As usual, I have together with me, CFO Casper Christiansen, and myself here, Christian Stenderup, the CEO at Penneo. And please note that statements about future expressed in this Q1 report and also in the presentation, reflects Penneo's current expectation for future events and financial results, and the nature of these statements are affected by risk and uncertainty, and therefore, the company's actual result may differ from the expectation expressed in the management report and presentations. So, the agenda for today is, as usual, a short introduction to Penneo, presentation of our Q1 2024 results, then an outlook for 2024, and then we are open for all questions and answers at the end of the presentation. So, let's go into a very short presentation of Penneo. Penneo is in the business of trust. We believe in a world where you can trust the way businesses do business, and in today's digital world, establishing trust is far more complex due to the absence of physical interaction and the prevalence of digital fraud. And therefore, Penneo exists to make sure trust between businesses and human remain intact, and that is our customer spend less time on quality assurance, compliance, and control, freeing up time for more value-adding tasks. And as we say, without trust, there is no business. And we at Penneo here has embarked on a remarkable journey since its inception here in 2014, so, 10 years ago. It was founded by visionary entrepreneurs, driven by a single ambition, to eliminate the inefficiencies of traditional pen and paper document signing by introducing a digital solution. Today, Penneo has evolved significantly. We now offer a scalable software platform designed specifically for anti-money laundering or AML-regulated business-to-business companies. Our platform empowers these businesses to optimize and automate their critical workflow and addressing the increasingly complex compliance requirements that they are facing. This is just the beginning. Penneo is on a mission to become the leading digital signing and know your customer workflow platform for AML-regulated business-to-business company across Europe. Our journey continues as we seem more committed than ever to innovate and provide value to our customers. Also, a few facts about our business. We are a business-to-business software as a service company with 110 employees and more than 3,000 customers in Denmark, Norway, Sweden and Belgium. On the one platform, we offer two solutions today, the Penneo Digital Sign and our Penneo Know Your Customer or KYC solution. Trusted by the world's leading audit and accounting, we hold an ISO 27001 and ISO 27701 certification, and is on the EU Trust List. In 2023, an estimated 77 million sheets of paper were saved using Penneo Sign, which correspond to 1,240 tons or up almost 3,000 tons of CO2. Let's go into the financial results of Q1. Let's start by giving you an overview of our Q1 performance highlight. So, overall, we have seen a strong new business performance, and we have also seen a continued uplift from existing customers due to an increased engagement, though the uplift has been negatively impacted by a few specific temporary customer downgrades, and also by adverse currency fluctuation. Then we have seen some churn. So, the total ARR amounted to DKK 91.3 million at the end of Q1, 2024, compared to DKK 74.2 million at the end of Q1, 2023. So, that correspond to a 23% year-on-year growth. For the quarter isolated, the ARR growth increased by DKK 2 million in Q1 this year, compared to DKK 3.3 million in Q1, 2023. Looking at the new ARR, that ARR increase from new biz amounted to DKK 3.5 million, compared to DKK 2 million in Q1, 2023. We have continued the great momentum from Q4, and normally, Q4 is our high season, and Q1 is our low season. And in Q4, 2023, we grew DKK 3.8 million and onboarded 216 customers. Here in Q1, we grew 3.5 and onboarded 208 new customers, and of which one of them were a larger A&A in Sweden. So, that's almost on the same level, even though the Q1 is normally a low season. The 208 new customers in this quarter should be compared to the 111 in Q1 last year. If we look at the net revenue retention of 107 in Q1 2024, versus 113% in Q1 2023. For the previous seven quarters, we have been steady on 112, 113, 114 on that level. So, the 107 is unusual low. Again, this result was impacted by a specific and temporary customer downgrade. By temporary, we mean that we expect to have an uplift later in the year corresponding to these temporary downgrades. We also had a limited impact from price increase compared to last year, that is as expected... and what was not necessarily expected, but we still had a negative impact from currency fluctuation corresponding to more than 400,000 DKK. The churn is also part of the net revenue retention, was impacted by one larger customer churning. Looking at the EBITDA, that was improved from negative 3.7. We had that in Q1 2024, and that is up from -6.6 in Q1 2023. An improvement on the EBITDA also as expected. If we go into other business highlights. So, we have grown, as we just went through on new business, but that is also a continued growth in our foreign market. And the foreign market contributed with 73% of new business growth in Q1 2024. And Belgium is a main growth driver with 67 new customers, more than doubling last year's figure of 29. We also unveiled a new visual identity for the Penneo brand, which has been progressively rolled out across various touch points in Q2. And this update to our visual identity is a key component of our broader repositioning initiative that began in the fourth