Hello, and welcome to today's webcast with Pagero Group, where CEO Bengt Nilsson will present the report for the third quarter. After the presentation, there will be a Q&A, so if you have any questions, send them in via the form to the right. With that said, I hand over the word to you, Bengt. Thank you. Welcome everybody, sorry for the delay, to this interim report presentation. This is the fourth quarter since we were listed on Nasdaq Stockholm, and we set out the goal that in 2025, we would reach SEK 1.5 million in ARR and 20% EBIT margin, and we are on the route to do that. I will present where we are now in this quarter here. Normally, Q3 is a fairly slow quarter as it's a holiday season in a lot of our markets, but because of us being more global, I would say, we have mitigate some of that. We will see that in the numbers that will follow here on this presentation here. Just a second. Now it's working. Great. We all know what we're doing, or you all know what we are doing. We are building the world's largest open business network, and we have continued to do that. The drivers behind this is compliance. That is the government's drive to connect the fifth corner, that is the tax authorities, to the network and see to that everybody is paying their obliged taxes in VAT, I'm talking the VAT taxes in the local countries. That is the driver, and that is the main driver for our expansion globally and we are seeing country by country now adopting this way of achieving good payment of taxes in their countries. As we all know, government needs taxes, especially in these times. The progress in this will be that in the end, I would say 10 years from now, most of the countries in the world will have been connected to this way of using the compliance as a way or as a tool to get the taxes in. Automation is the second part, where we drive automation in the supply chain. That is when you connect the order flows, logistical flows, payment flows, all other flows with, of course, invoice flows also in one system where you with one global connection to our platform can do this in a global basis. ESG is the result, I would say, to reduce the CO2 and to report that is something we all have to do, and that is built into the platform and the saving of forests is enormous if we can get this working all over the world. That's one of the drivers. Key driver is compliance, that's where we are. We are today being able to connect over 12 million businesses all over the planet. We have 30 offices globally. You see that on the map here to the left of your side when you look at the screen or to the right, sorry, and we are over 700 employees globally, and we have 80,000 paying customers all over the planet. Important to understand, we are investing a lot of money in building the infrastructure. That is the platform where we have people around the globe developing the product, but it is also building the infrastructure of people. That is the organization. We have now built out the organization in nine regions globally to support both our direct sales, support the delivery, support the support, so to speak, or to be able to do local support, and also, of course, to support our partner operation. That is in place, and that is one of the key factors for our further developing towards our goal in the plan. If you look at the map, you see that we are distributed now out in a lot of markets that are not compliant, but we believe that they will be compliant, and we are sort of investing a little bit ahead of plan to be prepared when the mandates are coming. If you look at the key SaaS model key indicators, recurrent revenue is 88%. Gross margin in our operation is 87%. Customer churn, very low, 1.8%. And the CLV/CAC, that is the return on an invested dollar, is 24.4 x, which is a really good number. That one is driven by the low churn, I should note. If you look at the highlights from the quarter, the net sales amount came up to SEK 151.1 million. That's a growth on net sales of 26%, up from SEK 120 million the same quarter last year. The ARR grew with 19%. That is the recurrent revenue, up to SEK 535.9 million. That's the money that are coming back in the next coming 12 months. Group EBITA amounted to SEK -16.4 million, and I will talk a little bit about that later. Cash flow from operation, we have amounts where there are some seasonality, so they were down with SEK -25 million, but we believe we predict that on a year-on-year, that's a 12-month period, we will have a positive operational cash flow in the group. Strong cash position. We have over SEK 458 million, or SEK 459 million to be precise, in the bank, in liquidity. We see now that the transaction volume is also growing with 21% and customer base grows with 20%. We would say we are pretty happy with the numbers and the progress of the development. We believe definitely that we will continue to grow in the same pace coming quarter. Pagero becomes an approved Peppol service provider in Japan. There will probably be questions that we have now made our product ready for the Japanese market. We have not taken the decision yet to sort of invest in people on the ground, but that decision will be made probably in Q4 or early Q1. We are continuing to sign new large logos in the world, both on the customer and partners, and we have also signed an agreement with Mastercard on our account-to-account payment