Hi, and welcome to this Q2 twenty-four presentation with MapsPeople, represented by CEO Morten Brøgger and CFO Christian Læsø. Before we begin, I'll remind all of you listening in that this presentation is recorded and will be uploaded afterwards, shortly afterwards the presentation. I will also remind all of you that you can submit your questions in the chat, then I will make sure to ask all the questions to Morten and Christian after their presentation in the Q&A session. With that said, I will now hand it over to you, Morten. Perfect. Thank you, Casper. Welcome to our Q2 presentation here at the HCA Capital. I'm gonna go through a little bit of this, and I'm gonna be helped by my good colleague, Christian Læsø, who's our CFO. So let's dive straight into the core KPIs, the SaaS metrics for the first quarter of the business, which again, was a pretty okay quarter for us. You can see that our annual recurring revenue has grown 19% compared to the end of Q2 last year. Note that in Q2 last year, we acquired the Point Inside, so that was a big jump in our business that quarter. But yet, we managed to grow 19%, quarter over quarter. It's grown 5%, Oh, no, 19% year over year, and it's grown 5% quarter over quarter. So our ARR is up 5% compared to the end of Q1. You can see that again, the majority of the growth come from our, focus product, our core product, which is called Maps Indoors. 20% growth in the ARR of Maps Indoors year over year, and again, around 5%, since the end of Q1. Recognized revenue continues to develop, very nicely. We are up 35% compared to, same quarter last year. It's more or less the same as in, the first quarter this year. That has something to do with timing of new contracts and timing of churn. But we're on a good track, on growing this one, and we're very pleased with that. EBITDA, it's still negative, but it's twice as good as it was last year, or half as bad, depending on which way you wanna basically discuss this. You can see that it was at minus 8.2 in this quarter, more or less the same. A little bit better than in the first quarter of the year. The guidance is the same in terms of our ARR, somewhere between 72 and 80 million DKK at the end of the year. Revenue guidance between 58 and 63 million DKK, and EBITDA before special items, Christian will explain this, is negative between minus 20 and minus 25 million DKK. Again, all of these extremely good improvements over where we ended last year. Let me try and go through some of this in a little bit of detail. I picked out a couple of things. You will see that ARR from new bookings, selling more to existing customers and selling more to new customer, actually was much higher than the growth we had in the ARR, almost seven million. The majority of that, five million, was selling more to existing customers, and that leaves around two million of selling new contracts to new customer, all according to plan. The reason why this number is higher, and that's the underlying truth in the performance of our growth, is that we've had what we call a little bit of extraordinary churn in the business. Let me try and explain. Those of you who has followed MapsPeople know that we had a lot of frame agreements, where customer has committed to buy something within a certain point in time. You also know that we moved away from that, and you buy something when you need it. Some of these frame agreements ran out during last year, and, if the customer had not used it, we decided to invoice what we had, a contract, with that customer to do. And a few of these customers were not actually deploying our system, so we knew that there was a high risk that these contracts would not be renewed this year, and that's the case that we have this year. I think the real underlying churn in the business, excluding this, is where it's supposed to be. And again, we had these extraordinary churns planned in our budget, so this is actually according to our plan. Recognized revenue 35% up, so we are tracking extremely good on this one. Clearly, with the growth we have also in this quarter, we expect that the recognized revenue will continue to grow over the year. EBITDA, the 48% improvement, a few comments on that one. The EBITDA improvement here is partly due to the growth in ARR and recognized revenue, and partly due to these cost reductions we carried out mainly during last year and a little bit in the beginning of this year. The cost reductions are at an end. We're done with this, and we have the cost base that we're supposed to have. The growth and improvement in EBITDA going forward will mainly come from our growth in ARR, and thereby the growth in recognized revenue. NRR, the underlying net revenue retention of our business, selling more to existing customer, remains at a pretty decent level of 110%, in the quarter, compared to same quarter last year. One thing that we changed here as well in the reporting, it's actually one of the most important, internal, SaaS metrics that we use to, steer our sales, business with, is the customer acquisition payback period, which fundamentally means the money we spent to get a new contract, with a customer, how long