Hello, and welcome to today's webcast with Pagero, where CEO Bengt Nilsson will present the third quarter of 2023. After the presentation, there will be a Q&A, so if you have any questions, you can send them in via the form to the right. And with that said, I hand over the word to you, Bengt. Thank you very much, and good morning to all of you. We will present the first nine months of 2023. It's gone quicker than we thought when we started it, and we're here now. I will say first that the team of Pagerians have done an excellent job for the first nine months, and I think you will see that in the numbers that will follow here, so o welcome to this little webcast, t hank you. Okay, you know what we do, w e do exactly this, w e connect businesses with each other. Our task is to build the world's largest business network, where businesses can communicate through their ERP systems or best-of-breed or manual information systems with each other. This is to automate the process flow. We also have legislation coming all over the world, where governments want companies to report the tax they're gonna pay when it comes to indirect taxes, that is VAT. This is spreading all over the world, and this is necessary for companies to be able to send their invoices, and this is now happening in country by country all over the globe. This is something that we take advantage of. We deliver this, we can do that seamlessly, and that helps our customers to have a very smooth way of reporting, a smooth way of doing business, and it's all about trade, so if we can do it easier, it is very good. When it comes to this, it's all about technology, and we are investing a lot in technology, as you see, and we will keep on doing that because we think this is a technology race. World is becoming more complicated, t here are more demands from governments, t here are more demands on data protection, t here are more demands on safety and security, and Pagero is investing a lot in this to make things very safe, very accurate, and also very smooth to work with. And that's where we are now, and we're gonna continue to do that. If we look at the quarter, we are 850 people now, w e are in 30+ countries, where we have both local and global operation, and then when we have customers over 140 countries. So we are fairly present all over the globe. We have R&D centers, as you know, in South America, in Central America, in Europe, in Scandinavia, and in Asia. These centers are combined and work together, and they are now building the world's leading product when it comes to business-to-business communication. You could say that with the launch of the new version, we are seeing the first phases of a LinkedIn for business to business, enterprises to enterprises. Wherever they are in the world, they can communicate, and they can do business with each other, smooth and easy. We have an NRR, to take a, some numbers here, of 122%, it 's gone up, i t's very good. I would say we're very proud about that, it means that companies are utilizing our products, and they are expanding the use of our products. We have a recurring revenue share of 87%, which means that 87% of the revenue we present this year will come back next year. Gross margin, 87%, that is good, and a very low customer churn, 1.8. We believe that people are doing these investments because they're gonna work with us for a very long time, so it's very important for us to have both an excellent product from it comes from technology, but also an excellent support, supporting these companies in a very good way, especially in some cases, in local language. So we have over 14 local language that we today support with, and those are the leading languages of the planet. When it comes to LTV/CAC, for those of you who follow those metrics, is 30x, which is also extremely good, and we had a growth of 21% in January-September when it comes to network growth, and we had also growth of 30% when it comes to customer growth. We should note, when we talk about customer growth, that a big company, mega company in the world, could be one customer. The local bakery could also be one customer. So there's hiding a lot of supplier and buyer between, behind each customer connecting to the network, so the potential is enormous in this case. I want to reiterate also that our goal, our target for 2025, this is three years, and we got the IPOs, and we got the funding from you, shareholders, and we said that we're gonna spend those money over a period of five years to achieve an ARR of SEK 1.5 billion in 2025 and an EBITDA margin of 20%. We will do so, w e are on the the path to do that, and you will see that in the numbers that we follow here. Also, I want to say that we are building something that's gonna be great for many, many decades. It takes some time. I know that people want to see profit now, not tomorrow, but if you believe that we can build something that can be sort of, of use of companies all over the planet for the next 10-20 years, then you should be a shareholder of Pagero. We are doing this job now, and we are performing as we have said. Some highlights in the quarter. There are a lot of regulatory changes in the world, and I'll show you in the end slide what's happening in the future. But Belgium, for instance, had now announced countrywide B2B mandate. Singapore is gonna adopt the CTC model, continuous transaction control, for reporting to the tax authorities. Some of the founding fathers of that concept resides in the Pagero buildings, and they've been helping the authorities to set