Good morning and welcome to Mintra's Q4 2021 Results Presentation. Hi, I'm Kevin Short, the CEO here at Mintra. I'm joined this morning by my colleague, Torbjørn Blom-Hagen, our CFO. Together, it's our pleasure to bring to you this results presentation. I'd like to begin by giving you the highlights for Q4. It's characterized of improved profitability. When we look at our revenues for Q4 2021 compared to Q4 2020, we can see that we have growth in those revenues of nearly NOK 20 million. 12 of which has come from Safebridge, giving us a quarter four, on quarter four organic growth rate of around 18%, allowing us to finish the year with revenues of around NOK 240 million compared to NOK 237 million for 2020. That gave us an adjusted EBITDA for Q4 of around NOK 16.5 million compared to NOK 10.4 million for quarter four 2020, giving us an EBITDA margin of around 27%, which is just ahead of the guidance that we gave to you at the end of quarter three. We continue to be cash generative, o ur operational cash flow for the year coming in at just over NOK 45 million. When we talked to you at the end of Q3, we started to talk to you about some of the increases we were seeing and the confidence we're seeing, as people were getting used to COVID and the pandemic and returning to work. We can see that in our systems, our system use has increased by 12% in quarter four, and by 3% in terms of our course completions, when we compare quarter four to any of the other quarters in 2021. We continue to increase our reach through strategic partnerships, securing alliances with Marlink, the communication specialist, Future Care, the company that is concerned with wellbeing of seafarers, and The Work Shop, who are a company based in Singapore, who predominantly concern themselves with engineering in maritime. We had strong revenue progression in Asia, with our revenues coming in at NOK 34 million in 2021, compared to only NOK 18 million in 2020. We introduced e-proctoring anti-fraud technology into our e-learning courses, giving our customers the confidence that those people that are sitting the courses and getting the qualifications are in fact the right people. When we think about Q4, in summary, that of improved profitability. I'm now going to take you through the strategy, and the operations of the company. I'm going to hand you over to Torbjørn, who's going to talk to you through our financial results for Q4, handing it back to me to give you an outlook for 2022 and beyond. There is a section for Q&A at the end. If you have any questions during the presentation, please post them through the chat box and we'll get to them at the end. As a quick refresh, who is Mintra? We are experts in e-learning, and human capital management software for safety-critical industries. We service over 2.2 million system users from around 4,000 customers who operate in some of the world's most challenging environments. We were established in Norway in 1997. We have an international footprint of offices which allow us to facilitate the needs of our customers on a worldwide basis. Our business model is a disruptive business model. We offer that one-stop shop which helps our customers both develop, and deploy their workforce. By develop, it's the transfer of knowledge that they get using our e-learning, which allows them to get increased knowledge in HSE, and safe working practices. Our deployment, which is a human capital management software, allowing our customers on a worldwide basis to mobilize their workforce to ensure compliance, reliability, and efficient operations. When we think about our library, we have around just over 2,300 titles in our e-learning library. 30% of those are Mintra-owned. O ur library is this agnostic ecosystem where we have 50% of those titles coming from third-party, those 66 training partners that we have inside our marketplace, allowing us to take their content and give that to our customers. Also, our technology, our systems allow our customers to book face-to-face training through our technology, thereby getting that full blended service, giving our customers that one-stop shop for all of their training needs. When we think of the verticals that we serve, 40% of our revenues come from energy, 40% from maritime, and an increasing 20% coming from other industries, such as renewables, aviation, and fisheries. Looking at our products and where the revenue split comes from our products, you see a strong position in our digital training with 50% of our revenues coming from e-learning, 35% coming from our systems, which is our OCS, our human capital management system, and Trainingportal, which is our learning and competency management system. The remaining 15% comes from our consulting services, which is our manpower services, if you will, where our customers use us to actually bring our OCS platform to life in terms of their policies and their procedures, but also allows us to build on their behalf, tailor-made e-learning for their particular use. Our key growth initiatives that we have are that growing amount of compliance and accreditation in terms of learning, bringing into our agnostic