Good afternoon, good morning, good evening. Welcome to BuildData's first quarter results update for the period ending end of September 2022. My name is Gustav Geisendorf. I'm the CEO of BuildData. I'm also joined by Bruce Morrison, who's our CFO. In terms of our agenda for today, we'll talk about BuildData, who we are, the industry we're operating in, some of the trends we're seeing in industry, and how we're positioned in the industry. I'll turn to Bruce for a financial update, in particular in regards to our last quarter, and then I'll take over again on financial targets and company highlights, and then we hand it over to the audience for Q&A. In Q&A, you can either raise your hand to ask your question, you can send a question through the chat, or also through the Q&A function, which you should have the functionality on top of your screen. For those of you that are not familiar with BuildData, what we are, we are a cloud-based collaboration software platform, and we're operating right at the crossroads of ConTech and PropTech. We're no newcomers. We've been in operations for the better part of 20 years. We're primarily operating in the U.K., which is 80% of our revenues. We've got about 120 employees. We're operating three brands. One is called Zutec, the second one is called Createmaster, and then Bond Bryan Digital. We're a niche operator in what we do and in certain segments of the markets we're operating. We have more than 20% market shares. We've been gradually growing our recurring revenues, which I'll talk about in the rest of this presentation. In terms of our strategy, some of you may have heard this before, so we'll repeat again. What we are focused on is to find white spots, and we do mean that in the least digitized industry in the world. We're particularly focused on the residential market for a number of reasons that I'll elaborate on in due course. We're very focused on having best-in-class solutions and knowledge, and we're doing that primarily for the residential market in the U.K. Why do I think that it's important to have a mix between product and solutions and knowledge? It's primarily because our market is just getting started in terms of digitization. I think we're seeing a rapid pickup in the digitization rate, but we still need to give our clients a fair amount of hand-holding, which is why we need to be best- in- class, not only in terms of a product and solution, but we also need to have better knowledge and have more knowledge in terms of digitizing our customers than our customers do. Our strategy is to be a regional champion. For that, for us means in particular being focused on two particular markets. One is the U.K. and the other one is Ireland. This has indeed been our focus for the past two or almost three years now. It will also remain the focus for the next two years at a bare minimum, primarily because we're seeing a number of these white spots and an emerging market that we think we'll be able to capture more than sufficient growth in. We're also exploring other growth opportunities, which is everything from going into other markets to having a reseller strategy. Then we obviously have an M&A agenda as well. The focus for the time being for the next two years is to build on our existing market shares in our home markets and be a regional champion. As some of you may have seen, we announced a letter of intent in the earlier parts of last week. We do have a defined acquisition strategy, and that is to do complementary and accretive acquisitions. We're doing that at the right time. We've been careful over the past few quarters to do M&A, primarily because we felt like the M&A market was too hot and valuations too high. Now we've seen the market receding a bit, valuation expectations have come down, and we're back on our acquisition track again. Our intention is through our organic growth strategy together with our M&A strategy is to have leading market shares and brands. We do want to be top three. Certainly we're aiming for number one. In all the niches we're going for, but in all instances, at least a top three position and ideally being number one. We are already number one in a number of niches that we're operating in. We've done it before, and we're trying to do it again now. As a SaaS business, it's all about, you know, growth for us to build scale, but it's also about building recurring and predictable revenues. We've been doing that for a long period of time, and Bruce is going to take you through that later on in the presentation, but that is a core piece of our strategy. For us as a company overall, this is the problem that we're trying to solve. That is that construction is the least digitized industry in the world. It is also the world's largest industry, so as you can gather, the opportunity is quite gargantuan. I think, you know, our strategy is to make sure that we bring construction up these tables that you see from McKinsey here on the left, and only agriculture and hunting it has a lower digitization than construction, and our intention is to move construction further up into the green area. On that same token, we've started seeing digitization really kicking off in earnest. The growth rates that we're seeing in the market are very strong indeed. Our