Welcome to today's event, where we have the pleasure to present MapsPeople. So, to take us through today's presentation, we are joined by our CEO, Morten Brøgger, and CFO, Christian Læsø. Today's the topic of today is here on the front page, your Q1 2024 update, released yesterday, the results. As always, you're very welcome as a viewer to ask questions in the box down below during the presentation, but I think we will take the primary Q&A in the end of the presentation. But for now, I'll hand the call over to you, Morten. Thank you. Thank you. We'll try and split the presentation evenly between us. I get to start, and Christian gets to go through the exciting numbers as well. So Q1 was just a continuation of our business, I'm tempted to say. We've been here a couple of times. There are some things here we are very pleased about showing, and I know some investors has been eager to actually see in the hard numbers. And there are some things that we think we need to do a little bit more and faster going forward, right? So let me just take you through some of the hardcore financial KPIs how they're going. The first one is our total annual recurring revenue, which over the past year has grown 52%. We are, needless to say, still, like, extremely happy about that, and it is above the benchmark. The quarter-over-quarter growth was actually only DKK 1 million, some of it because we had a contract that got reduced from one of our partners. I'll get back to that a little bit later, but it is one of the areas where we are expecting to to sell more and accelerate in the coming quarters, naturally. If we break it down into our MapsIndoors, the core product that is generating most of the growth, we're still, like, close to 100% growth, 93% year-over-year. And it is growing. You can see that fundamentally delivering all the growth we had in the quarter-over-quarter numbers as well. That is exactly as we've planned, and that trend is continuing. Now, what we know that a lot of investors have been eager to actually see in the hardcore numbers is like: Yeah, okay, can we please see this annual recurring revenue materialize itself in first, the recognized revenue? And, we are actually seeing this exactly as it's supposed to be right now. On a year-over-year basis, our recognized revenue is up 65%, and it is now up to 14.5 million DKK in the quarter, which is also a fairly significant growth. It's around 35% quarter-over-quarter growth that we have here, and that is really all these new contracts in ARR that we got started during the second half of 2023, that now is fully materializing itself into the recognized revenue we have. And if you combine that, of course, that's a good thing when it comes to, like, the positive development on the EBITDA level and the profit level. Revenue growth is clear to do that, but the other part is as people who's been following us knows, we did trim our organization, we did optimize, we did simplify our organization during last year and reduced the cost. And you can also see that this is now materializing into the EBITDA. It's still a negative EBITDA, we have, but it's a 41, almost 50% improvement. So we halved the deficit on a year-over-year basis. And you can see on a quarter-over-quarter basis, it's also a 41% improvement. So you can see that the revenue growth and that we now almost have all the cost reduction fully materialized in the first quarter, that the EBITDA level is following exactly as we have planned and outlooked up until so far, right? So these are the results. We are, like, super, super pleased that the revenue is going up. We are super pleased that you can see this in the EBITDA, and you can see the EBITDA improvement is bigger than the revenue growth. So you can see that the cost is 100% taking its toll on that as well. So that is, that's really a good thing. The guidance we gave in the beginning of the year with the annual report, we stick to that. The ARR is guided to be in the range of 72-80 million DKK at the end of the year. That means we have around 20, at least 20, but ideally 25 million DKK to go, right? And that is still the plan that we're working according to. It will be better in Q2 and Q3, but the way our business is fundamentally built, a lot of that will come in Q4. Those who've followed us will know that Q4 is always a big quarter. You know that our net retention rate, net revenue retention is 111%. That is normally associated to when contract runs out, and most of our contracts are renewed in the fourth quarter. So there's a lot of growth from existing customers and partners in that quarter. It's also where we have all our contracts, indexations, that when they renew. So a lot of growth coming there. And then, the fourth quarter in our business is always the biggest quarter. For some reason, the end of the year is where, SaaS, enterprise SaaS business signs most of their deals. It's not just us; it looks like it's everyone, right? So a good chunk of that growth, we're expecting to come in the quarter, but you should expect the ARR to grow faster in the as of Q2 and Q3 as well. But the guidance, we stand by the guidance, DKK 72 million-DKK 80 million at the end of the year in annual recurring revenue. Revenue, we guided that recognized revenue should be somewhere between DKK 58 million and DKK 63 million. The smart listener with a calculator will understand that 14.5 × 4 is actually 58. So that looks good. We expect that recognized revenue will continue