Good afternoon, welcome to the Q3 update for BuildData Group for the period ending 31st of March 2023. My name is Gustave Geisendorf. I'm the CEO. I'm also joined by Bruce Morrison, who's our CFO. The agenda for today is to talk a little bit about BuildData, what we do, what we sell, who our customers are, and also about the industry. That's probably more for those of you that haven't heard our story before. I'm gonna hand it over to Bruce to talk about the financials for this last quarter. I'll take it back to just talk about the overall investment highlights, and then we leave it towards the end for Q&A and any questions. You can be feeding in those questions either through the chat function here on Zoom or you can raise your hand, and I'll make sure that you can ask your question. In terms of who we are, we're a cloud-based software platform, selling both to the construction industry as well as the property industry. About 90% of our revenues or 95% of our revenues come from the U.K. market and Ireland. We're about 90 employees by now, and we primarily operate on the three brands, it's called Zutec, Createmaster, and Bond Bryan, which I'll talk about on the next few slides. Our strategy is primarily to focus on white spots, and that's across the entire residential building life cycle. What I specifically refer to when I'm talking about white spots are based on the fact that the construction industry are right in the midst of digitizing, and we have spotted a number of areas within the industry that simply haven't digitized, and where they're almost leaving pen and paper. We've been focused on some of those, what we call white spots, and penetrating into those areas. That is the primary focus of our strategy. We also focused on making sure that we have a best-in-class solutions and knowledge for the market we're operating in. We believe we do have that. I think we're being considered to be a market leader within our field. We're proud of the platform and the solutions we're offering to our customers. As I mentioned previously, we're very focused on the geographies we're in. Our focus is to be a regional champion in the markets we're in, and for us that means the UK and Ireland. We do have some revenues in Australia and the Middle East, but it's certainly less a focus on those two markets in the future. All of our focus is gonna be on the UK and Ireland, certainly over the next few years. A core part of our strategy is on acquisitions, which has been part of our strategy and will be part of our strategy going forwards. I think we've also been seeing a number of different areas how to deploy cash, which you've seen in the announcements. I think it's our acquisition strategy is still the same, but I think we're also looking at different ways of deploying that capital, as you will have seen in the announcement this morning. As part of being a regional champion, I mean, we're certainly a niche vertical SaaS operator. The niches that we're going into, not only in terms of new areas, but also in terms of where we're already operating, we're number one, so we try to get at least 20% market shares. In some niche segments, we have up to 40% market share. Wherever we go, we try to go for at least 20% market share. Ideally number one market position in terms of aim and target, but a bare minimum, a top three market position. As a SaaS player, it's all about having recurring and predictable revenues, and we have that. Our goal is to have more than 80% as recurring and predictable revenues. We're clearly tracking above that. That's what provides us with a good and predictable revenue stream, which is quite typical for any SaaS company. The industry that we're primarily operating in is in the construction industry. As you can see on this slide, construction is the least digitized industry in the world. We're seeing that that digitization trend is gaining momentum. On the right you can see what that corresponds to in terms of growth for our industry, which are the two blue bars, so in ConTech and PropTech, and then you can compare that to some other industries out there. If you're looking at those growth rates, those are the growth rates that we have been experiencing and probably also we'll be expecting going forwards. Probably somewhere in the, you know, certainly double-digit growth numbers is what we're expecting, which, you know, makes this an exciting place to be and why we're quite excited about the journey that we're on. That together with, you know, how much of the IT spend that is going towards technology. If you look at all industries across the board, it's about 3% of any company's revenues go to IT. When you're looking at construction, which is where we are, it's just shy of half that 1.7%. We expect that number to change as we move on. As, you know, the, in particular, based on the growth rates we're experiencing, we're expecting that 1.7% to be, you know, quite materially different in the medium term. What has this meant for us, and what will it mean for us going forwards? Well, I think what it's meant for us historically, is that we've seen the growth in the market gaining momentum, as I was alluding to before. Pre-COVID, the market was growing upper single digits. During COVID, it was gaining momentum. It just moved into the double-digit territory. Now we're sort of moving certainly in