Good afternoon and welcome to this Q1 presentation and Q&A with Movinn. With us today we have the CEO Patrick Blok, and we also have equity analyst from Västra Hamnen Corporate Finance, Tobias Karlsson. He will ask questions during the Q&A. First there will be a presentation by Patrick, and afterwards a Q&A where the CEO will answer questions submitted via Stokk.io and by Västra Hamnen Corporate Finance. 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 Movinn to start the presentation. Patrick, your line is now open. Thank you, Anas, for the introduction, and thank you for hosting as always. Let's jump into it. We are here today to discuss our interim report of the first quarter 2024. In general we see a lot of improvement and a lot of kind of positive notes, I would say. A lot of the initiatives that we started out in Q3 and Q4 last year is panning out, and we see general improvement in our bottom line metrics, which is the main thing here for us at the moment. Just to run through it, we have realized a 4.1% growth on revenue. We're still in this transitional period where we remain a bit underperforming in domestic secondary markets, but we of course have a plan for that and some positive expectations to the development of those markets, so we expect that to pick up. But in general we have realized a 4% growth rate compared to last year. A lot of that growth has been realized in Sweden. So in Sweden alone we've grown the top line by 65%, and in Denmark we've seen a slight improvement compared to last year. And in combination with a lower cost base, we are reporting some improved and strengthened EBITDA numbers compared to the comparable quarter last year. So EBITDA in Denmark is roughly DKK 1.2. We also see Sweden with a positive EBITDA, so we've surpassed the break-even point, which is great. In Sweden we launched a fourth market, and with the market penetration on that it has taken a toll a bit on the bottom-line metrics, but we still are able to display a positive EBITDA. So a good milestone for Sweden that it can kind of sustain itself on an operational level, so that's great. And when you combine those two numbers we are realizing a revenue of DKK 21.5 and an EBITDA of DKK 1.2 in total. So a big improvement for last year, and that was the main objective for us here. When we did our reporting earlier on we had stronger bottom line metrics, and we can see that we're on the right track to improve in that. So I'm happy. If we dive into the financial highlights, again we show a segmented presentation or display here of the figures. We've taken the German column out because there's no commercial activity in Germany, so we didn't see any point in having that column at the moment. But we have it in Denmark and Sweden. And what is striking is that we've improved revenue in Denmark, we've taken costs down as well. And in Sweden we've improved revenue quite substantially. We realized DKK 1 million in revenue last year, now we're doing DKK 1.6 million, so it's materializing and going in a positive direction. So yeah, a strong combination of lower costs and improved revenues shows improvements on EBITDA, which trickles down to EBIT levels. We're still a tad away from going into green on EBIT level, but we're getting there and getting closer. And Q1 being a historically weaker quarter, we expect to see improvements on that. So in general, positive notes, and we're happy with the development. The balance sheet is fairly unchanged. You can see that we have more or less, of course, the underperformance last year has taken a toll on the equity ratio compared to last year. But in general we're sustaining a decent kind of leverage ratio, we're sustaining a decent equity ratio. Again we can see that we have a positive outlook from now on and going forward, so we are happy with that. On the cash flow statement, the cash flow from operations is negative by DKK 1.2 million. I'll come back to that in a while. And then we still have investments in both immaterial assets or intangible assets, and also a bit investments in tangible assets. Of course we launched the market in Sweden, and we're also kind of replacing a bit of worn down FF&E in the existing portfolio, which kind of comes to some investment activity. Our financing, we are servicing debt, we are doing installments, and that sort of thing, which gives us a total kind of book-kept changing cash flow of DKK 2 million in the quarter. Just going into the cash flow statement, I've put a little yellow circle around our net working capital. Since we did, those of you who've been following us for a while will remember that we did some tech updates to our setup. In early Q1 we launched our direct booking feature, which is going above expectations, I would say. It's delivering 22%, I think it is, at the end of Q1 of all orders generated in our system. The downside to that is that mostly all of the clients pay by credit card, and our credit card gateway is even though the revenue is realized and recognized in the period, the credit card payments doesn't land on our bank account until four days later than the end of the month. So we have a higher kind of debts/receivables than normal. If you look at the comparable quarter last year, the net working capital was about negative DKK 1 million, and now it's negative DKK 2 million. And the difference is mainly all the credit card payments that we are waiting two or three days for until we