to grow as we put more ARR live. So we feel fairly comfortable that we'll get within the guided revenue range here as well. EBITDA, we guided between -DKK 20 million and -DKK 25 million. We are very pleased at the quarter-over-quarter. You've seen the improvement in our EBITDA. As the last tiny bit of the cost reductions will have full impact in Q2, most of it already have impact in Q1. As our recognized revenue grows over the year, we feel that this is within reach, and the guidance is unchanged from our point of view. So that was a little bit the highlights and the numbers. Christian will go in a bit more details about these. If I should add a couple of, like, qualitative comments around this one, especially about Q1, we wrote that in the report as well. The new sales booking was at DKK 3.4 million, and we only grew around DKK 1 million. You saw that in the numbers. We had one extraordinary customer contraction, it's one of our existing customers, actually one of our five, largest customers. But they had one value-added services that got disconnected. That was absolutely planned because they have paid for that, and that's now part of our standard product. It just came, like, a quarter earlier than we, anticipated. And then some of these, contracts needs to be put live as well. So that was a little bit like, we would have wished that we sold more, in the first quarter. We'll be, we'll, we'll be happy to say that, but, but, but we did close the business. We had this contraction, and, and everything is kind of like planned. I think the good news is that we managed and we even put out a company news about this. We managed to close a super interesting contract for us for a very large US real estate company where we expanded that contract with the... Beyond the three months that was already left in the contract, we added three years to it. But there was quite a significant growth in that. That three years and three-month contract is now DKK 5.2 million, and it was actually agreed that this customer would pay the entire contract upfront when they start going live, which is planned to be early Q3. That was a super nice contract. We're very, very happy about that one, and it's generated quite a bit of attention from similar types of customers. As I mentioned, the ARR growth in 2023 is now starting to show in the growth in our recognized revenue. That is, as it's supposed to be, but it's good to really see it in the numbers. And on top of that, the cost reductions from 2023 is also positively impacting the EBITDA. So the EBITDA improvement is bigger than the growth in recognized revenue. So, we're very pleased about that. And despite this contract, a customer contraction of DKK 900,000, I mentioned here in bullet two, we actually had a net revenue retention rate at 111%. And those 900,000 actually counts negative here, but clearly, that large US customer contract was pulling it up. So despite we had this contraction that was extraordinary and unplanned, we kept a very high net revenue retention rate, and we're very, very pleased about that, to be honest. We are working hard to make sure it stays at that level and even see if we can improve it in the time to go forward. This one is what we mentioned. It just shows that our other licenses are relatively flat, and the year-over-year growth in ARR is really coming from our core products, MapsIndoors. It's exactly as planned, and we are very pleased to say this. I will, however, add one comment in it. We have started a couple of initiatives because we feel that we have, you know, time and energy and opportunity. So we are starting to look into how can we, in the second half of this year, try to accelerate our other licenses business. Whether it has a significant impact in 2024, or whether we'll start seeing some of that impact into the coming year, is a little bit too early for us to say, but we have. We've started a couple of initiatives with a clear purpose to also grow that one a little bit as well. So that will be interesting to follow from our point of view. But the plan is our core product, MapsIndoors, indoor maps, is the main growth engine of MapsPeople, and it is developing exactly as we had planned and as we had hoped for. Now, I'm gonna change topic a little bit. I'm actually gonna talk about the product, because, you know, numbers are numbers, and it's clearly a result of, like, good people and a good market, but in the end, you need to have a strong product. That definitely helps a lot in this one. So I wanna talk a little bit about that one because we've been working pretty hard on it. I just want to summarize or re-summarize now what I call like the three, like, base value propositions that we are guiding ourselves according to when we have a product. We deliver indoor maps, and those of you who's followed us, just the picture I put on this place. The first one is we want to have the best-looking maps because we are a visualization component, the visualization layer in all these smart building applications. And clearly, end users like to look at something that looks great and not at something that looks less great or even ugly, right? And these have been this big bet in 3D map and high-definition maps, and the partnership with Mapbox that we've added into this one as well, that is driving this one, right? And it's clear that we see that this is now the adoption of this is absolutely accelerating with our existing customers. And there's a clear interest