Hi, and welcome to today's presentation where we have the pleasure to present, Penneo. To help us through today, we are joined by Christian Stendevad, CEO, and CFO, Casper Christiansen. Today's event will cover the Q1 report fresh off the press today. As always, in the box down below, ask questions. Do it in English, do it in Danish. I will try and translate to the best of my ability. I will see if the questions fit in, or else we will take the questions in the end. For now, I think I will hand the word over to you, Christian. Thank you very much. Thank you for everybody that is listening to our presentation here of our Q1 result. As usual, together with me, I have Casper Christiansen, as our CFO, and I'm the CEO, Christian. We will make a very short introduction to Penneo, and then we will dive into the Q1 results and then have a outlook for 2023 and then leave open for questions where we, as usual, will answer every question that comes. A very short introduction to Penneo. Founded in 2014 by entrepreneurs with an ambition to reduce the hassle to get documents signed and by replacing pen and paper with a digital alternative. Moving fast forward to where we are today, a business-to-business Software as a Service company with 119 employees end of Q1, 2023, and with more than 2,500 customers in Denmark, Norway, Sweden, and Belgium as our core markets. We have a key focus on digital signing, document workflows around that, Know Your Customer that are part of the Anti-Money Laundering regulation. The dream we have is to become the preferred platform for auditors and accounting across Europe. If we just look into some key facts about Penneo. In Denmark, 81% of all annual report filed to the Danish authorities were signed by Penneo last year. That's an increased number. If we look across all market, a total of 1.8 million Penneo Sign cases were completed last year. If we look into our KYC product, a total of 40,000 client relationship were created for onboarding and verification using our Penneo KYC solution. From an ESG point of view, in 2022, an estimated 62 million sheets of paper were saved using Penneo Sign, which correspond to approximately 1,000 tons of wood or 2,300 tons of CO2. If we go into the Q1 results for 2023, here are some performance highlight that we have put into it. We had from an ARR point of view, we increased by DKK 3.3 million compared to DKK 3.1 million in the same quarter last year. By that, we reached a year to year on year growth of 27% to the total of DKK 74.2 million. This result is despite the fact that we had a negative currency exchange with the impact of DKK 0.9 million. If we look into our currency, we have parts of our business is in the other Nordic countries, and with the Norwegian, especially the Norwegian, but also the Swedish krona that had a clear downtrend here in Q1 to a historical low level, that had an impact of DKK 0.9 million. Penneo report ARR based on actual currency exchange rate end of quarter. That number will fluctuate together with the currency exchange rate. Just for background, in a constant currency base scenario, Penneo would have achieved DKK 4.2 million ARR across Q1 as opposed to DKK 3.1 that we have reported if we had a constant currency base. If we take that into account, that represent usually our business, how the core business had been performing in Q1, and then that number is the best Q1 result we have ever had. If we look in the ARR from the different sources, ARR increase from new business amounted to DKK 2 million compared to DKK 1.9 million in Q1 2021. That is based on that we onboarded 111 new customers in Q1 compared to 98 new customer last year. We can also see that, you know, a large part of this ARR from new biz or from new customer came from foreign market. In total, 57% of the ARR from new customer came from foreign market, which we are very happy about. If you take the year-on-year ARR net retention rate, that amount to 113%. We have observed, you know, continual healthy uplifts from existing customer based on increased engagement with our Penneo Sign and also revenue from cross-selling our Penneo KYC to our existing customers. The year-on-year ARR uplift amount to 70%, and we maintained a low year-on-year level customer churn rate of 4%. If we look into the EBITDA, that amounted to negative DKK 6.6 million compared to negative DKK 6 million in Q1 2022. That is in line with our expectations. It also represent, you know, behind the numbers, a Gross profit margin of 84%. These were some highlights of our ARR performance. If we look into some highlight in general on what they have gone on here in the start of this year, then in Q1, our sales team continued to observe some cautious buying behavior that we also encountered in H2 2022. That applied both to our new customers. That led to lower deal size compared to historical performance and also, Their initial commitment was lower, and it also led to some longer sales cycle for some of our larger deals. That is in line with our expectation. We also set that out when we did originally our guidance for the year that that was what we expected to happen, and that's also what we experienced. Now, I just talked about the 57% of