Good afternoon, and welcome to this annual report 2023 presentation and Q&A with MapsPeople. With us today, we have the CEO and the CFO. First, there will be a presentation, and afterwards, a Q&A, where the management team will answer questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to MapsPeople to start the presentation. Your line is now open. Perfect. Thank you so much. We're glad to try and do this on Stokk.io. We're very excited about it. It's our first time on Stokk.io. My name is Morten. I'm the CEO of MapsPeople, and with me today, I have Christian, who is our CFO. So, let's talk a little bit about MapsPeople. But before we do this, since it's the first time on this platform, let me explain what we do. We make indoor maps, just like, you know, Google Maps and stuff on the outdoors, we map buildings. So we can map a building and everything that goes inside. And this is actually a pretty big trend right now, and what is driving that is what we call smart buildings. Companies and large organizations today are investing heavily in making their buildings smarter, so that they can utilize them more efficient, right? They don't need more square meters than they need. They make sure that it's at the utilized at the right level. Energy consumption is optimized, carbon emission is minimized, and stuff like that. All these different smart building solutions very often requires that they can show data in real time on a map, and we make that map for all the smart building applications around the world. So with that short, short, short introduction of MapsPeople and what we are, let's go into the 2023 annual report. I just want to start saying that 2023, in many, many ways, was a year of change for our company. I'll go through a couple of these changes from them. A year ago, we used to report what I would call contracted ARR that was not yet delivered, and we shifted that into reporting on ARR, which is invoiced and delivered to the customer, which is a more standard way of doing it. We had requests from the financial market to do this and be more comparable in the way we reported, and thereby it was important. But I also want to say that this change actually also was a catalyst to change a lot of things and optimize a lot of things in our business and be more focused on delivering the real growth and getting us closer to a break-even company, right? We changed the way we did the contracts with the customers, so that we could invoice a part of the contract upfront. We optimized our processes and how we could deliver faster to the customers and thereby invoice faster. So a lot of things actually, how do you call it? Generated a lot of changes for the positive within our company as well. As part of that, we actually also optimized our cost base, and we carved out around DKK 30 million annualized costs during 2023. We did that by refining our structure a little bit, making it more simple. We did that by optimizing the processes, so it does- your task didn't need to be handed over to another employee as many times. We did a couple of simplification, other than that, and then we started focusing on efficiency. Like, you know, how much can we do and how can we do better? Can we invest in technology? Can we make our product a little bit better? So we did all these things as well. And most of these annualized cost reductions are now out. There's still a little here in the beginning of 2024, but Christian, when he goes through the numbers, will show you this. Then, we've always had a partner first go-to-market strategy, meaning that we don't really sell to the end customers. We do have some end customers, but our preferred go-to-market is through partners, and that has to do with this market that we serve of smart buildings, right? If you need to have a smart building solution, you need to develop an application for the laptops or for the phones, and there is a vast amount of those, and we are a 100-people company. We can't develop all these apps. What we do is we are the platform that visualizes the building in an indoor map in all these different smart building solutions. So our preferred partners is exactly those smart building applications that uses our map, and then they sell it to enterprises and organizations around the world. And when we say we doubled down on it, we really, really focused on it. We are actually no longer spending money on generating leads on direct customers. We only spend our money on these partners. And this makes a ton of sense for us. I'll double-click that a little bit later, but just to give you a taste on this. When we get a new smart building partner that uses our maps, that smart building partner will have 5, 10, 20, 50, 100 or more salespeople that sell their solution, and every time they sell their solution to a new customer, they will need one of our maps. And that's why our go-to-market model has a great scalability. And we understand that selling through partners is difficult, but we feel like we really cracked it during 2023. We continued to do major strides forward on our technology, making it more efficient. I'll speak about that later. And we made sure that we could also upgrade into 3D high definition indoor maps, as we call it, which fundamentally means they look way better now, and this is getting really important. We did one small acquisition of the assets of a company called Point Inside. It's been actually great and accretive. We also learned some stuff here, but, but, but it was super interesting for us. And we raised a bit of capital a couple of times to finance our 2023 plan, and also to finance the budget