Hi, welcome to today's event where we have the pleasure to present Penneo. To help us through the presentation, we have Christian Stendevad, Chief Executive Officer, and Casper Nielsen Christiansen, Chief Financial Officer. The reason for today's event is, of course, today's Q3 results, but also last week's adjustment to the growth expectation for this year. That's what we will go through in this event. Like always, do ask questions out in the right-hand block through the presentation. If it fits, I will try and make it fit in the presentation. If it doesn't fit, we will make sure to take all the questions up in the end. No worry, we will get through all the questions. I think, for now, Christian, you can take it over from here. Thank you so much. Thanks for all of you that are attending, both newcomers, but also those that have been here several times. I will just shortly give an introduction to Penneo. If you take the next slide. As a starting point, Penneo, we have around 2000 customers on our SaaS platform. We are you know, business to business, software as a service company. The 2000 is a number that we announced during the IPO, so it's 1.5 years ago. If you add all the numbers we have in our books, you can see we have some more. What we are doing is, and what we are most known for maybe, is our digital signing, and with our Penneo Sign and with all the workflows and document handling around that. We have also added our KYC, Know Your Customer, that's part of the AML, Anti-Money Laundering, legislation and regulation. We basically have those two products and revenue streams. We have customers in Denmark, Sweden, and Norway. These are our main markets, but also Finland, Belgium, and Germany, where we have within the last year have got the customers. We have an aim and a dream of becoming the de facto platform for auditors and accounting across Europe and within what we do. We are approximately 90 employees with across 20 nationalities. If you take the next slide, then you see from the very beginning, auditors and accounting has been, you can say, a core segment, a customer segment, and they are also our beachhead segment. That's the way we go to market. We really would like to offer something special to the auditors. Here we are seeing the platform that we are offering to them. It started with the Penneo Sign, but now we have added the Penneo KYC. That was an acquisition of CLA Reply. The vision is that we have a full platform for all the interaction with the customers and all that what they need to do. That goes from the KYC, then the auditors have their core system where they do the annual report. When all these reports go out to signatures, then it is with Penneo, and that's also what we are very much known for. As our vision is, we take that platform and as we grow, we basically add another revenue stream to this. Our offering to the auditors and accountant, they will expand over time. The example with KYC is just one example of that. We have mentioned here filing the report. It can also be other things. It is to be developed or it can be out. That is not decided that part, but it's just to see the vision we have of how we grow within that segment. If you take the next one, then the customer pain that we solve are those three ones here. One thing is the time-consuming process. Originally, with the signatures, very much manual process. Those that have been part of any annual report that need to be signed within time knew how very time-consuming and with a lot of stress that were in the old days that we have now really got much more efficient now. It also goes for the KYC with all the manual processes that are usually there by having a system that is automating that and also supporting that. These processes, we really, the consumption is really going down. A lot of savings both for our customers, but also the customers of our customers that are using it. At the same time, there are some compliance and security that are solved. There are some regulations around this that customers of ours, auditors and accountants as an example, they really need to fulfill that in order to be compliant, and that's what we support with. At the same time, our system lives up to all the necessary and high level of security around it. Last but not least, is the core customer experience. I joined a little bit more than three months ago, and I still, every time I say I come from Penneo, they think that people, they know it, they have seen it before, they have used it, and the reaction is, Yes, and it's so easy to use. That customer experience, that is so important for our customers that are using it, that their end user of it's an easy thing, and we have always put focus on that customer experience. If you take the next one, then now we said that our strategic focus are our auditors. Yeah, that has been that from the very beginning. We now have, you know, we are very strong in Denmark and also strong in Norway and Sweden. That's the way we go out to market. The whole part of that is that those auditors and accountants, they use it for themselves. But the beauty of this is that their customers. When they send out, for example, an annual report to a large customer from one of the Big Four, they maybe have 