up the standards and the quality and the way of acting when it comes to the CTC model. New partners. We are very happy to announce that PwC, one of the leading firms, audit firms in the world, are now partnering with us, and we are working together globally to the big companies of the world. Also, Vertex, a renowned tax engine company, having the leading, I would say, thousand top company of the world as customers, also joined, and they will be a good partner to us going forward, and we will present a seamless concept and packaging that will deliver lots of use for all the customer base of Vertex and other customers that also want to connect their network to a very good tax engine. Launch of Next Generation Network has been going on for the quarter. We are working on that now. This is where you can sort of easily find your business partner, your trading partner, y ou can easily connect it. You can add the number of buyers and suppliers you have, and you can see the network building by itself. You're also connecting to all the databases in the world of companies that we are sort of populating into the master... You could say, the master yellow book of the world, where you can find companies who you can connect to. This to cut cost, this to build value over time, so you don't have to do it over and over again as you did in the old days. We are one of the few, if not the only company, that has that built into the standard product today, and we will see an enormous result going forward when this sort of gets out in the market as, as a whole. We have set up our office in Japan, Tokyo. We have now a gentleman joining us there, who's gonna work with the Japanese companies to see to that they get a partner that they can play with outside of Japan. We're also connecting to the authorities in Japan, the tax authorities, and they're gonna use Peppol in Japan, and we have now set up our system so it's seamlessly working with the Peppol in Japanese in Japan, and we will see a good turnout of that going forward. As we all know, Sweden is a exporting country, Norway, exporting country, Finland, exporting country, Germany, exporting country, Japan, export. I I can go on. All these countries needs to export. They need to have a central way of doing this, where someone takes care of something that's very, very easy, we think, sending an invoice, getting it paid. Now, it's the last mile, but sometimes you need to combine that with transport documents, order documents, payment documents, all this in one piece, in one bouquet, and that is what we are doing. Q2 highlights, we had a growth of 35%. Adjusted for currency, it was 28%, SEK 204 million. I was here when we turned over SEK 204 million for the whole company for a full year. We now see we do that in a quarter, and we see it is growing. We are very positive when it comes to the outlook for going forward. We see that the bandwagon of countries that are adding the legislation, number of companies that see that they need to do this, is growing all the time as we talk. We see our pipeline growing, and we believe that this will continue going forward in the quarters and the years ahead. Recurring revenue, that is what we sort of feel that we have sort of next year and year after, and that has grown, has grown with 36%. I think that is pretty good in these days. I think there's very few companies that were listed in the days when we were listed that can perform and show the numbers that we show today, and this is thanks to a very excellent job of all the team, team that is working in Pagero all over the world, 850 people doing this 24 by seven. Operating loss, we have a small loss this quarter of SEK 5.9 million. It's improved since the comparable quarter in 2022, sorry, and we will continue. We see a shift. We see a turn. I'll show that a little bit later in this presentation. Cash flow, sort of the same, a little bit, around as the same time previous year, and or comparable year, and the earnings per share were SEK -0.49, compared to SEK -0.91 in the past. We have also, in the quarter, signed an agreement with our partners in Latin America, and we have now done accelerated the payment, and this is to prolong the time they're gonna stay working with us there, and that is being done, and I think that's also an excellent move that we have done in the quarter. If we look at the annualized recurring revenue, that is what is coming back. It's been growing. The CAGR is 33% since Q3 2020, and if you look at it from the previous year, it's 38%. SEK 740 million that is are expected to come back in a normal development of the organization next year, and the year after, and the year after. We believe that can we keep this 38% going forward, it will be pretty easy to reach what our targets. But if we falter on this in some way or sort of don't sort of push it and push the growth, we will not reach it. So we are doing it, w e are continuing the growth scenario. We have sufficient cash to do that, and we expect that you, shareholders, that's what you have sort of placed on us to do, and we're gonna do that. NRR growth, talked about that, and ARR is SEK 739.5 million. That is pretty decent. If we look at the net sales growth, that was 33%, and we can only say that this will continue. We had a growth of 35% in the quarter, and we hope that the world won't go under, and I don't think that will happen. And we see also there are signs in certain sectors that there are coming more positive trends in the market, in the world, and we are there. We are placed very good. We