we have for 2024. So this was, in many, many ways, a year of changes where, you know, our company needed to grow up, you know, at least be a, a, a young adult from a teenager and, and, and start working on this one. I think we did a good job. I think the company is in a better shape than it was twelve months ago. And thank God, we're also seeing some of these results in the financial numbers, and I'll go through them on this page. Our annual recurring revenue for the company ended at DKK 52 million, up from DKK 32 million, just shy of DKK 32 million in 2022. So this is a 63% growth versus a growth in 2022 of 25%. So we really managed to accelerate the company here. And if we benchmark that against other enterprise SaaS company in our category, this is from the SaaStr Benchmark Report, which was 37 for our size. We are growing quite a bit faster than the ones we can benchmark us with, and of course, that's always a good thing. The middle one is the ARR on our core product. This is MapsIndoors, these indoor maps, which is fundamentally our growth engine. This is where we put all our investments in, and this is what is going to generate the growth. We can see it ended at DKK 38 million, up from just shy of DKK 19 million, which is more than 100% growth on our core product, versus a growth in 2022 of 37%. We really, really managed to accelerate growth on our core product here. It's against the same benchmark number. Here we are really doing well, and we are really, really pleased with this result. This also now starts turning into, like, real recognized revenue, from an accounting point of view. So we ended the year of DKK 40.5 million, up from DKK 29 million, which is a 39% increase, versus an increase of only 4% in 2022. So you can really see the focus on, like, delivered and invoiced ARR, and the growth we have is also starting to, to drop into the recognized revenue line and thereby will also impact, our ability, to improve our profitability. So we did all these changes, and we managed to show some of the effect on the financial performance of our company, and I think that's always, a pretty good thing. I am very pleased with the performance of our company and with the performance of all the MapsPeople in our company who has contributed, handled, and implemented all this change, and there's still a few things to come. But, I think we did a good job as a team. It also means that for 2024, we have provided a guidance, that is also somewhat, in the same category as what we delivered in 2023 and somewhat above what we can see as benchmark. We're guiding our total ARR, to grow to somewhere between DKK 72 million and DKK 80 million, which is a growth between 39% and 54%. We are guiding our recognized revenue to end between DKK 58 million and DKK 63 million, which is a 43%-55% growth. Then on the EBITDA, which will still be negative for the full year of 2024, we're guiding that to be -DKK 20 million to -DKK 25 million, which is an improvement from the almost -DKK 60 million we had in this year. It's an improvement of 58%-68%, and as I'm sure you can draw a line, that means that it's gonna be pretty darn close to a break even on a month-by-month basis by the end of 2024. So these were some of the guidance that comes on top of a nice growth year, which we have built on top of some of these changes we implemented in the company and really focused on the core business. I said I wanted to talk to you about scalable growth, and that's because, and I'm not even sure it's in your questions, but we get them from a few people this week already that Christian and I has been speaking to. How the heck can you reduce your cost with 30%, which is predominantly on salaries, and then grow 50% in 2023 and grow 50% again in 2024? Right. Which is a 100% growth. We've got to get twice as big as we are in terms of the financial numbers, but we're gonna spend a lot less money to it, and it's a pretty good question. And I want to give you, like, three reasons. I actually only put two on this one, so I'm gonna start with number C from the bottom. First of all, it's the market we operate in. The smart building market is really accelerating. If you look at the Gartner report for this industry on indoor navigation, which is part of the market we play in and, and, and have a little role in, that's a market that from now until 2030 has a 45% annual growth rate, growing to $55 billion in 2030, right? So it's a great market where something is really happening. There's a lot of new smart building application coming into the market, and more, and more, and more of those requires an indoor map in the application to visualize a status in real time, like, is this desk booked or is it available? Where is the X-ray machine? How do I find something?... So this is the market doing it. Second, it's this partner-first go-to-market motion that we have. As I said in the beginning, every time we get a new smart building application as a partner who deploys our map into their solution, they will have a number of sales people that then sell their solution, and it sells one of our maps. So we get this exponential acceleration of our go-to-market reach through every new partner that we add into this one. So this is why, with the same size, even though slightly reduced, compared to when we were mostly in our commercial organization, if we add as many new partners and as much new ARR from those that we did that last year, then we will see that continue to grow. And the third thing is: How do we deliver our product? We have historically invested quite a lot in automation, machine learning-based automation, on how