20,000-30,000 business customers. So they send that out to their Chief Executive Officers and board members. As part of that, then suddenly that's how we get they got to know us. They see how easy it is. So not only that customers use it for themselves with all the benefits, but we also they also send that out and we can see these are still numbers from 2020. We don't have them yet for 2021. In Denmark, for example, 66% of all annual report were signed by Penneo. A high level of penetration, and that's all their customers of those auditors that have signed. If you take the next one, our whole strategic direction and where we are heading and also the way we then penetrate other than the auditors is our tier one is clearly our core segment where we develop to. We have a tier 2 that has others that, and we call it here regulated and AML impacted industries. Those that are have to fulfill the requirements of AML by having a KYC process in place, know your customer in place. That's the tier 3, that's the network effect. These are all the Tier 2 we have talked about now. They are financial institutions. It can be a law firm. It can be leasing companies. It can be real estate and others that have both needs this high level of security of signing but also have a KYC process in place. That network effect when our auditors are using it, we see then their end customer, Chief Executive Officers and others, then they see in their own company, we should also use it for us. We can see all the benefits of this. Then they decide to use Penneo. As part of that network effect that we see the number of inbound leads we get, we get a lot of those inbound leads coming in. All three of it, and that's also why basically we go to market with. If you take the next one, we are riding on top of the national electronic ID scheme. As we have seen here in the Nordics and also in very much in Denmark, is that the penetration of using NemID or in Norway and Sweden, BankID, that is the very high level of digitization and high level of use of that. That is simply by EU law. Every citizen should have their own electronic ID, and that's one of the foundation for our way of expanding, and we are riding on top of that. As that brought out and get more mature and in use, and it is already accepted that signature with such a one, electronic ID is enough for a signature. As that mature throughout Europe, yeah, then we are coming just behind for our expansion. That's very important part of our European expansion. If you take the next one, and that's all. Perfect. Thank you. This slide represent our historic cohort development in Penneo. For instance, the blue dark column in the bottom here shows customers coming in in 2014. This is the total amount of the annual recurring revenue for that group of customers. What's special about this cohort within Penneo, and what we are proud of, is that every cohort is developing positively year over year over year. That means when a customer churn, small customer churns, the customers maintaining we have seen it increased our engagement with us and increased the ARR. If we take a five years period, what we see is that we the first five years on average uplift our customers with a 17.5%. This chart shows when we look 12 months back from the end of Q3 last year to the end of Q3 this year, what we see is what we have achieved is an overall growth rate of a bit above 50%. 90% is coming from new customers, and the other half is coming from current customers. What we can see on this slide is that we are maintaining our pretty low cohorts. Sometimes I got the question, Why is the cohort so low? What can you see out of your data? What we can see is that it's the very small customers who's churning. I assume it's the matter of if you're just having a simple need, Penneo is building for a strong need. At the end of that, on the top of that, Penneo is a strong tool. We have a high degree of compliance, so it's not a bad tool for small customers. It's just a part of the low churn that it's small customers who's churning on when we see churn. Next- Casper, I don't know whether you can elaborate. Is that the customers that came in the beginning of the period of Penneo's startup as a company and the more you are seeing the longer you come in your journey and the more integrated you get by your customers workflow, you're not seeing any churn there. Is that. Have you made a study of that? Is that the picture or do you also every year get smaller customers that might not decide to use Penneo? I don't think we have disclosed this kind of details, but I think you can have an overview of our cohorts. Then you can, you know, see by yourself, by following the cohorts, can you see a higher uplift or not? I know it's mixed up with the uplift of course, so it's Yeah. Mixed up. It is already very low, but you know, if you dig down and see its customers coming in many years ago where you maybe took in smaller customers who are not that integrated there, then you know, it could stay low. When Christian are talking about this tiers model, we are still very glad to see the network effect, so we're still getting kind of small customers in Penneo. Okay. We're not stopping about that. We're just having a focus building our software