the 12% to 15% area in terms of growth, and we're probably expecting that to be picking up a little bit even more in the future. We have consistently been outgrowing those growth rates. We've been doing that primarily by picking up new customers that haven't been digitizing in the past. We have about 430 customers right now. We think there's clearly potential to get even more customers, but in particular to increase our budgets and our revenues with each one of those 430 customers to drive future growth. As you try to identify that revenue opportunity for us, based on the focus we got in the U.K., about 80% of the revenues that I mentioned before are coming from the U.K. and the Irish markets. You know, that includes U.K. and Ireland, and the U.K. is about 70% to 75%. As we're looking at gaining 20% market shares with all of the stakeholders, we think there's about a 5 times revenue potential opportunity for us as a company. We think that's gonna crystallize itself over the next 5 years. We still continue to be optimistic of getting it to that 20% market share. What is driving the growth in the market overall? Clearly, and not really any change from what we've been seeing in the past is primarily regulation. I think as we've been talking about before, here's what differs quite a bit to some other markets, in particular the Nordics, where sustainability has been a key driver. For us in the UK and Ireland has been less of that, has been primarily around regulation. If you look at what's been driving our growth, it's 80% to 85% regulation and about 5% to 10% sustainability and then the rest are the drivers. Is that gonna change for us over the next few years? Unlikely. We're gonna continue to be very focused on regulation. Not only with existing customers, but also how we acquire new customers. What our platform is at the core is a data management platform that basically manage all project information and all building information that goes into a finalized building. Then on top of that, we have analytics. We are one of the leading data management platforms in the U.K. and about in and around... If you look at the residential market in the U.K., about 20% of all projects sit on our platform. That's in terms of the overall broader update on industry and strategy. Now I'll hand it over to our CFO, Bruce, to talk about the financials. Thank you, Gustave. Hello everybody. I think, you know, when I look at the key elements of our financial performance in the last quarter, I mean, what we're seeing is consistent growth, year-on-year growth, 22% in the last quarter. We're seeing increasing visibility on our future revenues through the increasing value of our order book through our TCV and also the increasing percentage of revenues which are actually recurring in nature. We are seeing recurring revenues growing at a greater rate than net sales. Also encouraging is that we're moving towards profitability and normalized EBITDA minus SEK 0.5 million. I think we took great strides in this quarter through the cost-cutting program that we'd identified in the last set of results we announced back in January. We acted on that. We actioned that during the quarter. We reduced our headcount from 115 at the end of December to 88 by the end of March, which represents, you know, getting close to 25% reduction in the number of staff. We remain well-funded as a group. You know, all in all, I think the key elements of our financial performance are all pointing in the right direction. If we move to the next slide, we can see from the chart that we've seen consistent growth in net sales, year-on-year growth in net sales of between 20% and 25% over the last four quarters. It's encouraging that is continuing. Our revenues are now 95% U.K. and Ireland, and an increasing percentage, as I mentioned earlier, are of those revenues are actually recurring in nature. You know, the visibility is getting better quarter by quarter as well as growing revenues. In terms of recurring revenues, the way we measure recurring revenues is annualizing the last quarter's revenues. We've seen a 25% increase up to just under SEK 93 million of recurring revenues as we stand at the moment or at the end of Q3. It's driven primarily. Well, we actually see new customer logos this quarter. We're continuing to drive through price increases, and we see a relatively insignificant churn to the point where we're actually generating a positive net retention rate amongst our existing customer base. Our total order book or future contracted revenues, which are unrecognized yet, increased 36% on this time last year. We're now at around 145 million SEK, and we had our best ever quarter in terms of signing contracts. We signed 231 new agreements which are a combination of new logos, extensions, renewals with a value of 38.3 million SEK, which exceeded, I think, the previous record for the group, which was Q2 in the last financial year. As far as the income, our earnings go, and we can see the impact of the cost reductions in terms of personnel. I mean, in Q2, our personnel costs were just under 28 million SEK. In Q3, we're down to 22 million SEK. That includes some further reorganization costs. Also, you know, there are further reductions to come. Although we've finished reducing our head count, but the reductions coming through were phased in over the quarter. Some