Ladies and gentlemen, welcome to the Addnode Audiocast for Teleconference Q4 2021. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question and answer session. Today, I'm pleased to present Johan Andersson, CEO, and Lotta Jarleryd, CFO. Please begin your meeting. Great. Thank you for this introduction. I'm Johan Andersson, the CEO of Addnode Group, and like you said, with me, I have Lotta as well. We'd like to present the Q4 report today. In the presentation, probably we'll just move to the agenda slide. Today, we would like to walk you through a short introduction to Addnode Group. I think most of you are familiar with us. Then we'll spend most of the time on Q4 2021, and a little bit about acquisition, sustainability, and our focus area and investment case, and then open up for Q&A. Let's move to the slide with for Addnode Group. For you who are new to us as Addnode Group, we provide digital solutions for sustainable future, and we do that organized in three divisions: Design, Product Lifecycle Management, and Process Management. In Design, we do software for design, construction, and facility management, and we provide services as well. In Product Lifecycle Management is software for simulation design and taking care of all the product data that is being created during the design phase and maintain that over the product lifecycle phase. In Process Management, we are targeting customers in the public sector, both on the local municipalities and state agencies, and supporting them with case management systems and with regards to the communication with the people living in the local municipalities and both in the countries, and also making sure that they can archive every decision that has been made by the people in the organization. In 2021, we ended up with net sales of SEK 4 billion, and we had an EBITDA of SEK 461 million, and we are 1,900 people, and we are predominantly located in Northern Europe, in Sweden, Norway, Finland, Denmark, and in Germany, and in the U.K. and France. Then we are also having businesses in Australia and in Japan and in Canada and the US, totally adding up to 19 countries. We also have 200 people in India as well. With that as an introduction, I would like to move on to Q4. Next slide, please. In Q4, we could see that all the hard work and investments that were made paid off. We had a net sales increase of 21% to SEK 1.012 billion, 12% currency-adjusted organic growth. EBITDA was up 37% to SEK 148 million, and our EBITDA margin expanded to 13.3%, up from 11.7%. All three divisions achieved good growth and improved earnings, but Design Management and Process Management was special contributors to the strong earnings both this year. Even though PLM did a good quarter, we can see that the biggest increase was in Design Management and Process Management. All these fantastic result was, of course, due to the fact of all the good people in the organization making fantastic efforts. Looking at the demand side, we could see that the demand for Design Management and Product Lifecycle Management's digital solution and services was positive on all the main Nordic markets, the U.K. and Germany. The positive progress of Process Management's market position and offering to Sweden's public sector made grow the organic growth in this quarter as well, and we can see some good margins there. Looking at the acquisitions that we did in 2021, they supported the good growth in the quarter as well and contributed to the earnings. We did one acquisition that we'll come back to later after we closed the quarter. The board has also decided to propose to the AGM that we will give a dividend of SEK 3 per share and also to split the share four to one, and that will be a decision for the AGM later this spring. Please, moving on to next slide. Looking at our net sales and the breakdown of that, we can see that license revenue increased to SEK 92 million, and biggest increase in recurring revenues, we increased to SEK 702 million from SEK 571 million. Service revenue increased as well as we continued to do good business with our customers. We can also see that the share of recurring revenue increased a little bit from 62 to 63, but are stable above 60%, as we grow as well. I think that's an important message. Looking at the five-year trend, we could see in the diagram to the left that we are back on the growth path that we have been on for some year. All in all, good net sales. Please moving on to next slide. As I mentioned, before, we did one acquisition in the beginning of the year. This January, it's an acquisition of a company called Claytex. It's a specialist in advanced simulation and testing, focused on automotive systems and autonomous vehicles. This acquisition bolsters and expands TECHNIA's offering of the PLM company in the PLM division, as a global provider of premium simulation software, services, training, and support through the TECHNIA Simulation Center of Excellence. Additionally, it strengthens TECHNIA's ability to perform simulation of autonomous vehicles based on Claytex's own software products, together with the 3DEXPERIENCE SIMULIA and our PLM platforms. TECHNIA has been partners with Dassault Systèmes for over a decade, offering the full suite of the SIMULIA product alongside expert training and support. Claytex are highly successful in generating own IP on the foundation of the world-leading skills. These industry and domain-specific simulation libraries are marketed and sold both by Claytex and also Dassault Systèmes as well. This is a good add-on acquisition to what we are doing in TECHNIA. We have been investing and expanding our simulation capacity with several acquisitions, both with Transcat, and then we also did the acquisition of Budsoft, and this is another acquisition down the line of the building and even greater strength within the simulation area. A great add-on and great teams that are more than happy to welcome to Addnode Group. Moving on to the next slide, looking at the full year 2021, that is also another record year. We achieved our best-ever earnings. Net sales increased to SEK 4 billion at a growth of 7%, of which 2% was organic. We had a