Hi, welcome to today's presentation where we have the pleasure to present MapsPeople. To help us through today's presentation, we are joined by Morten Brøgger, CEO, and Lars Brammer, Chairman of the Board. Today's presentation, we will cover the 2022 annual report. As always, you can ask questions in the box down below. If they fit, we will take them through presentation, if not, we will take them in the end of the presentation. You can ask questions both in Danish and English. I will try and translate to the best of my ability. For now, I think I will hand the word over to you, Morten. Perfect. Thank you so much, Michael. Welcome everyone to the presentation of MapsPeople 2022 annual report. I wanna take the opportunity, as this is the first time at MapsPeople that I'm presenting the annual report, I wanna take the opportunity just to say a few words about what is it that we actually do. Because we actually map the build world. We make indoor maps that enables digitalization of buildings, some call them smart buildings, because this whole facility management area is part of most businesses that has the lowest digitization of all the businesses, meaning that there is a wave of investment coming into driving buildings, facility management more efficient going forward. This whole trend about smart buildings fundamentally needs a visualization of the interfaces into all these smart applications or smart hardware, smart sensors, display data in real time, and that's always on an indoor map, and that's exactly what MapsPeople do. Our product, MapsIndoors, enables exactly that. Smart offices is a great trend right now. Smart factories are starting to come. Smart hospitals are starting to come. Smart university, we've been working with for a while. Smart airports, we've been working with for a while. We're starting to see something happening within smart retail at first. What's also important here is that we have a partner-first growth strategy. That was part of the strategy change we did a couple of years ago, and we spent the last couple of years building up this whole partner channel. These partners, they deliver the applications where you can book a desk, book a meeting room. They deliver the sensors that can sense, are there people in the room, measure temperature, measure air quality, and so forth. They all need a map. These partners are actually driving the demand for indoor maps, and thereby our product MapsIndoors for us. That's where you can start seeing the result of all that work in the presentation and how we look at it going forward. That's also why I stated here on the first page that in 2022, when we closed our books, we actually had more than DKK 30 million in our order book that we plan to deliver through these partners in 2023, thereby driving a pretty strong growth in both our ARR and our revenue. If you take you through first a couple of the highlights here, right? And that's exactly what we spent the last 18-24 months building through our partners. You'll see that we ended the year where we have contracted ARR up to around DKK 70 million. That is actually an increase of 71%, which is growing more in 2022 than it did in 2021, which is pretty strong. We grew our core product, MapsIndoors, in the contracted ARR with 94%, so almost double it. And we added through our partners and a little bit ourself, we added quite a bit, almost 300 new end customers as well. At the end of 2022, 78% of our contracted ARR is through our partner channel, it's absolutely starting to work. We're starting to see also that this whole trend is moving into more and more countries, we cover end customers in more and more countries around the world. We ended also the year with an NRR of around 105%. It was trending a little bit higher during the year, some of the add-ons from particularly some of the larger partners got a little bit delayed, in my opinion, based on the general economic situation in the world as well. We do have a positive NRR, we absolutely do see that trend continuing. Here you'll see the growth being driven forward here. You'll see at the bottom some of the old services we have. You'll see our In the middle, you'll see the Google Maps product, and on the top, the light green one, you will see that is the MapsIndoors product. You can see that the vast majority of our growth continues to come from MapsIndoors. You will also see here that a good a good chunk of that came in the fourth quarter of 2022. Fourth quarter tends to always be the strongest quarter in enterprise software, at least, everywhere I work, and that is also the case in MapsPeople. We saw quite a bit of strong growth in there as well. A lot of that is coming through these partners, and some of what is also coming, both from partners, but actually also from some direct customer, where our old partner, Google Maps, which we sell licenses for. The middle green one, sometimes, we are lucky enough or good enough to deserve a lot of high-qualified leads that comes from that channel as well. I think that's important to understand this slide here as well. This one here, continue to show the cohorts of the business, and the good news is that you see that the majority of these cohorts continue to grow. We do actually expect that to happen going forward as well, into 2023, which bodes well because you saw in 2022 we added quite a lot of new contracted ARR on our MapsIndoors product here. All in all a good healthy sign on from the cohorts we have here. Just quickly going through the financial figures from the top of the list here. You'll see that revenue grew only around DKK 1 million. I'll speak to that a little bit more on the next slide because there is a very important note in our annual report that I think is important to understand. You'll see