does it take to get that back? Since our customer pays twelve months up front, we wanna lay that it takes, like, somewhere between twelve months, cause then it's from a cash point of view, relative neutral, and eighteen months, and we think that's a good place to be. That's the gray area in the middle. Now, what we've changed here, because the standard definitions says, when we talk to, I don't know, for eating a bird from tail of extraction. I'm not sure what that is in English. Someone can help me later. Hopefully, most of the Danes will know it. Their definition is that you calculate your customer acquisition cost for new customers. But since we have a business that is driven through partners, many of the new customers or the new maps that we produce is actually not a new customer, because it's our partner, which is an existing customer, getting new end customer. And thereby, it would give a wrong picture to keep the old view on how we run the business. So this definition is, how much money is MapsPeople spending on getting new ARR in? Both from new partners, new customers, and through selling more through existing partners. Because that's how we spent the money. So we feel that this is how we measure it internally, and it's a more accurate way of describing this customer acquisition payback period for us. You can see that it's a little bit bumpy. That's because, like, Q1, there was fairly little sales. Q2, there was more sales, but we had some of the cost reduction in our sales and marketing organization coming through. And you can see that that's where our payback period in Q2 was actually lower, shorter than what we aimed for. And you can see in the capital raise, we also said we need to spend a little bit money here. We had data to draw a trend curve, that's the purple curve, for the last three quarters, and you can see that it's trending in the right direction. Again, we are okay with quarters going a little bit up and down. Q3 is always low because of vacation. Q4 is always high because it's the end of the year. So we want to keep a track on that with the trend curve. So this is how we're going to do it, going forward, and this is also how we measure ourselves internally. A few words about the capital increase that is currently going on. Christian will go through the time plan on this one. But as some of you, hopefully, most of you have heard, we are currently having a preemptive rights capital increase going on, where we can raise up to 36 million DKK. We are so fortunate, and good, and attractive, that when we announced this, we actually have 96.5% of the possible amount of 34.8 million DKK that has been committed or guaranteed. It had been guaranteed by an underwriting consortium, which is led by Spar Nord, and it has also existing shareholders, both BankInvest, EIFO, Bladt Invest, and also the people around the board and management team who's been shareholders contributing and committing here. In my word of concluding this one, I feel that we will be, we will be fully subscribed or extremely close to fully subscribed at the end of this thing. In a period where this is difficult over a summer vacation, I'm extremely proud of the team and what we have been able to do. I think it indicates a little bit the journey that we are on. Why did we do this? The first part of this one is that the cost reductions we've carried out over the past twelve months, we probably were a little bit too optimistic in the productivity gains that we expected in our sales and marketing. We are more or less half the number of people in sales and marketing compared to last year at the same time, and we were probably a little bit too optimistic on how could we make that smaller team produce so much more? Meaning that we are underinvesting a little bit, and we want to invest a little bit more into that. It will still be, like, measured, like the CAC payback ratio; all that stuff stays the same, so we're going to do it, like, very smart, very thoughtful, but we do not want this high growth market to run away from us. We need to make sure we have the right level of investment to grow at least as fast as the market that way, and so that's the ambition, so part of that is to go into this. The other good chunk of this one is we wanted to have a war chest to do what we call small M&A tuck-in investments. Sometimes we get approached, and we've talked to some of them, and we figured out that these small companies sometimes you need a little bit of cash. They are not happy to just be paid in MapsPeople shares, like we did with Point Inside, and we wanted to have that war chest ready because we need to be flexible, we need to send the right signals, and we need to be able to move very quickly. Just to comment, the type of M&A transactions we're looking for are, like, small companies that look very much like us. So they produce and operate indoor maps, which means that you can migrate that into our platform, and you get some platform synergies. And we have very clearly stated that the transactions we're looking for, we should be able to achieve at least 25% cost synergies in the combined entity, the M&A target and