Good morning and welcome to House of Control's presentation of the Q2 2022. My name is Carl Fabian Flaaten, and I'm the CFO of the company. I'm 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. We grew ARR by an average 35% annually over the five years from 2016 to 2021, and we have continued to grow at that pace over the past year. The ARR of NOK 208 million at the end of Q2 was 35% above Q2 last year, with organic growth at 17%. We have taken out the ARR from the non-core on-premise business, which was divested with effect from March 1st in these numbers. Looking at Q2 isolated, we report a growing revenue base and also see EBITDA turning positive. Revenue amounted to NOK 53 million, which was an increase of 30% over the Q2 last year. A little over NOK 11 million of this stems from companies acquired over the past year, and organic revenue increased by 19% from the Q2 last year. EBITDA turned positive with NOK half a million for the quarter, NOK 1.7 million if we exclude special items. This is going to improve in the second half of the year, and we expect a positive EBITDA for the full year and a positive cash EBITDA after investments from 2023 and onwards. Moving on to our operations. I'll once again start by reminding you of our business proposition with this image of what many CFOs meet every day, an uncontrollable myriad of different contracts. CFOs typically start to lose control over decentralized contracts when companies reach 100 employees, and especially if they have several different locations. How do you keep up with all the activities, and how do you maintain an overview of all the contracts? What happens when employees who have signed auto-renewing supplier contracts leave, and what commitments are associated with specific locations and departments for the next 6, 12, and 18 months? What does that cash flow look like? These are important and relevant questions for all CFOs and the uncertain economic climate during the COVID pandemic further highlighted the importance of having complete insight on cost drivers, operational cost run rate, and cash burn ratios. CFOs are now faced with additional economic uncertainty in the form of increased cost inflation and a looming recession. This requires control, and we stand ready to help them. We make software for contract management and IFRS 16 compliance. Our contract management software, Complete Control, provides the CFO with a full overview of your contracts, assets, and obligations. It gives them a unique insight to the cost structure and associated cash flows and enables them to implement efficient workflows across the organization and drive collaboration between the finance and operational teams. Many CFOs have been asked to provide updated cash flow forecasts on a regular basis with short intervals over the recent years, and many have been asked what potential short-term cash savings can be materialized by potentially closing specific locations and departments. This is a cumbersome and time-consuming task for those that employ manual processes and Excel spreadsheets. Complete Control users, on the other hand, enjoy the luxury of being able to provide accurate forecast and scenario models by the touch of a button and can spend more of their time on value-adding and strategic tasks. Our Complete Control customers combined generate between 50,000 and 60,000 logins per month, a true testament to its importance in their day-to-day operations. Our IFRS 16 reporting software helps CFOs become, and more importantly, stay compliant to the stringent accounting standard. This standard concerning leasing contracts has been a hot topic for CFOs and finance departments since before it was introduced in 2019 and can be a tricky piece of accounting legislation to navigate. In short, IFRS 16 specifies how companies need to recognize, measure, present, and disclose leases. How you manage these challenges and how you handle important changes like exercising options, price and currency issues, and other changes of terms at scale has a direct effect on your bottom line, your compliance, and your productivity. Our IFRS 16 solution has been developed together with experts from the Big Four accounting networks, and more than 200 companies use it today to make compliance fast, accurate, and continuous. Over the past couple of years, we have acquired a series of companies that offer add-ons to our Complete Control platform and build further value for the customers. These add-ons enrich the customer value of Complete Control by adding depth and drives adoption and stickiness. They also provide upsell and cross-sell opportunities for our customer success team, and thereby broadens our addressable market. Turning back to ARR, we saw ARR increase by NOK 9 million during the Q2, which was significantly stronger than the increase of NOK 4 million we reported for the Q1. As I mentioned, the ARR is up 35% year-on-year, including NOK 28 million in acquired ARR and excluding the ARR we divested earlier this year. Organic growth was 17% over the past year, and since net retention overall has been around 100%, this means the net growth historically