Hi, and welcome to today's event, where we have the pleasure to present Penneo. To help us through this, today's presentation, we have Christian Stendevad, CEO, and Casper Christiansen, CFO. The topic for today, the 2021 annual report results, but that also includes the guidance, main market listing and capital raise. I think we have a very busy schedule. As always, do not hesitate to ask questions down in the box below you. You can ask questions. We have a very large presentation because it's a full year, so we will run the presentation and take the questions afterwards. But do not worry, I will pick up all the questions, and we will get through. You're also very welcome to ask in Danish. I will try and translate it. I think I will hand it over to you, Christian. Thank you very much. First of all, thank you for all of you that are participating in this event. We have been looking very much forward to present our annual report. We have done it earlier than originally anticipated, and we have a busy schedule. There's a lot of things that we have to walk through, but I'm excited to be here to walk you through together with you. If we take the agenda on the next slide, then just so you know, I will make a short introduction to Penneo, and then we will walk through the results and the numbers for 2021, then the outlook for 2022. We will touch base on the capital raise that we announced, earlier last year, and then on our plan for the main market listing. We hope with this that we walk through all the very interesting things on where we are today and where we are heading. If we take the next with the introduction to Penneo, and then this one, very shortly, business software as a service. We now have more than 2,400 customers, and we have a focus on digital signing, document workflows with our Penneo Sign and on our Know Your Customer product with our Penneo KYC under the anti-money laundering regulation. We have customers in Denmark, Sweden, Norway, and Finland, Belgium, and Germany. We are strong in the Nordics, and we are expanding into the other countries. The aim for us is to become the de facto platform for auditors and accounting across Europe. We are approximately 90 employees and + 20 nationalities. If you take the next one. Here is just an overview on our strategic direction. In other presentation, we have been through it in more details, but overall, we have our tier system with the key focus on our auditing accounting. That's really our beachhead, and the way we go to market. The primary auditing accounting, but also next in line is AML governed industries. Those industries that have or wish both for our Sign and KYC on top of the auditing accounting. That's, for example, the finance sector. Then we have a tier three. That's basically the rest. We see a network effect to other industries. When audit and accounting are sending out their annual report for signature, as an example, to senior executive, their end customers, they now experience our solution, and then they afterwards say, "Oh, that solution could also be very useful and beneficial for us." Then they basically come to us and say, "We would like to look into this." That goes both for our Penneo Sign product and also our KYC. That network effect that I just discussed. If you take the next one, that's when we look at our total addressable market. We can see here these numbers are global numbers. They represent on the left side is the digital market, and on the right side is the KYC market. Both are showing high growth over the next coming years. Even though it's a global numbers, we see the same, and experience the same level in Europe. We also experience that every day that this market is growing and there's an increased interest, as we see also increase the digitalization and also from a, from a signature point of view and from the KYC increased compliance requirement, and especially also the combination, which we really can see that gives an extra. It's really a extra value add that it comes together. If you take the next one. Then just to state, from our growth and the way we growth and also accelerate the growth, we have existing markets, and part of the growth come from that we are growing in the existing markets. Then in addition, we have the geographical expansion into new markets in Europe. That is basically completely unchanged. Everything I've said so far, including this, is as it was also half a year ago and a year ago. That is supported by our three primary investment streams. We have a investment stream of upselling our Penneo KYC product to auditors as one of them. We have our investment stream of penetrating the AML governed industries with our Penneo KYC and Sign, for example, the finance sector, and then to fuel our expansion through the audit and accounting vertical to become the de facto standard for auditors in Europe. All three of them we are investing in. I will come back to later on from a capital raise point of view and say what are then our plans with our new announcements. The end result of that is basically, yeah, these are the value streams. It's more a matter of, you can say, how fast we do it and how heavy we do it. If we then take the next one, and that is now coming to the 2021 results. If you take the next one, the first we