Good morning, and welcome to House of Control's presentation of the fourth quarter and full year 2021 results. My name is Carl Fabian Flaaten, and I'm the CFO of the company. I am joined by Martin Sommer Nygaard, our Head of Finance and Controlling, who will take us through the financials in today's presentation. The presentation will be followed by a Q&A session. Questions may be asked in writing during and after the presentation in the questionnaire below the webcast window. As you'll know, we have grown rapidly over a number of years, and 2021 was no exception. ARR increased by 45% during 2021, partly driven by acquisitions. Organic growth was 19%, held back by declining ARR in the on-premise contracts in DinERP, which we have now divested to focus solely on the core business in cloud-based services. We have carried out three acquisitions this year, Business Analyze in Q2, Egreement in Q3, and finally Keyforce in the fourth quarter. These added a total of NOK 38 million in ARR. New sales amounted to NOK 31 million, supported by a larger sales force and a broadening product portfolio. Net retention was 98% for the full year, but 101% if we take out the on-premise businesses we have now sold. Revenue is trailing ARR by a few quarters as we recognize recurring revenue on a monthly basis. For the fourth quarter isolated, we report 41% growth to NOK 52.7 million, with 20% organic growth. Growth for the full year was 42% to NOK 177 million, with an organic growth at 21%. Recurring revenue currently accounts for 94% of total revenue. Growth requires resources, and we are investing in people and products. Our employee base increased by more than 50% last year, mainly in development, sales, and marketing. This generated an increase in OpEx to NOK 71.1 million for the fourth quarter and NOK 205.5 million for the full year. If we take out our special cost items, we were at roughly NOK 58 million for the quarter and NOK 181 million for the full year. We report adjusted EBITDA losses of NOK 5 million for the quarter, and given we were roughly breakeven after three quarters, that means we lose approximately NOK 3.6 million for the full year. With the revenue growth and cost outlook we have now, we expect positive EBITDA in 2022 and positive cash EBITDA in 2023. Turning to our operations. You've probably all seen our business proposition in previous presentations. We work to ensure the CFO gets the full overview and complete control over his or her contracts, assets, and obligations, as well as budgets and the company's business processes. Our platform offer best-of-breed products that empower the CFO, facilitates efficient operations, and provides seamless integration with incumbent business systems such as ERP, CRM, and HR systems. This is a unique offering in our markets. This pyramid represents how we're building a stack of solutions on top of our Complete Control offering and expanding the CFO ecosystem. The control segment is the fundament. Complete Control with contract and subscription management, notifications and alerts, as well as our authority matrix, creates a strong foundation for an expanded offering. The business process segment focuses on optimization of business processes with systems integration and workflow automation for financial transactions. It's also the home of our digital signature solutions. The compliance and forecasting segment includes our IFRS 16 solution, a Fintech Outsourcing Register, and our budgeting and forecasting solutions to offer digitalization and simplification of budgeting, consolidation, and reporting while ensuring compliance. On top of this pyramid, we have our insight offering with analytics and visualization of business performance on strategic and operational levels, in addition to aggregation of company-wide data. We talked about Keyforce already in our Q3 presentation, so I'm not going to spend much time on this acquisition today. We have now placed Keyforce in the business process segment, although it also fits in the insight segment together with our dashboard solutions. The acquisition added around NOK 50 million in ARR from more than 850 customers across all types of industries in the Nordics. For the first time, we have also divested the business. As I talked about last time, we have considered the on-premise contracts in DinERP as non-core, given our strategy to build a suite of cloud-based services for the CFOs. These on-premise contracts are few but relatively large, require a completely different setup than our other services. We haven't pushed sales in this segment, and combined with relatively high churn, this has held back our growth quite significantly. We therefore, in January, came to an agreement with some of the employees in DinERP that they take the responsibility for these contracts in a new company they have founded, Cillco Technology. As part of this, they also take over 26 employees from DinERP, mainly developers and some customer success resources. Although we have been able to launch some good new products based on DinERP's technology and development teams, it's fair to say that the DinERP acquisition hasn't been a financial success in the short run. This is reflected in the asset impairment of NOK 52.8 million that we have charged to the income statement for the fourth quarter and full year 2021. The divestment has a limited effect on ARR, reducing the year-end figure by approximately NOK 14 million to a little less than NOK 200 million. On the positive side, we will shed around NOK 30 million of annual cost, which is part of the reason we expect positive EBITDA in 2022 and positive cash EBITDA in 2023. Above and beyond all other considerations, the divestment enables us to sharpen our focus on core products. This will streamline the organization, improve the utilization of our sales organization, and strengthen our growth in the coming years. If we look at Q4 and 2021 figures, we see a healthy new sales and gradually improving net retention. Supported by the acquisitions, ARR increased by 45% last year. ARR in the contracts we are transferring to Cillco have been declining. Churn on these contracts amounted to approximately NOK 4 million in 2021. Excluding these contracts, ARR increased by 54% to NOK 197 million last year. Organic ARR growth was 19% in 2021, held back by the negative growth rates in the non-core offerings. Excluding the non-core offering, organic growth was 25% with a net retention rate of 101%. As you see in these numbers, the negative development in the non-core offerings we have now divested to Cillco has diluted the growth numbers for our core offerings significantly. With the divestment and sharpened focus on core offerings, we expect to see continued healthy growth going forward. From