Dear participants, a warm welcome to Basware's Q1 2022 results webcast and conference call. My name is Katariina Kataja, and I'm an Investor Relations Manager at Basware. Today, joining us virtually from Denmark is our CEO, Klaus Andersen, and joining physically in the Espoo headquarters in Finland, our CFO, Martti Nurminen. Please note that we have a disclaimer statement in this presentation. I would also like to remind you that we have a Q&A session in the end of this presentation. In this section, we will answer to your questions related to Q1 2022 results, as well as questions related to the public tender offer, which was announced last week, 14th of April, of all Basware's outstanding shares. For this purpose, we have also invited the Vice Chairman of the Board of Basware Corporation, Michael Ingelög, to join in this Q&A session, and he will be joining us virtually as well. Please note that this webcast will be recorded and will be found on the investor relations sites later today. With these opening words, we are ready to start the Q1 2022 presentation, and thus I will now hand over to Klaus in Denmark. Klaus, please go ahead. The stage is yours. Thank you, Katariina. Good afternoon also from me, and thank you all for taking the time to participate today. Let's start by going through the key takeaways for the first quarter of 2022. Top line up 3% as reported, cloud revenues up 10% as reported, and EBIT up 70%. This quarter, we achieved positive profit for the period of EUR 900K, and this is the first time since we started our journey to the cloud, and we're very pleased to have reached yet another important strategic milestone in our journey. Cloud revenues are now 82% of total revenues, and cloud-related professional services was 16%, which means that approximately 98% of our total revenue was coming from the cloud business. Order intake growth continued to accelerate in Q1. EUR 4 million of new annual recurring revenue was closed in Q1 compared to EUR 2.9 million a year ago, a significant growth of 41% as reported. New logos grew with impressive 161% as reported, and the expansion business continued on a very healthy level. North America contributed significantly to the order intake for the quarter, but this time, all regions and all countries contributed. Total order intake for the period was EUR 4 million, and this time it was nicely distributed across all our countries and all our regions. We saw more momentum in North America compared to Q4 last year, and especially the new logo business performed well. In total, we welcomed 21 new customers to Basware, five of them coming from North America. The logos we are allowed to publicly announce are TK Elevator, Kenan Advantage Group, and SBI, all from North America, as well as South Australian Water. This quarter, our new customers were also very well distributed across many different verticals. Almost 100 existing customers expanded their business with us in Q1, and again, nicely spread both geographically and across our service portfolio. Order intake grew 41% year-over-year as reported, and the majority of the growth came from new logos. New logo growth was 161% year-over-year as reported. Expansion sales grew as well, but more moderate compared to the substantial growth we achieved in new logo sales. The total order intake was this time made up of mainly medium-sized and smaller deals. We did not close any so-called mega deals this quarter. The largest deals in the quarter were around EUR 300,000. North America gained momentum in Q1 compared to the previous quarter, and especially new logo business improved significantly. 5 new customers signed up for Network Purchase-to-Pay services in North America during this quarter. Globally, 10 new logos signed up for Network Purchase-to-Pay services, and 11 new customers signed up for Network-only services or Network-first services, as we like to call it. The Network business almost doubled year-over-year, a development we really appreciate because the Network-only business is an area we believe strongly in. We have previously talked a lot about AP Pro, SmartPDF, and procurement initiatives, and this time around, it's time to talk about our innovations within our core accounts payable. Touchless invoice processing is the umbrella theme we use to bring new innovations to the market within an area where we are already the undisputed market leader. Touchless invoice processing is all about taking automation to the next level. Very high automation rates can already be achieved in our AP solution today. With the introduction of more advanced analytics and artificial intelligence-powered coding, so-called Smart Coding, we can drive automation even higher. We can do that both for PO and non-PO invoice processing. Smart Coding uses historical data to automatically code invoices, and advanced machine learning continuously improves the accuracy. This is unique functionality and especially targeted automation of the non-PO invoice processing. Smart Coding has been successfully piloted by a number of our customers over the last month and will be made generally available to all customers starting in Q2. We appointed two new executive team members in the beginning of March. Matthias Lippert was appointed Chief Customer Support Officer and member of the executive team the 1st of March, and Mikko