go into here is some key achievements. Here we have an annual report, 2021, and here beginning of 2022. I always think it's a good thing to look back a year and see what have happened. We internally really when we compare to where we were in 2021 at the beginning and compare to where we are today, we believe we have achieved a lot. We have welcomed more than 500 customers. We have made some strategic customer wins. Some of them we have announced, like the KPMG Norway, that we sold our KYC product to. As part of that, we're also investing in the whole internationalization of that product, also making it enterprise-ready. Another example is the win with Bankdata that cover eight banks in Denmark and more or less 20% of the market. They bought our Penneo Sign product. Also a strategic win from this investment stream of going into the AML regulated market. We have also other that not has been announced as such as an official announcement, but strategically they are important for us and an example, some of the Belgian customers that we have won. Not only we have won them, they have implemented, and they have also been so kind to make some customer testimonials. If you follow us on LinkedIn, you might have seen some of them. We can really see that now when you're going into a new market and customers are starting to benefit from our solution and want to talk about it, then others of their peers in the market say, "Okay, they can use it. They have benefit from it. Maybe we could have the same because we have the same challenges and problems, and we would like to have it also solved." We are very thankful to AKO and the others that have stood up for us. Also important for us. We have generally seen growth in all our market and across both our products. As part of it, we have refined our expansion strategy and in more details. The slide I just showed before with the growth in existing market, new market and the three investment streams, that's how we have refined. We have also created an aligned value creation plan, and a value creation plan is, you can say, a plan on how to execute our strategy. We have spent time on defining our must-win battles and core enablers to really execute on our strategy. It's now we have a plan that is completely aligned across the organization, so we all pull in the same direction as part of the scale-up. We have also achieved to get KYC integrated into the business. You might remember that the KYC product we bought the asset as part of buying CLA Reply in last year, twenty... no, in 2020, autumn 2020, and then we have spent the year to integrate it into our business. Finally, we have been through an organizational transition, too. In the sense we have got, you can say, new board members, a new chairman. I came on board. We have also some key positions that we have filled out. We really have the organization for scale up and in the phase that we are right now. A lot of great achievements, and these are just examples. On the next one, we hand it over to you, Casper. Perfect. That's for the numbers. Now it's exciting. Yes, it is. Thank you, Christian. Thank you for the words. Michael, would you change the slide? Yeah. I think, some of you might have, noticed that this is a slide going on quarter after quarter in Penneo. First of all, I want to explain what it is. This is all our cohorts. By cohort, I mean a group of customers, and here we group the customers by the year they became customers. For instance, the dark blue color in the bottom is the customers coming in in 2014. It's the annual recurring revenue we are showing. The number two in the bottom here is DKK 2 million coming from that bulk of customers. What we can see and what is pretty unique for us, and we are proud about it, is that every cohort is growing year over year. Meaning that when we see customer leaving us, yeah, some customers have left us and the other customers maintaining still being customers is uplift more than the customers churning. That's the idea with this, giving an idea. The investment getting customers in, for instance, 2014, what is the value today? Was this worth to spend cost getting the customers in? We are proud to see that we are growing the AR coming in from the cohorts. Next slide. Yeah. This is a view back on the last year, 12-month period, going from DKK 37 million to DKK 55 million, meaning that we have a growth rate on 50%. It's a bit more than the period from 2019 to 2020. We're proud that we are still see an increase in the growth rate. The slide here is divided in two parts. The current customers based on the left side and the new customers in the right side. What is new in this slide is that we now show the new biz and the uplift on the new Penneo KYC product. Just to make it clear, we haven't had any sales in 2020 on Penneo KYC. This is the total value of our Penneo KYC. I got that question from time to time. What was your... How much was your ARR on the Penneo KYC in, at the end of 2020? We just start selling the Penneo KYC tool in 2021. The churn last year was 4%, so it is 2% this year. As long it's under 5%, we think it's a pretty low number, and we are so satisfied and you know, you cannot take it for granted that you can present that kind of a low numbers. So big respect about it. Trying to every day