quarter of last year. Our goal is to have a transition from promoting individual point solution with our KYC insight, to promote a comprehensive platform solution, delivering clear benefit to our customers by automating critical business workflow throughout the entire client life cycle, from the customer onboarding to document signing and continual risk assessment. We have also continued our localized go-to-market effort. This effort spans several departments, including product, which is focused on developing key localized strategic integrations and sales and marketing, which are tailored sales strategy, branding material, and go-to-market approaches to fit local needs. Among the highlights from the first quarter, we have appointed our first Norwegian sales director, established new local software integration, and also hosted and attended several local events and webinars. These initiatives are all designed to bolster our local presence and strengthen our competitive position. Looking at the international expansion and also looking forward for the remainder of the year, we have plans to introduce our KYC solution to the expanding Belgian market and prepare also for our venture into Germany. The demand for KYC services in Belgium is on a rise, and with the few competitors currently in the space, we are well-placed to capture significant market share. Looking at our cash position, we had DKK 34 million at the end of Q1 2024, and we continue to expect to reach a position where the ARR exceeds the overall cost base by the end of 2024, position us to achieve at least a cash neutral or cash positive status on a yearly basis by 2025. Then finally, we are pleased to welcome our newly elected board of directors. As we have seen here on the picture, Morten Elk, Eske Ginge, Rikke Stampe, Jostein Vik, and Casper Bernth from left to right. This was a little introduction on some of the business highlights that we have seen. So, let's go into some of the financial numbers. Casper? Thank you, Christian. Hey, guys, thank you for letting me take some few minutes of your day. I have prepared 7 slides, and most of them is focusing on our SaaS measurement. This chart shows all our historical cohorts since we became founded back in 2014. All the current year represents a group of customers into the year they became customers. And what you can see here is that almost all our groups of customers or cohorts are growing positively year over year over year. It's the true facts when we're talking about financial years. In the quarters, we have seasonality, so you can see that some of our cohort is not growing and some are growing. This time, one of our cohorts is not growing, and as you can read in the report, we have one specific client's churning, and that's correspond to the 2022 cohorts. So that's the reason for that cohort is going down from DKK 9 million to DKK 8 million this time. But overall, it doesn't change the picture, that it makes sense for us to invest into getting new customers on board, since we managed to uplift and uplift and uplift after they have become onboarded and happy customers. This chart shows a 12-month period ARR development, and it's divided by how we are performing when it comes to the current customer base in terms of uplift and churning, and how is it going when it comes to getting new customers on board. Before I dive into that, I'll just shortly highlight that when we start this period, we had an ARR of DKK 74.2 million. And when we are going out of Q1 this quarter, we have an ARR of DKK 91.3 million, and that's equal to a yearly growth in ARR of 23%. Approximately 12% of that ARR is coming from KYC. That's our newest product, so, normally, we'll expect that to go up throughout such a twelve-month period. But as we also stated in the report, one of our KYC clients is a part of the 1.3 churn this time. So, overall, we have a churn of 5%... It's, if I compare to other SaaS business, it is pretty low and strong churn, but it's also true that it is in the high end in terms of the new churn. Normally, we report like 2%, 3%, 4%, and this time it's 5%. We normally say that below 5% is pretty strong and solid, so we keep that. On top of that, we have a 12-month period uplift on current customer base of 13%. That corresponds to approximately DKK 9.6 million, bringing our ARR from this DKK 94.2 million to DKK 97.7 million, meaning that we have a net revenue retention of 107%. Yeah, and on top of that, we have added the 16% in new ARR. This page I've chosen to bring, since we normally focusing a lot of how much can we expand outside of Denmark, and we also do it still. So, I'm pretty happy to see that 73% of our new ARR is originated outside of Denmark, meaning from foreign markets. It is nice to see that when we are growing and getting new customers on board, and as Christian said, our new business is running very well, especially here in Q1, a strong low season. So, now we are up at 30% of our total ARR originated from outside of Denmark. Looking one year back, it was 28%. Of course, I'm happy to see that the foreign market is growing more than the domestic market. The growth rate is up at 35% when you're looking at the markets outside of Denmark, and that's even despite we have a negative currency fluctuation in Q1 of DKK 0.4 million. Looking at the pie chart in the right side of the slide that we can see, the Belgium market now takes up 35.5% of our foreign ARR, and it is pretty cool that the team in Belgium are running the business so well. I'm proud when I talk to them, and I can see he is also on this call that they are doing a great job. Of course, as