Everybody welcome to this presentation of the fourth quarter 2022 results for Byggfakta Group. My name is Dario Aganovic. I'm a CEO of Byggfakta Group, and I'm pleased to welcome you here. Together with me today I have Johnny Engman, CFO of Byggfakta Group. We have prepared the following agenda for you today. I'm going to start with the company overview. It is good with repetition and I guess that some of you at some point will be new to us. Then gonna go on with the highlights of the quarter. Give you just a brief overview over the how the quarter went financially, operationally. Then I'm going to hand over to Johnny, who will dive into the figures, give you a financial update, and we are going to finalize with a summary and a Q&A. Byggfakta Group, who are we? We like to say that we are a company that is at the core of the construction ecosystem. I'm very excited to be part of a construction ecosystem with the construction industry being such a enabler of societal change and growth. We are in the middle of it. What do we really mean when we say that we are in the middle of it? If you look at a part of a built environment, it could be a building, a house, residential house, commercial property. It could be a piece of infrastructure. Before it stands tall in front of us, it goes through a number of phases. It starts somewhere as an idea, for some, you know, a property owner or developer. It moves into being a more concretisized through design. It gets more detail specified. It gets more technical. We move into a construction phase, where things are starting to get physical shape, and then finally, the piece of building is in operation. Throughout this process, starting from idea until the operation, tendering processes continuously ongoing. It is a marketplace around the construction site where, you know, new subcontractors are coming in, product suppliers in and out. It is living, in many cases, it's living for many years. Around this process, there is a number of stakeholders. Lots of different players, people, organizations. Starting from property owners, regulators that the continuously evolving regulatory space, through government and local authorities. You have the professionals that are drawing the building. Architects, designers, engineers taking over, consultants, manufacturers supplying things, constructors, subcontractors, property managers, property owners. Lots of different stakeholders, and all of these stakeholders, they are making decisions, and they are collecting the data in order to make these decisions, and they are also generating data throughout this process. At the core of this, we, you know, we talk about data where we have, you know, things like information about the products that are built into a building like, you know, windows, like ceiling elements, roof elements, doors, you name it. We have information about the standards and regulations again, you know, continuously evolving, as you know. We have project information, the commercial information about the project as such. You know, this data is used to create insights. Insights through analytics, insights through data visualization and insights through concrete sales leads for Salesforce. In each of these organizations, in architectural organizations, designers, engineers, tech consultants, subcontractors, everybody, you know, has to actually make an effort and sell their products and services. They are using our project information, product information in order to generate these sales leads. They do this through software. Software is a specification software to basically, you know, specify the built environment. The project search software to find project information, to do the analytics and then procurement software to execute on a e-tender. This, these three parts, data, insights, software, this is what we hold in our Byggfakta Group platform. If you look at Byggfakta as a company, what do we do? We operate in four core segments. We, the four core segments that we are calling project information. Project information that is exactly as it sounds, a construction project and all information that is connected with that project information in terms of, you know, starting date, ending date, value of a project, and all the players that are active in this project. Starting from, you know, the one that is initiating the project and throughout the process, adding players continuously, you know, with the name, contact information. That is project information. Specification is as it sounds, specification of a building, that is set in accordance with the, with the standards that are in most of the cases, local standard. Product information about the building elements that are part of the building. That product information is everything, you know, from marketing collateral, written specifications, through BIM objects, and, you know, 3D models that is used by architects, by engineers, consultants. Finally, e-tendering, it is exactly as it sounds, an area for, you know, where we are developing and selling products and solutions for e-tendering. In these four core segments we are operating globally. We hold a leading market position in all markets where we operate. The business in itself started many, many years ago, almost 100 years ago in the Nordics. Nordics is our home base. In the four Nordic countries, we hold a leading position in the areas where we operate. We have then, over the last couple of years expanded in other geographies outside of Nordics. U.K. and Ireland is another geographic segment where we hold leading position. We have