our new base came from foreign market, and that was especially the growth in Belgium that was the key driver to that growth. In Q1 alone, for example, we secured 29 new customer in Belgium, and we achieved an ARR growth of 33% compared to end of year 2022. Quarter-on-quarter, 33% growth in Belgium alone. We also spent time investing in preparation to prepare for our new market entry. We plan here in 2023, as we also said in our annual report, to enter a new market. We have intensified this investigation. Right now, that is translated into that we are doing a current market research and intensive dialogue with potential customers, especially in the German market. Right now we expect it to be the German market, even though it's not decided fully yet. From an organizational point of view, we have also strengthened our team. We strengthened our product development team with our new hire of Hans Skovgaard that started as a CTPO on January 1st. We also are strengthening our demand generation capability with a hire of a Chief Marketing Officer, Kirstine Møller Pedersen, and she will start on August 1st. In Q1, we got acceptance on the European Commission's trust list with our Sign solution. What we experienced after we did that is clearly we have got a lot of good positive feedback from customers and also potential customers. We can see already now that has a positive effect that we came that even though that it is more in the future when we are growing in markets that are south of our border, that we really will see the effect. We can already now see that has had a positive feedback on that. In general, when we look from a business highlight point of view and in our market, overall, even though there might be some cautious buying behavior and so on, overall, we really believe in the longer term growth potential of Penneo. Our business model is good. We can see that there are some strong underlying market trends that translate into some attractive possibilities in both our existing markets and also in new foreign markets across our two products. In that sense, we are having a good outlook also for the remaining year. That was just a business highlight. Now it's time for Kasper to dig into some of the numbers. Thank you, Christian. Thank you for let me having the mic here. This chart, I think I've shown it before. It shows all the historical cohorts of Penneo. I think one of the important part here is to understand, do we only develop customers when they come in and the first year and so on? No, we are actually developing all our cohorts positively year over year. Maybe I should just highlight a cohort here is a group of customers who became customers in the same year. For instance, the light blue color in the bottom is customers coming in first year. The annual recurring revenue for that group of customers, how has that developed? Overall, all the financial years in Penneo, when you look in financial years, we develop all cohorts positively year over year. From quarter to quarter, it can deviate a bit. In this quarter, we can see one of the nine cohorts here is actually decreasing, but it's less than 100, then it's okay. Overall, Penneo is a company where we manage to uplift our current customers more than the customer actually churning. That's also one of the reason why when we look later on into our SaaS metrics numbers, it makes sense for us to invest into getting new customer in since we have this positive historical improved figure in our portfolio development. When we then zoom into the last 12 months, overall, this chart shows how we have developed our portfolio from the end of Q1 last year to the end of Q1 this year. Overall, 27% year-on-year growth rate. The chart is divided in two half. One of the sides is current customers who was customers before this first month period. How have we developed this portion of customers? First of all, the churn, it's 4%. It's a pretty strong number in my opinion. As long it's below 5%, we are pretty satisfied with new. On top of that, we are growing our AR from the current customers by 17%. It's a bit higher than the annual report last year. One of the thing about this is the growth from customer, know your customer, the KYC uplift here on DKK 3.5 million-DKK 4 million. In financial year last year it was DKK 2.8 million. Sorry, I should just remember that. Overall, we have a net retention rate on 13%, meaning an uplift on 13%, just based on the historical customers. On top of that, we acquire a lot of new customers while we also have 14 on top of that. In total, 27% in growth. A part of our overall strategy has been the last three years at least, focusing on our European expansion. That's the reason why we have chosen to show this chart. I think one of the points I want to highlight here is that the foreign markets is having a yearly growth rate which is higher than the domestic market. Zooming in on new biz, as you also said earlier on, 57% of all new biz, all new AR is coming from a market outside of Denmark. What I'd also like to highlight here is that the Belgian market, it has a pretty good, strong traction right now. It's up with 18.5% of our foreign AR is coming from Belgium. In the annual