Christian said, we are trying to cover some of the great things from there, and now have a local team in the region. I will come back to that when we're talking about EBITDA. Next slide here, focusing on our quarter-to-quarter development in terms of the SaaS metrics. So how many new customers are we getting on board? Normally, in a Q1, it is a low season in terms of new biz. So now we managed to get 206 new customers in, and you compare that to 111 customers Q1 last year, it's an increase of 85%. I think it's pretty cool. And at the same time, it's slightly lower per customer, but it's not that lower. So the total amount of new customers we are, the new ARR we bring to the business is substantially better at this quarter. And since we managed to get a lot of new customers on board, the average price, the customer acquisition cost per new customer is also pretty low. Normally, in Q1 and Q3, we have a high CAC since we have almost the same cost for getting total cost for getting customers in, but the outcome is low in a low season. So, since we have now a strong low season, we also have a low customer acquisition cost, meaning that the relationship between CAC and new ARR per customer is better now. It was 25-month payback time, Q1 last year, now it's down to 15 month. Since our customers is upfront, invoiced by 12 months, then when you send the second revenue after 12 months, then they are, they are cash positive. Yeah, and I have talked about the net revenue retention. So, just highlight here that in Q1, specific in Q1, not looking at the 12-month period, but in Q1, we had an uplift of 0.0, and we have, of course, churned, so, the average revenue per account is decreasing, and this is the first time since we became listed that we need to report that this number is increasing-decreasing. We are lucky to say that we expect it to be a temporary situation, so, when we report on Q2, we expect that numbers to grow again. Trailing 12 months, since we are in a ARR business, I think it's also important to, to measure on a 12-month period, to compare, how is it actually going, when you're talking about ARR. So, if we, replace Q1 this year with the Q1 last year, we see that we now have a new record high number of new customers getting in compared to the end of Q4 last quarter. It's approximately on the same level. The CAC is, lower. That means we, we are expensing more or less the same total amount the last 12 months on CAC, customer acquisition cost, but the outcome is better. So that, that's pretty cool that our new business is actually running pretty well. Our EBITDA, if you just start at the top here, you can see that if you measure on a quarter, our revenue is increasing by 17%. I have just said that ARR is increasing 23%, so why is that not equal to each other? That's because Q1 is a low season for us. Also, the old customer is not invoiced in Q1, so you will see a different percentage. So, I have actually seen how much in a 12-month period are we growing this time and compare that to the period 12 months back, and there the growth rate is 21%. So, it's more equal to the growth in ARR. Gross margin is slightly down from 84% to 82% this quarter, but at the financial year 2024, I still expect the gross profit margin to be approximately the same level as this year, meaning 86%ish. That's at least what I expect. Other external expenses we have increased that by 16%. It's due to a higher investment into external consultants, meaning in, for instance, Norway, we are hiring local people, and they are hired like consultants, even though they are seen as an employee in Penneo. We also invest into marketing and travel costs since we are trying to get more out, being international instead of doing everything out of Copenhagen. On the other hand, we have managed to decrease the investment into hardware and software, and that's also because we are not, as you can see in the report, hiring that many new people to the team, so it's not needed to invest that heavily into hardware and software. Then we also see a slight decrease in provision for debtors. Then coming to staff costs, on this chart, this map, you will think that we have decreased investment into the team 'cause we have lower staff cost in Q1. It's slightly true, but it's also not true. Actually, we are investing exact the same amount this quarter, like Q1 last year. But since we are focusing on develop new software, we are also capitalizing more, higher percentages, to the balance sheets instead of putting in, into the P&L. So that's the reason for this amount decrease here, but when you look at the number, then think we are investing just to say exactly the same amount, approximately the same amount, as Q1 last year. And that bring us in total to an improved EBITDA, up from -6.6 to -3.7. And it is, it's following the plan, as Christian said. Here in the end of this year, we have a guidance, and Christian will come back to that, around a positive EBITDA. So, that's a natural part of being on that path, investing less compared to the growth and revenue. The last slide from my hand is a slide where I'm trying to give you an overview of the outcome and the investment outcome, ARR growth, that's what's coming out of doing an investment. Now we are about DKK 17.1 million in ARR growth the last 12 months, and we still are maintaining a positive liquidity from the operation. And I'm pretty glad that I can say that, now I know the internal numbers and the budgets, and it is slightly better than I had hoped for, even that it's decreasing. One of the reason is that we have postponed some taxation through the employees. That's