platform, where we now are having an integration being done, so we can do payments globally throughout their network. If we look at the growth in ARR, you see that now. The good thing now is that that amounted to SEK 535.9 million, and that's an organic increase of 90%. As you all know, in the previous quarters, we have been having also growth due to our acquisition in Latin America. Now we are sort of comparing peers towards peers, so which is the organic growth, and this is pure organic growth of 90%. We think that that's a pretty good number in the world that we are living in today. We have a resilient business model, and that is that we have something that is a must-have. You cannot send invoices in some of these countries, and you cannot do business if you don't have a compliant process in place. It's not a question of that you can avoid working with a service provider like us, it's a question that you have to have one. The model we have chosen to do is to say to people that if you connect to our platform, we will solve this for you. We will see to not only that you get compliant, but also that you stay compliant. Because as you all know, tax authorities all over the world have a habit to change how they want things to be done, and we need to adjust to that, and we are doing so with our organization. Strong growth in net sales, 26%. Here you see is the last time where we report Gosocket as you see the red one here on the right side. We will report that totally included because it's integrated in the total group from now on. As you see, there is growth both in the acquired company, Gosocket, and there's growth in the Pagero company standalone, so to speak, the black graphs here. Growth of 26% in both ways, and also when you look at the Q3 compared to Q3, and if we look at it from January to September to January to September 2021 and 2022, we have a growth of 40%, but that's of course including the acquisition of Gosocket. We have seen a strong net sales growth in, particularly in our investment market, and that is in U.S., where we had a growth of over 100%, and Middle East, Africa, Asia, where we had a growth of over 1,000%. Now we are seeing that the investment markets is growing. We are seeing how they are now starting to contribute to the total business. You could probably say, does it have to take that long time? It's a couple of years of investment. Yes, it has to. We should understand that these are huge markets that we are talking about, where the potential is enormous, and we are building one product, two organization, and that has to be placed, be in place, so we can now sort of execute on the plan. We have also had in the quarter a high level of one-time revenue, that is implementation fees in this period, and that are indicating the coming future growth in transaction revenue. Those are the basic things that we're working with. It's hard to say that they come immediately, but when we have done the implementation, it's a rollout phase, an adoption phase, and that is going on. As the market becomes more and more mature, that goes quicker and quicker. If you look at growth and profitability, I know that's a theme in these days. In the past, it was only six months ago, it's only growth. Now it's also profitability. We have in 89% of our business, that is the dark green countries we see on this map. We have a profitability of 33% EBITDA margin. We also have a net sales growth in those markets of 18%. The mature markets are not markets that are not growing. Those are markets that are growing with a healthy growth, which have a healthy growth, but they also contribute to the overall business by getting cash into the business that we can invest in the investment markets. People talk about rule of 40, it should be over 40. We have in these markets 51. If we talk about the investment markets, 11% of our total revenue stream, there we have a net sales growth of 73% and a negative EBITDA margin because we're investing. We are seeing that some of those investment markets over time now will be in sort of shape where we say they could become profitable if we don't want to invest further. If you look at the market, like for instance, in North America, 51% of the total IT spend in the world is North America. Of course, we will continue to invest in organization that is sales, marketing, and delivery in North America because there's a huge potential for us, not only in the Americas, because there's no legislation there, but for American companies working globally and service their organization with a system that can sort of support them when it comes to invoicing, ordering, or the supply chain process wherever they are and wherever they are operating. If you look at the EBITDA, it's negative. It's a little bit more negative in this quarter than it was in previous quarter or the comparable quarter. That is a deliberate decision that we have taken to do some investment beforehand. There also have been some cost increase when it comes to staff and recruitment of staff, but that is more market condition that has changed a little bit. Otherwise, we are on the plan, and we are having the sufficient cash to do this investment in a prudent way. The commitment to achieve profitability goal of 20% EBITDA margin by 2025 is there, and we see that we are executing in the way we think is the way we should do it. We see also more all of these