receive them. But I think that merited some more explanation in this particular report. And if we had the credit card payments in our bank account, our operating cash flow would be close to positive. The key ratios, we see improvement as well. We've taken it up. EBITDA margin, we've taken that up from 3.7 in the comparable quarter to 5.7 on group level. We see the Danish one improving as well, and we obviously see a positive ratio in Sweden. Again, the growth in Sweden has taken a bit of a toll on the bottom line metrics. You launch X number of units, it'll take some time before the market absorbs them and the clients kind of really start to look your way. It's a natural part of the cycle, I would say. So that's part of the explanation. And then again, Q1 is always a bit boring in our end, picking up in Q2 and Q3, and then being a bit boring again in Q4. So improvements along the line compared to last year, and yeah. The total units or the operational data, which we always report, is of course value drivers to us. And as you can see, we've taken the unit number down in Denmark. We communicated this a few quarters ago, that we would downsize Aarhus. And the actual kind of measured in unit numbers, the actual materialization of that downsizing has come into effect this quarter. So we've taken Aarhus down by 13 units, and then we've upped Sweden by seven units. Not a massive launch in Sweden, but a strategic important one because that market is driven by some interesting factors. I will come into that a bit later. We've taken the general portfolio down in absolute figures. But on the same side, reporting strength and revenue per unit data and that sort of thing, which is a big focus for us at the moment. How to utilize the existing capacity way better than we've been doing so historically. Instead of constantly chasing more supply and more kind of volume, we are looking into, okay, how can we strengthen the existing portfolio even more and more than we've been used to seeing earlier on. I'll dive into that a bit later as well. The vacancy levels are still above the normal target. There's some sort of seasonality in this figure, going into stronger quarters now. We also remain a bit underperforming still in the domestic markets at home. We see massive improvement in Sweden, so it is we know where to adjust and where to take action, and we are getting there. So it's above normal. A bit of weaker quarter, a bit still in Q1 weaker performing at domestic secondary markets, but other than that it's going in the right direction. We put our guidance for 2024 up in the annual report, and based on this performance we've done in Q1, it is as expected along the line, so we maintain our guidance for the full year. As you can see, we are guiding on a revenue bracket between DKK 87 million and DKK 82 million sorry, DKK 92 million. We are guiding on an EBITDA bracket of DKK 8-DKK 12, EBIT of DKK 2.5-DKK 6, and so that remains unchanged, which is positive and which we are still confident that we can realize from what we know now and what we've kind of done and that sort of thing. Our investments, gross investments, will continue to be lower. Again, it's a function of us just getting more out of the existing portfolio, thereby improving investment metrics as well, return on equity, invested capital, that sort of thing. Instead of keep chasing new supply and more supply, we are focusing on utilizing the existing supply better, which will display stronger kind of fundamental metrics. So all of this is kind of unchanged from the annual report, which is positive. The current portfolio is the good old one. We have our core business, which is the corporate housing market. We have the co-living sub-brand, and then we had the furniture rental service that we launched actually Q1 at this time last year. We launched this. Again, I've said it before, it's a great business model, it's a great product, but we have lower hanging fruits at the moment. And those being just getting the core operations back to that speed we know we can do, and beyond that, that's our focus and strategy for now. We're not launching new products. We're not focusing on new products. It's a great way to grow, but if your core product can do better than it does, then why do new ones? That's the reason for that. You can still see good growth in the co-living segment, good growth in the serviced apartment sector, albeit a bit more subtle. And then the Collective Yoyo/the furniture rentals is taken down with no activity. So we're focusing on the core product groups, and we're going to continue to do so in the foreseeable future. The client concentration, again, a bit boring, I know, but we keep an eye out for this. We don't want to be exposed to too few clients because that can then cause offsets in the long run if you kind of look at it on a risk management level. We remain well diversified, I would say. You can see that the biggest client is generating 6.8% of the total revenue. So that's an increase from the comparable period last year. And you can kind of put two kind of reads into that. One thing is that the loyalty is there, which is great. The other thing is that some industries might be a bit less affected by macroeconomic tendencies as interest rates or freight rates or inflation and that sort of thing. So you will always have these kind of countercyclical industries that will pull a heavier load, so to say, when other