think about how can we keep our customers happy, how can we develop our platform, how can we communicate with our customers to maintain that low churn. As I said, you cannot take it for granted. On the uplift side, we see that we have a uplift on 26%. It's a bit more than last year. On the new biz, it's 26%. It's a bit less, if counted in percent, compared to last year. In terms of the Danish krone, it's more than last year. I think that's it on churns. Yeah. This time we have chosen to include our AR divided between what is coming from Denmark, meaning domestic market, and what is coming from outside of Denmark, meaning foreign markets. What we are satisfied about is that the percentage coming from outside of Denmark is growing. That's a part of our go-to-market strategy or European expansion strategy that we set out during the IPO. We now start to see that we get good traction on the market outside of Denmark, and then that's pretty good for us to see. Also that we are approximately double our AR coming from new markets. Yeah. Here's our SaaS numbers. In Q4, you can see that we got 123 new customers in on an average of almost DKK 22,000. As the start value on the later slide, you can see how much we expect the customers to grow the first five years. What we have seen is that our customer acquisition cost is DKK 32,000. As long as we can see we're getting bigger clients in, it's okay for us to have it this kind of customer acquisition cost. Of course, you need to see that it follows. What we said in the IPO was that we are aiming for bigger clients, more enterprise clients, and we are willing to see the CAC increase. That's a result of a heavy investment. Also, when you go into new market, you might expect that the first customers you're getting on the platform in a new market is pretty expensive since you use a lot of resources to get in there and have a lot of dialogues with customers. Our net ARR retention rate is related to the pure slide, meaning the uplift on the current customer base, it's 124%. And we are pretty proud about it. So we are growing our current customer base. If you combine the current customers with the new customers bigger than the previous quarter, then we also see once more we are growing our ARR on average per when you take the entire portfolio. Next slide, Michael. Yeah. This chart is to show how our cohort is growing the first year. If you take all our cohorts since we started out in 2014 and count how much are they growing, all of them, the first five year, then you get an average. It's 16.5%. The reason why we give you this number is, then we want you to calculate how many times are we getting the CAC back, instead of us saying that with a churn on 2%, our customers living in 15 years, sorry, 50 years. I think you need to come up with the lifetime you want to in your calculation. That's the reason why we give you this growth rate on average, so you can do the calculation here. Next slide. Yeah. This is our P&L. As you can see, the top line is growing with more than 50%, and last year it was 19%. The direct costs have a lower growth rate than the top line, whereby our gross profit margin is also better this year in 2020 compared to 2019. As we said to our investors on the investor meeting, do not expect us to just keep that improvement going on. Do not expect that we can deliver the software for free in the future. It's without any cost. Expect us to be on this level. When it comes to other external expenses and staff costs, you can see that we from 2019 to 2020 invest heavily, meaning the growth rate was 87% or 70%. In this year, it's below that. Now you see the effect of that we are working pretty hard, pretty much up in the year between 2019 and 2020, and now we see that we are gaining revenue from that investment. Yeah, next slide, Maggie. This is a new chart, so I think I will try to slow a bit down here to explain it. I think it's pretty hard to understand if it's your first time seeing it. This chart show our free cash flow, and in Penneo we invest more than we are earning from revenue. Why? We have a negative free cash flow. That's a main reason for raising money on the IPO in 2020. In 2020, we used DKK 22.2 million, and we gain DKK 12 million on AR, and we invest DKK 9 million into product development. The relation between AR growth and the negative cash flow is 1.8, meaning that every time we grow DKK 1 in AR, we have paid DKK 1.8. That's the price of the growth. What we can see in 2021 is that we have lowered our pressure on the investment, meaning that we now see the results from 2020 investment and have a lower growth rate on the cost base. We have a negative cash flow of DKK 22.6 million, but we gain DKK 18.5 million on AR. That's a relation between those numbers, meaning that every time we grow DKK 1 in the ARR, it costs us DKK 1.3. Yeah, and you're welcome to ask questions. I know this is a new chart that I have included in our slide deck. Yeah. Outlook for 2022. The words to you. Yes. Thank you. If you take the next slide, then we are here to present the outlook. If you just look back when we went IPO, we had a guidance and we realized that and a bit more. Last year when we stood at the same time of the year, we had a guidance of DKK 52-DKK 57 for 2021, and we achieved 