Good morning, and welcome to the presentation of the fourth quarter of 2021 for Ørn Software Holding. We've added a disclaimer to the slide deck. Please read it if you choose to download the presentation. My name is Sten-Roger Karlsen. I am the CEO at Ørn Software, and with me today I have CFO Vidar André Løken. We will walk you through financial highlights for Q4 later in the presentation, and provide a short and long-term outlook. First, I would like to use this opportunity to give a very short introduction to Ørn Software. After the presentation, we will answer questions. Please feel free to submit questions during or after the presentation by using the question form in the webcast player. Ørn Software is a leading Nordic software as a service company. We deliver mobile and cloud-based software solutions which our customers subscribe to. Many of our customers have a lot of property, technical equipment, and assets that must be operated, managed, and developed in a sustainable and efficient way. There are 1,000 details to keep track of, and therefore we are very committed to giving our customers insight into all the details in their operations, while at the same time giving them a complete overview. We have currently 177 employees at 12 different office locations in five countries: Norway, Sweden, Denmark, Iceland, and Finland. Ørn Software helps a wide range of industries with value creation. We do this by offering a broad portfolio of software that solves specific challenges that these industries face. We have customers in industries like production industry, food and beverage, real estate, construction, and aquaculture. By digitizing work processes and by helping customers become more data-driven, we contribute to increased interaction and improved quality, efficiency, and sustainability. Managers use our solutions to plan and optimize operations and increase utilization of their properties and assets, while operators are using it to efficiently carry out day-to-day activities and maintenance tasks. Ørn has a strong position within three market segments. One, real estate management, with NOK 150 million in annual recurring revenue, or ARR in short. Two, industrial maintenance and quality control with NOK 55 million in ARR. Three, energy and sustainability management, which is a new segment from 2021 with NOK 16 million in ARR. We absolutely love software as a service, and we live and breathe for it every day. It is so much more rewarding to focus on our customers' happiness, success, and value creation, rather than running from one software sale to another like we did in the old days. Happy customer means subscription renewal. Recurring revenues create a huge predictability for our income, not only for months, but for years to come. Makes it a lot easier to balance investments versus performance metrics and profitability. It is not given that a SaaS solution is sticky, but if you are committed to the SaaS business model's best practice and continuously focus on product market fit and customer success, your product will end up having a low churn. Low churn means high lifetime value and consequently high return of investment per sales, even if sales cycles are long and customer acquisition costs high. Selling software in the cloud leads to extreme scalability, with gross margin very close to 100%. 2021 was an excellent year for us in Ørn Software when it comes to all these important metrics. Annual recurring revenue is the most important metric for us. With a low churn, in our case no more than 6% in 2021, the recurring revenue run rate gives a fantastic predictability in the cash flow. In 2021 we grew our ARR with 111%, partly driven by M&A, but even organic growth was as high as 14%. We delivered 24% EBITDA margin, set to improve significantly going forward, which I will come back to, and a gross margin of 89%, which is evidence of great scalability. Finally, to the right, we give numbers on the lifetime value of a new customer in relation to the cost of acquiring the customer. 15 times in the real estate management segment, and as much as 24 times in the industrial maintenance and quality control segment. To sum it up, we are in a great shape in a great industry. Some key figures about Ørn Software. We have close to 2,000 customers with 280,000 daily users of our software solutions, and they are using them to manage 1 million technical components, 38,000 residents, 100,000 buildings, covering close to 90 million sq m of floor space. Taking a step back to our near history. During the recent years, we have had extreme growth, and our gross growth journey started when Viking Venture invested in the company in 2017. At that point, we established a growth strategy containing five steps focused on a buy and build story and customer success. By following this strategy, we've been able to increase ARR more than 10 times since 2017. Much of the growth is driven by nine acquisitions, but we've also succeeded with organic initiatives and increased ARR organically by a CAGR