Everyone has joined the call, so I will get started. Good morning, everyone. My name is Erik Grohman. I'm the CEO of Awardit, and I'm with you today, this morning, to present the interim report for second quarter of 2022. I will try to get the presentation going. I don't know why it's not following my command. Here we are. I joined Awardit in March this year, and I have a background in online retail and services within EssilorLuxottica, Smarta, Betsson, and within FMCG at Unilever and Charoen. This is my first full quarter as the CEO of Awardit, so looking forward to present this quarter for you. Very briefly about Awardit. The business was founded in 1999. We have done 10 acquisitions since the IPO in December 2017, and grown both organically up until then, but then after the listing on the Stockholm Stock Exchange, also through these 10 acquisitions. We are today, end of last quarter, 135 employees based in offices in Stockholm, where I am based, in Gothenburg, Copenhagen, and in Hamburg. We are the market leaders in loyalty programs and gift cards in the Nordics. We have an offering that cater for all needs within these segments. We work with clients with everything from strategy and concepts of how to build loyalty programs and how to implement gift card programs with them. All throughout design and UX of these programs. We have SaaS platforms for the programs that are easy to implement for the customers and that we provide on a SaaS basis. We have partnerships where we can work with existing partners on new clients, both within loyalty programs and gift cards. We work with loyalty marketplaces, and we support our customers with customer support. We do everything within the ecosystems of loyalty programs and gift cards. We have had organic growth since the beginning up until 2017, when we made it IPO. After 2017, we have had growth both organically and through the acquisitions, as I mentioned. In 2020, we had a small dip due to the pandemic, but in 2021, we were back to high growth numbers. We had 89% growth last year. Of that, 24% was organic. There were still some areas behind the pre-pandemic numbers, such as cinema tickets, etc. The revenue last year was SEK 529 million. We have had a positive earnings development throughout the years. In 2021, we had an EBITDA of SEK 93 million, and that was 149% growth of EBITDA. Also throughout time, we have increased gross margins and EBITDA margins. We see that some of our acquisitions are dilutive to margins, but we are working with acquisitions to build margins over time and to increase efficiency and thereby increasing margins in all our businesses over time, which we have succeeded in doing so far in acquisitions as well. We have a proven, highly scalable business model where we can add revenue streams, add businesses, and continue to grow. If we are looking at the second quarter of this year, we are continuing to grow our revenues. We delivered SEK 194 million in revenues, and the acquired businesses from 2021, which is MBXP, Prämie Direkt, and The Inspiration Company, they contributed with SEK 86 million. The non-acquired business contributed with SEK 107 million for the quarter. The growth was then 74% compared to last year's second quarter. We had a 20% organic growth for the quarter, and this organic growth includes MBXP from the 15th of April, as we acquired it last year at that date. Most of the quarter includes MBXP for organic growth. 20% for this quarter, and the growth organically is mostly driven by a strong performance by our loyalty programs and the gift cards business. The growth has continued, and we have seen a growth of around 23% in July on the comparable business. That is also including MBXP. Can also mention that The Inspiration Company is also organic from the first of July, that is also included in the organic growth for the third quarter. We have also seen some strong performances driving revenues in the second quarter. One example is the SAS EuroBonus program that has delivered a strong growth and strong numbers due to the uncertainties around the company and the strike. We saw primarily strong numbers in June. Those continued into July, and then we have seen normalized numbers in August. For Zupergift, we have seen lower numbers in terms of revenues compared to last year. That is primarily because there were no tax redemptions from the government on gifts to employees this year to the same extent as last year, where employers could give a value of SEK 2,000. This year, it's back to the SEK 500 in Sweden. We have seen a slowdown in growth for Zupergift. On the other hand, the normal sales throughout normal channels and our own sales throughout our own channel for Zupergift is growing. We still see a strong demand in the market for Zupergift as a product. I want to mention that the German Prämie Direkt business was back to budgeted volumes in May and June. The business had a rough first quarter where there were campaigns being canceled by some of the bigger clients. That affected the business also in April. In May and June, we found new revenue streams to complement what was lost from these canceled campaigns. The business delivered in line with our targets, both for revenues and profitability for May and June. However, we see that the market conditions continue to be tough and challenging in Germany. We see that although the business has bounced back, and we are facing some tough times in Germany. We believe that we will at least get close in the second half of the year to our budgeted numbers, but will not be able to retract what we were losing in the first quarter. We are working hard still to replace campaigns that have been canceled with new