to 1, create a new map. When our partner get a new customer, how can we create that indoor map fast and efficient? But probably more important, how can we update this map when there's any changes to it, very fast and thereby very cheap? This provides a lot of scale in our go-to-market. One of our largest customers, a big financial customer, more than 200 buildings, God knows how many floors, and I can guarantee that the solution that we've done here based on this technology, every day, we get between 90 and 230 floor updates from that particular customer. Something has changed on 90 or 230 floors in all their buildings. It can be, a desk has been moved here, a meeting room has been halved, there's a new desk or something like that. These 90-230 floor updates every day gets into our automation Machine Learning tool, and then all the maps get automatically updated and pushed back. So super fast and super efficient. So that is the delivery scalability that we build into to our mapping platform engine. That is something that we feel that we are pretty unique at a global pace. So these are some of the reasons why we are comfortable that the changes we've done and the growth we project that we can continue to deliver that growth in a very efficient manner. I'll hand over to my friend and colleague, Mr. Læsø. Thank you, Morten. So yeah, following up on that, so the growth of MapsPeople is centered around our core product, the MapsIndoors product. And as you can see on this slide, it's the MapsIndoors business that's growing. So the slide shows our ARR, so our next twelve months revenue, this month times twelve, how it increased from 2021, DKK 18 million to DKK 32 million in 2022, and then the DKK 52 million we just put in our annual report this year. And then we guide that it will grow to between 72 and 80 million in that range next year. What you can see from the dark green part of the columns is that's our non-MapsIndoors business, the kind of the non-core, but it's the light green that's increasing, that's driving the growth. We expect in 2024 that this trend will continue, and we will not focus on the non-MapsIndoors business, but simply see the growth come from our core product. Well, it's 39%-54% growth of ARR, as stated. When we then look a little bit more closely on the financial numbers for the year 2023, you can see in the two columns to the right the full year 2022 and the full year 2023. As Morten already mentioned, we grew revenue from DKK 29 million to DKK 40 million, and if you look at the increase from Q4 2022 to Q4 2023, in the columns to the left, you can see that this actually—this growth is continuing to be present. More, or also to Morten's point about the efficiencies and the cost base, you don't really see the effect of that in the 2022, the 2023 annual report compared to the 2022. Staff cost, for example, are DKK 82 million compared to DKK 71 million, but that's due to the fact that the first half to 2022 cost increase, and then in the second half, and primarily from Q4 and on, the cost decreased again. And as you can see, you can see that in the columns to the left, that staff cost in Q4 2022 was almost DKK 27 million, and it was DKK 19 million here in Q4 2023. So a lower cost base, a more efficient cost structure that will allow us to improve our EBIT, EBITDA. The DKK 60 million we delivered or DKK 59.7 million is within the guidance we gave for 2023, and that's then going to improve to between DKK -25 million and DKK -20 million negative still, but on the right path to a profitability through 2024. Looking at our ARR, our annual recurring revenue, this is a graph showing when the contract with the customers started up. So we still have customers from 2017 contributing to the 2023 and ARR, but 2018 is more significant, 2019, 2020. What I usually look at in a graph like this is the fact that it's not just the dark gray-green area that was added in 2023 as additional ARR from new customers or new cohorts, it's also the existing cohorts from previous years that grows, and that's what we monitor through the NRR, the net revenue retention rate. That's funny I should mention that, right? Because next slide is, ta-da, NRR, and that ended up at 111%. Existing customers grew 11% net over the year. Some contracted and were lower, but net, they grew 111. That's compared to a benchmark from the industry, again, from this SaaStr benchmark report for 2024 of 105%. So overperforming our peers on this, which is a focus area for us, to ensure that our customers value our product and use it, and thereby also renew it. We have, during 2023, reported higher NRR rates. I think Q3 was around 129 or 130 in NRR. But there's a lot of seasonality on when contracts renew, et cetera. But the full year 2023 development is 111% extra on existing customers. So another aspect important for our business is the price of attracting a new partner or customer, but prior partner, as Morten already mentioned, we are focusing on. And we have this target that we want to spend money so that a new partner is paid back within 18 months. We're happy to show for the second quarter running that we are below within this target range. We ended with a CAC Payback Period of 15 months, which is really good. So we know, and you can see that from the cohort slide we just went through, that our customers stay with us for many years. So getting payback of all of our marketing and sales spent in 15 months is important for the growth vehicle that we still have running and expect to continue. So yeah. So that's the... Oops, the numbers we've actually chosen to show you here in this quick review