of 28% during the same period. By Q4 2021, Ørn Software has a total of NOK 220 million in ARR. Ørn's consolidated revenues were NOK 194 million in 2021. This is P&L figures according to Norwegian GAAP, which means that the acquired revenue only is reflected from the month of the actual acquisition. The revenue CAGR has been 55% over the last three years. The adjusted EBITDA has grown with a CAGR of 128% over the same period, a good indication that we are slowly moving towards our long-term profitability goals. I will now give the word to Vidar, who will walk you through financial highlights for Q4 2021. Thank you, Sten-Roger. The fourth quarter was a strong period for Ørn Software. Reported ARR was NOK 214.2 million at end of Q3 2021. In Q4 2021, new sales ended at NOK 2.7 million, and net upsale was NOK 4.5 million. Churn was only NOK 0.3 million, and we had NOK 1.2 million in negative currency fluctuation. Our total ARR at end of December was NOK 219.8 million. As I said in the Q3 presentation, Rapal has somewhat higher share of volume-based ARR compared to the rest of the group. In Q3, we had a decrease of NOK 2.1 million affecting the net upsale, but in Q4 2021, net upsale is positively affected by a seasonal contraction in the volume-based ARR with NOK 1.6 million. Our net retention rates in Q4 2021 was 104%, including currency fluctuations. Adjusted for currency fluctuations, our net retention rate was in Q4 102% compared to 100.8% in Q4 2020. Our year-on-year net retention rates in 2021, adjusted for currency fluctuation and excluding the effect of this one single Swedish customer ending the use of Ørn Software services in Q2 2021 was 105.8%. With the same adjustments, the organic year-on-year ARR growth in 2021 was 13.7%, up 1.5 percentage point from year-on-year Q3 2021. The ARR continued to grow into 2022. Real estate management, as you can see on the charts to the left. At the end of Q4 2021, the segment our ARR was NOK 149.6 million. During Q4 2021, the ARR increased with NOK 1.4 million, negatively affected by a currency fluctuation of NOK 1.2 million. The seasonal contraction in volume-based ARR positively affected this segment with NOK 1.6 million in Q4 2021. Organic year-on-year growth in Q4 2021, adjusted for this currency fluctuation and excluding this specific Swedish customer that's ended use was 11.3% compared to 11.7% in Q4 2020. The Q4 quarter-on-quarter organic growth in ARR was 1.8% compared to 0.9% in Q3. Churn in the quarter was 0.1%, down from 0.5% in Q4 2020. The net retention rate was 100.5% in Q4 2021 compared to 99.6% in Q4 2020. The net retention rates, adjusted for currency fluctuations, was 101.3% in Q4 2021 and 99.6% in Q4 2020. Industrial maintenance and quality control, as you can see on the charts in the middle. During Q4 2021, the ARR grew with NOK 3.7 million driven by new sale and up sale. Churn was limited at 0.3% and net retention at 103.8%. Year-on-year growth in this segment was 104%. Our organic year-on-year ARR growth in Q4 2021 was 24.6%, up 10.3 percentage points from Q3 2021. As you understand, we have a good new sale in this segment in Q4. The segment and energy and sustainability management, as you can see on the charts to the right, is new to Ørn as of ultimo 2020. Sales rep that have been hired during 2021 and in Q4 there were early signs of positive effects on the ramp up. With no churn, we increased our ARR with NOK 0.6 million by new sale and up sale in Q4. Ørn's consolidated revenue were NOK 65.5 million in Q4 2021 as you can see on the charts to the left. This was a growth of 185% compared to the same period in 2020. The revenue growth was primarily driven by several acquisitions. 86% of our total revenue came from recurring revenue in Q4 2021. The revenue growth was primarily driven by acquisitions of MainManager, Entro IT, Facilit, Landax, and Rapal. The group's organic revenue growth in Q4 2021 was 1% compared to Q4 2020. Like the full year trend, this was the result of declining non-recurring revenue and growth in the strategic important recurring revenue driven by upsells and price optimization. Total organic recurring revenue growth in 2021 was 5.4%, 2% in real estate management and 12% in industrial maintenance and quality control. Our total year-on-year organic growth non-recurring revenue was negative 33.8% in 2021, primarily driven by non-strategic income and COVID. The gross profit margin of the group was 85% in Q4 2021 compared to 94% in Q4 2020. Facilit, which was acquired in Q1 2021 and Entro IT acquired in Q4 2020, have lower gross margin than rest of the group according to recurring income. Rapal, that was acquired in Q3 2021, has also seasonal costs related to non-recurring revenue with lower gross margin. In total, this has a negative impact on the overall gross margin. Total OPEX and revenue increase as a result of acquisitions. Our adjusted total OPEX was reported in Q3 2021 with wrong accruals related to the salary of NOK 3.5 million in Rapal that was acquired in Q3 2021. This has an impact