55.5. Then with the 50%. Now we look going forward, here we have guided DKK 77-DKK 82, that if you compare that up against the DKK 55, that represent a growth of 40%-49%. A little bit lower than the 50, but if you calculate the numbers, it is a growth in actual numbers. What is very important to be said about this, the foundation for this guidance, that is based on what we have of cash now. We have not yet raised the capital, additional capital. This is based on what we have, which we have got from the IPO plus some additional cash that we got earlier last year. That's the 40%-49%. When just every time we do guidance, it's always based on where we are and what we have of cash, and we will always plan never run out of cash. If we then take the next one and for the EBITDA, that's the other part that we are doing guidance on. Last year, we said we'll be between DKK -15 and DKK -20 when we did the final calculation here in, or what we ended up, it was just below with the DKK -14. Then, going into 2022, yeah, then it is lower as we are now burning or we have more revenues, not that we necessarily burn less cash, but we have more and more revenue to take it from as your chart earlier, your new slide also showed this trend. Here we are guiding -5%-10%. That's for the guidance. If we take the next one, that's the capital raise. We announced back in June that we would plan to raise additional DKK 100 million. Now with where we are looking at the capital market right now, we have decided to reduce that amount to approximately DKK 20 million-DKK 40 million, which represent 5%-10% of the market cap as we have right now. We still plan to raise money, but in a smaller one. That's simply when we look into the market how it is right now, we have decided to take less. It will have, you can say, from a timeline point of view, the DKK 100 million. The idea with the DKK 100 million was to have a long-term plan of three years ahead with a smaller one than it is goes into the growth. The 2022 numbers you have seen already with the 40%-49% and a capital raise will not change that very much. It's more to have the foundation also for 2023 to have the high growth rates, but with a little shorter timeline that you originally anticipated. For us, when we have taken that decision is we believe as the market is right now, what is very good is, as we did last year, we tell what we do with the growth rate, and then we achieve it. Now we'll do it one more time here, create the foundation, but at the same time now tell with the guidance we have, this is what we're going to do and then deliver on it and then build up year by year the trust. We believe that that's the best under the current market situation. We have said we expect it to be within the next six months. That was for the capital raise. In parallel, as we also originally announced, we are planning to go on the main market. Those two processes from the very beginning could be two independent, as we also said in our announcement. If you take the next slide, then you will see the plan. When you decide as a Nasdaq First North company is to go and be listed on the main market, that starts a whole process and then simply you can also look it up and with a lot of filings, that is a standard plan that you have with the financial authorities. When we decided on it, there was a lot of preparation work and then there are these as a standard up to five filings, and then you get a final approval, and then you can have a first trading day. We have been filing the first one and the second, and it says here, filing on the 24th tomorrow. We did that on Monday. Those are check marks. In our dialogue with the financial authorities, we are fully on plan. We expect to get the final approval either basically latest on the first of April but also before. We will go and have the first trading day here in beginning of April. That plan will independent of the capital raise going to be executed and we are working according to the plan as you can hear. That is basically conclude our walkthrough of it. I can see on the questions that we have got a lot of very good questions. Now it's time to go through them. If you can start, Michael. Yeah. I will start with the first one. It's actually a very good question. Do your potential customer have an existing solution, you know, a digital signature of a lesser quality or whatever, or is it representing a new way to do the business? Do you need to go in and change a little bit on how they do business? Are you pushing someone out or are you presenting them with a new way to do it? I think basically it's both. The majority of them do not have a solution in place, or they do not have a solution that's fully incorporated the way we do it. Basically it's if they have something, yeah, then you can say if you take an auditing account, yeah, then it's integrated in the whole way that they are working and including also with the system that they have. In that sense, we have really the focus on getting it integrated into their business. They might have bought or it might in one department are using it something else, and we also see that. But for the core that we are providing, the majority of them, yeah, most often they do not have anything today. A little bit, it's a low churn, it's a low number