Good morning, welcome to our Q4 2020 Presentation. My name is Terje Wibe, and I'm the CEO of Mercell. With me today I have our CFO, Fredrik Eeg. The fourth quarter has been very eventful for Mercell, with the acquisition of Visma Commerce as an important milestone. In line with the strategy, we also continued our solid organic growth. As we will get back to, we have also continued our M&A story in the beginning of 2021, with the acquisition of the Dutch market leader, Negometrix. Several of you probably know us well already, but as usual, I will take this opportunity to give a brief introduction of the company, our market position, and our opportunities and strategy going forward. The foundation for Mercell's business model is the fact that public procurement in Europe is subject to a common directive from the EU that makes it mandatory for public buyers to publish new procurement contracts above certain threshold levels as tender competitions in a digital platform where the supplier market can access the competition documents and submit their offers. In this space, Mercell is already a leading platform in the European market, so far with our main strengths as a clear leader in the Nordic region. With our acquisition last year, we also moved into the post-award e-procurement market, and now offer solutions covering the full procurement value chain from sourcing of suppliers for a specific public procurement need, all the way to the actual payment of the products or services delivered. This whole value chain is also known as sourcing-to-payment. Our solutions in the pre-award market are delivered on a marketplace matching buyers with relevant suppliers. By making sure that the buyers conduct the tender process fully compliant to the EU directives, making the process efficient, transparent, and secured. On the supply side of our marketplace, we offer each supplier tailored search profiles in our platform that enables notification every time a new match appears, together with value-added services for the actual bid delivery process. These services simplify and streamline the entire sourcing to contract or S2C phase for both sides of the platform. Our post-award services cater primarily to buyers in the longer procure-to-pay or P2P phase with e-procurement or e-commerce solutions connecting the buyers and their chosen suppliers. This relatively new area for us offers a significant cross-selling opportunity into our customer base in the pre-award segment. On the next slide, you see this circle. The fact that we service and monetize both the buy side and the sell side is one of Mercell's business model's core strengths. Both sides of the platform generates recurring subscription-based revenue with automatic renewal and payment one year upfront. The combined effects this creates is a key element for our long-term growth. The more buyers we attract, the more tenders are published on our platform. More tenders means increased supplier attention, resulting in more offers for each tender, attracting even more buyers looking for wide distribution of their tender competitions. All this makes our platform a true marketplace where the buyers and sellers find each other, and it gives strong visibility for our paid services for the supply side, resulting in a constant flow of incoming warm leads for our tender notification services. This is the network effect that is key to continue to deliver organic ARR growth. We work along two axes. We work to increase the number of buyers and suppliers through new sales. We work to add more value to the platform by introducing new products and services to increase ARR per customer and further strengthen the customer loyalty and net retention. Our business targets the European public procurement space, where the average yearly spend per European country constitutes 15% of each nation's gross domestic product. The entire EU spending adds up to over NOK 20 trillion per year. Driven by the mentioned EU regulations for how public buyers must stay compliant when conducting their above-threshold tenders, together with the strong mega trends towards ESG and digitization of public services, this all makes our business model ideally positioned in a growing market. The EU has realized that the massive public procurement market needs regulation, both to increase transparency and to enhance efficiency. This serves multiple objectives. Number 1, cost savings. E-procurement processes make solid efficiency gains for the buyers, and in addition, have been shown to reduce public procurement spendings, often by as much as between 5%-15% compared to traditional methods. This potentially adds up to huge cost savings for the society in a NOK 20 trillion market. The second thing is increased competition. Parts of these savings come from increased competition in the market, as less complex electronic tender processes increases the participation of more suppliers for the public tenders, especially from the SME market. The third thing is improved public governance through an electronic tender process that strongly limits the opportunity for dishonesty or corruption due to a fully transparent and