Welcome to today's event, where we have the pleasure to present MapsPeople. The subject of today is right here on the front page, the annual report and the expectations for 2024. That will be the main subject of this event, and look back. To help us through the presentation, we are joined by CEO Morten Brøgger, our CFO, Christian Læsø. As always, you're very welcome to ask questions in the box down below. Do it in Danish, I'll try and translate it to the best of my ability. We will try and run through the presentation and take the questions at the end, but don't hesitate to ask during the presentation. But for now, I think I'll hand the word over to you, Morten. Perfect. Thank you so much. Yeah, and I'll do the beginning of the presentation and talk a little bit about what we've done in 2023, give you the high-level numbers and the outlook into 2024. Then I'm gonna hand over to my new colleague, Christian, here, who's joined us on January the 2nd of 2024, and he'll double-click a little bit on the numbers and walk all of you through this. So if we move to the first slide, let's just say that we changed a lot in our little company in 2023 in order to make it a better platform going forward, right? In the beginning of the year, we changed how we were reporting. We used to report what, what I call contracted ARR, and now we're reporting on invoiced and delivered, ARR, simply because that's closer to how it turns into revenue, and how it turns into cash, and how it turns into EBITDA. So I think it's a little bit easier to understand. But of course, that was not just something we did, for the financial market. Clearly, there was a request to do that, so it was also for the financial market. But it also was intended to drive a lot of changes, and changes of focus on how we actually run the business. You know, how do we get our partners live sooner, our customers up and running, and how do we make sure that we can invoice, sooner and in a more predictable way? So we did that, and just below the surface, there was a lot of internal changes in focus, in KPIs, in processes, and so forth, right? We also over the year, optimized our cost base, and fundamentally reduced our annual cost base with around DKK 30 million. Christian will show you during the presentation, how you can actually start seeing the full effect of that in our business. Becoming like a slightly more lean organization, but also have a more simpler structure, better and more efficient processes, and some other simplifications in how we do business, and then start focusing on efficiency. This was the theme that we tried to go through this as well, and I think we've come pretty fine. I'm personally very proud of how the company reacted to this, and how they have all stepped up, and I believe that we have become a much better company, way more efficient from this as well. Then, I wouldn't say it's a lot of changes. We were always a partner first in how we go to market, and I'll speak about that a little bit later. But we really doubled down on this in the course of 2023, and definitely into 2024 as well. And we looked at these partner contracts we have, and these partners, as you remember, they are all like smart building applications for where it makes sense to have an indoor map, and our platform becomes their mapping platform in that solution. We changed how we dealt with these partners from, like, a Framework Agreement, where we would invoice them when they got an end customer on, into what we call Prepaid Platform License Agreement, where they have a commitment, and they fundamentally pay for this commitment, and then they start going it. So there's a lot of conversion of existing partner contracts, and we started getting new partner contracts into this model first. But when we say partner first, it also dictates how we develop our product, how we generate new leads to our business as well. So again, below this, there's a lot of other changes internally that has come to effect as this as well. We continue doing some pretty big step forwards in terms of our product, both in terms of having what we always refer to as automation, which means how can we basically build and update indoor maps much faster, and thereby more efficient and more competitive, deploying machine learning algorithms into this automation as well. We launched 3D maps through our partnership with Mapbox and using Mapbox technology alongside the Google technology we've always done, making our product prettier. So, you know, delivering it fast, delivering it efficient, and making it look better, these are free, like, pretty cool value proposition in going to market. So we continued down that path as well. We did one small acquisition of Point Inside and got that integrated. Overall, I think very positive, but clearly also a lot of learning in this one. But it helped us grow our business, it helped us obtain some other assets that we could go to market with, and these are beginning to help our growth both towards the end of 2023 and into 2024 as well. And then we raised capital a couple of times during 2023, latest in order to finance our 2024 growth plan as well. So yeah, we had a full plate that we were playing during the course of 2023, and we made