ones, of course. Also, we see a strong customer intake both from in the loyalty programs where we have customers signing on in the second quarter, such as Löfbergs, CAGG, and WAP, the We Are Padel Group. On the gift card side, we have customers signing in Q2 such as Norli, Bergans, and Ferner. We have customers launchi ng in Q2 such as Dormy and Lagerhaus, where we have launched their gift card programs in the second quarter. A strong customer int ake and a strong organic growth. On the EBITDA side, in the second quarter, we deliver 96% growth compared to last year, which is almost SEK 28 million EBITDA compared to last year's SEK 14 million. We have a positive EBITDA contribution from all the businesses acquired last year. Again, it's Prämie Direkt, MBXP, and TIC. The total contribution from those three was SEK 7.1 million, with the largest contributions coming from MBXP and Prämie Direkt. Also, we see a positive impact from Zupergift breakage in the quarter. That is coming from Zupergift products sold last year in the same quarter. As I mentioned, we had a very strong last year's second quarter. This year, we had a breakage of SEK 2.5 million in the second quarter. As I believe some of you know, we had a negative impact in the first quarter from a pricing error when we migrated customers from the TIC platform to Awardit technical platform. Those problems were resolved in May, in early May, but we had a negative impact in April and the beginning of May, and that had a negative impact of SEK 1.4 million in the second quarter. This problem has been resolved, and there is no impact in the last part of the quarter, and there is no impact in the third quarter, and obviously no impact moving forward either. Moving on, let's look at the development of the gross margin. In the second quarter this year, the gross margin was almost 33%, which was up from 32.2% in the same quarter last year. In the organic business, again, including MBXP from half of April, the gross margin was 33.9%, also then compared to last year's organic 32.2%. The margin improvement is driven primarily by the mix of products sold in the B2C area, and also, I mean, strengthened B2B program margin over time and through synergies of scale that we have in our programs. On the EBITDA margin side, the margin in the second quarter was 14.3% or SEK 27.8 million, and that compares to 12.8% last year and SEK 14.2 million. Strong EBITDA margin and obviously the strengthened gross margin contributes to this EBITDA margin, but also the Zupergift breakage that comes as other operational income strengthens the EBITDA margin. All in all, very strong levels of gross margin and EBITDA being second quarter of the year. If we are just looking quickly on the P&L for the quarter, I have already mentioned that we have high revenue growth in the second quarter, but also worth mentioning that over the two first quarters, we have more than doubling of revenues from last year. For the first half of the year, we are this year delivering SEK 361 million, and that compares to SEK 173 million last year. Also worth mentioning again that the net revenues do not include the breakage from Zupergift. They are coming in as other operating income, so that's why you see other operating income grow as well in the P&L. The cost of commodities are increasing, and that's driven purely by higher turnover in our programs. Other external expenses are also growing, but there is a slight increase from the ongoing business, and the main increase comes from acquired businesses. These levels of other expenses at the acquired businesses are not increasing, but are stable at last year's level. They are increasing for us as a group, but that is primarily due to adding acquired businesses to external expenses. Personnel costs were 13.5% of revenues for the quarter, and this compares to 14.6% last year. Our organizational integration of the TIC organization into Awardit is now finalized, so that is part of the reason why we are running on a total level of lower personnel costs. Yes, and I will move on from here. Of course, we will have a Q&A session in the end of this call. Please, if you want to write questions in the chat, I can pick it up from there, or if you want to take them verbally, please go ahead. I also want to mention that the call is being recorded, so any questions that I will answer or anything that comes up in the call, you can go back and look at the recording as well. Moving on from the second quarter. Awardit, as you know, is exposed to massive global markets, and we are part of a growing economy of business in loyalty and in gift cards. Within gift cards, we see a global growth of more than 15% globally year-over-year. This is mainly due to an increase in mobile usage where coupons are a perfect fit for digital mobile usage. We see a move from physical rewards to digital rewards, but also gift cards is an important factor for many businesses to be able to reward their customers and to put out digital currencies to be used in the retail. We also see an increased number of use cases where historically, gift cards has been seen as mostly gifting from one person to the other, where we see increased usage in self use to access benefits such as discounts and promotions. We believe that this will also keep the gift card market to grow in the future as well. In loyalty, we see that that's also a market that is in strong growth. We see a trend of outsourcing solutions that are not core to the business. We see that loyalty is becoming more strategically important to a wide range of businesses. Even though it's not core business, it is of importance, and therefore it's important to find a strong partner