this quarter and onwards, we will be reporting upsell and cross-sell as a separate item in the waterfall graph. I am extremely happy to tell you that upsell and cross-sell tripled in Q4 compared to previous quarters as we started to see results of customer success initiatives with new products moving through the pipeline. All our geographies show growth with parts of the increase in Norway explained by the inclusion of Business Analyze in April and Keyforce in October, and parts of the increase in Sweden explained by the inclusion of Egreement in September. The divestment of non-core business in January 2022 is, as you can see, mainly impacting Norway. Now, let me hand you over to Martin for the presentation of the financials. Thank you, Fabian. You've already discussed the revenues and the high investments in more people, which led to a negative EBITDA in the fourth quarter. Given the size of these investments, we want to share more detail around what makes up the operating costs. As you know, we invest heavily in sales and marketing. S&M cost for the full year amounted to NOK 126.6 million. This represents all costs related to lead generation, hunter and customer success teams, as well as marketing-related costs. Non-capitalized R&D costs, including maintenance, amounted to NOK 28.2 million. General and administration cost was NOK 46.3 million for the full year, including the majority of our special cost items, like M&A-related costs. Adjusted EBITDA for the full year was -NOK 3.6 million, with an adjusted EBITDA margin of -2%. Depreciation and amortization amounted to NOK 14.8 million in the quarter, and the divestment of customer contracts to Cillco triggered an impairment loss of NOK 52.8 million. The operating loss for the quarter was hence NOK 85.9 million and NOK 131.3 million for the full year. Capitalized R&D was NOK 10.4 million in the quarter and NOK 33 million for the full year, with R&D CapEx intensity at around 20%. Operating cash flow was negative NOK 31 million for the full year, with capitalized R&D adding another NOK 33 million. Cash outflow for acquisitions was NOK 105 million, covering the Business Analyze, Egreement, and Keyforce transactions. Finally, cash flow from financing activities was negative NOK 35 million. This includes debt repayment of NOK 11 million for acquired entities. We ended the year with a cash position of NOK 143 million. Turning to the balance sheet, the total asset base is roughly the same as it was at the start of the year, although we have invested part of our cash into non-current assets through the acquisitions and our R&D CapEx. On the other side of the balance, equity has declined in reflection of the losses. We currently have an equity ratio of 43%. As mentioned, the cash balance was NOK 143 million at the end of the year. In combination with a committed capital and acquisition facility of NOK 198 million, this continues to offer a strong funding platform for our growth strategy. Thanks, Martin. Let me round off with a summary and our outlook towards 2025. We continued to grow fast in 2021, and moving into 2022, we have divested legacy on-premise business. This sharpens the cloud-based services strategy and strengthens profitability going forward. Cost reductions from the divestments enable positive EBITDA in 2022 and positive cash EBITDA in 2023. Our organic growth target remain unchanged with increasingly yearly growth rates materializing as upsell, cross-sell, and net retention targets are reached. We retain our ARR target of NOK 500 million by the end of 2025. Our organic growth plan to reach this target is fully funded with cash on hand. With that, we thank you for your attention and open up for questions. I think we have a couple that's come in already. First question in relation to divestments of the on-premise business from DinERP and the related employee reduction. Do you need to hire new employees or are the reductions fully related to the business that will be transferred? These employees are directly related to the delivery of the divested contracts, and as such, they will not be replaced. The next question, what are your ARR expectations at the end of 2022, and how will ARR be approaching NOK 500 million during the years 2022 to 2025? With regards to the ARR growth moving forward, we're not guiding a specific target number for the end of this year. We'll reach the NOK 500 million target through increasing yearly growth rates with average yearly growth rate for the period of 25%+. As we also communicated in the presentation today, organic growth, excluding the non-core divested business, was 25% already in 2021. The next question related to churn. How do you measure and analyze churn on customer contracts? Let me first say, our customer success team is working diligently to onboard new customers into a healthy customer journey, and they continue a close follow-up throughout the contract life to ensure optimal use and then associated user value. Every churn case that we receive is carefully evaluated by the responsible customer success manager and our churn desk to find and understand the root cause of each case, as these are important lessons for us to bring with us. Then a question on EBITDA. Can you say something about EBITDA and cash EBITDA expectations between 2022 and 2025? Well, we communicate today that we expect to turn EBITDA positive this year and cash EBITDA positive, including capitalized R&D investments next year. The divestment of non-core business to Cillco enabled us to reach these milestones sooner than originally planned. The main drivers are the underlying profitability and the efficiency gains and scale economies we are now able to extract moving forward because of the significant growth investments that we have made over the last years. We'll continue to deliver positive results and cash flow in the following years and gradually move towards our target of 25% cash EBITDA margin, including capitalized R&D investments in 2022. For acquisitions, will you stop doing acquisitions to preserve cash? Well, on this issue, we are always considering acquisitions. We have NOK 143 million today in cash. We also have the committed acquisition facility of NOK 200 million or NOK 198 million. We still have funding to do acquisitions with the existing financing. Obviously, if we find a good opportunity, well, we're always open to look at those. I think that's the questions we have so far. Yeah, maybe give it another 10 seconds or something if we have any questions at the end. Okay, guys, I think we'll round up. We don't have any more questions. Again, we truly appreciate your interest in the company, and thank you for attending today's presentation.
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