Morning, welcome to Lime's Q4 update. My name is Erik. I'm the CEO at Lime, and actually, this is my last week as the CEO. Yeah. Friday, I will leave over the responsibility and our new captain, Nils Olsson, he will also be a presenter today. Yes. Thank you, Erik. Really look forward to it. Perfect. Let's start then. Lime, we are developing and selling CRM software. We have today eight offices in the Nordics and also in Netherlands. During the last 12 months, we have reached a turnover of SEK 348 million and an EBITDA of SEK 103 million. During the last 20 years, when I have been a part of Lime, we have accomplished 19% growth in average per year with 25% EBITDA margin in average per year. Today, we are a SaaS company and the majority of our revenue are recurring revenue. We have a low risk in our customer portfolio, in our customer base. We are not doing deals with one customer. We're doing deals with many hundreds of customers every year. Today, the 10 biggest customers stands for less than 8% of the revenue. We have a low customer dependency. If you ask people about Lime, they hopefully and probably say that we have a high engagement among the employees, high commitment, and a very strong corporate culture, something I'm really proud of being a part of. Okay. When the pandemic came to Europe 12 months ago, we promised you to see the crisis, the pandemic, as an opportunity, and we will continue. We said already in the beginning that we will continue to invest in growth, both invest in product development, sales and marketing, open up new countries, new markets, and also look for acquisitions. We should use a tiger strategy, attack when the danger appears. We have continued this also during the Q1. We have invested both in product development, sales and marketing, recruiting a lot of people. We had a new trainee program that started in January. Also now in Q1, we have decided to open up a new office in Germany, and we have also acquired a new company, Userlike, working with unified messaging. Very interesting and gave us great possibility going forward. The agenda today, first, we will talk about the business climate, the order intake in Q1. After that, we'll look into the numbers, revenue, and the profitability. After that, we will talk about the acquisition and the investments in Germany going forward. Last but not least, a short summary of everything. Let's proceed. Let's start with order intake and the business climate, Nils. Yeah. As we have reported before, our customer concentration is low. Today, the top 10 customers stand for 7.8%, and the biggest client stands for 1.4%. As Erik said, low risk in our business. The order intake in Q1 has been good, and we have continued to close many deals in all our markets, actually, within our focus verticals. To give you some examples, we have Ikano Bostad and Ikano Bolig, a real estate company in Denmark and in Sweden. We have closed a couple of utility deals, Fjordkraft in Norway and Bodens Energi here in Sweden. One of our bigger verticals, the wholesale vertical. We have closed Lena Maskin in Norway, Koja in Finland, and RTS Orvar here in Sweden. Besides that, we won a public tendering process with Nacka kommun, a deal worth SEK 5 million. A quite big deal for us, and it's within ticket handling systems. Perfect. Let's look into the numbers in Q1. Let's start with the annual recurring revenue. We had 11% growth in annual recurring revenue during the Q1 compared to the same period last year. If you look at the split between subscription and the service agreements, we can see subscription had a growth of 16% and service agreement, minus 7%. We are not satisfied with those levels. We aim to be higher than that, and we believe that we will come back to normal levels when the markets open up again. We are affected by the pandemic and the COVID-19 situation, especially in Norway, Finland, Denmark, and Netherlands. We'll come back to that later on in this presentation. If you look at the revenue streams, we can see that subscription still has a good growth pace going forward, 20% growth during the last 12 months. The service agreements, the orange one, on a stable level still. If you look at the blue one, the upfront 1%, this transformation, as we have said earlier and previously, is more or less over for us. Only 1% in upfront revenue. If you look at the gray one, the expert services, good growth in Q1. Approximately 70% of the revenue in expert services coming from existing customers still. A stable revenue stream also coming from existing customers and expert services. If we look at the growth numbers, we can see that we had 11% growth in overall in Q1 and 14% during the last 12 months. If we look at the split between the markets, we can see that Sweden, with a pretty good pace, 11%, and the rest of the Nordics only growing by 10% during Q1. We also see the same trend last four quarters. Sweden, 15% growth during the last 12 months, and 11 outside Sweden in Norway, Finland, Denmark, and Netherlands. As I said, they are more affected by the lockdowns and the restrictions in those countries. We expect that when the markets open up again, they will come back to normal growth levels. We see that the business climate getting better and better also in