within loyalty solutions. We also see a digitalization of customer relationships, which raises the need for strong digital solutions that not everyone has the strength to develop themselves. A growing market that we are capitalizing on and that we are well-positioned to keep growing in. Some business fundamentals about Awardit. I mentioned initially that we are the largest company and platform for loyalty and incentive and gift card programs in the Nordics. As most of you know, we also have a foothold in Germany through the acquired business, Prämie Direkt, that we acquired in December last year, and that's a loyalty programs business. Our vision is to become one of the absolute leaders in the European market within these segments. We are passionate about helping building better customer relationships, increasing the value of customers to our customers, and also increase the value of our customers for their customers. We are also doing that through providing SaaS-based toolboxes. Covering all parts of the loyalty incentive and gift card program value chains, as I mentioned before. Today, we have more than 250 programs reaching more than 15 million consumers. Wide reach in the Nordics and beginning to get a wide reach in the DACH region as well. We have a strong organic growth and profitability within what we do today. We are working in loyalty and gift cards, which are both growing areas, and in both where we can deliver full solutions at scale, to almost any need in the market. We have completed 10 acquisitions since our IPO in 2017. The driving forces for our customers, the reason for them to come to us is that we help our clients to achieve a greater share of wallet in their market. We also help them to reduce focus on price and discount towards their customers through adding a layer of loyalty where not only the price matters, but also what you can get from the partner in terms of other values and benefits. We help our customers to increase customer lifetime and reduce churn, and that leads, of course, to a more healthy marketing mix and a more cost-efficient way of retaining consumers. We also help our customers to communicate efficiently and have a reason to communicate with their customers through the loyalty programs. We offer value-added services such as partnership to our customers that they cannot get on their own. We can add a portfoli o of partners, adding value to loyalty programs, adding retail strength and distribution to gift card programs. We also can help our clients to stimulate their own staff or resellers through rewarding results, activities, competency, engagement, and sales. We have a wide range of services covering customers, their customers, consumers, and employees. These are the 10 acquisitions we have made since the IPO in December 2017. Worth mentioning here is that MBXP was acquired in April 2021, so April last year, and are then organic throughout most of the second quarter this year. The Inspiration Company was acquired end of June last year, so they are organic from first of July this year, which means the full third quarter will be organic for TIC. Prämie Direkt was acquired in December last year, and they will be organic from December this year. Just very briefly looking at the business model that we have. In our two main areas of revenues, loyalty and gift cards, we both have set up fees for the programs when we are launching programs together with our clients. We also have monthly fees to access the programs and our platforms. In loyalty, we earn money from sale of points in the programs and from selling products within the loyalty marketplace. We also have transfer of points which earn us revenues. We provide strategic, tactical and operational support service to our clients, which also earns us revenues in the loyalty programs. In gift cards, on top of the setup fees and monthly fees, we have loading fees for every transaction that we make on a card-based program. We work with commissions from access for the clients to access our platforms. On our own products, the private labels, we earn breakage, which is expired values from cards that are bought by consumers. We have services in terms of advice and customer support also in the gift card programs. We also have incomes from partnerships where we earn commissions from external partners joining primarily the loyalty programs. Here we also earn revenues from sale of points and from campaigns being run with these partners. We have an extensive customer portfolio where we have built our customer portfolio both organically and through acquisitions. We are not depending on one large customer, but have a large customer base to rely on for our future growth. I can mention that we have a number of private labels. I have already mentioned Zupergift. These are our own brands. Also to mention, we have Julklappsvåningen, which is a similar product that is packaged as a Christmas gift product. We have an own label affiliate program called Sponsorhuset, which is a sports affiliate program where points and revenues are earned from shopping in an affiliate network and where users can redeem those points into value for themselves and their sports club of choice. We have Den Bästa Gåvan and CityBreak in the Danish market, which are our own packaged gift card solutions. We have, just to mention also, we have Paygoo, which is a Mastercard-based product where we have one preloaded card and one reloaded card. Those are our own brands that we run. To summarize where we are as a business, and I believe we are well-positioned to continue our success and we see a continued strong organic growth, as I mentioned, we have a 23% growth in July. Our aim is to grow 