Welcome to this live queue with Formpipe following its Q2 report. I want to highlight the possibility to ask questions to Christian on our webpage. I leave over to the CEO of Formpipe, Christian Sundin. You're welcome. I'm Christian Sundin, the CEO of Formpipe. This short session will be about the quarterly report for Q2 that we published this morning. Let's jump right into the numbers. Starting with the elephant, for you who had the chance to review the report that came out a little bit more than an hour ago, you realize that something is odd with this report, it is one large deal on SEK 41 million. It is our long-term customer, Landbrugsstyrelsen, the Danish agriculture authority, that has acquired the IP rights for our grants management system, TAP. I will come back to more details about this deal on the next slide. At the same time, with the big revenue of SEK 41 million up in license, we also take the opportunity to write down the entire asset from the balance sheet of the TAP product, and that's taking SEK 15 million out of the SEK 41 million. We're doing this because the TAP platform is very much a customer-unique platform, has become that over the years, and we will have more focus on our more scalable platform TAS going forward. I will elaborate a little bit more on that, and what that means for us going forward. For better safe than sorry, we're writing down the asset of TAP anyway. The future will tell if there's value coming back in that. That means that we have a positive EBIT effect on approximately SEK 26 million from this deal. Landbrugsstyrelsen. It's Landbrugsstyrelsen. It's a long-term customer, actually for more than a decade. They are, and thereby Denmark, a frontrunner within EU to automize the payout of EU grants to farmers. They do that with this mode of our platform, TAP, and has been doing that for many years. They are by far the most automated country in EU to do this, with a very high percentage of the cases that goes all the way from application to payment without any case handler involved in it. However, due to the platform and the solution has become more and more complete, we also see less billable work compared to history from Landbrugsstyrelsen. It's also the case that frame agreements and tender laws in Denmark has made Landbrugsstyrelsen to go out and tender on specific tasks that is not core on the system, and thereby they've been able to buy or tender or they needed to tender other tasks connected to this outside of our platform to other vendors. That has been all in line with our strategy, not being part of those tenders or not bidding as competitive or aggressive as our competitors. Thereby leading to a declining revenue that you can see to the right here, where we're coming from yearly levels of about DKK 60 million a year in revenue coming from Landbrugsstyrelsen down to the last rolling 12 months of DKK 17 million. This new deal that provides Landbrugsstyrelsen the possibility to tender also core development of our IP from another part than Formpipe. What we're doing is that we're packaging a branch-off of our product and delivering that to Landbrugsstyrelsen. They're actually not acquiring the IP rights. We still own the IP rights of this platform product, but they can freely now tender from third party on to continue to develop this platform for their unique needs solely. That means that we have two opportunities. We could continue to develop our platform, the IP rights we still have, for a broader, scalable customer base. As I said on the last slide, we've decided to write down the asset because we see that we can take parts from the TAP platform and bring into our more scalable platform that already fits a broader customer base, the Lasernet product. That's how we will play it. This is really good for us, and this also secures our good relationship with Landbrugsstyrelsen for multiple years ahead. We have secured volumes of work all the way up to mid-2023 and probably longer, with this approximately around DKK 20 million a year in continuous development of the platform for their purposes. Some of those things we might have benefit for our other platform as well, so that could be a double whammy for us over these coming years. We are still very well positioned to continue to win deals and be the market leader within the area of grants management. In line with our strategy, as I said, we will focus on selling products that we can scale and the beauty of recurring revenue and growing recurring revenue. All in all, it's a real win-win situation. We're very happy with it. Lantmäteriet is very happy with it. Probably the public sector in puts possibilities for us to be more focused on driving the grants management area even better and more focused on a scalable product rather than doing specific things for Lantmäteriet, and they're free to buy a specific thing for them going forward. A really good deal for us. I guess during the Q&A later, we'll cover questions on this. Continue to go back to the numbers from the report. The other really positive thing with this report is the continued strong growth of SaaS. If we play with the numbers and we actually deduct the SEK 41 million of the deal with Lantmäteriet, we see similar level as last quarters on license, it's SEK 7 million. However, it's significantly lower than last year's Q2. It's SEK 3 million lower. That's all in line with our strategy of transitioning towards more and more SaaS deals rather than traditional license. It's all good, and especially last year's Q2, we had not yet acquired our partner, Lasernet partner, EFS in the U.K. EFS, formally, when they were our partner, they only sold Lasernet as a traditional