have all the regions are there, and we have also a system set up to be able to cater for usage in a lot of these legislation countries that are around the world. If we look at growth and profitability, we have for you that have followed us for a while, we have what we call established markets and investment markets. If you look at the established markets, that they are today having 81% of our total sales. If you compare it in that same quarter a year ago, it was 89%, so it's sort of going down a little bit, but at the same time, it is growing with 21%, up from 18%, and the EBIT margin is up from 33%-34%. So if you use the sort of the term, the Rule of 40, we are + 55%, which is acceptable or very good, I would say. When it comes to the investment markets, you see the progress. We are now 90% of revenues in markets from what we call investment markets, and it's growing. We see at the same time, net sales growing 122%, and that the loss is sort of getting, sort of less lossy, so to speak, to put another word on it. So it's -50% when it comes to, to the whole one. If we look at this one from a more detailed way, the investment market sales are now sort of stabilizing around a growth of 120%+. At the same time, profitability or the loss is going up, which mean, or going, becoming lower. So now it's at -172%, compared to -364% in Q3 2022. At the same time, the full rule of 40 for the whole company group, if you put everything together, is now 28, coming from 11, Q4 2022. I think this progress shows itself. There is turn in, in the, in the numbers all, all the way down, and we will see after a while when that sort of -1 722 says minus, plus minus zero, we will see a total different graph on the rule of 40 for the whole company group. We are heading there. We are going there week by week, day by day, month by month, and we are sort of presenting a value proposition to our customer base that is, I would say, unheard of. The comparison, stabilized, pre- predictable prices, they know what they pay for, they know what they get. We also continuously developing product, which means that we, over time, will give them something totally new all the time, and they never have downtime. We are up 24/7, Christmas, holidays, whatever, and it's working, and they can run their business. So that's our value proposition. EBITDA -2.9%, improved from -10.8%, so it's going the right way, and we are all here geared to reach the goal in 2025. Customer base is growing with 1,000 customers a month, and we also see that the transaction volume is now up with 21%. We will, in the future, see transaction volumes growing faster and faster because companies is now sort of accepting, understanding that they need to get real data into the ERP system, then they have demands on them from governments, they have demands on them from ESG reporting. All these things coming together makes it necessary to have the right data, and if they have the right data, their life becomes much easier. To do this, you need to connect to your suppliers, you need to connect to your buyers, you need to do that in a very structured way, and that is what we are selling to them. So you see here the growth is coming, it's +21% now, and yeah, it's going in the right direction. We have customers, you might ask, in vertical? No. There are logistics, cosmetics, recruitment, healthcare, automotive, and et cetera. So it's a very generic product. So the base for our selling, the base for our sort of customers, is enormous in the world. And we have launched the next generation of Pagero Network, which is sort of, as I said in the past here, a LinkedIn for businesses. And you can just think about it. If we can connect businesses all over the world, which we are doing, you can reach 14 million businesses today in the system. The future is bright because a small little operation in the North of Sweden or in Africa can connect, search, find trading parties in the system, and they are legit. You know that they exist, and you can sort of run your business very prudent, very easy, without having to have big projects, which makes you a stopper, a blocker for doing business in other places of the world. So we think we are contributing quite a lot to this. At the same time, following the regulations, following the rules, reporting to governments at different places of the world, this is it. We are doing that for everybody. Regulatory landscape, this is what drives the business. If you look at the regulatory landscape, this is how it looks from 2024 to 2028. And there are probably some countries we have forgotten to put in here, but this is being added up all the time. There are small countries like Germany and France, they're gonna be sort of into this now very shortly. There are countries like Greece coming on now. There are countries like Malaysia. There is yeah, Japan. We talk about Australia and all these. All these countries are doing this, and there has to be someone that is one of the leading players in this game, and we, we are sort of advocating for being one of those leading players in this game. So I would say that we have had a good quarter, w e will continue to deliver, and we think we're in good shape for going forward. Thank you. Thank you so much for the presentations. I think we jump right ahead with the questions. Yeah. How has the reception been to the next generation of Pagero Network? Are the customers behaving, for a lack of a better word, as you want? Yeah, the customer is behaving. It's, we are doing this in a very structured way, w e are