MapsPeople. Not 25% of the combined, 25% of the cost in the target, but measured on both sides, right? The savings can come from both sides. And that can be achieved within six months, which means that not only will we get an accelerated Annual Recurring Revenue, that will also be accelerating our revenue, and thereby it will accelerate both from a revenue point of view, but also from a cost point of view, our EBITDA, and thereby also our cash. And we will achieve that within six months of closing these transactions. Again, we feel that this is happening in the market, and we don't want the market to run away from us. So sometimes my job is not just to focus on this quarter, next quarter, it's also the mid to long-term space, and making sure that we maintain or maybe even build out this global industry-leading position that we have. So both these initiatives is to make sure that that we are playing ball and that we are not just focused on this and the next quarter, but we also focus on next year and the year after that. Just a little bit about how are we doing this. Around this round, around 50% is intended to go into this war chest for M&A transaction, 30% of it over the next 18 months to spend a little bit more in sales and marketing, and 20% is to continue this AI-driven R&D that we're doing in our maps right now. And this is one of the places where we absolutely are industry leading. So we are now using, it used to be like automation and machine learning. If you have enough of that, then it becomes AI, and the aim is that we can produce a new map for a new customer, faster equals cheaper than anyone else. We want to be in a position where we can be very competitive on price, if we have to, and the other part of that one is also when we update maps on behalf of our customers and our partners, because a map needs to be updated, otherwise the end user experience will deteriorate. We can do that extremely effective and fast, and thereby be very competitive on that parameter as well, so we don't wanna slow down on that on our product, 'cause it's where we are really ahead of the industry. That being said, I want to hand over to you, Christian. Thank you, Morten. Just one step back to the capital increase and the timeline. We've opened now for trading the subscription rights, so the rights to get part of these thirty-six million in shares. And that opened on August fifteenth, and you can trade shares. So if you're existing shareholder and you don't want to buy more shares in MapsPeople, you can sell them until August twenty-eighth. The window for actually subscribing to new shares goes from Monday this week to the thirtieth of August. Your bank may have a shorter deadline than the thirtieth, so be aware. Maybe do the trade by the twenty-eighth to be sure that you stay within the window. Just one thing for clarity: So we started out by saying that we have 96.5% secured. But the way this works is that a lot of these money are guaranteed. So you, as a shareholder, still have the preemptive right, so the right to come upfront and get your share, your pro rata share of the new signings. So it's not too late to go in and subscribe new shares in MapsPeople. The price is DKK 2, which is very, very, very close to what the share is traded in right now. On the third of September, or between the third and the fifth September, the bank is gonna count all of the shares that come in and allocate who gets how much, so that the big institutional investors that have guaranteed, they will then know will they get exactly the amount they have subscribed for, or less, because there are more people who have subscribed, or more than thirty-six million are subscribed. But you, as a shareholder, are secured your portion, pro rata portion. So, that was just closing off the capital increase. Let's jump to the Q2 numbers or back to the Q2 numbers, as Morten has been talking to. So this is my favorite slide, as you have heard, if you've seen these presentations before. This is the rolling chart that shows the last four quarters or twelve months of performance. So when we closed our books, the thirty-first of December, we had a revenue, recognized revenue, of approximately DKK 40 million. Now, if we roll that and don't take the four quarters in 2023, but the two last ones in 2023 and the two first ones in 2024, then we get to 50 million. So we've increased our run rate from 41 to 50, closing in on the ARR as we usually report it here in SaaS or PaaS businesses. This is really great. It's always nice to be able to draw a straight line. Well, you can almost draw a straight line here on how revenue is progressing, and the same with our EBITDA. Morten spoke to that a lot of cost savings have been done in 2023, and a little here in the beginning of 2024. That's why the slope of the EBITDA is higher or more aggressive than the revenue slope. And when we again, comparing to end of year 2023, we had lost DKK 60 million in the previous four quarters. The last four quarters, now, we are at minus DKK 44 million. So we're targeting up towards the guidance of minus DKK 20 million to minus DKK 25 million for the last four quarters when the year 