a lot of changes, and we fundamentally tried to conduct ourselves another way. I keep referring that to, like, you know, the teenager who's moving away from home, and we have to grow up. That was probably the process we went through in a very condensed period of time. Now, the good thing is that not only did we do a lot of changes, I actually feel that they worked on our financial performance. That's always like a relief, right? The business in my optics looks very good. We grew our annual recurring revenue, invoiced and delivered from just below DKK 32 million overall to DKK 52 million, or 63% growth, compared to growing that 25% in 2022. So we picked up our growth pace on a higher base, and I think that's very well. And if you look at the benchmark from SaaSiest Benchmark Report, for companies in the similar size as ours, the average there of the benchmark number is 37. So we're growing, like, up towards twice as fast as the peer we have. So I'm actually very, very pleased with that. The mid category here, where it says DKK 38 million, that is our core growth product, the MapsIndoors. That is the indoor maps that we're doing, like, focused on this product, which I think everyone who follows us knows this is our core product. This is where our growth is supposed to come from in the beginning. This is where we are playing globally, to be the best indoor mapping platform in the world. And we grew this product from just below DKK 19 million in ARR at the end of 2022, to DKK 38 million at the end of 2023, and that is a growth of more than 100%, against the growth last year of 37%. This, to me, is really good performance. This is what we focused on. This is where our roadmap, our investments, our go-to-market, this is where we've been focused on, and it's really, really working well. And again, it's the same benchmark we compare this to. And you can see when it comes to the recognized revenue, we ended 2023 with DKK 40.5 million in recognized revenue, against DKK 29 million in 2022. So this is a 39% growth in recognized revenue, compared to 2022, where we grew only 4%. So you see that the ARR, you see the growth from the overall business, primarily driven from our MapsIndoors, is coming in a good way, and when we recognize that over the year, it is now starting to show its clear signs on the recognized revenue, and thereby the results, right? This is compared to a benchmark of 32%, out there. So this is great. You know, with all of these changes that we made, the fact that they actually have started showing some pretty good results in 2023, I am today very pleased about, I have to say that. But I'm actually more pleased about how that make us look into the future, because if we really quickly glance through what is the guidance for 2024, we are guiding our total annual, annual recurring revenues to be somewhere between DKK 72 million and DKK 80 million. So a continued growth around just shy of 40% to middle 50% in ARR growth. So you'll see pretty high growth rates, which is over the benchmark numbers that we see from this year. No one is projecting benchmark numbers when we compare with the 2023. So we continue to have pretty high growth, even though we're getting bigger. This also means that this is now starting to basically impact and show its impact on the recognized revenue, where we are guiding our revenues to be between DKK 58 million and DKK 63 million, and that is a growth between 43% and 55%, projected growth on our revenue. And that we are also, like, super pleased with. And then the last point we guide on is EBITDA, and we are guiding that to be somewhere between negative - DKK 20 million to - DKK 25 million, and that is compared to the 2023 results of - 59. So it is actually an improvement on somewhere between 58% and 67%, percent. If you want to basically draw a straight line on where we are and do that, you can see that this is getting pretty close to being break even towards the end of 2024. Clearly, we will continue to have the bigger losses on a monthly basis in the beginning of the year, but as we grow, these will be a lot lower in the second half of the year. So this is how we guide, and I think the platform that we built through all the changes, and we'll continue that in 2024. The results we actually delivered in 2023 give us a good platform to have a pretty nice growth outlook for 2024 as well. Now, we get kind of a lot of questions about this one, so I wanted to actually proactively take it in. I'm sure Mike will probably have that question in his black book somewhere, right? But the question from, from when we talk to analysts and investors fundamentally, "Hey, Morten, how come you can reduce your cost, which is fundamentally staff cost, with 30% through simplifications and efficiencies, and that you grew around 50% last year, now you're going to grow again 50% this year, so you're going to double, you know, the size of the company with a lot less cost? Tell us how that actually works." And I understand that question, because it is a pretty good question, right? But it comes from a couple of things, right? The one that I didn't put in this slide is, like, we have a pretty cool, very large market of smart buildings. The whole smart building market is