has come from new sales. The healthy increase in ARR in Q2 reflects both improving new sales and higher net retention. Lead generation is strong, and we signed contracts with more than 100 new customers in the quarter. This brings our customer base to more than 2,700 companies. We also signed more than 600 upsell deals with existing customers in the quarter. Overall, new sales amounted to NOK 8 million, compared to NOK 6 million in the previous quarter, and net retention improved to 101% from 99% in Q1. Upsell and cross-sell doubled to NOK 6 million from NOK 3 million in Q1. We see a positive development in renewal rates and expect that to continue moving forward. Split by geography, we have ARR growth in all areas over the past year. Norway grew 26% with 16% organic growth and the acquisition of Keyforce. Sweden more than doubled with organic growth of 22% and the acquisition of Egreement. Denmark grew 28% with 22% organic growth and some contribution from the Keyforce acquisition. International markets show 15% increase over the past year, but we are beginning to see more traction in these markets with the launch of our IFRS 16 solution in selected markets outside of Scandinavia. We are achieving the current growth with a slimmer organization and smaller employee base. You'll remember that we divested our on-premise business in Q1, and that reduced the number of employees by 26 people and was expected to reduce costs by approximately NOK 30 million on a full year basis. In addition, we took out another 6 positions during Q1. The slimming of the organization has continued, and the number of employees declined by 7 people to 128 during Q1 or Q2 and has since been reduced by another 5 to 123 today. Overall, this means the organization has been reduced by around 26% during 2022, and this will eventually reduce the underlying cost base by around NOK 45 million on a full year basis. We are now back to the same staffing as we had at the beginning of 2021, but the current organization handles a significantly larger customer base with higher revenue and earnings potential. Last quarter, we said that we had launched a pilot with our IFRS 16 solution in selected European markets, and we are happy to report that we're beginning to gain traction internationally with new contract signings in June. Although the numbers are still small, this has generated growth of more than 25% in the contract portfolio outside of Scandinavia this year. This has the potential to continue growing sharply going forward. We signed contracts with new clients in the Netherlands and Ireland during the quarter and see a healthy sales pipeline in several European countries. Although we have focused our efforts on Europe, we're also receiving interest from other regions and signed contracts with customers in both Canada and the United Arab Emirates in June. The challenges with IFRS 16 are the same all over, and since we believe we have the best solution on the market, we also believe it can act as an enabler for us to enter new geographies. We're also getting more and more general requests for assistance with IFRS 16 related issues from our customers. This is a testimony to our experience in the area, and we're now monetizing this by introducing IFRS 16 advisory services on top of the software solution. This service is provided on a subscription basis. As I mentioned last time, the number of European companies reporting on IFRS is around 65,000 compared to around 1,500 in Norway. We see a total addressable market for IFRS 16 of around NOK 12 billion in Europe, which is more than the current addressable market for our entire product suite in the Nordics. The selected European for our pilot represents an addressable market of approximately NOK 7 billion. We remain confident on our ability to capture a meaningful share of the European market, and I look forward to updating you on our progress with the European pilot in the coming quarters. With that, I'll hand you over to Martin to run you through the financials. Thank you, Fabian. Revenues in the Q2 were up 30% year-on-year with 90% organic growth. Operating costs increased 29%, mainly driven by acquisitions. The employee reduction we have carried out so far this year is not fully reflected in the accounts yet, and therefore, the operating costs will be reduced in the coming quarters. Looking at the functional cost split, the main item is sales and marketing costs amounting to NOK 33 million. This represents all costs related to our lead generation, hunter and customer success teams, as well as marketing-related costs. Non-capitalized R&D costs, including maintenance, amounted to NOK 6.3 million. General and administrative costs were NOK 10.8 million, including the majority of our special cost items. As we promised last quarter, and as Fabian has already mentioned, EBITDA turned positive with NOK 0.5 million in this quarter. We adjusted EBITDA at NOK 1.7 million. Below the EBITDA line, we have a relatively unchanged D&A at NOK 12 million, generating an operating loss of NOK 11.2 million. A loss before tax of NOK 16.3 million, including NOK 5 million in financial