Okay. Good morning, everyone. Let's kick off. Welcome to the presentation of Awardit's interim report for the Q4 of 2023. This presentation will be recorded and published on our website after the presentation. Also, if you have any questions, please put them in the chat, and I will answer them in an orderly fashion after the presentation. Thank you. So to begin with, my name is Erik Grohman. I'm the CEO of Awardit since about two years back. And for those of you that are not acquainted with Awardit, we are the market leader in loyalty and gift card solutions in the Nordic region and in the DACH markets. We are working with everything from strategy and concepts to designing loyalty program and gift card solutions for our clients. We have a number of source-based platforms that we provide to enable, loyalty solutions and gift card solutions for our clients. We provide partnerships and loyalty marketplaces, customer support, logistics services, so everything within, loyalty solutions and gift card solutions for clients. The business was founded in 1999, and we have made 12 acquisitions since our IPO in December 2017 on the Stockholm Stock Exchange. Today, we are 280 employees, and our main offices are in Stockholm, Gothenburg, Copenhagen, Hamburg, Wels in Austria, and Weingarten in Germany. As I mentioned, we are the largest company in the Nordics and also in DACH for loyalty, incentive, and gift card solutions. Our vision is to become the leader in our industry on the European market. Our mission is to continue helping customers to improve customer satisfaction, retention, and sales through helping them with loyalty solutions and gift card solutions. We are covering more than 15 million consumers today through our programs in the Nordics and have a wide reach in DACH with actually more consumers and more touchpoints there as well. We run more than 250 programs on behalf of our clients and together with our clients. We have historically had strong organic growth. We have a highly scalable business model. We have shown profitable profitability over time, and we have also been able to couple strong organic growth with acquisitions, and also finding ways of collaborating with acquisitions, enabling synergies of scale. Our two main business areas are loyalty and gift cards, and we see that the European market remains fragmented, and that we are on a strong growth path, where we see us as the natural partner to consolidate the European market. If you look at the timeline for Awardit, as I mentioned, we have made 12 acquisitions since our IPO in December 2017. I will not go through all of these acquisitions in detail. They cover the ecosystems of gift card solutions and loyalty solutions, and I can point out that the 3 latest acquisitions of Prämie Direkt in December 2021, of Connex in February last year, and IPO in November last year were all made in the DACH region. So it's German and Austrian-based companies, and really establishing as a key player in the DACH region, where we now have around half of our revenue and half of our staff in German-speaking markets of Europe. So looking at our path and where we are for 2023, we are on a strong growth path. We delivered revenues of SEK 1.1 billion for the full year in 2023, and an EBITDA of SEK 76.2 million. And what we see is that we have still an underlying growth in what we call our core business, and combined with acquisitions that we have made in 2021 and 2023, these are the main growth drivers of the business. And on the right-hand side, you can see that the core business continues to develop positively over the years. When I speak about the core business here, it's the business excluding the acquisitions made in 2021 and 2023. So basically, the business excluding Inspiration Company, MBXP, Prämie Direkt, Connex, and IPO. So, in this business, we see a 9% growth still in 2023, and we also had a... For comparison reasons, I want to mention that in 2022, we had a sales of a seldom occurring character in the end of the year that affects the comparison. So if you would take that away in 2022, the adjusted growth of the core business would be 13% in 2023. So we did not have this kind of seldom occurring sales in 2023. And what we see in the core business is that we continue to grow with our existing clients.... We have clients that have been with us for a very long time that still continue to grow. We add new clients and new customer segments to these programs that we run together with these clients. We also add new clients onto our platform, and also we see growth from extraordinary events in the markets, pushing sales through different kind of programs. I would say we see this as a strong sign of our resilience in our core business, that even though the market is under challenge and we have some clients that are heavily challenged in their markets, we still continue to grow with these clients. Year-over-year, we continue to grow with programs that we have run for sometimes more than 10 years. So a strong sign of the resilience in our core business. If you look at the Q4, we see a strong growth. We have delivered SEK 428 million of revenues, compared to SEK 295 million last year. This is a 45% growth in revenues. Of these revenues, Connex and IPO, our acquisitions made last year, contributed SEK 135 million. So all basically, the growth comes from the acquisitions in the Q4. The organic growth in the Q4, isolated, is negative, but just about negative. However, looking at the adjustments, if we look at this seldom occurring sales in Q4 last year, we did have an organic growth of around 5.5% in the business, in the organic business. And now the