Good day, and thank you for standing by. Welcome to SimCorp's full year presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. If you'd like to ask a question during the session, you'll need to press star and one on your telephones, or you can submit your questions via the web. Please be advised, today's conference is being recorded. If you require any further assistance, please press star zero. I'd like to hand the conference over to your speaker today, CEO Christian Kromann. Please go ahead. Thank you very much, good morning and welcome to everybody. I will start with some introductory comments about Q4 and full 2021, and then we will hand over to CFO Michael Rosenvold to talk about the actual numbers behind it. Let's get going. First, a quick reminder of disclaimer. Most of you know about that one right now, but it's always good to make sure you are familiar with that. Let's start with the Q4 2021 highlights, and let's work our way through it. First and foremost, Q4 at a glance. As always, I was almost about to say Q4 is crazy busy here in SimCorp. Let's see if that's gonna continue once we get more and more towards a SaaS company, but certainly this Q4 was not different than any other Q4 and is probably even more extreme than what we've seen before. That also means we come out of Q4 with our arms over our heads and we are quite proud of what we have achieved. Order intake of DKK 67 million, DKK 10 million up compared to last Q4, and that results in a 9.6% revenue growth and a DKK 45.3 million EBIT. All in all, good growth across top line from every angle and also through the bottom line. A small drop in terms of 12-month rolling software updates. I don't think there's any particular comment around that. A very strong finish towards the year-end on professional services growth. Some of that is certainly driven by additional demand, but some of it is also linked to one-off payments linked to significant go lives at large customers, which we're obviously extremely happy about again. Free cash flow, I know Michael will comment more about what's going on there, so let's not dwell further on that. That takes us to a full year of 2021 with a very high order intake, almost DKK 22.5 million, up to DKK 137.6. We're obviously extremely excited about that. Leads to an 8.8% growth, which I'm particularly happy about that we are back on a growth trajectory compared to 2020. That obviously was highly impacted by COVID. It's great to see that the company is back where we belong and where we've been historically and hopefully also going forward. That results in a DKK 132.4 million EBIT, which is DKK 8.1 million up year on year, which is obviously good as well. Very large order book, DKK 73 million. We're obviously going into 2022 also with some good confidence on that. Across all quarters, we end up with an 8.5% growth on professional services. There, we are also particularly pleased that we're also seeing the recurring part of our services growing quite nicely. Finally, DKK 78.6 million in free cash flow. The two numbers that are extremely important for us internally in SimCorp, and we are actually making those numbers even more important going forward as we are starting to base both our short-term incentive program and our long-term incentive program on our annual recurring revenue. We are currently using a last 12 months measurement, which doesn't take into account future committed recurring revenues that we actually did sign quite a few of in Q4. That's the number we use, and that took us to 10.5% year-on-year. We are actually now continuing to see that our growth in our recurring revenue is higher than the revenue growth, which is also something we were gonna talk about when we get to our 2022 guidance. DKK 323.2 million revenue signed on contract, and that's also growing quite nicely. We're doing the right things, and we are also growing our recurring business, which was really where we started out the year with a lot of focus on that. I'm gonna come back to how we see the existing customers impacting on this, but as we always do, we also talk about new clients that have joined through 2021. It's a little lower than what we hoped for when we started. I would say Europe, we're very happy with what came out of that. Good sizable contract that was signed in competition with our hardest competitors. And we also see that we continue to sell both Coric and our data management products quite well. Most of the deals we do are front to back. They are cloud. We are obviously quite pleased to see that. And now we've talked through the year about APAC and North America being a little slow. That continued through Q4. With that in mind, I also wanna say that some of the things that we hope to start to see is now starting to come through. We see deals that we would have expected and had worked on all the way back to 2019 and 2020. They are now coming back to surface, and we are obviously tapping into that quite a lot. I was fortunate enough to be in New York for the first time in two years, a couple of weeks ago, and it was great to see there that the team is also coming back, and I hope to repeat that going to APAC in a couple of weeks from now as well. The world is opening up, and we are obviously very hopeful that we can also deliver to the level that we delivered on EMEA in North America and APAC. A new invention, or at least, a proof point that a new invention that we started a couple of years ago, is now starting to also drive additional footprint in terms of our customers. We are now announcing three additional SimCorp Dimension customers that have been created through what we call channel play i.e., a distribution channel that is not controlled by our own sales force. If we go to the next