to our tier 1, to our tier 2, and then we are happy to see that it's a strong product for also the more generic need. Perfect. Let's move on to the next. This is our SaaS numbers. It's as you can see, this Q3 has been a quarter where we do not get that many customers in as we expected. It's also clear when you read our adjustment that we just have sent out. What about the CAC here? I can see there is a question about our CAC. Yeah. That's actually true, yeah. I answer right away here 'cause when you are driving a sales organization, you cannot see that you have a total cost going down just because you have a month with a lower performance. To clearly answer the question, do we expect that this 35K is the new standard? We do not expect it. This is a normal quarter. Normally, Q3 in Penneo is a low quarter, so we expect a higher CAC in Q3. This quarter, this low season quarter has been a low season quarter, so we are not expecting this is the new level. You also can see in this chart that what we focused on before, that we have a net ARR retention rate of 124%. Even that we saw a smaller size of the 87 customers coming in in Q3, we can see that our overall average revenue per account, the total portfolio is increasing also in Q3 because of the strong uplift on the current customer base and the small numbers of smaller customers coming in in Q3. Next. Yes. Maybe also, I know it's hard but you say this is a high level. You have shown ARPA stable around DKK 22,000 for a long time. Is that what we should model in if I'd say that analytically or do we expect that maybe have been a little bit too low? It's to get a kind of a sense where you think this can land in the long term, you know, not quarter by quarter depending on the inflow, but as a general level. I recognize it's a pretty good and strong question, but I think I cannot answer it since we haven't guided about this level. I can answer saying I think 30-35 is a very high number, and it's not a normal high number, and we do not expect to be on that high level. We do expect when we set out the IPO budget, we expect to get a higher CAC since we want to invest harder and scale the business. When you do so, you might expect the CAC going up, but we also expect the AR to go up. You can see before Q2, you have seen this trend that we get bigger customers in, and it cost approximately DKK 21,000-DKK 23,000. Yes. Perfect. I will change to the next slide then. Perfect. I can see there's a question about our revenue here since. Yeah. If you split the AR from the end of Q2 and Q4, then you get DKK 9.1 million in one quarter. Why is your isolated revenue from Q3 not DKK 9.1 million? The first thing you need to understand about Penneo is that we have a seasonality. Q3 is a low season in Penneo, and it has always been. Last year, where it was a very strong low season due to the postponed filing of the annual report. This year it's a more normal year, and to be honest, it's also a low season. That's the first thing to understand. When we're invoicing, we have a low season in Q3. What drives this recognized revenue also is that we are using IFRS 15, and when we're doing this, we need to see the performance elements. We are not taking in the revenue just because of the month in the subscription period. We are taking in related to the performance elements that we are doing to our customers. What we can see is that, and you can also see it on our contribution margin, when we deliver a software to our clients, we have a very high degree of contribution margin. We have delivered this value when we are opening the system and sending the invoice. The effect is that when we are sending an invoice, we can take a major part of it directly into our PNL. If you see on a year, it would not be a problem, but if you're diving into one quarter, you'll see that the number is not specific to a 25% of our ARR. You need to see it as a twelve-month period. If I should understand, you know, I think you're lagging around 30% under here. What if I divided your ARR and divided it by four and what I should expect in the quarter. Q3, we should always expect this because you are not delivering that much of the contracts, and as a growth company, you will always have kind of a factor lagging under in some of, in many of the quarters which will level out on the year-end. Is that kind of a way to see it or? Yeah. See, when you're invoicing 12 months and when you're invoicing a low amount of the yearly amount in Q3 is a low season. Yeah ... you'll have a lower recognized revenue because we recognize the most of it upfront since we have delivered the performance elements. The performance elements is here, the reporting season, for example, that we have this big filing of reports in the Q2, so that would be a strong quarter where you have a lot of performance. Is that correctly to understand or? Yeah, you can say it like this, 'cause, you know, for instance, the NemID as is the one of the part we need to pass deferred revenue on our balance sheets. Yeah. Just an example of this performance element. This third-party's development into our platform. If you're signing in the nighttime, there'll be no one at Penneo working on our side, but you will still cost us some money for the external part