growing quite a lot. You can look at the Gartner reports. It's the indoor navigation market, which is closely to defined to this. Gartner says it's growing average 45% on a year-over-year basis until 2030, where it will be $55 billion. And clearly, what we do play in that big marketplace, and it's really the growth, the CAGR, the calculated annual growth rates, that you need to buy it in. So it's a big market, and it's growing. That's always a good thing when you want to be a growth company, right? Second is a couple of things that what we've done, and I actually want to take point B first. We talked about this partner-first go-to-market model.... We sell our indoor mapping platform to companies who have a smart building application, and in that application, it makes sense to have an indoor map of the building where you can visualize status of different things. Is this table booked? Where is this person? Which door has been opened? And other things. You can visualize status into a map. That's what we provide. We don't develop the app. We are not an app. We are a platform that works in other companies' applications. And the good thing about this is, this means we can play in a lot of different verticals, right? 'Cause there's a lot of these smart building applications out there, and we don't have to develop all of them. We just have to be the best mapping platform that they can use in the world. This fundamentally means every time we get a new partner, that partner will have five, 10, 20, or 50 salespeople that go around and sell that partner specifically smart building solution. But every time they sell the solution, they will be selling one of the maps we deliver. So we have this exponential growing sales force every time we onboard a new partner in the smart building process. So this fundamentally means that we can continue to grow with a very efficient and focused sales team, and we just need to add enough new partners all the time. So this is what we're focusing on a lot. Second, or thirdly, your market, go-to-market model, and then the last one is our product. There has been a lot of investment in this company, making sure that our product is super efficient, and as I said, we have this automation, which is machine learning based, that helps us build new maps faster. But even more important, it helps us make updates to a map faster, because the machines can handle part of it. It can detect the changes, and it can start making some of these updates. We have. My favorite example is we have a very large financial customer, who uses our solution in more than 200, approximately 200 buildings, and that partner, we've integrated this system into their facility management system, where they manage their buildings. And every single day, we get between 90 and 230 floor updates from this partner. That then goes into our automation tool, and it updates the maps and push them back to the customer without us having to basically touch in front of people. So this level of efficiency makes sure that we can deliver these updates much faster and much more efficient than the market can, and that equals competition. So this also means that we can scale very well from our platform, and we are in the process, by the way, in our 2024 roadmap, to take this functionality from the very large customers and democratize that, and put that into the mid segment, so that the mid-sized customers of our partners can gain the benefits of some of this. But again, it makes us very efficient in how we deliver our product as well. So it's a big growing market. Our partner first is an exponential scaling, go-to-market model, and our technology with the automations, and machine learning capabilities we built into it, is a very efficient and scalable production or delivery of our product to the marketplace. That's why we can double the company in over two years period, actually with less resources. Morten, you're pretty confident that there will be no bottlenecks, you know? Sometimes when you slim down an organization or something like that, you will find that there might be some bottlenecks, you know? Yeah. I guess looking back at you, I think some of it has been, you know, the development of the maps- Yeah ... when you sell it. So you're pretty confident that that has been fixed through technology, or how should I understand that? Oh, God, no. I am pretty sure that we will run into bottleneck problems, right? But we will fix them. Like, the fundamental thing is, like, healthy, we'll do this. But, you know, it's like when you put more pressure on the water pipes, you'll see where it's leaking, and then we go and fix that- Yeah ... or expand the capacity, right? That's just, like, the nature of growing it, and we have an amazing team who's gonna help us do this and, you know, they're gonna- they're gonna put an extra effort into it when- whenever we see this and put the customers first. I, like, listen, I would hope we get some problems and some bottlenecks, because- Yeah ... that means that we are growing well, and we can make ourselves better. But overall, I'm confident it's not gonna stop us. We can deliver our guidance with what we have. But I'm sure we will have issues and bottlenecks and other things like