slide, let me quickly talk a little bit about that. As I say, three new channel play deals in Q4. This is now de facto another sales channel that allows us to do two things, that allows us a wider reach because we are tapping into the sales forces of those partners that are either custody banks or asset services. It also allows us to go deeper into a TAM that we normally don't go into directly as SimCorp. That's obviously generating additional revenue and enables us to extend our global reach. It's not gonna move the needle substantially where we are now, but it's something that we believe is now emerging from being a new innovation the last couple of years to now actually proving that this generates both additional new names as customers, but also generates revenue where the cost of sale is really low. As you've probably all seen already, we are particularly enthusiastic about the commitment from our existing customers through both in Q4, but I would say through all of 2021. We're quite excited by it for a few different reasons. A lot of the customers, and we've talked a lot about that in some of the previous quarters, it's basically linked back to a lot of the work we did a couple of years ago understanding the customers very deeply. It's also linked to the fact that we now have a certain amount of maturity in running SimCorp as a cloud. Even further, we are now starting to see that what we kicked off with Data Management Services and what we're also kicking off now with Investment Accounting Services, you're basically getting customers to move along that entire value proposition or customer journey, if you will. That results in increasing share of wallet, and it certainly also strengthens the client relation as well as increasing our overall cash flow. Quickly, a quick step back to a slide you've seen before. Obviously we keep on referring to 300 customers. That's still the case. 50 of them are already moved, some path of the as a service journey, but that also means another 250 are out there. I would say a lot of customers are now moving into having multiple products, but also there's a lot more opportunity to capture. We still have a market share of 16%. We continue to push the envelope there. No change of that. But we will keep you updated on how we progress on that. All right. I would say through 2021, a lot of the work that I have spent my time on was to take the strategy that we kicked off in 2019 and really get it into what I would call strategy execution and really starting to change our company to take full advantage of the opportunity that is outside our windows. A quick update on 2021, where we believe we have solid progress across multiple angles. First and foremost, one of the things that really excited us towards the end of 2021 was that we managed to innovate and build an ESG solution that supports both the compliance elements of trading ESG, but also take full value of the front-to-back value proposition of SimCorp Dimension as we know it. That actually resulted in more than 25 customers signing up to this. We have a very nice walkthrough of what that solution actually does in our annual report. If anybody are interested, you should tap into that. We launched our investment accounting services, which is another example, as I said, where we are starting to take the advantage of the automation that our underlying software can do for our customers, allowing them to reduce the time they spend on actually producing accounting entries. Already today, we run more than EUR 25 trillion through the accounting component of SimCorp every day. We believe that we are quite far in our capabilities across multiple jurisdictions and multiple asset classes in doing this, and we now wanna launch that as a service. It's an investment case for 2021. It's also an investment case for 2022. I'm quite pleased to say that I'm confident that we will sign our first customer in Q1, and I would say that's better than I anticipated, and then the momentum hopefully will build from there. We launched a new cloud-based data warehouse, and we decided to power that with Snowflake. Once again, we're moving a step up in terms of our capabilities of taking advantage of the one version of the truth data that is produced through the IBOR and the ABOR of SimCorp Dimension and the additional software assets we have around that. Finally, continuing and actually extremely strong momentum on alternatives. Actually, alternatives had the best year ever in SimCorp, meaning that we sold more solutions for alternative support than we've ever done before. We are also gradually building the ecosystem around alternatives, both with Colmore from an operational point of view, but also for the support on the other side of the alternative with the partnership we announced with Domos earlier in 2021. If we look at kind of the traditional three parts of our strategy that we've been talking to you about for multiple meetings, the customer experience leadership, I think we're now seeing the return on that investment. A lot of focus is currently on what we call everything as a service, which is gonna become very, very precise. What exactly do we mean by that over and above the cloud enablement? Finally, a quick update on the ecosystem-enabled innovation. If we first tap into what's the status on the cloud-based offering? In 2021, we onboarded another eight SimCorp Dimension customers as a service. That's a mix between new customers as well as existing customers that chose to migrate on that journey. What is particularly exciting from the existing customer base is that we set out with a strategy that we wanted to have one big, one medium-sized, and one smaller customer signed up, so we could build a repetitive scheme for these things. I'm