continental Europe, where we have both Iberia, Spain and Portugal, and Switzerland and Austria, where we are holding leading position. Then we have Asia Pacific with Australia or Southeast Asia plus Hong Kong, finally in North America, the U.S. In U.S, we are holding also leading position as the number three. This is the area where we are investing quite heavily in expanding. Across these markets, we have developed and acquired strong brands, leading brands like, you know, Byggfakta brands that we have in the Nordics. Byggfakta is in Danish. Translation Byggfakta is actually the same thing. The CityMark also in the Nordics. Vortal in Iberia. Quest CDN in the U.S. Glenigan in the U.K. BCI Central, Asia Pacific. NBS, again, U.K. RPT in Finland. These are some of the leading brands that we are marketing our products and services through. Now if we look how do we split between these different areas in terms of in terms of net sales, almost half of our net sales is coming from project information. The project information is at the very core of what we do. Project information is basically at its core, a lead service for all commercial participants in a construction project. Here we have, you know, architects, tech consultants, contractors, sub-contractors, manufacturers. All of them are buying this information from us. We have a specification, which is a smaller piece of pie. Primarily, you know, in our U.K. business, NBS where architects, technical consultants and contractors are our customers. In product information, manufacturers primarily our customers, eTendering again, a wider specter of customers. If you look, you know, typically who is buying these type of information solution from us. In project information is typically sales organizations in these companies. People who want, you know, who want to sell something to somebody connected to construction project. Any product information that would be manufacturers, marketing organizations who want to, you know, get out and make sure that their products are then used by architects when architects are specifying using our specification software. Then, you know, all these, you know, commercial interactions are either dealt with, you know, directly or through e-tendering platform. This is, you know, how these different areas actually connecting and enriching each other. It is not only technical and all of this stuff. There are some other aspects here that are pretty interesting. We have a exceptional reach and depth in what we do. About 50,000 customers that we are serving today. And in our database at any moment we have at least 1.3 million active projects. 1.3 million active projects. You know, imagine commercial power that is there with on those marketplace, because each of these projects, 1.3 million projects, is a marketplace. These projects are alive thanks to our in our databases, thanks to our research. We have 1,800 employees. Now, you know, I realize these are the numbers, but if you stand and stop and think, what does this mean? We have 1,800 employees out of which approximately it is, well, 300 + people who are developing our solutions and 6,700 people who are doing research. Each of these projects is continually researched. Information is continuously enriched as projects progress. hey would call and say, "Hi, this is Jonathan calling from Byggfakta. I'm calling you about this project in this town that you are working on. How are things going there?" "Yeah, things are going really, really well. We have moved into next phase here." "When I talked to you last time, I know that you haven't appointed a Windows supplier. Have you moved forward with that?" "Yes, actually, we have appointed this supplier." "Okay. Who is that?" "Oh, this is the company." "Who are this company?" "Here's the contact information." "Very good. Thank you very much. By the way, is anything else going on?" "Yeah, we are contemplating a new project in this particular area." Bam, we have a new project coming into database before that project ever appeared in anywhere else. This is, you know, getting early, getting these projects early is serving to our sales teams for our customers opportunity to be there first and get to impact in the area of their operation. Extremely powerful. This is coming basically through our superior research where we have, you know, fantastic employees and we are focusing very much on having really right people because you really need to have good days as much as possible. When you have a good day, you are extra nice, then you are getting out more and more information from information sources. This is really what we do. We have been very successful as you can see in our Adjusted EBITDA, and Johnny is going to dive deeper into this. For the year compared to 2021, we have jumped from, you know, SEK 585 million - SEK 761 million. We are making quite a good profit on this, and our ARR is continuously increasing. You know, this being, as you can imagine, very sticky services. Once you are in and, you know, taste the sweetness of this information, you know, you don't wanna leave. How did we do now during the last quarter? I will go through a couple of highlights. First of all, we start with financial highlights. This is another quarter with EBITDA over 200 million SEK. In Q3, we were very proud by, you know, because we reached that milestone of, I mean, 200 million in a quarter. Now we have repeated that and then some. We have increased, and we have a new record in terms of EBITDA. Second thing, our organic ARR growth. ARR has increased by 6.7%. Our net retention rate