industries are a bit slower. So in general, the biggest clients are increasing their share a bit. We read it as a sign of greater loyalty, and then the underlying demand drivers, we read into that that it is mainly driven by long-term countercyclical tendencies. So yeah. Our tech development, we've really put a full throttle into this one, and I'm going to jump to the next slide because this is where we can really try to explain a bit more what it is that we're doing. We are a prop tech company or a tech-driven company, and the differences between us and I don't know if I'm not going to be I don't know, but what we do is that we develop it in-house. We do a lot of good stuff. Up until Q3 last year, our tech focus was very operationally driven. Okay, how can we improve the user experience when people were already in the shop, so to say? Everything was kind of automated in that part of the supply chain. The access systems were automated, the financing stuff was automated, the user journey, information flow, all that sort of thing, making it a very, very good operational system we had, but lacking a sales engine or a lot of sales capability in an automated fashion. So this has been what I've been working tirelessly on in Q1, both to conceive the ideas, and then you figure out what technical requirements it'll take to develop, and then you go into development, and then you deploy. We launched the direct booking feature and the dynamic pricing feature in late January, and we thought that it would do maybe 5% of the orders. Quickly, it did 20+, so a great success. The financial impact of that feature is that we can be more scalable. Our office hours are not limited to when people are in the office. People can book on weekends, and they can book on off-hours, and that sort of thing, making us a strong kind of 24-hour open shop. And so it takes a lot of pressure off the existing sales team, and it'll also, of course, be more scalable in the longer run as we add supply as well. So a great feature. I'm very proud of that, and we can see it working well and continue to do so. The second part of this kind of roadmap was some strategic integrations, which when we sit here today, after the quarter ended, we have launched it, and we can see it working. So it's fascinating as well. But it's trying to automate more of your traffic. So you're not depending on people, you're not depending on office hours, you're not depending on in general, you're just building an automated revenue stream, and you're doing it, and we're doing it in-house. So we're not paying huge software licenses to external parties. It's all been done in-house, and I think it's very, very fascinating, and it makes us unique. The last part of this kind of sales automation master plan is our internal booking suite or Velocity Pro platform. We've called it Velocity because it'll basically empower a lot of our structural partners to access our entire kind of we're giving them the keys to the castle, more or less. So they can go in, they can book, they can do their own thing in their own time. And it's effectively, depending on the number of users that we can get successfully onboarded to the platform, it'll give us 40-50 more salespeople, maybe, that can generate orders and do it without us interfering or us being stopping factors. So we have great expectations for that as well, and it's expected to launch mid-June. There might be some delays. That's the downside of doing it all in-house. There's unforeseen things, and it can push the timeline. But in general, I'm super confident, I'm super happy with this. We needed the automations in the sales, and we're doing it. So it's fascinating. The current markets we're in, they look more or less the same. Aarhus has been downsized as we already have been discussing, and so we mentioned that a long time ago that we would do that exercise. We've done that. The remaining markets in Denmark are more or less the same. We have a strong pipeline in Denmark because we have the big apparel chain coming in the future, and then we launched Västerås, a small launch, but a strategically important launch. It's in Sweden, and the companies there, they are in these countercyclical industries as well. Sustainable energy, big kind of tech retail stuff, a lot of those megatrends that the government and everybody is investing a lot in at the moment. They have a big presence in that city. So it gives us access to some key clients that we can then get a good relationship with and work closely with in both those kind of near-local places, but also across our entire presence. So strategically, it makes a lot of sense to do these kind of needle-stick operations, as we call them. The target markets remain unchanged. Of course, in Sweden, we still have some of these kind of more office markets in Gothenburg and Stockholm on our radar. Because we've kind of changed sourcing strategy, aiming for the aparthotels and bigger launches in one go, we're not going to it just takes time. You're in competition with different other operators. There's a lot of unforeseen things that kind of makes this a bit outside our control, and similarly in Hamburg. But this is the markets we're looking at. It's been like that for a while, and we don't really look anywhere else. And that comes to the roadmap then, unchanged from when we did the IPO. We still have a way to go, but we still do this long-term guidance on these