report it was 14.5%. We actually see pretty good traction in Belgium. Beside that, I'll highlight that when you're looking at the DKK 21 million, the gray part of the chart here, which is coming from foreign market, the loss on currency, as Christian just told us about a little, DKK 0.9 million is related to the foreign market. It could have been approximately DKK 1 million higher if it wasn't for the low currency then, especially in the NOK. SaaS metrics. I'm always looking on running 12 months since it doesn't make sense to dive into one quarter. You need to see it as a development. Is it going better or is it not? If you compare to the last 12 months, 417 customers came in in the last 12 months. When we look at the financial year 2022, it was DKK 404. It's a bit more. If you combine the average ARR the first year, it's a bit lower here, it's DKK 20 K, and in the annual report it was DKK 20.4 K. It's a bit lower. In total, we reach a higher ARR, a new ARR this quarter than we did the same quarter last year. The acquisition cost, it's also slightly higher in the annual than if you look at the 12 months in the annual report. If you combine those two, the DKK 20 K with the DKK 34 K, you'll see that it takes more than a year to actually create the value that it costs to get the customers. All our customer is in general invoiced the 12 months upfront, while it's cash positive after 1 month or period of 12 months. Sorry, one year or 12 months. The Net Retention Rate here, as I said before, 113%. The average revenue per account is growing as a result of the strong Net Retention Rate. Looking at our EBITDA, as you can see, the growth is in our recognized revenue, more or less reflects the growth in ARR. On top of that, we have maintained to keep our cost of sales at the same level. It's actually decreased a bit. Since we have managed to do so, you see the Gross profit margin has increased from 80% same quarter last year to 84% this year. It's pretty strong improvement in our Gross profit margin. As I also stated in our CFO statement in the report, it's mainly because the transition from NemID to MitID has some different price pricing models within it. In MitID, we are paying a smaller price per transaction, but we cannot pay to get the end users free for a year. I think over a four quarters period at the end of this year, you will see that the contribution margin on that part will be kind of unchanged related to last year. A good news is that we are also working on an Amazon Web Services as we are using a server and the structure around that and all the pricing and so on. I'm pretty positive that we can see a slightly better Gross profit when we enter the financial year 2023. What I would also like to highlight is the staff costs. Since we are investing in getting more people in, it also increase a bit. That's a part of the investment round we are running right now. I think that's pretty much what I would like to highlight in terms of EBITDA. Oh, nope, I have 1 more slide. Actually, I thought it was time to give the mic to Christian. The price of growth. This chart shows the 3 financing years, 2020 and 2021 and 2022. How much does it cost to grow 1 ARR crowd? What is the negative free cash flow when we're running the business? I think I'll just highlight what is actually negative free cash flow. The operation is generating some kind of cash flow. It can be positive, it can be negative. In a phase where you actually have raised a lot of capital, invest into, for instance, sales reps and so on, before all that kind of investment is positive, then you'll see a negative free cash, negative cash flow from operation. Beside that, we also have an investment in product development, and that's not a part of the P&L, but it's a part of the balance sheets. If you combine those two cash flow streams, then you have the negative free cash flow. The idea with this chart is to show how much cash have you actually overspent since a negative amount compared to how much growth have we done, have we achieved, when we look at the price for it. The relationship between ARR growth in the last 12 months and the negative free cash flow is -1.4 here. I think I would like to highlight that we expect that number to go up again in the Q2 and Q3 since we are in the middle of an investment period, and one of the main reasons for this number being pretty low and pretty good, strong this quarter is that we have a pretty good invoicing month in December, and when the customer has been paying, then we get all the cash, why the working capital is better in Q1 than we normally see. Don't expect it to be that good in the next coming quarters, but at the end of the year, you might expect that we are somehow in this level. If we ended up in the year in this level, I think we could be pretty satisfied since then it will start being more and more in the end of this investment period that we start out the spring last year. Now it's time for you, Christian. Thank you very much. I will go into the outlook for 2023. If we look at the guidance for ARR, then we are maintaining and continue to assume that we will get an ARR level of 87%-95% at the end of 2023, corresponding to an ARR growth