Hi, a warm welcome to everybody and to this event where we have the pleasure to present MapsPeople. To help us through the presentation, we are joined by CEO, Morten Brøgger, and Chairman of the Board, Lars Brammer. Today's event, we will cover the Q1 result released last week and the announcement from yesterday on a rights issue. We prefer the right to existing shareholders. As always, you are encouraged to ask questions in the box down below. Do it through the presentation. We will run through presentation and then take the answers in the end, but do ask them there. Do it in English and Danish, and if it's in Danish, I will try and translate to the best of my ability. For now, I will hand the call over to you, Morten. Perfect. Thank you so much, Michael. Not too many slides today, but kind of like a lot going on in MapsPeople and a lot of messages, so I'll try and cover that to the best of the ability here. I would say, if I should sum up Q1 a little bit, Q1 has been a quarter where we have focused a lot on growing the business in everything that it takes, and make sure that our partner strategies that we've been working hard on the past couple of years, start producing results into this one. I think you can start seeing some of this in, in the first quarter, and I'll just on this slide, put a couple of statement in here. We saw that we grew quite nicely on a year-over-year basis after Q1. Actually, 60% of the growth in the last 12 months came in the first three months of this year. You will see that everything we spoke about is starting to produce some very good results here. If you should take some of the key results here, we ended Q1 with an annual recurring revenue, and let me just very clearly state, because when we report on annual recurring revenue, as of this quarter and going forward, we mean delivered and invoiced annual recurring revenue and no longer on the contracted annual recurring revenue we have for our partners. That is now in our order book, and I'll get back to that a little bit later. In delivered and invoiced ARR, we ended Q1 at almost DKK 39 million ARR. That is a growth of DKK 9.3 million over the last 12 months, equivalent to 31% year-over-year growth. It is a growth of DKK 5.3 million during Q1, so quarter-over-quarter growth. Meaning again, what I stated on the previous page, that you saw that 60% of the growth, almost 60% of the growth we had in the last 12 months, came in the first quarter. This focus we've had in our business on making sure that we deliver our contracts, making sure that our partners are utilizing the contracts, is showing its impact in Q1. Our main growth product, as you know, is MapsIndoors. The MapsIndoors annual recurring revenue ended at DKK 24.3 million. That is up DKK 6.5 million the last 12 months of 37% growth. You see that is still growing faster than the business in general, and it is up DKK 3.7 million quarter-over-quarter, which is 18% growth over Q4 last year. Again, fairly satisfactory with these levels. The third number is that you see on our net retention rate is at 105%, which means that the customers we have continue to grow, meaning that they're buying more and more from us, which is a good sign, and that will help us grow through this year as well. The last point we said is that you can see that over the last 12 months, we added 376 new end customers. It can be customers contracting directly with MapsPeople, or it can be customers contracting through one of our partners. That's a lot of new partners compared to the growth, I know that, in my opinion, is actually a clear indication that our partner strategy is beginning to work because we get a lot of end customers through our partners, and clearly, they are smaller than some of the large direct customers we have. This is actually very much according to the results and what we like to see here. This means that the guidance we put out in early May, that our 2023 annual recurring revenue, we are guiding to end that between DKK 77 and DKK 70. DKK 87 million, revenue between DKK 38 million-DKK 45 million, and EBITDA negative between DKK -52 million and DKK -62 million. On this page, just showing a little bit quarter-over-quarter on the graphs, 'cause it gives a very good visual view on it again, but the messages are on the ARR, a little bit what I already went through. We grew over the last 12 months, 31% or DKK 9.3 million, but a vast majority of that growth actually came in the fourth quarter. You will see, unlike earlier, we have actually MapsIndoors are still reported separately. We combined the two other categories, Google Maps licenses and other licenses, which is predominantly for the 112 services in Denmark, the blue light services we have there. You'll see both of those products or revenue stream, product revenue streams, has had a decent growth in the fourth quarter. We are actually fairly happy with that. On this page, we have the cohorts of our annual recurring revenue when they come in. These are always the first quarters of the last, this and the previous 4 years that we're comparing. We're comparing apples to apples here. You will see a clear shift that when we shifted to have a predominantly sell through partners during 2021, you'll see that the cohorts that the new customers we got from 2021, 