key value drivers for us. And they are, as always, EBITDA margins above 15%, return on invested capital above 18%, operational vacancy below 10%, unit metrics, so revenue per unit. In a bracket, portfolio growth. We're still very confident that we're going to get there in absolute figures. It's not going to be linearly. So it's in line with the sourcing strategy. So when we do stuff, we want to do it bigger instead of doing it incremental. The new markets, you could say that we're doing it. We're not doing it maybe as fast as we I don't know, could or would, but we're doing it in a more controlled way so that we don't overexpose ourselves to too much kind of tear on the working capital. So if you look at the progress from where we're at to where we do long-term guidance, we continue to do these launches, market launches. Our revenue per unit is in the guided range. The unit growth is not high, which is, again, right now as planned. We want to do a better utilization of the existing capacity instead of just keep adding new stuff. And even though the EBITDA margins are kind of on the up and on improvement, we also are a bit away from the target, and that then trickles the vacancy is a direct effect of that, and then the EBITDA trickles down to the return. But there's improvement, and I'm confident that we're getting there. So thank you for your time. This was a quick run-through of the presentation, and I'll be happy to take any questions that might be out there. Perfect. Thank you for that, Patrick. And let me start off with the first question from the audience here. Odense has approved the Novo Nordisk project. How are you planning to be present in Odense during the project and afterwards, and what steps are you taking today to see growth from this multi-year project? Do we have enough available apartments in Odense close to the area? Great question. We, of course, have been looking at the progress made from the municipality as well, and we were delighted to see that they got their permits on Wednesday. As Danes, we should be very happy that Novo is around, huge engine in the economy at the moment, and we can see that they're in different places in Denmark. They're doing stuff in Hillerød, they're doing stuff in Kalundborg. So fantastic company, long story short. The project in Odense is also huge. You can read it in the papers. It's a 10-year stretch, I think. And one thing is Novo coming to Odense. It's going to be great for the city. In the construction phase, a lot of subsuppliers are going to be there as well. So engineers, specialists, that sort of thing. We have an existing relationship with a lot of these engineers already. So without knowing anything for certain because you don't know who wins the contracts and all, but we have a pretty good yeah, a pretty good relationship with all these kind of subsuppliers as it is, and hopefully that will have a positive effect on the Odense portfolio. So we are keeping ready, and we are talking to all the usual suspects that we already know. So everybody is ready to go when the expected influx is bound to happen kind of in the short future, near future. Regarding if we have enough, I would say no. We probably don't. But we have 73 units, so we've maintained our portfolio throughout the year. Last year in Odense, when Facebook or Meta, they canceled their expansion of their data center, we could really feel that the demand-supply ratio shifted very rapidly. Instantly, you're trying to do a lot of these things. Okay, how do we normally fix that? Okay, we go out and talk to new business. We get some new accounts in. They're not delivering the same volumes as we've been used to. You try to hire your way out of it. You're doing all these kind of tricks you think you know, and that has worked for you in the end. Then at some point, when you see that the results are kind of still a bit, it's not really getting, you're not really getting there where you want to be. You're thinking about, "Okay, should we downsize Odense as well?" We stay put. We've kept our entire portfolio intact. It's also a great signal for our real estate partners that we don't just cut and run as soon as things are getting a bit tough. And now timing looks to be in our favor. I don't know when, but I have a pretty good feeling that, no, we won't have enough. Luckily, there's, I guess, other suppliers than us out there, but it is going to create a big pressure on supply if the Odense project looks anything like the other projects around the country. Just a quick note on that. We recently did a big framework agreement with another big Danish corporation, and they also have a big presence in Odense. So we're not just sitting around waiting for Novo to just, "Come on, guys. Hire some subcontractors, and let's see what happens then." We are doing other stuff. I'm very confident about the, let's say, the next 10 years in Odense. I'm pretty confident about the development. You had a strong start to the year in Sweden. Are you seeing increased potential in this market or still just smaller additions during the year? No, definitely. I see a lot of potential. We can see that it's a snowballing effect in a way because you're a new player. All the clients out there, they need to put trust in you to get started. So there is this kind of boomerang effect, we can call it, where if you deliver the quality, of course, you're going to get more business, and they're doing