license. While we now, when we own that part, and that's a part of Formpipe, we have transferred the entire pipeline to only be SaaS deals, meaning that we have taken out a lot of what otherwise would have been a traditional license deal here, bringing up the turnover, of course. Since we are so focused on growing the recurring revenue and the SaaS, we have decided to move this way to drive the SaaS deal. We're doing that very efficiently at the moment. The recurring revenues continues to grow. They're up SEK 6 million compared to last year. It's a 10% growth. It's very much in line with historical a few years back. However, the SaaS growth is stronger than the recurring revenue growth altogether. It's a growth with 16% year-on-year. Deliveries, still low, on a low level, but will slightly pick up now with the help from the Lantmäteriet deal, where we now have established the route forward with that customer. Also, we have more new resources on board. It's been sort of a struggle to onboard people very swiftly during the pandemic with digital onboarding on new people aboard. We're now picking up speed, and I will consider this level of deliveries being a floor level and will pick up slightly over the coming quarters. Summing it all up, total revenues are up by 43%. Yet again, if we should exclude the Lantmäteriet deal, it's only a slight growth of approximately 2% year-on-year on the top line. Bear in mind, look in the report, you can also see that we're hurt by FX revaluation of approximately SEK 6 million. If we should take away the Lantmäteriet deal, let's also take away the currency effect, and then we have a growth of 78% instead on year-on-year on Q2. Ramping up, as I mentioned, we're ramping up delivery capacity and capacity to support our partner network and drive more sales. Ramping up costs money, and the cost comes immediately, the revenue comes later. The cost line continues to expand in line with our growth strategy, and it is due to us ramping up in capacity and in new talent and onboarding those. We were 245 employees at the end of 2020. We increased to 262 in Q1, and now we're up to 271. We also increased the product development, where we have a lot of our product development offshore in Ukraine. We have beefed up that product development capacity in order to have a better, stronger product offering to our customer base. Profit is up for the quarter. Yet again, if we exclude Lantmäteriet, if we want to play with that, the EBIT is down to SEK 4 million. That is all in line, and all in the line with the communication we made with the Q4 report that we're going in for a year of investment in future growth that 2021 will be hurting on the EBIT level. On the capacity, I've already covered most of this, but as you can see, we're growing in capacity to support our partners. We have added 26 employees since year-end, and we will continue to add more people during the rest of the year. Growth and recurring revenue. That is the essence of what we're doing. That is the reason we're around, and I would not be me unless I had a slide on covering what's going on with the recurring revenue. Normally, our recurring revenue is more than 60% of our total revenue. In Q2, due to the Lundbeck Studios deal, that drops to 48%. Of course, this will come back rapidly already in Q3 to our normal levels, about 60%. You can see on the graph on the right that the recurring revenue is stable growth in recurring revenue, and has been doing that for many years with approximately 10% per year in growth and recurring revenue. We're accelerating this with our growth initiatives. Our recurring revenue covers approximately 80% or more than 80% of fixed operating costs. That of course, gives us the stability and lowest risk and the reason we, in the midst of a pandemic, decide to go for a growth journey and invest in growth, because we are resilient to external shocks like COVID. However, the investments we're taking right now, if you're looking on the graph below here, you can see that the trend line is going downwards. That's of course, because the cost we're taking on board lowers the percentage, or actually increases the cost base and thereby lowers the percentage how much cost is covered by the recurring revenue. Yet again, it will come back with the growth of recurring revenue. Recurring revenue. Yeah. The best measure on seeing where the recurring revenue will go in the future is the ACV, the annual contract value. The annual contract value won in this quarter is really strong. It's a SEK 9 million ACV quarter, where SaaS growth is actually standing for SEK 9.2 million of that. Especially the product Lasernet as a SaaS offering stands for SEK seven and a half million out of this SEK 9.2. It's actually Lasernet combined with the product Autoform DM that we acquired from EFS last year that stands for this, but that bundle of those two products is really strong in the market, and we see a great traction in market for that. We've seen a really increased demand in the Temenos channel, which we also improved with the acquisition of EFS last year. One example of that, in this quarter, we won an American bank, with an ACV of SEK 1.3 million on that bank alone for the bundle of Lasernet and Autoform DM. Last year, Q2 was also quite strong actually. That was though not driven by Lasernet back then. It was driven by frame agreement renegotiation and support and maintenance in public Denmark. A little bit apples and pears, but we're comparing to a really strong quarter and still we're beating it quite significantly. A really strong ACV quarter, and we now have an outgoing ARR on SEK 280 million, which is up 18% compared to last year. Summing