It's about time, I guess. It's 10:00 A.M., so let's get started. Welcome to Awardit on our Webinar for the Year-End Report and Fourth Quarter. Some rules. We will be recording this presentation, and we'll publish it on our website in a few hours, so that you know that. Any questions that you have, please write them in the chat function, and we'll get to the questions at the end of the presentation. My name is Niklas Lundqvist. I'm the CEO and Founder of Awardit, but not for much longer. On the 7th of March, I will be stepping down and focusing on mergers and acquisitions and business development, and Erik is taking over my role. I will start with a brief intro, a very short intro to Awardit, and then we'll get into the numbers. That will be followed by more general information about the company. Anyways, Awardit today, we're the largest company platform for loyalty, incentive, and gift card programs in the Nordics. Provided we see continued strong organic growth, its revenue is of SEK 1 billion within reach for 2022. Our vision is to become one of the absolute leaders in our industry on the European market. What we do, we provide a software-as-a-service toolbox to handle all parts of the loyalty, incentive, and gift card program value chain, and we're a one-stop shop. We not only provide the technology, we also provide the content, the partner networks, et cetera. We've completed 10 acquisitions since our IPO in 2017. Let's get into the full year of 2021. It was a great year. I would like to thank all my colleagues for the great work they've put in to make this happen and to continue making 2022 also a great year. I would especially like to thank also our finance department for putting the report together with all the new acquisitions. It wasn't extremely popular to close an acquisition in December. Good work. Anyways, in 2021, we've seen growth in our revenue of 89%, of which 24% was organic. The total revenue ended up being around SEK 529 million. If all the acquisitions we closed during the year had been a part of the group for the full year, I believe, the relevant revenue figure would have been around SEK 770 million. We've seen profitable growth. EBITA rose to SEK 93.2 million in 2021, which is 149% growth, of which 32% is organic. We've seen increased gross margins and EBITA margins over the period, and we expect in the long run for them to continue to increase. We have a highly scalable business model, which if you look at our numbers for the fourth quarter, you will see that model is proven. Getting into the fourth quarter, we saw 160% growth. 43% was organic. The revenue ended up being at SEK 229 million, I believe. Looking at the acquisitions we closed last year, starting with MBXP, they generated SEK 52.6 million, and they became a part of the group in the middle of April. They've not been performing very well since we closed that deal, but that has now been neutralized by COVID support from the Danish government amounting to SEK 14.2 million. SEK 8.9 million of those SEK 14.2 million was recognized as group revenue in the fourth quarter. The difference is recognized on the balance sheet. The Inspiration Company, which we closed on the last of June, generated revenue of SEK 26.3 million, and Prämie Direkt, which we closed the first of December, generated SEK 24.6 million in revenue. We worked hard to close Prämie Direkt in the beginning of December because we knew that December would be a great month, as for all the group companies. The last two months of the year are extremely important due to the transactional behaviors. Anyways, looking at the profitability, it rose with 296%, of which 41% was organic. MBXP contributed SEK 25.5 million, TIC SEK 5.8 million, and Prämie Direkt SEK 5.4 million in December. Looking at the development of our gross margins, you can see that it's rising over time. The same is applicable for the profitability. It's rising over time, and it's really spiked here during the last quarter. You can expect, or our aim is at least to make the margins even higher over time. Obviously it will be different from quarter- to- quarter, and also new acquisitions can disturb in the short run. Zupergift, as you probably all know, has been a very successful new product for us the last 18 months, and we are now seeing a break. It's stabilizing. In 2021, we had a total sale of Zupergift of around SEK 100 million. You should note that when I'm saying sale of Zupergift, it's not equal to what we've recognized as revenue since we recognize the revenue when the actual gift card is redeemed. The breakage in the fourth quarter was around SEK 3.8 million. It's a bit higher than we guided for in our third quarter report. Over the full year, breakage was SEK 4.54 million. Breakage is not part of our net revenue. If you see the tables, you can see that we changed how we account for net revenue. Anyways, that's it with the numbers. I will now tell you a little bit more about Awardit. As I started out saying, we have closed 10 acquisitions since December 17. Three of those acquisitions were closed in the last year. MBXP, The Inspiration Company, and Prämie Direkt. Prämie Direkt is a leading German loyalty provider, and it's really exciting to have them in the group because that will lead to very interesting opportunities for us to take larger customer cases. Obviously we'll be seeing percentage points to be picked up when it comes to profitability from procurement, et cetera. That's very exciting. Also, my ambition is to decentralize the acquisition strategy. Obviously, I mean, the CEO of Prämie Direkt and so on has better network than we do down in the DACH region, and we'll be utilizing