organic business is wider than the core business that I talked about before, as here in the organic business, everything is included except Connex and IPO. And we see in the core business, or in, sorry, in the organic business, a growth in the loyalty business in the Nordics, but a decline in Prämie Direkt. And Prämie Direkt has faced challenging market conditions in all of 2023, and we have seen that continue into the Q4 with a negative revenue development in Prämie Direkt. That then has been balanced up by a growth in the Nordic loyalty business, but also from a growth in MBXP that is again back to growth numbers. In SuperGift, we have seen a small growth in the Q4 of last year. We had sales of SEK 41 million, compared to SEK 40 million in 2022. Here I want to point out that there is a typo in the report, but these are the correct figures. So SEK 41 million of sales in SuperGift, defending the position of SuperGift in the market compared to last year. Also to mention the full year figures for SuperGift, the correct figures are SEK 108 million in revenues, compared to SEK 76 million in 2022. So rather a strong growth in the sales numbers for SuperGift in 2023 for the full year. And looking at the EBITDA, that's affected by one-offs and by adjustments in MBXP. But on an overall level, the EBITDA is growing. We delivered SEK 47.2 million in the Q4 compared to last year, 31.9. This is a growth of EBITDA of 48% compared to last year. Here, in the report, we mention an adjusted EBITDA where we take away the acquisition cost of IPO, and that is SEK 50 million in adjusted EBITDA. But then if we also adjust for other relevant posts, such as the adjustments of MBXP, a lost court case that we're going to appeal, and also the reservation of a potential bad debt at MBXP, we have an adjusted EBITDA, sorry, of SEK 62.9 million. Also worth mentioning is that MBXP is back to profitable numbers in Q4, excluding this, the tax case that we had. And the tax case numbers, we had a reservation for that, that we previously communicated. That was SEK 33.3 million potential reservation in Q4, and that has now been adjusted to SEK 6.7 million adjustment in Q4. Also worth mentioning that, the contribution from Connex and IPO was positive by SEK 23.4 million for the Q4, and the breakage from SuperGift was SEK 4.4 million, compared to SEK 5.5 million last year. So slight decline in breakage from SuperGift for the quarter. So looking at the core business again, just want to point out that over the year, we have a continued growth in our underlying core business. In the Q4, if you look at that isolated, we had a growth of 13% in this core business, if you exclude then the acquisitions of 2021 and 2023, and if you adjust for this Seldom Occurring Sales in 2022. That Seldom Occurring Sales was a bulk sales of a trading character, and the size of that was SEK 16.8 million. Again, we did not have that kind of sales in 2023. Also looking at the growth of the business, again, a strong contributor to the growth in the Q4 is Connex and IPO, adding an additional SEK 135 million to the Awardit business in the Q4 of last year. Looking at the gross margin, we see a development where gross margin in the business is strengthened over time. In the Q4, it was 36.2%, compared to 29.6% in last year's Q4. This is partly due to the inclusion of Connex in the numbers, and Connex operate with a higher gross margin and then typically higher cost of sales. But the comparable gross margin, excluding Connex, is 32.0%, compared to 29.6% last year. This is coming from a higher gross margin in Prämie Direkt. Prämie Direkt had lower net revenues, but higher gross margins in the Q4 compared to last year. We also have higher gross margins in MBXP, and we also have higher gross margins in the Nordic loyalty business from not having this seldom occurring sales that we had in 2022, because that was deteriorating the gross margin in 2022. We also, over the year, had an effect of SuperGift on the sales margin. SuperGift typically sells at a lower margin than other products in our loyalty programs, and is reported as part of Awardit CLS, which is part of the loyalty numbers. So looking at the loyalty numbers and the gross margins of the loyalty business, it needs to be considered that the growth of SuperGift also affects the margins of that business. And moving on to the P&L for the Q4 and for the full year. As I mentioned, the Awardit net revenue was SEK 428 million, compared to 294, 295 last year, and the total level of net sales for the year, SEK 1.1 billion. For the EBITDA on the full year, we delivered 76 million SEK compared to 85 million last year. And again, in the Q4, 47 million SEK in 2023, compared to 31.8 million in 2022. Looking at the P&L, it's worth pointing out that, as I mentioned, gross margins have strengthened compared to last year, so increase in commodities is driven by a higher turnover and by the product mix, of course, affecting the size of the cost of commodities, and also partly the sales of SuperGift affecting commodities here. The other external expenses increase in the quarter from the addition of Connex and IPO. Other increases come from the expected credit losses that we have reserved in MBXP of SEK 5.7 million, and also the acquisition cost of IPO of SEK 43.2 million, and also the reservation for the loss in a legal dispute that I also mentioned previously here of around SEK 4 million. Also worth mentioning that personnel costs are increasing compared to last year, so they are now at 12.4% of revenues, and it's affected in principle only by the addition of Connex and IPO, where the staff cost for the rest of the business