those countries. We have seen that in Q1. If we look at the profitability, we have seen an improvement in the profitability since Q4 2019, quarter by quarter. We also had a really good profitability in Q1, 28%, more or less the same levels as last year. That's despite we're doing a lot of investments, recruitments, sales, marketing, Netherlands, for example. That's good. We keep the good profitability. During the last 12 months, we can see that we have reached 29.3%, that's an improvement by 33% compared to the same period last year. A good improvement compared to last year. The driver behind the good profitability, we have a really good scalability in our business. If we look at the personnel expenses as a percent of sales, this one going down. We reached 56% in Q1 this year. During the last 12 months, we reached 54.5%. We also see the same trend in other OPEX, other operating expenses, also going down as a percent of total sales. We reached 14.9% in Q1 and 15.6% during the last 12 months compared to 18.7% the same period last year. A good scalability and of course that help us in developing a good profitability in our business. Let's look into the investments we have done during the Q1 and especially Userlike and the decision to open up a new country. Good. Let's start with our acquisition, and we are very happy to announce the acquisition of Userlike today. A fast-growing SaaS company in Germany with their office in Cologne. They have a market leader position in unified messaging, and we will come back to what that actually means. Userlike have a really good platform, and you can say that they have four different products or four areas of use. Website messaging, messaging inbox, chatbot solutions, and messaging CRM. Website messaging, that's very much about to have a live chat on the customer's webpage so you can increase the interactions and the communication with the customers. Messaging inbox is also about communication and interaction with the customer, but you do it within the customer's favorite messaging app, such as WhatsApp or Facebook Messenger, for example. If we look at the chatbot solution, there are a lot of repetitive questions that are coming up on a daily basis, there we can help solving those questions with the chatbot instead of human interactions. We have the messaging CRM. There is a good API for handling integrations towards CRM systems such as Lime, for example. Who are Userlike? Userlike is a fast-growing SaaS company, growing approximately 30% per year and have today EUR 4 million in annual recurring revenue. It was founded in 2011 by three founders, David, Pascal, and Timoor. In total, they have built up a team of 35 employees and working with the different type of messaging and increasing communication with our customers. Just to be clear here, they are profitable. They are earning money, and they will not affect our profitability negative going forward in this year. They are profitable and have a good profitability. Thank you. This is some of Userlike's customers, you can see that it's a really strong brand. They have a good position in the German market, but also in the DACH region. In total, they have 1,800 customers. Not all customers are as big as this, but a long tail of customers moving on. I would say that this is a trademark that they deliver a quality software. They are actually the market leader in unified messaging in the DACH countries. Yeah. Both in Germany, Austria and Switzerland. That gives us a good position in those countries. Definitely. What is our strategy here with Userlike? The goal here is to support Userlike on their growth journey going forward. They have had good growth in the past, and we will help them so they can keep and develop their existing strategy going forward. Which means that we will keep the organization as it is today and of course grow it. We will keep the Userlike brand as it is today. Think of it more like Userlike, a Lime Technologies company. At the same time, we always are looking for possibilities to improve our product offering, both to our new and our existing customers. Therefore we launch Lime Customer Experience. It means that we will develop add-ons to initially Lime CRM, so we can sell them in all our existing markets, both in the Nordics and also in the Netherlands. We have our entry into the German market. With this acquisition, we also took the decision to actually expand. I've been talking about this, that this goes in line with our internationalization. It feels really good to go into Germany and open up a new Lime office in Cologne. We can, of course, since Userlike is already there, we can use the same offices as Userlike had. That's something different that we can try this time compared to our other offices. We also have the 1,800 customers that Userlike have today, which means that we get the possibility to start cross-selling Lime CRM towards Userlike's customer base. If we look at the reason why we chose to go into Germany, when we actually entered Netherlands, we had two options. Should we go to Germany or should we go to Netherlands? We chose Netherlands to start with, and therefore it feels really good to start now in Germany as well, because it's one of the biggest CRM markets in Europe. The competitive