fully traceable process from A to Z. Mercell software is designed to solve these issues and ensure that public buyers and their suppliers operate in full compliance with the EU directives. Our approach has been to grow into this market opportunity from a Nordic stronghold. With the acquisition of Visma Commerce, we have now rolled up our core Nordic market, and with the acquisitions in the post-award market, we have significantly expanded our product portfolio. We are turning our focus to our European expansion strategy. At the end of the year, we had an ARR of NOK 552 million from our customer base of approximately 29,000 paying customers, proving both our organic growth and our M&A capabilities. Following the Visma Commerce acquisition in December, Sweden is now our largest country, followed by Denmark and Norway. Although 90% of our business is in the Nordic market, which is the most digitized area globally, this gives us an excellent starting point to be a consolidator in the more fragmented and immature European market. We have established footholds in several European countries, and two weeks ago, we made our first major acquisition outside the Nordics with the acquisition of the Dutch market leader, Negometrix. Our ARR has grown by more than a factor of five over the past two years, from less than NOK 100 million towards the end of 2018 to NOK 552 million at the end of 2020, and to more than NOK 600 million, including our last acquisition, Negometrix. Measured in ARR, this makes Mercell one of the largest business-to-business software as a service companies in the Nordics. This has been achieved through strong organic growth and a series of acquisitions that have built the base and further supported our organic growth capacity. As seen on the screen, we bought five companies last year, adding to the three companies we bought in 2019. In total, we acquired ARR of approximately NOK 350 million over the two years, with the recent Visma Commerce acquisition as the largest one. The acquired companies have continued to grow after our acquisition and contributed to our organic growth development post-acquisitions. If you look more into the details of the 2020 ARR development, you can see that we increased ARR by more than NOK 340 million, or 163%, over the course of the year 2020. This includes 32% organic growth of the ARR, which was in line with our target of between 30%-35% growth in the ARR in 2020. The acquisitions added NOK 275 million in ARR, of which roughly NOK 200 of this came from Visma Commerce and about NOK 75 million from our four acquisitions within the post-award area earlier in the year. Later, I will let Fredrik take you through all the financial deep dives, but I wanted to briefly show you the highlights here at this slide. Our revenue almost doubled to NOK 312 million with the adjusted EBITDA margin improving from 14% in 2019 to 19% at the end of 2020. Before we deep dive into those numbers, I would like to talk you through our operational developments and the effects of our M&A strategy. We move on to the next slide with operations and M&A. We have, as mentioned, executed eight acquisitions during 2019 and 2020, and if we include Negometrix that we acquired some weeks ago, it is a total of nine acquisitions. Our 2019 acquisitions strengthened our Nordic presence and established a foothold in Europe through the acquisition of EU Supply. In 2020, we expanded our scope and product offering by moving into the post-award segment with the acquisitions of Norwegian Aksess Innkjøp and the three Danish post-award companies, TrueLink, Tricom, and Comcare. Towards the end of the year, we sealed the Scandinavian position with the acquisition of the Swedish market leader, Visma Commerce. We have covered our post-award acquisitions in our previous presentations, so today I will focus more on the Visma Commerce transaction that was conducted at the end of 2020. If we move on to the next slide, we see that the main products and services we bought were the platforms TendSign for the buy side and Opic for the sell side. These were Visma Commerce's mirrors of Mercell's offerings in the Norwegian market, where we have our buy-side offering, the so-called Mercell Sourcing Solution, or MSS, and our sell side offering within tender alert services called Mercell Tender Solutions, MTS. If we go on to the next one, we see that with Visma Commerce as part of Mercell, it makes us the undisputed market leader across Scandinavia. This truly was a major strategic step for us, adding approximately NOK 200 million of high-margin revenue. Our pro forma revenue, including all our acquisitions, as if they had been part of the group from the beginning of the year, amounts to NOK 535 million, or 64% higher than our reported revenue. The pro forma EBITDA was NOK 145 million, with an adjusted EBITDA margin of 27%, compared with 19% margin based on our reported revenue. As we always do when we acquire a company, we create detailed post-merger integration plans with a special focus on the first 100 days. In Visma Commerce, now renamed to Mercell Commerce, we knew that we got a high-quality company with a solid