likely come back to that in the Q&A. We maintain our expectations for the full year. We maintain expected revenue growth in local currency between 6% and 11%, and an EBIT margin in local currency between 24.5% and 27.5%. With that, I would like to hand over to the Q&A session. Thank you. Once again, to ask a question, you will need to press star and one on your telephone keypad, and I'll wait for you to be announced. If you wish to cancel it, you press the pound or hash key. Once again, to ask a question, please press star and one. The first question comes from the line of Daniel Djurberg from Handelsbanken. Go ahead, Daniel. Thank you very much, operator. Thank you so much. Yeah, a couple questions if I may. First starting off, it's always interesting to listen to your comments on the prospect database or your funnel, in terms of your graphical outlook and so on. Let's start off there, perhaps compare year-over-year. Yep. You're asking the pipeline, basically, how do we see that? I think that what we see is that there's an increasing activity level in both our existing customers, but predominantly in prospects as new customers. We're seeing more getting into selection processes, announcing either that they will be doing an RFP or they are in an RFP process. We think that there's more activity. Our sense is that people see kind of the end of the pandemic, or at least some end of the pandemic, getting back to the offices, getting back to something that's a little more normal, and that kind of drives more to want to do something. We think the activity level is high, and if people do what they say they will do, if they actually go through this, then we think second quarter is going to be a quarter with a good activity level. Thank you. That sounds good. A question on the SG&A, hefty or year-over-year drop of 10%, and obviously, of course, some measures, but also on COVID and actually a new way of working, I guess. When the market starts to open up more and more, how should we think in modeling this going ahead? Do you think should we be a little bit more aggressive on SG&A and perhaps not going back to the historical levels, so compared to sales? Just your view on it would be great. I think Michael will answer that. What I said a minute ago, the answer to you, I said we'll see more activity in Q2. We are seeing more activity in Q2, but what I meant was it's going to be the second half of the year we actually think that more is going to come to a conclusion. There's some coming to a conclusion in Q2 as well, but it is really all the activity in half, just so I correct on what I said a minute ago. With the cost, I'll leave it to you, Michael. I think for the modeling, like for revenue, we are comparing, you can say, three months where we had the COVID-19 impact by Q1 2020, where it was only part of Q1 2020 which was COVID impacted. It's the same with the cost. You can say we haven't traveled at all in Q1 2021, while we did travel in part of Q1 2020. I would say, in general, this will be the best cost quarter you will have. You should expect to see some increase in cost levels as we go into the next quarters, because we are very eager to come out and visit our prospects and clients. That also means we will not, like any other company, not travel as much as before, but we would certainly like to increase the activity level, both internally for motivational reasons, but especially externally with our clients. I would say you should expect cost to go up in the coming quarters. Everything is, of course, built into our guidance for the full year. It's a bit abnormal that we were able to decrease the admin cost by 11% this quarter. Perfect. Thank you. A question on seasonality. Recent years, we've seen a more even seasonality compared to the story of the company with a very strong Q4 and so forth. Of course, a new revenue model and so on has been changing a little bit. Underlying demand and the willingness to sign orders, would you say that we will go back to more historical pattern this year, or is it more ad hoc based on other stuff than the normal seasonality. Just your view on seasonality for this year would be great. I would say we expect for this year to be a more normal year. I would say it was primarily 2019, which was an abnormal year. We saw something more normal in 2020. We expect that 2021 to be more like a normal year, and that means that we have high expectations for Q4, as we have also seen in the past. It seems like that's where most people take the final decision, and thereby that is impacting our revenue quite dramatically, that most decisions are taken in Q4. Which is probably even further amplified by the fact that COVID has decided to also leave us Q4 this year. We expect to really be fully back in a normal phase and only in Q4. Perfect. I have a lot of more questions, but I will get back to them later, back to the queue and let someone else. Thank you, and good luck in Q2. Thank you. Thank you. Next question comes from the line of Magnus Jensen from SEB. Please go ahead, Magnus. Thank you very much for taking my question. I just have two questions. First, on your professional services revenue was quite good this quarter, and you say that it's because of the sort of the tailwind from Q4, where you got a lot of orders. Will that tailwind continue into Q2, or is that sort of over now? There's still a very good activity level on professional services in Q2. There's just a lot of work to be done as well. We expect the professional services to stay at a healthy level also in Q2 and Q3. If we keep signing deals in both, as we've done so far in Q2, and we do in Q3 and Q4 as well, professional services are going to follow that. Okay. Quite clear. Thank you. The other question goes to the order intake. I don't know if you will answer