in this, which fundamentally means it works not just for us, but also for them. By having a good-looking map visualization layer in these smart building maps, allows our partners to attract more new customers, so they're growing faster. So every time they grow, we grow a little bit.... It reduces churn, and thereby it increases the net revenue retention rate, right? For the partners and thereby for us. And actually, even on our business, by making sure that we have good-looking maps, our churn gets reduced, our growth gets faster, and it's easier to attract and win new customers and new partners into the business as well. So it has, like, a, a positive impact, and we're starting to see that. That's, that's one thing, that's the history. You can see that it's gonna continue, that it's being increasingly important. The second value proposition we have is what we call deliver our maps really fast, using our machine learning capabilities, our automation tools, to make sure when an end customer or a customer or an end customer, one of our partners, needs a new map, like our partner wins a new customer, we win a new customer, they need a new map. No one wants to wait to get delivered what you have bought. So this means, like, being able to deliver that relatively fast and having technology that does this automatically, and not by adding more people into it, right? Clearly, being able to deliver it fast positively impacts our net revenue retention rate. It clearly positively impact the partner, customer, and end customer satisfaction that we're generating here. But using our automation machine learning capabilities also makes us capable of doing this in a very cost-efficient way, and thereby, we have a very cost-efficient growth scalability in producing new maps to our customers. This is something we've been working on a long time. You've heard automation and stuff like that from us for a long time. The third thing, which I'll elaborate a little bit on the following slide, is that whenever you have an indoor map in your smart building solution, they need to be constantly updated because if you have a desk booking solution and you have changed the desk, or you have changed the room, if the map is not accurate to how the world, the real world is, no one wants to use it, right? So actually updating your maps whenever you have changes is extremely important, right? This needs to be fast, it needs to be cost-efficient, it needs to be seamless to make this update. This is where we have invested quite a lot in lately, and we're seeing this is panning out really, really well for us. This is becoming a differentiator for us to grow fast, right? We can add that you have more map updates included in your service as well because we can do it automatically. This helps the partner grow, it helps them take care in a more cost-efficient way, their end customers. It helps them retain their customers, and thereby, it also retains our business. So this has some very positive, like, fundamentally impacts on customer acquisition, on revenue retention, churn reduction, and all these good stuff for our partners, but thereby also for us. We did have worked a lot on this, and I'll dive a little bit into this, show 2 slides. One of the things that we have launched and working with internally is what we call MapsIndoors AI. Because we're now taking these machine learning algorithms, and we are taking them to the next level, and we are developing more of them, how to identify objects, how to replace objects, how to identify what is a door. Just give you an example: there's approximately 5,000 different ways to make a door in a CAD drawing, right? So the machine needs to be able to recognize this is a door, and it has to replace it with a door on the indoor map, right? How to make routes work, and say, "Hey, if someone has moved a desk, then the route has to be automatically updated because you cannot walk through a desk, you have to walk around it." Like, how to use these algorithms to do this, and building that into a real indoor tool on how we maintain and constantly update these maps. And, and, and we started training that on the 25,000 buildings that we already mapped, right? And very few in the world is doing this one. So, so this is becoming, like, super, super important for us. One of the first thing where we had a soft launch very recently, is a new value-added services that we put in the market, which we call Map Update Automation. To spot into this third value proposition I spoke about, how do we seamlessly, fast, and very cost efficiently maintain and update the maps every time there's a change? So we launched this into the market right now for some of our customers. They are early access to it. We've granted early access to it, so we're playing around with it. They are playing around with it. And during the summer 2024, this will be generally available as a value-added services to both existing and new customers and partners. This is some of the stuff that we work with on our very, very large customers, and now we are calling, what I say, democratizing this and bringing this into the mids, mid-size segment as well. So they get these advantages, and that's what we can do through these machine learning and AI capabilities we have. Just a quick. These are some of the pretty nice logos. We had 107 companies who listened into our webinar, and some of them are like super interesting logos. So it is absolutely starting to resonate