marketplace third- party content and partnerships, giving our customers that true one-stop shop for all of their training needs. We grow by bringing more users into our systems, and monetizing that increase in users to grow our revenues. Diversifying into those adjacent safety-critical spaces, such as aviation, excuse me, renewables and fisheries. Then increasing our geographical footprint in areas such as Asia Pac. All of this is underpinned by an interesting, and effective agenda of mergers and acquisitions. Spending a bit more time looking at Q4 in particular, we can see that there is this increased usage in our systems again, that we mentioned at the end of Q3. On the left-hand side, you can see the quarter-on-quarter growth of unique users into our Trainingportal, our learning management system. On the right, on an annual basis, you can see that increased level of unique visits to our software during the quarter and during the year. When we think about Q4 and some of the significant contract wins that we had in maritime e-learning, 20+ new vessels coming into us, giving us an extra NOK 1.5 million on the quarter. In our HCM, we had some new OCS multi-year contract extensions, again, for just over NOK 1.5 million. Our consulting services, where our HCM module changes, and upgrades gave us just under half a million NOK on the quarter in maritime. Turning to energy, strong growth in energy on the quarter with our e-learning content, bringing us NOK 6.8 million through extra sales and extensions with customers. HCM getting some new SaaS multi-year contracts for just over NOK 2 million. Our consulting services in both e-learning, and technology migration giving us NOK 1.8 million on the quarter. You add that together, that gives us a very strong pipeline as we exit Q4 and into 2022. We won NOK 38 million worth of contracts in the quarter, about 400 individual opportunities. As you can see, looking back at the four previous quarters, it's our strongest quarter during that time in terms of contract wins. Spending a little bit more time on those strategic partnerships. Marlink, that communication specialist, taking our technology, embedding it into their solution and bringing our technology to their customers, giving us access to a wider customer base. Similarly, The Work Shop in Singapore, those specialists in engineering consultancy in the maritime sector using our technology and our content to their customers. Future Care, an International SOS company. International SOS have been with Mintra for 10-plus years, using now our technology, using our content to sell on to their customers and help grow our revenues. The technology, we spent some time increasing our technological offering during quarter four with our e-proctoring and anti-fraud technology, giving that peace of mind to our customers to ensure that the right people are taking the courses, and getting the accreditations that our customers need so that they can be proficient at their tasks. Similarly, our data reporting tool, Insights into OCS, provides greater levels of information to our customers, allowing them to make better decisions in terms of the deployment of their workforce on a worldwide basis. When we look at our KPIs for the quarter, we can see in our e-learning, our courses, a huge, significant 2,335 courses available in our library. When we look at our digital learning revenues, 33% of that coming from our agnostic marketplace. The number of system users in terms of our Trainingportal on OCS continues to grow. Our key performance indicators with respect to our financials, when we look at our recurring revenues, 95% predictable revenues, half of that coming from truly recurring nature, the other half coming from repeat purchases from customers that have been with us for the last 10 years or so, giving us an ARR of in excess of NOK 100 million on the quarter. I'm going to pause right now, and I'm going to hand you over to Torbjørn that's going to take you through our financial results for Q4. Thank you, Kevin. Mintra delivered solid financial results in the quarter. We experienced a year-on-year growth quarter by quarter. Delivered NOK 61.4 million this quarter versus NOK 43.7 million last year. A large part of this is of course the acquisition of Safebridge, which contributed NOK 12 million to that growth. Gross margins remained stable at a high level. Minor adjustments, 89% in the quarter, 88% for the year versus 87% and 89% respectively last year. EBITDA also healthy, improving on the year. Q4 2020 was particularly low, but we're now back up towards the 27% for Q4 and 28% for the full year EBITDA. This is of course adjusted for the acquisition cost of about NOK 7 million in total for the year. However, also in Q4, we've had some non-recurring and restructuring costs. We see going forward that we are landing on a normalized operating cost level of about NOK 35 million per quarter going forward. Revenue-wise, we've seen a positive development lately, and we've a significant growth from Q4 of course. We experienced a setback in Q3, but we now see improvement on that in all our segments and specifically e-learning. Looking closer to the e-learning part, NOK 33 million in the quarter versus NOK 21 million last year, and that's including the Safebridge contribution. Safebridge contributed greatly to that growth, landing us at NOK 127 million for the segment in the year versus NOK 110 million last year. As indicated, we see positive signs in the market. There's a rebound, partly rebound in energy and including in the U.K. market, which previously had been a bit slower. We've also seen significant progress in the maritime segment. 