of churns, but do you have any? Do the customers give you any reason? Are you collecting information data on why some are leaving you? Yes, we do. It is a low number, but still there are some that are leaving. What we normally see is, now you saw the tier model. We have auditing and accounting where that's where we have our focus and it's integrated into that solution. We have the AML. Last but not least, we have the tier three. Those that can see a benefit and for some of them that come in, they are small customers. Yeah, often they can have an option or they bought it but then maybe they found, okay, there's also another option. They do churn or maybe they never got it implemented and say, okay, we didn't see the benefit, but that's mainly for the tier three. In reality, when we have integrated into the business of our auditing, accounting and also one more, now if they are AML, you know, they then stay as you can see on the numbers. Regarding the uplift or the up-sale to existing customers, is it due to you increasing pricing or is it product mix or both at the same time? Here I'm talking about, you know, your old Penneo solution. Of course the KYC is on top of that when you start selling that. Whether you can give some granular to that, how much is price, how much is more products, more signings? For Penneo we have this philosophy when we increase prices in a customer relation, we need to deliver more value. I also think that's one of the key reason why we have this low churn. We do not have any kind of, we are uplifting your price because we can. It's like, would you buy more from us in terms of users, engagement, clients you want to onboard and so on, the different price models. It's all based on you're getting more from us, you're getting more value, and then we increase our subscription. It's not just us raising the price for the product to our current customers. It's just to understand it's mainly because your customers will use your system more and they get upgraded to other pricing models and such stuff regarding their usage. Of course, some of our first customers way back in 2014/2015 have too low prices. Yeah, that's how it is if you support a company during a startup phase. We have this philosophy. We need to bring more engagement and more value if you want to increase the subscription, otherwise we will see a high churn. To end the good, all uplifts are based on more usage of our product. Perfect. There's a question regarding to Belgium and Germany, at least one of them very large countries. How are those progressing? Are you still in kind of a testing phase, as I heard you were saying, finding your way into the German market? Also a question, do you have already now thinking about the next market? Fully correct, Michael. From a Germany point of view, we are still, you can say, investigating. We have customer there, but it's still under investing. We are not full speed ahead, but we are taking the next step to look into it and evaluate, okay, are we now getting close to that? Because that is part of our strategy to take a market. If we take Belgium, there we can see much more traction. That's coming back also to when I saw some of the key achievements. Yes, we have got some good solid customer there, and the first ones are always the most difficult ones. When we have these that can help us and be our, you can say, ambassadors, now we can really see that takes off in the sense that more and more come. We are not on the same level at all like, of course not in Denmark, but not Norway and Sweden are much larger also. We are an earlier stage. From a strategic point of view, it is when we enter a country and then we really would like to secure we have, you can say, we really conquered. It's not spreading it so thin. We take a little bit of Belgium, a little bit of France, a little bit of Germany. No, entering a country and then do it right. The last one, something next or are you actually satisfied with the possibilities you have in those early stages, in those markets? You don't need to mention the countries, but if you don't want to. Is there maybe a next market where you would start launching a soft launch or whatever we can call it on? Officially, in the sense, what we are doing is we are really investigating. There's a group of people that are really looking at, you can say, is the market about to be ready? There are several factors for this. The majority are using the electronic ID, and now it also become more and more on the KYC. Is that also more hot? And also the combination that goes. Maturity also to accept to use these kind of product. And then out of that and say, okay, yeah, now it's ready to do the investments. At the same time, we also need to be there when it comes. That's what we are constantly are evaluating. There, there's a little bit a question on the competition side. We of course can take the big signing market, but here it's very specific inside the auditors. Are you seeing anybody going after your niche or your niche is maybe a hard word for such a big group? Are you seeing any increasing competition going in here and how are they trying to copy you or trying to make all the same APIs, you know, the possibilities for accountants to go somewhere else? I don't know whether you can speak