that when you have indoor maps, a big important task that is often a headache, if it's not handled properly, is how do you actually update these maps? And I think the logos that we are attracting to this is showing that there's a real interest for this out in the big world. So this, I just wanted to give a little bit of insight, too. And now I'm gonna hand over to Christian to go through the numbers in a little bit greater detail. Yeah. So, I'll try to avoid saying the same thing that Morten has gone through on a high level, but just dig into to some of the specifics that might explain or detail a little better. This is our P&L statement, our profit and loss statement for the first quarter with the comparison figures for the same quarter last year. And as Morten spoke into, revenue grew quite significantly with 65% from just below DKK 9 million Danish kroner to just below DKK 15 million Danish kroner. And this is the effect of all the increase in ARR that we've reported over the last many quarters that is now starting to be well materialized as actual revenue. And that's really nice to see that this has happened now. Especially as Morten also said, that Q4 is a big quarter in our business and in our sector, and therefore, the Q1 revenue jump should be on this level to kind of support that the implementation and operation is now in progress on these customers. You can also see that if you look at our expenses, so other external expenses and our staff costs compared to last year, both have dropped quite significantly, as Morten alluded to, the organization changes, the cost-saving initiatives, the efficiency projects that we've worked on, or MapsPeople has worked on in 2023, are now starting really to show effects. And they are not fully implemented, but they're far ahead during Q1. So we will see a little bit more in the next quarters, but the majority of it is now in place. And as you can see, staff cost, for example, is DKK 3 million lower compared to a year ago, and other expenses, it's too small for me to see, you know, remember, but just below DKK 2 million lower than the quarter before. So all of this increase in revenue and decrease in cost is, you know, ends up being a really nice improvement of EBITDA from DKK -16.6 million to DKK -8.5 million. And underlying that increase of DKK 8 million, also notice that our own work capitalized is actually lower. So during the first quarter, we actually put into production a lot of work we've done the last year. So in financial terms, we have this, we have our development projects that we put on the balance sheet because they have value over a longer period of time. But in Q1, we actually said, we're now finished and ready to use a lot of these projects. And that's why you also see an increase of the depreciations from Q1 2023 to Q1 2024. But in the quarter, we actually only capitalized DKK 1 million in own work, so development work, compared to DKK 3 million the quarter before. So when you net that out as well, the improvement of EBITDA is, before this line is actually even more significant. So, yeah, a good quarter for the profit and loss account. And when we add that, so this is a new chart, a new way of showing our numbers. I don't think we've had this in our presentations before, but this is what we call a rolling chart, showing the green line. And I'm sorry, I chose those two colors, by the way, for those who are color blind. But the top line is our revenue, and every bullet or point on the graph is the last twelve months or the last four quarters of revenue. What you can see is that since sometime, well, actually, when Morten joined in Q4 2022, that's the low point on revenue. Since then, it's steadily increased quarter-over-quarter. So when we do Q1 2024, we replace Q1 2023 numbers with the newest quarter, Q1 2024. And that brings our last twelve-month revenue up to DKK 46 million. And for those of you who remember our financials for the year 2023, we had a revenue of around DKK 40 million. So a significant increase in our traction. So this is a, you know, a little similar to our ARR number or way of calculating that. And the same on EBITDA. When you look at the EBITDA for the last 12 months or 4 quarters, that kind of bottomed out in the summer of 2023 before all of the cost initiatives, et cetera, were taking effect, and then it steadily increased. And it's the slope of the increase here in Q1 is greater than the other quarters because of the revenue also picking up on a recognized level. So where we ended 2023 with a negative EBITDA of just below DKK 60 million, we now have DKK 51.5 million in the last 12 months EBITDA. I mean, you can kind of look at the lines and the slope, et cetera, and see where our numbers should be going as we replace Q2 2023 with a Q2 2024 number, when we can release that. Hope that makes sense. Then, looking at our cohorts, we are building on as we've done the last quarters. Our last three years, so 2022, 2023, and cohorts, and also 2024, are looking very strong with growth and healthy in ARR. So, additional revenue from existing customers signed in 2022 is more than doubled, and the same with 2023, already more than tripled. So, healthy cohorts, especially on the last few years after MapsIndoors really started to take effect. And that brings us to this net revenue retention of 111%. So same customers that were here a year ago, they purchased 111% from us, of- compared to 100% a year ago. And the industry standard here