other companies, but, you know, we will take them as opportunities to make to become even better, Michael. Perfect. Thank you. Good. The journey has started. It's not a 2024 thing, it's something we started in 2023. So it's not the first day. So a lot of the- That's enough for me, and I'll hand over to, like, the- Yeah ... the new gentleman around the table. New guy. Yeah. I'll try not to speak too much about 2023, because I wasn't there, but of course, I know the numbers. So steep learning curve. But as Morten said, the MapsIndoors is our core product, and this slide is to show that this core product takes up a larger and larger share of our revenue and our ARR, as is on the slide. As you can see on the slide, the ARR has developed from DKK 18- DKK 32- DKK 52 in total, and is expected or guided to go between DKK 72 and DKK 80 in 2024. But the light green area is the key here, where it's actually our MapsIndoors business that's doing the growth. Our other licenses and other subscriptions-... Is more or less stable, or is stable, and we don't assume in our 2024 guidance that they will deliver much of the growth that comes from our core product. So that's a key information. If we go a little bit back to 2023, and as Morten also highlighted, some of the effects, if you look at the two columns to the right of the screen, you have the full year 2022 and the full year 2023 profit and loss. So first of all, in 2022, we had a revenue of DKK 29 million, and as Morten showed, it grew to DKK 40.5 million in 2023. And the same, EBITDA in 2022 was -DKK 57 million, and is minus, let's say, DKK 60 million in 2023. But if you break it down in quarters and look at the last quarter in 2023, and if you zoom in on the first of all, the revenue, you can see there's a significant growth on the top line. But also zoom in on the staff costs. So these changes that Morten and has been talking to through the last two, three quarters at least, they are now starting to show their effect, where staff cost in 2022, Q4, was DKK 27 million, and it's DKK 19 million in the last quarter we've just closed. So even though you can't see it on the annual numbers, you can kind of get this reduction is starting to kick in, and it will continue to have effect in Q1 and Q2 2024, so the number goes even lower. Again, back to the ARR and the cohorts. So we have customers, we have partners that sign up and are with us for a long time, and a key to that's what this what we're trying to show here is that customers signing up in 2017 and before still continue to deliver revenue, even though it is diminishing. But from 2018 and onwards, there's a quite stable base of customers that keep delivering revenue or ARR, new contract new ARR in the years to come. And in 2023, the dark green area up top, that's the new ARR from new customers. So we see the not the... Everything except for the dark green area is the growth of existing customers. So even if we hadn't signed one customer, we would still see a growth in our customer base, and this is the net revenue retention, which we deliver on 111% for the year. And when you look at the industry benchmark, this SaaSiest Benchmark Report for 2024, it's 105%. So we overperform on that. Our existing customers on net have increased their revenue with us with 111% over last year. We did show a higher NRR during the year, but that's a lot to do with timing and when contracts are renewed when they are increased and when they are contracted. So in Q3, it was higher, but we still ended the year on a healthy 111%, which is also the level that we are expecting it to continue in 2024. And then another big or important factor for our financials for 2024 is that our marketing efforts have been revitalized during 2023. We now see in Q4 we ended up with 15 months payback on our ad spend, on marketing spend. So our customer acquisition cost was paid back within 15 months of a customer signing up. And our target here is to stay below 18 months. We know our customers stay with us a longer time, which the cohort chart also showed. So as long as we can keep our cost structure in a way where our direct sales and our marketing efforts, et cetera, are paid back under 18 months, then we are in a good place. So, 15 months is definitely acceptable or positive, a good result that we ended up with in Q4. And we expect that to be able to continue with the new marketing team in place, well, sometime in Q4, that they came in place. We're still delivering. So, that was the highlights on the numbers that we've chosen to share with you. Shall we jump to some questions? Yes. I will start with some from the public, and then I maybe have some on my book if we manage to get that, get to do that. In which geographic markets are you observing the largest growth right now and also see the potential maybe? I know it's two questions- Yeah ... in one, but maybe the answer is the same. Yeah. It kind of fluctuate a little bit 'cause it depends on some of the new customers and new partners that we bring on board, right? I would say, like, overall, it's very close to being 50/50 in North America and in Europe. I think we do expect a little bit higher growth in North America than in Europe in 2024, but it's still close to 50/50. I