on both total OPEX and EBITDA. We have illustrated how Q3 and Q4 would look like with correct accruals in the gray columns and the red dotted lines. Note that this correction is simply a technical exercise where NOK 3.5 million of costs accrued in Q3 instead of Q4. Adjusted for these wrong accruals and positive special items of NOK 1.6 million related to decrease in the share price of the effective accounting of option programs, the total OPEX in Q4 2021 was NOK 40.8 million. Total adjusted OPEX for both the special items and the wrong accruals as a percentage of the revenue in Q4 2021 was 62% compared to 61% in Q4 2020. As you can see on the chart to the right, EBITDA adjusted for special items and these wrong accruals between Q3 2021 and Q4 2021 was NOK 15 million in Q4 2021. This is the double of EBITDA in Q4 2020. Adjusted EBITDA margin was 23% in Q4 2021 compared to 33% in the same quarter in 2020. Ørn Software consolidated revenue were NOK 193.9 million in 2021. This was a growth of 137% compared to 2020. The revenue growth was primarily driven by acquisitions. Also as I mentioned, 85% of the total revenue in 2021 comes from recurring revenue, which substantiates that we have a strong SaaS model. Gross margin in 2021 ended on 89% compared to 93% in 2020. Total adjusted OPEX in percentage of revenue in 2021 was 66% compared to 62% in 2020. The group's EBITDA adjusted for special item was NOK 45.7 million in 2021. An increase of 112% compared to 2020. EBITDA adjusted margin was 23.5% in 2021 compared to 26.3% in 2020. The reduction was affected by increased costs related to the corporate functions, primarily driven by the public listing in March 2021, activities related to the integration of acquired companies and positioning of the group for reaping synergies out of 2022. When we look at the P&L below EBITDA, our depreciation and amortizations were NOK -74.8 million in 2021 compared to NOK -21.3 million in 2020. The increase reflects the substantially accelerating investment activity in the group during the past two years. As the group's accounts are prepared in accordance with Norwegian GAAP, all intangible assets are amortized linearly. The acquisition of Rapal, which was closed in the beginning of July 2021, has led to a significant increase in the quarterly amortization. In total, acquisition-related depreciation and amortization amount to NOK 57.5 million in 2021 compared to NOK 12.2 million in 2020. Reported EBIT was NOK -12.6 million in Q4 2021 compared to NOK -1.9 million in Q4 2020. Affected positively by the special items and negatively related to the increased depreciation and amortization. In 2021 as a total reported EBIT was NOK -50.9 million compared to NOK -3.4 million in 2020. Also, this affected totally negatively by the special items related to IPO and acquisitions and the increased depreciation and amortization. Net financial income in Q4 2021 was NOK -4.3 million. Where in 2020 we had a NOK -1.6 million. This is reflecting interest expense of NOK 8.7 million, other loan related expenses of NOK 0.8 million, earn-out revaluation of NOK 1 million and positive currency effects of NOK 4.2 million related to the company debt denominated in SEK and euro. Our net financial income in 2021 as a total was NOK -17.3 million. In 2020, it was NOK -2.7 million. This is also reflecting interest and rents, expenses of a total of NOK 24.2 million, other loan related expenses of NOK 2.3 million and positive currency effect of NOK 9.5 million related to the company's debt denominated in SEK and euro. Reported tax in Q4 2021 was NOK -3.7 million compared to NOK 0.4 million in Q4 2020. The negative effect in Q4 2021 is a result of the use of the end of the year tax calculation instead of a flat 24%, so that we have been using throughout the year on the profit before tax in Q4. Reported total tax in 2021 was positive with NOK 8.6 million compared to NOK 1.7 million in 2020. Net income in 2021 was NOK -59.6 million compared to NOK -20.5 million in 2020. We have a cash balance of NOK 159 million in beginning of Q4 2021. Cash from operating activities in Q4 2021 was NOK +9 million. Cash flow from investing activities related to software development CapEx was NOK -9 million in Q4 2021. Change in net working capital and non-cash items and acquisitions were affected by reclassifications. Reclassifications or payment of debt related to acquisitions of Entro IT in Q1 2021, which in Q4 2021 has been reclassified from net working capital to acquisitions, a total of NOK -19 million. Furthermore, delivery on prepayments from customer, where the prepayment was made before the acquisition date have been reclassified from net working capital to non-cash items, a total of NOK 16.5 million for the whole year. The net cash flow from financing activities was NOK -4.3 million in Q4 2021. This is related to payment of external debt in Rapal. Total cash at the end of 2021 was NOK 134 million. On a 2021 full year basis, the cash flow from operations of NOK 6.6 million, excluding change