a part of the governance, postponing this payments. So, we are paying back and paying employee taxes two times this quarter. So, I'm glad to see that it's positive DKK 5.9 million. But besides that, we are still investing into product development, as I also said on that EBITDA slide, and we are willing to continue investing into product development. But what we also said is that when we are going out of this year into next year, next year, we should be in a position where the cash flow from the operation is paying for the cash flow invested into product development, and that's what we mean when we say cash neutral, at least. It not equal to every quarter will be cash positive or neutral 'cause we have fluctuation, but when you see at the financial year next year, it will be true according to our expectation. That was all what I have chosen to bring, so now I will hand over the mic to you, Christian. Thank you so much. Then, just for the outlook for 2024. So, we, with our ARR guidance, we continue to assume, an ARR at the level of 105-112, so corresponding to a growth of 18%-25%. And that based on the assumption, and they are unchanged since our annual report. So, just to make a summary, the continued market conditions that we both have seen throughout 2023, that will continue into 2024, but also a continued strategic direction, that we will continue to invest in our Penneo platform, just like you just said. Also maturing our organization and promoting operational excellence, supporting to continued geographical expansion of both our Sign and KYC. And also continued improvement our demand generation capabilities. So, as we just saw in June 2023, we made investment in our sales and demand generation capabilities, and that expected to result in a larger number of new customer added compared to previous year, and we expected for that trend to continue into 2024, and that's exactly also what we have seen in Q1. And so, we saw it in Q4, we saw it in Q1, and this higher level compared to last year, we will expect to continue to see, even though that might be that the percentage of growth, you would say, is not as high. For example, if I look at Q1 here compared to Q1 last year, the percentage of growth, if that continue going up, maybe not, but it's just on a new level. And then continuously low churn and continued uplift. So, we do expect a continued uplift from our customer base, based on increased usage of Penneo platform, of Penneo Sign and KYC, and also revenue from cross-selling Penneo KYC to Sign customers and vice versa. And also, we do not anticipate a net positive impact on our ARR uplift from our annual pricing adjustment, simply given the fact that the overall inflation rate has returned to a low level. So that's what have been built into it. This is unchanged from our annual report. EBITDA guidance, here we continue to assume an EBITDA at a level of DKK 5 million-DKK 10 million positive, where we last year had a negative DKK 8.7 million at the end of the year. So going from the negative to this plus DKK 5 million-DKK 10 million. And we do expect to invest available cash and, product development, as you just also mentioned, is a big part of that, and then we expect a positive contribution from operations. And we will continue ensuring that we have a clear path towards a cash, position where we at the end of 2024, and looking ahead, that we expect to be in a position where our ARR exceeds our overall cost base position to at least a position where we have a cash and neutral status, yearly by 2025. So, that's also unchanged compared to, our annual report. So that ends up our presentation of our Q1, report. So, let's go to the last one, and that is, question and answers. So let's open up. Mikkel? Yeah. Thank you, Casper and Christian, for a great presentation. Mikkel from ABG here. I just have a couple of questions. The first one is related to the ARR uplift. To my understanding, it's you know, one of the reasons is obviously currencies, which are negatively affecting you, but also the downgrade from some existing customers. I was just wondering, is this a quality issue or simply just something that affected these customers and not the others? Yes, exactly. So good question. So the temporary downgrade that you're referring to there, so there are some specific cases... There are two reasons, and some specific cases where the product adoptions were delayed, and leading us to extend the contract simply to compensate. So the contract start then later on, that have an impact on the uplift temporary, and then it will go up again. Additional, we also had, for some specific customers, we had some capacity issues with our KYC product, and that had also prompted them, us to give and offer them some compensation, regarding that. These issues that we have seen from a capacity point of view are fixed. Okay, sure. Then the second question is related to the churn, which is somewhat higher this quarter due to a large customer churning. Is there any readouts to, to future churn? I mean, you're pretty confident that it will be below 5%, but, you know, could you elaborate a bit more on the reason behind this customer churning or? What I can say about this, this specific customer churning that had an impact, because you're right, it is higher, especially for Q1 period. And it was a unique case from the very beginning, because the company used Penneo as a supplement to their homegrown solution, and ultimately, this setup did not work for them, so therefore they churned. So, it's a separate situation compared to our normal usage of our solutions. Okay, perfect. And my