here, the EID. If I took your year-end what you will end up on divided that by four, you would make a mistake between the quarters. That's clearly. If you took the two points and went through it, will you still have a revenue that's below that? Because if I remember right back to the IPO, you also had something where you had taken upfront some- Yeah Some three-year contracts, but it's not that who is really messing up this picture. That's not that big an amount. The lucky part is here that we in 2019 changed our price model from being transaction-based before 2019, and in 2019 we changed it to be completely subscription-based. Back then, we were still bootstrapped, and then we focused on invoicing. Back then we for some customers invoiced for three years, but 2020, 2021, 2022. Next year we'll see that customers coming in in the loop again. Yeah. Perfect. That, that's not the main reason. The main reason is those. Yeah ... performance metrics through the quarters. Since the beginning of 2020, where we could see that we will raise money at the IPO, we do not focus on the customers invoicing cash coming in since we raised money. Now we are focused on increasing our AR. Back in 2019, we gave discounts to have a three years invoicing. We're not doing that anymore. Now we're just invoicing 12 months. Perfect. Some question I normally get, if you see on the contribution margin, here it's just 1% up. When we see that the contribution margin is increasing, people are asking, can we adjust the line and then you are on 100% in a future? No, we are happy as long as it's approximately the 80%. And it- It's also expected from the sales, 'cause, you know, for instance, server cost will not be that close related to sales. It's more like a long-term curve moving. When we are selling more, we see that our server cost is going up. But if you have a low season in Q3, you'll not see that our server cost is completely following it. It's around this contribution level here that you are expecting to run your long-term model also. Exactly. Yeah. A question I also got, this PNL, is that when you adjust your guidance, even if it's up or it's down, you're maintaining your EBITDA guidance. Are you earning more or less on your clients? What's the problem? Why are you doing that? For me it's important to, you know, communicate. As an investor, you might expect that we are not focusing on being profitable on our EBITDA. We are focusing on two things. We want to grow our AR, and we need to see to our cash flow. Back in the IPO, as you can see in the company description there, we stated that in Q3 2022, we'll go cash positive again, and we are following that budget. If we do not raise the DKK 100 million, as we have announced that we are intent to do, then we could actually run our business without the. Yeah, it's just to be clear about if there are coming more cash in, we'll use it to scale our ramp-up, simply hiring more people. If it's the opposite way, we'll take some hirings away from our hiring plan in the future. It's just if it's 50 person coming in or if it's 100 in the future, just example. Yeah. I guess one factor could also be that when we downgrade the guidance on AR, and it's late in the year you do it, I guess you're not losing that much, you know, cash flow or earnings. Is that also one of the reasons why you haven't moved at all? Yeah. We can simply see that when we are closing a month, we are still within this guidance for the EBITDA, so no reason to change it. Perfect. Next. This is just to now give an overview of the adjustment we have done since the IPO. We have done five. I remember I said it is four in the upgoing way and one in the downgoing way. For now, what you can expect from Penneo is that we will end 2021 in a growth rate of between 46% and 54%. Well, I think it still is a strong number, even if it's annoying to know it made it downwards, but it's how it is. Yeah, next. If I just go back, looking ahead, then, we have our Penneo Sign, and then we have our Penneo KYC. We have often got that question, Oh, so what is the market for those? Here we got from some sources, some external, and of course always when you take these kind of input from the outside, it can be hard to quantify. What I would like to say with this slide is, we know that the digital market, and especially if you read that report, that it comes from in Europe, that's a really high growth market of the whole signature, digital signature. The KYC is on a more or less equal level, so it's two big markets, with the eKYC, that means it's digitalized, because KYC have existed for a long time. In order to be competitive. Mm-hmm. It's enough to have simple manual processes. Now there are so much regulation around it that you really need to have a system that supports you. Last year, with our acquisition of CLA Reply, with our KYC product, we added one more stream. From a market point of view, it's an equally sized. We can also see that from our pricing, you could say for the pricing for a Sign product and a KYC product, as a revenue as a deal size of a KYC is more or less the same. If we take the next one. I just have a short question. Is that the European market? Is that within your target markets, or is that the global market for these