prediction is that, you know, overall our market, our specific underlying market is growing in and around 15%. That is actually regardless of if you're looking at ConTech, which is about 80% of our business, and then PropTech, which is about 20% of our business right now, are growing at healthy rates, have been growing at healthy rates, and also will be growing at healthy rates. You saw on the previous slide the digitization rate. Just to make the point even clearer is that the construction industry is still underspending quite meaningfully on technology. Construction overall is the industry that spends the least of all industries on technology, and obviously software is part of that budget. In and around 1.7% of revenues. If you look at the cross-sector analysis for all industries, the average is about 3.6%. What we have been seeing though in the recent past is that there's been a step change in terms of how our customers allocate their budgets. We've seen some different analysis where the biggest change in terms of budget is coming certainly in construction. The budget allocations are increasing with at least 10% a year. We're seeing more and more budgets from our customers being allocated to IT. IT overall has gone for a lot of our customers from a nice to have to a must have. More and more so over the past two, three years. In terms of our focus, as I mentioned previously, we're focused on white spots. I think that's priority number one. Priority number two is to focus on the type of customers that we believe are the least digitized. What this slide really says is that architects, consultants and main contractors are actually already quite digitized, and therefore they are red for us in terms of priority. We're focused on different customers such as house builders, developers, housing associations, and ultimate asset owners. Why? Because they haven't digitized at the same level as main contractors and architects and consultants. On top of that, these are the kind of customers that benefit from having data collection, which is what our platform does, in terms of asset data throughout the building life cycle, going all the way from design into construction and then into the operations phase. Because that's what our software solution does particularly well, is to do data collection at different stages in the process. This is where we're having a lot of success. This kind of particular niche for us is what has been driving our growth up to now. We have very strong market positions, in particular in handover, in the U.K. market where we have way in excess of 20% market share, and now we're building out those market shares in the other stages of the building life cycle. You know, we've been very focused on proving our results rather than being too bold in terms of communicating them. I think, you know, it doesn't matter if we're talking about our pre-COVID results, what we exhibited during COVID, where we are now, or what we're expecting in the future. This is certainly an industry in quite a lot of change and very healthy underlying growth. Even despite now some of the more challenging macroeconomic factors we're seeing in the market, we don't think that this growth is going to be slowing down at all. I'll talk more about that later on why that is. What this page primarily says is that in all of these phases, pre-COVID, during COVID, current, and also what we're expecting in the medium- term, our organic growth, we've been outperforming the market by 2x or 3x. We're expecting to keep on outperforming the market in terms of growth and building market shares, and we're going to be doing that primarily by entering the white spots that I talked about. What do we believe are revenue opportunities in the U.K.? We do about SEK 100 million of revenues right now, and about 80% of that's is in the U.K. We're doing about SEK 80 million of revenues in the U.K. When we're doing our own market analysis in terms of the short to medium-term potential, we think we can, you know, four- or five-fold our revenues, driven by two particular factors. The first one is driven by the market share that we think we can take. We know that a 20% market share is feasible because we would have done it in a number of different markets, including Ireland and certain pockets in the U.K. already. That's driver number one. Driver number two is that we're expecting an increase in spend of at least 3 x going to IT spend and software, and that becomes our target. We're shooting for a high number in terms of what we believe are incremental revenue opportunities in the U.K. market. This is actually an upward revision for us, quite a meaningful so, and that is obviously driven by the underlying dynamics we're seeing in the market. What is driving that dynamic now, and what are we seeing? Be mindful now that we are primarily focused on the U.K. market. This is quite different to what is driving ConTech evolution in different geographies, not only in Europe, but also in Asia and in the U.S. In the U.K., the market that we're going after and what is certainly driving the market here and now is regulation. That regulation, you know, is really coming on the back of the Grenfell disaster, which was quite a horrific accident that occurred in the U.K. a