Hi, and welcome to today's presentation where we today have the pleasure to present Penneo. To help us through the presentation, we have CEO Christian Stendevad and CFO Casper Christiansen. Today's event, the Q1, not probably a surprise for many. Busy quarter, going for a capital raise, hard in these markets, going to the main market and 43% growth, although maybe a little bit less growth in new customers. I think that's maybe some of the headlines you would go through, but I will leave it to you. Do not hesitate to ask questions down in the box down below. Do ask it in English or in Danish. We will do the presentation in English, but you are very welcome to ask in Danish. I will try and translate to my best of abilities. Do it through the presentation, but not worry if it doesn't fit in. I will make sure that all questions will get picked up and answered in the end. Christian, I think I will leave the presentation, hand the presentation over to you now. Thank you very much. As usual, we will just make a very short recap of who Penneo is for those that do not know us yet. Otherwise, we will focus on our Q1 result and then the outlook for this year. The introduction to Penneo. We are a business to business software as a service company with more than 2,000 customers, and we focus on digital signing and all the document workflows behind that and also on KYC or know your customer below the anti-money laundering regulation. We have customers in Denmark, Sweden, Norway, Finland, Belgium, and Germany, and of those are mainly in the Scandinavian countries. Our aim and dream is to become de facto platform for auditors and accountants across Europe. We are approximately now 90 employees with more than 20 nationalities, and we are located here in Copenhagen. For us, the auditors are our B2B segment, and by B2B we mean when we enter a market, we start with the audit and accounting as our main verticals. We have this vision of really having the platform built for them where we are taking many of their manual processes and then we do them more efficiently by digitalizing. Here we can see with our two offerings we have today, KYC helping out on the whole process that some of you might have experienced when you are entering a new engagement with an auditor that you have to send in your passport and other things. On the auditor side, it's very much about doing the whole risk assessment, and checking up against registers and so on. That's what we do. Similar also with our Sign product. Having, of course, as an end user you will see the signature, but even more important is also all the workflows that are behind it, to do that more efficient. We have here an example of what we could in the future because we're building a platform where we take more and more manual processes and automate them. Here's an example of how it could be in the future because we really would like to be the vendor to the auditors in Europe and do that as a starting point when we are expanding in Europe. Coming to that with our overall strategic direction, we have as our primary target customer segment audit and accounting, as we call our tier one. As part of that, when they are using it, they then send it out to their customers as their trusted advisors and support. We see that there is a network effect to other industries and right now we have a special focus on the AML governed industries that we call the tier two, the financial sectors and others, that I have a clear benefit of both our Sign and our KYC product. Network effect to other industries that by seeing the clear benefit of our solution say, "Yes, we would also like to have it." That's. We see a lot of inbound leads coming from this network effect of other customers experience it and say, "Yes, we would like to have the same benefits." Our overall mission and vision is really to make it easy and beneficial for companies to be compliant in a world where being accountable for the way you do business is a matter of course. That is the dream and the end dream and our end vision. If we go into and look at the markets, here we have some numbers and what the key message here is a market that is growing. The whole digitalization that we see in the market, both our Sign and our KYC, are tapping into that agenda. We also see it from our when we are entering a customer, they are buying our software for the Sign, and then there's an upsell of our KYC and often approximately the same size in deal size or vice versa, and both markets are growing. It is higher on the agenda, the whole digitalization, but also this fight against the money laundering in general, where our KYC is a product as part of that, is clearly a demand going forward. If we go into you say where we are investing and how we are growing. We have focused on both of growth in existing markets, but also to have a geographic expansion into new markets. When we are growing and where we are investing in is the upsell our Penneo KYC product to the auditors. That's one of the streams that we are very focused on. We have had our Sign product for many years, and then we bought in late 2020 our KYC product, and many of our customers do not have it yet. That's a clear focus and investment to upsell our KYC product. We also have investment in penetrating in general with the, what we call AML-governed industries with our Penneo KYC and Sign product, the tier two. There's a clear focus through the audit and accounting vertical to become the de facto standard for auditors in Europe. Having this tier model of, you can say, when you enter and you have the auditors, then you also see others. We have seen example of, for example, the last part