is very stable and not moving much. But adding Connex and IPO to the business portfolio adds to the personnel costs and adds to the percentage of personnel costs of revenues. Also worth mentioning, of course, is that we have a big effect in the depreciation and amortization of tangible and intangible assets, and that is coming from the write-downs in MBXP of SEK 112 million in goodwill and SEK 25 million in customer relations and capitalized development costs in relation to the internal audit and the findings of that in MBXP. So that is obviously standing out here as SEK 152.7 million depreciation and amortization. Then looking at the cash flow for the business in Q4, we had a positive cash flow from the operating business of SEK 16.1 million. The investing activities were negative by SEK 49.2 million, and here the majority is coming from the investments in IPO, which was SEK 48.6 million. The financing activities have a positive net effect, and that comes from mainly drawing on our revolving credit facility that we have in order to finance the acquisition of IPO. So there we use that revolving facility, and we took out SEK 80 million from that. It's worth mentioning that there is a lower positive cash flow from the operating business compared to last year. So the SEK 16.1 million can compare with SEK 62 million in positive cash flow from the operating business last year. The main reason for this is, first of all, we have a number of one-offs that changes also the cash flow in the business. So partly, about one-third of this change in operating cash flow is coming from one-offs, and also one-offs in relation to what I just mentioned, in terms of one, as an example, the MBXP reservations. And the other change in cash flow is mainly driven by the additional Connex and IPO into our business portfolio, where we have faster payments to suppliers than the payments coming from our clients. So there is an effect on the cash flow where we have a weaker comparable cash flow this year in 2023 compared to 2022 from this addition, but we see that this will be strengthened throughout the Q1 of 2024. And we also have a negative effect, as mentioned, by the MBXP adjustments that we have made. So that's the cash flow. And to summarize, we believe that we are well-positioned to continue our success. We see that we are continuing to grow organically in the existing business. Now, we had a bit slower start to the year. We had an organic growth in January of around 2%, but we have good hopes that we will continue growing at a bit of a higher rate moving forward. Also, we see that we have a really strong position now in DACH through the acquisitions of Connex and IPO, and also in combination with Prämie Direkt. We believe that the fit here with Prämie Direkt, IPO, and Connex is great, and that we will be able to realize synergies of scale from these two, companies in combination, and also that we will be able to turn Prämie Direkt back to growth in 2024. We have also ongoing cost savings across the group. We are looking at cross-selling opportunities and other, business-oriented synergies. As have been communicated last year, we have identified cost savings of around SEK 15 million-SEK 20 million, and they will be realized within 2024 to balance other cost increases that we have that come from our expansion and also from, partly from inflation. But we have made sure to deliver on these cost savings, obviously, of SEK 15-20 million. We also see a really interesting opportunity for us launching SuperGift into new verticals and in new versions. Also, looking at other own brand gift cards with high margins, such as Hotelbox, and launching them in new markets and additional variants. And this is something we're working with, and we'll come back with more information about that, obviously, during the year. We have already launched SuperGift in DACH through the Connex sales channels, and the first indications are positive from that. We also see a steady flow of new customers. We have a strong pipeline of customers, both within the gift card and loyalty segments, and we have high hopes that we will be able to add new clients onto our platforms in 2024, and also finding some clients, obviously, that will help us to improve the organic sales numbers throughout the year. We have also identified a number of additional potential value-creating acquisitions. We have a strong cash position at the end of the year of around SEK 287 million, and this provides a good position to look at additional acquisitions. We have also completed the internal audit of MBXP, so we are through with that. We are now focusing on growing the business organically and having more of a clean sheet 2024. The projection is for MBXP to be back at full year profitability in 2024. Also, to mention, the board is proposing a dividend of 2.3 SEK per share for 2023. To conclude, I mean, our vision is to continue on our journey, become the leader on the European market. We believe we are well on our way. We have a very strong position in the Nordic, and a very strong position now also in DACH. Moving forward, working from these positions, we believe we have a very good foundation to grow, both organically and through adding potentially new acquisitions to the mix as well. With that, I will see if there are any questions in the chat. Let me see. So I can pick up here. So, first question is: "Will the change in the assessment of the VAT case affect the earn-out for MBXP?" No. The result is still negative for MBXP, so the calculation of the earn-out is still an earn-out of zero for MBXP. And then the cash flow from investing activities in is SEK 49.9 million, yet