tougher start in the first quarter, and then we could clearly see that we were back on the growth path for second and third and fourth quarter. The lower organic growth is a result of that we had a tougher first quarter. We can see that we have a greater demand now from industrial customers in Design Management and Product Lifecycle Management. EBITDA for the full year increased to SEK 461 million, and the EBITDA margin increased to 11.3%. Addnode Group, we are getting stronger in all our focus segments, digital solutions for design and engineering, construction and facility management, as well as public administration. The important enablers this year, and that is part of our strategy as well, are the expansion of our product and service offerings, complementary acquisitions, and expansion into new geographical markets. All in all, a strong year for Addnode Group, as a result of all the hard work that our people in the organization has been able to put forward to make our customers happy. With that, I would like to move on to next slide, please. Addnode's ambition is to create sustainable shareholder value. In 2021, earnings per share increased by 36%. Looking back over the last five years, our average yearly EPS growth was 20%. The value creation we are currently generating is the result of hard work, investments in expertise and products, acquisitions, and well-founded strategic decisions. We intend to keep generating sustainable earnings growth by executing our strategy of acquiring and developing cutting-edge companies that deliver digital solutions for a sustainable society. With that as a background for the full 2020, I would like to move to the next slide and walk you through the results of the three divisions for Q4. As I mentioned, we have three divisions in Addnode Group, the centralized organizations, Design Management, Process Management, and Product Lifecycle Management. Moving on to the next slide and starting off with Design Management. Just to sum up, Design Management had a very good quarter. Net sales increased to SEK 471 million. It's a growth of 23%. Organic growth was 19%, and adjusting for currency, the growth was 15%. Symetri achieved especially positive growth and earnings performance. Demand was favorable in the Nordics and U.K. Customers appreciate the value of an Autodesk partner with proprietary related own products as well as a broad base in-depth design and BIM skills supporting the delivery of the software. Demand in U.K. and especially the Nordic market for digital solution for facility management remained positive in the quarter. EBITDA increased to SEK 59 million, and the EBITDA margin widened to 12.5% from 9.4%. All in all, a very good quarter for design. Next slide, please. Product Lifecycle Management continued the improvement in Q4. Net sales increased to SEK 352 million. It's a growth of 13%. Organic growth was 11%, and adjusting for currency, the growth was 11%. In the Nordics and Benelux, the demand for the division's PLM systems and related services remained favorable. The fourth quarter brought greater willingness to invest from industrial customers in the German market and also the U.K. market, which is important for this division. The division's initiative in advanced simulation solutions is continuing and is being well received on the market. EBITDA increased to SEK 44 million, and EBITDA margin of 12.5%. The restructuring program that we executed in 2020 yielded technical cost savings. As previously presented, the acquisition of Claytex further strengthened the division simulation capacity as interesting IP and a strong position within autonomous vehicles. Good quarter for PLM as well. Next slide, please. Process Management. Process Management showed in Q4 that they have a leading position as a provider of software and digital solutions for the public sector in Sweden. Net sales increased to SEK 297 million. It's a growth of 29%. Organic growth was 8%. The division finished the year strongly, and operations acquired in the year performed well. Demand for the division solution for document and case management, public services, and municipal engineering information systems and other services remained healthy. The division's business is well-positioned for public sector tendering owing to their attractive digital solutions, in-depth experience, and good reference. EBITDA increased to SEK 59 million, and the EBITDA margin widened to 99%. A good quarter with organic growth, acquisitions performing according to plan and above, and some great efforts on the market, building the order book for next year. A good year and a quarter for Process. With that, I would like to hand over to our CFO, Lotta Jarleryd, who will talk about the cash flow and the balance sheet. Thank you, Johan. Next slide, please. I would like to start with an overview of the consolidated operating cash flow for the fourth quarter, 2021. We ended the year with a strong operating cash flow, SEK 257 million. This represents a cash conversion rate at 1.7 times, and that is operating cash flow to EBITDA. The improved operating cash flow compared to the same quarter previous year was attributable to improved earnings, as well as a higher contribution from the change in working capital. We haven't made any acquisitions in the fourth quarter. The investing activities mainly related to development costs for proprietary software. With regard to cash flow from financing activities of SEK 100 million, the amount includes the purchase of Addnode Group B shares amounting to about SEK 70 million. In September 2021, the board of directors of Addnode Group, through support of an authorization by the 2021 AGM, decided to repurchase Class B shares in Addnode Group. The aim of exercising this mandate was mainly to enable delivery of shares related to Addnode Group's long-term incentive program. In October, 200,000 Class B shares were acquired on Nasdaq Stockholm, and the shares remain in treasury as of today. Next page, please. I would like to carry on with a few comments on the consolidated balance sheet. We continue to operate supported by a resilient balance sheet. Even though we have financed a