management and around 100 skilled and professional employees. This has definitely been proven as a correct assessment of the company. The integration process is running as planned and scheduled, both with regards to execution of commercial strategy and plans and reallocation of tech and product resources to work on our common platform, which we will get back to. We are extremely glad to have the strong support of both old and new Mercell employees and management in this exciting process. Following the Visma Commerce acquisition, we have approximately 2,100 buy-side customers and 26,500 sell-side customers within the pre-award market. In the post-award market, we have around 330 paying buy-side customers. Our portfolio of buyer customers represents the core of our platform. If there were no tenders, there wouldn't be any suppliers. It is therefore crucial for us that we continue to attract buyers with a strong offering that ensures fully electronic and compliant execution of the complete tender process. However, the pre-award buyers account for only 26% of the total ARR, with our tender notification and Bid Manager services for the supplier side, the sell side, accounting for close up to 60% of the total ARR. The remaining 15% of ARR is generated from e-procurement services for buyers within the so-called post-award segment. We have yet to monetize the upside potential that lies in the tens of thousands of connected suppliers within the post-award market. As already mentioned, the post-award business means that we will cover the entire procurement lifecycle, as you see an illustration of here. It's from the sourcing to the contract with a new supplier for a buyer. This is in the so-called pre-award market, from there on, it's from the actual ordering or procurement of a product or service to the payment in the post-award market. This offers us a significant opportunity to cross-sell our products in the pre- and post-award areas and also allows for data collection and spend analytics that can improve planning of new tenders for the customers that chooses the whole product suite from Mercell. On the next slide, I will talk you through our product strategy. In order to extract the full value potential of that total procurement lifecycle, we are working to migrate our services from a multitude of different platforms in the companies we have acquired into a state-of-the-art common Mercell platform. Migrating all our services to a modularized platform for all workflows will both facilitate upselling and cross-selling to drive revenue growth and enable future product innovation going forward. On the left-hand side, we seek to illustrate that our pre-award services are being delivered from monolithic structures within each of our entities. These are typically highly reliable structures but offer less flexibility than module-based platform architectures. On the right-hand side, you see that the post-award products and services already are delivered from module-based structures. Here the point is to take the best of the existing modules to build into a best-of-breed common platform. This is the strategy related to platform on the pre-award side versus the post-award side. We can go on to the next slide. Our work to so-called strangle the monoliths, the legacy platforms, will be done in a gradual manner, moving the services over to a modularized platform one by one. At the same time, we will obviously continue to add new services to our platform. Without going into too much of details, I want to mention two new services that will be launched now in 2021. First of all, our new Search and Discovery service represents a new take on the tender notification process, employing a Google-like search interface and a type of search filtering solutions you would find in the classified industry. This will be gradually rolled out in Scandinavia in 2021 and replace our current tender notification services. We are really excited about this. Another example is a new authentication service that will allow for seamless integration across all our products and platforms. This is also something that we will roll out during 2021. This was two examples of the path we are on. We are developing these new services together with our customers. Our new Search and Discovery solution is currently being tested by almost 220 suppliers in several countries. This process is a stepwise process where we discuss and learn from the customers. We build prototypes and measure outcomes before returning to the customer in iterative loops before moving on to the next step. This is truly a modern development process that reduces the risk both for us and our customers. It ensures that the new services we introduce are guaranteed to add customer value. Over to the M&A area. We are by no means done with M&A. We have previously shown you the criterias we assess when we look at acquisition opportunities and targets. As mentioned earlier, we have screened over 100 potential European targets and identified multiple opportunities that we are actively pursuing. Having checked the two boxes for strengthen Nordic core and expand product portfolio, our focus has