Formpipe’s Q1 showed sales of 94.7 mSEK, which was slightly lower than our expectations of 97 mSEK. EBITDA and EBIT was also slightly lower than our expectations and came in at 18.8 mSEK and 4.4 mSEK. We expected 19.5 mSEK and 5.5 mSEK respectively. On the other hand, the EBITDA margin was in line with our expectations and came in at 19.8%. The EBIT margin came in at 4.7% and thus below our expectations of 5.7%. However, the most positive takeaway is that the report showed better margins than last year without any major license deals. The improved margins is explained by a steady growth in recurring revenues.