very happy to report that is exactly what we did over and above the five other customers that we moved. We are really now starting to see the momentum that we've been talking on for quite a long time about that we can start to move existing customers onto that, which is for many, many reasons, a very large opportunity for SimCorp. We have 34 customers on Dimension that is now running as a service. I would say we have now scale in that, which means that we have done the investments also into Azure. We are getting the first Azure-based customers live shortly, but we also have an operational setup on a global scale that is now ready to take on more business. Overall, if I sum everything up, we now have more than 50 customers, including the Coric and Gain side, and also Sofia, we are running things as a service. Five out of eight of new SimCorp Dimension customers were existing customers, as I just mentioned before, and seven out of 34 actually signed up with the Microsoft-based solution. Some of them are going live in this quarter, but we also start to see that we're building real momentum on that. 75% of all new SimCorp Dimension clients onboard in 2021 chose SaaS as a solution. We continue to see the trend of new customers choosing that with a few exceptions, but the real move is on the existing customer base. The whole element, and I, you know, gonna deliberately introduce a word called platform. It's very much how we are increasingly seeing ourselves and the role we play in the industry we are. We have 300 customers. We are growing that with somewhere between 10 and 20. We talk about that quite frequently. No matter whether it's 310, 320, or 300 customers, we have a real solid footprint in the industry we serve. It's become increasingly clear that by opening up through the cloud technology enablement we've done on the API, we can actually play an even larger role at our customers than just in brackets providing our own software and services. This is now becoming what I would say real. We built partnerships with more than 20 companies. Some of them are fintech, so they are software companies as we are. Some of them are international financial institutions, where the integration is ultimately increasing the STP rates for our customers. The whole thing is built on the fact that our customers are asking us to take this role for them and help them navigating through that. The partners that are signing up with us are happy because they're tapping into our customer base. In the end, we are happy because in we can derive value out of this, and we can drive the partnership with our customers to an even further strategic point of view. This is also becoming more and more a pipeline for us to see if we can fuel our M&A ambitions over the years to come because we are getting more and more knowledge of really good companies that are out there. If we then drill a little bit on what are the strategic priorities, for the company and for the team, that is certainly, and you can hear that through everything I say, accelerating the opportunity we have in the market for SaaS. That's both enhancing our SaaS solution, but also making sure that a substantial part of our customer base is choosing to do their SaaS transformation with SimCorp. That's piling up quite nicely. It's obviously for us a balancing act to not take more than we can chew. What I mean by that is quite important for us that our customers get a premium experience from onboarding from an on-prem relationship to a software as a service with us. That's also why we are quite ambitious on how we invest into this. It's all linked to a fundamental assumption that the demand is increasing. That's what we saw through all of 2021, but accelerating, especially in Q4, and now leading into 2022. We're gonna come back to that when we talk about guidance. We wanna extend our front to back leadership. That means investing more in our own technology, but also investing into further partnerships. That's the final part, making sure that we now keep the trends that we have on our ecosystem and leverage that from all the people involved. I would say we got into 2022 with some positive news. We already signed the first SimCorp Dimension customer, and we also have signed a new customer on SimCorp Sofia, which is a long time ago, but it also proves that building good and strong software keep you in the market for many years. In the end, I generally feel that we are uniquely positioned for future growth. Let me give you a few examples of why I believe that is. If we take a step back and look at the mega trends in the industry, as you know, let's see, at least when we wrote the report, there was still a low interest environment. I think it still is, but there are certainly many things going on, both in terms of inflation, unfortunately also the risk of war that could potentially change this in one or the other direction. I think no matter what, we have seen a shifting trend towards both passive and alternatives, and we certainly need to make sure that we tap into that. Digitalization will not leave no matter what happens. A lot of the investments we do into cloud-enabled parts of the functions we do is certainly coming back with good returns. Shift in demographics and client expectations, I think we've learned our lessons and really, I think the opportunities for SimCorp as a global company are now bigger than they were two years ago. No matter what, unfortunately also increasing regulatory complexity. Obviously, for us, that's an opportunity, for our customers, it's a burden. In the end, if we also look at the industry dynamics, fees under pressure, more and more focus on ESG. We have some industry consolidation, differentiation, and we have a fundamental