2023. My name is Thale Kuvås Solberg, I'm the President and CEO of Q-Free. Joining me today is our CFO, Trond Christensen. I'm talking to you today from America, having attended to ITS America, where key players in the tele and transportation systems are gathering together to understand how can we create a better tomorrow through transportation technology and innovative. There's a lot of exciting happening in our industry, I'm keen to tell you more about that going forward. First, I wanna give you a glimpse on the financial results for the Q1 for Q-Free. We have a revenue of NOK 244 million in the Q1, representing up 13%. EBITDA of NOK 12 million, up from NOK 10 million. Also solid cash flow from operation representing NOK 22 million in the Q1. We see a continued growth in ARR, annual recurring revenue, currently a 29% increase in recurring revenue for the Q1 alone. That represents NOK 361 million. That's on this backlog of NOK 1.4 billion, sorry. Give you a glimpse of Q-Free. We have been in this industry for a long time. We were established back in 1984, listed back in 2002, are now having a revenue of NOK 900 million. We have our headquarters in Norway. We have a global outreach, having offices locally in more than 14 countries and selling to more than 50 different markets. We are not a big player in this, only having 340 employees, but we are a global leader within our industry with our technology, with our innovation and outreach. We have two main business areas, tolling and traffic management. Tolling represents around NOK 600 million in revenue, and 80% of that revenue is in Europe. Traffic management, on the other hand, has 75% with revenue share here in the US, and that is more around NOK 300 million in revenue. What we do see though is a shift where the various business areas are coming together, where we are also seeing how synergies across using data across will be more and more important going forward. As I mentioned, we have a global footprint. We have around 25% of our staff in Americas and 30% of our sales. In Europe, we have around 65% of our full-time employees, 60% of our sales. In Australia and Thailand, we have 10% of our employees and also around 10% of our sales. Why do we go to work? Why do we actually work with the ITS industry? The fact is that traffic is a global challenge. It's an economic challenge. It's also impacting all people living across the globe. Take an example. I'm situated now in the U.S. 27 million days of delay every year for highway freight ships in the U.S. alone, that equivalent to 75,000 years. It's enormous impact from an economic point of view. Congestion is also highly relevant in Europe. It's estimated that the cost of congestion is an equivalent of EUR 100 billion, and it's also forecasted to grow to EUR 150 billion towards 2050. Something needs to be done. Because also 99% of the global population breathes air that actually exceeds the limits that is set by WHO with regards to air quality, and that is threatening our health. Taking it down, every single day, 3,700 people across the globe lose their life from traffic accidents on the roads. Also, these accidents means that 50 million people are injured in traffic, and it's a major cause of death for youngsters in the age of 5 to 29. Again, global challenges that needs to be solved. In Q-Free, we know that technology is a vital part of this solution. As you see, sustainability is key in actually delivering it. We have, during the last years, actually gathered our product portfolio under three main pillars, what we call Q-Flow, having focus on optimization and movement of people, goods, and data. We find some of our product lines like ALPR, where we have also electronic multi-lane free flow, where we see ferry and truck tolling, as well as advanced traffic management systems, ensuring that it's good flow in the traffic. Q-Clean is about simulating sustainable transportation, where we deliver products and services such as congestion charging in low emission zones, road use charging, weigh-in-motion where the polluter pays, counters and classifiers, as well as people and pedestrian monitoring. We have Q-Safe, which is all about improving road and travel safety, where we are now working on connected vehicles and connected intersections, lane management closure, as well as ALPR, what we also call automatic license plate recognition. We believe in order to be able to deliver products going forward, services to our customers, data is key. We do with our open platforms and cloud-based solutions, facilitate sharing of data. We're continuously leveraging on new technology, and also we're eliminating accidents, we're eliminating bottlenecks, and we're reducing emissions in the quest for a better society. For those of you who have been following us for a while, you know that we have been through a sustainability and growth journey. We did back in 2018, put in a strategy where we wanted to focus our efforts in reducing business complexity, and now we're in a scale where we actually have started and standardizing our solutions. We are now delivering that to the market, and we're gonna have folks on that going forward. We're also targeting selective markets. We're doing this both alone and also together with partners. We know the fact that we are now focusing more and more on returning and building software, doing the synergies across our product line. We're also able to expand our presence and capitalize on the going forward. We do deliver and develop in-house world-class technology. We are leading in DSRC technology. We have class ALPR image systems. We have scalable software and back office platforms, also working on road user charging for the future. In traffic management, back in the Q3 and Q4 in 2022, launched a new industry leading software platform, Kinetic Mobility, which has really received well in the marketplace. We have our traffic controllers and CA, as well as info mobility solutions. To build this, we have to think about sustainability. We have a strong focus on profitability across the value chain, but also sustainability, as we know that 80% of the climate footprint from a product actually is already created in the design phase. We're looking at product and solution development. We're looking at procurement and production processes, marketing, as well as product delivery and product deliveries. Taking a few moments to look at the market highlights for the Q1 in brief. We are scaling for impact. We are now