rate of 23%-34%. This outlook is based on the currency exchange rate per end of 2022. Exactly, how should we understand that? If the Norwegian crown keeps being on this low level, that, would that mean that in absolute terms you might not reach the amounts that you have guided for? Is that how we should understand your guidance, or can you compensate and actually, you know, because the amount actually seems to be rather large. I look forward, you know, if it's DKK 1 million in Q1, then I guess it's kind of the same there. How should we understand it? Should we do a calculation back, meaning that we should deduct something from this, from the numbers, or can you absorb the currency in the current guidance so we can look at the absolute numbers? That a very good question. The reason why we put it is that we saw already some fluctuation already last year, and not that we can predict how bad it became because maybe even more worse. I don't think, at least I had not anticipated Norwegian crown to go so low. The way, first of all, the way we present the ARR, that's the live ARR, which means that the whole portfolio that we have end of quarter Q1, then we take the actual exchange rate, and then we calculate that in on the ARR because that's the expected one we, ba sed on the knowledge we have end of quarter, that that will be. Of course, the Norwegian crown can continue down, and then we will have a bigger loss. Let's say just assume that it stayed on the same very, very low level, yet then there will not be an impact. Impact later. In the quarter. It's not that it accumulate more and more. We basically take the hit, if you could say it so, immediately. This quarter. For recognized revenue, that's different because that's when we invoice it, but for the ARR, we want to have it updated live data. Perfect. That explains why you're not harder hit on the guidance side. Yeah. Yeah, exactly. We are not that hard hit, but because it had this fluctuation and we see more than we anticipated, at least when you start to maintain, what was it that we said, and how would that you know, continue into it? We still have that outlook was based on that. Based on. When we say we keep it, that's also with the knowledge we have now because the end result that we, for example, reported now with the 74.2, yeah, that's on the real one, including all impact and so on. That's the real one. Perfect. That explains it. Thank you. That's. Yes, exactly. That guidance, we had some four assumption that we put into the our annual report, those guidance, they basically the same prerequisite that we have put into it, meaning that this conservative buying behavior that we saw, that continue, also, as also we know into Q1, we expect that to continue. That has been put and calculated into this number. That's despite the fact that we might be see some indication that inflation goes down a little bit, there are some, a few positive things, maybe right now, but overall, we still see this cautious buying behavior. Therefore, that we had just put into as an assumption for the rest of the year until we see something had changed. We also have unchanged strategic priorities. Even though we have these uncertain market opportunities, we really believe in our growth strategy and that by investing and maturing our organization and growing it with the capital that we have raised that we believe in. Of course, we also expect that to give a result. Part of that of that strategic priorities is to expanding into new market. Now we saw Belgium where we hired a team last year, and we really see the effect of that. We basically would like to copy that model also in another market, and that's what we have set out. Right now we anticipate that that could be Germany based on our current dialogue with potential customers. That's the unchanged strategic priorities. We also have put into these numbers that, you know, we did some changes and enhanced and, you know, made our sales organization more powerful with some sales developer representative, so SDRs or an outbound team that can help us out, and we have also calculated that in. In general, that we also will continue with the churn, the low churn and continued uplift and continuing engagement that we observe. That is the last assumption that we have did. For example, the Net Retention Rate, when we are looking at the number that Kasper was showing, it was either 113 that we have right now, so that seems to be the level on an average level. That's what we have put into it and then continues also going forward. If we take also the EBITDA guidance that we have here, we guide it and that continue also to be the same. We guided -10 to -15 for the year. That means, you know, we continue to invest. A lso as usual, the way we are looking at these kind of investment is we are following our assess metrics and our performance, so we never run out of cash, right? All our investments and hiring and so on in future growth, that is of course depending on that we also perform according to our plans. Therefore we still have the same EBITDA guidance that we have had here. That also reflect that we are investing here. That basically ended our presentation and now we are