in net working capital and other non-cash items related to acquisitions. Let me add that include also those 6.6 million is approximately NOK 17.5 million of negative cash flow related to special item with cash effect. Back to you, Sten-Roger. Thank you, Vidar. The last topic of the presentation is short and long-term outlook. We exited 2021 in great shape after a tremendously exciting and busy year. Our top priority in 2021 was to successfully execute on the M&A strategy and welcome the acquired businesses following our proven model for post-merger integrations. We also worked hard strengthening our sales organization. Our sales force has worked systematically with building a pipeline of new business, and going into 2022, this pipeline was very healthy. Remember that some of our products have a 12-18-month sales cycle, which means that it sometimes take time to close sales, even if activity is high and leads are pushed through the sales funnel. However, the hard work put into building sales has increased lead generation and provided a pipeline that is promising for the period to come. During 2022, our main focus will be on reaping the benefits of being more than twice as large as one year ago. As M&A is less in focus right now, I really look forward to unleashing the full force of our old and new colleagues, focusing solely on helping customers, attracting new customers, and driving growth in Ørn. We see the opportunity to realize synergies not only through cross-selling our products but also by working more efficiently on administration and development of new products and technology. We are well aware that some of the measures that will be implemented in 2022 will have effect from 2023. We are continuing to scale the commercial organization, and six new sales reps will be hired during the year. All in all, during this year, we'll be able to take a step change in terms of profitability and cash flow. To underpin this, we are happy to share with you some financial targets for 2022. As you can see here, we now expect our adjusted EBITDA margin to improve from 24% in 2021 to the target range of 28%-30% in 2022, combined with a revenue target of around NOK 270 million, up from NOK 194 million in 2021. Our CapEx as a percentage of revenue will remain stable and hopefully end somewhat lower than in 2021. The CapEx as a percentage of revenue is expected to be reduced in the years to come, which implies an expected significant boost in our cash earnings. The implication is also that we expect to be cash positive in 2022, also including interest expenses. I want to end this presentation by repeating the high-level targets for 2025, which are maintained as before. By the end of 2025, the goal is to have grown organically to NOK 430 million in ARR. This means that we expect growth in ARR to accelerate gradually in the years to come as our pipeline materializes and we get increased effect from our sales force. Our SaaS solutions scale extremely well, so by 2025, our goal is to reach an EBITDA margin above 40%, and market-wise, we want to be recognized as a dominant best-of-breed player in the European market. That was the end of the Q4 presentation. We would like to thank you for listening in, and we are now eager to answer any questions you may have. We will pause for a few seconds before we are back with a Q&A session. Remember that you can still submit questions through the webcast player. Thank you. We will now answer some of the questions that you have posted. The first one: Did you have any price increases in Q4? We had a very small price increase of approximately NOK 500 thousand in Q4. We have performed a large project preparing for price increases in 2022 during Q4, where much of it is already effectuated and will be reflected in our Q1 2022 figures and throughout the year. Next question. You mentioned that you have a strong sales pipeline. Can you elaborate on this? Yeah, I can take that one. We have several new and fantastic products in our portfolio after the acquisitions that we've done in late 2020 and in 2021. As we have talked about before, the cross-selling opportunities in our customer base has significantly increased during 2021. We've performed a huge project now during Q4 addressing these opportunities in a systematic way, not only by looking at it from a kind of product perspective, but also considering differences across borders and looking at the competitive landscape in various geographical markets that we are represented in. We have conducted several hundred surveys in all Nordic countries, and we see a vast potential. This potential has materialized in a long list of leads that we are now addressing. Leads from the cross-sale project, as well as any other leads coming from other sources, are then qualified and ranked by the use of a lead scoring system that we have established based on ideal customer profiles and personas. We currently have more than 300 deals in our pipeline that we are actively working with. Given that we are in the early phases of