now we have entered through auditors in Belgium, and now we see the effect after having customers that now other industries are now also reaching out. We see that already. These are our investment streams. Exactly these things was when we ask for and we went out for capital raise and what we got here in March, which we're very happy about, with DKK 60 million. That was exactly to accelerate this strategy and have that focus on these three investment streams. We are very happy about that we can accelerate that. The way it is accelerated is organic growth. Basically it is to ramp up the organization with more people, and investment goes into sales and into marketing, but also into product. These are really the two main things. We continue to innovate, but of course, also have our, you know, execution power in sales. As an example, after we raised the money in March this year in Q1. Yeah, one of the things we did was, for example, hire a sales manager in Belgium here in April to now have people on the ground, which is a milestone for Penneo because mainly we have done it out of Copenhagen now. The people that have been selling to Belgium out of Copenhagen, we have established now the first person to build up a team so we can accelerate that part. That's part of what it is. As another example is we have hired a talent acquisition manager here in April. In basically meaning our internal recruiter that can help us accelerate so we can get it, and we have more on its way. This growth, organic growth that we have planned now, that we can also succeed with that. These are just two concrete examples. Right after that, execute on the plan of growth and accelerate it. Coming into the Q1 result, before we go into the numbers, just to recap what we have accomplished. For us, Q1 and the first four months basically here have been very exciting. We have a lot of things we can look back on that we are very happy about. A milestone, yeah, the capital raise with the 60 million DKK, but also that we got listed on the Nasdaq Copenhagen Main Market here, on April the fourth, which was also a milestone, something that we have, that we had planned since June last year. That was originally the plan when we entered First North to make it, say, First North, and then later on when we were ready to go on Main Market. We are very excited. As you also see on the picture, we're very excited on that day. We're also very excited afterwards. What we also will come back to in numbers, really this continued growth in foreign market, which is clearly one of the strategic initiatives, and we have seen that in also our numbers that we have grown more than 50% of our growth in new customers and therefore new ARR come from foreign markets. We also have, you can say, we are, you know, expanding our board of directors with Stefan Hickel, which we're very happy about. We now even have the board with all the competencies that we can benefit from in our board of directors. Last but not least, which we are very happy about, is our strategic customer win that we announced last week, where we made an upsell of our KYC product to PwC Denmark. This is the first Big Four in Denmark that we had. It was closed in Q2, and therefore the announcement went out yesterday or last week, but it was part of the whole strategy we have focusing on upselling to KYC. We took that in the beginning of the year, said, "Okay, we can see that the market is really asking for it. It is now. We reprioritize some of our sales resources to go forward, and therefore we are happy to also announce it. As part of the growth plan, as we said, it's also what we have now raised money to do even more. We in parallel both have Sign and KYC. Christian, if I can ask a question. You know, maybe, you know, you were early adopters of the signing process, you know. Now KYC, I know it is legal. I think I've heard somebody ask, are you too late to the party? Does a lot of people have it? Does PwC here show that when this customer doesn't have it, then it is not widely digitalized in the auditing business? Is that your viewpoint? My viewpoint is about the expenses. There might be solution how you can send by email your passport or to a portal, but the whole solution where all the processes behind it, risk assessment, look up in registers, and all the lists, all these things are done manually today at many, many, many customers, and that can be very much optimized. That's exactly what we do. No, it is not, it is still a new market and a lot of new legislation also come into this. Mm. Very important part of it. That's what we experience. Perfect. Yep. Now we come to the numbers. We are glad that the party is going on right now. Yes. That's also why we have prioritized to be focusing on upsells to our current customers. Well, my first slide here is what some of you might have seen before. This is a cohort analysis, and by cohort, we have divided all our customers into the year they become customers, and then we show the annual recurring revenue for each year. What is pretty unique for Penneo, I guess, and what we are pretty proud of is that all our cohorts, and I'm glad this is now my seventh time, I can say that on a call like this. Year-over-year, all our cohort is developed positively, and it means if one customer is dropping out and churn, then the other one will uplift more than the churn value. I think this highlights why it's important to get new customers in and why it's a good financial thing to invest heavily and to get more customers in. Meaning front load all your costs 'cause it makes sense to get new customers in. In the long term, you'll gain more cash than you have used for