turned now to grow European presence. In February, we closed a target that fits several of the key criteria. The acquisition of Negometrix makes us the clear commercial number one in the Dutch market. A market we, for more than a decade, had a number two position within, with our CTM buy-side platform from EU Supply, sold in the Dutch market by an exclusive agent. Hence, our combined position in Holland constitutes about 90% of the monetized public buy-side volume in the market in Netherlands. Negometrix adds approximately NOK 55 million in ARR. This acquisition makes us the largest private provider of e-tendering services for the public buy side in Netherlands, as mentioned. Negometrix is a well-run company with a strong management and a company culture, and we are very happy that Sander de Vocht, the CEO in Holland and the founder of the company, Jan Siderius, who runs the U.S. operations in New York, will continue in their positions following the acquisition. In addition to its existing business on the buy side, Negometrix offers an ideal starting point for Mercell to enter the supply side of the Dutch market and also to expand the value chain into the post-award solutions. On top of this gives us a foothold in the U.S. market, where Negometrix entered late 2017. While still early, this is an exciting opportunity for us, given that the U.S. market, according to Jan, is somewhat two to 10 years behind the European market in terms of digitization of public procurement. With that, I'll leave the word to you, Fredrik, for more details on the financials on the next slide. Thank you, Terje. As Terje explained, we have made a series of acquisitions over the past two years. This is reflected in the strong growth for both the fourth quarter and full year 2020. Revenue for the full year increased by 88% to NOK 312 million, with an EBITDA of NOK 14 million and adjusted EBITDA of NOK 58 million. Special costs amounted to NOK 44 million for the full year, reflecting both significantly consultancy and legal costs in connection with the listing. Restructuring and severance at acquired companies. Half of these special items came in the final quarter of the year. Adjusted EBITDA margin was 19%, which was roughly in line with what we have earlier communicated. As Terje said, we had pro forma revenues of NOK 535 million, including the acquisitions for the full year, with EBITDA of NOK 99 million, adjusted EBITDA of NOK 145 million, and adjusted EBITDA margin of 27%. Revenue for the fourth quarter increased by 83% to NOK 109 million. EBITDA showed a loss of NOK 3.5 million, but adjusted EBITDA improved from NOK 10 million to NOK 19 million when excluding special items of NOK 22.4 million. This included Visma Commerce for the month of December. The adjusted EBITDA margin was 17% in the quarter, and as we have earlier said, we believe increasing scale and high operational leverage generates a higher long-term margin potential. Cash flow was obviously dominated by the five acquisitions we made in 2020, with net investments of almost NOK 2.4 billion. This was financed through share issues and new debt. First, the share issue at the listing of Euronext Growth, and then when we acquired Visma Commerce. In connection with Visma, we issued NOK 1.3 billion and also refinanced debt through a SEK 1.1 billion bond issue. Cash flow from operating activities was NOK 140 million in 2020, supported by a NOK 120 million increase in deferred revenue. As you know, we operate subscription modules with upfront payments, where the revenue is being recognized over the contract periods. Overall, we increased our cash balance from NOK 24 million at the beginning of the year to NOK 328 million at the end of the year. As you will know, we also issued new shares in February 2021 in connection with the acquisition of Negometrix, when we raised NOK 434 million. Moving on to the balance sheet. The acquisitions have also changed our balance sheet quite dramatically. Goodwill increased from NOK 125 million to a little over NOK 1.9 billion, and other intangibles increased from NOK 185 million to almost NOK 900 million. As you might know, this is being amortized under NGAAP rules, as you can see in our P&L. We are transitioning to IFRS and will report our 2020 figures under IFRS in the annual report for 2020. The rest of the asset increase reflects increased receivables and the increase in the cash position to NOK 328 million. Equity increased from NOK 92 million to NOK 1.5 billion, reflecting the share issues, and the equity ratio increased to 46% at the end of the year. Non-current liabilities increased from NOK 153 million to NOK 1.1 billion with the bond issue, and current liabilities increased from NOK 154 million to NOK 552 million. With that, I'll leave the word back to Terje. Thank you, Fredrik. Based on what we have communicated at many occasions, it is probably no surprise that we consider consolidating the European market as our natural role and goal. We see this as a huge opportunity for us as the clear market leader in the most digitized area of Europe, knowing that the rest of Europe is subject to the same digital maturation and