that network to find new acquisition objects. You may ask yourself, "Why do our customers turn to us?" It's a matter of us working on their revenue side. Our customers, they want to achieve a greater share of their customers' wallets. They want to reduce price and discount focus. They want to increase their customers' lifetime value and reduce churn, and obviously also want to establish more responsive, cost-effective customer communication. If the target group is an incentive program geared towards a large company's employees, it's a matter of rewarding result, activity, competency and engagement. It's a very exciting sector. The gift card market is growing very, very well. It is expected to be worth $2 trillion in 2027, and the annual growth rate right now is around 16%, and the global loyalty market is also growing well. Our ambition is obviously to grow faster than the market and to add new acquisitions. Looking at our business model, first of all, the loyalty segment, we usually charge a setup fee for configuring platform under our customer's graphic profile, et cetera. It's a white label solution. We then usually charge a monthly fee for access to the platform on a software-as-a-service basis. Most important, we create a loyalty marketplace. We'll be earning revenue and margins selling digital products and physical products for points and in deal shops, et cetera, et cetera. That's very important revenue stream for us. When there are more members in the program, more transactions, we'll be expecting to earn more revenue. We are growing with our customers. When it comes to the gift card segment, we are controlling the whole ecosystems here or the whole vertical. We have the largest platform in the Nordics for issuing and redeeming gift cards. It's called mValue. It's used by more than 200 large commerce companies online and offline. We charge a setup fee. We also charge a monthly fee for access to the platform. We then also charge loading fees. When a new gift card, and when I say gift card side, there are a digital code or a physical card. Obviously digital code's growing more rapidly than physical cards. When a new code is loaded on top of the platform with a value, we charge a fee. That's either a fixed fee for each transaction or a percentage of the amount being loaded to the card. We also do distribution, third-party distribution of gift cards on behalf of our customers. We do that within the loyalty programs that we operate. You can buy gift cards for regular money or for points. We also distribute gift cards offline in physical channels, where we control around 80%-90% of the Nordic market, being in 12,000 stores. When we distribute gift cards, we'll be earning commissions. We also run a number of private label gift card programs, and the reason for that is that when we run a private label, we actually own the customer base. If you buy a Zupergift card with points, or you buy it with cash, or you receive it from your employer, you will have a direct relationship with Awardit. When running private label programs, we'll also be earning not only the initial gross margin, but we'll be earning breakage. Let's say that a gift card expires after 12 months, and only 90% has been redeemed. The last 10% will be breakage and profit for Awardit. When it comes to the partnership segment or part of our business, what we do here is we set up networks of hundreds of online partners and offline commerce partners, where members in loyalty programs that we operate can earn points or cashback that is financed by the external partner. What happens here is you do a transaction earning points for that transaction as a member, and we'll be receiving a commission from the partner, and we keep part of that commission as our margin, and the rest of the commission is received by our customer to finance the points, because the points are not on our balance sheet. This gives you an overview of the private labels that we have within the group right now. Zupergift being the most successful. It was launched in the middle of 2020, and like I said, it's generated sales last year of around SEK 100 million. It's a multi-brand gift card, so it's a gift card that can be redeemed for hundreds of different other gift cards. 100% digital product. Mostly sold business to business, but we've started experimenting with B2C marketing, so that will be exciting to see how it develops. We have Julklappsvalet. That's a translation of that is the Christmas gift choice. It's a gift card concept, which you can redeem for physical products in a shop. Sponsorhuset is a cashback program for sports clubs. If you're a member of a sports club, you can sign up for an account at Sponsorhuset, and you can then do your shopping online or offline within our partner network consisting of 600 different businesses. When you do such a transaction, you'll be earning a cashback, half going to you as an individual and the other half going to the sports club of your choice. Rewardit is a private label B2B loyalty program that we've been operating for some years. Den Beste Gave is number two on the Danish market for experience gift card vouchers. It's an interesting segment that we are looking into expanding, but probably not under that trademark in the other Nordic countries. ZityBreak, it's a hotel voucher product that's been dormant for some time, but that we are relaunching pretty soon, within a few weeks, I believe. It's a hotel gift card that you can redeem for, you know, tens of thousands of hotels around the world. It's basically based on the same bed banks as Hotels.com and Booking are using. Paygoo Gift is a Mastercard-based gift card concept or product