things? The numbers were global. In one of the report it says very much on where is the high growth. There were growth, and medium, and low growth, and the high growth was in Europe. Okay. It is very big and growing, that was one part to get out of it. The second part, they are equally growing. Yeah. I mean, there is a very good link between those two. We can see that from our auditors. We also see that from our tier two customers. I think that's very much when we look into. Now we have announced in June that we would like to raise DKK 100 million. The reason for that and still the reason for that is we would like to maintain and basically accelerate our growth, that is we would like to do. Now we can see the growth journey since we started, where we projected for 40%, we can see we have realized around 50%. We have basically added this revenue stream, and then we have looked ahead, and I have to be, in that sense, growth aspiration and it's not a guidance. We would like to come out with this now because we have announced that we would like to raise DKK 100 million, and that's simply part of that. What do we expect? For that, based on the assumption and the plan we have to raise that capital before end of Q1 2022. Based on that assumption, we expect going forward to have, you could say, continue our high growth. Here we are putting a number of 40%-60% and that continues. Of course, that's both expansion in our Sign by itself, but it's also because we have added our KYC product. Both things help us in this. If you then take the next one and also the last slide of it. I don't know whether I can ask a little bit about those aspirations. Do they include any acquisition, or is that without acquisition? I know it's a hard question looking that far out in the future. Secondly, could we expect a more narrowed 2022 guidance, not an aspiration when we come to your yearly report? Yes, very good question. Yes. Yeah, in our normal practice, we come up with our guidance for the year together with our annual report. We have planned, and we, as also going forward, until at least we change the policy, but we plan to come up with our guidance as part of that. That's in Q1. Because we have announced that we are raising our, we would like to already now give you the whole basis for that raise of capital and then that is really to continue on this high level of growth. That's the reason for the growth aspiration now. The normal guidance will go much more narrow, just like you're used to do, and we will do all our effort to be so precise so we basically just have it as forecasted and guided also going forward. That would be in March when we release that. The last but not least, with that growth and that executing on that accelerated growth strategy, there are three investment streams. One thing is with our large customer base of auditors, simply accelerate the upsell of our KYC to the auditors in the Nordics, which we believe is that's what we see as our core market. Secondly is we can really see with our +200 customers within the finance sector, a finance sector could be one of these tier 2 that could turn into one of our tier 1. We would like to invest further into that segment. Then again, the combination of our Sign and KYC is a very good combination. Last but not least is going out on our European expansions. That has been, we say, part of the, a very important part of our strategy. Where in the last year we have expanded to Finland and to Belgium, and we would like to expand of course that part. Then at the same time, here it's mentioned Germany is listed, it is in a more light color. It's not decided whether we go full speed in that one. We have the first customer there. In general, this thing about we would like to accelerate because we can see that market is maturing. We want to be part of that. These are the three investment streams we're going that also where we will get the revenue from. That was with that, just to give some more flavor of how this growth aspiration and how we are thinking about achieving it. That was our last slide. Perfect. Yeah, but then let's take some questions. If you're ready, I will just get us up here so people can look us in the eyes. No? No problem. There is a question. You said that the capital increase is going as planned in your report. Does that mean you have secured a little bit of the money? There's a question here, and I guess you will not talk so much about it, but are you raising by existing shareholders, meaning that you know that you will get a preemptive right to do it, or are you raising it as a to some large investors? Number one, when you say as planned, is that? Does that mean you already have something secured? Secondly, will it be a big block to some investors, or will the current shareholders have a preemptive right to join into this capital raise? Yeah, I think that's a very good and relevant question. What I can say is that we have announced a plan, and we have been very open. I've heard a lot about when I'm out that we've been open, and that has given us the opportunity to both discuss these revenue streams and our growth aspirations and then have that dialogue. Based on that dialogue, we see an interest, and therefore we see that we are able to execute