80% of our growth comes from the maritime segment. We also see now that we bear the fruits of our targeting the Asian market, and Middle Eastern and Asian market is proving good. On the software side, we delivered 19.5 in this quarter versus 21 million last year. NOK 77 on the year versus NOK 84 last year. It's been a bit of a bumpy ride. The OCS software is very stable with a 99% renewal rate. We had some significant win there in the quarter, that we expect to see some growth going forward. Trainingportal has been the challenge in the year that has gone by, but we see clear improvements and increased interest both on the pipeline and in our success rate within that. We see an increase from Q3 now going forward, and we expect to build further on that in 2022. Consulting services, NOK 7.6 million this quarter versus NOK 9.4 million last year. These are the same challenges that we also discussed in our Q3 report. There's been a slowdown and reluctance to invest from clients, and that has hit the consultant services, specifically particularly hard. We've had some wins within the OCS segment that will drive revenue within consultancy going forward. Parts of the consultancy area is challenging, specifically the bespoke and tailoring of content. We're looking to make our cost base more flexible going forward, to ensure that we remain maintaining profitability in the segment. Cash-wise, for the year, very positive. NOK 45 million operational cash flow for the year. NOK 3.3 million in Q4 only. That's due to the annual subscription billing that will be reversed and give us a very advantageous cash profile in Q1. R&D spend landed at NOK 19.1 million for the year and NOK 5.4 million in the quarter. That includes the NOK 8 million investment that we made into specific content for the maritime segment to improve, and complete our offering towards our clients there. It's higher than we've had the last few years. It's up at 8% of revenue in total for the year. We expect that this will go back down towards 5%-6% of revenue in 2022. This means that we are well-funded as a company, and we have a strong position financially to pursue growth opportunities in terms of M&A and otherwise, other types of investment. NOK 172 million net cash position, negative working capital for the year, and equity ratio at 74% and we still have attractive loan facilities that lasts until Q2 2023. With that, I'll leave the next word to you again, Kevin. Thanks, Torbjørn. I'm going to spend the next few minutes on our outlook as we look into 2022 and beyond. We are cautiously optimistic about the growth opportunities that we see in the future. We see that Mintra is uniquely placed at the intersection of four key mega trends, which are happening in the world and the industries that we serve. That increased level of education as people seek to improve their capability for career and opportunities in the future, taking that education in digital means, across platforms that they choose when they choose to take that education. Seeking out greater levels of regulated education, greater levels of accreditation and certification, all of which play handsomely into Mintra's strengths. We look at the sustainability, the transition that our customers are making as they move into more sustainable methods of operation. Spending a little bit more time on that with respect to our energy customers, and the transition that they're currently making as they seek to improve their green footprint. When that happens, change happens. Change in terms of practices, procedures. When change is brought about, there's levels or requirements for extra levels of education. Thankfully, we have a library which facilitates that. Our customers, our energy customers look to us to help them as they move towards more sustainable methods of operation. Similarly, there are some great indicators for us that are happening in maritime due to COVID. Unfortunately, many of the seafarers were stuck on vessels for prolonged periods of times. That rotation didn't happen. We are witnessing a significant training backlog in the maritime sector. That backlog needs to be removed quickly. They do that or they can do that through digital means, through using the courses that [audio distortion]. You know, if you think about it, during last year we invested time, effort into building a substantial maritime library, which now our current customers and future customers to Mintra can avail of to help them remove that training backlog. Again, two significant trends for us, which make us very excited about the future. When we think about the future in general, when