still think that on the MapsIndoors products, way over 90% or 95% of our revenue is outside of Denmark, so we are a very international company. So, if you say you are actually seeing both regions, and we know the US economy is booming right now, and the European is not, is that telling us that this is a more structural growth story? Is it the smart building and the hybrid workspaces, is that what you are really now seeing that starts to drive most of the growth? Yeah, it 100%. Yes, it is. I think the difference between North America and Europe is, like, a lot of these partners that we're doing a U.S. still have a tendency of being a little bit earlier with new technologies and adopting new technologies than Europe, in my opinion. It's not a scientific, it's like a gut feeling. North American market is, in general, bigger, right? So the potential partner for us in the smart building market, when it's a new startup, they tend to be bigger. And when they're bigger, it also takes a little bit longer to basically get them on board, but then it has more, more power when it gets on board, compared to Europe. But we actually also see a lot of, like, very big established companies, within the building or facility management space, that is now shifting into more digital and launching their own smart building solution. So, like, it's not just, like, new startups and smart buildings, it's also getting very established, building facility management companies who enter, into the technology space with their own application. So that opens up a pretty impressive potential for us. That type of partners are heavy to dance with, right? Because they're big. They, they will be, like, tens and tens of thousands of employees, so we know that these processes takes a little bit longer time, right? Perfect. Then there's how are you progressing on the conversion of Framework Agreement to deliver the invoice, the IR? That was a little bit, but you made the change from contracted to invoiced ARR, but you had some Framework agreements also lying next to there. So how is that progressing? Do you still have some kind of order book lying there that you can rely a little bit on to convert into 2024 also? Yeah, there, there's a little bit left. We are very well progressed. We also... In that process, you also figure out who are the most healthy ones that will deliver most of the future growth, and which ones are even potentially problematic, right? We weeded all that stuff out. There's still a few that needs to convert. The majority of those are in really, really good discussions right now, and they're all included into the guidance that we provided to the market. So we will be helped also in 2024 from these contracts. This is some of them... Ah, I think most of what is left is actually not new partners that needs to go live and activate. It will something that will show itself in the net retention rate that- Retention rate. Okay. Yeah. And then, are the current market demand now, like, favorable? Have you seen any changes in the competition? You mentioned 45% growth. That's favorable, but have you seen any changes in the composition on how the market... You know, we have seen some consolidation where I know ServiceNow bought one of your competitors and so on. So are you still seeing some consolidation? Do you want to participate in some consolidation? O r a little bit about the- Yeah ... how you see the industry progressing right now? Yeah. I personally is certain that you will see some kind of industry consolidation out there. It's a new market with extremely high growth rates. It obviously takes a bit of scale to be profitable, or you can read our numbers about this and the investment we've done in the technology. And there are companies out there the same size as us, and some are smaller. It's hard to not foresee some kind of industry consolidation going forward, and I think we've said that before, and I'll happily state that again. We will opportunistically look at anything that crosses our path if it makes sense to us. But none of that is included in our strategy, and none of that is included in our guidance for 2024. A little bit about the market dynamics, competition-wise, how are you seeing that evolve? I think, everyone is trying to get better, right? But, you know, fundamentally, if you look down to, we provide the, the visualization of the building into these smart building maps, and I think there are three ways to do that. Some of our competition is more towards the direct customers, where we have chosen a much more committed path down through partners. Yeah. I personally believe that is a better scalable model going forward that will succeed. That is a strategic bet. The future will tell the truth, but I think we've shown we're on a good track. Then I think from a value proposition out here, right, a couple of things that are important: Can you deliver the product fast? Because who doesn't want it faster than slower? Can you deliver it cost efficient? And here, fast actually means cost efficient. Can you maintain it quickly and update it? Because the less time you have to do it, the more automated, the less it costs, right? So if you can deliver fast, cheap, and then with the 3D best looking, I think that's three pretty damn good value proposition, right? Who doesn't like that? Who doesn't like to have a product that is competitive, that you can get faster, and that looks better? So this is, this is the focus. We shouldn't fundamentally do much on our product if it's not either gonna help us, our product, make our partners look better, and help them be more efficient and competitive in their solutions. And if you go ahead- That's kind of your most, you might say, that this is those three that gives you the most- Right ... and everybody can look at your financials, that has demanded quite some capital to do that. So you're also protected that if your competitors are not big, they might not catch up on you on that. Is that how we should also see it? 100%. 