major part of the four acquisitions this year by available cash funds, our cash position remains strong at SEK 406 million by the year-end 2021. As we communicated earlier this year, we have expanded our multicurrency credit facility to 1.6 billion. The expansion of the credit facility of SEK 500 million strengthen our capacity to acquire and develop businesses even further. By the end of 2021, SEK 931 million remain in credit scope, which can be used for acquisitions and general corporate purposes. Please note that the utilized portion of the new credit facility has been classified under non-current liabilities. The previous credit facility was classified under current liabilities as the maturity date was June 30, 2021. Following the acquisitions made in 2021, net debt increased to SEK 368 million as per December 31. The equity rate, ratio was 39%, and return on shareholders' equity was 14%. Other larger changes in the balance sheet items from December 31, 2020, mainly referred to the acquisitions made during the second and third quarters this year. Back to you, Johan. Thank you, Lotta. Next slide, please. Acquisitions. Acquisitions are an important part of our growth strategy. Since our formation in 2003, Addnode Group has executed nearly 70 acquisitions. On this journey, we have accumulated experience and structural capital. We acquired four companies in 2021 with a total year net sales of some SEK 220 million. So far, we have done one acquisition this year, so it's just one blip on this slide, but hopefully it will be more going forward. We still see great potential for value-creating acquisitions in 2022. Next slide, please. I will not walk you through this slide, but it's a representation of the acquisitions that we did in 2021, just to give you a flavor of the add-on acquisitions that we are looking for that are complementing the business that we are operating today. Next slide, please. Long-term sustainability focus areas. Addnode Group's vision is to provide technology for a sustainable future. The need for digitalization and automation of processes is a growth driver for all Addnode Group companies. Our biggest positive contribution to a more sustainable society are the digital solutions we deliver for customers, which in turn can make positive contributions to, for example, digital simulations benefiting the environment and health, design choices for sustainable development, product lifecycle management, facility management, and improved interaction and dialogue with citizens. In 2021, we enhanced our corporate value and sustainability work with a group-wide code of conduct and sustainability policy. Next slide, please. Addnode Group as an investment. What can you expect when investing in Addnode Group? We have a strategy of acquisition-driven growth. Looking at the last five-year period, our compound annual growth for net sales has been 13% and 22% for EBITDA, and we are expecting to continue on that journey. We deliver digital solutions for our customers that help them with design, simulation, product data information, and case management. You will find that we have our customers in construction and real estate sectors, in manufacturing, automotive industry, life sciences, and the public sector. What they have in common is that our businesses are supported by global trend for digitalization, urbanization, and sustainability that is driving the demand for these digital solutions that we provide to our customers. We believe that we have an attractive business model with a high share of recurring revenue. We have a long-term customer relationship. Some customers have been with us for almost 30 years. We have a strong cash flow generation, like Lotta mentioned before in the discussion. You can see that the operating result that we generate ends up as cash flow as well. We have a low CapEx need other than product development and of course, the investment in our people, but that's not CapEx, that's operating costs, but that's our biggest investment, I would argue. We have a diversification that spreads risk. We are active in several geographics, going for several markets, and we also have several offerings to different customers. That means that we are not dependent on individual customers and, so that's diversification. That's what you can expect from Addnode Group and what we are continuing to do. We have had basically the same strategy since 2007. With that as an ending, I would like to open up for a Q&A, and both Lotta and I are here to answer your questions. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Daniel Thorsson from ABG. Please go ahead. Yes, thank you very much. So first a question on the regional development here. You write in the report that demand is strong in both in the U.K. and Germany, where we have seen a more lumpy development, especially in Germany over the last two years. Is this a trend shift entering a more stable demand, do you think? Or do you foresee anything else going into 2022? In Germany, we can see that demand has increased in the second half of 2021. It is definitely an improvement. If it is a stable improvement, I think we'll have to come back to that, but definitely an improvement in the demand, meaning that customers are ordering, and we are also selling them licenses that we didn't sell a year ago. Okay, you would like to see another one or two quarters with the same level to feel confident on the stronger one? Yeah, I always would like to see that, so. Yeah. It's definitely an improvement. Okay, excellent. Secondly, on M&A opportunities, at least in my book, it looks like you are more positive on M&A opportunities versus the previous quarters. Is that true? What is the reason for that? Is it because you see more reasonable prices or better targets out there? No, I think it's more of a, as to, we took it a little bit during the pandemic at the start of that, we decided to slow down a little bit of the M&A activities, and then you start building the pipe again, becoming sort of being more active in the dialogues. We have definitely a better pipe right now, and that has to do with the way we do acquisitions. We like to do bilateral discussions