this up, you can see far to the right here, the last quarters of SaaS buildup. In 2017, we come from levels of SaaS on approximately SEK 10 million here. Now we see how this growth on ARR is becoming even stronger. With a strong Q1 of SEK 5.1 million on SaaS ARR, now adding SEK 9 million on SaaS ARR and coming out to almost SEK 70 million, SEK 69 million alone. This is really the evidence that our efforts and investment in growth, especially in the Lasernet and the partner channel for Lasernet, is paying off. I think all in all, I'm very happy with this report. There's a lot of good things to see in it. We're following the plan, and we're executing on it according to plan. Thank you. I kept this as short as I could, since I believe there will be some questions on the Lundbeck Studios deal at least. Thank you. Thank you, Christian. I would actually like to start with the very strong ACV, as you just mentioned. I think that's the most important thing in the report, actually. As we saw on your figure, it was the strongest number so far. Considering the acquisition of EFS and your focus on growing Lasernet, is this a reasonable level going forward as well? What should we expect, considering the very rapid growth in the ACV in the recent quarter? Well, as you know, I'm reluctant to give very crisp, forward-looking numbers. However, we can go back to what we've said about growth in the financial targets we published in the Q4 report. We believe that this is spot on to what we believe on our plans of growth. We see this as in line with our expectations and plans and according to our strategy. What we can say is that we probably have more to do, more traction and better growth possibilities. If you talk about the flavor of the month right now or the quarter on the Temenos channel, than we in earlier than we predicted. We really have a lot of use of the partner channel within Temenos, and we've come far in that relation, and we have progressed well with the Temenos partnership. The Dynamics world is also really good for us. Those two are driving a lot of our growth initiatives. In the public sector, it's more stable. The pandemic still puts a damper a little bit on the delivery revenue to get those up on the levels we want. It's not that we really want the delivery revenues, but we are convinced that more and closer relationship at site with our customers will generate co-creation and more recurring revenue on add-on modules to the entire public sector. That is what we want to do there. You could argue that we might be seeing better growth potential half a year ago in the Temenos channel, but we're slightly behind perhaps on the delivery revenues that in itself will then in the next phase lead to increased recurring revenue in the public sector space. This is very much in line with our expectation. I will not give you numbers on ACV quarter by quarter going forward. We're following our plan, and we'll meet our financial targets. Okay. What about the partnership with Temenos? You've been partners for quite a long time. However, it seems to taking off quite well at this point in time. Is that due to the acquisition of EFS, or could you tell us a bit why it's taking off now? Yeah. The acquisition of EFS was a very important step in getting that closer in that relation and being able to invest in that relationship. EFS was a very successful partner for us for many years. However, driven by two entrepreneurs, cautious about taking on two big investments that is not immediately cash flow generating or hurting the short-term margins and so forth, meaning sticking to a traditional license sales model, not really investing heavily in marketing, in going for resources in the U.S. and so forth. We have invested in people in U.S., we have invested in capacity support partners and Temenos partners as well in that channel. The human capital, the talent and the capacity we got with the people we acquired with EFS and having more investment into those people in that channel. It's a more risky game, investing more, but we clearly see it paying off here. It's the combination of the EFS acquisition and us investing more in that channel, I would say. Okay. We got a question from the web. Can you please give more color on the FX effect year-over-year? web. Can you please give more color on the FX effect year-over-year? Yeah. It is mainly due to the Swedish krona strengthening towards the Danish krona. Since we have a lot of our turnover in Danish krona, we have a natural hedge. When it comes to the earnings, the EBIT, it's not big FX effects at all. It's the top line that is hurting from it and will be volatile. When the Swedish krona is strengthening, we will see a damp on turnover. When the Swedish krona is weakening, we will see a boosted turnover from FX effect. There's really not much we can do about this since we have a natural hedge in a cost line on that. Meaning that if we try to hedge our way out of this, we will actually expose ourselves more to it. It is just a thing to explanation item in it. it has to do with that we are reporting currency is Swedish krona, and of course, euro and U.S. dollar also becomes more and more valid for us. yeah. Actually, the GBP as well, the sterling, since we have quite sufficient amount of people in the U.K. nowadays as well. yeah. I don't know if that answered the question or if I can get a more detailed question on the FX effect. We will see if there's coming any further questions on the FX effect. I take one of my questions in the meantime. I know that during the pandemic, you mentioned that some manufacturers, they switched their ERP system driving some Lasernet demand. Now it seems like the