few years back that resulted in significant regulation in the U.K. market around fire safety. We have a really powerful solution and a module around fire safety that we're rolling out to all the customer types that I talked about previously, and that is the main driver for our growth. I would say about 80% of our growth and our focus is on regulations. The next one is sustainability, which is a key driver for growth in a lot of other markets. Sustainability is also coming stronger and stronger in the U.K., but nowhere near as much as regulation is driving our markets. I would say about 50% of our growth and our focus is around, say, sustainability. If you go back three to five years ago, ConTech was all about driving productivity in our industry to essentially improve margins. That is still an important factor, but we rarely talk to our customers about productivity anymore. That's about 5% of our drivers. Regulation 85%, or 80%, sustainability 15%, and productivity around 5%. We don't think that's going to change in the near term because, you know, the regulatory rollout is happening in phases. We're seeing phase I being rolled out now, and then there's 2x or 3x or 4x more regulation coming, and that's what we're trying to position ourselves for, and we already carved out the very interesting niche in that particular segment in the market. That was the introduction, and now I'll hand it over to Bruce, our CFO, to take you through the financials. Yeah. Thank you, Gustav. My name's Bruce Morrison. I'm the CFO of BuildData. Been with the group for about a year now. Moving on to the first slide. This sets out some of our KPIs or financial highlights for the first quarter. Net sales 23% growth underpinned by a 19% organic growth in our recurring revenues from software licensing, hosting, and recurring professional services. Our total contract value, which represents effectively our future revenue that we've already booked, is growing even faster as we sign new customers, new and existing contracts, and an upsell to our existing customer base. We've seen organic growth in this area of 40%, year-on-year. That's further underpinned by an increase in annual recurring revenue, again growing by around 19%, and it now represents around 80% of total revenues come from annual recurring revenue from software licensing, recurring professional services, and from our repeat customers. We're also seeing very strong gross profit margin is consistently between 94% and 96% from quarter to quarter, with a very low cost of sales. We're working hard to close the gap between sales and costs to get to positive EBITDA, but normalized EBITDA, which excludes things like share-based payments expense, and one-off items, staff terminations, etc., of minus SEK 1.4 million, which is an improvement on last quarter. We still remain well resourced with net cash of SEK 71.5 Million, which gives us funds not only to see us through to cash break-even and profitability, but also to help fund some of our ambitions as far as acquisitions are concerned. Next slide, please, Gustaf. We can see from our trend in net sales, which has been consistently upwards over the last seven quarters. Now clearly there are a couple of big jumps through acquisition in this time or in Q4 of 2021, but a lot of it is organic growth, and we've seen organic growth in this quarter, as I mentioned earlier, 13% in net sales, but 19% growth in organic recurring revenue. We've also seen one of the reasons we've been able to achieve that growth is through strong customer inflows. We've also seen little or no churn. More importantly than this, we're seeing you know our future order book growing even faster than that, as we can see TCV up 45%, again, as I mentioned earlier, 40% organic growth. We signed SEK 30 million of new contracts in the quarter, that is greater than the net sales we recognized in our accounts, so led to a significant increase in our contract book. That was across 255 new agreements, so another successful quarter from that point of view. Well, one thing I would say, we remain focused on the U.K. with 80% of our revenues arising there as Gustave said. Both ARR and TCV form the foundation of our future revenues and as you can see, both are on an upward curve. Looking at this slide now, moving on to net sales. Personnel costs are around 80% of our total costs. We've seen an increase in headcount from 99 to 119 year-on-year. We've also seen our cost per FTE increase quite significantly as we've upskilled our workforce and strengthened the management team. We do now believe that we have nearly reached a peak of that, and actually during the rest of the year, we would expect our headcount to start to fall slightly. We wouldn't expect to see any significant increase in the cost per FTE as we move forward from where we are now. Our normalized EBITDA of -1.4% and an EBITDA of -4.7%, they're both better than our expectation and what we were expecting for the first quarter. Yeah, we're gradually closing the gap as we move forward to profitability. Also, apart from HR personnel costs, other costs are in line with our expectations first quarter. Again, you know, we don't see any significant increase in that area as we move forward. Thank you, Bruce, for that. We're