that we have within the MBXP group. It's an interesting product. It can be used anywhere. It's complemented by another product that's called Paygoo Reload, which functions essentially as a debit card that you have to load with money. You can buy these products offline in thousands of Nordic stores, and it's the only product of its kind. What we'll be doing here this year is that we'll be digitizing both Paygoo products so that they can be used from your mobile phone, and we believe that will increase the usage and make this product even more exciting. It should be noted that this is actually a highly profitable product. The way I see it, we're extremely well-positioned for continued success. Looking at some of the stuff we've done and that we're planning to do, the last quarter, we've obviously been working a lot with TIC, with the integration of TIC. The technical platform of TIC will be discontinued probably within six months. As it is right now, 50% of the customer or the revenue base has been migrated to the Awardit platform, our B2B platform. We've recently initiated a project to identify procurement savings and cross-selling opportunities, with Prämie Direkt. We'll be working intensively with that, going forward, obviously. Like I said before, we've seen continued strong organic growth. We had 50% organic growth in January, and that is obviously excluding the acquisitions that we did last year since they came into the group at a later stage from April and forward. We're planning to launch Zupergift on additional markets. We actually launched in Norway in December, but the sales in December after launch were only very small. We expect that to grow well, and we are planning to launch in Denmark and Finland also. Obviously we are looking into launching in Germany also, so we're working on sourcing content for Zupergift in Germany. We'll continue working to establish our partnership network based on open banking and card linking. I believe that this is a very interesting functionality for the future. We've seen a steady flow of new customers coming in, especially within the gift card segment, but also the loyalty segment. We have the best pipe that we've ever had seen from a general perspective. We're obviously working on additional acquisition opportunities. We're not buying everything that we run across, obviously. We are only interested in doing acquisitions of companies that are profitable and would be adding EBITA per share when we do them, and obviously we're not interested in paying too much. I believe historically we paid around 9x the EBITA profitability. Right now or at the end of the year, we had a very good cash position of around SEK 240 million, which provides us with quite a lot of buying power, at least from our perspective. To end it all, our vision, like I've said before, is to become one of the absolute leaders on the European market. With that said, please you know write your questions in the chat function. I'll try to get it up on my computer. I don't see any questions yet. What are the main risks? Well, I guess the risks are the normal risks, competitors obviously. We have obviously technical risks if our platforms would go down, it obviously affects revenue, et cetera. I would refer you to, for instance, to our memorandum from the time of our IPO to you know look at risks from a general perspective. More questions. What are the main drivers for 50% organic growth in January? Is it old cards which went out in the new year? Well, it's obviously a mix. What we're seeing, we've gained a lot of new customer accounts during 2021, both within gift cards and loyalty, so that adds to the organic growth, of course. We're also growing very, very well with existing customers. Our products and services are extremely sticky, and we have customers going back as far as 15, 16 years that have been growing steadily 15%-25% per year. So like I said before, when a loyalty program's growth in terms of number of members, transaction volumes, et cetera, our revenue growth is also positively affected by that. Could you elaborate on how Awardit has been impacted by inflation, both regards to revenue and the cost side? Well, no, I can't really elaborate on that. I've not really been thinking about that at all. I don't think it will be a major issue for us. It would be interesting to hear about potential acquisitions in the coming quarters. Any discussions right now? Well, obviously, I mean, you all know that we are a company that is very interested in continuing acquisitions. It goes without saying that we have a number of discussions going on. Of course, I can't go into details on those discussions, and you never know when they are closed. It's sort of part of the game. Looking across continental Europe, how structured is the competition? Are there any peers that you consider doing the same thing that you are doing, i.e., building a platform with various product offerings? The answer to that is obviously yes. We have peers. We've discovered peers in other European companies that are quite similar to Awardit. There are only a few peers that are doing the whole sort of ecosystem with both loyalty programs with incentive programs and gift cards programs, and also providing the content for them and distribution networks and the partnership networks. We are not the only one, but there are only a few one-stop shops, and there are very large actors on the gift card market internationally. How do you expect that MBXP will perform in 2022? Well, I expect them to perform a lot better than they did in 2021 before the neutralization that we received with the COVID support. You can always go back. We have some