Okay, it's a couple of minutes past 10:00 A.M. There are still some participants arriving into the call, but I will still start and let people in as they come along. First of all, good morning. My name is Erik Grohman. I am the CEO of Awardit since 7th of March this year, so I've been in the business for approximately two months. Today, I will present the results for the first quarter of 2022. I will share my presentation with you and share my screen. Some house rules are that this presentation will be recorded, and it will be uploaded onto our site, so you can find it there afterwards. If you have questions along the presentation or after the presentation, please write them in the chat, and I will pick them up after the presentation in the order they come in. As I said, I'm Erik Grohman. I joined two months ago Awardit, and I have a background in online retail and services and fast-moving consumer goods. Haven't met many of you, but I look forward to doing that in the future, of course. Awardit, as you know, is the market leader in loyalty programs and gift cards in the Nordics with the first entry into the European market through the acquisition of Prämie Direkt end of last year. We were founded in 1999 by Niklas Lundqvist, who is still in the business and responsible for M&A and business development. We have made 10 IPOs, ten acquisitions, sorry, since our IPO in December 2017. We are today 135 employees across our offices in Stockholm, which is our headquarters, Gothenburg, Copenhagen, and Hamburg. We are today the largest company and platform for loyalty, incentive, and gift cards programs in the Nordics. We have a strong organic growth coming into the year, which I will show you has continued this year as well. Our vision is to become a true market leader across Europe. We have a broad SaaS-based toolbox where we provide the services across the full ecosystem, both across loyalty programs and gift cards. Today, we have more than 250 programs reaching more than 50 million customers and consumers across our markets. We are based mainly on two business areas, loyalty and gift cards, as I mentioned. Just looking back very briefly on the last couple of years. Up until 2017, we grew organically in the Awardit business. After 2017, we have had a combination of organic growth and acquisitions. We had a setback in 2020, mainly due to the pandemic. In 2021, we were back to high growth, of which 24% was organic growth. I will talk a bit more about organic growth this year in the presentation. We have also had an earnings growth that has been strong historically, and we aim, of course, to continue to grow our earnings and our margins moving forward. With that, I will move into the first quarter. In the first quarter, we had a strong organic growth and a strong revenue growth overall of Awardit. The growth was almost 170% in the business total, and that's including the three acquisitions made last year, which is The Inspiration Company, MBXP, and Prämie Direkt. Looking only at the Awardit organic growth, we had almost 40% organic growth, and that was driven by a good performance in our loyalty programs and our gift cards. We also see that organic growth continuing in Q2 with more than 30% organic growth, also in April. In the quarter, MBXP, Prämie Direkt, and The Inspiration Company contributed with SEK 80.3 million in revenues, and the organic business was SEK 87.1 million, which then is the 40% organic growth. Also important and interesting to note is that Zupergift, our own private label gift card, had a growth of almost 130% in the quarter, so doubling its sales compared to last year. That sales growth has continued also into April, where we have actually almost tripled our sales compared to last year. All in all, very strong growth, both organically and in total for the quarter. We did have a bit of a slower market in Germany, and that's mainly because some customers, primarily within the energy sector, has postponed campaigns. Prämie Direkt is more of a campaign-based business. We expect that revenue loss that has been postponed into the latter half of the year is around SEK 15 million for the quarter, for Prämie Direkt and the German market. Looking at the EBITDA development. The EBITDA of the quarter was SEK 5.7 million, which is less than last year the same quarter. We had SEK 6.6 million. There has been a negative impact from short-term one-off events in this quarter, primarily two errors that has been conducted internally. There is a customer bad debt loss that we have realized in the quarter we will not get back after having had a deal that is unconventional to Awardit and nothing that we will do again. We sold a lot of gift cards through an intermediary that has now filed for bankruptcy, and we believe we will not get this money back. Also, we had a pricing error that was a manual error from migrating TIC platforms from the TIC Inspiration Company platforms to the Awardit platforms. In doing that, which is a bit of a unique setup for this business, we did manual errors that we found out in beginning of May and have now since then fixed. The impact on the first quarter was a - SEK 1.4 million on the margin from that. As I said, it's now fixed, but there is also a flow over into Q2 because we did not manage to fix it until