acquiring the customers. Yeah. This is the last 12 months. In terms of numbers here is DKK. It looks pretty much like the annual report, but in terms of growth rate, it's a slightly lower number since we have a higher base that we grow on. If you're looking one year back to Q1 last year, you'll see that our uplift is pretty much the same as last year, but in terms of new biz, it's 25% lower, and that's a result that we have focusing a lot on getting new customers on our client platform. That's an uplift on our platform. For instance, the PwC deal is a result of that. I could see the first question in the line here. Maybe I should answer that about seasonality. Yes, the question was like, why is Q1 always a low growth Q? In Penneo, we have a high season in the second quarter and in the fourth quarter. The first and the third quarter is always low season, and it's a result of the annual renewal in our auditors. Since we are focusing on auditors, a lot of our ARR is coming from auditors, so that's one of the reason why it's a low season in the first quarter. The Q2 is that they find out that now they need to file and sign a lot of documents, and then they look for a solution. Is that correct? You typically can see that the uplift is driven by a higher engagement in our platform. Mm. Here is a slide showing the ARR coming from the domestic market and foreign market, but domestic market is of course it's Denmark. What we are pretty proud about is that this quarter is the first quarter where we reach over 50% of new business coming from outside of Denmark. I think it's pretty cool that we now see our internationalization bring more value in than just the current market or the Danish market. This is a slide showing our SaaS matrix. Just to sum up the last 12 months, we have onboarded 479 customers on an average at DKK 19,000. The customer acquisition cost is DKK 28-29 thousand. The net retention rate, and that's also corresponding to this slide, is 110%, meaning that we in this period had uplift our current customer base by 20%. Not only maintaining the value, but also gaining the value. A result of that is also our average revenue per account is growing slightly the last quarter. This chart shows some of the figures that you need if you want to do your LTV between CAC and LTV. I do not want to put any lifetime on our customers. I think it's important that you as investor decide how long you believe a customer live. That's one of the reasons why we have given you this growth the first five years of a customer relationship. On average, the customer growth is 16.5%, and in the last four months, it cost approximately DKK 30,000 to get in a new customer. Now you can do your own math here, and you can use our contribution margin to do the lifetime value. Casper, I have a question. You see more and more growth coming from abroad, you know. There's a normal general sense that customers abroad are bigger, and thereby also should raise up your ARPA going in, but maybe also the potential for a higher ARPA on the front. Is that a wrong assumption on your company? I know a lot of SaaS company think that when they go abroad, larger customers, bigger potential. Yeah. I think I'll confirm we haven't given out this number, so trying to be not that precise here. I'll confirm that, when we are, for instance, in Belgium, we are going for the top tiers in the audit market. 'Cause in a country like Denmark, we have all the, not all, but a lot of the auditors in Denmark, while it's pretty hard to get new customers in that vertical. Yeah, I think you're pretty right that, and that's also why we are going international. We need to open up new countries so we can still getting new good solid customers in. It is a part of our strategy. We are willing to accept a higher CAC, but we also wants to see a higher average numbers when it comes to the average AR. It is a part of our strategy. This slide, we have talked a lot of the top line here. What I want to focus on is that our gross margin is approximately 80%. What I normally say that even when you see it's growing this number, don't expect us to be like growing into the heaven. It's like 80% is our, what we internally are pretty comfortable about. Yesterday, since we released this report and since we published that we have raised money, I get this, like, from time to time I get the question, "Where can we expect to see the growth in your cost base? It doesn't make sense to raise money without front load your cost. So where is it? What should we expect from your side?" I think during the IPO, we talked about that we want to invest heavily into lead spend and optimization in terms of new ERP system, new CRM system and so on. Of course, we're still looking for optimization in our value chain. If you look at the big numbers here, I think you should expect the main cost, or the main money, to be deployed, when it comes to staff costs. The journey here is to staff up when we're talking about all in the sales department and all in the product, and of course in the back office and also a bit to strengthen our value chain. It’s heavily focusing on building a stronger product, building a stronger sales organization. If it makes sense. Here, I’ve chosen this slide, and maybe I should explain it before I talk about it, since it’s pretty hard to understand if you just look at it. This slide shows how much DKK 1 in growing ARR costs. If you are growing by DKK 1, it costs DKK 1.8 in 2021. In 2020, the first year after we raised money at the original IPO, it cost DKK 1.8 to grow DKK 1. In the second year of this investment period, it was 1.3. If you move to the 12-year period until Q1 this