2022, and 2023 is actually growing on a nicely basis, and that relates directly to this net retention rate of 105% we described a little bit earlier. We're seeing that the partners we have is delivering more and more end customers and end customer projects, and we're seeing that they're growing their engagement with us. I'm actually very happy with this with this picture. For sure, I foresee that this will help us going forward through the year of 2023 and into 2024 as well. This one is one of the things we're trying to track very much, our lifetime value of the customers, which we base on a 60-month average lifetime value of the customers and our CAC or customer acquisition cost. There's probably two things I'd like to point out here. One is the dark green average lifetime value of the customers that you will see is reducing over time, and it's always difficult to have a graph that is reducing because it indicates something that is bad. In my opinion, it's not bad. It actually shows exactly what we spoke about or what I tried to mention a little bit earlier. This means we are getting a lot of customers, end customers, through our partner channels, and these customer contracts are a little bit smaller. It's actually completely according to plan that this average value goes down on the new customers that we're adding through our partners. I'm very happy with this, but it just indicates that our partner ecosystem is working, and our role in that ecosystem is successful. I would say I would predict that it will continue to reduce a little bit, but it's gonna flatten out now because the partners are now contributing so much of our new ARR that we're getting to this point. The graph, the gray graph, which is fundamentally indicating how long does it take us to recover the cost we spent on getting a new customer, and you'll see that is around 24-25 months right now, which means that it takes two years for us to. The first two years of a new customer to pay back the money we spent on acquiring that customer. That is primarily rooted in the fact that we invested in building a much stronger team in North America during 2022 and also started up in Asia Pacific. Clearly, when you invest in sales and marketing, you'll see the cost go up a bit before you see the impact on the business. It is, however, too high, in my opinion, and we are working very focused in the company to get that in somewhere between 12 and 18 months towards the end of this year. We have a lot of initiative that has been started in order to support this. Morten, a comment here. The lifetime value of the customers are actually more than 60 months based on our current churn. We are always calculating on a 60-month average. Right now it's actually higher. Yeah, it's true. Key financial numbers here. This is the Q1 report. You'll see on the first line the revenue, which has grown almost DKK 2 million, compared to the first quarter of 2022. That's around 30%, almost 30% growth, we see there, coming from last year this time. We'd like to see that continue, but again, if we look at the annual numbers where we're a little bit flat, I'm actually again happy about this one, and we see that the annual recurring revenue we're putting in is actually dripping down into the revenue line that we have here. I think the other numbers we need to look at is our costs. You'll see that they have gone up, both on other external costs, which is mainly marketing, and on the staff cost, which is clearly more headcounts, but also headcounts that in average cost more than we have in the company. Again, I refer to predominantly the investments we've done in the North American market and in Asia Pacific. That being said, they are a bit high compared to the world that we're living in today. As I'm sure some has known, and we also announced this early May, we have completed a cost reduction initiative in MapsPeople in the end of April, where we have reduced our cost with DKK 21 million on a full year basis. That will have an impact in this year of around DKK 9 million. The impacts we will start seeing a little bit in Q2, but predominantly from Q3 and in and through Q4 this year. When these efforts has been fully impacted, we have reduced our quarterly cost run rate with around DKK 5 million. You will see that have full impact before the end of the year. Speaking a little bit about our growth objectives, guidance, for 2023 is to get between DKK 77 million and DKK 87 million, which is between 129% and 150% growth over 2022. In connection with announcing that we're raising additional capital, we also gave an outlook for 2024, where we expect to continue this growth to somewhere between DKK 110 million-DKK 128 million. You will have seen, or you may have seen, but we did send out a company announcement on May third, where we disclosed at that point in time, and I know that is beyond Q1, but on May third, we had actually reached an annual recurring revenue in our business of DKK 48 million. That includes the acquisition of the Point Inside customers and assets, which contributes with DKK 8 million of those DKK 48 million we had achieved on May third. Clearly, going from DKK 48 million in the beginning of May to DKK 87 million, the math says we are just around at least DKK 30 million-DKK 40 million to