launching it in markets where there is a high degree of maturity when it comes to digitalization. Read the Nordics, for instance. It will go quicker in countries where it's a lower degree of digitalization when it comes to business-to-business communication. Read U.S., for instance. It will take a longer time. But it's there, w e are adding customers every day as we speak, and it's growing all the time. So it's a question of getting a critical mass, I would say. So the progress is good, and we will present more of that when we come into the Q4. Yes. The NRR of 122% was really strong. Any particular reason for the quarter-over-quarter improvement? No, I think it's, you know, it's a sort of like a continuous pushing implementations. We sign a lot of deals. It takes quite a long time until everything is sorted out for the larger companies, t he smaller organizations go much quicker. So when they sort of start transaction in the system, it starts aggregating, it starts spinning the wheel, so to speak. So I think it's more of a continuous good work from the organization. Could you comment on the alliance with PwC Business Advisory Services and the partnership with Vertex? What do you expect out of each one? We are partners, if we first comment when it comes to, to PwC, we are partners towards their customers. We do our both our parts, we work together. We are, as a team, very good. We, we are very knowledgeable when it comes to the country legalization part. They are, as you, we all know, good at business and, and, and accounting or whatever related to how your reporting should be done, processes. They are also very, familiar with, with the business systems that the client has. So I would think that the combination is good from a delivering point of view for the end customer, so to speak. When it comes to Vertex, they are one of the leading players when it comes to tax engines in the world. Tax is very complicated in some jurisdictions in the world, so companies need help, and Vertex is doing this. We see, for instance, the ViDA concept coming now in Europe, for instance, which means that you have to report your where the VAT, of course, intercompany when you do intercountry, I mean, when you do that. Then you need to add documents, like transport documents to it, where did the goods go, et cetera. All these things has different implication on tax, and they have a good value proposition that we are very happy to have in our network. What is your comment on ViDA and the ripple effects in the coming years? I think what we tell the market is that everybody, all countries in EU, will have a digital transformation going on from now on until ViDA is fully implemented, 2028. And this is nothing you do in the afternoon for fun. This is something you have to have a process for. You have to really, really work on it. You have to set up your internal processes, you have to understand the reporting, and you need to understand the consequences also when it comes to internal billing between your systems in a secluded market. I think that companies need to start now. How has the initial response been in Japan for your network/services? We had a very good reception there. When we introduced this, we had an audience of 60-70 well-renowned companies and government bodies that were sort of there on the release of what we're gonna do. We have a good relationship with Peppol Japan. We have a good relationship with the Digital Agency of Japan, and of course, with our partners in Japan. We worked with Deloitte in that case in Japan, and also with Thomson Reuters in that case. Thanks. Can you give some color on what has been driving the good performance in transactions and the license revenue? I think it is a continuous good work of course the sales organization. They are building pipeline, they're executing, they are doing well. Then, of course, the delivery organization need to see that it's get up and running, that the projects are being sort of closed, and the customer can start transacting. And that's a continuous job that is being done of the organization. So even if we want to digitalize everything, it's all about people, you know? So in the end. Moving on to the last question here, which milestones will be important for investors to look, look, look at to set your eyes on the coming 12 months? I think that the important milestones to look at is the ARR, of course. That will give indication of safety. It will show that this is a stable company. We're here to stay, and the value, of course, is that if the churn is as low as it is now, you know, the people, for some reason, good or bad, they're not leaving us, t hey continue to work with us. And if we look at what we are doing, we have sort of taken a fraction of the potential in the market. This is hard to understand, I know that, and it's, w e always predict this. But if you look at the tons of investments that are done in ERP systems all over the globe, and how much is put on, really putting the right data into the systems, how much money invested there, it's something that is wrong in that parameter. So everything that's digital should stay digital, should be transformed in network, like Pagero Network, and should come into the ERP system. Everything will be better, everything will be cheaper, everything will be more business-oriented in the way we work, and you will have a much easier way of dealing with your information. Thanks so much for the presentation, Bengt, and answering our questions, and thanks a lot to all the viewers for tuning in. Thank you.