looking into which impact do we have in societies and for our customers that we deliver our product services to. As I mentioned, data, understanding the potential in data is vital going forward. That's also some of the reasons why we in traffic management have installed ALO sites for South Carolina this quarter. We also installed and commissioned UTC ALPS customisers for some of our customers. Not at least, we have been participating in ensuring that our customers are gaining from the funding campaigns that the U.S. government has now released as part of HMS. Pilot and controlling. We are spending a lot of our time on live sites in Europe because there is a shift in the marketplace. New countries are coming out look for multi-lane free flow. We have delivered in one an ATMS solution since last year, and also image review contracts worldwide. At the heart of what we do is continuous improvements and also focus on information security. I'm very happy to see that we in this quarter also ensure that ISO certification 20001 for information security was obtained for additional locations in Q3. Meaning that we are now certified ISO for 9001, 14001, 27001, and 45001. Sustainability is also about our workforce being an attractive employer for the future. I'm therefore also pleased to see that we have now gone from a 65% on the C index, which is a global index managed by EY, the consulting firm, to a staggering 86% for Q3. Meaning that our emphasis on diversity being a future leading employee is actually being recognised. We also received grants from the Research Council of Norway for the next generation of DSRC tags, as well as being awarded ITS Australia's Connected and Automated Vehicle Award. Working together with Lexus Australia, the ambulance service of Victoria, as well as the University of Melbourne, again, showcasing that partnership, sharing of knowledge, sharing of understanding of the future, actually is highly valued in this industry. I mentioned, I am talking to you today from America, and ITS is definitely receiving increased attention in the U.S. market. In March, the U.S. DOT was awarded more than $94 million through SMART grant programs. These are our customers who are actually implementing our products and services for more sustainable cities and societies. In America now there are three different grant schemes. The RAISE grant, which is focusing on rebuilding American infrastructure with sustainability and equity, where there's $1.5 billion to be received in 2023 alone. It's a SMART grant around strengthening mobility and revolutionising transportation, representing $100 million a year for a 5-year continuation. The ATTAIN grant for advanced transportation technology and innovation with more than $60 million a year being awarded to our customers who are in the U.S. market. We are capitalising on this, assisting our customers to getting a share of these grants and also showcasing what products from Q3 can be useful in solving future problems going forward. That brings me now to the outlook. As you understand, there's a lot of aspects and positive transformations in this industry. We are constantly seeking insight into how do we need to develop our market, our business, our products, and also organisation investment to ensure that we're actually accommodating for these changes. What are the trends that we see? We do see growing infrastructure that needs to be covered by tolls as the state budgets are being stretched because also the gas tax is also declining, mostly due to EV vehicles being on the roads. We also see higher urban and inter-urban traffic requirements that require facilitation and control of traffic flow. For doing this, the digitalisation and products delivered like customers or companies like Q3 is key. We all see a political push towards a zero economy, including efforts to reduce traffic and air pollution through pricing mechanisms such as congestion charging and year-round user charging to ensure better traffic flow. As I mentioned, we do also see a change from annual toll to tolling in with existing toll roads. All in all, there is definitely a shift in this space, and we're leveraging on this market opportunities that are now coming up. We have spent the last year, continue to do so, to strengthen our sales efforts in the U.S. because right now there are such many new customers lined up in the HMS sector and also the huge market for the ALPR business. France is now opening up nationwide upgrade selling infrastructure to meet 2050. We do see the same with Brazil, which this quarter came out with a nationwide tolling system bid. We do definitely see a positive shift in market demands, and it calls for a revised strategy to ensure that we are on the right strategy and with the right KPIs and goals for the future. We have started this journey. For us, scalable technology is key, and we will continue to invest heavily in cloud-based module technology with an open user-centric approach that also accommodates for third-party equipment and then data and integration. We do believe in partnership, and we do believe we need to have partnerships in order to grow. We are partnering with key players on product development, delivery model, and as well as across the value chain. ESG, it is now a license to operate and it's data-driven footprint that calculate the value chain, including all of our suppliers. We're working together with our customers on green handshakes. With that, I want to give the word over to Trond Christensen, our CFO, for the financial update. Good morning, everybody. As usual, we start with the key takes aways from this quarter. We are fairly consistent in the message that we have been giving over the last few quarters. Maybe a little bit boring, on the other hand, it really shows that we are consistent in what we are doing and it's all supporting our strategy. We continue to have a very strong growth in our annual recurring revenue, which is currently on NOK 361 million annualised. We are able to present an improvement in the EBITDA for the quarter YoY, secure a double-digit growth once again on revenue, this time fuelled by product sales. We still have a extensive order backlog of NOK 1.4 billion and have a positive cash flow of NOK 22 million from operations. If we dig into our figures, we also see that the growth is mainly related to recurring revenues. Our non-recurring revenues has been kind of shift a little bit this quarter. We have, relatively speaking, more product