fantastic in Sweden. And I see potential, and I see we're definitely looking to increase in Sweden and probably just focusing on the existing markets we're in instead of branching out and spreading yourself out too thin. But in the existing markets, we should be able to up the supply, which is something we're actively working on. That maybe falls a bit in line with the next question here. In your guidance for Sweden, you had one new market. With your recent new market opening, can we then expect zero new markets the rest of the year? Yeah, lovely question. It's a good question. I would say, from what I know right now, I wouldn't be pushing many new markets in the country. It has something to do about lead times. It has something to do about the low-hanging fruits. Where are they at? So reap them before making it hard on yourself. And every time you go into a new market, you have that penetration rate where it's like, "Okay, new clients, new relationships." Of course, there are some entities in Sweden and stakeholders that are nationwide. You can piggyback on those, yada, yada, but why make it hard on yourself? So utilize your existing kind of presence and then strengthen your moat, so to say, in those locations. That's the main focus. That being said, we are looking for different. There's a lot of opportunity in Sweden. You can definitely see improvements in the economy. Interest rates are going down. Inflation levels are going down. You see some big players like Spotify and that sort of thing. They're reporting strong financial performance. So things are kind of on the reverse. But there is a lot of opportunity in Sweden, so we might do things that are not core going alone. We might be interested in looking at some partnerships or some sort of other ways to the end, so to say, instead of just the good old going alone, sending up the trucks from the warehouse to the north of Sweden and messing around with it in-house. We would be happy to look at some partnership opportunities as well. That could be a win-win. And then before I hand over the word for Tobias, I just have one question here before a bit of a pause from me. Can you explain a bit about the dynamic in revenue per unit comparing Sweden and Denmark? Vacancy is lower in Sweden, but revenue per unit is also 50% of the Danish market. Why is that? Are you renting out smaller units in Sweden, or is it the locations that make the price per unit lower? Great question and insight. It is the Swedish currency, for one. So the Swedish currency is not in our favor, and it hasn't been ever since we launched, more or less. So the currency is, of course, when you change that into Danish numbers, it's going to look worse than it would if the currency was stronger. And then it's completely true and great insight. The average size of the units is lower in Sweden than they are in Denmark, so meaning that the nominal revenue potential is also a bit lower than that. And then, of course, factored into this is we add 7 units, and a lot of them might not be generating a lot of revenue, so you don't get that full period effect from the unit count. So you will always have that time dispersion of let's say you add a unit in early January or mid-February or late February or early March, and then they won't be adding to your kind of revenue count. So that's part of the focus now, is just to get that kind of revenue per unit up. It's not because of the currency and that sort of thing. It's not going to. It's probably not going to match Denmark at any point, but it is getting that up because our inventory is perishable, as we've explained before. So it's kind of like owning a flower shop. When the flowers, you have to sell them off, or they will wither away and die. And similarly, when we have vacancy, it's not going to. We can sell it. It's gone, but we still have all the costs to carry, a lot of the fixed costs, semi-fixed costs, and overheads. So the more revenue per unit we can jam into the performance, the more of that is going to be visible in the bottom line in the end. So that's what we've been focusing on, both tech-wise and also kind of strategically, and we're going to continue to do that. That is a pause from me, and then I will invite Tobias in to ask his questions. Your microphone and video is open now. Thank you, Anas, and thank you for hosting this. Also, congratulations, Patrick, to a very good quarter. I just have some few questions. And to start off with, you talked about during the presentation, Patrick, that the three-step process regarding the online booking system was now on. And I was wondering, can you elaborate more on what new features the Velocity Pro platform will bring? Because it sounds interesting to me. Of course. The way this works now is that you have a lot of stakeholders. There's a lot of agencies, a lot of third-party kind of stakeholders in this industry. It's what makes it also extremely dynamic and exciting to be a part of, but it can also be. There's also downsides to that because people change jobs. They leave. They change industries. They get hired somewhere else. So you can have some really good personal relationships with people. And then that person that is kind of your champion, they will then get another job or leave the industry entirely. But imagine these third-party agents doing a great job supporting a lot of the corporations on their entire mobility. So if you look at the mobility as