has also increased, speaking of stickiness. This is very good prerequisite for strong organic growth in 2023. We also have a very strong cash flow. This cash flow together with the net debt ratio that has been comfortable for us, it leaves us headroom for continued execution of our M&A strategy. We are growing strongly organically, but we all the time see opportunities actually how to, you know, get even tighter in the geographies we operate and enter new geographies and new and new product offering areas. Looking into our operational highlights, we can clearly see that there is a strong demand and it continues to be strong in most of our markets for our products and services. You know, although there are, you know, lots of negative news out there about what the things that are happening in the world, we see that the things in our markets are going very strong. We have also continued to work with integration in our group for strengthened offering and for accelerated growth. I will talk a little bit more about soon. We have also executed an acquisition in the U.S. We acquired Bid Ocean Group, which is two companies, Bid Ocean and North America Procurement Council, which is strengthening our position in the U.S. on the back of our acquisition of Quest CDN earlier last year. It's making us now a really significant player in the U.S. On top of that, we see that we have a solid M&A pipeline, with, you know, concrete cases, it's a stable inflow of interest in companies that are, you know, coming, approaching us. They want to become part of our success story. If, if you look a bit deeper into operational highlights, integration is something that I advertised when I stepped in as CEO a back in October as a very important thing for us. Because, you know, we've been growing through acquisitions. We have these different products and service areas, and we clearly have a view that when we manage to integrate these areas and get, you know, information flows working between our different solutions, the enrichment of our information becomes such that uniqueness increase, stickiness increase, and also our growth prospects increase. We believe firmly that integration is giving us, you know, commercial synergy synergies. We are working with this continuously. We are right now rolling out e-tendering solutions in the Nordics. We are rolling out specification in Denmark, project info in Portugal, and product info in the Czech Republic. E-tendering, for instance, we have been from the beginning very strong in Iberia. Now we are fitting this solution into Nordics, moving to Nordics. Specification from U.K. to Denmark and so on and so forth. We are reusing, you know, from different geographic areas. We are also, within geographic areas, getting our solution more tighter together. For instance, in the U.K, there we have two companies, NBS, who is active in specification and product information area, and we have Glenigan, who is active in project information area. Now we are integrating these data sets and these solutions and offering to both Glenigan's customers and NBS customers, you know, the total solution. We have also started the cooperation for research between U.S. and U.K.-based businesses in Manila. In Manila, in Philippines, we have a large research center who have been researching Australia and New Zealand and the U.S. for BCI. Now we are expanding the U.S. research for the acquired companies and also adding on with the research for Glenigan in the U.K. We are looking also in possibilities in doing more things in Asia because we have a quite strong staff base there. NBS Operations Australia, they are now fully integrated into BCI. We clearly see that these integration activities are going very well forward. This is update from me. I will not consume all the time. You can see I'm really excited about what we do. I will leave it over to Johnny, to go through, get through the figures, and then we get back with the Q&A. Johnny? Yes. Thank you, Dario. Let's look at the numbers then. This is the total picture. As you can see, we are growing our net sales quarter on quarter. A good performance in Q4 with almost SEK 590 million in the quarter, and the EBITDA reaching SEK 204 million, almost SEK 205 million in Swedish krona. The organic component of the growth is on a reported basis of 4.2%. What we have done in the quarter is we have adjusted one of the smaller subsidiaries in the Nordic area from a direct revenue recognition into a deferred revenue recognition. That has been a high growth in that subsidiary, that adjustment then pushed down the reported number from 5.1 to 4.2. Our real underlying performance for the group is 5.1 rather than 4.2 with this adjustment. For the full year, we have delivered a 6.1% organic growth for the total business. As you can see, the ARR base or subscription base is growing, reaching almost 1.9 billion Swedish krona. Organic part of that is 6.7%. That's the ingoing speed into next year. If you look at first quarter, second quarter performance, that is the speed of the subscription business for next year. Reported retention is up to almost 85%. Good retention, quarter, cruising at a comfortable speed. Margin-wise, we have a slightly stronger EBITDA margin compared to last year. We're now up to almost 35%, 34.7% in the quarter, versus last year's 33.2%. EBITDA margin is moving in the right direction. Cash flow, SEK 145 million for the quarter, probably slightly weaker than expected. We see a bit of payments pushing into Q1, so the receivables position is slightly higher than expected, which will then