beginning of May. There is an effect also on April results from this. Also affecting the EBITDA compared to last year is the seasonality of the MBXP business, where MBXP delivers a -SEK 0.4 million result into the group. This is a normal thing for the MBXP business. They have a higher seasonality where they sell more gift cards in Q4. They are redeemed in Q1, hence we have lower margins. This will be evened out throughout the year. We will see increased margins in the coming quarters. Also, we had the effect on the results of course from the slowdown in the German market, and that gave an effect of around SEK 1.4 million on the results. The two businesses of MBXP and Prämie Direkt together gave us a negative impact on SEK 2.8 million on the results for Q1. Looking at these effects, trying to bridge, just looking at the one-time effects from the pricing error and the customer bad debt loss, if we adjust for those two one-off effects, we would have had an EBITDA of SEK 9.8 million in the quarter if those would not have happened. That would mean a 48% growth in EBITDA compared to Q1 last year. We believe, we strongly believe that these are one-off effects that will not occur again in coming quarters, except for the pricing error, as I mentioned, will have an effect on April, but not for the rest of Q2. Looking at the gross margin development, the gross margin for the total business for the quarter was SEK 46.6 million, which is just below 28%. Last year in Q1, that was 30%. The main driver for this is that we have added volumes and businesses from MBXP, Prämie Direkt, and TIC, as I mentioned before. Those are diluted to the total margin%, which we knew as we added these businesses into the company total. The combined margin of these three entities is 24% for the quarter. That's of course then diluted to the higher margin that we had last year. Looking at the gross profit margin of our organic business, that was up from last year and was 31.2% in the first quarter this year compared to the 30% last year. Basically, a solid margin and solid growth in our core business, and as expected, diluted by the added businesses from the three acquisitions, and then hit by the one-off effects also in this quarter from the pricing errors and the customer bad debt loss. That is, in very short, the quarter. We believe that we have a very strong foundation to grow further, to continue to grow, this year. We have seen it in April. We continue to see it as a potential to continue to grow and also obviously to get back to margins that are not affected by one-off effects throughout the rest of the year. Again, any questions related to the result and the presentation, please add them to the chat, and I will be happy to try to pick them up after this presentation. Now, I do have some facts and figures about Awardit that are more of a general character. As most of you know, Awardit was listed on the Stockholm Stock Exchange in December 2017 and has since made 10 acquisitions. The latest one, Prämie Direkt, was made in December 2021, so last year, and it's our first move into the European market. Prämie Direkt is a business focused on loyalty programs and loyalty program redemption. Awardit is exposed to massive global markets. The European market we see as highly fragmented and give room for further growth, both organic and through acquisitions. We see the gift card market globally growing more than double digit, and we expect it to continue to grow, fueled by a mobile economy and fueled by an increased demand for loyalty solutions for businesses across the world. We see the same kind of development in Europe. Also loyalty programs we see are still growing, and we see still customers that we have had for a long time grow organically with their programs. We also have high interest in new customers joining for setting up loyalty programs. Very strong foundation for further growth in loyalty programs as well. Our target audiences are both, businesses, resellers, consumers, and employees. We are a tech-enabled loyalty and gift cards solutions business that are helping our customers to gain customer satisfaction and sales. Our customers typically want to achieve a greater share of wallet from their customers to gain business from their competitors, not having to use discounts so much, and reduced price to attract customers and make them loyal, to increase customer lifetime and reduce churn, to be cost efficient and have, communications that is, relevant to the business, and to offer, additional value-added services across our partner networks, which is a very strong offer from us. Our business model is primarily divided into loyalty and gift cards, as I mentioned before. In those two areas, we offer a full ecosystem of services and platforms to enable our customers to succeed in these areas. In loyalty, we charge setup fees. We have monthly fees. We earn money from sale of points in loyalty shops. We do have a loyalty marketplace where transactions bring us income. We are also an expert service and trusted partner where we charge for consultancy, and we are a strategic advisor to our customers within loyalty programs. For gift cards, we likewise have setup fees and monthly fees, but also loading fees, where each transaction on a gift card will enable us to charge a