transformation going forward. Measured in spending on public procurement, the rest of EU is 10 x bigger than the Nordics, and we have already established several footholds outside the Nordics, which represents an ARR of more than NOK 100 million after the Negometrix acquisition. We have had a clear strategy to approach this huge market opportunity and have proceeded accordingly. Over the past less than two years, we have established a clearly leading position in the Nordics, and we have expanded our product portfolio to cover the full procurement life cycle through acquisitions in the post-award market. We are now taking steps to expand our European position further with our proven buy and build strategy and believe we are in the pole position to become the European consolidator in this market. Summing up, we report continued strong revenue growth and improved adjusted EBITDA margins. We have increased ARR by 163% year-on-year to 552 million NOK in a combination of organic growth and M&A. This has made us one of the largest Nordic B2B software as a service companies measured by ARR. We made a strong entrance into the post-award market and plan to realize the product synergies and upselling and cross-selling potential this offers. We are working to bring our different platforms together to one common platform, module by module, and will expand by adding new services. Finally, we are ready to move ahead with more acquisitions to further expand our European presence. Before we go over to the question part of this session, I would like to show you that or remind you of our next event, which is the first quarter presentation. That will be on May 20. We will also conduct a capital markets update on the same day. We will do a deep dive into the company, our products, our strategy, and really give you a valuable insight of what our plans are, et cetera, in a capital markets update on the same day as we publish first quarter 2021. Then we go over to the question part of the session. This concludes the presentation. We will now start the Q&A session. If you have a question for the speakers, you will be able to type in your question in the ask a question section below the video. I will hand the word back to the speakers to handle the Q&A from here. Thank you, Rasmus. All right. We have already received a lot of questions. We will answer them accordingly, and we will see if we are able to answer everything today because we have limited time. The first one, I will read it out. The question is related to regulatory risks, given our market position and the nature of the business, if we in any way have received indications that this position is too strong. The answer to this is, first of all, Mercell is the best example of the fact that this area, this domain, is not a national market. This is a truly European market. We are competing across Europe, at the moment in 13 markets, with the same platforms. When we launch our common platform, the aim for that one is to be number one in the whole European market. You can't talk about national markets in a EU perspective and in a domain which is regulated by the EU Commission. Next question: How do you work with price increases? Are there annual adjustments, et cetera? The answer to that is that we want to grow together with our customers. We see that most of our clients, both on the buy side and on the sell side, they typically buy more features, more licenses, more content, et cetera, over time. We want to, of course, have the right prices on our services. On a general level, we believe that our products generates a lot of value, and in some cases, they are quite moderate priced, but we do not have any fixed answer or a black-and-white answer to that type of question. This is something we look at constantly and in dialogue with the product innovation and the product development with our customers. Next question, this goes to you, Fredrik. Where can I see the insider holdings of the corporate governance, such as company leaders and the board? Yeah. If you go onto our webpage, the investor section includes information about everything with regard to investor relations. You can also click into the stock exchange releases, which are also published on our investor page. Thank you. Next question. Congratulations on delivering an impressive growth in 2020. Thank you. What% of the company's shares are owned by the employees, and what's the company strategy for retaining key personnel in the acquired companies? First of all, we don't have the exact figure or% share which of the shares owned by the employees. For a fact, I can say that it's below 5% of the company. There are many people in the company with so-called skin in the game, and we think that also is an important thing that the employees really also have interest in owning shares in the company. This is a focus for us. Related to the strategy for retaining key personnel, that is a key question, of course, and a key focus for us. We have really strong focus on creating the whole of Mercell Group as one company. As most of you probably noticed, we launched last week a new logo and a new brand identity platform, and