a little bit about the competitive situation exactly in your main market, the auditors or accountants. Yeah. It's a very good question. Yes. We see that we are getting better all the time. Our competition is also, and, sure, they also try, but they don't have it as a focus and you really benefit. As a company like Penneo, if you are focusing on a vertical and you really learn them very, very well and have constant dialogue, yeah, then you also, you can say, then you are better off and you have a better say, standpoint, including also with the integration, understanding their workflows, understanding the pain. Now with our KYC that they all are needing, and now we add another value proposition to them. Now we've become even more relevant. We know their business and with the KYC, we now, you can say, solve another pain for them and that even make us stronger. Of course, our competition, they then do it in other verticals and then they will do that. For us and our vertical, we really see it works with having this focused strategy. A little bit of the questions. I know you will not guide on it, but growth prospects for your KYC product in 2022. You still have a very large existing base to sell it on, if I do the numbers. Mm-hmm. Maybe if you don't want to give exact guidance, then whether you can give us some idea on how much of your current customer base you think this KYC product you know will make sense for them, are they big enough to integrate that into their system? Yes. In that sense, it's clear we are so happy we got additional revenue stream that we can upsell. We do expect that the KYC has growth also next year, and there is a need for it, and including the combination. The expectation without guidance, we will grow Sign, and we will grow KYC, both of them. They are both very important. Not giving an exact number, but is it a large part of your current customer base that this product actually gives meaning for, you know? Is your current base ARR around DKK 50 million, if I exclude the KYC? Yeah, yeah. In large numbers, are they all relevant for KYC, you know? Right. You might not get them, but everybody should have it, and it makes sense for them also to have it integrated in your system. Yeah. Yeah, a very good question. In that sense, from the KYC point of view, if we now take the tier one and the tier two, there the KYC is relevant. For the tier three, it's not, and therefore, for our majority of our business, it, our KYC product is relevant, as the tier one and tier two is the majority of our business. What price do you expect per one krone ARR in 2022? I think it's for you, Casper, and we will try and give you the guidance for Thank you. Cashflow. For this event, Michael. I think this is the same answer that we are not guiding on our cash flows. I cannot tell you what the numbers is. You can see if our guidance without further money raised, and then you can do your math yourself, simply seeing what is on account end of 2021, what are we expecting in terms of EBITDA, and you can look up how much is share-based payment under staff cost, and then you can do a kind of calculation on your expected cash flow. Just to remind you, your cash position at the accounting is that around DKK 25 million? Yeah. As I remember it. Yeah, now a little bit more about the competition. I don't know whether you answered it, but can you name your biggest competitor in the Nordic market, you know? I guess you're meeting more when you go European, but what is your biggest competitor if you look specifically into the Nordic market where you have a high presence? Yeah. In general, for example, in Sweden, it is Scrive. They are strong. We also see some of the other ones. On the KYC, it's a little bit more broad because there's no large name yet. There we are, we are new to it. Our KYC product have been for four years, similarly with also some of them. They're simply smaller and not as heavy. Then there's a little bit of course, scale back the capital increase. Are you able to moderate CapEx and OPEX growth at some point and still grow ARR and gain new clients, you know? I think you kind of answered it saying you can do your old plans without it. But maybe also to get a little bit more into this question, how fast, how good a visibility do you have for, you know, the scaling during the year? You seem confident that if you don't raise money for some reason, you will go cash flow positive. Is that really the visibility you have in your business model that you can start very early to go that? On the current cash situation, we have a okay large hiring plan, and if we see any change on the top line, we can change in our hiring plan. It's also important for me to see that in Penneo we have an organization who is ready for take over Europe. Of course, if we decided to downscale, we could do it, but why should we? Then there's a little bit to the guidance of the EBITDA. You know, you will have a less negative result for 2022. The reason for that guidance, you know, decomposing it, less spend compared also with you have a higher gross profit. Is it, as I understand it, the earlier guide, 2022 guidance, was in the lo—this 2022 guidance is in the low range of the 40%-60% you presented in Q3. Is that the lower revenue guidance, as I understand it, is