coming to the end. We've gone through this presentation in quite rapid order today. We'll end up on the financial targets and the company highlights on the next few slides, and then we'll hand it over for Q&A. We've had the same financial targets now for quite a while, for those of you that have followed us. We've been targeting, you know, 20% organic growth. To do that, you know, not in individual quarters, but as we're looking at normalized organic growth, getting to 80% of recurring revenues and then ending up at SEK 200 million of run rate net sales at the end of 2024. We'll really talk about this in Q4 2024, so in about seven quarters from now. Just to put that into perspective, and if we look at these three individual targets where we are. I think as I demonstrated on one of our previous slides of, in terms of being, you know, where we are in organic growth. Bruce was talking about the organic growth we're seeing in our TCV in this particular quarter, which was up 40%. Then our net sales, as well as our ARR organic growth was up, you know, just around the 20% mark. Certainly, if we're going back to the previous quarters, it was much higher than 20%. I think, you know, going forward, we're confident we're going to beat this target and consistently do so. With that 20%, as I was saying before, the market growing in and around 15%, we're expecting to outperform that market. Recurring revenues is important to us. You know, now we consistently been having more than 80% of our revenues being recurring. You know, in terms of the other revenue, which is non-recurring, that's been. You know, that is primarily to do with implementation of our software in particular. It's not like we're, you know, selling in particular services as part of a strategic outside of something that is has to do with tech enablement or software provision. In terms of our targets of where we expect to end up on revenues. As you saw on one of the previous slides, we had SEK 26 million of revenues in this last quarter. We're targeting SEK 50 million in the last quarter 2024. That is a doubling from where we are now. You know, you've seen that we've done the acquisition of eDocuments, which has around just about SEK 25 million of revenues that takes us to a pro forma revenues for this quarter in and around SEK 32 million, SEK 33 million. The gap we're looking at bridging is SEK 33 million-SEK 50 million, which we are confident we're going to get to, not only in terms of organic growth, but also in terms of our acquisition pipeline. We're going to have a disciplined approach, [term]. As you've seen from the acquisition we did for Createmaster, which we bought for 1.2x revenues, which is very similar to what we bought eDocuments for, which was also 1.2x revenues. We're going to have a disciplined approach. As Bruce was saying previously, we don't see a need for additional funding in the near -term to fund any of these aspirations and certainly not the funding need to get to the SEK 200 million run rate at the end of 2024. Company highlights. We think we're operating in a very vibrant and exciting marketplace. There's very few industries, as we demonstrated before, that are growing quicker. I think it's you know, when we're out talking to customer, you know, they are, you know, all embracing technology now. I think what's obviously driving that has a lot to do with regulations. I think, you know, what's interesting in a lot of our customer engagements, we're often at the C-suite or management level now because IT and software is part of a strategy, as opposed to necessarily solving an individual problem. That is a different dynamic than we saw two or three years ago. This particular quarter was a milestone for us. We just exceeded SEK 100 million of run rate sales, so we got to SEK 104 million. We grew healthily at 23%. Our ARR was 80% or just around 80%, and also growing in around 20%, at 19%. You know, we built this business gradually, and we're building a good business for the long- term here. That means that we're we want to build a software business that is diversified, and not only in terms of the type of customer engagements we have. Y ou know, we have somewhat more than 400 customers i n this last financial year, we added about, you know, somewhat more than 40 new customers, and we're seeing good new customer inflows. We're seeing little to no churn, which we think is how you build a good environment long-term good SaaS business. Obviously one of the key fundamentals for a good SaaS business is to have good gross margins, and above all, making sure that the product itself that we're providing is actually delivers value for our customers. We know our solutions do because we get really good customer feedback, high NPS scores and high customer satisfaction rates back from our customers. We're certainly happy with how we developed the product over the past few years and the development initiatives that we have in the pipeline as well going forward. We will keep on growing this business, and growth is very much part of our DNA. We're at this crossroads of having a low risk, high reward strategy at this stage. We don't think there's a requirement for us at this stage to take on more risk by going into new markets. We're going to stay