is around 105%. So, well ahead of that, just like we were when we measured last quarter, it was also around 111%, so pretty stable. As Morten mentioned, we had this large US customer helping, but also this partner who contracted because of this feature that we now have as a standard product. So those two things, of course, have material effect on ARR. But good traction on ARR. We're very happy with that development over a longer time. And then the last information or breakdown is that I don't think Morten mentioned, actually, so I get to say something new, is that our CAC payback is still performing very well. I think it's on 14, if I remember correctly, months. So the marketing, sales efforts we do on new customers, it takes us around 14 months to pay that back, based on the ARR they provide. And, it's our target is to be below 18 months. That's where we kind of find our sweet spot. And, and I think, stable around 14, 15 is a good place for us to be. And, and, where we expect it to continue, you know, during the rest of the year. We have changed our setup a little bit around a lead generation, and, and, when that kind of takes full effect, we... Well, it's starting to take effect. It might improve a little bit, but it's a good level to be on, and we're very happy with that. So, I think that was the words around the numbers. Yeah, but, shall we jump into some questions then? Yep, absolutely. I had one. You talked about this contraction, and if I understood it, it was because you have now given more of your product, and of course, then the customer shouldn't pay anything of that, and when the contract runs out. Should we see more of that in the coming quarters, or was that the only customer? If you understand, when the contracts run out and you start negotiating, and if this get a standard product, they no longer pay more for. Are there other customers or effects we are going to see the coming quarters? No, this was a special, extraordinary thing, where, this particular partner needed something, particular, and we developed that, and they paid for it. But fundamentally, there's a demand for that, around the market, and that is becoming a standard, right? Standard. Into the product. But I don't think, to the best of my knowledge, we don't have any similar contracts, so the answer to that is no, Michael. Secondly, if you did the math for us, you said that 4x your revenue, that would be 58, but I can also divide 14 by... Oh, sorry, the 52, you have an ARR by 4, and that doesn't get to 14. Was there any extraordinary thing, you know, if you say you had DKK 52 million in ARR year end, and you actually get a revenue that is a little bit higher than if you divide this one by 4%. Was there anything extraordinary, something built, some customer built here, or is this just the lagging effect we can't see? It's the lagging effect. Yeah. There's no extraordinary one-offs or anything. Of course, there are one-offs, but nothing extraordinary in our Q1 numbers, at all, I would even say. So it is the lagging effect, that we're seeing here. Then there's a question: Are all cost reduction fully shown in Q1? I think you alluded to it, Morten, a little bit, but I don't know whether we can get more specific than mostly on our impacting, but there's a little more to come. There's a tiny bit more to come, right? I think they're all in effect now, and the last one came into effect during Q1, right? So it's just- Yeah. like the full value there, but it's pretty close. Pretty close. Then there's a question: Do you expect that CAC will continue to fall when ARR growth pick up in speed? No. No. 'Cause it, it's not really ARR, it's the growth in ARR, right? Yeah. It's the new ARR we're having. It's what it costs to get new business that, that we're measuring. And so we're not measuring up against the full ARR. We're measuring about the incremental new business that comes into the business, right? So how much does it cost to grow this? And the reason why we're saying we're super happy if we can be between 12-18 months, clearly, I get it, financial, 12 months is better than 18. That's about being efficient. But since our average contract is around 5 years, some of them is even, like, longer, there's a pretty good payback in that one. So we should invest in our growth as long as we can do it within that cost level. I would even claim that if we ever get below 12 months, I'll look at my sales team and say, "Well, now it's time to invest even more in growth," right? Because then, well, since our customer pays us upfront, then we will actually have a positive cash impact of selling more if the CAC payback period gets under 12 months. Because then we spend less, and we get it in cash. And that would be, like, pretty amazing in an enterprise SaaS company. But if we can be within this range of 12-18 month payback on our sales and marketing investment into the growth of our business, we are in a good spot and in a good benchmark. We should be worried if it's below, 'cause then we are investing too little, and we should be worried if we are above 18 months, because then we're not efficient enough in our sales and marketing effort. So that, that's the line where we should be. Yeah. The last order you mentioned in your report, is that booked as ARR in Q1, and what is the total ARR effect? I guess the length of it was so... So whether it's booked in Q1, and what is the ARR effect, meaning the yearly effect of this? Yeah, the license went live, at