that, but if you exclude renewals from the order intake of the EUR 12.6 million, how much was order intake then? That's relatively clear. I think we state how much on order intake. Sorry. Order intake, that's different from revenue. No, because some of the revenue was actually order intake in 2020. You can get the number from us. It's less than the impact on revenue because the two Dimension deals, which is renewal in revenue, those were actually order intake early on. The impact on order intake is less than what you'll see in revenue. If that gives you some kind of indication. Yeah. Okay. That's good. I'll ask Anders for the details. Yeah. Thank you very much. That is my question. Thank you. All right. Next question comes from the line of Klaus Almer from Nordea. Thank you. Yeah, a few questions from my side. The first question goes to the number of employees. As I see, it seems like the number of employees is flattish year-over-year and also versus Q4. Can you try to explain what are you seeing? Are you still adding people, but people are also leaving SimCorp? What are your plans for the rest of the year? So- That would be the first one. from an attrition point of view, our traditional attrition in SimCorp sits around 10%. Our voluntary attrition sits below 7% typically, and the ones we activate sits in the 3%-4% range typically. The attrition rate we've seen throughout last year, 2020, was a little lower, given that people were a little less risk-taking in leaving good jobs and going somewhere else. We are seeing that return to more normal levels in 2021. Yes, we are still hiring new people into the company, but we also stated a year ago that we would try to keep headcount flattish, and that's what we've been able to do. We have staffed up in a number of areas on contingent workers, so more subcontractors and so on for some of our consulting work and also for some of the R&D work. In that sense, there's more people working for SimCorp, but not as employees. Klaus, why is that? Normally these people are more expensive having on your own books. They're also more flexible in terms of in and out. That's the way we've done it. It also depends on where in the world you hire those people. Especially in R&D, we are having our, you can say our subcontractors, our more flexible people, they are hired primarily in Ukraine. That is not more expensive than hiring in high-cost countries. Okay. For the rest of the year, you will most likely, if everything goes as it should, you should see headcount going up for the rest of the year. Yeah. The reason why I'm asking, you have this high growth guidance, and normally that means more people. I'm just trying to figure out whether you're more uncertain about the outlook, especially about timing. Are you going to be more dependent going forward based on independent contractors, or is anything changed to your business model? No. We still have a good mix. We've said for consulting, we previously said we want to have up to 20% of the consulting workforce be flexible in terms of subcontractors, and we're not at that level at this point. Thinking maybe one thing to highlight is that COVID has kind of given us more flexibility to where in the world we hire people, because you can now deliver more remotely, and that has put some fuel to, for example, what we do out of Poland. Sure. Okay. That makes sense. A question regarding the pipeline or projects that have actually been awarded. Have you lost any project that you thought you would win year to date? I think we had one prospect in the U.S. where we were quite close, where they ended up making another decision. We've had one project in the Middle East that was postponed. Other than that, no. Okay. Just also about your order intake. Order intake from existing clients within Dimension is at a low level from a historical point of view. Can you give some more color to why is it that the existing installed base are not buying more Dimension functionality? It's more a quarter-to-quarter comparison. We still expect sales to be at a healthy level for the year. In Q2 it will be bounced back to a more normal level. Is that what you're saying, Klaus? I don't know if it'll be Q2 or Q3, but our expectation and the engagement we have with our existing customers indicate that we'll be able to have a healthy level of both software and services sales to our existing customers. Okay, thanks. All right. Next question comes from the line of Hannes Leitner from UBS. Please go ahead, Hannes. Hannes, thanks for letting me on. Congrats on the result. As Michael mentioned, he wants to talk about the guidance. With 9% organic growth in Q1, maybe you can talk us a little bit what keeps you from moving that upwards, especially as you believe the second half will be second half loaded. What keeps you back? Maybe you can talk a little bit of the expected phasing in terms Coric in Q3 especially, and Q3 are easy. The second one is APL Italiana, a lower recurring revenue payment in Q1 versus inferred that you are almost done with Generali. Maybe you can talk a little bit about your insurance vertically, and then also in terms of the State Street signed deal, how does it progress there? Maybe I have a follow-up after. Yeah. On the first one, on kind of the phasing and so on. If we were confident that people were going to do exactly what they say they're going to do, then life would be a lot easier. We would like to see them actually execute on some of their promises before we do anything. I think that's the easy answer to that one. I would also say Q1 is a relatively small quarter. I think you have to be careful not extrapolating too much on Q1. Also, in all fairness, Q1 2020 was not like a great quarter. Growing at 9% in Q1, as I said, in the beginning, that was as expected, but it's not something