a whole, you're moving from Sweden to Singapore or whatever, or you're moving from China to Denmark, and you need daycare centers, immigration tax, and then you need what we provide, which is the temporary accommodation stuff. So your first home in a new country is probably going to be through the likes of us. And as it works now, it is very kind of email, phone, relationship-driven, that sort of old-school style where emails are going back and forth a million times. When a unit is being located that is suitable for a family or a single or a couple or whatever, it has to go from an email from Denmark to Singapore, from Denmark to China or the U.S., different time zones. And then they have to look at the unit and say, "Okay, I like that. I would like to book it." That might take 3 days, that process. In that process, that unit might be rented out elsewhere. It creates a lot of frustration and a lot of iterations and manual labor, which nobody really gets any value from. The core function of the platform is that we are giving these third-party partners, which is a fantastic kind of an elegant supply chain in general. They're paid by the client, and then they deliver a lot of traffic for us. We're giving them fire, so to say, or we're giving them the keys to the castle. So they can log in. They can access our entire supply. They can search our units. They can send it off for approval across the globe or whatever they want to do. If the guy or the girl on the other end approves the option, it'll be blocked for them. So it'll give them. They'll basically have the option to book and reserve and do that sort of thing without having to write us an email, without having to call us. They can be out driving a full day, and then they might want to reserve a unit for booking it later. So they can go in, block the unit when they come to the office, or they come home off hours. In the old days, they would then try to write us or call us, and people would be home. And then the next day, the unit might be rented. It's very dynamic, and it's very frustrating at times. This is what we're basically giving that, empowering them to do all that in their own time, with their own kind of yeah. They can book. They can reserve. They can do it all, and they can get the approvals they need. They can manage their contract, all the documents they can manage from a centralized place. So yeah, we're going to increase their efficiency by loads of both time and that sort of stuff. It will create a higher velocity while the platform is core velocity in our kind of revenue. We don't have to wait for them to complete the booking, and they can do so in their own time. So we're, yeah, empowering them to be more efficient. Then in the end, of course, it'll be a good thing for us because if they can make the call with us, why should they then ask a lot of different providers? Why not just make the call, take the decision, beyond to the next one? Interesting. Very interesting. If we move to the multi-year agreement you signed recently, does that agreement mean any increased costs during the common quarters, or what is the plan for the agreement further? Improve costs? What? Yeah, exactly. Improve costs. No, no, no, no. It's a strictly demand thing. So it's a good testament to our because a fair question would be, why are you in these sorts of cities where volatility is higher, and why not just focus? Because Copenhagen is extremely stable. And if you look at our entire Danish market, you have Copenhagen being very profitable, and then you have the other two kind of tearing a bit on that. So why even bother to be present in more markets than just the ones performing well? I have that discussion with my board a lot of very often. But this agreement is a testament to that because it's only possible to do this sort of stuff if you can be a one-stop shop in as many locations as possible. So can you deliver in Sweden? It's a plus if they have a need. Can you deliver in Denmark? And can you deliver across Denmark? It's a big plus as well. So hopefully, we will see improved demand patterns across all Danish markets and also across the Swedish markets. But there's no added cost. It's a strict kind of demand thing. Yep. Perfect. And you reported average vacancy rate of 12% in Sweden. Since this is close to the threshold you aim to keep, am I right to assume that the Swedish operations will need additional units to increase its profitability? And I mean, is there much room for the improvements with existing number of units? Yeah, good question. What we call the operational vacancy, we don't really factor in. When we're launching a lot of new units, we don't count that into the operational vacancy. That's something only to do with the units already in operations. So the lead time of adding 10%, 20% more units in a quarter is not factored into the operational vacancy. So there is improvement there. And to answer the other part of so potential, for sure, then there's kind of the way to how can you look at your price structure and kind of improve on that one? Because vacancy is only a metric counting the days you have available operationally. It's not doing anything else than that. So there's the pricing point. That's an interesting one. And then there's the vacancy, of course, to take that down. But that being said, if so long story short, and then Q1 always a bit boring, blah, blah, blah. So long story short, the existing