drive towards transparency and efficiency. That leads to a discussion about outsourcing. I think our view is that we actually have a real opportunity to deliver both a really efficient SaaS solution, but in some examples I just referred to on data management and accounting, and most likely more, we are actually starting to move the needle towards things that we can automate using our technology. I think the outsourcing discussion is also gonna come to a discussion about how far can you actually come together with your technology provider. We certainly see that some of our customers are choosing to insource some of the stuff they outsourced historically, because now they can get an extremely efficient platform with what we do. A lot of outcome-based, we talked a lot about that. That links to how we drive our customer relationships. All asset classes are here to stay, and that's also why I'm particularly happy to see that our investment in alternatives in ESG is on the same platform as all the liquid instruments and the true multi-asset coverage is more true in SimCorp than what we believe in any other of our competitors. Finally, focus on operational efficiency, that's gonna be essential in order for us to be able to drive margin out of taking more and more SaaS responsibility. Of course, in the end, making sure we take full leverage from both cloud and also the whole data trend. We believe strongly that we are well-positioned for this. We have a front-to-back system that is seamlessly integrated across the operation now with client reporting and data management fully integrated to the platform as well. As you can see, we've done a little bit on the look and feel of how we're presenting these things to make sure that everybody now understands that these things are fully integrated the way we sell it, the way we implement it, but also the way we operate it. Just as a reminder about the journey that we're on. We, as I just said before, have roughly 300 customers, a little bit depending on how you're counting. 50 of them are now in the SaaS environment where we are taking the technical operations, and we're starting to see a trend where more and more are then going that additional one up to where you have the red fund talking about Datacare and Investment Accounting Services, where they go that extra step and allow SimCorp to use our technology to automate their processes and ultimately allow them to focus on what they're really good at. When do we stop? The goal is obviously to have every 300 customers move forward, far up to the upper right corner that we possibly can. That would obviously take time. It will also take investments. With those words, Michael, why don't you take us through the 21 numbers and lead us into the discussion about guidance as well? Thanks a lot, Christian. I will now take you into the details regarding financials. I will start on page 25. The overview is that we did manage to make a revenue growth of almost 10% in the last quarter and having a margin of 34%. Especially the 10% we believe was quite nice, as Q4 2020 was a very good quarter. Being able to grow, or based on a high base, at least that's something we were pleased with. The currency gave us a little bit of a tailwind in Q4. After having a headwind in the start of the year, we got some tailwind towards the end of the year. A positive impact of more than 2% on revenue growth and 0.4% on the margin. If we take the full year, then the FX almost were neutralized. Reported numbers were very equal to organic numbers in local currency. We managed to end the year with an almost 9% growth and almost a 20% margin. If you then go to page number 27, you can see the guidance we submitted one year ago in connection with our annual report 2020 didn't change during the year. We ended the year on revenue growth in the middle of our guidance and on margin at the upper end of the guidance range. The next slide, on slide 28, here we are trying to illustrate the changes we are undergoing right now because you can say what we traditionally have done is that we have sold licenses on-premise, and then you can see we have two service applications. We have a license, one which we revenue recognize upfront, and then we have software update and support revenue, which will be revenue recognized over time. And there you see on the left-hand side, both, you can say the revenue recognition and the cash flow. Now, what we are seeing is that we are going more and more towards SaaS and also SaaS and business services. If we start with the middle column, software as a service, then what you typically see is that we have four service applications where it is only the license part, which is revenue recognized upfront, while the remaining, and in this illustrative case, which is of course to some degree quite realistic, we have around the 75% of the revenue which will be revenue recognized over time, over the period. Of course also, as you are selling more hosting and application management and so on, then also the total numbers are going up. You can see the more and more you move towards the right-hand side, then you see more and more being revenue recognized over time, and you see more and more being recurring revenue instead of non-recurring revenue. I hope this gives you a kind of illustration of where we're moving from on-premise to software as a service, to software as a service as plus business services, and the way, of course, that will have an impact on the way we revenue recognize the orders. If we go to slide number 29 about the order intake, I would say nice to see a record high order intake of DKK 67 million in Q4. It's actually 10 million up, and for the full year, it's DKK 22.5 million up compared to last year. As Christian also