you think about those green arrows at the bottom in terms of being in the right place to really capitalize on that opportunity, increased levels of regulation and education, that desire for these energy companies to move towards sustainability using digital methods really plays into our key areas of strengths. You know, we believe that we are a reputable brand, that we are agile and scalable. We have an asset- light, low- risk business, and our products are not nice to have. Our products are essential for our customers to continue in their operation, and they can do that via digital methods to consume our products digitally, which clearly allows them to reduce their carbon footprint. When we think about the outlook for us, we believe that it remains extremely attractive. We have that strong commercial pipeline with some real long-term contracts that we've already won at the end of quarter four, which will allow and play out during 2022 and beyond. The market potential for our products, and our services are unchanged and remained incredibly attractive. For us, we believe that we are well positioned to grow our business during 2022 and beyond. We're going to pause there, and we're going to take any questions that may have arisen during the presentation. Good morning. Our first question today is, what is your order backlog, and is it the same as annual recurring revenue? Okay, I'll start answering that question. I might hand over to you, Torbjørn, if that's okay. When we think about our backlog, I think it's important to look at some of the key stats that we mentioned in the presentation, especially in those opportunities that we won at the end or during quarter four, bringing in just over 400 opportunities from our sales pipeline, giving us around NOK 38 million of orders that we will take the revenue over the coming period. Just over 80% of that will, you know, on average, come through in the next 12 months. The remaining part of it will come in the period thereafter. For us, a very healthy Q4. Our biggest order intake for over a year. You know, I think the next biggest one was quarter four in, you know, 2020. It was a strong performance for us in the quarter, and that gives us a healthy backlog to go into. Maybe, Torbjørn, you could add a bit more color with respect to the ARR and how that plays out. Well, I think it's very important that we're going into the year with a good contract backlog, and on an annual basis, we have NOK 108 million that corresponds to that. Of course, then there are some contracts that will expire throughout the year. The actual backlog is lower, that's already secured, but that we expect to renew as the year goes along. Okay, the next question is, I can see that R&D expenses are up in 2021. Why is that, and what level can we expect moving forward? Well, as we've indicated in the presentation, R&D expense was about 8% of revenue last year, or NOK 19.1 million. We had a specific year last year with the Safebridge acquisition. We also, in relation to that, we made a significant investment in the maritime library to complete our offering towards that segment. Parts of that NOK 19 million, about NOK 8 million is related to that. That's of course an investment that will, you know, keep us going for some years going forward. We expect a reduction in R&D expense compared to that, going back to about 5%-6% of revenue for the year, depending on the projects that we do have. That's our expectations for 2022 and going forward. Okay, the next one is HCM SaaS revenues have fallen in 2020 and 2021. With employment levels now back to pre-March 2020 levels, can you let us know how the 2022 renewals have performed, and can we expect this revenue line to fully recover back to those levels from Q1? Okay. Maybe I'll start off with that one, Torbjørn, and hand it to you. Yeah, I think that we talked about that in our Q3 presentations last year, in terms of, we did see through the COVID times a drop-off in the usage of our SaaS model with our HCM. It's encouraging when we look at our revenue lines, towards the end of Q4 we saw that with that gradual return to work post-COVID, we saw more adoption, more usage, more revenue coming from our consulting lines, which suggests that our customers are moving back to more normalized operations, and therefore that's a good indicator for us as we see the opportunity ahead of us into 2022. If you've got anything else that you could add into there, Torbjørn. I think that sounds great, Kevin. Okay. The next question is, where do you see the EBITDA margin sitting in 2022? I mean, I guess that, you know, I don't think we want to be in a position of guidance right now. I think medium term, we still believe that we have a very good growth company in front of us, so the medium term guidance would be the same as we suggested last year. Our anticipation is to continue to focus on growing our revenues. We're a growth company. Our costs are under control. As we grow our revenues, that will flow down into our increased EBITDA margin. Right. Next question. You say that the OpEx run rate into 2022 is NOK 35 per quarter. How do you believe that will