open for any questions. Perfect. Is there something extraordinary in EBITDA concerning your full year 2023 guidance? I guess if I do the math, DKK 6 million times four, that doesn't get you there and it's sticky cost you're putting in. What is driving your expectation of the DKK 10 million-DKK 15 million? Of course we have details, forecasts and so on inside Penneo, so we know our numbers. In the report you find a table where you can see all the historicals, EBITDA for quarters. You could see last year's also that we have like - DKK 6 million, but the following quarters getting better. This kind of seasonality in Penneo also when it comes to EBITDA. The seasonality is that front loading some cost into this, so that is how we should see it. Is there any extraordinary cost or is the cost base high in Q1 and then you grow into it through your revenue and gross profit margin there? I think it's especially also in the, since we are using IFRS 15, we recognized 90% upfront and then deduct postponed the 10%. It is pretty much, you know, when we are invoicing, we also see a higher recognized revenue. That's kind of the purpose for talking about AIS, since then showing actually the annual value instead of looking at one quarters. Yeah. I think when we said we are guidings on these numbers, then just believe it. Good. We have all our seasonality into that guidance. It is all seasonality into that guidance. Perfect. This question, looking in the current trends in the sign and KYC market, do you see any difference compared to the recent quarters? That's the first question. You talked about the, you know, the buying behavior is still a little bit careful or what you might say by your customers. Are you seeing other things changing or is it kind of the same picture as in last year, ending last year? Yeah. So that it's quite the same. We have this cautious buying behavior, but we still have a demand. We are very happy that we welcome 111 new customers. There is a market out there, and now we are particularly happy with what we have also seen in Belgium. In Belgium that, you know, for there we, you know, say we have newly entered that market, so we have a lot of audits and accounting that are not yet customers, which also help us. We don't have a position there, we're very happy that we can attack a market with our core segment and then we really can show some good traction there. For us, that also tells us, you know, that there is a market for our solution out there. When we continue to do well, yeah, we can also get our share, even though that there are this cautious buying behavior which then translate into this smaller commitment. Maybe the actual deal initially is smaller, but then we have seen also that the engagement afterwards that follows. We're also happy that how we can see our numbers on the KYC part, that has also increased. This thing about having our true product also helps a lot. Then, are your new customers smaller in general, with the lower deal size or is it fully explained by more caution buying behavior? Can you upsell over time, meaning, you know, if they are more cautious on the buying behavior but the customer size are the same, I guess at some point in time they would need to go up in product size, if their activity doesn't go down, which it doesn't seem with the economy, at least in the Nordic Region. Are they smaller or is it only cautious buying behavior and will that leave you for potential of the upselling ticking a little bit up later? Yeah, yeah. When we say the cautious buying behavior that's translated into that they simply start smaller so they don't commit and then they wait and see. Potentially that will uplift later on. If we are good at getting them onboarding and get their engagement on, then that will increase because there's a clear business case for them, of course, to use our product so they get the savings. Yes, we expect that over time that the things that they didn't buy initially then they will buy it later on. Got it. How fast they do it, yeah, that depend a little bit on how quick they are in getting adopted. It's not smaller clients with a smaller potential, end, you might say, end use. That's not the explanation. No. It is this that they start on more cautious buying behavior. Yes. Yes. As a general thing. We also, I think in Casper's CFO statement, there is a comment on how we see the difference in the Nordic compared to Belgium and that was to show that in Belgium where we are to our target segment of our ordinary accounting that we can call our tier one segment. There we see the average deal size is bigger but that's because of the type of customers that we are in and the value we are delivering to them. That of course also help out as we also grow in the future, that in the beginning the market is more open than, for example, in Denmark where we really have the majority of the auditors already. There's been some consolidation in your markets in the Nordic Region here lately. Do you see increased competition coming from that consolidation? That's the first part of this question. Yes, we, as we see that there's some consolidation and which mean also that there are some that believe also strongly in