that actually one of the reasons why you also guide for lower, a better EBITDA, less negative? Yeah. What we did in our announcement was we came out with some growth aspirations based on a capital raise of DKK 100 million. We said it's not a guidance, and that was because we got asked, "So what, how do you see?" and then we came out with some growth aspirations. The actual guidance, what we give, is always based on the capital that we have. It is a little bit combination that you have, if I should understand it, you have the old guidance was when you had the money from the capital raise, and you have put a little bit, a little bit from the accelerator. That is the main reason why you guide lower on the EBITDA, is that-That's my conclusion, but, I'm asking you whether it's a little bit right? You left the foot off the accelerator. I think. Can I put it a little bit different? What we have done is originally at the IPO, we said, now we front load some investments, and then we do the S-curve. We front load it, and then we see the result because it makes sense. Now we are showing that we are at the end. At the end here of 2022, we will become cash positive, and then we can of course decide that from now on we only would like to be profitable. We can do that. That's the S-curve. What we are saying now is, okay, now we do additional capital raise. As you know, we had a loan of DKK 10 million that we took in December, and then now within the range we have, let's say just forty million, yeah, then we are up with fifty. For that it's basically our new S-curve. That will not have that much influence on the 2022 as now, because before we deploy it and do a lot of business or organic growth. Of course it has some impact later on. At the same time, the beauty of a SaaS business is as long as we keep the churn so low is that all the customers that we have with your cohort, we build that on top. For example, next year then we are in the expected range of DKK 77 million-DKK 82 million. That's what we enter next year on. With that, we will spend all the money. We will not use more cash than we have. We will definitely spend more if we don't do any capital raise. I think that that's the whole mindset of our SaaS, the SaaS business- Yeah. which I really believe is beautiful. That also mean in our daily life, focus on happy customer, focus of course on uplift that we do and on new biz, because the new biz create it for the next time. Perfect. Then there's a little bit questions around the competitive situation. It's always important to understand that. What is your competitive advantage compared to DocuSign? I know it's a little bit general question, but maybe we should- No, no problem. target it into the groups. Does a similar platform exist besides DocuSign, which we all read about, a lot of us investors, in your EU markets, the target markets out there? It's absolutely a relevant question, especially with DocuSign, when you compare. Okay, now you have the signing tool with DocuSign and then you have ours. Yes, seen from outside, from a very simple use case, it is true that it could look very similar, but as soon as you go then into the details on how we have built the workflows and integration into the auto accounting and so on. Yeah, then there's a lot of value add and then suddenly it's not exactly the same system. When we are selling to auto accounting, for example, sending out annual report and so on, we are not up against DocuSign, simply. If you want it and you go to us, and that also happens that a business says, "Okay, I want to just a very simple one, sending out one document to get, and I don't need your special security and all your special, but it's just some kind of a signature." We are at par. Yes, they could because they trust us, right? That's another thing. The advanced solution we have from design and then especially now with the KYC on top, then you get, you say, a whole solution. Yeah. We are not completely comparable, even though that some words it's the same, and that's the sign. I don't know whether you have given it out, but I think it's a question to Casper. The distribution of your current ARR between the tier one, two, and three clients. No, we have not. We have not. No, we have not taken it off. It's a good question, and we could really consider it also. Now, as you hopefully have seen, we're giving more and more numbers out. Yeah, that could be relevant to consider. A little bit to the capital increase, and I know you can talk. You of course can't give us the formula, but have you given it any thought to whether it should be with rights, you know, for the current shareholder or it will be a private placement where you place big chunks in some kind of book building process, you know? Will it be with the existing shareholders, or sorry, the existing shareholders will have some rights, I'm not allowed to own more, so or will it be a private placement? Have you given any thoughts what would be maybe the best with the current market conditions? Yeah, we are considering all the options. Yeah. Yeah. International growth was very strong, still from a low base. Do you think you can be market leader in other countries? You know, you have the Nordic. Is there other countries where you see market leader and I guess market