result in a stronger cash flow in Q1 versus Q4. Net debt on a reported basis moving down slightly from SEK 3.3, end of Q3, down to SEK 3.2, despite us paying for the acquisition in the U.S. If we look at the ARR breakdown, where the total growth was 16.2%, for the 12-month period, it comes from, again, good new sales performance. We're filling up with new clients, SEK 343 million. Of course, we are churning a bit with our 85% retention, so we lost SEK 238, and that is really giving the organic component of our ARR growth 6.7%. We adjust for acquisitions, which is smaller in this quarter. BCI is fully included in Q4 as an organic component. We have a bit of positive FX, resulting in the SEK 1.9 billion ARR base end of December. This is the trend on retention. The top part is the reported one, which then you see the jump from Q3 to Q4. That is the inclusion of the BCI business in the reported numbers, because it's the first quarter they are fully organic. That is the reason. That is an M&A effect, and not an underlying effect. You should look at the lower part of the slide, which is the like-for-like retention, as we have owned all companies for the full period. There you can see we are basically stable on retention in the fourth quarter. If you remember Q3, we had a very strong retention or price component in Continental Europe in that quarter. That has now moved back to more normal levels. That is the reon for the flat development between Q3 and Q4. Strong, especially in Nordics and U.K. A bit of a reduction in Continental Europe when we haven't done further price adjustments in that segment. If we dig into our segment performance, starting.ff with the core historic core in the Nordics, it is a good pickup in the quarter on total revenue. We go from SEK 170 in Q3 up to almost SEK 190 million in the fourth quarter. You always see that jump with Q3 being pushed down by the vacation month a little bit and then bounces back in Q4. Here you see the effect of that accounting change from direct revenue to deferred revenue, because that adjustment goes for the full year. That is then showing the difference between the 0.9 reported versus 3.4 if we wouldn't have done that adjustment. The ARR is cruising just below 4% on a rolling 12 in the Nordic region. As we have seen throughout the year, it's been a tough trading performance in the Nordics and the ARR has dropped from historic levels around 10% down to the 4% level. We are investing in increasing the sales force and increasing the marketing activities to pick up that growth rate to our financial target level of 10%. That is something we will focus on during 2023 to return to the normal growth level in the markets. Margin is strong in the Nordics. As we have said, the bigger we get in the geography, the margin follows, and you can see that the margin picks up to 38.4% in the quarter versus 37.9 one year ago. Subscription share is increasing. Also a component of the reported net sales is that th`e one-off business or direct business has been slightly weaker in 2022 Q4 than it was in 2021 Q4. It was a strong quarter in 2021, and we're not fully meeting that. That's why the subscription share is increasing. If we turn to the U.K. segment, MBS and Glenigan business, it is continuing along the strong trend we have seen already earlier in this year. If you look at the graph, you can see the EBITDA margin trending very nicely quarter by quarter, picking up every quarter, starting Q1, trending upwards nicely, ending at a strong fourth quarter with a 46% EBITDA margin in the quarter, which is a very good level. Comparing to Q4 last year, the ones who followed the company then remember we took a charge for headquarter allocations in the fourth quarter for the full year. That's why it is distorted the comparator, but you should rather look at the trend line during this year. When we grow stronger, the margin follows. Organic development in the segments, a little bit weaker on reported net sales, 7.4%. A weaker quarter on the direct business also in the U.K, while the subscription base had a very strong quarter. Where growth is almost 10% for the ARR base in the U..K. This is a result of the investments we have seen in the sales force. We talked about investing behind Glenigan and increasing the sales force early in 2022, and that is now paying off. The momentum in the Glenigan business is very strong in Q4. Turning to Continental Europe, trending nicely. As you can see, same development as we saw in the UK business. It's an increasing margin quarter by quarter. It's started already back in 2021, and the margin has moved upwards every quarter since, and now at a solid 30.6% for the fourth quarter. It's a percentage point above last year. Organic reported sales is 5.5%, while there's more momentum on the ARR base in this segment. We are up to 11.7% also in Q4. We had a strong Q3, and that actually continued into Q4. We have a good upsells or upgrading component in the, especially the Vortal Spain and Portugal business, which is resulting in a strong ARR performance for the segment. Last core segment then, APAC and U.S.. Business, which is trending slightly weaker. We have commented earlier on the year that there is some difficulties in the Australian market especially. You can see that the organic growth is 4% almost for the segment, and the ARR is weaker with 1.6%. It is a mixed picture. As we said, the U.S. Business is doing very well, while the performance is weaker in Australia and parts of Asia, resulting in this 1.6% ARR growth. We have during the year reshuffled in the