pandemic is fading out, hopefully. What's your impression about the demand from those customers? As you know, if we're going back a little bit more than a year, we had a scare about especially private sector market demand would go down due to the pandemic. We didn't really see that a lot. We, of course, saw some customers with challenges. We believe that the market demand has been quite stable throughout the pandemic, and hopefully it will be even stronger after pandemic, but we don't see clear signs of that just yet. Okay. There is a strong market demand, and I think I've been elaborating on that before, that it's not the market that is lacking. It's our capacity to execute on the market demand. We're still a very small player, but we have an excellent product, both for Dynamics and for Temenos, and for other ERP systems as well actually. It is to onboard more partners, to attract more partners and so forth. I don't think the end customer base market demand is the most important thing for us. It's us executing on our strategy that will drive good growth. Okay. What about new partnership? I suppose the lead times are slightly longer compared to the orders you get from EFS, the acquisition, for example. What is it like? Have you added any new partnerships, or what's the outcomes of that? We've added a few partnerships, especially in the U.S., the last year. Also invested quite a lot in moving the current partners up in knowing more about our product offering, and getting them to take Lasernet with them in every deal, not every fifth deal or every 10th deal. It's a matter of really making all people at the partner knowing about Lasernet. It is to have getting more people involved at the partner side and knowing the beauty of Lasernet. That is the work we're doing to make sure that everyone within a partner company knows about Lasernet and knows what value it provides to the end customer. Especially how it makes their offer, their tender, their bid more attractive to the end customer because they can be more price competitive, that sort of thing. We're moving our partner network up in knowledge about Lasernet. We have a 5-tier scale that we're working with when they are in introduction phase, to that they should at least make one deal a year. To that, when they're up on the scale on 5, they're just doing everything by themselves, and they include Lasernet in every deal, and they do delivery of it. There is a scale of our partners. There's two referral partners that don't deliver. They are only saying, "Hey, guys, we have a lead here. Do you want to be in on this?" There's the other guys that take complete ownership of the entire sales process and all the way to deliver to the end customer. What we're doing, we're investing in moving more and more partner up the scale of that. It takes time, but as you can see, it pays off to do that investment. Okay. I want to remind everyone of the possibility of asking questions on our website. I will ask a question about Landbrugsstyrelsen. Considering regulations on public sector deals and the needs of the Landbrugsstyrelsen, what was the other possible outcomes of this situation if you wouldn't have sold the software, so to say? We could have continued as is. There was also strong wish from us to not have a one-customer product, making maintenance on. Also a strong wish from the customer to more freely tender this. It has been due to the ambition from more than a decade back when we won the deal, the tender with Landbrugsstyrelsen, was, of course, that every EU country, and also for other processes than grants for farmers, should be handled with this platform. The ambition was, this was way back before Formpipe acquired Traen, was that to address the biggest central government customer in each country around massive product. As you can see on the numbers coming from SEK 60 million in development cost for the customer. It's not really scalable, it's not really addressable to a small municipality. It is for the really, really big elephants like the tax authority, the defense, the police, and in this case, the number of cities who pays out billions and billions of grants. So it needs to be enormous volume of cases in order to have an ROI on it. But that was the intention back in the days. We have made during the years a lot of efforts to with the agriculture authority of France, of Estonia, of Scotland, and so forth. But politics has always sort of stumbled in the way of that. And we have wanted to seek for partners doing this in other countries. And yet again, politics, politics and tender laws in the different, even though it's EU law and EU tender law, we have not been able to succeed in in selling to customer 2, 3, 5, 10, which would have been good for every EU citizen, actually, because this is way more cost efficient than what all other countries are doing, including Sweden. So that's, but as I said, we're very well positioned with grants anyway. We have a more scalable product, which is suitable for many customers and also smaller customers than only the elephants. So that's what we're focusing on going forward. And we still have a very good relationship with Lampedusa due to this because they really want to drive this themselves. They want to have complete visibility of the source code in order to plan their roadmap themselves instead of us being continuously wanting to safeguard the source code in order to be a platform that is not customer unique. So I think this is the, I wouldn't call it a divorce because we will still very much work together for many years and most likely for many years longer than the disagreement states. But a divorce from the product from our