focused on our home markets where we're doing fantastically well as a company because we have a differentiated offering. We think there's a deep pool of revenues for us to go for, and we think that opportunity is 5x our current ARR in the medium- term. Significant potential there. That is obviously organic growth. On top of that, we can also do M&A on top. The M&A strategy, I think we're getting better and better at. What we've been focused on over the past year as we've been playing a bit of a waiting game in the market has been to build a pipeline. We've got a very robust pipeline in M&A, and our strategy is to do between two or three acquisitions a year, in and around the same size bracket as we just did with eDocuments. With that, we'll turn it over to all of you listening in. You can either raise your hand, you can send a question through the thumbs-up button or do it through chat. Yeah. We have our first question here from Erik Larson. Hi. Good afternoon. Hope you're doing all good. I have a few questions. Maybe I can take one or two at a time, if that's okay. To start off on the TCV growth, which was really nice. My understanding is that it's obviously price and volume in there, but it's growing more than sales and ARR. It seems like more customers are willing to sign longer contracts, which is quite interesting as we're heading into very uncertain times for the end market. My question is basically, am I correct in that thinking, that rationale? A follow-up to that, I've asked about macro headwinds and your thoughts previously on the market. How are you seeing that currently? If that's okay with you, Erik, I'll answer the second, and then Bruce, if I can give you to answer the first question that Erik had on TCV. In terms of the macro environment, I think there is, I mean, in particular in the U.K., it's been quite a challenging environment, not only from a, you know, quite a turbulent political market, resulting in quite some uncertain macroeconomic outlook. You know, I think overall there is no time without, you know, and quite some meaningful inflationary pressure throughout the economy, and that's obviously not only in the U.K. market that is being felt. None of that is positive for our business. You know, what we are seeing is a number of these uncertainty factors like the three I mentioned that should probably not have a positive impact on our business, Erik. What we're seeing on the other hand are other things that are pushing us up, and that's what we're delivering on. That is some of the things I talked about previously in our, in this presentation. That is that IT and software is part of the strategy of many of our customers, and they have historically been underspending, and they're realizing they're underspending. That's why we're seeing this industry still being the least digitized of all of them out there. So that's one and two. Number three is that the regulatory environment that is on us now is not short-term. That's with us for a long period of time. That means that, you know, a lot of our customers are actually forced to procure solutions like ourselves. These three factors are much stronger than the first three I mentioned, and that's why we keep on seeing, you know, our growth as still, you know, being very robust, and we don't think that's going to change. All these positives are outweighing the negatives for us as a company. Not only us as a company, to be fair, I think it's the whole industry, Erik, that we're competing in the ConTech industry. They're seeing the same kind of impact. The industry is expected to continue to grow in the U.K. at around 15%, and that's not only for us, but it's for the industry at large. Bruce, do you want to take the second question on TCV? To what extent that the duration on the order book is longer? Yeah, sure. I mean, Erik, like you, it's very encouraging to see this TCV growth coming through and growing faster than the revenues we're recognizing. I mean, there are a couple of reasons really. I think that the main reason is, you're right, we are now looking to sign more enterprise agreements, less project-based agreements, which are longer- term and tend to be higher value, which is giving us greater visibility of our revenues into the future. We put some prices up in the quarter, that hasn't really been truly reflected in our increase in revenues. That should start to come through and into our ARR in the second quarter of this year. They're the two principal reasons why our TCV is growing faster than our recurring revenue at this stage. Okay, great. Thanks for the granularity. T wo questions on costs. I'll take one at a time. You discussed it in the presentation, but the personnel expenses, but to what degree are you aiming to reduce head count? Is it due to inefficiencies? You know, is there anything specific behind that? Yes. I think our key drive to reduce head count is through efficiency in terms of the more labor-intensive elements of our business, particularly on the Createmaster side. We are rolling out software upgrades that will assist and reduce the human or the labor input required to deliver on the Createmaster side, and that will lead to our cost reductions. We're also, you know, tightly managing our costs, looking at, you know, where