sales force and also rehired. Australia has been closed borders up until end of Q1, basically, due to COVID reasons. After that, we have been able to staff up and then refocus the sales force. We feel that momentum is picking up. For the fourth quarter, it is just 2% ARR growth. The margin is cruising at 20%. Last, our healthcare and media operations here in the Nordics, a solid quarter, 5% organic growth. The ARR is a smaller piece of this business. It is hurting a little bit from a consolidation in the healthcare market. The care homes in Sweden are consolidating, which means that we are losing a little bit of revenue on the subscription base. Overall, solid SEK 4.4 million absolute EBITDA in the quarter. Cash situation and capital. We continue to have a high negative working capital. It's now - SEK 605 million, slightly more negative than Q3. As we said, we should have expected this to be even more negative. We see a bit of a late payments coming into the quarter, which will then come in in Q1 rather than Q4. The cash flow for the quarter is still good, but slightly lower than expected. We continue to invest behind our software platforms and tech platforms. The red part of the CapEx bar is around SEK 30 million per quarter. It's been around that level for all four quarters this year. Q4 is no different to the other parts of the year. The blue part has increased. As we have said, we are building a new office in Ljusdal for roughly 200 staff, and we continue, of course, to pay the construction costs for that new office. Slightly smaller component in Q4 than in Q3, and this will continue in Q1 and Q2 during next year as well. The total investment is around SEK 70 million for that new office building. Of course, we'll reduce rent costs for the two offices we are renting today in Ljusdal. Our net debt position, we are decreasing our net debt to EBITDA. It goes down to 3.2 at the end of the quarter, despite paying for the U.S. acquisition in the quarter. We paid Quest in Q3, and now we paid for Bid Ocean and NAPC in the fourth quarter. We have a solid headroom to our covenants over 4.25. The cash position is good. At the end of quarter, SEK 350 million in the cash box, plus unused credit facilities of around half a billion SEK. We see the interest, of course, increasing a little bit. We have hedged half of our interest exposure, but the unhedged part is moving up with the base rates in STIBOR, EURIBOR, and SONIA rising. Of course, that's consuming a bit of higher interest cost for the company. We always finalize with our financial targets. They are the same. Our ambition is to grow organically with 10% both on reported revenue and ARR over time. We see we are reaching that level in two of our segments at the moment on the ARR side. While two of them needs to improve a bit to get to this 10% level, which they have done historically. We intend to complement our organic component with M&A, and we have now in the second half of the year done two important acquisitions in the U.S. We have acquired our 5% for 2022 as a M&A component. Margin target is the same 40% medium term, and as you can see, we are trending solid on margin in the segments increasing quarter on quarter during the year. Our debt target is three, which we are close to. We still have a dividend policy that we should invest behind our software development and acquire a company. The intention is not to pay any dividends for 2023 either. Good. Thank you. That was the end of the formal presentation. Very good. Thank you very much, Johnny. Yeah. Now it's time to wrap up with the questions, yeah? Yeah. Thank you. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Joachim Gunell from DNB Markets. Please go ahead. Thank you, and good morning. I have three short questions. Starting off here with the remeasured earnouts, related to BCI. Can you comment a bit more about what performance targets it did not meet and then whether this was your own targets or the sellers? There was an earnout component in the BCI transaction, based on the seller's budget or projections when we acquired the company. As you have seen, the trading performance in BCI is below expectations. It's not trending at the 10% level, and that means we are not paying the full earnout component, which triggers Q2 this year. Therefore, we have released half of the reservation for the earnout in BCI. Understood. Were these, once again, were your own expectations below where the, obviously the sellers were when you acquired it, so that this was pretty much in line with where you would have thought it would go? Well, it was based on the seller's plan and, we had our own plan, which was not the same as the seller's plan. As you see, we were not super happy with 1.6% organic ARR growth and the reported sales, that is also below our own expectations for the Australian market. Understood. Thanks, Johnny. On the subscription renewals for here potentially slipping into Q1, can you just comment a bit about the, call it, the magnitude of that release into the next quarter, which did not materialize here in Q4? It's not so much about the renewals. The renewals are normally on time. Of course, when we renew, we still send an invoice to the client with the normal payment of 25 or 30 days. Those payments for the bulk of the year-end renewals always falls in between Christmas and New Year's. It's always a bit uncertain if the customers paid that on time and reminding them during the holiday season in all markets is, yeah, sometimes tricky. Therefore, some of the receivables has pushed into Q1. I would say the magnitude