portfolio has potential, but yes, we need some more stuff to get it up and be really substantial because we can report on percentages and stuff like that. But if we really want they want to see nominal impact measured in bottom line profitability, we need more supply. And we can do that in one or two ways, either by going alone or by partnering up. So that's kind of what we are that's the two different routes that we're looking at. Yep. I understand. To just end up with one financial question, accounts receivable were unusually high this quarter, which negatively affected your cash position. What is the reason behind this? Yeah, I touched on it in the cash flow thing. It's because after we pivoted over to the direct booking feature, the most popular way of paying, and in some cases, it's only possible to pay by credit card. And there's also a lot of clients that are just doing that on their own. So we have more credit card payments than we had last year, way more. And even though the revenue is recognized and fits this quarter, the money doesn't land in our bank account until the 3rd or something like that or the 4th from the gateway. There's a credit card company out there that has the gateway. So they've taken in all the payments, and then they release them on the 3rd or the 4th or whatever in the following month. So when you look at the bank account on the status day, you can't take that money into your cash flow. You have to kind of wait three days before you can recognize that. So that's the main explanation. We also have some of the days are also a bit higher than normal and what we like to see. When you do these when you have a lot of these big corporate contracts, payment days is always kind of a point to a discussion point. It's a common theme, commonly known thing. If you're supplying to a large corporation, they're going to use you as a financing source on their working capital. And on the other end, we want to cash it in as fast as we can. So we're doing our DSO management as best as we can. But speaking to large corporations, it just takes some time for the money to land with you. But we're managing it fine. But that's the main explanation, is the credit card thing. The second part of it is the kind of payment days that you have on your big accounts. And just wondering, I mean, you're talking about the interest rates and inflation in Sweden. To just compare it with Denmark, what is the biggest difference? What do you see as the biggest difference between the countries right now? In Sweden, we see demand driven by fewer industries. Luckily, there's improvement to that. Technology has been down. A lot of different kind of industries have been kind of playing a waiting game last year. You also have some very strong countercyclical things happening, which is, of course, in your favor. Denmark, of course, there's better diversification in Denmark than we have in Sweden. The things that are kind of driving demand in Sweden is some countercyclical, strong industries, energy, sustainable energy, that sort of thing. That's been acting as a locomotive, so to say, even though technology in some of those classical segments has been a bit kind of on the fence. I would say that some very strong countercyclical industries are pulling the weight in Sweden. And in Denmark, we were quicker to see, from a macro perspective, our currency is tied to the euro, yada, yada, that sort of thing. So of course, we haven't been hit as hard as Sweden has in this year. And then again, we are blessed to have a flagship corporation, which is the 10th most valuable corporation in the world, which happens to be in Denmark. So we should be happy for that. Otherwise, we would probably be in a recession as well. Thank you, Patrick, for the answers. That was all questions from me. Great. Perfect. Thank you for that, Tobias. I will just move on with one last question here before we end the webcast. The question is, with your new online booking system, is this both available in Denmark and Sweden? And can you compare those two markets to how big a percentage of the bookings is made online versus through direct sales? Yes. Great question. It is available in both countries. It's way more popular in Denmark. And I don't think it's a popularity contest per se. I think on a SEO basis, we are just a way bigger kind of have a bigger presence in Denmark, so we're easier to find, so to say. So in Sweden, we've had a handful of direct bookings, which is great. I talk to clients all the time, and they're like, "Oh, the Generation Z that's coming up now, they don't want to talk to anybody, so they just want to book in their own time. And so it's going to be great for them, blah, blah, blah." But I think it's a matter of we spend more marketing money in Denmark. I think we're easier to find. It's equally popular, kind of on a ratio basis, I would say, also comparing Sweden to be way smaller in unit counts. It's available both places. It's been used both places. More popular in Denmark. In real terms, Denmark is bigger. Yep. Perfect. That was all the questions. That finalizes the Q&A. Before we end the webcast, I will just hand over the word for you if you have any final remarks to end with. No, thank you for listening in. Great, as always. Great questions. Love to do these questions where we can explain a bit more instead of just yapping through a 20-page thing. So another great one. See you next time.