year, you can see it's almost a relationship where it costs DKK 1 to gain DKK 1. It's a result that when you are planning your investment, when you raise money, in Penneo we have this policy that we never deploy money that we haven't raised. Q1 is the last quarter before we raise the money at the end of Q1. This is how I see that when we raise money and deploy it, we'll in the beginning see that we are front-loading all our costs. We're building up staff that we can afford for from this incoming cash. When we are at the end of this investment period, it's more and more the same, so we can only invest what's coming in. You're more than welcome to wrap up if I make it too far. No, I'm asking here. We should expect, because you front-load cost, like, in the first investment cycle, that this 1.3 that you realized in 2021 will go a little bit up, and then it should come more down in 2023? Yeah. The rule is that you can't spend money you don't have. Of course. Yeah, that's. Unless you are raising new money, you can't spend more than you have. Yesterday I got a comment on my statement in annual report. One person saying that, "I read your comment as after this investment round, you are aiming for being profitable." I feel the need for clarifying here, it's a decision we make when we come to that point in time. It's not a decision we take right now as the second wasn't. We'll never deploy money, as just said, that we haven't raised. For now it's like the new investment plan is built up to be cash positive again. If we think it makes sense, and if we still have strong sales numbers at that point in time, I could imagine that we'll do it again. It's not a, you know, do not take anything as a promise, even if not or it is. At the same time, as we said that we will be cash positive here at the end of 2022, but that was before we raised money. I've also got this question about how does this figure go, the follow-up when you are now guiding something else. Yeah, that's because we now deploy the money we have raised. Perfect. Yeah. If we then go to the outlook. When we here is the guidance. With our annual report in that we went out with in February, we came out with a guidance on our growth for 2022 to between 77% and 82%, meaning, you know, compared to the 55%, 40%-49%. That was the growth. And we have kept that. As we have also said also earlier, now our money that we now have raised, we will deploy them. But that effect of that we expect to have in 2023 because it takes some time to get all the people on board and then ramped up and then seeing the effect. Expect that it will, you know, continue with the same guidance for the growth for this year. If I can ask a question. That was also what I understood, it's your ARR machine and the market growth. I think a lot of people are asking this, are slowing down, are customers looking at their growth? Do they need to handle a lot of stuff? You know, you had a low sale in new sale business. I know it's auditors and so on, but you must get the question, you know, are you seeing anything in the market where there is more hesitance, takes longer or some customers actually choosing not because of the uncertainty in the world to buy from you? What we experience is that on one hand there's a clear need for our product, both the Sign and the KYC, and the KYC is also for governance to make that more efficient, that's clear. It is true that right now with some customers we can now see a tendency that they, instead of just taking the decision immediately because they have a budget, they might have budget, but they need to just get it reconfirmed. You know, say that decision process. Mm takes a little bit longer. How long that time, whatever it takes, right now it doesn't influence on these numbers. It is true, we see that tendency right now at some customers. Yes, perfect. If we just go through the guidance for the EBITDA. With the annual report, we came out with that was before we raised money, then we said DKK -5-DKK -10. Now with the capital raise and now starting executing on our growth plan with that money where we deployed. We now see the EBITDA will, from a guidance point of view, expect to be between DKK -15-DKK -20. It's very much the same curve that we now expect like we have also seen when we went IPO. It, therefore, it's also the same model that we are and way of thinking that we have with this. That ended basically our you can say walkthrough of all our slides. Now we are open for all questions that you have. Perfect. I think I don't know. Let me ask you that. Maybe it was a comment to my own knowledge that KYC is not widely rolled out, but maybe you can give a ton of customers don't have KYC product. Bank lawyers, auditors are still taking paper versions of documentation via email. Is that also your viewpoint, you know, that KYC is also in the other businesses, you know? You know, maybe I'm a little bit because I have sent them my passport, you know, digitally, but that's, as I understand, not what you are offering them. It's a total system or? It's a total system and total secure system. One thing is that, yes, legislation has been there, so you might have sent in by an email or a portal, not very secure way in general. On top of that is then the processes behind it to do it and also be ready to if an audit of it from externally. Looking through it, you say you don't have all the reports, you don't have the whole governance. If you have it's basically manually. That's what we do efficiently. There's a lot of needs that you don't have that are not covered by a system today. That goes for mainly all of them. This thing about that it's already covered, it is not. When