100%, and we get better at it. Like, if you start following us on LinkedIn, you'll see us actually talk in our different partners' language. Like, why is it competitive for a workplace engagement provider to have an indoor map? It's because if you don't have it, you're not gonna win new customer, and your customer base is gonna churn away, right? We know that probably 80% of them have a map. So 22% doesn't have a map, but only I think 12% or 14% of them have a 3D map. I think if you have a better-looking map, then you will win, and if you have the obvious map, you're gonna lose, and then you have a higher risk of churning away. So this is super. Like, we must help them be better, and look better, and we must help them be way more efficient, and deliver their end customer satisfaction through this visualization layer so that our indoor mapping platform contributes to their application with. And that is exactly what we're focusing on right now. It's actually super interesting what's going on. And if you don't follow us on LinkedIn, I recommend you do it. Yeah. That, expanding further on... Oh, that was bad English. Are you expecting that your investments in new technology can also open new revenue stream, or is it primarily an improvement of, your, your platform and, and what we are talking about here, your three strengths? Or, could it open up some other revenue streams? I'm thinking 3D. You're saying it's nice, but can it also open up something for, you know, firefighters or, or something like that, higher knowledge? It gives the same, right? As I said, like, one thing that we've done, we hired a new CMO, this amazing subject matter expert in demand creation, demand generation. One of the things that we are focusing on is, like, we need to be, like, super good at these use cases right now. And right now we're doubling down, again, double down and double down, on the workplace management because we have customers, it's a market in growth. We know that there are. We have identified 472 workplace management solutions out there who could use a map. And they should have the coolest map. And we are sharpening our pen and our communication to help them understand how this could help their business. And right now we have a shortlist of six of the other verticals that we are already currently serving and have a lot of partners and customers in. Which one is the next one that we will go in and really, really be sharp in how we articulate that and explain to partners and customers how we can help their business on that. But we need to take one at a time and not try and serve all at once. You need—we really want to be the best at what we do. And you'll probably see us launch two more of these verticals during the course of 2024, but I am not in a position to tell you which one it is yet, 'cause we are analyzing it. You know, if we really, really, really want to make a difference for them, what do we need to do with our product? We need to understand their language and talk in their language. We need to understand how we can help them have a better value proposition in their product, and we need to understand the market dynamics, meaning which of these verticals will give the biggest and fastest return on investment for us. That's the process we're in, but you'll see us launch two more, and, and, and go big in those during the course of 2024. Perfect. Can you provide more detail on partnership agreements? You mentioned prepaid. How does it work? I don't know how deep you can go into it. I guess that's a little bit of, I guess also your secret sauce, but... And maybe, to get a good, understanding of it, a little bit of an example. Yeah, I can, I can give you an example on, how it ideally, should look for us, and a partner. It's a very good question. Like, having a partner-driven go-to-market is difficult, right? And everyone who's been doing with it, it's, it's difficult because you cannot control the partner, right? They have to make up their own mind. You can tell them the good stories, but in the end, they will make up their own decision, right? Which is why we need to make sure that we are super relevant for them. We help them grow their business, right? We help them become more efficient, and then they will do the right thing. So when we try and sign up a new partner, let's say this is a desk booking company in the workplace management space, we try and understand what is their business model. And traditionally, they