this market that there is a very attractive market that they are investing in it, so they also invest in their product just as we are doing. Unfortunately we are not the only one that have raised capital or got investors on board, the other ones are also doing. In the, of course that translate into a race. Everything that we put as an innovation into the product, yeah, they will maybe do the, they are approximately the same. That also mean we just need to stay sharp and continue the way we are doing it to stay competitive and that's what we are working on every day. We also translate that into that when we get these kind of investment exactly into where we are, that also means that other than us have found out that this market is attractive, which of course, yeah, we cannot be alone but, if we were alone that might be also be a question to also bring it up. Yeah. On a cool market. Turning that question around, are you thinking about consolidation? I will not ask you whether you have been asked to be part of a consolidation, I know you can't answer that, but are you thinking on also maybe using consolidation in this period where it might be a little bit slower market growth than you expected just a couple of years ago and maybe the prices has gone down on that type of companies. Are you thinking about maybe using a consolidation also? It's definitely. I can make a reference to what we have done before. That meant that when we saw there was an offering in the market that our current customers were looking into and that was the KYC where there's a good match for Zoniq that we bought, you know, say a company with that product. Yes, that is part of our evaluation even though that is there's no concrete plans of it but if the opportunity comes up, then we might also consider it. It could be but there are no concrete plans. When will you enter a new market? You have said it's Germany, but the timing and what are the cost of that? Yes, if you start with when, we expect to enter a new market this year. We really have intensified, you know, our investigation and by investigation there's a lot of details around that as a local requirement to our solution and how we need to adopt it and also get that, but also customer meetings, a lot of customer meetings. We are sure that we just not only are basing our own, you know, stomach feeling but based on concrete feedback and maybe even the commitment from pilot projects. That's how we're investigating it and then initially, the investments is not as big because we will do it from our Copenhagen office but as soon as we see, okay, now we get some traction, we have got the new first pilot project on board, and some reference customers here, then we will basically copy the model as we have done in Belgium and get a local team, hired, to grow that new market. What we also are expecting is we will have chosen, we will have maybe have won the first couple of customers this year but from an ARR point of view we don't, we have not calculated in any revenue as such. Our guidance is based on our current markets. I guess the cost base is also included that but it's still a soft launch. Yeah. We can't calculate how much it will actually cost to open up. Yeah. A big market as Germany. Go-to-market strategy in the German market, is that any different? Are you copying the Belgium model, the Norwegian model? Is that the same? The big Star clients that will bring you up. Is that the same way you will do it in Germany, or is there some other way into that market partnering or something like that, because it's such a huge market, right, to try and attack? Yes. So the way we are thinking is, when we originally came from Denmark and then into first Norway and then later Sweden, we learned a lot, that was through the audit and accounting and the way we're doing it. That learning we took, then we did it the same in Belgium and learned even more about how to do it there. Then, of course, we will use on the next one. There are also some differences because when we originally entered those markets, that was without having KYC. Now with the KYC, that's what we are thinking into our offering and our positioning. As an offering and as our position, we are much stronger now because it's not only signed but also tied into our KYC and that need for it. Entering a new market, that's the perception that they should have. If you are coming from Denmark, for example, yeah, then we are maybe mostly known for our digital signatures, and then there's an upsell of KYC. Yeah. There will be some differences by using our position with the full potential we have and then start up initially. There were also, it will be through auditing and accounting first, and then we will expect some network effect, and then we will go to other market that are also regulated by KYC, by the Anti-Money Laundering and where there's also a need for our type of signature solution, just as we have seen in the other countries. It will be outbound, driven by your outbound and inbound machine. You're not thinking about partnering. I'm just thinking on the German market, you know, with such a, such a market size and the knowledge of what I hear from many that the culture