old press releases and memo and acquisitions where I believe we've mentioned what we've based our assumptions on. We expect that to develop well. Can you break down the other income SEK 8.9 million from COVID support, SEK 3.8 million in Zupergift? That leaves roughly SEK 5 million in other income. Well, actually, I am not 100% sure of that, so I will have to look into that. I will, you know, tweet it later on. What are your views on acquisition financing? Could you elaborate on Awardit's decision-making process when it comes to financing acquisitions? It's a mixture. Obviously, we took the company public in 2017 to get a market cap on the company and be able to use our own shares as part payment in acquisitions. It has been an ingredient in every acquisition. Actually, actual division between Awardit shares, cash payments, earn-outs and, you know, promissory notes and such, it depends on each situation. For instance, when we acquired Prämie Direkt, it was actually a financial owner, so it was not that important to pay a lot in the Awardit share. That deal, we financed partly in shares, and most was financed through a bank loan, SEK 70 million. We also did a large private placement at the end of the year of SEK 192 million, and we used some of those proceeds to pay for that acquisition. Going forward, it will be a mix. Obviously we always try to get as much bank loan as we can. We have a lot of headroom, the way I see it, for taking on more loans. Obviously also the Awardit share is the most valuable asset that we have. I mean what we want to do is add profitability with each acquisition, and we want to avoid dilution as far as possible. Also it's important for us to do acquisitions where the entrepreneurs and the owners, if they're staying on, that they have you know a reasonable skin in the game, so to speak. Awardit has created great share of value via successful capital allocation by acquisition. I'd applaud decision not to give dividend. Comments regarding this decision, if this will be the policy going forward. Well, we've been, you know, giving dividends for a long period of time, I believe, over 12 years, and we raised the dividend every year. The last year has been very acquisition-intensive, and we've obviously reinvested our cash flow in new acquisitions. That's also the aim going forward to reinvest, because I believe that we can create the greatest value by doing so. That being said, I'm not ruling out that we'll be providing dividends in the future. It's nice to receive dividends. If we don't have any plans for the cash flow that we create and profitability that we create, then obviously, that's an option for us. We don't have those plans right now. When breaking into a country where these competitors are active, how do you win over contracts? Is the key proposition on price, functionality, offering a combination of both? I would say it's obviously a combination of both. Being able to attract large international customers, it's quite difficult. You have to have a good international coverage. Looking at the Nordics, we have several very large international businesses as customers, but we only have them in the Nordics. By doing the acquisition of Prämie Direkt, it would be easier for us to get such customers on a, you know, European scale. What is the quality of these competitors? Are they typically sitting on legacy tech and milking cash flows, or are they tech-savvy and innovative? I believe it's a matter of both. We are still seeing startups in the loyalty and gift card segment, so that's quite interesting. It's a fast-growing market, so that's to be expected. Have you seen any increase in activity in February following the end of restrictions in Sweden and Denmark? It's a bit too early to say that. I don't know, actually. What I can say that I didn't tell you earlier is that we still have parts of our business that's affected by COVID, and those parts are mainly B2C related within entertainment and travel. There's a lot of room to keep growing those segments compared to, for instance, last year. To give you an example, I believe that in 2019 our business in digital movie tickets was around SEK 50 million, and last year it was probably around SEK 22 million. There's you know a lot of room coming back to pre-COVID levels in a few parts of our business, so that can add more growth going forward. Zupergift was mentioned as invoiced but not accounted or booked revenue in the report. Can you elaborate? It's a matter of how we recognize revenue. When we sell a Zupergift card, for instance, for SEK 1,000, then we'll obviously invoice that or you know we charge. It's paid by card or whatever. We won't be recognizing that revenue in our profit and losses until that gift card is actually redeemed by the recipient. That is because it's not until it's redeemed, for instance, for a NetOnNet gift card or whatever, that we know our initial gross margin. It's not until after another 12 months that we know if the full amount has been redeemed or not. If only, like, 90% is redeemed, then we'll be earning 10% breakage. How much is still outstanding to pay in terms of purchase price for the acquisitions you have undertaken, both in cash and with own shares, if applicable? Well, the only applicable case here is MBXP, and there's full information on that in our report. It's we are paying an earn out there over a period of two years, 2021 and 2022. A multiple of 9x on their EBITDA and minus the bank loans and so on at the time of the acquisition. No more questions and I think maybe we are done then. I would like to say thank you for listening to us, and I hope that your interest in Awardit remains. Bye-bye.