that plan. But I cannot, whether it's one or the other or the third, I cannot comment more on it. But only that, yes, we expect that we will be able to raise the money before Q1 2022. Yeah. As we also announced, but it is a separate process, just so you know, we are fully on plan on that, on where we go from First North to the main market. That's, yeah, the planning of filing and all, everything with the authorities is also working according to plan, but it's a separate process. That's a separate. There's a question, one of the reasons why you adjusted your guidance was turnover in your staff. You were very openly about that. Can you give a little bit of flavor on have you stopped that? How are you looking in the future? Maybe why you think it has increased? Secondly, have you put a plug in it? Have you done something differently to try and avoid in a highly competitive Danish work market right now? It is true, we are in a highly competitive situation. We also experience that now we are very branded as Penneo. We have a good brand. We also see a high interest in it, and so but a lot of that we also know that that's going on. What we have put into our Q3 is one out of three reasons, and it was the combination of those three reasons that basically gave the result that we had to make that correction that we went out with. To answer your question, yes, we have a constant inflow of people now. We have ramped up since the IPO from 49 to now we approximately 90. We are used to onboard, including salespeople. Now I can see what we have is those that are part of that, we have seen we are good at also ramping them up. Now after three months, the next one that was in line have been ramped up and so on. We are basically back and have mitigated, and then we do a lot of effort to put in and of course with our plan and growth and all other initiatives also to, you know, say keep employees happy and so they stay. It is true, it's a competitive market, but we believe with our culture and the way we work together and that we have a fantastic company, and I always have been here 100 days, I think it's fantastic that we can mitigate it also going forward. That's not the same, people don't leave, and I always congratulate if they get a promotion or something else as long as we also get a pipeline of people in. Yeah. The pipeline looks pretty good then. The adjustment is you need to have the pipeline also. Yeah. Actually, alluding a little bit to the second, I guess it was your digital inbound lead generator where you didn't get the take rate. What if I should kind of understand the second part and you say you have mitigated that, my question is a little bit can you see that in the numbers after the quarter? You know, that you can see again that the take rates are getting up again on your digital inbound. I guess it was that from your mentioning that the- Yeah. We're using it as an example, and I think that's also we are a growth company and part of we are also a young company, so we are getting more and more proficient in the way we do a lot of the initiatives, for example, investment in both sales and marketing, also a new platform and part of that also the whole automation from lead to cash. In this concrete situation was that, you know, say requesting a demo is automatically, you get a lot of information around it. In the old days, if you want to have a demo, you had to press and somebody called you, and then we automated that one, and then what we experienced, it goes down. That one is still automated, but we are back to within five minutes if you are requesting. You get a call, and then you are guided through our solution and can see the value, and then we can see that our conversion rate from lead to opportunity have again gone up and increased. We could simply see the number going down, and then we thought, okay, but we're also trying something new. You need to, when you have these kind of initiatives, you need to look it through. It was two, three at the same time, okay. As soon as we saw that was one of the reasons, we just reintroduced it. We will continue having these kind of initiatives. We need to be more and more efficient in the way we do marketing and sales, but we also, you know, when we think things are not based on the KPI, not going as we expected, yeah, then we do the adjustments. We have done that already, and we can see it pick up again. There's a question about your staff cost. How much of roughly is that a sales cost and I don't know whether you give out those numbers. How much of that is sales related, and maybe can you divide it into getting new customers in and expanding the current sales for customers? Just to give some rough numbers. I'm not sure whether you're willing to do that. I go, it's a nice price. I can help you a bit here. Yeah, please. 