environment is quite similar as the Nordics and the Netherlands. You have a couple of big American players there, some local ones, so we are familiar with the competitive landscape. If we look at our focus industries, we can see that there is good potential both in utility, real estate, wholesale, and the consultancy vertical. How we will do this? We will actually start the recruitment of a new sales manager right away and also look for two new trainees so they can join our trainee program that we start in August. We know that one way to create success is to transfer knowledge. Therefore, we will take help from two experienced Lime coworkers that will help out setting the processes both within sales and expert services, and of course creating the Lime culture that we know is one of our biggest competitive advantages. Support them in the growth going forward with new recruitments 2022 and 2023. We will decide when we see the traction in countries, how many we will recruit each year. Exactly Perfect. Let's proceed to the summary. If we look at the financial targets, our new ones, Lime's objective in the medium term is to achieve an annual net sales growth above 18. We have reached and achieved 14% during the last 12 months. We are not satisfied with these levels. We can do more. We are affected by COVID-19 and the pandemic, and we expect the market, especially outside Sweden, to go back to normal growth again when the societies open up again. We can do more than that. The EBITDA margin. Lime's objective in the medium term is to achieve an annual EBITDA margin above 25. We have reached and achieved 29.3%. We are above the target. We are satisfied with the profitability in Q1 and also during the last 12 months. However, we will prioritize growth before profit. We would like to use the profitability to invest in even more growth going forward. That's something we do now, both with acquisition and open up the German office. The capital structure, the net debt in relation to EBITDA should be less than 2.5. We are at -0.1 today. We will finance the acquisition with debt. We have good terms with the bank and 100% we will handle with our cash and together with debt from the bank. The dividend policy, we have a dividend policy to pay out 50% of the net profit. The proposal from the board is to pay out 53% of the net profit, SEK 2.5 per share. If the annual general meeting this afternoon agree with that one, then we will do that dividend payout in beginning of next month. Summary, in Q1, the business climate, the feeling and is that it's getting better and better. We have seen a good growth in order intake during the Q1, a good mixture between our focus verticals and the markets. We are pretty satisfied with the order intake and positive when we see that the business climate getting better and better. However, we are not satisfied with the growth and the growth rate in Q1, 11%, we can do much more than that. 14% during the last 12 months. We are a rapid growth company, we expect this one going up going forward. Profitability. The adjusted EBITDA margin reached 28% in Q1, the same level as last year. Good profitability both during the last 12 months and also in Q1. We would like to use the profitability to invest in even more growth going forward. Investments. I'm very happy to announce that we have acquired the fast-growing SaaS company Userlike and decided to open up a totally new market for Lime in Germany, in Cologne. That's really good news from us this Q1. Thanks for listening and let's go over to the questions then. Yes, we have some questions today. Can you talk about the start of Q2 and the current business momentum? How does your Q1 growth compare to the overall market? It seems the overall market in 2020 was flat while you kept growing at a high pace. Let's start with the first question. As we said in our comments here, also during this presentation, the feeling is that the climate getting better and better when we have seen a good start of Q2 as well. During the first four months, we are happy with the order intake so far. However, we are still affected by COVID-19, we expect that the market will be a little bit better and better and when the vaccine and the societies open up again, the program coming out there, we expect that the market will go up again, up to the growth rate levels we have seen before, between 10%-12%. It will take some time, but week by week, month by month, we see the business climate getting better and better. The second question was? Your Q1 growth compared to the overall market. Still, we see that, as you said in the question, we had a flat growth during last year. The feeling is that the market condition is more or less the same, more or less flat. We have seen some numbers from different players in the CRM business and we have seen more or less the same trend and same conditions. More or less flat in Q1 as well. Should we expect a similar development in Germany as with the Netherlands? Will German growth scale faster, thanks to the acquisition of Userlike? It will be interesting. This is first time we do this, when we have an acquisition and we have customers we can start talk to and try to cross-sell Lime CRM products to. That could be a shortcut for us going