this is the start of the rebranding of the whole group into Mercell as one company name in all markets. We have a lot of different type of activities related to that. All colleagues in the Mercell Group are a part of the same focus, the same family, and the culture and values in the company is a big focus for us. We want to keep people motivated and focused, and we are really proud of all the, around today, 530 colleagues in the Mercell Group. I also see, Fredrik, that there are some questions related to what type of organic growth the market can expect going forward. Do you have a general comment to that? Yeah. We're not providing any guidance on that. We made some targets for 2020, and we also set a target for 2025. We will, on our Capital Markets Update, come back to that question with regard to a long-term target. Yeah. That's an important part of this on the Capital Market Update, May 20. We will, of course, have the opportunity to deep dive more into some of these type of topics. Also, a question about synergies from the Visma transaction. We have already related to the official statement of that transaction, stated that we aim for long-term synergies of around NOK 100 million, and already in 2021, around NOK 25 million. That's what you should expect from that one, and we are well on the way to realizing our plans and ambitions for that transaction. For NOK 20 million short-term. Yeah. That was short-term, NOK 25 million. What's your reasoning around Negometrix U.S. expansion? How willing are you to sacrifice near-term profitability in order to secure a market position in the U.S.? I assume product requirements differ from the EU. How ready is the platform currently? Our focus is 100% Europe. We are focused on our ambition to consolidate the European market and be the European leader. The fact that we now have an operation also in the U.S. market based on the New York office of Negometrix is, and let's say, exciting opportunity for us in the future. The office and the market is, as it also says in the report, run by the founder of Negometrix. He has been living and working in the U.S. market for almost three years. We will, of course, back Jan Siderius, that's his name, with all the activities in the U.S., but not in a way that it actually does something with the main focus for us in Europe. We see the U.S. as an interesting opportunity going forward and think that to position us in the U.S. market is something we would like to do. Negometrix has already a foothold there with many public customers all over the U.S. Of course it looks quite prosperous, actually. Yeah. More questions related to growth targets 2021, et cetera. I think, Fredrik, you already answered that we will not give any more details of that. Again, May 20, when we release the Q1 results, we will have a capital markets update as well. A question about the timeline for monetizing the supplier part of the post-award. We do not want to go into details of that, but of course, this is one of many projects we are working on. Now when we have a really strong position in the pre-award phase, of course, but also have really competitive products related to the post-award part, we see that the combined power of these two in the market can offer a lot of different types of opportunities going forward. We are working on that one. When do you expect to start to sell the post-award solutions to your existing customers? We are already doing that. We have to keep building up the organization and everything in the different type of markets. So far, we are proceeding according to the strategic plans we have for cross-selling, et cetera. The real effects will come a bit later. We are conducting this the way we planned. How should outside investors monitor and evaluate your progress on the integration? Maybe you could answer that, Fredrik. We have earlier also given some examples of results we have got from acquired companies. Yes. If you look back to the Q3 presentation, we made a case study on EU Supply, and that's the kind of updates that I think will be valuable to put forward going forward as well. Of course, the Visma Commerce transaction was a significant transaction for us, and we made some updates now, but it's fairly recent. That's something, of course, that we will update our investors and the market on going forward. Thank you, Fredrik. All right. A new question related to long-term goals in 2025. This is something we will communicate on the capital market update. We will work the coming weeks and months to revise the long-term goals. Of course, they will be higher than the ones we communicated so far. We will come back to that one. When will you move to the Oslo main list? We have earlier communicated that we will do this during the first half of 2021, this year, and that plan is something we work to achieve. At what pace are you planning to transition customers from the legacy systems? Are you migrating the majority during this year, or is it a longer process? Fredrik, maybe you can give some color to that question. Of course. Looking back to the slide that Terje illustrated, that we now have multiple platforms, both on the