last questions before I jump back in the queue is related to, to hirings. It's down, the headcount is down significantly Q on Q. I was just wondering if you could put, put some words on the dynamics here. Is it, you know, is it natural attrition, or have you, have you been required to lay off people? Just trying to understand, like if there will be any severance costs or anything. This is related to when we look at Q1, then we had in Q4, we had. We said goodbye to some, and then we have some natural attrition also. So that combined, that the result of that, we can see that here in Q1. Okay. Just, let me just follow up on that. Any, any, you know, outlook in terms of hirings going forward? Will it stabilize now or- Yeah, we expect that to stabilize. And what that means is, you know, say, we always look carefully at hirings, both for new hires, but also rehires. If sometime somebody's leaving us, should we rehire or not? So we are very carefully looking at all our investments. But in general, we expect to be approximately at this level. Okay, perfect. That's all. I'll jump back in the queue. Thank you. And, Anders? Yeah. Perfect. Thank you, Casper and, Christian. Anders from Stokk.io, and I will be answering or asking of other shareholders here. The first question is just a clarification question. You write in the report that you will introduce KYC in Belgium in second half of the year. Does this mean so far it has only been the sign solution that has been in focus in Belgium? Correct. Until now, and also all the numbers that you are seeing are selling our sign solution to the Belgian customer. And then we expect them to release our KYC with the, let me say, the localized version of it for the Belgian market, so, we can do cross-sell, and also new sales of KYC in the second half. Perfect. Then the next question here, in Q1, you got a lot more new customers than last year. Do you see this trend in customer acquisition continue into Q2? Yeah, so in general, what we compared to in all the quarters that we had in 2023, we expect on a general level that we have more customers coming in based on our improved capability of getting them in. So what we now saw in Q4 and also in Q1. But we do not—and that's not the same, but now we have 200, and then in Q2, there will be 400 and then 600. But it's simply on a higher level that we have seen in 2023 at beginning. Yeah. Yeah. Okay. That was all the question from me so far, so I will jump into the queue again. Thank you. I don't know if there's further questions from anyone. It doesn't seem to be the case. Well, yeah. You're welcome to ask your question. Yes, good morning. Could you elaborate a little bit on your strategy to enter Germany and also on the general market dynamic in this market, and why you feel confident you can grow and be present in this market? Yes, absolutely. So, what we see in Germany is the same needs that we now have seen both in the Nordics for many years and also now in Belgium, that there is a similar need for the whole digitalization and also for the KYC to be compliant with the AML. And even though they might be behind from a digitalization point of view and the whole support of solution, what we experience right now, based on our dialogues, and we have very close dialogues with pilot customers, is that they are now coming into the same journey that—and because they have the same pains that we see in the other markets. So, we do expect that we will also be able to close the first customers in Germany, even though from an ARR point of view, they will not have that an impact, more or less this year, but it will help us. And the way we do it is we start with pilot customers, so we do the finalization of our solution together with them. So the solution already is in German and so on, but there are always some local integrations and configuration that need to be done. So we are preparing that, and that's what we are working on right now. And when we know that that is working, yeah, then we do the final release of the solution to the market and then expand from there. So we believe simply based on both the maturity that they are now and also the size of the market, that can have a great potential for us. But we are in the early stages. Yeah. Guillaume? Yes, thank you for taking my question. Just one on the average revenue per account. When we look at it, it has been kind of stabilizing for the last four quarters, around DKK 30 million after many quarters of growth. How do we have to look at it? Is it kind of a level now that you have reached that might be stable in the time, or there is still some room to keep improving this this level? Yeah. So when we look at, yeah, now we're also showing the numbers so everybody can see it. Yes, it is true that we have the average. ARR has been quite stable, and we believe that there will be more or less the level. It can also be slightly higher. You can see some changes. So, in Q3 last year was DKK 18, and in Q1 here, almost DKK 17. So, it would be more or less on that level. What can impact is when we—if we are winning a large auditing accounting company, yeah, then that can impact some of these. But the level is more or less like that. Slight, maybe slightly increasing. Okay, that's clear. Thank you. Guess that's it. Unless, More, more questions. ... Further questions? Not at the moment. Then I would just say thank you so much for all of you for participating and also for asking questions and your interest in our, in our financial numbers and our business. But with that, I would like to say goodbye to all of you, and then we will stop the recording. Thank you.