this, kind of, call it cross-sell initiative, we expect more deals to enter the funnel in the time to come. More than 200 sales meetings are either booked or carried out during the first two months of this year, and there is a large activity on phones and emails. Next question. You have said that you will convert to IFRS. What is the likely impact on EBITDA and revenue? Vidar, can you help me with that one? Yes, I can do that one, Sten-Roger. The expected impact from the IFRS transition on the revenue is expected to be minor for Ørn Software. Most of our revenue is from license as a SaaS model that is accounted for over time and will more or less be unchanged. There will, however, be some changes in the deferred revenue related to implementation services due to timing of differences for revenue recognition. These changes are expected to be minor, so not any big adjustments to the revenue. When regarding to the EBITDA, we expect a negative effect from the acquisition-related cost, of course, the M&A cost that previously included in the acquisition cost under NGAAP and that are expensed under IFRS. We have done a lot of acquisition during 2021. On the other hand, we expect a positive effect from the transition to IFRS 16, which moves cost from OPEX to depreciations and interest expense. These are two main effects that we expected. There will also be some other minor changes related to, for example, increased amortization period of capitalized contracts related to obtaining a contract. In total, there will be no big effects on the EBITDA. The biggest effects, of course, is the change of the depreciation due to the reversal of depreciation on goodwill made under NGAAP. This effect is, to some extent, offset against increased depreciation also from IFRS 16. Yes. Maybe we should give some information about when we are going to release those numbers converting from NGAAP to IFRS at the same time, Vidar? Yes, we are expecting to actually come out with a notice and release those numbers, I hope in the end of next week. We're going to announce that before that one. We are going out with a notice of that one I think before the annual report, so everybody can see the differences and what they are. Yes. The annual report is being released on March 30. Yes. There is a follow-up question here, Vidar. Is your 2022 guidance and your long-term targets based on IFRS or NGAAP? Well, the guiding is based on NGAAP, but according to this minor expected changes to both revenue and EBITDA, I suggest is that our guiding will be more or less the same. When we release our IFRS figure, we also, of course, we give an correct update on our guiding, and so it's no doubt about how our guiding is according to IFRS. Okay, thank you. Next question. Have you changed your strategy since you're now talking about profitability rather than growth? For example, through M&A in 2022. I can answer that one. The strategy is not changed, but the short-term focus is. The M&A activity in our software has been very high over the last few years, and especially now, if you look at the last acquisitions in 2020 was at the end of the year, and then we've done three in 2021. There is a lot of new products and employees coming into the organization. This year, the key focus will be on taking out synergies, cost and revenue synergy effects from this string of acquisitions. We see the opportunity to realize synergies not only through cross-selling our products, but also by working more efficiently on administration and development of products and technology by integrating acquired companies, as well as adjusting prices and price models for existing and new products in our portfolio. We, as we've talked about before, have a proven record of increasing ARR on acquired companies by an average of 50% over a 2-3-year period, and the goal is to work with these acquired companies to achieve the same going forward. As organic growth and profitability are our main focuses for 2022, this is also why we are continuing to scale our commercial organization. One last question. Can you please elaborate more on the organic growth in Q4? Very impressive compared to Q3. How should we read this in 2022? Vidar, do you wanna start on this one? Well, I would say just to follow up from what you said about our sales reps and what we also have said earlier in 2021, we have been ramping up and hiring more sales reps. Actually in Q4, we see good signs on that one, so our organic growth in the Q4 is strictly related to the new sales and the net upsell on farming department. We hope and believe that we are going to still collaborate and absolutely make this growth go further into 2022. Back to one of the first thing that Sten-Roger Karlsen talked about, all the meetings and how we are working with the new sales, we absolutely believe that we are going to have a good organic growth going forward. Okay. Thank you, Vidar. That was the last question, so I would like to thank you, everyone for listening in and for your questions, and have a nice day and bye-bye.