leader maybe within, should we say the regulated business, the banking sector? Because also I think, maybe you will be up against some tough competition. Is there some markets where you think you can actually gain that position as you have gained in the Nordic? Yeah. At least, let me say, yeah, if you take all the sectors, we will not be leaders in it. But if you take the tier one, you know, say our aim is really to be considered really one of the leaders in it. That's what we are working for. Yes, we can also consider them because with that focus and investing in it and adding up, you say, additional now we are dreaming, you say, in the sense of going forward in our vision, add more and more value proposition to them. Yeah, then we'll become more and more strong and seen as more and more as a leader. That, that's our strategy. We take it with the beachhead strategy and we go into market, win the first, then the first 10, then some of the lighthouse, the big ones, then the other ones will follow, and we can see that. Out of that also comes, if they are using it, then the same network effect to the others. Basically copying the model but never go away from our core tier one because that has grown so strong, and we have so much knowledge around it, and we have a very great network, among them. maybe also to get into that position, if we look at some of the new markets you're coming into. Mm. Are you the first mover there, you know, because that of course is. Is there already some solution maybe in Denmark and in the Nordic region? I guess you were that early on with your product. The technology was ready for it in these countries very early on. You're still talking about. My question is if it's easier to become a de facto leader in a country when you don't need to push things out that is maybe not that good. In those countries where you are now starting outside the North, is there a lot of solutions, maybe more simple in the audits and business or are they simply also from the starting point where the Nordic was maybe three, four, five years ago, where there was no really need for it, no structural framework? Yeah. Doing the digital? If you take our segment, for example, signing annual reports and all the formal annual general meetings and others, here it is, we don't see that it has matured that much. There are other countries where they are not that far. Of course, for example in Belgium, they have started. They do have it and it's not that they don't have it at all, but they're not as mature as we are in the Nordic and that's just a fact that we are so far. We get so used to it that when you can do it, you have. On the other hand, it is not like it was when Penneo started. We are a little bit up because in general they have understanding that digitalization. They have been running for some years also in that sense. Ask the new chancellor of Germany, they realized and put it as one of the top three priorities, the digitalization and also between, let me say, the authorities and the business. They really need to do something about it. For us in Denmark and in the Nordic countries, we are now used to it. For us to say, yeah, it is, it's possible and I'm sure they can do it faster than we might have done because we were first mover also as a country. They have something to They are not there. They are not there yet, and they know it. We hope to be part of that growth. Also to the international, I don't know whether you will give out that information, Casper. You made this cohort analysis where you're seeing our old customers in total growing around 16% per year. Have you split out the international customers, the Danish customers? And is there a big difference between those 16% in those two groups? I don't know whether you want to give it out, but it kind of is a very nice to start following your information here on the international side also. Is it the same, you come in and you really can also raise, maybe not as mature in the international in the Nordic region? Of course, internally we are slicing and dicing all the way you can think of when it comes to our portfolio. It's not a number that we have disclosed yet. Maybe in some years when the numbers and the historical view is actually more mature. More mature. Perfect. A last question and then I will let you go. It has been a long session. How many FTE employees do you expect to have by the end of 2022? I know you're not giving guidance on that number, but do we have a ballpark? Yeah, I mean. The FTE number of employees. Right now we are hiring. We have around 20 that we are adding. That's a ballpark. As we have already hired some and then they are throughout the year. When you are saying full-time equivalent, I think that's where every employee is, they calculate it into what they are as a full-time over the year. Yeah. Here it is, you say, how do we count it? Little bit thing of when we get them and so on. We are still continuing ramping up because we are on another level now than we were, for example, last year. Perfect. I think we got through all the questions. Thank you very much. Thank you for the audience for a lot of good questions and thank you for you, Casper and Christian to answer them all in a good way. Have a nice day to all. Thank you so much to all of you.