do you expect investment will be paying off? I think it's a good question because it highlights that the lead time of your investment because you kept your revenue guidance, but you raised that you are now front-loading investment. Is the lead time around 6-9 months, if I could say it like that? I know it's hard cut. The other question would also be if it's lower lead time, is it then the market a little bit more uncertain that you don't raise your guidance on the top line when you have decided to front-load more and more cost? When before we raised the money, we said to all those that were involved, and I think I also have it on the last one, when they don't expect it if we waste the money because we already had announced that that was the plan. We said, "Don't expect to have an effect on this year but only the year afterwards." It's really basically to maintain the growth that we have seen and our growth aspiration in the year to come. That's the idea. Mm. There is nothing new to that, compared to any earlier things we have done. Wow. Which country outside the Nordics do you expect the most of? Where are you getting some of your 50% growth, or that it makes out now 50%? Is it widespread or is it concentrated in the Nordics and firstly starting in the mainland of Europe? Yeah, a very good question. Yes, it is. Right now when we say outside domestic means outside Denmark, then it's also in Norway and between basically the Nordics. We also see now some traction in Belgium, and that's the reason why we now invest even further by having somebody on the ground and starting up building a team. Belgium is clearly the next in line. Then after that's after we have raised the money, now the key focus is really to the investigating and we're already having these meetings with auditors in other countries, and then we need to select what is the next one in line. That's clearly in the plan with this third. There was three things we invested in, and the European expansion. That's what we are looking into, which one should be the next. Primarily the Nordics still growing, but also Belgium and so on coming on. Can you help? You probably also did that at the IPO. If you look at the Nordics, you have penetrated Denmark pretty well. The Nordics, are they penetrated by other solution you need to push out? Or is it also a little bit of what we call a greenfield market where there's a lot of possibilities because auditors don't have it in the same amount as in Denmark, or you're pushing someone else out? The thing is, from a sign point of view, we have had a, you can say, we have a lot of them already, but there are still open markets for us to penetrate. For the KYC, that's even more open because there's nothing today. They have some, maybe home-built or some very simple one, but not something that we have. Clearly our Nordics company and also outside of Denmark is clearly a market also for us, very interesting. There's a question here, have you seen any increasing interest from foreign investors after shifting to the main market? You know, one of the advantages that the main market is maybe that you can widen out your investor base. I know, I don't know whether you wanna elaborate on it, but now at least I have asked the question. Yeah, a good question. Yes, we expected, and we have also seen the slight increase in the interest. I expect it also to come that that will usually continue. Now we are still early days, so yeah. You said that you were very focused on making this organically. But are you looking for any acquisitions, you know, to use technology-wise or something else that could broaden your product offering? Yes. Strategically, we are focused on executing the growth plan we have, so spending money on that plan. As we also seen earlier with the acquisition of CLA Reply in late 2020, of course, as we are investigating what should be the next. If you remember in our beachhead strategy slide where we had now two offerings and then to be discussed and then some example of the next one, strategically, we always look at what could be the next, how can we extend it. Whether that is a make or buy or the timing of it, that is, we are not taking decision, but strategically we are looking and evaluating always. For now, the funding that we have had goes for the organic growth. I know you have invested heavily into your lead generation, you know, digitalizing that one. Now you are, as you said, you need feet on the ground hiring people. How far are Penneo from, you know, onboarding also customers digitally? You know, I think it's always a question that's relevant to raise for software as a service company, or is this a too complex product to maybe onboard digitally also so you could grow without hiring? Yeah. We, as any new customers might have already experienced when they do, we have invested in getting more and more automated. Of course there are steps in that when you go from, you can say, the cycle to when you are buying it until you are fully onboarded and up and running. When you are saying it might be maybe when you're purchasing, for us, we see it as a broader sense that a lot of these steps from when you got the idea and you got a lead to when you get value, that there are steps in that we are automating more and more and making more and more self-service. Still from when we close the sales, we have sales involved. Okay. Perfect. I think we got through all the question. Thank you both to you, so both of you for answering the question and thanks for the audience for looking in and asking questions. Everybody have a nice day and if you're Danish, a short weekend. Thank you Mike all of you. See you there.