of our 2023 numbers. So Perfect. Leaving a bit of time for questions. Yeah. Perfect. Thank you for that, Christian and Morten. Let's move directly into the questions, and take the first one here. Some time ago, you explained that you were changing the contracts that are going away from the previous committed revenue. Am I remembering it wrong, or can you put some more color on that, and provide an update on that change? Yeah, I can. So when we were reporting on what was called contracted annual recurring revenue, it was again, we had a partner for Australia, and the partner committed that within a certain timeframe, they would spend this much amount of money with us, and then we would invoice it as they spent. And if they didn't spend it, then we would decide whether we would invoice the rest or prolong the contract into a new period. The main changes what we have, we're almost done restriking all our existing partner contracts. And the way we take up new partner contract is more a traditional SaaS business model. We call them prepaid platform license agreements. Prepaid means that they pay upfront, so not at the end. Because, you know, dealing with a partner, it's hard to control a partner. It's much easier if they already committed and spent some money, that they actually use what they have bought, right? So that's the interest. So we try and also be, like, super fair. We try and make the pricing so it fits the, the partner's pricing. Like if it's a workplace, workplace management tool for desk booking, meeting room booking, and if they charge per bookable resource, a desk or a meeting room, then we charge the same way, 'cause that's a close enough approximation of the square meters we need to map. And then we agree with the partner, "How many bookable resources do you expect to deploy this year?" And then they say, "20,000." And then we agree, "Then, why don't you buy 10,000 upfront, and you, you deploy them evenly over the year? But you will probably... You have the right to deploy 20,000. So you, on average, pay what you want. And by the way, if you can deploy 30,000, be our guest." But then when the contract is done after one year and you renew it, then you will renew it at the level they came to, right? So we give them the chance to sell more and grow faster, and we can say we invest in their growth, but we have this, like, reasonable thing that they need to commit upfront, so we also know that they're putting an effort in it. And then, if they sell more than they want, they're normally very happy to pay that and renew that after a year, because they already sold and they already collected the money, right? So this is the fundamental change here that gives us a little bit of commitment in the contracts at the beginning of the contract, not at the end of the contract. And it gives us an opportunity to help and invest in being more successful than originally planned, because that is to both parties' mutual benefit in the long run. I hope that answered the question, Anders. How far are we with transitioning them? We're almost done. There's a few left. We'll be done in 2024. Perfect. Now it's your job, right? Yeah. The next question from an investor here is the clawback of around 1.5 million shares in regards to the Point Inside acquisition. Yeah. What will happen to those shares, and can you explain exactly what this clawback means? Yeah. I think let's start with the second question, right? Why do we have these shares? As you know, we made the acquisition of Point Inside back in May 2023, and that payment was paid with MapsPeople shares. And And what we had in the contract was that half of the payment, which means half of the shares, which is these 1.5 million, was put in an escrow account. Because when you buy these assets, what we wanted to make sure is that all these customers renewed their contract with us. So if any of those churned away, then we would get a reduction, a similar reduction of the purchase price. As you saw, one of the larger ones actually churned away, which meant that we were entitled to claw back what was in the escrow account of 1.5 million shares, and we did that. This is why we have these shares. These shares are in our possession today. We don't really have a plan to do, are we gonna sell them to the market? Are we gonna sell them or something? We don't have a plan there. It's too new for us. We currently have them. The customer that's churned, that's already in the books, is taken in 2023. It's not included in ARR or anything, so it's out of the numbers, not included in any expectations on that. Yeah. Perfect. I hope, I hope that answered the two questions on that matter. Yeah, it did. With your investments in automation and machine learning, can you put some words on how automated your process around mapping and updating maps is today? And how much time do you spend in the company updating and managing maps for clients? Yeah. And it's, it can be very different, and most clients have like a number of annual updates that they can do in the map, which is included. And you can understand the way the process does, if they make some changes, they send us a new CAD drawing, then what normally happens, like, someone has to sit and say, "What has changed here?" Right? And to be honest, like updating a map, like, if you just sit and look at it, probably like 80% of the time is like identifying what has changed, and 20% of time is conducting the changes, right? So if you can actually automate the tool to basically recognize what has changed here, and it can highlight what has changed, then it's faster to do it manual. But then