Lampi was appointed Chief Professional Services Officer and member of the executive team also on the 1st of March. Both gentlemen were already leading their respective areas in an interim capacity and have successfully done that since summer 2021. Both have many years of Basware experience as well as industry knowledge. The appointment of Mikko and Matthias to executive team members adds valuable customer support, customer success, and professional services competencies to the executive team. I will now hand over to our CFO, Martti Nurminen, to take us through the financials for the quarter. Over to you, Martti. Thank you, Klaus, and good afternoon also on my behalf. Let me take you through the key financial performance indicators of the quarter. First, very strong cloud order intake for the quarter, EUR 4 million, up substantially on a year-over-year basis, and even more importantly, our execution was very broad-based. Stable growth in our net sales, continuing the trend of the previous quarters as we enter 2022. Finally, related to our profit and cash performance of the quarter, strong development, especially on operating profit, up EUR 1 million on a year-over-year basis, and our cash position at EUR 28.6 million offers ample liquidity to execute on our strategy. When we look at cloud order intake, we delivered EUR 4 million for the quarter. Very important to note, to reiterate that the key messages that Klaus provided, execution was broad-based and successful in all of our countries. This is very important for our future business, given that the sales engine is working on a broad basis, thus our ability is to capitalize on the market opportunity on a more broad basis. Equally, the fact that we did not sign any larger deals in the quarter, also from a revenue perspective, offers us, substantial support for the year in terms of how the deals are ramping up, given again that usually bigger deals ramp up slightly slower than mid-sized to smaller deals. Finally, especially and particularly strong performance in France, Germany, Finland, and North America. Again, the word here being particularly strong as all the go-to-market regions really executed successfully in Q1. In terms of our net sales performance, as already said, that was in line with our expectations. Cloud revenue growing slightly over 8% at organic constant currencies, a slight deceleration on a sequential basis in SaaS, slightly more in transaction services, as we expected. In terms of our consulting revenues, also as was the case already in the latter part of 2021, we are seeing a declining revenue trend compared to the prior period, and this is almost entirely attributable to the fact which we also communicated post our Q4 earnings, and that is the matter of the role of our implementation partners in our business in North America, where clearly partners are doing a bigger share of the work. Strategically, a very important topic for us, again, especially in the context of the U.S. market, where the market opportunity mid to long term, certainly, as well as short term, is the biggest, and having the right partners to take our software offering fast to the market is a very important matter. Finally, looking at our maintenance and license revenue streams, those continue to decline as expected, and we certainly expect this topic to continue also for the balance of the year. In terms of profitability, we are particularly pleased with our global cloud gross margin performance of the first quarter, pretty much exactly at the lower end of our model of 1-2 points, around 1 point of margin expansion, and again proving that our business continues to be scalable and continues to progress to the right direction. When we then look at below gross margins, important to pick apart is the sales and marketing expense performance. Even though on a reported basis, sales and marketing expenses at EUR 9.1 million are down year-over-year, it is important to recognize that under the covers, the investments into marketing are growing over 40% from north of EUR 2 million to north of EUR 3 million. This really is then offset by that certain incentive cost related bookings, especially related to discretionary provisions of Q4 2021, as then final payouts happened and final actuals are known. As always then, obviously the numbers will reflect the difference between the estimations used to close the books relative to what the actual payouts will be. Again, key message here is that our investments into demand generation activities in marketing and overall in sales and marketing area also related to headcount are continuing. This reported cost number is a reflection of the respective incentive cost dynamics I just covered. Finally, couple of quick comments on R&D and G&A. R&D expenses, as before, slightly increasing due to the previously completed development projects, whereby slightly higher amortizations. G&A decrease on a year-to-year basis mostly attributable to refinancing project related consulting expenses recognized in the comparison period. Overall, when we put a wrap on profit performance, very strong start for the year. In terms of profit for the period net income, as Klaus also mentioned in his prepared remarks, this marks the first quarter since Q3 2017 that we operationally deliver positive profit for the period. In Q1 of 2018, the company