our cost of sales went up a little bit. That is primarily driven by increased sales commission because we actually sold quite a lot in 2022, and that contract base we have. Now something is happening in the slide. There we are. You'll see that also we invested as we set out to do mainly around staff costs, but also in additional offices, really ready to grow in the U.S., started also in Singapore to serve the Asia Pacific market and making sure that we invested in marketing and making sure we invested in our automation and in our machine learning capabilities. We are now in a position to take advantage of these nice trends in the market from a global sales organization we have. We have invested quite a bit in automation and machine learning to make sure that we can deliver indoor maps fast at higher quality and cheaper than the competition, which is a fundamental element to be competitive as well. Now, I said I wanted to talk a little bit about the revenue. There we go. This in the annual report, this is five. You will see at the top here that there is a nice growth of around 25% in the product MapsIndoors. There's three messages here, right? Fundamentally, you will see that our Google Maps revenue is significantly higher, right? It is actually DKK 69 million, but we only report DKK 8.4 million of those because the rest of them is licensing costs that we have for Google. We treat that as pass-through revenue. It fundamentally means that it's more than or that DKK 60 million extra actually goes through that we invoice and we collect in our business that we report in the numbers here as well. This fact actually has a fairly nice positive impact of around DKK 30 million on our working capital, so that's worth noticing. When it comes to revenue, you'll see that the net revenue, which is what we report, has decreased from 2021- 2022, and that is part to the previously announced fact that in the middle of 2021, Google reduced to all their partners, the margins from 20% - 12%. In 2022, that had a full year impact on MapsPeople from that part of the business. If you normalize for this, you will be able to calculate that our revenue would have been somewhere between DKK 4 million and DKK 5 million higher, and thereby you will have seen the growth. The relatively flat in the revenue, a good portion of that comes from that fact that stems all the way back to the middle of 2021. That being said, we do not foresee any reductions in margins from our Google business in any foreseeable future. Three messages here. There is more revenue flowing through the company than you will see from the top of the glance. You do see that revenue having a good positive impact on our working capital. If you normalize for that, you will see that there would have been an underlying growth in the business again of around 25% equal to the MapsIndoors business. This one, just diving in, I think I mentioned some of it. Our contracted annual recurring revenue, which is what we have been reporting against for a long time, grew nicely, 94% on the MapsIndoors product. These slides are, the left side is for MapsIndoors, and the right-hand side of the slide is for our total business, where you will see a growth on our contracted ARR of 71%, growing from 41 million DKK at the end of 2021 to 70 million DKK at the end of 2022. Some numbers from our partners here as well, that is super important. The value of the partners in our contracted ARR is now DKK 44 million, and that has grown over the past 12 months with 137%. This whole channel strategy, that was a shift in our go-to-market strategy 18-24 months ago, is actually starting to show off in a very nice way. We spent quite a bit of time signing up these partners, making sure that they have a contractual commitment, and that is what we have in our order books right now. In 2022, 90% of our growth came through partners on the MapsIndoors side. That ended up totally co-compared to the other numbers, totally, we have around 173 new customers throughout the portfolio. As you can see, we've also almost. Yeah, we actually exactly doubled the number of sq ft that we have mapped in our MapsIndoors product. That is becoming very, very important, and that is exactly why the investment that the company has done in the past 24 months in automation and machine learning is beginning to work for our productivity and our competitiveness in how we deliver this product. This is actually also panning out extremely well for us. Growth objectives for 2023. You will see or may have seen that our guidance is that on our contracted ARR, we expect to end 2023, somewhere in between DKK 105 million and DKK 150 million, which corresponds to a 50%-64% growth in our contracted ARR. We again, expecting a pretty strong growth coming from our partners. New partners being signed up and existing partners committing even further. That is despite some of these financial headwinds, that is clearly out in the market. We do see some nice growth. We also started here in the beginning of 2023 to guide on ARR, based on 12 months invoiced value of the contracts we have. You'll see that guidance is that we are expecting to end 2023 somewhere between DKK 77 million and DKK 87 million, which corresponds to 129%-159% growth in our ARR, which, I think is a pretty strong signal that we're sending. That is exactly the case, because if you take the 2022 graphs on the left, see ARR minus the one we have on the right, ARR, you will see that that's where we're coming up with just a little bit more than DKK 30 million in our order book from the partners that were all signed up in 2022, and that we expect to deliver through 2023. Clearly, a lot of that will also come in the end of the year because that's also where the partners have signed up and thereby also, when we expect to fulfill their full commitments. A couple of business objectives as well. It's a new industry. A lot of stuff is happening. Despite that we are a relatively small company with a little bit more than 100 employees, we are one of the global leaders. It is clearly our objective to remain and even build on this global leadership position for indoor mappings to corporate and smart buildings. Second, we want to continue to invest in our automation so that we can shorten the time to value for ourselves, for our partners, and for the end customers when they implement new smart building functionalities as well. Just to give you an example on how important this is, something we couldn't have done without this investment. One of our largest customer is a very large U.S.