we really need to spend our money, and are there any areas of our business where we can reduce our head count to reduce our costs, but clearly without compromising on any of the key strategic objectives for the group, which is obviously not something we want to do either. Sir. Just assuming constant currencies, you know, should we expect the personnel costs on aggregate going forward? Should it be flat or declining slightly? I think it will start to decline as we get into Q3. I think from now into Q2, I wouldn't expect any significant increase. Moving into Q3, that's where I would expect to see our costs start to decline slightly. I mean, you know, we are ambitious, but we don't want to cut too deep so at this stage and jeopardize any of deliveries or any of our achievements of our key strategic objectives. On other external, it sounds like it came down this quarter, and it sounds like it was planned. You know, again, should we expect this level for the rest of the year, or should it tick up to more, closer levels to last year? I would expect it will be similar levels to last year. I mean, the summer is a quiet quarter for us. Some of our key marketing campaigns are likely to come in later in the year. Some of the events we attend on the marketing side, and these are the sorts of things can have an impact on our costs from quarter to quarter. Needless to say, we are managing those costs as tightly as we can to make sure that we're not spending money that we don't need to spend. Just final thoughts on eDocuments. It's encouraging to see M&A being back online. Could you provide some color on growth the past years? Is it profitable on EBITDA level and such? Can you give any comments there? I mean, I think the status of that acquisition is that there's been a lot of discussions, you know, between us and eDocuments over a long period of time, Erik, just as it has with a lot of our other M&A candidates. The discussions were at such a stage, in particular since we signed the letter of intent, that we felt obliged to publicly announce it. Because we felt there was an element of insider risk here that we had to get it out. The deal is not done yet. I mean, I think we're doing diligence on it. We're working on final transaction documentation. I think the deal is not overall done. That's why I think we want to be a bit, you know, careful about what we're saying on the business at this stage. Not, you know, not the least for confidentiality reasons. We think the overall, which is obviously why we're looking at this partnership with eDocuments, that it's a fantastic business. You know, it's a relevant business. It's led by a great management team, a good product and a strong team. We think the complementarity with us in the market is very strong. I think it's a little bit premature for us to disclose too much about that business at this stage. We're looking at doing more disclosure when that transaction finally gets closed, which is expected to be probably in conjunction with the next quarterly announcement. Makes sense. I guess if you could comment then, on a high level, I guess the main synergy you're looking for or seeing is similar to Createmaster, complementary in terms of product and/or customer base and then cross-selling between the brands basically. I guess that's what you're seeing as a potential. I think that's largely correct, Erik. I mean, I think what I think, you know, some of this, our objective overall is to build a stronger ecosystem and increase our market shares, and be, you know, and serve a wider array of customers and selling more to those customers. That's what's driving our strategy, not only organic but also part of the M&A strategy. That's what eDocuments provides. I think where we've proven to be quite good, you know, as an organization, which is obviously what we're trying to do, as part of our M&A strategy, is to bring in our processes, our procedures, our commercial approach to how you sell, how you set processes in place, and on the back of that, deliver even stronger results. You know, we feel confident in our ability to do that. We think we're going to be able to bring those kind of benefits to Edocuments as well, and other M&A targets to come. I think it's certainly mostly to do with you know, complementarity on a sales level and then getting synergies on a sales level and less to do with what we do on the cost side. All, you know, for us, it's a given that any business that we are indeed acquiring is either profitable already, you know, or in the right break even like we are, and a clear path to profitability. Because if we can't see that, then we're not interested. That's probably the kind of guidance we can give you at this stage. Great. That was my final question, so thank you very much and the best of luck, I guess going forward. Thank you, Erik. Any other questions, if you could raise your hand or send a question through Q&A or also through the chat, and we can address them that way. Okay. Well, it doesn't look like we have any more questions. On behalf of the company, thanks to all of you for joining us today. This is being recorded and will also be put on our website, together with the presentation, for those of you that didn't have time to join us. Thank you so much.