side, so there's actually no downsides in this setup as I see it. Okay, you mentioned before that you were not really happy with the outcome so far in the investments towards the public sector. What's missing? What do you need to have in place before we can see a positive effect also in the public sector? Well, I'm not sure if I came across completely right there. I think we're making a lot of progress in the public sector. What we can see is that we recruit a lot of people to the public sector of Sweden. Public sector Denmark is doing great. Public sector Sweden, we have recruited a lot of people, and the onboarding has been more challenging due to working remotely, and getting people up to speed and to billability, and to go out to customer. Of course, still difficult to go out to customer, meet customers, and thereby billability has been hurt, but not mainly through the fact that our new people has not come up to speed. It is that the people that has brought them up to speed has not been able to do customer work. That has taken a longer time. We're actually according to plan with our recruitment and so forth. It's just that it has costed more in terms of billable hours to customers in the short-term scenario. We will come out with that, and then we will, with this co-creation thing, we want to really do, we want to come closer with our current customer base and work with them on the next add-on module that they need to get more digitalized and help the citizens of their municipality or of Sweden or Denmark to be more digitalized. Those sort of initiatives are not running as quickly just yet as we wanted from when we set out this strategy. Yeah, it's a matter of nuances. We are on the right path, for sure here. We have two example of seeing two modules or add-on products, the Adoxa product for quality assurance and sort of the digital assistant for the case handler in municipalities and governments or in the public sector space is getting an increased interest from our entire customer base in public sector, both Denmark and Sweden. We also have a signature product, digital signatures, where we see a growing interest there, where public sector actually have higher requirements on digital signatures than what other software providers of digital signature can live up to. we have built that, and we now have that in the market where GDPR, where Datainspektionen, the authorities in both Denmark and Sweden have higher security requirements than the private sector has, meaning that we have a very unique position where we integrate the signature product to our case and document management platforms. We see growing interest in that, and we foresee good growth in recurring revenue from that product as well. Those are two examples of us working closer with customers, getting ideas, building products, and offering them to a broader customer base. We are on plan, even though the delivery revenue is slightly below what we wanted. Okay. During last year, you mentioned that the pandemic had a slight negative effect on projects in the public sectors. Is that effect still there, or what's the outlook like? Yeah. It's still there due to the reason I just mentioned that we are not out at the customer site as much, even though everyone works within Teams and digital meetings and so forth, very much focused on continuing the business as is. Business development, taking the next step on the digitalization journey, those sort of initiatives are slightly put on hold until people can meet up in meeting rooms and have workshop in an efficient way and so forth. I believe there is a buildup of need of that going forward that will increase demand going forward. We also see there is a lot of tenders in the market. However, very price competitive tenders that we see where we see that the market is not excellent in terms of return on investment on the tender side at the moment. We see still good growth potential and scalability in the public sector space. Okay. Another question from the web. When there is a Temenos deal, and the people need the things that you provide with Lasernet, are there any alternatives, any competition? On output or customer communication management, which is the area we're in within here, it's an add-on product to ERP system, or such as in Temenos case, the bank core system. It's document management and communication to customer from those core systems that we're doing. In that space, there's plenty of competition. There are multiple vendors around the world that do similar products that we do. Going to the Gartner Magic Quadrant, you can find bunches of them. However, on the Temenos platform, we're the best, and I think anyone can call up Temenos, and they would confirm that we are the best for that platform. We are seamlessly integrating in a better way than competition on the Temenos platform. We also consider ourselves to have a competitive advantage to competitors on Dynamics, one part of Dynamics, and the part of Dynamics that is in the cloud, the SaaS offering of Dynamics of Microsoft Dynamics F&O. That's the former, years back in time, named Dynamics AX. That ERP system from Microsoft, that's where we have a cutting-edge product. Thereby, if we get the lead and we meet competition on that, what we can do, how easily you can both configure and maintain our software combined with the Dynamics suite, we are daring to say that we will win those deals. In the general platform space, the SAPs or the Infor or the Oracles or so forth, there's plenty of competition that we are just head-to-head with, I would say. Okay. Thank you very much, Christian. That's all for today. Thank you for watching. Thank you, everyone. Thanks.