go for the rest of the year. A couple of comments on this one. I am foreseeing that about half to maybe 50% or 60% of that is actually coming from this order backlog we have from our existing partners, where they have contractually committed to spend money. That order backlog is still at the end of Q1, more than DKK 30 million, and we still continue to sign new partners and new customers as well. These are the efforts that is going forward here as well. What we have also done successful during Q1, is that we have changed the way we sign up new partners, and we've actually even also converting existing partner contracts to a new format. Instead of having a contract where you give a commitment, a contractual commitment to spend a certain amount of money before the end of a certain period, we are making a more traditional Software-as-a-Service contract, where you buy a license with certain user rights that has a given start date and a given end date, and these contracts are predominantly prepaid, which is very good from a SaaS point of view and from a cash-generating point of view. From an accounting point of view, it means that we can recognize this ARR as delivered and invoiced from the start date that we put in the contract, and then you will see that as ARR, and then it starts going to recognized revenue as the period of that contract progresses over the lifetime of the contract. That will give us a much faster order to ARR, thereby faster order to revenue, and thereby faster order to EBITDA process. It will also give us a better way to better predict the growth going forward, because we'll know exactly what the utilization of those contracts are up to renewals. We have some incentives in these contracts so that the partners should try and grow beyond the amounts that are in the contracts as well. This will give us a better way to be more precise in how we predict growth going forward. These are some of the initiatives, that we have done in Q1, and we've had a decent amount of success in Q1, and we are actually pulling this world, this, these successes with us, into Q2, and for the rest of the year. The last, super important thing, we announced that we would raise additional capital, which is offering new shares with pre-emptive right to our existing shareholders. That was announced yesterday with a company announcement that went out. There is up to 12.2 million new shares, which are offered at a price of DKK 2.80, as a public offer with pre-emptive rights to existing shareholders, meaning that we can raise up to DKK 34.2 million if it gets fully subscribed. There will be one pre-emptive right per share, and a subscription of a new share requires five pre-emptive rights in this offering. We have, for this offer, been partly secured. We have guarantees and commitments of DKK 17.8 million, so more than half of it. We have participation commitments from large shareholders, which is EIFO, formerly known as Vækstfonden, and BankInvest of additional DKK 8 million. This means that we have guarantees and participation commitments of at least DKK 25.6 million, or 75%, of the full amount. That does include DKK 1 million from the top management of the company. The subscription period will be from June 8th until June 21st. Michael, this was my presentation, very short. I tried to have short, precise slides and messages and give time for some questions and answers. For some questions. The first one is what is your expectation are driven by this partner or you might say your order backlog of the 30 you mentioned here, half of it. I guess you are renegotiating these, you're changing the contracts. Can you elaborate a little bit on how this is going, how customers are reacting to this? Maybe try to give a viewpoint from the customer side, why should they actually do it so, you know, if you understand what I mean, you know, if they are incentivized, it's more likely that you will succeed in changing the contract and thereby getting them into your to your revenue. Yeah. I think there's two questions here, because it's two different situation. One is signing up a new partner, or a new customer, right? That has shown, fairly successful in Q1, because it's just how we did it, right? This is how we offered, this is what we put forward, this is what we negotiated, and this is what happened. That gave us some very good, indication. We closed a couple of sizable deals on this in Q1, and they were already invoiced, and delivered in the early of Q2, so in April, then it's going forward. This is also how we're signing up quite, a bit of the new business, here in Q2. This is the office we put in front of new customers, and new partners as well. We have, the other part of that question is, why does it make sense to convert or upgrade an existing partner contracts to this format for existing partners? Yeah. There are many different views of this one. There's an advantage for the partner if they are towards the end of the contract and they haven't re-utilized their contract yet, to shift the contract into this model, and then actually, be able to go and sign up, the customers that are in here. Some of the customers we've offered that they, over the contract period, they are actually allowed to sell a bit more licenses than what we have in there, so we