staff left in January, some in February, and some in March. We get the full benefit of the changes we made in Q4. The average head count for the quarter was 98, down from 112 last year. We can see our normalized EBITDA approach to profitability. At a reported level, we actually reported a positive EBITDA, that's before we adjust for share-based payments and FX differences and any other one-off costs. That's really in a nutshell the finances. As I say, a quick skate through, but generally everything look the key elements of all our financial performance, everything is moving in the right direction. Thank you, Bruce. On the financial targets and the company highlights, there's really no change to what we all have been communicating. We're targeting 20% organic growth in the medium term, which we think we're on track of. Our expectations is to make sure that we or our expectation is that we'll meet that target. 80% or more of recurring revenues has been our target. We're tracking our target as well, and we expect to keep on tracking it. Then we have a overall run rate revenue by the end of our financial year ending 2024, to get to SEK 200 million, which we also think we're on track for. There was a specific comment in the quarterly report around acquisitions. I think we're... These acquisitions I think we've seen are taking time and more time than we expected. I think probably the last one on this page on the getting to SEK 200 million run rate is what we feel the least comfortable about, primarily because some of that revenue growth is expected to come from acquisitions. To wrap things up, so for the company highlights, just to repeat some of the things that have been said during this presentation. We think our industry is really quite exciting, based on that it's a very large industry. The world's largest industry as a matter of fact, and it's also the second least digitized and it's growing. We think by being right in the midst of that growth provides us a lot of opportunities as a company, not only to form what the future will look like, but also provide us with plentiful plenty growth. We have been meaningfully outperforming the overall market so far. We've, you know, we've passed a couple of quarters ago, the SEK 100 million or so of revenues. We're continue to experiencing as the growth in this last quarter, we had 22% growth rate. Our ARR is SEK 93 million. As of this last quarter, we grew that by 25% as Bruce went through. That's a number we're proud of. We expect it, and we're building a high-quality ARR stream in our business. That's on an absolute level. If you look at the composition of those revenues, then it is a diversified revenue stream with more than 700 contracts and more than 400 customers, and no particular customer has a meaningful part of our revenue. I think we're proud of the overall number of customers that work with us. We're also proud of the fact that we keep on having very low churn within our business. Together with a very high gross margin, and we know for a fact that our SaaS product is indeed very, very solid. We think we're stacking up quite well overall as a SaaS company within the broader industry. Bar one, which is overall profitability, which we have been addressing as Bruce has been referring to prior. We think there's plenty of upside. Despite the fact that we're only focused on the U.K. market, we do believe there is a tangible five times growth opportunity that we're going after, and I think we're also tracking. On top of that, we have acquisitions, which is also very much part of our roadmap. With that, I'd like to hand it over to people on the line for any questions. I know we have one questions on the Q&A, but I thought I would just hand it over to anyone that may have questions to ask verbally. Erik Larsson? Yes. Good afternoon. I think you can hear me. so yeah. I have a few questions. Strong numbers, I must say. If we start on growth, what would you say is the key driver for TCV this last quarter? In particularly, if you could give some color why it's outgrowing ARR so tangibly. I think it's a number of different things. If I start first, Anders, you can chime in. I mean, I think what has been driving our ARR growth and TCV growth all along over the past few quarters is new logos. That's new customers that we've been acquiring. That's been a key driver for it. What we're getting to now as well is our quite meaningful, which has been a core part of our strategy as well, Erik, is to make sure to expand engagements with existing customers. We had a few big ones landing with existing customers this past quarter, where essentially we've increased the ARR with that particular customer quite a bit. I think that's probably the some of the drivers in that quite material uptick in TCV. Is that something strange or unexpected? Probably not. I think it's probably more to do with the maturity cycle of our business. We're getting to quite meaningful renewal cycles with some of our bigger enterprise customers. We're expecting to see more of that. Do we think that are we gonna be able to maintain those kind of TCV numbers? I think that's probably a bit more questionable. Why? Primarily because we think, you know, as was also mentioned in the quarterly report this morning, we're a little bit more concerned about the overall market outlook in the UK. I think we believe we're past the peak in the market. 