you bought IPO for EUR 7.8 million. Cecilia, how does that relate to the acquisition price of IPO? Okay, so it's the net effect of the investing activities where we deduct the net debt, basically. So you're correct that, yes, the acquisition price was 7.8, but we also had, I mean, other effects on the investing activities, basically. Now from Marlon. Hi, Marlon. The... How to understand the SEK 80 million loan undertaken in Q4 for the IPO acquisition, given that you have the net receivables of SEK 93 million and a cash position of SEK 287 million?" Yeah, I believe this is, I mean, it's one way of using our revolving facility, where we are flexible in how to use this, and it doesn't really affect the cost of the acquisition in terms of what, how much we use from that revolving facility. Right? So I'll see if Cecilia has a different answer here. Yeah. Yeah, so it's a use, it's a utilization of the revolving facility. So it's not really something that is an additional loan to the business as such. In the Q3 report, you mentioned that you are preparing to implement a buyback program of shares. You have not commented anything new on this topic since then. Do you mind to give us an update here?" So, this option to buy back shares is still available to the board of Awardit, and there has been no buybacks as of yet. But of course, the tool is still there, and if the board deems the timing to be right, there could potentially be buybacks in the future. But there has also been long periods of insider information that has been limiting to the capacity to actually utilize the buyback program up until now. But the option is still there for the board to use this as a strategic tool. So, some questions from, Simon: "What does the M&A landscape look like currently?" So we are evaluating potential add-ons in the Nordic business, also in DACH, and potentially also looking at, for the future, some potential acquisitions outside of the Nordics and DACH. But we believe there are good opportunities to find complementary acquisitions, primarily in DACH. It's still a fragmented market. We have a leading position in the market, but there is potential to add further pieces to our puzzle in DACH, for sure, primarily in terms of adding volumes, adding clients, adding the same kind of business that we already have, and exploit synergies of scale in the market. So that's one way we are looking at it. And we're also looking at potentially adding other pieces of technology in terms of other kinds of loyalty and gift card solutions, primarily in the Nordics and the DACH market. You commented that Germany has remained challenging for Prämie Direkt. Is that something that could affect IPO negatively as well? Also, what is the outlook for the German business in the first half of 2024? So the part of Prämie Direkt that has been challenged by the market condition in Germany is primarily the campaign-based business, and that's about half of the Prämie Direkt business. And that's more of a sort of non-recurring business, where we need to sell in campaigns to our clients again and again over the course of a year. And there are no long-term points-based programs delivering long-term growth. So, so that part has been challenged throughout the year in Prämie Direkt. And in IPO, the business is much less depending on that kind of business. It's more longer-term engagements with the clients. So we see a more stable business development there, while we also see the same kind of stable business development in Prämie for that part as well. And we also see that we should be able to gradually grow less depending, dependent on this more campaign-based business in Prämie. And as I mentioned, we have high hopes that we would be able to turn Prämie Direkt back to growth in 2024. Can you comment on the negative cash flow effect from working capital in Q4? Anything here that is related to Connex or IPO? Historically, Q1 has been the weaker working capital quarter. Should we expect this to be true for 2024 as well, or should we expect a reversal of the negative Q4 effect? I will see if I can have a comment here also from Cecilia, who's working with me on the chat questions. So I think, I mean, in general, we see a negative effect in Q4 from the addition of IPO and Connex. So, there should be, I mean, a reversal of that in Q1 with payments coming in. So we didn't have IPO and Connex in the mix last year, and we see a change here from the addition of them, where they are paying out a lot in Q4, and then get more payments coming in in the Q1. So that will be an effect. And then, you know, if that will fully reverse the negative Q4 sort of effect, that's that bridge I don't have available here and now, but that is the effect we see from the addition of IPO and Connex, basically. So I would say that's my general answer to that question. I hope that helps. And now, hi, Rasmus. On the cost savings, do the SEK 15 million-SEK 20 million include potential savings in IPO? No, they don't. That's pre-IPO. So we have additional potential in joining IPO and finding synergies with them, especially around warehousing, logistics, purchasing, and tech solutions in the future. Next question: Have you started to match the revenue and costs in MBXP? If so, should we expect Q1 to be relatively better in Q1 compared to the historical Q1s? So we have not changed the revenue recognition model in MBXP. So that still follows the, previous pattern, where we, in particular in experienced products, have high revenues and low costs in, the Q4, and then, lower revenues and higher costs in the Q1. So that, that will not be changed for, for the Q1 in 2024. It's something