also delivered a positive profit for the period, but that was attributable to the divestment proceeds recognized in the respective quarter. When we put together the hard work to improve our operating profit performance over the last 2.5 years, combined with the impact from the refinancing transaction we executed last summer, this now puts us on a positive profit for the period. Obviously, a very significant milestones in the context of our strategy. Finally, cash flow and balance sheet. Key message here, the company continues to have ample liquidity at its disposal to execute on its strategy. Related to cash flows from operating activities, the year-to-year decrease is mainly attributable to working capital dynamics that we expect to normalize during the rest of the year, as well as then when we are looking at that this year, in the first quarter we paid the interest on the Macquarie facility, already in Q1, the payment schedule on the interest as being slightly different. That also drives then an impact from a year-to-year perspective. Overall, also from a liquidity cash perspective, a very robust position to enter the rest of the year of 2022. With that, I would like to turn it back to Klaus. Thank you very much, Martti. Let's start. I have an echo on the line, but if I'm the only one, then it's probably fine. Let's start by addressing the Ukraine crisis situation. Basware condemns Russia's military actions in Ukraine, and we support refugees fleeing Ukraine to Romania through Romanian Red Cross. The conflict in Ukraine does not have any material impact on our business, at least not any material direct impact on our business. Basware has a few very small customers in Russia. They are subsidiaries of multinational Nordic and U.S. company and are not Russian origin. We have no employees in Ukraine, and relocation plans are being investigated for the two employees we used to have in Russia. All our services are running normally. We are aware of the increased risk of cyberattacks and have increased our level of attention. We will continue to monitor the situation closely and act promptly if required. We did observe a slight change in the business environment in the latter part of Q1, with priorities changing and caution coming back, but so far not to any material extent. Q1 was a good, solid start to the year. We will nevertheless keep our full year guidance unchanged. Our full year guidance is order intake growth between 15% and 35% on a constant currency basis, net sales growth between 3% and 6%, again on a constant currency basis, and EBIT between EUR 7 million and EUR 10 million. This concludes our Q1 presentation. Before we move to Q&A, I would like to briefly mention and summarize the tender offer that was announced to the market last Thursday, the 14th of April. On the 14th of April, Basware announced that it has entered into a combination agreement with Accel-KKR, Long Path, and Briarwood regarding a voluntary recommended public cash tender offer for all the issued and outstanding shares in Basware. The cash consideration of EUR 40.1 per share represents a total equity value of approximately EUR 620 million, including the warrants. The share offer price represents a premium of approximately 95% compared to the closing price on the last trading day prior to the announcement. The board of directors support the tender offer and recommend shareholders to accept the tender offer. We will now switch to Q&A, and this time, as Katariina has already said, we have invited Michael Ingelög, the Vice Chairman of the Board of Directors, to join us for the Q&A session. With that, I would like to hand back to Katariina in Espoo to guide us through the Q&A session. Thank you very much. Thank you, Klaus. As said, we are now ready to start the Q&A session. The order of taking the questions is the same, so we will start from the meeting room here at Espoo, and then we will continue to the conference call lines, and finally take questions from the chat if there would be any of those. Let's begin, and we will start taking the questions from the room. The first question comes from Antti Luiro from Inderes. Thanks, Katariina. A question about your business environment. You mentioned that it improved, it was more stable in Q1. What kind of signs did you see kind of manifesting the change in Q1 versus previous quarters? That might be something that you would start. Can I? Should I start? I still get a little bit of echo on the line here, but if nobody else gets that, then it's fine. Good. We already saw a slight improvement of the business environment in Q4, and our expectations was, of course, that would continue into Q1 and continue for the year, for the remainder of 2022. I think that materialized. We saw the improvement continuing into Q1, which is exactly as we expected. What we then saw was when Russia invaded Ukraine and not immediately after, but sort of very shortly after, we saw a little bit of impact in the business environment, where some opportunities that we've been working on were postponed because of changed priorities with our potential customers. We also saw a few projects being put on hold because, again, because of change of priorities because of the situation. In Q1, I would like to re-emphasize that the impact of what we're seeing there is not material at all. We have not, at this