the end of Q1. It had- Was included, yeah. Yeah. It did not really have any revenue impact because it was late in Q1. But the ARR is booked because the licenses went live in, towards the end of Q1. And, you asked, what was the second part of the question? The second part is the yearly ARR effect. I guess it was the 39 months. Yeah, exactly. If you take DKK 5.2 million, divide it with 39, multiply with 12, and you get it, right? Yeah. Yeah. Yeah. I will not ask you to do that, on your paper down there. But, it was just to understand that it was not 5.2 in, it was. Yeah, yeah, yeah. It's around a third of that. Yeah, a little bit less than a third. Yeah. Do you still expect to have enough cash to take you to cash flow positive, on the operational level? We're still operating- I think you're muted. Are we on? No. No, sorry. I hope not. Can you hear us? Can you hear us? Just speak. Okay. So, no, we're still operating under the operational plan and the fully funded plan that we've already announced. And that's... Yeah, so the answer to the question is, yes, fully funded to reach cash flow positive. We are also opportunistic about whatever, you know, yeah, opportunities that come up, and of course, if something is attractive, we might change that plan. But the current plan is fully funded. So this Q1, where there's a pretty large cash outflow, and I know that that's normally. So if I should bridge it, you have raised new capital. This order is also prepaid for a long period. And then, I guess, the last part that maybe not in is that if you expect a lot of the ARR in Q4, a lot of that will also be prepaid. Is that how you bridge it? Yeah. Yeah, exactly. And the working capital business from our licensing business- Yeah. which doesn't count as much in the, ARR, you know. It's like the margins were when the Google business is 12, but customers are paying us upfront, and we are paying Google on a monthly basis. Just standard business, but that actually does have a positive impact on our cash flow. And if we manage, as I said, the initiatives we have to see whether we can start growing that one instead of keeping it flat, will actually also positively help... It is our plan to keep it flat this year, so if we manage to make it growing just slightly on that side, it will have a positive impact on our working capital. Is that new activities or price increases on the existing product? Is that trying to increase the? These are new activities and- These are new activities. Yeah. Like, we focused on our strategy, which is MapsIndoors. Yeah. Sometimes when you focus, it means, you know, you cannot focus on everything at the same time. That's the, kind of like, the definition of focus. You do more than one another thing, right? And now we have a little bit of extra energy, and we're gonna see whether we can help this business grow a little bit and give it a little bit of love and a little bit more resources. And then, there's a question: How do you work with partners to improve implementation? You talked a little bit about it, but you also mentioned in your report that that might still be a little bit of the Achilles heel, you know, that you are ready, but the partner, you're dependent on- Yeah. partners implementing it for it to be sold on to their customers. So any thoughts about... That's kind of the downside by the partners strategy. Yeah. It's very, very, scalable, but, you're also dependent on them. The beauty is the scalability. Yeah T hat we spoke about, which I love about our business. And, the dark side of that is that you kind of lose control because the partners- Yeah will set the priorities, and it's very hard to impact them, right? And something unforeseen at the partner side can happen, and that will change their priorities, and there's nothing you can do about it, except being frustrated and see whether you can help them get it back on track. That is, you are correct, that's the downside. And we are working on that. It's but it's not, this is not a simple thing, right? Is there something we can do in our product? Because we are a platform that needs to be integrated in someone else's app. Can we make that easier, and faster? Are there tools available now or that makes it easier, faster, and cheaper for the partner to do that? And can we deploy these kinds of tools? These are some things that we're working on. Is there elements where we can invest more in supporting the partners getting live faster? That is something we're looking into. And that also means some of the processes around that, can we optimize them from the partner point of view? Can we handhold them more in this process? Yeah. That's what it is. Clearly, a lot of the contracts we have right now is also structured in a way that we incentivize the partner to go live as fast as possible. So this is a super, I agree, it's a super complex thing, and it's something that we will never, ever, ever stop working on improving. And just to understand, in your business, are you trying to follow it and take reactions when you can see maybe there is something being pushed and, you know, going into, yeah, I what do we say? Hand taker. One, you put one person on and try to identify what is the problem and so on. Every single day, Michael. Every single day. Yeah. Every single day. I think that was the questions we had. Thank you to Morten and Christian for taking us through your presentation, answering questions, and thank you for the audience listening in.