loading fee to our clients. We also work with commissions and on our private label products where we own the brands ourselves. We have a breakage on non-redeemed products that are sold. Also here we have a consultancy income as well. With partnerships, we have a broad network of partners where we also earn commissions, sale of points, earnings, and where we also charge campaign fees to drive customers through these networks and to these clients. All of these three business areas, of course, are interlinked, and we have great cross-sell opportunities also across them. Some of our customers you do know and you can see them below. Some of our private label products where we own the concept ourselves, and in the cases where they are gift cards, we earn breakage on these. We have Zupergift, which I mentioned, had a growth of more than 100% in Q1 and growing even more than that in April, beginning of Q2. We have Julklappsvalet, which is also a packaged gift card. We have Sponsorhuset, which is an affiliate program aimed at sports clubs, where sports clubs get money as cash back from purchases made within our networks. We also have Rewardit, Den Beste Gave, ZityBreak, and a Paygoo Mastercard product in our portfolio. As I mentioned initially, we believe that Awardit as a business is well positioned to continue to succeed in our markets and expand beyond them. We have come halfway through our integration of the TIC customers onto the Awardit platform. We have done learnings along the way, and as I mentioned, the pricing errors that we have identified will not happen moving forward. We have a continued strong organic growth of 33% in April, and also driven then by our growth in Zupergift. We are also working a lot on business-oriented synergies across this group, where we believe we have a lot of room to grow by combining business opportunities across markets and business segments. Here we are already doing a lot of good things but have great opportunities moving forward. One example of this is launching Zupergift on additional markets, such as potentially, of course, Germany. We are also working on business development projects where we are working on our network of partners and looking into different kind of open banking and account and card linking solutions where we, with our strong network of partners, can really be in the forefront of this development, and moving forward. Also, do have lots of new, strong, interesting customer cases coming in. We have added lots of new customers in Q1, and we have a strong pipeline of new prospective customers for Q2 as well. Looking bright. Also, we are looking into, obviously, additional value-creating acquisitions. We don't have any acquisitions to communicate as of now, but we have an interesting pipeline and a lot of interesting discussions going on. We also have a strong cash position to support an acquisition strategy moving forward. Our vision, still, becoming one of the absolute leaders in the European market within loyalty and gift card solutions, programs, and platforms. Thank you for listening so far. I will now open up for questions through the chat. I will just bring it up here. Chat. I have a question. What is behind the assumptions that the German customers will invest in their programs again in Q3 or Q4? It's a dialogue that is ongoing with our customers in Germany where they have signed these campaigns, and they have now communicated that they will postpone them until second half of the year. Nothing is for certain, but in the discussions with the customers, they have advised us that these things will happen, but they are postponed to later in the year. The reason for postponing is the movement in the energy markets, where there has been a number of bankruptcies, there have been a lot of customer movements, and our customers, the energy companies, need to recalibrate their campaigns and their calculations for the campaigns. We believe this will be possible in second half of the year. Obviously, we will follow closely if there is a longer-term effect of this or not. Next question. Hi. The migration of TIC was initiated in January. How can it be that there is a negative effect in Q1 due to the migration? Is the error not prior to the start of the migration? So the migration happened. So TIC has a lot of different clients, and we have been working on migrating a couple of them fully in the quarter. So when I say that half of TIC is migrated, it's basically half of the customers are migrated. In migrating these customers in the first batch, there was a manual setup error on the pricing, and this manual error gave us a negative effect on the margin with these customers in the quarter. This has now been fixed, as I mentioned. We now have the correct margin on these customers. The coming customers within TIC that will be migrated, we will not have this error, obviously, in our systems. The error occurred because the migration between TIC and Awardit demanded some special solutions that are not normal to our operations, and therefore, there was a manual error in performing the migrations. No mention of acquisitions in the report. Is that off the table in the near future? We don't mention acquisitions. We don't have any signed acquisitions that we can communicate, but it's not off the table. Our