with entrepreneurs that are ready to sell their businesses. We are rarely involved in competitive auction processes. That means that it's more of a building up a pipe, and we have been doing that for. Yes, I'm more positive with regards to that we can do more acquisitions. Timing, who knows? Of course, like I mentioned, we are more into bilateral processes. That means that one quarter we can do several, and then it could take some time. More positive, yes. Excellent. A question on Process Management. I mean, that division did an extremely well development in 2021, so that's gonna face tough comps in 2022. Should we still expect the small single-digit organic growth for the business area, from what you see today at least? Are there any risks of setbacks? No, I think we should expect organic growth because there are no sort of singular events, or projects, or anything that has driven the organic growth in the division. It's more of that we have been working hard over the years to make sure that we have a good offering to the market. On top of that, there is a demand for digital solutions to work more automated and with the resources that are available for the public sector. There's a demand to digitalize where they are. I think we should expect organic growth. It's more of a question of how much. Because as you mentioned, we are getting used to having organic growth in this division, and it was very good in 2021. 2020, I think we had some, but if you go back 2019, we were less focused on that. Long answer to your question, and yes, you should expect organic growth for next year. Okay, that's clear. My final question for Lotta, I guess, on cash flow. With the acquisitions made, should we expect a normal seasonal pattern in cash flow in 2022, i.e., strong in Q1? This year ended with a strong Q4 in terms of operating cash flow. I think the invoicing pattern is the same from operations. I mean, we do a lot of invoicing at the latter part of the year and also in the beginning of the new year. We don't see any change in that sense. Okay. The acquisitions we made, they have more or less the same pattern as well. Okay, that's clear. That was everything for me. Thanks. Thank you. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have another question from the line of Fredrik Nilsson from Redeye. Please go ahead. Hi. I want to start with Design Management. I mean, the margin was quite high, although you had a strong demand for your Autodesk-related offerings. Could you elaborate a bit on that? I think basically what you're saying is that, when we are the sales for Autodesk, that is, to some extent, a third party business, meaning that we have to share part of what we are selling to Autodesk. That implies lower gross profit over time. At the same time, we have a very good organization that is able to do more, meaning that we have an operational leverage in the organization. Meaning that we don't have to add more people to do more sales. That means that we also have our own software as well that complements it, and that is, by design, 100% gross profit. I think it's a matter of two things. We have a good operational leverage, meaning that people are good at what they are doing, and also that we do own services as well and also own software that complements it. I think that's the factor that make sure that we have a good profit on what we are doing by the end of the day. Okay. We have seen a sharp decline in multiples, especially for software companies on the stock market, at least. Have you seen anything similar in your M&A discussions? Yes and no. What I mean by that, because Addnode Group, we are not going for those high-valued multiple companies. We normally tend to back out of those discussions. We have never been part of that, acquisition frenzy because we look at complementary acquisitions with what we are doing, and we're normally buying from entrepreneurs. We are not in a hurry to do the acquisition now in auction processes. It means that that is the no, meaning we have never been part of that. The yes is that I think that, over time, the multiples will go down because, but it takes time. It's nothing that happens over a day because people need to get used to it. But we are still, doing acquisitions at what we believe are, sensible valuation multiples. That means that sometimes we start at 5x operating profit, and sometimes if it's a fast-growing business with high margins, then we can look at a multiple of 10x operating profit, and then we are moving in that area. Okay. One follow-up question on that. Mm-hmm. We should not expect the multiples you pay to decline. However, there might be more companies that are up for sale in multiples that you can accept. Is that the right interpretation? Yeah. Yes, I believe so. Okay, thanks. One more. Like you said, it's a matter of time. I think that is what will happen if we look forward. It has not happened yet, but I think that is what will happen. Okay, I see. Thanks. One last question from me. You mentioned that you have strengthened your position in your core segments. Should we interpret that as you believe you have increased your market share? Yes, I believe that we have to looking at Sweden and public sector, our offering for the local municipalities, technical infrastructure and case management system, for state agencies, we are growing. If you're looking at design and PLM, we can see that we are, I think we're the third largest Autodesk partner in the world, and we are definitely increasing that position. We have a strong service offering there. We can also see for TECHNIA growing their businesses in PLM. We have an organic growth right now, and we are not losing market shares. If any, we are gaining market shares there. So it's a positive trend, but it's not a massive trend. Okay, thanks a lot. That was all from me. Thanks. As there are no further questions, I will hand it back to the speakers. Okay. Thank you for taking the time to listen in and, those of you who asked questions as well. With that, I would like to thank you all. Thank you. This concludes our conference call. Thank you all for attending. You may now disconnect your lines.