you can also like the most common changes, you can make them automated, right? If you can identify this is the shape of a desk for this customer, and now this has moved, then the tool can move these desks, so you don't have to have a person to do it. And this is a little bit where we are. And then we can go up in the very, very large segment, which is one of our, your core differentiator, where we built this automation tool that integrates into these very large Fortune 500 enterprises. They have what we call a facility management system, where they manage everything that's in their building. And these are what basically sends out updated CAD drawings afterwards, right? As I mentioned before, two of our largest customers, one is one of the largest banks in the world, and the other one is one of the largest car manufacturers in the world. In the financial institution, it's fully updated in the machine learning to these customers and recognizing the shapes. This is where we're getting 90-230 floor updates on a daily basis that is fully updated by the system. No people really have to look into it. And you can understand that that would have been pretty expensive to maintain in a manual way. And this means that we are actually very fast to adopt these changes, so it actually works and reflect changes in the application that the end users are doing. But it's also, like, extremely cost-efficient and cheap to get it done. So this is what we've done here. And for our partners, it gives two benefits. The first one is, no one else has really built this. So if they fall over a big Fortune 500 enterprise, who requires to have an automation like this because they have this many changes, then they have to either build this, which will be very expensive, because we've done it, we know, or they can buy it, and there's not a lot who can deliver that. This is a one. So this is where we're very unique. And what we're doing now in 2022 is we are democratizing that capability into the mid-segment, those who doesn't have a facility management system, but they do have changes. So how can we detect these changes? And then we can do it manually. And can we automate, like, the 80% time consumption on detecting and then doing the 20% manual? That's the first step, but then the 20% manual becomes the big burden. Then, we start automating that in the medium-sized set of companies. I hope that helped a little bit, because fundamentally, like, if we can do this very fast, meaning very cheap, who doesn't like to get stuff delivered fast and cost efficient? And if we can do that, looking the best, that's the 3D component of what we did, who doesn't like something to look better? Like, who wants something looking ugly, right? So pretty, fast, and cheap. That's what we focus on in our product, which are a fairly universal value proposition that makes us very competitive. Yeah, perfect. And there, there's a, a question here live that I think falls in the same category, so let's take that right away. How do you receive the ongoing updates, and who delivers them to you? I mean, Google Maps update their maps by driving around the streets. Do someone have to manually update the map on the end customer's location, or is that measured and automatically updated somehow? Yeah. The most common way we do a new map, and we update it, is that we receive CAD drawings of the building, and that is from the end customer, right? So normally, the partner, the smart building application partner we have, they get that from their customer because it's their customer, and then they send it to us, and we build the map, and then we push it back. Then if there are any changes in that one that are larger, or the customer moves from, like, floor 11 to floor 26, then they will send us a new drawing. We will update that map, and that's part of our service as well. We also have a content management system, meaning that the end customer, or the partner, or us, can log in on content management system, and you can move things around, you can rename things. If you're moving desks from one place to another and you have way finding, so it navigates you where to do it. It will also auto calculate or auto recalculate the way finding route, because of course you cannot walk through a desk, and stuff like that. And by the way, you can also put like accessibility capabilities in it. So if you're in a wheelchair, then it doesn't send you downstairs. It will take you to the elevator or ramp. But it's mainly CAD files. Sometimes we get other things. Sometimes we even get a photo of a fire escape, a picture that hangs on the walls. They are a little bit more manual to handle than CAD files. I will admit that. They are often also not like georeferenced correctly because the size is a little bit wrong. So then we have to stretch things out a little bit. That is a manual process, but the default way is to get the CAD drawing of the building. Yep. There's a question from an investor here. "Great to see you have lowered your cost base, but at the moment you are still burning a lot of cash. What is the bottlenecks for you when it comes to costs? Where are you in need of a lot of manpower? Yeah. I think we covered that a little bit on what we did. I don't know if it's a fresh question, but again, we put a lot of simplification into our organization, and we put a lot of simplification into our processes. And we try to work with efficiency, like, you know, and productivity, so that we understand better how we scale and how we make improvement. And so, like, if we need to go from this productivity level to this productivity level, what do we need