strategy is to continue to grow both organically and through acquisitions. I believe, I mean, we are having a strong pipe of potential acquisitions and good discussions with potential targets. That will continue, and as soon as we have something to communicate, obviously we will. Next question. Gross margins for the acquired companies have been higher than Awardit's core business for all quarters each company has been a part of the group. What drives the much lower gross margin in Q1 compared to the other quarters? I would say we have. I mean, in the acquired companies, we have a seasonal effect in how the flow of transactions work in the MBXP business. That gives us a stronger margin end of the year and a lower margin beginning of the year. That has also been you know the seasonality historically for MBXP. In Prämie Direkt is more related to the market situation. We have also, which I did not mention, have a move of warehouses that affected our ability to ship. We have some postponed revenues coming from that as well in the quarter, although that effect is smaller than the postponed campaigns. What do you estimate the pricing error to be in Q2? It will have an effect on April, which is one out of three months. The effect, I mean, in quarter one was from the full quarter, so it will be lower for sure. We don't have a sort of a full estimate on that, but it will be lower for the quarter than it was for quarter one. It's again been fixed and moving forward, we will have the right margins for these customers. Why didn't you communicate the warehouse move in the Q1 report? Not sure if it was not mentioned, to be honest. I believe it is mentioned in the report. We have mentioned that there is a move of warehouse that happened in March and April. Also a supply issue with some of our suppliers not being able to ship the products that we have in demand. The result of this is loss of around 3 million SEK in revenues for the quarter. Some of this will be moved into second quarter. We have had some. I mean, we still see the effect of the postponed campaigns into the second quarter in Germany, but we believe this will be picked up, as I said, in second half. Could you give some color on how the integration of Prämie Direkt is going? Have there been any unforeseen difficulties? Could you also elaborate a bit on your integration strategy and how it might differ between different types of acquisitions, i.e. platform, add-on, et cetera? Yes. With the integration of Prämie Direkt is going well. We have a new management team where the CEO of Prämie Direkt is also included in the group management team, so working closely together with the rest of the business. The business has been rather left alone until now in terms of technical integrations, platforms, et cetera. We have more been working on finding synergies on the business side. And our integration strategy moving forward is to continue to focus now first half year on business synergies and see how we can utilize our strength as a group to grow also Prämie Direkt business with the help of our capabilities from the group. When it comes to technical integration, we are working a bit differently with the acquisitions we have made in our foreign businesses where we are not looking into yet how to technically integrate, but focus more on the business side and the people side of the business. One example also of Prämie Direkt synergies is that we have started to look into shared purchasing, where we have better prices on some items purchased through Prämie Direkt and some other prices are better through our Swedish business, and combining these will give us a stronger purchasing price. Next question. What needs to happen in the energy market for Prämie Direkt to come back to the previously forecasted revenues, i.e. What type of market condition is assumed when you forecast that Prämie will be back on track in Q3, Q4? Can we assume similar loss of revenue in coming quarters if the energy crisis does not improve? The effect on the market is that, as I've mentioned briefly, there has been a number of bankruptcies. There have been, due to that, a lot of customer movements into other energy businesses. There's also been some shifts in regulation on subscription services at the same time. There is movement in the market. The energy companies, in our discussions with them, tell us that they believe they need some time to recalculate and recalibrate their customer campaigns in order to make them as efficient as possible. They have given us a timeline of second half. They will want to start moving again with the campaigns that we have planned for the first half of the year. That is not really assuming a change in the market as such, but rather that the customers will have had time to recalibrate and move forward with the campaigns. In our communication again with them, they state to us they will run them in second half. We will continue to have close dialogue with these customers to understand the full year impact, of course, of this. We're also working a lot to finding new customers and new cases, of course, to balance this loss of revenue that we have faced. We're working on two fronts, securing the H2 for the energy segment and finding new revenue streams as soon as possible as well. Next question is, "How