in Germany is that you should rather be a German company or have a German subsidiary for really to really get in the door in Germany. Any thoughts about that? Yeah. Yeah. I agree. In the sense that you can clearly say take some benefit that you are Danish, that's also okay. We are on the EU Trusted Lists. That helps a lot because that's then European. You need to have German-speaking people on the ground when you expand, including also a German subsidiary, so they know that you are serious. That's true. That is also part of our plans. You can do that without a partner. Perfect. Yeah. Yeah. When, in terms of partners, we do have technology partnerships. We have taken clearly advantage in Belgium as an example of having a partnership, technology partnership with Silverfin with our integration. We also added on others like AdminPulse and others. We got a stronger and stronger solution and the end-to-end offering to our end customers. These kind of partnerships we're doing, and that helps, of course, also us. The partnering where we basically are just giving away 50% of our revenue and expecting somebody local to do all the selling for us, that's not the model we will do it with StarRed. You hired 5 new employees in product development. Are you planning to launch new products, or are the new hirings only related to your current products? Yeah. As I said, we have so many great ideas to put into our product roadmap. So they are very much about enhancing it to both fulfill, you can say, additional regulation that comes up, but also localization for the new markets and also specific requirements in different industries that are required. But there's also a lot of great ideas that we have put into how we can, you can say, stay in front and do the innovation around that. It is staying in front of customers. It's integration to different countries, APIs and so on. It's not a new product category which you could see a new revenue stream or a new upsell potential from. That's not what we should look at those hirings for bringing, at least in the short run. Yeah. Yeah, that's true. Right now it's really to strengthen our, you know, our current offering. Some form of headline might be the same, but, you know, say feature-wise and how it's adopted to different markets. Yeah. There's a lot of enhancements that are put in. Yeah. What efforts are being made to implement AI in Penneo? What are the plans? Yeah. Efforts are being made to implement AI in Penneo. Yeah. Yeah. We have launched an internal initiative that really look into, you know, how we can optimize in every department, by respecting, of course, all data privacy around it, but simply, whether it's marketing or it's in sale or in product or in testing or everywhere we can take advantage of it, we should. That are really, you can say, looking into it and analyzing on how we can optimize our business and becoming even more productive and efficient with it. I think. That's, that's you running a more internally efficient business. Is there anything on the product side where you could see the KYC, I guess, could be an example where some AI could be. Are you also looking at that, or are you only looking at the internal processes? Yeah. And optimizing those? Yeah. Both from a product point of view, how that can help us out, and also our internal processes. I really believe strongly that, you know, the whole AI, that there's so many opportunities with that kind of strong technology that can both disrupt and improve so much. That's also in our product offering. Yeah. A final question. I think that this one is for you, Kasper. You know, this cash flow, which looks extraordinarily good on the cash conversion side, right, is that only because of debtors or is that also looking into the rest of the year, you guide 1.4 x I RR. Looking into the rest of the year, could you also increase this cash conversion rate, meaning that you will lose less on the cash flow side than the EBITDA like we are seeing in this quarter? Or is this very special where you really just collected a lot of debtors? I think it's so good that you are asking for clarification. I tried to say that yes, the number in Q1 is pretty good and strong in terms of where we are in this investment period. By investment period, I'm meaning that in the spring last year we raised capital, and we hired a lot of new people, taking a lot of cost and put cost to our cost base. Now we're actually waiting to see the income taking over for the cost base, and we again become cash positive. What I have tried to highlight in the report is that, yes, Q1 is only a negative relationship between AR growth and negative free cash flow on DKK 1.4 million, 1.4. 1.4. The coming two quarters, I expect it to be higher. Don't expect it to be at that level for now. When we end this financial year, 2023, I will expect it to come down again to approximately same level as we are now. Be patient. It will not be in Q2 and Q3, but in Q4 you'll see it become better again. Perfect. I think that was the last question. Thank you to you, Christian and Kasper, for taking us through your Q1 and answering questions. Thank you for the audience for listening in. Thank you. Thank you so much.