pre-award side and also in the post-award side. We have a platform consolidation project that we are working on currently, it's important to say that this is not like a waterfall project where we will have a big launch of the new platform. This is something that we're doing in small steps, we're working in teams where we have UX designers, back-end developers, front-end developers, and product managers, where those teams are working on modules. Those modules will be inserted into the existing platforms and replacing the same functionality across the different platforms. In practice, you will strangle the old legacy platform module by module, you will end up with one new uniform platform. You will do it step by step. This strategy, which is the Strangler Strategy, you can look it up, is a very effective strategy. That means that you reduce the operational risk in the project and thus the financial risk. This is something that we're doing step by step, so the customers will see that this will appear as updates. Thank you, Fredrik. A question related to if we have seen increased interest from new customers now that we can give them access to a broad set of tenders from many markets. The answer to that is yes, we have, also, as stated in the Q4 presentation, we are launching now in 2021, a brand-new so-called Search and Discovery feature for the suppliers. Meaning that the Mercell Group take the step, really step into the modern way of doing searches on different types of databases. This will access all the international tenders also for all our clients. We have very big plans of that being one of the really, let's say, important strengths for our business model that we can offer tenders from many markets at the same time. The Mercell Group has for many years been the only Pan-Nordic player. Going forward, we will aim at being the only Pan-European player, both for the tenders above the EU thresholds, also with an increasing volume of tenders below the EU threshold. Is there a big growth potential from starting to monetize the pre-award side of your Danish post-award customers? Yes, of course it is. This is one of the main reasons why we decided to go into the post-award space as well. It's about cross-selling both ways. This is what we are building, a sales organization. The same sales organization that's already on the public buyers on the pre-award side will also have the responsibility for the post-award side on the public clients. Upselling, cross-selling related to both sides of the value chain, so to speak, is an important factor. Given the impact you have on onboarding new suppliers to large new buyers, what's your penetration rate of major government agencies, et cetera, et cetera, in the different markets? I will not go into that in detail. I do not have the exact figures either. As stated, we have a market-leading position in the Nordic region, and we aim to have the same in the European space. Yeah, that's our goal, meaning that we will have a quite solid market share in the market. More questions going in the direction of the U.S. I think I answered that already. A question about the M&A funnel we have is most of the opportunities bilateral or structured? The answer to that is that it's a combination, but so far with the majority of processes being bilateral, and we have reasons to believe that this will also be the case going forward. Fredrik, this is for you. Will you convert to IFRS from first quarter 2021? Yes. When will you release IFRS figures for 2020? Yeah. We will release the annual report for 2020 under IFRS. That is released 5th of March. We will also then, starting from Q1 2021, also report quarterly reports under IFRS. Thank you. A new question you could answer. Cash flow looks strong in fourth quarter. What's behind the large swing in change in other operating items?. Yeah, it's a good question. It's an important theme. Our business model is that we invoice resells subscriptions, and the majority of them are 12-month subscriptions, and they are invoiced upfront. When we sell a subscription for 12 months, we only recognize revenues for one month in that month, and the rest goes into deferred revenue on the balance sheet. That's also when we increase our ARR, then deferred revenue will increase also in the same pace. That explains the big delta on the change in other operating items. Thank you, Fredrik. One question, who are your main competitors for M&A? As we have mentioned before, we see that we have a really strong position for being the consolidator in Europe. We are number one in the most digitized area of Europe, the Nordic region, and the rest of Europe is more immature and very fragmented. So far, we haven't actually seen any specific main competitors for the different M&A initiatives that we engage in. That's the answer to that. All right. I see that we have used the time we set for this session. I think we have answered almost all questions, and we are really delighted that as many as you have been following us today, and we thank you for that and looking forward to speaking to everyone again in a future situation. Thank you very much. Thank you. Have a nice day.