forward. Let's see what happens. We repeat what we said when we open up Netherlands. Don't expect big numbers from Lime CRM in Germany the first five years. It will take five years to reach break even. We will invest in growth. We do Germany because we need countries taking off when we are done in the Nordics. The same forecast, the same predictions as we had in Netherlands, we can use in Germany as well. If we see a better traction, we are happy. Hopefully we can see that and we can gain that with the acquisition and the customer base in Userlike. How did you source the acquisition? As you know, we're working with acquisition and pipelining our acquisitions like a sales process. We have maybe 50, 60 different discussions ongoing the whole time. We have met quite a few players in this space. There are global players like Zendesk, Freshdesk, and there are local players in Europe in more or less all countries working with this kind of unified messaging functionality. There are quite many we have had discussions with. We had one deal process in Q4. We stopped and we canceled because the products and the feeling wasn't right for us. We are very glad to sign this agreement together with Userlike because they are maybe the best one we have seen in the market. We're very glad to have Userlike in our Lime family. It seems you expect that Userlike will keep its 30% growth pace for this year. Do you expect that growth rate can be maintained for several years? That's our objective and our target. We would like to support them in their growth journey, we would like to keep the growth rates going forward. That will help us in our growth rates in the Lime Group also going forward. We gain a lot with the Userlike acquisitions. We gain resources, competence in this space. We have 1,800 new customers. We get a lot of revenue outside Sweden, not being so depending of Sweden going forward. We get 100% annual recurring revenue. We get a lot of new products for Lime Technologies offering. We gain a lot with these acquisitions. We are really happy today. Will Userlike bring internal collaboration capabilities similar to Slack, for example? We can do more in the Userlike product portfolio. We can develop, and we have developed a product like ticket handling in Sweden and in the rest of the group. We can use that in Userlike product portfolio going forward. We will also look into other possibilities, FAQ, and improve the chatbot and so on. We have had that kind of discussions with the Userlike team and we will work with the roadmap going forward. We will improve the product portfolio going forward. Does the current covenant structure still limit leverage to net debt in relation to EBITDA below two, or is that an old covenant? The first answer is it is in relation to EBITDA. Yes, we are below that one. We can afford more acquisitions with debt if we would like to do that. We will be around 1.5 when the acquisition is done in May. We are below our covenants and we will keep the covenants going forward. How should we reason on the growth and margins in Userlike? They have a good profitability. They will not affect the Lime profitability negative. They have a really good scalability in their profitability. We would like to use their profitability also in growth investments. For example, open up the German office, but also invest in the product portfolio. We will recruit more people going forward, and especially in development in Germany, so they can improve their product portfolio going forward. How are you reasoning on the potential for more M&A in the short term? We will continue to look for acquisitions. We are not done here. We can do more. We will continue, but we will not do many acquisitions in the same time. We would like to spread them out over time. We will continue to look for acquisitions. Final question, how does Userlike fit with Lime's local approach? Will it continue to grow in DACH only, or could it grow elsewhere as well? How is sales made in Userlike, direct or indirect? Userlike, they have a more scalable business. They have already done deals globally. That's something we need to find out and set that strategy together with Userlike. We have the possibility to scale that globally faster than the local one we do with Lime Technologies. That's a possibility. Okay. Okay. Thanks, Magnus. Thanks for all the good questions. This is actually my last quarterly report. Next time it will be only Nils presenting. Yeah. I'm very glad being a part of this company for 20 years. I'm proud what we have accomplished. We are not satisfied. We would like to accomplish more going forward. If the annual general meeting decides, I will enter the board this afternoon. I would like to say thanks to all the employees, my colleagues. You are amazing. Keep the good pace. I'm proud of you. Thanks to all the customers. I'm really glad you have picked Lime as your CRM supplier. Thanks for all my partners as investors. I'm very glad to have you on board and supporting Lime in our growth journey going forward. Thanks, everyone, and see you going forward, but hopefully in a different role. Good luck, Nils. Thank you very much, Erik, and thanks for everything you have done for Lime. Thanks. Guys, see you. Over and out from me. Bye. Bye-bye.