is not super big. It's maybe SEK 20 million-SEK 30 million. Very clear. Just finally, can you perhaps just update us on what scenarios you work with here going into 2023 and what will need to materialize in order to close the gap to your organic growth ambitions? Yeah. We are again, The big component of reaching our organic growth is to have a fully staffed and a fully efficient sales force. That we're gradually doing in the markets. Early 2022, we invested behind the sales force in the U.K. As you can see, that is clearly paying off now with the performance of the U.K. business and especially Glenigan reaching above the target levels for the both Q3 and Q4. We have done the same investments in Australia during 2022, starting when it opened up after COVID, around the summer. You see that cost base going up a bit in the APAC U.S. business. You see that on the margin, and that should result in a stronger new sales performance and also retention performance because it also involves customer service. We have started the same in the Nordic region, and we see performance dropping during the year. We switch around in the sales force. We increase the sales force presence, and that should pay off in 2023 with a stronger performance in the Nordic region. It hurts. Thank you very much. short term. Yeah. Sure. Thank you. The next question comes from Charles Brennan from Jefferies. Please go ahead. Hi. Good morning, guys. Thanks for taking my question. I'll go with two if I can as well, please. Firstly, we've obviously got top line growth that's below your expectations at the moment. You've spoken about the reinvestments back into the business to try and re-accelerate the top line. Can you quantify the magnitude of those investments that you're making? I'm just thinking about the 2023 margin outlook. Can you see scenarios where margins decline in 2023, where we annualize the impact of those investment costs? Secondly, just on the M&A pipeline, you sound quite vocal about the number of opportunities you've got in the pipeline, but there isn't an enormous amount of headroom in your balance sheet. Should we assume that M&A for the foreseeable future is, smaller bolts on opportunities, or are there some bigger transactions that may require an equity component? Thank you. If you take the first question, the investments in the sales force has been gradual during the year, so it's a big component of that is already baked into Q4 margins in APAC U.S. That has continuously been an investment period in starting down Q3, Q4. The Nordics has also staffed up during the fourth quarter. You see most of the effect in the fourth quarter margin. Well, there will be some further investments going into 2023, but again, as the business grows, we also create more room to invest behind the business. You see a good margin trend in the segments and then that should be stable into next year. If you take the M&A question, I try to comment on the available cash reserves of 350 million plus undrawn facilities of 500 million SEK. That is the current firepower we have without talking to our owners about equity issues, that is enough for the M&A pipeline we see ahead of us and should be enough to cover our 5%-15% with added revenue target for 2023. We're not looking at the 1 billion+ acquisitions at the moment. That would require equity, of course. Perfect. Thank you. Maybe I can just squeak one more in. you've already given us an indication that the subscription growth in the first half of 2023 should be somewhere in the 6%-7% range. I'm not very good at forecasting the non-subscription element. Do you think that that will act as a drag on overall group growth through the first half of the year? Yeah. It's harder to forecast the non-subscription, of course, since that's deals which are done within the quarter without a subscription base. That is one of the weaker components in this report. You're seeing a drop there on the non-subscription business or the direct business as we call it. We're meeting a weaker comparator going into 2023 Q1, Q2, because that was of a fairly weak period for the direct business also. It was very strong in Q4 2021, which is the comparator this quarter. It's hard to pro-predict how that will go, but it should be easier to meet last year's performance in 2023. Perfect. Thank you. Good luck for the year. Yeah. The next question comes from Viktor Högberg from Danske Bank. Please go ahead. Yeah, good morning. Could you help us with the price effect on a group level of the 4.2% organic growth on a group level? How much was price? How much was volume? As you know, we don't break out the price or volume component or the upsell component. We report it as value in the total. As you know, we are increasing prices continuously. It is an important piece of our growth. We haven't seen any additional up or down adjustments on price. We're continuing with the same trend line. We commented in Q3 that we took a bigger price step in continental Europe, which pushed up the retention numbers and ARR growth in that quarter. We haven't done any further additional price adjustments in Q4. Okay. Would you say that the majority of the 4.2% is price or the low half? If you can just give us some kind of indication of volume. We have said we follow the sector inflation, and if that's 2%, 3%, 4%, that's normally the price component we would keep trending on. That has not been different in this quarter. We are looking at the 5.1 number, which is the adjusted one for this accounting change we did in the subsidiary. Then an important piece is price in that 