point in time, seen any sort of real material impact because of the Ukrainian situation. What I would add on this is that generally speaking, I believe it is the same thing that as the world continues to gradually open up, there's more events that customers gradually, for example, in North America, are starting to come in. That clearly is a thing. Also, overall economic activity, even though inflationary pressures obviously and now the recent crisis in Ukraine has perhaps been slightly changing the dynamics to the other direction. Generally also, as we are coming into this year with this background of two years in a different place, we clearly start to see that companies' evaluation of how they look at the business environment, that gradual opening up and thinking more about also transformations, et cetera, et cetera. It's just more of a general observation on what we continue to see. Good. Thanks. That's helpful. Another driver in addition to the business environment improving cloud order intake in Q1 was sales improvement initiatives going forward. I know you're making many things on that front, but what would you say have been so far the most important levers improving sales that you saw in Q1? I would say parts of the improvements that we have seen actually already in Q4 and then continuing, even accelerated in Q1, is because of the way we run our go-to-market operations already, which is very much down to more the day-to-day operations and how we work with our sales cases, so our opportunities and so on and so forth. The more structural changes that we have talked about early on with a different way of running demand generation and BDR set up and corporate sales and these kind of things, they are only in the beginning of being established. That is not the reason for the acceleration we have seen now in the order intake. It's actually more right now, I would say, more down to this rigorous day-to-day work with our salespeople and our opportunities. Thanks. That's really helpful. One more on North America. Your employee count declined there year on year. Is there any kind of change in your geographical shift compared to last year? Or is the change mostly due to just the partners taking more strong of a role in Americas? I can comment, Klaus, on that briefly. Certainly the latter, which you mentioned, that has an influence there. Certainly as all of the companies, the Great Resignation. Whether an individual likes the expression or not, but it is a reality around the world, and especially in North America. It's not only Basware, it's many of the companies whereby people are a bit more in between jobs and, you know, evaluating. That certainly has a little bit of an influence there as well. But clearly it's more of the fact that the professional services business, at least now on a temporary basis related to the size of that business, is then more driven by partner implementations. Good. That's helpful. One question on the tender offer. I know you're not able to comment on, you know, more on your view of the deal towards shareholders, but let's take it from another angle. If you think of Basware as an organization and the employees of Basware, if the tender offer happened to go through, if it went through, how would it change the life of Basware employees, and how would it change the situation for the company as a whole? Let me start, Michael, and then you can comment afterwards. From a company perspective and from an employee perspective, I think the immediate change would be very small. We're talking about a financial transaction, and they're investing into a company and with existing products, existing strategies, and existing people. The immediate change from a company and employee perspective would be very limited. I fully agree with Klaus also. I think, of course, the amount of time we spend sort of catering for the stock market today, sort of that could be spent sort of focusing on clients. Apart from that, I think employees will not be affected. The headquarters, for all intents and purposes, will still be in Finland and sort of the company will be run sort of very similar to what it's done today. However, sort of I'm sure the buyers will contribute with further investments into sales and marketing that should sort of benefit the company over time also. That's all from me. Thank you, Antti. Next we can open the conference call lines and take the questions from there. Thank you. Just a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. So far we have one question lined up. That's from the line of Matti Riikonen of Carnegie. Please go ahead. Your line is open. Hi. Good afternoon. It's Matti Riikonen, Carnegie. Two questions. First of all, when you talk about the sales cost decline in Q1 related to less bonus payments, is this only related to comparability in Q1, or do you expect that there would be a similar cost decline going forward as well for the full year? That's first question. No, Matti, we do not expect a similar dynamic. Quite the opposite. This certainly is only a matter related to Q1 comparability based on the matter which I described that certain Q4 accruals related to incentives. Obviously as we close the books, estimates, and then again as estimates become actuals, by the time when we then actually pay out those incentives, there usually is a difference of some