can Niklas and Samir sell shares in April knowing the bad numbers for Q1? This looks like forbidden insider trading to me." Niklas and Samir did not know the results of Q1 when they sold their shares in April. There is nothing strange in there. I think the reasons for their selling the shares were stated clearly when they sold. I don't have any further comments on that. I believe or I know they did not know the results for Q1 when they did their transactions. Number... Next question: "What do you think the margin will be for 2022, as a full year?" We would not like to guide, give guidance on the full year margin. As I have mentioned before, we had one-off effects in this quarter that we will not have in the coming quarters, so margins will be stronger for the full year. We also have the seasonality of the business that we have always had in Awardit, but it has now been even stronger through the acquisitions, primarily by MBXP. All in all, we are looking at a healthy margin development but will not guide for the full year margin. "Is there any financial targets for coming three years?" as an example. We don't have any financial targets to be communicated externally. I have initiated to work together with the board on establishing a more explicit strategy for Awardit. Within that strategy, potentially there will be financial targets for the coming years included, but that's too early to say. I don't have anything to communicate as of today around financial targets longer term. I have the same question here again on the migration and the effect in Q1. If migration is initiated in January, there is not an effect in Q1. It's because we have, I mean, the pricing error as we then migrated in Q1. I missed one question. Sorry about that. "Is product supply the only problem in Germany, or are you experiencing the same challenge? Is product supply only a problem in Germany, or are you experiencing the same challenge in Sweden?" No. We are not experiencing the same challenge in Sweden. That is also part of our solutions in looking at how we can actually cross-ship products in a better way moving forward. And part of the logistics problems in Germany has to do with internal logistics and shipments into Germany, and parts has to do with supply chain problems with components, et cetera, that is a more global problem. We have not been affected negatively in our other markets by that in the quarter. I have one more question here. That is, "Niklas has communicated SEK 1 billion in turnover 2022. Is that revised? I believe Niklas has communicated that we have a very ambitious target to strive to reach SEK 1 billion turnover this year, and this is not revised. We are still working very hard to reach SEK 1 billion turnover this year. Yes. Thank you for that. Now let me see. 'Should you not have vinstvarnat, notified the market in advance about the results in this report if you compare it to ABG and reduce estimates?' I would say that we believe that. I mean, the report is obviously from a results perspective not what we want. We have the one-off effects that we believe are sort of affecting the quarter but not affecting the business long term. Not sure if that is a full answer, but also we strongly still believe in the business fundamentals and the underlying margins of the business. Oh, sorry. Now there is one more thing here, coming again. In, "If the migration is initiated in January, there should not be effect in Q1, right?" I'm not sure if I misunderstand this question, but to try to explain, I mean, we had migrated customers from the TIC platform onto the Awardit platform and those migrations were done in quarter one. When migrating, we put the wrong prices manually into the systems, so they were in effect from the day we migrated, and that happened in the quarter. The business was ongoing with the wrong pricing in the first quarter this year, and that affected the margins for this quarter, obviously. I would say that the migrations and the work to migrate was initiated before the quarter. We started to work and we did the prep work for migrating. The actual migrations of the TIC customers started to happen in January this year. I hope that is a response to your question there. If not, you will have to call me and we can talk about it. All right. I believe I have answered all the questions in the chat. Do you have any more questions that I have missed? Okay. Oh, you're saying that the pricing error was done in Q4 2021. I mean, the work to prepare for these migrations started last year. It was performed this year. The effect came when we actually migrated, and that was in January. When live. When it went live. When we actually switched the platforms for the customers of TIC to instead perform transactions on the Awardit platform. Yes. Okay. If there are no more questions, I will end the question session there, and I will finish the call by saying that I firmly believe in Awardit's potential to continue to grow and to grow profitably also in the future. I believe we have strong plans. We have a strong pipeline of new customers. We have interesting discussions with potential acquisitions, and we have mitigated the manual errors that affected the Q1 results negatively. With that, I do thank you for your time, and I hope to see you soon again. Thank you.