develop during the year with the current wage inflation and plans on net recruitment? Well, I guess that's an indication of where we want to be quarter by quarter in our internal targets, but of course there are, as you indicate, potential wage and inflation expectations for the year. We don't see a big increase in that, possibly to follow sort of the rest of the market with regards to inflation. We are investing. As I indicated, we are doing a little bit of restructuring internally, to make our cost base a little bit more flexible in the areas where demand varies quarter by quarter. We're also investing more on the commercial side by both with the increased focus on digital channels, but also increasing our international sales force. That's a cost level that we expect to target, but with minor changes and variations of course throughout the year. Okay. The next question then is, how has the historical renewal rate been? I think in terms of I can characterize it, maybe you can give some more color in a second, Torbjørn. I mean, it's been successful. In terms of, when we look at our customers, our customers have remained loyal and have committed themselves to us. Our renewal rates are very strong in both lines of our business that we see. Yeah. I think that of course, the two, you know, there are two different. The OCS system has of course a much longer timeline with the 10-15 years relationship with the clients. Then as we indicated also in Q3, our Trainingportal solution in, I guess, specifically in the U.K. market, the contract structures are, you know, the client needs to be renewed every year. Then they have the option to sort of hold on their investments a few months if market conditions change as they did this year. In general, they come back. That's what we see. They come back when they need. In that context, we've also indicated high 90s% in terms of renewal rates or repeat purchase as we also call it across our portfolio. Thank you. The next question is, can you provide a bit more color about what you are seeing in terms of maritime and energy market activity in Q1 2022 so far? I think it's continued as we saw at the end of quarter four. I mean, I think that's all we can say at this stage. We're just into the year. We remain cautiously optimistic. You know, I think as people were becoming more comfortable with the return to work, that we witnessed in Q4, we see that continuing in both sectors. We see more rotation of crews in maritime, which obviously feeds into our numbers. We're aware of the fact that there are backlogs in training, as I mentioned in the presentation. Again, feeds into our numbers. There seems to be an optimism with our customers. Clearly, you know, an oil price as we've said before in many presentations, that goes up is a good lag indicator for us, because it puts confidence into our customers that they embark upon new projects as well, and that feeds into growing our numbers too. I think that we remain cautiously optimistic, and the trends that we witnessed in Q4 seem to have continued through into Q1 so far, but e arly days right now. Early days. Right. The next question is, if you have more system users, how does that affect revenues? Oh, that's a great question. You know, we've said clearly that one of our key kind of strategic or growth areas is to get more access, more usage into our systems. We saw the graph that I put up, we saw in Q4, and in 2021 in general, an increased level of usage of people getting in and using our system. Getting them there is the first part of that challenge to monetize that. You get the increased revenues by ensuring that the experience, the UX that the individual has is really immersive, that they're inside our systems, they enjoy being inside our systems. By using our marketplace, using that large library of our content and third- party training providers content into that library, into that ecosystem, gives the customers more choice, more availability, more content, and then they increase their purchases and drive our revenue. The first part is getting the users there. The second part is making that experience essential, and we know the revenues will follow. Great. Our last question this morning is, can we expect a dividend payout this year? Torbjørn, I'll leave that one for you, I think. No, I mean, we're not a dividend company. We're a growth company. We're making money, and we have a significant and a very strong financial position. We intend to invest that money wisely, and we think there's lots of opportunities and that should give investors a good return. We think we have a good use for that money, although we are in a very strong financial position now. No, there's no plans of paying a dividend at this point. Thank you, and that concludes today's Q&A session. I'll hand it back over to you, Kevin. Thanks, Karina. I just wanted to thank you all for your attention, for your questions. If there are any other questions or require any other information from Torbjørn or myself, please contact us. Our contact details are on our website, and we'll come back to you as soon as we can. Many thanks, and have a great day.