-based bank, and we have built this automation, which fundamentally means that every single day, we get between 30 and 90 updates of their floor of the building that our automation and machine learning actually automates and updates, fully automated, within 24 hours. If we had to do that with people, you can understand how long that will take and how expensive that will be. This, to me, is one of the things where we are extremely well-positioned against the competition. When we speak to customers, especially large enterprise customers and partners who deal with large enterprise customer, this is important. The last part here is that we want to have an architecture in place for collecting and analyzing usage data. This is becoming a request from both our partners and our customers. They want tools that can analyze and report on data that is collected from their smart building activities. They want to see how many of my meeting rooms are used. What is my utilization? Do I need more? Do I need less? How many of my desks are used? Do I need more? Do I need less? We also start seeing that there is a demand for some of these smart sensors that is put in place. How can we actually report our reduction in carbon emission? This is getting extremely important going forward because there is EU regulatory initiative out to make sure that there is a net zero-emission from buildings from new buildings by 2030, and for old buildings in 2050. This is becoming super important. How can we actually measure this, and how can we report this? I think this was me giving a MapsPeople annual report and an outlook into 2020 in pretty good spirit. Perfect, Morten. There's a lot of question we got. The first one I wanna ask to is because that was the latest point you made us, this architecture for analyzing data. I guess people wanna know how they use their buildings and efficiency. Data is always very important. Is that an extra business area for you? Can you upsell this, or is it a stickiness product that you are doing that for your partners are collecting those data and giving them that extra feature? Just to understand how you see this in the future. Yeah. I can answer that very shortly, Michael. Yes, yes, and yes. Okay. There is a demand for this. This will be a positive differentiator that will allow us to sign up more partners and more customers. This is a thing that also goes across a lot of the individual partners we have, 'cause they don't all solve all the smart building problems, right? They solve one of them and one of them. This needs to be solved across, which fundamentally means this will be a product that can be sold across the portfolio we have, and thereby become more revenue for us. Mm. Specifically also, as I said in one of the first slide, we are expecting, and we're starting to see, some smart building activities in the retail sector. There, that's probably a sector which is way more advanced when it comes to analyzing customer and customer behavior, than traditional offices and factories and hospitals are. There it will also be a strong requirement. Perfect. Let's take some of the questions. How are you able to deliver on the order book of more than DKK 30 million in 2023? Is it dependent on new technology? Or which risk do you see here? Is it your ability to deliver? Does something needs to change, or are you already ready to do? Is it again maybe customers delaying to do some product you see as the main risk for 2023? Yeah. Good question. Let me try and answer this. The vast majority of the order book is actually contractual commitments from our partners, and they have a deadline where they have to spend it, right? We have a strong contractual relationship that secures this revenue. Again, if it's a good partner, you can always discuss in the end how much will you want to strong arm, right? That's a long-term decision. Yeah. What you have to understand here, and that's very important, when a new partner makes a contract and a commitment with MapsPeople, they actually have to implement Maps Indoor application in their application, right? That means that they need to not only do they sign track with a contractual commitment, they need to spend time and development resources to embed the indoor maps platform into their application. This is something that's honestly sometimes takes six to nine months before they have done this, and then they can start selling it to existing customers and to new customers. That's why you see that there's quite a bit of time from like signing up a new partner, which has a contractual commitment, until they get the application developed and implemented, and then they will start selling it. This is what we're starting to see, and that's also why this cohort analysis is important that you actually see that the partners continue to grow, meaning they are using their commitments and they're buying new commitment. Now, clearly we are working on a lot of initiatives, both commercially but also technically. How can