said, we made one new SimCorp Dimension and one new standalone Coric deal in Q4. What was especially driving the high order intake was the many and significant deals we did with existing clients. If we go to slide number 30, you can see, as Christian also said, the order book is going up. It's going up when we compare to same period last year with almost DKK 70 million. I would say the main driver for the increased order book is that now we have more Datacare in our order book, and as we revenue recognize over time Datacare, that is building up the order book. So the increase of DKK 70 million is primarily related to increase in Datacare. Going to slide number 31. If you look at Q4, you see an increase in licenses of almost 21%, primarily driven by a high additional license revenue. Software update support was slightly up compared to same quarter last year. As Christian also said earlier on, professional services had a quite solid growth in the last quarter of the year and also for the full year. Hosting and order fees were a little down compared to last quarter. That was not because of the less hosting, because we actually did more hosting, but we had less sale of third-party products in Q4 this year compared to last year, or in 2021 compared to 2022, 2020. Going into the different components of the additional license sales on page 32. If we look at the last quarter of the year and most importantly, the additional regular license sales, so cleaned for conversions and renewals, that went up by DKK 11 million and ended up at almost DKK 30 million. Renewals were a little higher than Q4 2020, and conversions were also a little higher, DKK 2 million higher. The main driver of the growth in additional license revenue in Q4 was, you can say, the upselling to existing clients, and it was not due to renewals and conversions. If we take the full year, again, additional regular license sales were up by DKK 8 million compared to last year. This is actually the highest level for the last five years. I haven't gone back more than the five years, but in the last five years, it's probably the largest ever. So a pretty good additional regular license sales. Going to slide number 34, where we have the cost development. We did also have a large increase in cost in Q4. Some of it was due to increased hosting costs, some of it was due to higher salary costs as we provided for bonuses and commission. We had a relatively low level of admin expenses in Q4 2020. The base was low for comparison reasons. If we take the full year, the cost growth was about 9% in local currency, and that was primarily due to increased hosting costs and increased salary costs. On page 35, the free cash flow was a very modest free cash flow in Q4. The main reason being that we paid a one-off payment of the Danish Holiday Act. That was something we already said one year ago that we would pay. That happened in Q4. We had postponed payments of income taxes or social charges offered under government COVID-related support schemes, which were postponed from 2020 to 2021. We ended up with almost DKK 80 million in free cash flow, a cash conversion of 71%, which was in line with our guidance, our outlook of between 70% and 80% for this year. My last slide before we go to the outlook. If we look at the distribution of profit, you can see that we in 2021 paid back to the shareholders DKK 40 million in cash, sorry, in dividends, and we bought back shares of DKK 40 million. In total DKK 80 million. You can say of the free cash flow of DKK 78 million, we paid all of it back to you as shareholders. As we also announced, we will do a cash dividend of the same amount as last year, DKK 7.5. We do have a little more own shares, so that's why the number is a little lower. We anticipate, or we have started a new share buyback program of 2x DKK 20 million. My last slide before the Q&A, the full year guidance, the full year outlook. We do expect a revenue growth in local currency between 7% and 12%, of course. We do expect to generate an EBIT margin between 23% and 26%. Of course, very important to notice here, included in the expected EBIT margin is a negative short-term impact of around two percentage point from planned investments in the future. Those investments are in our new software service operations and solutions, among other things, investment accounting services. We're investing into those. Also quite important to notice that we do expect this to lead to additional revenue and higher EBIT margin in coming years. We also do anticipate a higher salary increase in 2022 compared with the recent years where salary increases have been more modest. Finally, and that is, for us, quite important, we do expect the annual recurring revenue to grow more than the revenue. While normal revenue is growing, expected to grow 7%-12%, we expect annual recurring revenue to grow 10%-15%. By this, I will hand over to Q&A. Thank you. If you would like to ask a question over the phones today, you can press star and one on your keypad, and it's the hash key to cancel. Star and one for questions over the phone, or you can also type your questions into the web. Our first question today is from the line of Daniel Djurberg from Handelsbanken. Please go ahead. Thank you so much for taking my question. I have two, if I may. First, on the professional services outlook for 2022, if you could comment a bit on your pricing power versus the cost inflation. Also, if you could comment on out of these 200 basis points margin impact from your, how much is the source investment, and how much is the buffer for the compensation? Thank you. Yes. I will take that one. So first of all, professional services, there we will of course increase our price list according to what we see in the