2024 ends. More standard way of showing the numbers here is our EBITDA for Q2 2024 and compared to last year. As Morten said, we grew the top line, the revenue, with 35%, and we improved our EBITDA from -16 to -8. As Morten mentioned, we've now have a new line or two new lines in our reporting called special items. That's due to the management restructuring that we did in early Q2, where we changed our management team. The one-off cost or the cost for that have been booked one-off and are shown here on the line, special items. We don't expect any more special items for the remainder of the year, and we are guiding before special items into the market. The -8.2 EBITDA is the guidance level. ... I also highlighted two other areas here. One is the staff and own work capitalized, and that's due to the fact that we've not been reporting in the quarterly report, our staff and own work capitalized in the same way as the annual report. That's now been corrected. So both numbers are a little bit higher than you usually seen them, but they have been corrected across and are now in line with the accounting principles as we do them on an annual basis. Still, approximately 20% cost reduction of staff, cost reduction year over year, as we have had the last quarters. And the last purple number three here is depreciations. I just wanted to highlight that we've finished a lot of the development work we've been working on for a number of years. And this, as we finish development work, we start appreciating them as we recognize that they have value for our customers and ourselves, and that's why there's quite a big jump in depreciations from last year's DKK 2.5 million to this year's DKK 3.8 million for the quarter. For the quarter. Yeah. So that was the quick and dirty of the financial numbers from us. Thank you, Morten and Christian. We have a lot of questions, so let's move to them. First of all, let me start with a broad question. Across many SaaS companies, we hear that companies still have better growth outlook in U.S. compared to Europe. In 2024, you expect that growth will be evenly split between EMEA and U.S. or North America. Is that driven by your existing customer base, or, how is your view in your markets and partners, across U.S. and Europe? It's still around fifty-fifty. Maybe actually, this year to date, a little bit of an overweight on the North American market compared to the European market, so it may grow a little bit faster. It's again, it's a mix because we have this partner strategy where we are growing through. So we expect to grow both from new customers, so new ARR for new customers, but we also expect to grow quite a bit of new ARR from existing partners, like the net revenue retention, right? So all these elements are fundamentally helping us. Okay. Then we have a question about the customer expansions. Here it says, positive with the significant customer expansions of approximately DKK 5 million in Q2. What is the potential of your existing customers? Are you confident that you can continue increasing ARR significantly from the existing customer base? So, a little bit of, you can say, introduction to your existing customer base in terms of the potential here. Is it fully saturated, or what you can say, or is there still a lot of potential for you? There's still a lot of potential. It's not gonna go away. It's clearly important that we keep adding new customers and new partners that can go into the base, right? But this is absolutely not tapped out, like, we have a lot of partners who continue to grow their business, and even customers in this year who has grown, we still see more expansion with them, like even direct customer, right? So this is absolutely not tapped out. We have a clear expectation that on an average basis, on net revenue retention rates, which is like how we measure this, will continue at least at the same levels as they are right now. Okay. So approximately 10%? Mm-hmm. Yeah. All right. All right. Then one question here about the sales and marketing spend. Are you able to track what is working in your efforts? So maybe in terms of different things you have tried, how can you reach the customer or partners best? Do we have the golden formula, so to say, of what's working for you? We have the same golden formula as anyone else in SaaS who has like- Mm-hmm ... good demand generation and demand capture people, right? Yes, we measure this. We know exactly what does it cost to get a, what we call a marketing qualified lead. We know exactly what it costs to get a sales qualified lead, and we know exactly what conversion rates we have from there to there. We also know exactly what it costs us to get a new contract won. We know that per marketing channel, inbound, outbound, and even bigger differentiation behind that, and we know it per geography as well. So we're actually pretty good at steering this. We also know it's a little bit more expensive in America than it is in Europe. Yeah. All right. Okay, so, regarding your acquisition plans, can you tell us about the acquisition of Point Inside? Mm-hmm. You mean like- I think it would make you- Recapping it or? Yeah, I guess