2020, 2021 and 2022. you know, 2020 perhaps less so, but the beginning of 2020. 2020 before COVID hit, that was indeed very strong. 2021 and 2022, there was pent-up demand on the back of COVID and just very strong underlying economic fundamentals. We think we're past that peak. If we're gonna be able to win business like this in perpetuity is probably a little bit less certain. We do think we're gonna keep on growing organically, but I think to have this kind of trajectory that we've been having on TCV, we're probably less confident about. Thanks. Then two questions on personnel costs. I know you talked about it, but perhaps it's a good idea to just go through it again. First, should we expect headcount to come down more after what we saw this quarter? Then second, I think you said it, but I guess it's fair to assume that the savings made by this are not fully reflected in Q3 numbers. To answer your first question, are we gonna expect the headcount to come down even more? The answer is no. I mean, I think we're probably. What we've done now within the company is to reset the headcount. We're still on a growth trajectory, so we're gonna keep on investing in growth, Erik. We're a people's business. We need, you know, skilled and motivated and good employees to be working with us. We're always on the lookout for new and good employees. I think it's the right way to think about is it's been a bit of a reset in the organization to make sure that we have the full bench of people with the right skill set to take us on to the next step in our journey. I think we're expecting to build on our headcount going forward, so it is more of a reset. Exactly, you know, are we gonna be growing the headcount or payroll more than revenues or not? I think that's a little bit more unclear because, I mean, I think we're building this company for the future. I think it's probably not gonna be a straight line on how we're growing our payroll going forwards. We're clearly focused on profits more than we ever have, so we'll be more cautious on any headcount additions going forwards. We don't see headcount going down even further. Okay, great. Just a final one then. Given the drop in headcount, even though you have, and we have discussed that this is realizing synergies essentially and moving towards profitability. Are you still confident that despite this drop, you will not see this impacting operations in the near term in any sort of way? No, I think we're happy with the. I mean, I think what's always a risk when you do any headcount reduction programs is that you have a loss of motivation or morale or culture in the company. That's always one of the risks. We were quite aware of that risk going into this. I think we're. I mean, I'm very happy with how the team executed on this program. We have a well-functioning talent management program within the company that I trust and believe in. I think the fact that we've. I don't think this has at all hurt the morale or the attitude or the motivation or the culture in the company, which I think is good news. Does this mean that we have to be more, you know, does this mean that we have to be better or more focused operationally? The answer to that is yes. Does that mean that the risk of operational slip-ups is higher? Yes. The answer is yes to that. We have to be better operators than we've been in the past. Okay. That's all for me. Thank you. Thank you so much. Any other questions from anyone on the line? You raise your hand. Okay. Doesn't look like we have any more questions. We have one on Q&A, which is, what's your view on the continued negative cash flow and increase of account receivables, increased risk or more bad debt? Do you want to take that, Bruce? Yes, sure. Well, I think in terms of the negative cash flow for this quarter, we have seen some increase in receivables. Most of what we've experienced in this quarter has been the cost of the reorganization, which has created the negative cash flow, which we won't see repeated in Q4. As far as accounts receivables are concerned, I mean, the construction industry notoriously slow payers. We have seen an increase in our debtors' days. We have increased our bad debt reserve. We haven't seen any actual increase in bad debts other than one or two small players in the industry that have gone under. We've also strengthened our credit control team with a new credit controller to work hard on bringing accounts receivables down and to reduce any risk that there is that we experience any increase in bad debts. Just to add to that perhaps, I mean, I think the observation is fair, because I think it is, it's probably not what we would be expecting to see in terms of that increase on accounts receivables. I think it's probably one of the areas that we've done less well as a company. As Bruce was rightly saying, something we're looking at addressing, and it's something that we're spending more time on. Are we gonna expect to see material difference in the short term on that? I think it's too early to tell. We're certainly focused on it. Any other questions? You can either send it through the Q&A function or raise your hand. It doesn't look like that's the case. Thank you so much everyone for your time, and appreciate you taking time, and we'll see you at the next quarter announcement.