society of inflation. So we will do that, and that will be reflected in our updated price list. Of course, some of the contracts we have is based on, you can say, old prices. There might be some inflation adjustments, but there will also be some contracts where you don't have inflation adjustments. Then also, when you're talking about professional services also for new contracts, it is of course, you can say, always a negotiation. I think the entire world has noticed that there is an inflation, there is an increased cost. We also believe that we'll be able to increase our prices toward our clients. The other question regarding the 2 percentage points or 200 basis points, those are all related to extra investments. In the 2%, there's no, that is not impacted by salary increases. We're just saying that we will have, you can say we both do an extra investment this year, and then we also have an increased cost pressure from higher salary increases, and those are both included in our guidance. Got it. That's great. May I also ask you just for housekeeping, how the, you know, software as a service and the business process or business service as a service, let's just say, how that impact the profitability year one? Because I guess you will have at least 20%... Less revenue recognition year one, compared to if you would only go with software as a service, if you look at page 28, while you obviously come back to page. How do you think? Yeah. I think you're falling a little bit out. I think your question was related to what impact will it have with the BPaaS with the services on the margin? You're right. Yes. That there will be, you can say, in itself a margin dilutive impact because we're making higher margins on selling licenses which will be upfront revenue recognized than BPaaS services, where we will revenue recognize as we go. What we will see is that we do some investments that we, you know, invest in people and systems ahead of the curve. At the same time, when we then get the contract, then of course you will have, you can say, an alignment between the cost involved and the revenue recognized as we go. There will be some upfront investments, and then you will have, you can say, a lower margin on BPaaS than you will have on licenses because that's a very high margin, of course, because you have carried out all the costs beforehand. Yes. This is also obviously in your new guidance. Yes. Yes, I agree. Yeah. Yeah. Perfect. Thanks. Agree. Thanks. That's all for me. Thank you. The next question is from the line of Johannes Langer from UBS. Please go ahead. Yes, thank you for letting me on. Congrats to the results. I have a couple of questions. Maybe, in beginning of 2021, when you provided the guidance for that year, you talked about the conversion impact. Maybe you can remind us what will be the conversion impact for this year. The second question is about the U.S. U.S. revenues were flat year-over-year. Maybe you can talk about the moving parts and how the pipeline is shaping up there. Lastly on that topic, in regards to sales, people and headcount in the U.S., how did that develop throughout the year? If you saw the war of talent, could you backfill that? When should you see the pipeline building? Then the last question is around your commentary about the margin decline that you are increasing investment to spur growth. What should we expect to add on revenue growth going forward? Then also, are those costs now as we see the second year of a 200 basis points margin compression because of investments, should we expect that to continue and you need to further invest in the product? Or is this now kind of the trough from here and we should see margin expansion? Thank you. That was quite a few questions. I will see if that's as normal. I will start with your first question regarding conversions. You're absolutely right that we also gave the guidance last year about what we expected in conversions and renewals. I will say what we have included in our guidance this year is renewals of about the same size as last year and conversions a little higher than last year. A little higher conversions in 2022 than in 2021. The reason for that is that we can simply see that a lot of our clients they want to buy more. In connection with them, they want to buy more going to a software as a service contract, then they will also ask for converting from a perpetual license agreement to a subscription license agreement. We do expect a little more conversions next year than this year, and that's also the trend we have seen over the last three years. Let's see what are the other questions I should... I take a few of the questions. Okay. I can stop. If we kind of start with the way we think a little bit about investments, right? There's basically at least three layers, right? We can discuss each of them. There's the obvious investment into our underlying products. There we are continuing to add a little more functionality. ESG is a good example of something that was a net investment that converted into quite nice business on the back of that. We will continue to do that for both, for two reasons, to protect ourselves and our existing customer base and drive additional, competitive angles in that, right? I think I also indicated that some of that is now we're looking at the ecosystem around us to make sure that in the end we can basically, win as much business against competition as we possibly can. We're also continuing the cloud technology upgrade, and we are continuing that over the next years to come as well. The few investments that are unusual, if you will, and let me tell you what I think you should expect going forward as well. The Investment Accounting Services is a net new thing, net new for us to tap