gave them a free overage of the license. S o that they have a chance of, if we commit this and pay it upfront, and we actually sell what is according to our plan a little bit more, they have, like, they have some free licenses that is included in the contract. The good thing for us is then when the contract is up for renewal, it will be bigger. We try to basically balance it, what is best practices, and clearly also making sure that there are some advantages on behalf of the customers to shift the contract. That will be customer by or partner by partner, we'll go through this, or we are actually going through it right now. It looks to me. Just to make understanding, you know. Yeah. You know, you could be a little bit afraid that they would decide not to go further on, but many of those partners, is it correctly understood that they already are using you and switch from that, you know? Is that also a part of it, protecting you a little bit, that they already maybe have used half of it and already implemented it in their customers' applications? In reality, you know, they still have to go with you. Is that correct? I hate having that point of view, Michael, to be honest. Okay. Because that's a, that's a negative, loaded partnership, and that's not what I like to stand for. I like to stand for, like, positive loaded partnership, where we find mutual benefits and mutual common ground that we can build on together, right? There are switching costs, we know that. Please forgive, we are not trying to raise prices. We're trying to get a better model for both partners to deliver and motivate both sides to deliver what we have already agreed inside a contract on, or even more, that is in there, and that there are benefits here, right? It's working together. There's a lot of other things we're trying to help these partners with. You're making it easier and faster for them to deploy the solution, and find new customers, and supporting them. We're really working closely with them. We want our partners to be successful. The good thing is that we have these contractual commitments. They already committed it to us. They made these commitments because they know that they need a component as MapsIndoors in their applications. They know they have customers whose demand this, and they projected what their demand is for their solutions. They already know this. Let's find a better model that works better for us and that works better for them, and how can we help you, Mr. Partner or Mrs. Partner, to be significantly more successful faster? That's more how we address this dialogue. Let's then to jump to maybe the end markets, you know. It looks like, if I read your report, that you are again seeing some kind of a pickup in the Congress center and those stuff. Yeah S o that's positive. I also read a lot of news about the office space, right? The square meters are being taken down. I understand that might be an advantage for you long time, but Is it affecting you negatively, then, that we are seeing much less square meters and a lot of talk about this industry being a lot of under pressure? Can you speak a little bit about the end markets? Yeah. Let me try and do it. I think the headwind we see in the end market is like what everyone else sees in the business-to-business end market, right? That is that people are taking their time to make decision, and cost budgets are being scrutinized because the future is uncertain, high inflation, wars in Ukraine, you know, the list we all read about. It just takes longer, it is harder to sign new customers and new partners, and those headwinds are still out there. Second, your questions about corporate offices and a lot of corporate offices are getting smaller. That trend is actually to our advantage, because the partners we have that delivers like desk booking and meeting booking solution that allows an organization to optimize the office space they have, that market is so lowly, so low and so poorly penetrated that there is an immense amount of growth. These solutions help the organization to measure how much can we actually reduce our office space with. So for them to accurately calculate that and have a strong employee engagement solution here, is actually pulling our market right now. We still see traction in that desk booking, meeting booking, and employee engagement market that we have in the corporate offices. As you mentioned, and as we wrote, I think in both sport venues and in conferences, we've seen a new pickup. There we have a lot of partners which has been struggling during the pandemic because no one went to sports events and no one went to conferences 'cause they were all slowed down. That has changed, we see both of them being very busy. Specifically, the convention area has been like. It's really, really, really busy, also for us in Q1, and it continues to be that throughout the year. I'm certain about that. We see the smart building trends continuing to universities, other schools, we see it into factories, and we start seeing quite a lot in the healthcare sectors as well, making hospitals smarter. Perfect. Last question: How is the integration going with Point Inside, and will purchase give you some technology capabilities besides the customers? Yeah. Well, we're still early, we're still very