extraordinary, and that calls for that we need to change our guidance. What we do is that we look into what did we do in Q1 compared to what we expected, and then how does our pipeline look for the rest of the year? That supports our guidance, and that's why we stick to our guidance. The second one, maybe on the APL, that does reflect that Generali is coming to an end. That's the case. Maybe, Christian, just give an update on insurance in general, and then. Yeah How is the State Street thing going? I can certainly do that. The insurance segment as a whole is progressing quite aggressively. I would say there's kind of a lot of trends that also feed into that. If you follow through the walkthrough that Klaus had on the slides, at some point, we talk about business process as a service, which is to a certain extent, also driven out of that segment where we have a very strong foothold already. What we see there is there's still a very large interest in engaging directly with SimCorp in a traditional front-to-back discussion. That drives a considerable part of our existing pipeline. We can also see that there's quite a great interest in working with SimCorp and our partnerships on the asset services side in combination. State Street is one of them, and that project is kind of progressing well and generates a lot of interest in the market in Europe. There's also other partnerships in that space, whether that's CACEIS KPC or whether it's SocGen. We have quite a nice portfolio of these now starting to generate additional pipe. Some of that pipe is our traditional addressable market. More importantly, some of that pipe is also outside our addressable market, which is obviously nice for us that people go out and sell their services based on our platform. We're starting to have a kind of a multi-faceted approach to that segment of the market, and it's something I expect we can continue to build strength in that space. It's clear State Street has taken that to another level, but it's not all dependent on Space3 only. Okay. We'll see if we can be a little more specific in future quarters. Our expectation is our partners in this space will sign multiple deals in 2021 based on SimCorp Dimension and in the market segment tier just below where we would normally sign. Yeah. Great. That's very helpful. The last bit is just on the latest trends around cryptocurrency. Do you expect there to develop a module which you can then sell to your install base? Or is this part of the current, just of the normal development and progress to add that potentially going forward? It is unfortunately just another currency. Okay. Thank you, and good luck. Thank you. Sir, your next question comes from the line from Gautam Pillai from Goldman Sachs, sir. Please go ahead. Gautam? Can you hear us, Gautam? Yes. Go ahead, please. Yep. Great. Thanks again for taking my questions. I just wanted to come back on the pipeline points that you made. It looks like obviously the activity has been very different than what you planned. My question is more around the dynamics of how the pipeline was built. Has anything structurally changed through COVID, especially from a competitive landscape standpoint? No. I would say one of the reasons why we have good confidence is that a lot of the deals we see coming through the pipe now are what I would say SimCorp classic. They really play well to our key capabilities. What is coming on top is that increased interest that we see based on the service offerings that are now starting to get more and more validation in the market. That combination is quite strong, and that also plays into the existing customer base. From a regional point of view, I would say balanced. North America, and you can also see they signed the first two deals of the year, are still generating good activity. Europe is kind of catching up, and Asia is also there. I think the positive side is that we see a lot of good deals that fit what we do quite well. The risk is predominantly a timing risk. That's serious because we might start to feel here in Denmark that things are a bit more open. There's still, to a very large extent, we are into Q4 before we can start to plan face-to-face meetings on a global scale. We can see deals take longer time if you can't get together face-to-face. That's really what still drives a lot of uncertainty, I would say. Got it. We want to see people start to execute on what they say they'll execute on. That's nice. Yeah. In time. There's a lot of products out there. Sure. Thank you. Makes sense. Secondly, I had a question to Michael on the ARR definition. Extremely helpful, but is it just to kind of understand what you're putting in there, is it some of maintenance subscriptions and recurring services? Any kind of thoughts on how this mix shift is happening between maintenance and subscriptions? Also, is there any IFRS 15 impact in the ARR metric? I would assume not, but just wanted to be sure. No, there should not be any IFRS impact on the ARR. I think that's actually the beauty of ARR, that it's probably a better metric or KPI for explaining, you can say, the underlying development of our business. That is not the case. I think the stuff you mentioned there with the ARR and the maintenance and the recurring services, that is exactly what we have included in the ARR. It's all the recurring revenue and not the one-off. On the mix of maintenance with the subscriptions in the ARR right now versus perhaps two or three years back, any directional color on that? It is clearly that the maintenance part is becoming it in the book. You see the other lines. That's a driver of the increase. If you see kind of what we are saying on the first page, where we're saying we think that on a last 12-month basis, then maintenance is going to be flat over the year, and