we help shorten that period from they agree to do this, and then till they can go to market with the, with the product? I would say recently we've had fairly large success with one customer who only took a little bit less than three months before they actually started their delivering end customer projects to us. This is something where our automation, our machine learning, some other processes will shorten that period of time. This is what we're working on, and that's why I feel fairly comfortable that the vast majority of those DKK 30 million that we have in our order book will come through in 2023. I guess that might have been the problems backwards. You said it, you can choose not, you can choose to strong arm partners. You have to contractual right to start sending them invoices and taking revenue from it. Another question could be if they don't do it, do you get any compensation or do you? Can you increase the contract? Is that something that has happened? Revenue is a little bit lagging, but the CARR is growing. Is that what you have maybe gotten out of this, that you have raised their contractual commitment by postponing some of the, to they are ready or their end customers is ready? Is that also something that is a possibility? Not necessarily good for the one year result but better for the future. Yeah. I think it's very individual, Michael, here. Okay Yes, we have had cases where a customer have not used their contractual commitment towards the end of the period. We have agreed to roll it into the next period. They have agreed to increase their commitment for the next period. Okay. Yes, we see that as well. It is an individual dialogue with the partners, and fundamentally, it's really around how do we make them successful? Like how do we help them integrate our product into their application much faster with a much lower cost? How do we actually help them be successful with their customers? Then the growth of the revenue from the partners will happen. This question here, does the integration time between the signing of new customers and the delivery of MapsIndoors into the platform implies that some customers stop before they get their solution delivered? Has you experienced that some delay has made them stop? No, not really. This question. With the EBITDA guidance of negative DKK 45million -DKK 55 million, do you expect to have sufficient cash for the rest of 2023? Yeah. We are projecting that the current capital that we have, and I think we all know that we bolstered ourselves a little bit about a month ago with DKK 10 million of new equity from existing investors, showing that they like our company and they trust our company, but also a loan facility of another DKK 20 million, DKK 10 million. DKK 20 million all in all, DKK 10 million in equity, DKK 10 million in loan facilities. We are projecting that that is actually enough to take us to a cash flow breakeven so that our operations will start generating positive cash for the business towards the end of 2023, and that the capital that we have right now is sufficient to take us there. Can you give a little bit, I know you haven't written and that maybe you don't wanna give it, a little bit on the cost side, because I think, the cost we are seeing this year, you said that you had made some cost programs that you will see effect of in 2023. Is that correct, as I read it in the reporting board? Do we have any round figures in percentage-wise where maybe you expect to not lower your cost, but cost programs, trying to. There might be other costs, but in that area, do we have? Can you give us a figure of that? Yeah. What we've done here is we've actually, we've basically. The majority of the cost in MapsPeople is driven by people, right? How many people are we aboard and the associated cost that is driven by how many it is. We have frozen the number of employees that we want to be through 2023 on base on where we were at the end of 2022. We're not making any reductions, but we're also not growing it. If you at the same time continue to grow the company, as we are, both in order intake and in ARR, you will understand that a lot of productivity and efficiency gains needs to be delivered below the surface here, and that's what we are working on very much. That's where this automation and machine learning is becoming important, that we can actually deliver this amount of new projects and new customers with the existing staff. It's more in, in that dimension, Michael. Okay. Perfect. Yeah. I think there's a question maybe for Lars. How is the reported numbers, that meaning in the P&L and in the balance sheet, compared to the promises made in the prospectus for 2022? He's asking if results and margins is under what is promised when you went public in the IPO, can you give some kind of clarity and reasons for that? The reason why I ask Lars, and you may also ask Morten, but as a new CEO, maybe Lars is a better one to take us through this one. Yeah. Yeah, sure. Yeah. Yeah, sure. Sure. I'll do that, Michael. Well, first of all, we didn't reached our goals for 2022. We had As I remember, I think we have an EBITDA expectation for 2022 of DKK 48 million-DKK 49 million minus. We delivered DKK 56 million, DKK 57 million, so that is seven, eight, DKK 9 million less. The major part of that story is our lack in revenue. We reported DKK 29 million in revenue for 2022. We had an expectation of DKK 50 million. We knew about the reduction from Google, this is purely delay in our delivery of MapsIndoors solutions. Of course, yeah, of course Corona has an impact. The slowdown in 2022 in the global economic has an impact, but also the fact that it has taken longer to onboard the partner solutions and get the partners out selling their solutions is. That is the major background