so. Yeah. Yeah. I can do my best on recapping that. Back, I think it was in May last year, we acquired Point Inside, which was an asset deal, so we bought all the customer contracts and some technology that we could migrate them over with. And when you do that, we protected ourselves by saying, like we kept half the purchase amount, and by the way, we paid with shares. We kept half the purchase amount, which equals around 1.5 million shares. We kept that in escrow, and they would be released contingent to all the customers renewing their contracts. Mainly one large North American contract did not renew, which is why we clawed back that purchase amount. We still paid the same multiple as such, and we clawed that back. That was still a pretty good business 'cause it was very synergetic because there was not really a lot of cost associated with it. That integration of everything is almost done. There's a few little nitty-gritty stuff that we're doing. A good interesting part of that acquisition was fundamentally that we also acquired the ownership of 1,872 indoor maps of shopping malls, mainly in the U.S., and 238 airports, both in the U.S., Europe, and a few other places as well, and we've been able to grow the monetization of these maps with quite a bit, actually. So they are actually helping us grow that business almost. I think almost $200,000 of our growth in Q1 came from that part of the business. Okay, so maybe it comes back to the question about the potential of the existing customer base. There's still room to growth there? Yeah. Absolutely, yes. Okay. I hope that was a good, decent summary that answered the question as well. Yeah, I think so. Really understand the purpose. Yeah, yeah. And you lost three million of some of the customers, as you said, from the clawback, right? It was one large. Yeah A North American customer that was in there, and we knew that there were risks, which is why we made the contract what we did, right? Yeah. All right. There is a question here: What is behind the expected acceleration in the second half based on your guidance? Does the current guidance rates include acquisitions? So the nature of our SaaS PaaS business here is that we build on top of revenue. So we took quite a big jump from Q4 to Q1 in our recognized revenue. We've sustained it here in Q2. The increase of ARR from Q1 to Q2 was fairly limited, so there's a delayed effect on that. So we expect to see that our revenue will increase the second half of the year, and thereby bring up our EBITDA, because our cost structure is fairly fixed. We have a very high gross margin, as you can see on the screen up top. So DKK 3.1 million and a half out of DKK 28 million in revenue for the year. So a lot of the additional revenue simply trickles down and improves EBITDA. So we will see an acceleration. Our guidance is was made before our change in strategy, but I don't think we're changing our guidance. It's still 72-80. We are expecting over the next 15-18 months, 2-4 tuck-in investments, as Morten says. But we haven't. We don't know yet, to be frank, if it's gonna be 2024, 2025, they start handing landing on. But we do not have a guidance that include or excludes. No ... these tuck-in acquisitions. So you can answer yes to that question, I think, Casper, to be honest. Yeah, yeah. So if you make some... A lot of your potential acquisitions here in 2024, there could be some positive effects actually then exceeding the current guidance range. Or landing nicely within it. Yeah, yeah, yeah. Okay, perfect. Then there's also a question here: When do you expect to have positive cash flow and positive results? So it comes back to maybe something you have been asked for before, but also giving some insight into growth focus right now. We don't, we haven't given guidance for 2025 yet. We are getting closer, as you can see from our guidance on the EBITDA going from minus 60 to minus 25 to minus 20 in 2024. If we jump back to the slide with the curves, it's, you're free to draw your own extensions of the lines and come with, I guess, based on that. We don't guide on that yet. The only thing I want to say is that cash flow positive actually comes before profit or before profitability because of the nature of our business with prepaid contracts. We should become cash flow positive before we become profitable. Yeah. And then we also have a final question here: Do I have enough cash to run the business without new money from shareholders? I guess maybe it... I'm not sure whether the question here is, you know, before this capital raise or after, but I guess it comes taking the at least DKK 34.8 million into account. Assuming the 96.5% are already secured, we have a fully funded case, yes. Of course, if one of the M&A deals we land is significantly higher than we have planned for, then that could change it. But with the current plan, we are fully funded. Perfect. Let me see. I think that was it from me and for the audience here. So, yeah, let's finalize it. Great. Thank you very much, Morten and Christian, for your presentation and also for answering all the questions. May everybody have a nice day. Thank you. Thank you, guys.