magnitude. This dynamic, we do not expect it to happen in that way in the second quarter. We actually expect a material year-over-year increase. Right. Good. The second one is related to cloud order intake guidance. Now, you had the 40% cloud order intake growth in Q1, but you kept the guidance, which is from 15%-35%, growth on the full year basis, and that is against pretty low comparables. What is your motivation to keep the low end as it is now that you started the year well and, the comparables are really easy for this year? What would need to happen that you would be at the low end, that is 15% growth in cloud order intake for the full year? I can start answering this one. I would say first of all, this was one quarter out of four, Matti, and I think it would be premature to change our guidance on the order intake that early in the year. It's of course a very good start of the year to be on the safe side from a guidance perspective. I think it would be premature at this point in time to raise the guidance just based on Q1. There's also this seasonality skew in our order intake, as you completely are aware of, where Q1 is a relatively small quarter, Q3 is a relatively small quarter, and Q2 and Q4 are normally the bigger quarters. I think changing the guidance on the order intake would require that we have a very good Q2 as well behind us. I think that discussion would be a meaningful discussion. At this point in time, I think it's too early. All right. Thank you. That was all. We've had one further question come through on the phone. That's from the line of Felix Henriksson of Nordea. Please go ahead. Your line is open. Hi, guys. It's Felix from Nordea. I have three questions, if I may. Starting off with the order pipeline, how do you see it now versus what it was around three months ago? Has there been any development one way or the other, and are these large deals still present there? Should I start? I can answer. First of all, the answer to the last questions, yes, we have large deals in our pipeline. Then to the first question, I would say the pipeline stock is developing according to our expectations. From that perspective, I would say we have not seen any effect of the unrest in Ukraine on the pipeline generation activities. It's pretty, I would say, stable and trending exactly as we had hoped to see. It has not changed at this point in time during the quarter. Okay. Got it. Thanks. Perhaps a question also to Michael. I'm curious what do you see as the key concrete action points from a strategy execution perspective that Basware would be able to put more emphasis on under the new ownership versus being a publicly listed company? That is of course sort of purely me guessing here sort of what the new owners will do. I should probably refrain from that in all fairness. Of course management focus will be sort of on clients and employees and sort of as I mentioned sort of previously there could be further investments into sort of sales and marketing or sort of into new geographies or M&A. This is sort of a question for the new owners, not a question for me. Got it. Thanks. Finally, we've seen various parties knocking on Tungsten's door recently. I'd be curious to hear your thoughts on the situation if there are any. Have they even been a relevant competitor to you in the recent past? What implications do you see to your competitive landscape from this? I can answer the competitive question. Tungsten is not a competitor of ours. We don't see them in the space at all. We've never really considered them to be amongst our competitors. I think it has been a company that has been sort of not growing for a long period of time, and I think they are generating their business on existing business and existing customers and are not really growing. They have sort of their niche that they're servicing with what I think is very bespoke systems and services. We are, of course, coming from a completely different area here where our thinking is much more around services that can serve a broad spectrum of customers and can generate growth. We have not over many, many years seen really Tungsten as a competitor in our space. Got it. Thanks. That's helpful. That's all from me. Thank you, guys. Thank you. Currently there are no further questions from the phones at this time. Okay. Let's continue. We have one question in the chat. It's kind of a technical, and it's related to the tender offer. It comes from Petya Todorova. Can you please clarify which are the relevant competition authorities which will be notified about the takeover transaction? Yeah. Yeah, that's a very technical question. Sort of to my understanding, sort of it's Finland, U.S., and I think you have an FDI filing as well in the U.K. Did I miss anyone, sort of Klaus or Martti? No, I don't think so. We can also then further on Katariina confirm that on an offline basis further to the response what we got. Yes. Currently we don't have other questions from the chat, or we can wait for a while if you would like to still ask something from the management or from Michael Ingelög. If not, we are now in the end of this Basware Corporation's Q1 2022 results webcast and conference call. We thank you for your participation and your attention. Thank you for the questions, and we wish you a pleasant rest of the day. Thank you very much. Thank you.