60% for the full year this year compared to last year and deliver strong margins. Our highest priority is to deliver the best EBITDA result ever, of course, and surpass what we delivered last year in EBITDA. We believe that with the market situation as it is today, and because we have chosen not to conclude any acquisitions so far this year either, we will not achieve our aim to become a SEK 1 billion business this calendar year. We are for sure positioned to achieve that ambition within a very near future. This year, the highest priority is to deliver, of course, a very strong result that surpasses last year's and continue to grow, of course. As I have mentioned, we are integrating TIC customers to Awardit's tech platform, and this is ongoing. We aim to finalize the customer transfer in Q4 this year. All the pricing errors have been resolved. There is no future impact on margins there. Rather, there is an upside compared to this quarter as we had an impact also on the second quarter and the organizational integration of the TIC staff is finalized now. We have identified projects within procurement savings, within cross-selling opportunities within the group and also within other business-oriented synergies that we believe will deliver margin improvements in the future and business revenues. We are looking to launch Zupergift on additional markets and are targeting to launch that in Germany through our existing networks and through other clients in Q4 this year. We see a steady flow of new customers, both within gift cards and the loyalty segments, and we have a strong pipe of new prospective customers that we are in discussion with. The future there looks like a strong intake also for the future. We also have identified additional value-creating acquisition potentials. We have a cash position of approximately SEK 200 million at the end of the second quarter. This of course provides us with some buying power for future acquisitions. We have chosen to pause some discussions that have been ongoing. We now see a better possibility to resume discussions and negotiations as there was a need to calibrate the expectations by sellers in the market. We now believe that we have a better position to actually come to a joint stand on these kind of expectations. We still obviously have the vision to become one of the absolute leaders on the European market through continue to growing organically, through continue to grow with our already acquired businesses, through creating synergies within our businesses that we have today and through looking at additional acquisitions in the future as well. Yes. That is my short presentation of the second quarter. Thanks for listening. I will now look into the chat to see if there are any questions. I will try to take it from the beginning. I can see there are some questions. There's one question: Should we expect somewhat lower EBITDA contribution from EuroBonus in Q3, Q4 due to the strike impact in Q2? The SAS EuroBonus program on our side is not impacted. The margins are not impacted by the strike or by the uncertainty around SAS and SAS EuroBonus is a standalone company that is not covered in the Chapter 11 process that SAS has initiated. I mean, we don't see an immediate risk within the SAS EuroBonus program. The SAS EuroBonus program also has several sources of revenues and points earning that lie without the SAS business and the SAS flights. We have not seen an impact so far, not a negative one at least. We have seen a positive impact in terms of points redemption, but not any negative impact on the margins in that. Next question is, how far have you come in terms of the integration of TIC? Are there still more cost synergies that you can extract? Well, we have integrated organizationally, as I mentioned. We are still in the process of integrating some of the customers, technically and go live on the Awardit platform. We are still running two technical platforms, one for the customers that have migrated to Awardit platform and one that for customers that are still on the TIC platform. Obviously we are looking at synergies in terms of platform cost once we have migrated all of the customers. Could you provide some color on how you will finance future acquisitions given the sharp decline of the stock price? And if the M&A agenda has changed given some of the hiccups seen in Germany? We have a strong cash position, and we believe in paying for future acquisitions by a mix of cash and shares. As I mentioned, we have been working on calibrating expectations from sellers, and we believe that the discussions that we have had and that we are now continuing are in a good place. The M&A agenda, I mean, it has not really changed due to the market situation in Germany. Obviously, I mean, it's a challenging market situation, and we have to take that into consideration when looking at the business moving forward. It has not changed our overall M&A agenda. It seems MBXP performed better in Q2 compared to Q1. Is this just seasonality, or do you also see some underlying improvements? MBXP did perform rather well in Q1 as well. Primarily it's seasonality that drives the profitability and has an effect on Q1 negatively. MBXP did not really underperform in Q1, but rather it had a very, very strong quarter four last year, and the impact from that was a lower profitability in the first quarter. Those seasonality effects from MBXP, we will continue to have. Pretty much the stronger the Q4, the weaker financially the Q1 will be. Sales levels are pretty much where we expect them to be. The main focus for MBXP this year is to deliver a strong bottom line result. Of course, we want it to grow as well, but the main focus