deliveries and not quite so much products. The continued growth in recurring revenue continues. Our margin is a little bit down. This is mainly due to the changes in product mix, which will vary quite a bit from one quarter to the other. Our OPEX is up, but a fairly modest growth. Those that have been following us will remember that Q1 last year, we had a one-off write-down on some accounts receivables in Ukraine following the Russian invasion. This was reversed later in the year. It's fair to say that the underlying growth in this is more than these NOK 5 million. Of course, Q3 as anyone feels the effect of inflation, increase in salaries and all of those things, but we are very confident that we have this under very good control. It's also worth saying that we are consciously investing a lot in both sales resources, delivering capacity and developing our product areas, et cetera. All of that can be capitalised in the balance sheet, so it is also affecting our OpEx, but it's definitely building the future for Q3. As a result of this, we end up at EBITDA of NOK 12 million, up from NOK 10 million last year. 13% securing double-digit growth QoQ, this time mainly fuelled by product deliveries. As I already mentioned, Paulus already mentioned, we have now consistently over at least last year and a half, put very much focus on growing our base of recurring revenue. We are shifting part of our business model. We are focusing quite a lot on software and on long-term service maintenance agreements on the products and systems that we have delivered in the marketplace. Like I said last quarter, it will not be possible to have the same growth each and every quarter. There will be fluctuations, the long-term trend is definitely clear. We will keep increasing this phase. We have had some questions on the% of ARR related to our total revenue. That's also a key figure that will fluctuate, because if we get big projects or big product deliveries, that will affect revenue there and then quite a lot, while the annual recurring revenue is of course more stable. For us, it's not important to have a certain% of our revenue as recurring. The important part for us is to have a really good solid base of recurring revenue, and that keeps growing over time. If we get product sales or one-off projects on top of that, as long as they are profitable, that's great all the time. Briefly touching segment revenue. As you see this time, it's the Traffic Management division that has most of the growth. They are basically growing in all areas of the business, not any huge one-offs on the quarter. It's a story of growth all over, and we hope that that will be able to continue continuously, even if the growth rate will of course vary. Tolling is not growing that much this quarter. They had some good progress during this quarter. Previous quarter, it was project activity that fueled the turnover. Tolling is still possibly expecting good growth in time to come. As I said, 15% growth in EBITDA year-over-year, even if, of course, the Q1, 2022 was affected by a $6 million write-down on accounts receivables in Ukraine. These are the changes in EBITDA per segment. Traffic Management affected by not having the Ukraine write-down, as I've already mentioned a couple of times now, but also a clear improvement in underlying earnings of the division. This quarter was a bit down compared to last year, mainly due to changes in product mix. This will vary a little bit quarter by quarter, but our confidence in long-term earnings in tolling is consistent. Order intake, NOK 189 million in the quarter. As you see, we are now for a couple of quarters on a book-to-bill of less than 1. We are not worried about that at all. This will also vary a bit from quarter in our business. There is a few very large projects and tenders ongoing, there will be a few months with book-to-bill of less than 1 and a few months with a few quarters with a very significant book-to-bill. We are still very comfortable with a NOK 1.4 billion order backlog. Someone will perhaps ask why the backlog has increased, even if we have a book-to-bill order intake less than turnover the last quarter. This is basically due to currency changes, because most of our backlog is in dollars, euros or euro-related currencies. Due to the fluctuation of the NOK, this will also affect our absolute figures for order backlog, but still extremely solid. We are also happy to present a positive cash flow from operations once again of NOK 22 million. We have a negative cash flow from investments of NOK 17 million. As those of you following us have probably observed, we have started to increase a bit on our investment activity. It's a mixed picture what's in them. There are some investments in tolling systems and other systems that we own and actually rent to the customers. This is the part of building our recurring revenue base. We are also increasing our investments in development of specific customer solutions. A lot of it is supporting the annual recurring revenue, like, for example, the Kinetic platform that we have mentioned in previous presentations. We are also investing in traditional Q-Free technology, both in tolling and in traffic management, to secure and further improve our competitiveness in the market. At the end of this quarter, we have NOK 151 million in available cash. We have no no utilisation of our cash pool or draft facility and have that very strong liquidity reserve available. Our balance sheet, I will not go too much into detail on that one, but our total balance sheet is increasing. A lot of this has to do with the currency effects following the reduction of the NOK volume. A lot of our assets are related to dollar and euro business, so our balance sheet is always affected by this. We still have a very, very strong equity ratio of 49%. As a consequence of that, we have been able to reduce our net interest-bearing debt further. It's now at NOK 152 million. It gives us a good basis for investing further in the company and also taking on new, larger companies, new larger contracts. By that, we go to the Q&A section. Far it's actually not been any questions as far as I can see on my screen. Nothing so far. I don't know, Thale, perhaps you would like to go on the screen and wrap this presentation. Absolutely. Absolutely. I just wanna say thank you for joining us this morning. We are here to build the future for sustainability and transportation. With that, I wish you a very good day. Thank you.