that we are exploring for the future, but, honestly, we have not had time to change it, yet. So that's the reason why it's, it's still, set up as it has always been. The EBITDA margin for loyalty, 6.8, compared to 12.3, which levels are you, striving for? We're striving to come back to more historical high levels for the EBITDA margin in loyalty. Here, it's worth mentioning that, the EBITDA margin in loyalty is affected by central cost, because they are taken in, in the loyalty business. So when we, split costs, the loyalty business is more heavily affected by central, cost increases to support also the rest of the group. But with that said, gross margins and EBITDA margins, we are striving to come back to the historical, pre-COVID, levels.... From Carlos: Can you give a general guidance for 2024? Well, I see that 2024 will be a normalized year for Awardit, and we have come through the turbulence in MBXP, so we should have that behind us, and have a normalized year as well for MBXP. And I believe the conditions are good for us to continue to grow and to continue to add profits. And I believe that there is a good hope that 2024 can be our best year ever. So that's what I'm striving for, for sure. And EBITDA margin from Mats. EBITDA margin for gift cards, 6.3 compared to 1.2, which level are you striving for? Here, I don't have a sort of a view on that right now. We are always striving for higher margins on gift cards, obviously, and we're looking to extend our programs where we have stronger margins, and really see how we can expand them across markets and across variants, et cetera. So I believe there is room to further grow the EBITDA margin in gift cards moving forward. From Carlos: You mentioned that the client pipeline is strong, but you also mentioned you lost two clients. What is the outlook? The outlook is that we have discussions with a number of clients, as we always do. We see that sometimes discussions take a very long time, and negotiations take longer than expected. But we believe that we have clients that will sign with us in the first half of the year that are of a sort of major scale. And some... I mean, the sales cycles for full-scale loyalty programs are long. It can take years to launch a program from the first discussions to setting up the program, agreeing on the strategy behind the program, designing the program, and launching it. Once we have decided and signed with a client, the time to start up is rather fast. It takes about a month. But that said, the discussions leading up to that can take longer. But I have good hopes that we will sign clients onto our loyalty platforms in the first half of the year. On the gift card side, we constantly sign new clients to our processing platform. We signed about 10 clients in our Retain24 business last year, and I see that this will continue throughout 2024 as well. SuperGift is not growing in Q4. Hasn't Germany accelerated the growth? Well, the volumes in Germany for SuperGift is still low, and it's still in an early stage. We are launching primarily through the Connex loyalty programs, and we have seen some good traction. We have used it in order to increase the level of participation in programs. So it's a good tool, really, to engage with the users of the programs, but it has not really pushed the needle in terms of SuperGift sales as it is still on a quite high level in the Nordics. But we see a potential moving forward, and we believe that we can accelerate that also in DACH moving forward. So it looks good, I think. From Jacob: Share buyback. You mentioned that the insiders window has been closed until now. You mentioned it is a board decision to start the buyback program, but what is your recommendation to the board on this topic? This is a board decision. It's a board topic, and I mean, there are discussions in the board, but I would not, I would not sort of share my opinion, my personal opinion publicly, but leave the decision on the buyback program with the board. Sorry about that. Brian: What would growth be if you adjusted for favorable, sorry, FX? What do we have there, Cecilia? I don't have it straight from my head. It's... I can take the next one, and potentially the last one while we wait for that. It's from Simon: What was the seldom occurring sales in Q4 2022? Well, it was a bulk order of products that we delivered, worth... The value was SEK 16.8 million, and the margin was around 5%. So, it was an order where we could ship a lot of products at, you know, without much work. So adding about SEK 1 million of profitability to the business, adding SEK 16.8 million in revenue, but also diluting the overall margin of the business. So that sort of pushed partly the growth in Q4 in 2022, but we decided not to push these kind of orders in 2023. So therefore, the comparison should then be without that order in 2022. And now we'll see the growth adjusted for FX is -2.7% in the organic business and +2% for the full business. Yeah. Sorry, for the full year, of course. Yes. Let me see. I hope I have been able to answer all your questions, and I understand if there are some moving parts in the report, and that it takes a bit to grasp everything. So, please, if you have any more questions, don't hesitate to reach out to me. I will be available all day on email, and on my mobile, and also physically here at the office. So any kind of questions, please don't hesitate to reach out, and I will try to explain, of course, everything in the report. And, also look forward, of course, to see most of you soon in the future again. So with that, I will close the call for today, and thank you all for your participation. Thank you.