country legislation coming on board. Latest was the one in Spain, where Spain is gonna go fully digital from 2024, so we will see revenue streaming in 2023 coming from those investments that has to be done in that market, for instance. There are several others that I could talk about. We can do that in another session. Customer base growing 20%, 2021 to Q3 2022. That is good. This is not the reach, this is the number of paying customers we have. Of course, this growth, we are now doing things, how can we sort of accelerate this? We are seeing acceleration in a lot of countries now. We believe that this growth will continue to grow, and we are doing everything we can to improve the product so we can grow faster and connecting, onboarding customers in a quicker way. Underlying growth in existing customer base. Then comes to transaction volume. The transaction volume was up 22%. We don't include in this one here is the LATAM transaction because those are enormous because that's more transaction type where we check with the tax authorities that there is a valid tax or an invoice. We will start reporting that later because we haven't really figured out how we should do that in a way so it is more understandable. When it comes to transaction, when it comes to payment, they are not either included here. We have over 500,000 payment transactions a month. That's 6 million transactions on a yearly basis, and that is growing quite pretty quick. We are seeing that we will put that into the graphs going forward to give you a picture of how that transaction or that part of the product is developing. Mergers and acquisitions, we have done no acquisitions in this quarter. When we look at acquisitions, we have a pipeline. We're looking in the aspect of geographical expansion, that is more in the network and how we can do to really promote that quicker. And also when it comes to network expansion from the way of moving other small legacy networks over to the Pagero Network, and also functionality expansion, of course. Mostly we say that the all the things we do on the R&D side should be targeting either expansion of the network or doing something with the data that improves the value proposition of the data in the network. These are key factors. We are working with partners all over the world. We think the partners have excellent products, but the excellent products need good data, and the good data needs to be connected to a global platform or a network, and that is what we are providing. To tell you a little bit how we think, these are some of the regulatory highlights that are coming, that are being announced or has been announced. It's France, it's Denmark, it's Poland, it's Malaysia, it's Spain, and Panama. If you look at these markets, the GDP of them, and you look a little bit where we are, of course, there's a huge possible growth in only these countries, and there are a lot of other countries following here. Mandates in Japan is not really a mandate, but that's more of a sort of a pre-mandate you can call it maybe. The fact that Japan were gonna do Peppol, and we have, as I announced previously, prepared the product for the Japanese market, and we see that also has a huge potential going forward. All countries that have a huge export are the ones that we are targeting at the moment because those countries, they need a supplier like Pagero where they can connect to one place, and they can really run their business in a very smooth and efficient way. Q4, Pagero announces a price adjustment towards existing customer base. That has been released now a couple of weeks ago, and that is to adjust the prices of course. We haven't increased prices of our product line for over, I would say, almost ten years. In a way, you could always argue and say this has nothing with the tendency of inflation globally to do. Everybody's though, of course, connecting to it. We have increased the prices, and the price adjustment is gonna be done by January. We also are pretty sure that those clients or customers we have that really understand the development that happened in the platform since they acquired the product is enormous, and we are investing over, I would say, close to 300,000 man-hours a year to bring the product further and bring further things into the product. We think that they will think that the value proposition has increased, so this motivates the price increase in that way alone. Spain introduces countrywide e-invoice mandate, as I talked about, and we are planning a launch on Network 2.0, which is, I would say, a milestone in the development of the Pagero Network. We are now introducing a way of onboarding customers, suppliers and buyers in a much more efficient way, automating the way that makes it possible for people to really work with their supplier base or their customer base and get them all with current actual data into the system all the time. If you look at and talk about networks, you talk about the value of networks. The value of a point-to-point network is, as you see, the guy called Sarnoff here, there are funny names. Metcalfe's law is the value of the network is n, the number of nodes in the network. The value of a network, which is the Pagero, you could say old version of the network, was n squared, which is a higher one, of course. If you look at the second version we have right now, it's two up to n, which is a much higher