into. It basically requires people with a knowledge skill set that we currently do not have, but it also requires that we put in some additional investment into automation, et cetera. But it gives an additional share of wallet that we otherwise do not tap into. There's a but in that, and I'm gonna come back to that. You can say either that's successful, we will see that through 2022 certainly. If it's successful, we're gonna continue to invest. If it's not successful, we will close it down. It's an isolated system, if you will. The other thing, and that's something we probably need to get used to talking about with each other. As long as there's a positive forward load of customers that wanna close down their on-prem installation and move on to cloud, then we will need to continue to invest ahead of the game. Because otherwise we do not have the capacity to onboard the customers at the pace we are. Also there, it's not something that we're doing blindly. We're obviously quite carefully assessing the opportunity as it goes, and if the opportunity slows down, then we'll just slow down the investment. I think that one, it will always be a negative the day we stop investing in a forward-looking as-a-service. I think we need to talk about net new stuff we do to enhance the share of wallet or increase competitiveness, and then the other thing is the transformation of our existing customers to cloud. That's kind of one system. You know, we can follow up on that. The other thing is North America that you talked about. North America has obviously been a growth vehicle for many years. I would say for me, APAC is a little bit in the same category, obviously with less impact. They both need to get out of their COVID hibernation, if you will. We believe they are. At what pace they get out of that, we still don't know because it's really something we only start to see towards the end of Q4. Our ambition is to get them back to that. We're actually doing quite a lot of work to understand if anything from a market requirement point of view in North America has changed. We can certainly know that we know their service enablement thoughts are more advanced than in Europe, which is linking back to the Investment Accounting Services investment that we're doing out of North America. Otherwise, North America haven't changed. We are confident it will get back to something that will drive our growth going forward. It's certainly an area where we need to make sure that after two years of slowdown, is the market coming back in the same way, or are there other trends we need to tap into? I think the final comment that I wanted to respond to was the war for talent. That's certainly happening everywhere in the world. We kind of see ourselves as an attractive employer. We're doing a lot of things to make sure that's the case. You know, needless to say, we all know that this is happening outside our windows, so a lot of focus is also going to making sure that our current employees are happy. We also need to make sure that we are making the right bets in terms of where we place headcounts around the world. While I'm responding to that, I know at some point there will be a question about Ukraine anyway, so I might as well respond to that already now. As most of you probably know, we have quite a few very good colleagues and friends sitting in Kyiv. I spent a lot of time in the last weeks together with the senior management team in making sure that we are doing exactly what we would do with colleagues and friends no matter where they sit. We're giving them the options they need, both for themselves as their families, and we obviously have multiple scenarios. I fundamentally hope with all my heart that the most extreme of those scenarios will never become relevant. We also do it with respect for our Ukrainian colleagues that certainly are very proud people that have a strong connection to their country. We're making sure they are we're doing what we can as a company, and they know that, all of them as well. Did we miss anything? I think in terms of just the SaaS growth to maybe give a soft guidance around what you expect to really add to the historical around 10% constant currency growth through that through those investments. I think we are. This is where it's gonna become educational a little bit, right? To present ARR growth. There we feel that we are taking a step up in terms of what we hope we can drive that towards. That's certainly driven by our confidence that we can continue to new with new business, but it's certainly fueled by the trend we see from our existing customer base. Exactly, precisely what that means, I think time will show, but at least we're leaning out of the window with giving a 10%-15% guidance. That's ultimately also a long-term guidance, if you will, because the impact of generating ARR above 10% is a long-term positive trend, right? Great. Thank you. Good luck for this year. Thank you. Thank you. The next question is from the line of Claus Almer from Nordea. Please go ahead. Thank you. Yeah, also a few questions from my side. The first is more for a clarification. Michael, you said flattish renewals in 2022 embedded in the guidance. Does that only include Dimension or it is for all your products? That would be the first. All in total. You have the renewal number in the report, and we expect something similar in 2022. That is a total number covering all our products. What would it be if it was only for Dimension? Because the other products typically has a you know a one-year or two-year license cycle. No, that's only Italiana. The other ones having more than 1-2 years. Coric? Coric and they have not only one or two. They have normally, I think, at least three. Okay. What if it's only? We don't