for the lacking revenue. This is purely a revenue question or answer that we haven't delivered enough solutions to the end users. Said that we haven't delivered what we expected to the committed or the contracted ARR. We are a little bit behind, but I would say fairly within scope. If I may add, is the proof in the pudding that that problem has been solved, that you deliver the DKK 30 million this year, if I should quite understand it? That must be that there's no lack of integration with the partners and so on, and you, and you get that through almost doubling your, you might say, throughput or revenue. Is that correctly understood, that issue that we are discussing here, the proof in the pudding will be your 2023 and you deliver on that, on the DKK 30 million? Yeah. Of course. Yeah. Of course. Yeah. Do you want me to elaborate on that, Lars? Yeah. That's fine. No, but of course, Michael, that is correctly understood. That's also why we are guiding this fairly large increase in our invoiced ARR with 129%-159%, that's because we feel confident that we now understand better how do we speed up the onboarding of our partners so that they can onboard more end customer. That is clear. I wouldn't say that we are the world champions in doing that at this point in time is probably an exaggeration, but we understand why this was slower than originally anticipated, and we understand what it takes to do this, and we started to work with especially our large partners on this already, and it's showing some good traction. We are fairly confident there. Perfect. There's a question here, how is the pricing developing in terms of per square meters? Do you have the possibility to increase prices in the contract under current environment? I mean, you probably also see some inflationary pressure on your staff cost that is kind of going up. Do we have that? If I saw, I thought the square meters, I guess that grew more than what you actually grew in contract on the MapsIndoors. Yeah. Not much, 10% between those two. A little bit elaboration on whether you have terms in your contracts or why maybe that your square meters are growing faster than your contracted ARR. Let's take the easy one first. Yes, we have price indexation clauses in our contract, that is included in the numbers that we're showing. Second, part of those square feet that we're doing, a lot of that is I would say beauty square feet. We've been asked to like, can you also map our parking lots and like the grass and the trees around this one, which count as a lot of square feet, but it's way easier and way faster than do in the building. Thereby that is often included. The number of square feet grows a little bit faster than our revenue, and I continue to see that. Primarily, that is not a price pressure on our pricing. That is just because some of our customer want some of this beautification on the outdoor surroundings of a building. Perfect. Christian, from a longer term perspective, when do you expect to become EBITDA positive? You were talking about Q4 2023 being cash flow positive. Any comments on when you expect to become EBITDA positive? I don't think we are allowed to elaborate on that. We have already stated that during Q4 this year we will be cash positive. If you take just a prolongation of that development that we see this year, this will be within a shorter time period. Perfect. We've been talking a lot about smart offices, I think in this. Is there? I guess that is where you have some of a lot of the growth expectations. Are there other verticals that you are starting to see also will contribute to your, to the 2023 retail you have been talking about? Maybe it's a little bit longer out, what about conventions and other places? Is there some, you might say, limiting factor if square meters are going down in the office space? I know it's because they wanna make it more effective and maybe going into your case. Do we see other places where in 2023 which will also grow for you? Yeah. Like you mentioned convention. Let me answer that one. It's obvious that convention has not grown a lot for us. It's probably shrunk a little bit during the COVID period 'cause no one was going to conventions. Now we start growing again, we are also starting to see our pipeline grow for this, and we are making projects. For instance, like one of our biggest projects which generated most traffic and lookups on our maps was the Mobile World Congress in Barcelona just about a month ago. We could clearly see that in our hosting center. Conventions are starting to come in again. Michael, again, it's not just smart office. I, you know, that's just one vertical under the smart buildings, right? Yeah. Okay. We also start, you know, smart office is clearly where like post-COVID, and how people are getting back to the office and how to engage your employees, a whole employee engagement, desk booking, room booking, is becoming a big thing and a whole new software vertical out there. Yeah. We're pretty strongly positioned to deliver the maps to do this. We also start seeing like smart factories. It's the same thing. How do you actually do this? We start to see like smart hospitals is actually becoming a fairly attractive area as well going forward. Smart universities we've been working with for a while. Then something that we've been looking at beyond just like wayfinding is also like smart retail. We do see some things moving around here that could become interesting. It's definitely something we're looking into to see whether we can make some interesting moves in the retail side. Perfect. I think we came through all the questions and you took us through your company. Thank you Morten and Lars for taking us through this presentation, and may everybody have a nice day. Thanks. Thanks.