costs. Capitalized R&D was NOK 6.9 million in the quarter, declining to 13% of revenue from 18% in the Q2 last year. Moving on to the cash flow. Operating cash flow was negative at NOK 5.3 million in the Q2, including a somewhat positive effect of net working capital in the quarter. Cash flow from investing activities was negative NOK 9 million, including capitalized R&D of NOK 6.9 million. Cash flow from financing was negative NOK 6.3 million and including foreign exchange losses of NOK 0.5 million. This sums up to a negative cash flow of NOK 21.3 million in the quarter. We ended the quarter with a cash position of NOK 105 million, and we expect to turn the cash flow position from 2023 onwards. Turning to the balance sheet. The total asset base has declined by NOK 66 million over the past year, reflecting mainly losses in the period. The balance sheet composition reflect that we invested part of a cash into non-current assets through acquisitions and R&D CapEx. This is also reflected on the other side of the balance, where equity has declined in reflection of the losses. The equity ratio was still 40% at the end of the first half year. We also maintain solid liquidity with a cash position of NOK 105 million and an unused capital and acquisition facility of NOK 108 million. With that, I'll leave the microphone back to you, Fabian. Thank you. Thank you, Martin. Let me round off with a summary and our outlook. We are maintaining a solid growth momentum with strengthened focus on cost control and profitability in 2022. Market and investor sentiment has shifted away from growth to near-term earnings and cash flows. We set out to sharpen our focus and lower our cost base already in January, and are now starting to see the results of those efforts. The organization was tightened up with the divestment of the on-premise business in March, and as I mentioned, we have now reduced our staffing with 44 people or 26% so far this year. Once the cost savings from these reductions come through fully in our P&L, this should translate into approximately NOK 45 million lower cost base. Our EBITDA turned positive already in the second quarter and will improve further in the quarters to come. This means that we expect positive EBITDA for the full year, and this will continue to grow next year, when we're also aiming for a positive cash EBITDA after capitalized R&D investments. This will put us in an even stronger financial position for longer-term profitable growth. With that, we thank you for your attention and open up for questions. It looks like we have already received a couple of questions. The first one, not surprisingly, about the EBITDA. Yeah. To achieve positive EBITDA for the financial year 2022, do you plan for any additional reduction of costs and cut in employee for the upcoming months? The cost reductions we have carried out over the first half of the year are sufficient to secure positive EBITDA for 2022 and onwards. The next question: Will House of Control still consider potential acquisitions in the short, medium term? Or have the acquisitions activities been put on ice due to the market uncertainty? Well, we believe it's extremely important to stay fully funded in the current economic climate. That said, we're always looking for attractive M&A candidates with a good fit, and we continue to map potential opportunities within our financial capabilities. Okay. Next question about the share price. Hmm. What is your take on the recent fluctuations in the share price of House of Control? Well, they say the market is always right. However, we're an EBITDA positive SaaS company with more than NOK 200 million in ARR, a lean cost base, and a clear path to cash generation. On that background, I think an ARR multiple around two seems very, very cheap. Yeah, I agree. Yeah. I agree. The next question about budgets. I assume House is considering future budgets these days. Will you expect any material changes in your strategy? We have clearly prioritized growth over profitability over the last six years. As we have tried to convey today, we're now focusing on accelerating the path to profitability and on improving the cash generation. Strong profitable growth still remains the key strategic long-term target, and we have already taken the necessary steps to enable our organization to deliver just that. Okay. Some more questions. How is the group affected by inflation and the market situation in the world today? Well, inflation rates and economic uncertainty at the levels we're seeing today obviously have an impact on all companies out there, and we will be affected as well. The impacts are fortunately manageable for our part because of a few very important factors. Now, firstly, our employees see and understand the position we're in and that we need to deliver profitable growth and achieve cash generation. They continue to work diligently to streamline the operation, and I have to say they show remarkable flexibility. I'm really impressed by their, you know, can-do attitude and how they go the extra mile to take House of Control to the next level every day. Secondly, it's a good time to be