to change in the product so it gets more and more automated, like we just spoke about? All that stuff we've kind of done. Now, in order to continue to be on the forefront, like continue to investing in our 3D, looking the best, that will still require investment into our engineering capabilities. Making sure that we can take those automations from the last Fortune 500 and pull them into the mid-market, will still require investment in our technology to do that. So we will, we will still invest this. This is technology. If you don't invest, you will be overtaken pretty quickly, right? It's like the German Autobahn. If you don't drive fast enough, someone will overtake you. Or put the blinkers on, I remember when I was driving there. So we still need to make sure that we invest in the technology and being one of the global leaders in this one, that's clearly our mission, right? Second of all, the investment into go-to-market. As Christian said, we have a payback ratio of our customer acquisition cost. We took it down from, like, 24, 25 months to pay back a new customer to around 15 months, which we are very happy with. But it also means that we spend more money on acquiring a new customer than we get from them in a year. So the investment into our go-to-market and into our partner strategy needs to continue, otherwise we will not grow fast enough, and then it'll just take a lot longer. We've taken a lot of steps to be significantly more efficient in the way we grow, hence the reduction of the CAC payback period from 24 to 15 months. I'm very happy with this. And I think those level of cash efficient growth is absolutely an outcome of what the demands in the market is right now, right? Two years ago, people would have probably invested a lot more money in growing faster. But right now, I think we are in a good place. Should we get to profitability or should we get the opportunity to invest a little bit more in our growth, that could be a good idea, as long as our CAC payback period doesn't go above 18 months. That's kind of like our pain threshold. Then the investor here also states that, "The revenue this year has grown quite significantly, but revenue has, since 2021, only increased by around DKK 12 million, but staff costs has increased by around DKK 35 million. How can that be? The customer contract was back-end loaded, and the cost was front-end loaded, hence all the changes we did in 2023. Yeah. I don't know how to explain that. We are- We didn't grow much from 2021 to 2022. I think that's kind of the mathematical reason behind it. Yep. That the growth didn't happen from 2021 to 2022, only 4% increase. And then what we see now is the effect of probably the work that was put in there. And as Morten said, that the 2023 cost level is also on the way down again. So, it is correct that the staff was higher, but as the Q4 numbers showed, it's on the way down and will decrease even further when the changes we have already made in 2023, they take effect in the- ... in the full year 2024. We are a startup company, and startup needs investment in, like, making their product market fit. And startup needs investment in growing, specifically when you're growing international. But these are also the cool startups, and that's exactly us. What we've done during 2023 is to make sure that that is done in the most efficient and balanced way, and that's why we took a lot of that run rate out on the cost and made efficiency. That's why we changed the go-to-market model, because that's also what, what the market did. And as I said in the beginning, this is like being a teenager who moves away, and now we have our own apartment and, we get a little bit support from mom and dad on paying the rent, but not next year, right? So we just need to grow up. I think, I think we showed that we are absolutely on the right track in 2023, and, and with the guidance for 2024, that this, this is growing up pretty nicely. Yeah. Can you give some insights into how the partner portfolio has developed for you? How many partners do you have today, and how many are selling your solutions at a certain level during the year, for example, worth above DKK 100,000? ... that exact number I don't have. We have around 70 active partners this year. And- Last year. Oh, last year. At the end of last year. We are planning on expanding that significantly during this year. They are very different, like small ones who just started with like DKK 100,000. I think most of them is above DKK 100,000 on a year in their commitment, I can say that. I think we operate with something that is twice that amount in average for a new partner coming on board for year one. Yeah. Then they grow from there. So they can be from like 20,000 EUR on an annual prepaid commitment to over 100,000 EUR on an annual prepaid commitment, depending on how big they are. What we have to remember is that in this smart building market, there are new providers coming into this market every week, in many, many places, right? Some of them are new startups who make new solutions, but we are actually also starting to see, like, very large facility management companies launching and introducing smart building solutions that their customers are demanding. They need to be in this place or they actually lose a lot of their relevance for their customers, right? So it's a very, very interesting space to be in. But it comes from, like, a whole new startup to, like, a 100,000 people company in the smart building, or building facility management space that needs to make smart building solutions. So it wasn't a precise answer, but it was honest. Yeah. As