charge per bookable resource, per meeting room or per desk that they have. And then we, we also basically can charge for that because that is close enough approximation of how many square meters do we need to map. So we align our pricing to them. And then we kind of like talk about, "How many do you want this year? And then, if you want more, it's cheaper than if you want less." And then we agree on that. And then, we say, "Look, okay, I'm gonna buy 10,000 bookable resources. I commit to do that." And then, we know that the partner will have to pay them upfront. So they will pay them upfront, then, then they are committed, right? They have skin in the game. They're committed to go live 'cause they paid the money. But we probably also set the number. They can-- They probably think they can sell 20,000, but then they will sell it equally over the year, right? So it's gonna be 10,000 average. So, so we actually allow them to go to 20,000, even though they only paid DKK 10,000, because we are investing in their growth. And when the contract is up for renewal after 12 months, and if they have sold 20,000, which is their forecast, of course, we renew at that level. We try to be fair upfront because we know that they will deploy it evenly over the year. We find the average in the middle that we can agree on the partner with, and then we allow them to spend more, so it's a fair pricing over the year, and then they will renew at a higher level. Let's call that we are willing to invest in their growth when they start off doing business with us. And then we support their utilization, right? So we keep track of how much are they using of what they've signed up for. Are they on track? Are there any problems? And incentivize ourselves and them to actually use the product. So it's an easier decision when the contract is up for renewal. I think that also actually covers an example of your sales process, what you're going in, and this is a new one, where it's not getting the most in upfront, and then the partners problems to get it out and running. I guess that's. I see that as a little bit of a change in the business model there. Perfect. Yeah. Then the second part of that question is: who do you see as your competitors out there? We talked about, you see, you have a strong value proposition, but who are your competitors, if we should follow them and try and a- Yeah ... and check up on that? Yeah, there's a few out there. You can look them up. Then there are some big ones who has it in-house, that is not directly customers, but they're like they're smart building providers who build their own mapping platform. And then there are smaller ones who's built their own mapping platform or kind of like does it themselves or a little bit with the left hand, right? I think the good thing is that there's a lot of the smart building providers that does not have maps, but they should have, otherwise they will lose business. So they are in a decision, should we build or buy? This is why we need to educate them on the advantages and disadvantages with both of them. And then there are some who basically started out by, "Okay, we can do a map ourselves," but then it becomes a problem. It doesn't look as great as we have, and then they're losing deals because it doesn't look as great. The process of keeping them updated are cumbersome and takes too long, and it generates end customer dissatisfaction. So how do we do these things? You know, I was speaking to a new potential partner the other day with the CEO, and he said, like, "We have a very big international company with many thousand employees, and in their evaluation process, they have an end user committee, which only just look at the application and how user-friendly is it, which one looks the best? Because if it doesn't look user-friendly, the end users of the customer will not use it, and they will have low adoption, and then they shouldn't spend money on it." And he said, "I know we haven't made a partnership yet, but would you mind participating in presenting a solution to this customer? Because we think that will increase our chances of winning this new customer." So this just underlines the fact that the end customer has a user committee, like a user experience committee, helping justify which provider should you do. It just tells me, if it doesn't look great, you will lose. Right? Now you understand why we invested this money and why we're so happy about the three-year loans, 'cause it looks great. Maybe if we narrow it down to some of the pure play mapping partners, you know, who's not doing the total app. Can you mention a couple of names, or is it just..... too widespread or too, too many? Michael, you are way over my... You've been making an advertisement for my competitors just again. you know- You are making it easy. ... I... I will, I will let people look it up- You are helping my app- ... on the internet. by naming my competition. But I know who they are. It's okay. You, you gave the political answer. I should have let you stay on that political answer. Perfect. That was the last question. Thank you to you both for taking us through your results, look ahead, and answering questions. May everybody have a nice day. Thank you. Thank you.