5% reported growth. Okay. The Health Hero, accrues effect that will be seen throughout the next, three quarters as well, I would assume in, 2023. No, it shouldn't because we have done the full adjustment for 2022 now in the fourth quarter. We've adjusted also Q1, Q2, Q3. That shouldn't spill into next year. That's why we did the adjustment now. It's been a very high growth in that subsidiary. That's why we switched. They started the year with a below SEK 5 million of revenue, now they're trending towards SEK 15 million. Of course, when you adjust and defer that into the future, you get the big effect because it's been high growth. If you have a flat business, the effect is 0. Then it doesn't matter if you defer or report direct. That shouldn't be a component in 2023. It's just a one-off for the fourth quarter. Okay, thank you. On the market stabilization that you started to comment on in Q2 last year, seems to have continued somewhat. Could you tell us something about the start of first quarter now in 2023? What does your customers say? We all see the negative headlines in building starts. That doesn't seem to be something that indicates. It's a good indicator for your business. Could you just help us with the start of this year and what you're seeing and what you have seen for the first month? Well, we shouldn't comment on the first month, but as best we have said in Q3 and Q4, we will see a stabilization of the market. We see a solid renewal performance, an increased renewal on our ongoing subscriptions. The new sales performance has picked up in the second half of the year already in Q3 and continued into Q4. We see a more benign trading environment in the fourth quarter as well, not in all markets. As we said, it's still a little bit difficult in some of the Nordic markets in Australia, but overall it's improving market conditions for us. Again, we're not linked to the construction starts that drops in a few of the segments. Fewer opportunities. Our customers needs our information more to bid on those opportunities. There is a high interest among the client base for our services. The next question comes from Dennis Berggren from Carnegie. Please go ahead. Johnny, could you please clarify on your phrasing regarding the timing between delivery of services and organic growth? Because I mean, if you look at the Nordics, you had +10% organic ARR growth in Q4 last year, 6% in Q1 before dropping a few percentage points here in Q2 and Q3. Still organic sales growth now ended up at 3.4% in Q4. Yes. No, it is the effect when you see the ARR growth organic in the beginning of the year. When that drops down, that starts to be seen on reported net sales in the following quarters. That is what spills into the fourth quarter with a slower ARR growth in the early parts of the year. That is starting to be seen in the reported numbers in the following quarter. That is one component of that. Then of course, you also need to look at the direct non-subscription sales, which had a very strong Q4 last year and a more normal Q4 this year. That is also coming directly into the fourth quarter organic reported sales. Those are the two effects, impacting the Nordic reported sales number in Q4. Perfect. That's clear. Just to clarify on margins, should we interpret what you just said on the staff up already being visible in Q3, Q4 margins in Nordics and APAC in the U.S., that we should not expect like any additional dilutive effect from the mentioned staff up here going forward? Yeah. As I said, it's been a gradual investment during the second half of last year and both in Q three and in Q four. We're not flagging any big new investments in Q one that we will do it. We're gonna continue with the gradual staff up, but it's not a major staffing step we need to take in Q one. Thanks. Finally, a question for Dario. Now that you've been with the company for several months, is there anything that you think that the group can do differently, compared to before? Is it something that you see that hasn't sort of been in focus or, where there are particular improvements? I don't see that the group has to be doing anything differently than, you know, what I thought from the very beginning, to be honest. You know, we still the focus is on the sales. We are extremely strong when we have enough, you know, hands and feet out there. We are continuing with that, continuing in improving our information base through, you know, strengthened research, getting into both in depth and range of information. That's something that the group has been and is active in all the time improving. No changes there. You know, the only thing is, as I indicated in the beginning, you know, we have got this company together through acquisitions. Always when you do that, you already from the beginning had developed kind of, you know, integration that there's so to say, so that you need to, that you need to work with. This is very much of my focus, getting the group together to work together on getting the product portfolio under, you know, say consolidated, so to say. That's basically the focus. It's not, it's not discovery that I made during this four month. This was basically going on position and it is like it is. Got it. Thank you. The last question in the queue is from an unknown number. Please state your name and company. Please go ahead. Hi, this is Nick Dempsey from Barclays. I wonder if you can talk about exactly what's going wrong in Australia, how much of that relates to the underlying market there, how much to the competitive situation, and whether it's possible