precise as it could be. All answers are honest, just to make that clear. Then we have a question here from both an investor but also a user, it seems. The question is, "I have heard from a few people trying maps at universities, powered by MapsPeople, that the user experience was not in top. How are you working to improve this and make sure that every time we see an indoor map, it functions very dynamically, just as dynamically as when we use Google Maps outside? Yeah. Well, well, that is the investment in our technology, right? And it has a lot—it also has a lot to do with the application that we not necessarily do, and then it has to do something with, like the load performance of the maps that we're doing, and we are investing a lot on that. That needs to continue to be better, right? And I think the main issue with universities is they're very, very big. So if you need to, every time you push update, you have to reload the entire map, and that is on a slow connection or a slow device, there can be many things to do this, then it becomes a suboptimal end user experience. I will grant that. And clearly, we're working with that one. We're working on that. Everything is not uploaded at once. Every time you do an update, you can, like, only upload what you're looking at right now, and then in the background, it will load the rest of it. So there's a lot of technical ways to optimize that that we're working with. And it is mainly for these, like, super large universities, where this has been an issue. And clearly, we're working with the partners we have that have the apps. How do we actually optimize this? And part of that falls on our shoulders. So I hope that gave you an impression that we're working with it in an active way and we have solutions to do this. Yeah, I think that's how I would answer that for the moment. Yeah. You have talked a lot about the 3D maps as a new emerging solution. How much effort are you putting into this, and are you seeing demand for 3D maps instead of 2D maps as a more user-friendly solution? Yeah. We see a demand. First of all, let's start with the demand. A lot of these smart building applications, where it has, like, end users, which are, like, employees, like, broader scales of employees, the user experience, meaning how well does it look and how well does it function, is very, very important. I was speaking to a CEO of a new prospective partner last week, and he said, like, they were currently bidding on a large international company with tens of thousands of employees, and that company had an end-user experience committee involved in choosing the vendor. Because if it doesn't look intuitive and stuff like that, the end users will not use it, and then there's low adoption, and then it's a waste of money. and he said, like, "Could we potentially have you help us demonstrate how your solution works? Because I think you actually solve all the questions they're asking." So just said, the end customers of the smart building solutions sometimes put user experience people as part of the evaluation, which tells us if you don't have a map, you will have low hit rates. If you have an ugly map, you will have low hit rates. And if you have low hit rates on new customers, trust me, you will have higher than normal churn rates on existing customers. So this is kind of like what we're working on here. Now, on the technology side, the 3D buildings is, we're delivering that based on Mapbox technology, not on Google Maps. A lot of that functionality is in the Mapbox technology stack. Actually, they do have quite a bit of functionality here. So it's mainly deploying that into our technology stack so we can do different things. Then there are other use cases where you just need to see a status. This could be like the temperature in different rooms. You don't really need to see that in 3D. So there's someone managing that. You can see that in 2D, but the map can actually toggle. So you show it in 3D for, like, the end users, and you show it in 2D for somewhere which has a different use case on it, right? You can toggle it back and forward on the same map. So you can put multiple smart building use cases and applications on top of the same map. It becomes like an infrastructure for smart building functionalities in plural here, right? Perfect. Then we have the last question here for the Q&A: Looking in your current partner portfolio, is it being used to its fullest at the moment, or do you have a lot of growth potential looking at current partners? We have a lot of growth potential at current partners. The market grows 45% a year, the underlying market that we're a part of, right? Yeah. I think the net retention rate shows that there's a lot of potential. We believe it's even bigger. We have new partners who's just started, we have new partner who signed up, but they haven't launched the solution yet. We have partners who are better at it than other partners. They are just like normal people, right? But we absolutely see a lot of potential in our existing partners. But there's so much new happening that we want to make sure that we add quite a lot of new partners into this equation as well. Mm-hmm. Perfect. And that was all the questions. So, thank you to both of you. And before we end the webcast, I will just hand over the word for you, if you have any final remarks to end with. No, surprisingly good questions. I love it. Great. Surprisingly good and knowledgeable question. That's, that's super nice. Thank you for listening. Perfect. So thank you for everyone who has listened in here today, and hopefully see you next time. Bye. Bye. Bye-bye.