early in the integration. The two employees we took over are fully integrated, and they're actually starting to help on more than just the Point Inside element. We are talking to all the large customers that we took over, making sure that they're happy. This is the predominant one, but we're also analyzing on the technology side. The good thing is we got a couple of new products coming in here. Clearly, I think on some of the go-to-market synergies on this one is actually selling more of these new products to similar customers that we acquired from Point Inside. It's in our MapsIndoors family because these products are based on an indoor map t hey're also based on knowing a lot of what we call points of interest. As you know, part of the asset that we took over was almost 1,900 shopping malls in North America and around 300 airports. This means that we have more than 170,000 points of interest, like which stores are where in the different malls. There's actually quite a lot for digital advertising who find that information very useful in their solutions. We have customers in what we call the last-mile delivery. For instance, like someone who delivers packages or food to different stores or pick up food or packages from different stores in a mall, where should the delivery guy go? Which entrance should he or she park at? What route inside the mall should they do to have the fastest route to pick up or deliver the goods? That is optimizing this last mile delivery, where we have some interesting customer going on. These two products that we took over in the acquisition of the Point Inside assets, including all these indoor maps, is what we are selling more of to customers, and the integration there is going as it should. I think deciding exactly which system needs to be migrated and which system needs to be integrated, that will be completed in the first 12 months after this one. Right now it's being well operated. We're happy with the progress right now. Actually, if you read through your announcement about the rights issue, you are mentioning that maybe a different go-to-market strategy, actually a little bit more similar to Point Inside. Can you speak a little bit about more? Is that partner-driven, or is it the capabilities of very large number of people actually just accessing the cards and in a very simple model or maybe talk a little bit about more about that, you touched at least upon it in your announcement yesterday about the rights issue. Yeah. It's simple logic to me, right? We know that every building will need a lot of smart building functionality. It could be a smart shopping mall, smart hospital, smart school, smart office, smart factory, whatever it is. There's a lot of these smart building solutions. That can be software solutions, that could be hardware, sensors, and stuff like that that gets integrated. Right now, these applications are provided by a lot of different providers. Some of them are my partners 'cause they need a map, and they're buying it and sourcing it from us because we're very good at that, but not all of them. This means that as a large enterprise, an airport, a hospital, there's a very high probability right now, if you're implementing two, three, or four smart building solutions, you'll end up with two, three, or four indoor maps that supports that one, because you need to have, like, assets, asset tracking, location, way finding, booking capabilities as well. Having to pay for building and maintaining multiple maps for the same building is just not efficient. Clearly, I believe we're moving towards what I call the marketplace, where you have one map that serves all purposes. That's where, like, if one of my partners have a map with a large enterprise or hospital and another partner would like to sell it, then they can reuse that map, and then we find a good model on that going forward. I think efficiency and logic will drive the world in that direction, and we need to be at the forefront of that because we are a global leader, and we intend to maintain that. The good thing with Point Inside is that there we have the rights for these 1,800 and 70 shopping malls and airports, and we can do this. We get a chance to learn exactly how could that work, and we can replicate that in. We know we already have partners who says, "Hey, which other maps do you have that we can get access to?" 'Cause it's just much faster for them and more cost efficient for them and for the end customers. That's what I, that's what I meant, Michael, I hope that helped a little bit. Yeah, I think that's clear. Is that still That would still be a ARR model or a subscription model, or is it, is that still predominantly? I can guarantee you it will be a recurring subscription model, yes. Yeah. Perfect. There's a question here, in which departments and regions did you make your cost adjustments? A little bit all over the place. That's, I think we have gone through the questions. Thank you to you, Morten and Lars, for joining in and answering the questions. I think we will go more into depth with the capital or the rights issue in some events in the coming time. If we didn't touch so much about that's because we will do some events especially focused on that. Thank you to everybody for participating. Perfect. Thank you.