give guidance on every Okay. We give it in total. Fair enough. A question regarding new clients on Dimension. It's actually a three-fold question. Only one, as you mentioned, a new client in Q4, plus the three from partners, and four in total, in the full year. If you look at your win rate, how did that play out? Was some specific projects you didn't win? Let's just take one by one. Yeah. I think our win rate in 2021 was actually good. That kind of gives the response that there was not enough kind of meat put into the sausage machine because the projects were not coming at the pace we expected. Really strong performance in Europe, head-to-head with our worst competitors. Slow amount of kind of pipeline being generated in APAC and North America in particular. Based on the wording in your outlook in the annual report, it sounds like at least that Q1 will also be impacted by COVID. Should we expect most of these projects that could support the guidance will come very late? 2022 or what you're thinking about, the pipeline and timing? I can take that one. You're absolutely right. You have read it correctly. So we expect a weak Q1, and then we expect a higher tick up in H2, which is also what we write in our outlook. Okay. The final is professional service. You know, very strong level in Q4. The low order intake from new clients, will that have a negative impact in 2022? You would say, will this Q4 level be a new level going forward? No, I think that to a certain extent speak to the strength of the business model, is that the projects that we are getting through the existing customers are quite often quite a lot bigger than what we see from an onboarding of a new customer, both from a competitive angle, but also because it's a lot of work that you do for them. I think we can control that a bit like what we wanna do. I think that it's very important that by no means do you hear what I'm saying is that new customers is not important. For generating top line growth, the real big numbers comes from the 250 customers that are still running on-prem and still haven't taken the full advantage of alternatives or ESG or whatever it is. That doesn't mean that we're not putting everything we can to win new customers, because that's where you continue to be on your toes in terms of competitiveness and obviously fuel the whole engine for further upsales down the road. Kind of from a near-term financial performance, I don't think that's the biggest concern. It's more from a longer term kind of point of view that new customers is always important for a company, otherwise you become legacy. I think the advantage of the new clients coming in in 2021 compared to 2020 is that they were bigger. When you look at the new license sales, it's almost the same as it was in 2020, despite the fact that we won fewer clients. We won quite a lot of clients in 2020; they were relatively small. In 2021, we won too few. I totally admit that. 100%. They were bigger, and bigger clients normally also have a higher proportion of professional services involved. Okay. Coming back to this Q4 level, Michael, I think in the past, you've mentioned in a Q4 there might be some adjustment to how you have invoiced different projects and there might be some catching up effect. Did that also happen in this Q4? Yes. Christian also mentioned it. We were successful in completing some of the implementations in Q4. When you have done the final implementation, then you also know what the final results will be. Sometimes you have some contingencies where there might be a risk that you will have to use those or pay them back to the client. When you then have done a successful implementation, then you can revenue recognize it. We have had those in Q4, like we have also had in the past. I don't think it has been something, you know, very extraordinary. When you look at Q4 compared to the other quarters, then you have a tendency there are more of those than in the first three quarters. Just so, because I know what your next question will be. That when you have implemented a project, it's not necessarily the same as you don't work anymore for that client. It could be that you have ended a stage of the project. Actually, I didn't have any further questions, so but thanks for that for clarification. That's all for me. Thanks. Thanks, Claus Almer. Thank you. No other questions on the phone lines at the moment. As a reminder, it's star and one if you do have a question over the phone or you can also submit your questions via the web. Yeah, I think we actually have one on the web. So from Frederik Hansen, we actually have two questions, but I believe one of the questions have already been answered regarding the situation in Ukraine. The second question is how is Dimension situated when blockchain technology starts to be used? Yeah, I think that's something we are kind of consistently looking at. I think no matter what the organizations that are currently using SimCorp would need that as a kind of one version of the truth to secure their position management and all of that. I think potentially some of the custodians and some of the other intermediaries certainly would need to look at how do they integrate and how do they provide that service. For us, in the end, blockchain becomes a way of communicating potentially directly between some of our customers, but it's an area that we consistently monitor and make sure that we come out on the right side of that. No more questions on the web. There are no further questions on the phone. All right. Well, then I wish you a wonderful day. Thank you for calling in and, yeah, see you soon somewhere. Thank you. Thank you. That does conclude the conference for today. Thank you for participating, and you may now disconnect.