is to deliver a very strong contribution in terms of results to the group. As some of you might remember, MBXP was a turnaround case when we acquired it, and it's an earn-out case where the earn-out is based on the results from last year and this year. Of course, it's a huge focus to achieve a strong result for the business. Great report. Would be interesting to hear an update on the development of Zupergift in Germany and an estimate of the expected launch. Yes, I mentioned expected launch in Q4. How much has SAS EuroBonus contributed to the organic growth in Q2? It has contributed of course, but it's not the main share of the organic growth. As such, it's still, I mean, it's an important customer to us, of course, but it's not a big share, large share of our business anymore. It used to be in the past, but now we have so many clients that we're not at all depending on SAS as a client. Also, we have lower margins on our sales in B2C programs compared to B2B programs. A stronger contribution in terms of growth in revenues than on the EBITDA side. Could you. Now I'm trying to translate here. Could you detail a bit the paused programs from the energy sector in Germany? Will they be resumed as you were hoping? These programs that were paused and planned for Q1, then paused, and that we were hoping to resume in the second half of the year, they are still uncertain, and we are not calculating with them being resumed in the second half. Rather, we are focusing on finding additional revenue streams, setting up new programs, working on other clients to add campaigns and activities to them. That was what we did in the second part of the second quarter, and we will continue to do that. We are not depending on these customers to achieve a strong result in the second half. Mainly we are looking at other sources of revenues. Again, the market is challenging in Germany, so it will demand, of course, a lot of work to come back in the second half. We are targeting to reach our budget levels in the second half in these tough conditions. How much were Zupergift sales for first half 2022? I don't have that figure. You can say that revenues from Zupergift in the second quarter were down around 40% compared to second quarter last year. We saw a strong increase in revenues from and face value sales in Zupergift last year in the second quarter. It was very difficult, of course, to match that this year, as we did not have the support of the 2006 for employees. We see a decline this year. Second quarter was big last year. Third quarter was a bit of a normalized quarter, Zupergift. We have a not as tough a comparison in the third quarter. Then again, fourth quarter last year was a very big quarter, as of course, the fourth quarter is for most of our segments. I think that's it, or am I missing anything? Do you see anything? Any other questions that you might have? You can raise your hand or put them on the chat. Simon, you had a working capital build up last year and for the first half of this year as well. How should we view that? Will it normalize? If so, when? Cecilia? I am looking at Cecilia, the CFO here. We will get back on that, Simon. It's a good question. We don't have an immediate sort of official answer on that, but let me get back on it. Where do you target your M&A activities, Germany or Nordics? We are targeting to both grow in our existing markets, and that's obviously Nordics and Germany, where in Nordics, we are covering most of the ecosystems technically and customer-wise in both gift cards and loyalty programs. While in Germany and the DACH region, we are still, I mean, a limited player. We have a very strong business in Prämie Direkt, but that is part of the loyalty program ecosystem. There are still players, of course, that can complement that business in Germany and the DACH region, both for loyalty programs and for gift cards. We are also looking at other regions outside of DACH to complement geographically. Back to the cash position. Is it SEK 200 million in cash that we have in funds to fulfill acquisitions, or would we have additional possibilities to finance through loans? I mean, with our financial position, we can finance through multiple ways. The cash position is one part of it. There are, of course, potential to loan additional funds, or to pay by shares as an example. What will drive margin improvements in the coming quarters and years? What kind of margin potential do you think is possible for the business? Well, we see a potential to improve margins through continued synergies of scale, for sure, where we are still adding customers to our platforms, but not adding that much cost to our platforms. Also margins through improved buying conditions through scale as well. We also have, of course, a potential to grow further with the business without adding that much staff to run it. Basically, if you look at the fourth quarter of the business, that's the kind of revenues we can run on this size of organization and system. That kind of revenue, of course, we could scale and have for more than the fourth quarter based on that. We have a strong position to use what we have to gain additional margins in many different ways, for sure. We will not guide in terms of future margin improvements, but obviously, we are working hard now to, I mean, not only grow in reve nues, but to build a resilient and healthy margin in this business as well over time. Yes. Okay. Are there any more questions? Okay. Thank you very much for listening in. I mean, if you have any questions, you can email me. You'll find my email on the back of this presentation. Thanks for listening in, and have a great weekend once that arrives. Thank you. Bye-bye.