number in the value. This is more to try to explain the difference. The value is that if I connect, for instance, between two peers, the value is between those two peers. If you have a connection to someone through a platform where there are a multitude of peers, it's like you take making a phone call, the value is much higher of the perceived value or the value you have of connecting to that network, and that is what we are achieving. Pagero Network 2.0 is top-notch when it comes to the network abilities in the world today, and we believe that would drive our further growth in a way towards exponential growth. We have seen continuous strong performance in the beginning of Q4, and we believe that's why we're saying that is that there's a lot of negative press in the world today about everything that's going bad, but people or companies are really investing in their supply chain. They are really investing into be compliant, and there are a lot of red tape coming in the world today onwards, and we are prepared to support the customers when it comes to achieving this in a very simplified way. That's what we're doing. Thank you very much, and thank you for listening. Thanks for the presentation. We will now move on to a Q&A. Your net sales amounted to SEK 430 million, which is an increase of 40%. What has been the main driver behind this? Main driver is that, one, we are now an organization that are global. We are all over the planet with the sales resources. We have also increased the work we do with our partners, so we have a lot of partners influencing the sales, and we also have the compliance legislation coming all over the place, driving the need for this type of products that we have, the product we have. This quarter, Pagero was approved as a Peppol service provider in Japan. What does that mean for the company? It means that we can now service, when we sort of push the button, the Japanese market and serve also the local Japanese market if we decide to, but also support Japanese companies globally, within the Peppol infrastructure. The op- Yes. Yes. The operating loss before depreciation and amortization, EBITA, amounted to SEK 16.4 million from SEK 1.9 million. What has been the main reason for the higher loss? The higher loss is that the global expansion. We are expanding, and in some cases, we do investment a little bit before we have sort of decided, if you look at the plan, to go EBITDA positive immediately. We have said that the important for us to be EBITDA positive is 2025. Meanwhile, we will use. We have the funds. I mean, we have the funds. The funds were given to us to be used to grow the business. We are growing the business. If there in one quarter is a little bit more that we have to do, we will do that for the greater good, so to speak. That's what we have done. There's nothing strange in that at all. Should we expect profitability on EBITDA level in 2023? That was a hard question to answer straightforward here. We are doing investments today, and as I said, we could say that we will not do more investment. You know, you can take a market like U.S., and we will turn into profitability. But we believe that countries like that, countries like Germany, countries like France, where we have a huge potential going forward, if we're gonna catch that sort of growth that are coming, we know it's coming, and we know that it's there, we need to invest a little bit beforehand. Those decisions are sort of not made in sort of, what do you call it, in stone, so to speak, or they are sort of. If we do a decision to invest in, let's say, something prematurely to the certain date, we will do that. What we have said is that in 2025, the EBITDA margin will be 20%, and we steer towards that. You mentioned the U.S. there. What is the potential in investment markets like U.S. and France, for example? If you think about France, I mean, I don't know how many millions of companies there are. France is a huge market. Spain is a huge market. Germany is a huge market. We all know that. Japan is a huge market. If you just point out market where the GDP is very, very high, you know. It's a question of GDP, I would say. Of course, U.S. I mean, 50% of all IT investments in the world are decided by U.S. corporate companies. We see today that we sign with a lot of these company groups today, and they are using us now, mostly, I would say, abroad, outside U.S., because there's no legislation in the U.S. We have also seen now investment in the automation side in U.S., which is the inbound side. I would say that, if you don't invest in U.S., you are not a global player. Is the difference between net sales and ARR growth mainly explained by services? Yes. Yes. Moving on to the last question here. The negative thirty-one million in financial expenses are quite high. Will you keep the current debt on your balance sheet, or will you repay it? We have repaid roughly SEK 450 million. We have now roughly the same amount in money sort of if we want to use it. We have not decided to repay anything more. We want to have that as a war chest if we find some good acquisitions or whatever. That's the answer to that one. There's no decision made to pay back any more at the moment. Thank you so much for the presentation, Bengt, and I wish you all the luck in the future. Thank you very much. Thank you. Thank you all for tuning in and seeing this Q3 report.