yet we are growing ARR by 10%. That kind of tells you that 10% growth is something different than eight and six. Sure. Makes sense. Lastly, a question on the cloud part of the business. As you explained to us, your platform is built on Azure. Is it some sort of a limitation when more customers are employing a multi-cloud strategy, and application software vendors try to be infrastructure-agnostic? The unified platform we're building is infrastructure-agnostic, if you will. That'll run on a Windows Server, it'll run on the IBM infrastructure we're providing to a number of our cloud clients today, and it will run on Microsoft Azure. In kind of the native cloud, we've decided to go Microsoft Azure first. We have a very good partnership with Microsoft. They are helping us quite a bit, both on the technology side. They're also engaged in bringing the product to market to their clients and so on. We have a very good relationship with those. If we end up with a number of customers that are saying, "We really want to do something different. We want to be on Google or Amazon or something different," that is an opportunity we have, then we can take the unified platform and make the connection to whatever that cloud solution is. Our wish is to not do that because the fewer platforms we are going to operate on, the better. If a customer says, "I want to take your product and deploy it on Amazon, and I'll run it. I, the customer, will run it because I'm cloud-agnostic," you can do that. We've got several customers who run SimCorp Dimension on Amazon today, but they are self-hosting it, if you will. They're not asking us to run it as SimCorp Dimension as a Service. I think the trend we are kind of reacting to is if you go five years back, one of our customers would typically go out and choose a company-wide cloud relationship, and then they would gradually move their applications onto that. That's not really the way it works these days because if you look at what some of our biggest customers do, they basically rank their top 10 technologies, and if those top 10 technologies have a service offering, they go with that first, and then they would choose a cloud vendor for the rest. That's because they ultimately want the SLA to be owned by the software provider in the end. Then, obviously, in that context, whoever fuels the service offering is of less importance. In that case, we still believe that Microsoft give us even further power in that space. As an example, I'll tell you that we've moved all of our infrastructure at SimCorp, all of our development servers and everything else we can find, we've moved to Microsoft Azure. We've also implemented Workday as our new ERP system. I don't think we've mandated Workday to be on Microsoft Azure. Got it. All right. Thank you so much for taking my questions. All the best for the remainder of the year. Thank you. Operator? Hello? Yeah, sorry, I was on mute, sir. Yeah, I was on mute, sorry. We have one final question, and that comes from the line of Thomas Paltrops. The line is now open. Please go ahead. Yes. Good morning, Klaus, good morning, Michael. Thank you very much for taking the question. I just have two, actually, following up on the previous question. First of all, on Services, it was quite impressive to see the 12.5% organic growth at CC. I think was that supposed to include contribution from Services delivered to the stage 3 deal that you signed in Q4? As of Q2, there will be stage 3 contributing to Professional Services and also lower comps. Is it reasonable to expect an acceleration in the growth year-on-year for Professional Services for the rest of the year from the one that was recorded in Q1? I would say for the Professional Services, that consists of many things. It consists of some implementation projects, that is, of course, related to what we have signed both in the past and recently. We have also some services related to our hosting and some ongoing recurring services. What we saw in Q4 was that we were building up the pipeline for going into 2021, of course, we're benefiting from that in Q1. As Klaus also said, we see that going into the coming quarters as well. Of course, we need to win some new implementation projects, which we also expect to do to keep up the high momentum. I'm not sure that answers your question, but it is a combination of all these, which means that we believe that we will be quite busy in Professional Services in 2021. All right. Okay. That's helpful. Thank you very much. Maybe a very last one on the pipeline again. I was just wondering, because last year in 2020, maybe what was the average sale deal size that you signed on Dimension? How do you see the pipeline evolving from a size of the deals point of view? Do you see these larger deals coming back to the pipeline? The pipeline is a good and healthy mix of small and large deals, and you could say if you add up all the pipeline, then it sits at a value that is higher than what we saw at the same time a year ago. The mix is big and small amongst each other. Whether it becomes a bunch of small deals that end up signing or a few large deals that end up signing, that depends on who's willing to put the pen on paper. We're negotiating both small and large deals. I think it's fair to say we see more of the larger deals in our pipeline now than we saw one year ago. All right. That's very clear. Thank you very much, and have a good day. Thank you. Thank you, sir. No further question at this time. Please continue, sir. That's the final question on the line. Very good. We don't have any questions on the web either. We will conclude the call here and say a big warm thank you to all of you for participating. We hope to see you all back in the call we have after the first half of the year. Thank you and have a wonderful day.