that's just a weaker business in terms of organic growth over multiple years than you thought when you, when you bought BCI? Second question, have you made any progress in terms of rolling out e-tendering in the markets where you're not already operating that model, especially the Nordic region? I suppose more generally, can you point to evidence of successfully rolling out some of your models in the countries where you currently aren't operating those models? If we start with the first one on Australia, the Australian market has again been impacted by COVID in the early parts of the year. It's been closed borders in Australia and New Zealand as well, and also in the Asian markets. It's been the end or the late COVID parts also spilling into 2022, while Europe and U.S. has opened up in a different way. That was hurting in the beginning of the year. It's mostly caused by an internal turbulence in the sales force. We have been low on staffing, and we also had a weaker performance on some of the key sales staff. It's more internal than external factors impacting the short-term trading in Australia. We see signs that we are addressing the problem, and we see a better momentum that we're getting back on track to reach the growth levels we are expecting from that business. We were over to Australia, Johnny and I, just before Christmas and met the team. Clearly, you know, they have had historically some issues with performance. They lost a number of sales staff. You know, whatever it could be attributed to, there is certain level of attribution, I think, to the general situation with COVID that it was in Australia and the impact on the labor market there. However, you know, since then, during the fall and, you know, what we've seen during our visit, they have recruited up the team. It is a lot of confidence and hunger in the team. You know, lots of, you know, bright eyes individuals out there. You know, we clearly felt that it is moving in right direction. You know, I have no reasons to believe that is not going to continue in that way. Good. The rolling out of e-tendering, that is, as Dario said, ongoing in the Swedish market. We have both buyers and suppliers using the service. There are tenders going on on the adopted platform for the Nordic market on the private construction tenders. That is going forward. Again, it is a slow process to change the behavior to run a tender platform versus emails with attached files, but we are making progress on that rollout. One should also remember that the two acquisitions we have executed on in the U.S. is e-tendering platforms for the private or public sector in the US. That steps into the e-tendering space in the U.S. As we have said, we can use information between the project platform and the e-tendering platforms in the U.S. They work very much with plans and specs which is a thing in the U.S., and that we have now access to through the two acquisitions we have executed in the second half of last year. Last question was? It was related to e-tendering launch, you know, proof that the launch- Yeah of new models in new markets is working. Yeah. No. Again, the group is fairly new, we have built the four product offering legs in the last couple of years. The number of rollouts are ongoing, as we commented on. Is there proof that they have generated significant revenue or significant EBITA yet? No. They're all ongoing. I shouldn't say there is anyone that has reached kind of the breaking point and being a real success of those yet. We do not see things that are developing, you know, in a too slow or even negative way in a way that we do not understand why this that is the case. As Johnny said here, you know, in the case of e-tendering, there is a certain behavioral change out there. They are a bit different stakeholders in a customer's organizations. When you sell project information, you sell to sales organization. When you sell e-tender, you sell to purchasing organization. The name is very well known. Everybody knows us. When you're launching something new, it is, it does take some time to get in and become sticky. Customers are generally positive and, they want to try things. We are not, you know, getting a, you know, generally pushback for new things out there, but it just, things just take some time. Okay. Thanks, guys. The next question comes from Viktor Högberg from Danske Bank. Please go ahead. Yes. Hi. Sorry. A final question from me. Yes, if you could help us with the sensitivity of the revenue model given what is going on in the construction and the materials industry with layoffs. Could you help us just how dependent are you on the number of seats versus the content information, geographical scope of the subscriptions? Just the dynamics there would be very helpful for the market to understand your business model, I think. Yeah. No. Our pricing model or how we price the services is, has a small seats component. The major component is the amount of information or amount of data they're buying from the service. The country or the regions or the type of projects they wanna see. The seat component is very, very small when it comes to the value driver for the renewals part of the subscriptions, but also new sales. It is a component, but a very small one in number of seats. That shouldn't have a big impact. Okay. Thank you. Thank you. ... our performance next year. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. Very good. Thank you very much, for your questions. You know, we are looking forward to talk to you all again when we are presenting Q1. Thank you. Thank you.