'Cause you can see the amount of customers coming in. You can see the ARPA, customer acquisition cost, so you can add those two together and you can see our entire staff cost. If you do the math here, I think I can kind of help you. Perfect. Thank you. That was, I think, a very good answer that. You at least can see the one part. The rest must be either building up the engine or related to existing customers. Then there's a question here. Why not go harder to Germany? Such a big market, you know? You're saying you're still a little bit hesitant. You're still testing with the first customer. Is it the capital you need from next year's raise to have more power into it, or is it really that you wanna see your technology evolve? If you can go a little, elaborate a little bit on you still sound a little bit like you are slowly moving into Germany, but the question is here, why not harder? I think it's absolutely, and you have almost answered it. When we go into a market like, you know, with Finland and Belgium, we need to go then full speed through all of it. Require some investment from the productize and localization, and then also the sales effort. My learning in general is when you go in, then you go in really beachhead with that market instead of having spreading everything over. It's a matter of how much pressure you can put on, and that's one thing. There we are already in two markets. Germany, we would love to do it. It's, in terms of should we now start that one, it requires, you know, the additional effort, and now we are already stretched thin with additional capital we can do it. At the same time, and that's Germany, is it the right one? I believe it is at a certain moment. We are still evaluating together with our customer down there and our dialogue down there when the German market is also mature enough. They have the technology, but when are they mature enough that they accept in general that they are going to sign digitally and then file and all the things around it. It is a conservative market. I believe now we also heard the chancellor, one of the main is also from an investment point of view, Germany need to be digitalized. Mm. Because some of the six, they are not very high on the digitalization, right now, but they will have full throttle. I believe we need to be there also. But I don't want to invest if I cannot invest fully because then- Yeah. It's too hard. Okay. When we go, we go full throttle. I think you could see CAC being very low on DKK 35,000 if we enter in Germany now. I think we could spend a lot of money without getting clients and they're not ready yet. Yeah. We want to be on the train station when the trains are going. No. As soon as we go, we would really love to just full speed. I think you elaborated a little bit about yourself, and now I know you need to speculate, but we have always thought that maybe Germany would be a slow market, but the message is getting out. I also saw the Danish delegation down there. Or is it good words but still a long way in Germany? Do you think they will get there faster now? Do you think the mindset by the new government is there to really try and accelerate this one, so you might get there faster than maybe half a year ago? I know it's speculation from your front. Yeah. Now I answer also with purely speculation and without any data points around it, but I believe that also Germany, when they decide on something, they will also do it, but they simply don't have the will. There is a mindset still around other things. You know, see how much they use cash and hate credit cards, and they have three electronic IDs and not only one because they don't want to have a national one. Of course there are some concerns when they decided it, and I think COVID have helped them because a lot of them. I know that also from signing all kinds of contracts because in Germany in my former company was our biggest market. Yeah, they needed to sign. They need to start doing it because that was the only way to get efficient. They need to get out of that world, and then I'm sure they will get there. I'm absolutely sure, and they will speed up, and then we want to be ready, basically. Mm-hmm. They're not fully ready yet, but they will come, and when they come, there is a catch-up effect and we need to be there. The message from you is that it's not actually about how big the market is, how ready the market is, and whether you get the money out of your digital sales engine. Yeah. You'll just focus on- It really comes back to one, and we have three criteria for that the adoption of the electronic ID can be there. I know we have a person here on the call that comes from Portugal and he told me that he said, you know, They stay but we never use it in Portugal. Okay, but then you know, then you can have everything ready for an infrastructure, but we don't use that infrastructure. Yeah. A little bit the same in Germany. You have to be there. You have to use it in general, and so we have the majority. Of course it also need to be approved in general, accepted that you sign annual reports and others of these kind of document with it. If those three criteria is there, then you can go full speed ahead. Okay. The advantages for the auditing accountant is so big, so of course they would like to do it, but not before their customers accept it. Perfect. I think we have gone through all the questions. Run a little bit over time, but I think there were so many good questions that I think that was a good idea to do that. Thank you to all the listeners. Thank you for very good questions, and thank you both to you, Casper and Christian to take us through this one. Thank you. Have a nice day. Yeah. Bye.