in software, with high underlying profitability and absence of cost of goods for raw materials and other production factors. Thirdly, times of crisis and economic uncertainty inherently increase the customer value of Complete Control, as we conveyed earlier in the presentation. We see both an increased demand and an increased willingness to pay for our services. This both helps us reach the growth ambitions, and it also enables us to pass on incurred cost increases to our customers. Very good. Next question about long-term ambitions. You're taking out your long-term revenue and margin ambitions with ARR of NOK 500 million by the end of 2025, and a Cash EBITDA margin of +25%. Have you abandoned those targets, and what are you looking for now? Well, we have adapted to a market environment where the investor focus very clearly has shifted from growth to profitability and cash flows. We have reduced the employee base by around 26% this year, and while this will secure profitability, we also need to recognize that this might affect our growth capabilities. Revenue growth remains a key strategic target, as I mentioned, but we need to make sure that it's profitable, and we're therefore evaluating how to present our longer-term targets. Next question about the IFRS 16 solution. Can you explain the advantage of your IFRS 16 solution versus competition? How long are sales cycles, and how much training do your clients need from you so they can use the solutions without help? Well, yeah, I think what's really unique with the IFRS 16 solution we have developed is it's very flexible. It's quick to implement. It's not, you know, like the really big where you need consultants for 3 months, like ERP integration or sorry, implementation. Very quick to integrate, very easy to set up and adapt and adjust to company structures and these things. Sales cycles, we're seeing obviously, our average is around, for all the offerings, both Complete Control and IFRS, around 70 days, and that's come down, I think, pretty steep over the last year, around there. With regards to how much training our clients need, as I mentioned earlier in the presentation, we are seeing that the customers need a hand to hold on as they embark on this voyage. That's also why we have identified the opportunity to launch our IFRS advisory services as a subscription service as well. We're utilizing that, and we see the customers we have up and running. I think the majority and all of them are up and running very fast. Very good. Next question about customer success. Will the reduction of customer success employees not reduce growth from upsell, cross-sell, increase, and increased churn, and therefore reduce net retention overall? If not, why not? Well, we are seeing in many of our teams that there's an opportunity to do more with less. As I mentioned previously, the customer success team are really implementing a lot of efficient working methods and really are able to see that and support our customers on an increasing basis moving forward. We, as we see in the recent upsell and cross-sell, doubled the upsell and cross-sell this quarter. I think that's a statement to our ability to continue to deliver growth even though we have reduced the number of employees. Also for the net retention part, we increased that from 99% up to 101% again, and we are seeing positive trends in the renewal rates. Very good. Given your view on the valuation of HOC and your path to profitability, wouldn't HOC shares be the best acquisition currently or do you see add-on acquisitions at potential lower multiples? Well, this is something that we are discussing, and those of you who remember in the annual general shareholders meeting back in May, the board received an authorization to launch a buyback program, and that's something we are discussing in the boardrooms today, obviously. How and when do you think about increasing your sales staff again to speed up growth? Well, we are increasing the new sales. As we saw, we are able to increase new sales with less hunters. Same for the customer success question, actually. At the time where we see that we have the full calendars and are utilizing all the time there, and we run into obstacles with the growth, we will definitely consider it. The focus today is profitable growth. As we have tried to convey today, we have the potential to utilize and stretch it even further with the manning. I think if you see the picture, I think what we are really proud of, I have to say this, we are able to cut costs aggressively over the last couple of quarters and still increase new sales, upsell, and net retention. in that sense, we don't see a need to start increasing manpower again. Good. Another question about the valuation and share buyback. The valuation of the company is so cheap. Why not start a share buyback? Yeah. I think we probably answered that question. Yeah already. Yeah. Those are the questions that we received. I don't think we have any others. Any? No. No. I don't think so. Okay. I think we'll just thank everyone then for attending. We truly appreciate your interest in our company and look forward to next-