Hi, and welcome, everyone. My name is Mikkel Kousgaard Rasmussen, and I'm working as an equity analyst here at ABG, covering Danish tech companies. And today, I have the pleasure of hosting OrderYOYO, represented by the CEO, Jesper Johansen. So, Jesper, please go ahead with your presentation. Yes, thank you, Mikkel, and thank you for the invitation. As Mikkel said, I'm Jesper. I'm the CEO of OrderYOYO. We'll do a short presentation of OrderYOYO, what we do, how our market position is, and how we perform. I have 20 minutes. I have a tendency to talk more, so bear with me. I'll try to do it within my 20 minutes. Next slide, please. Next slide. So this is basically what we do. We liberate restaurants. We liberate takeaway restaurants by providing them with a software solution so that the independent local takeaway has the power to claim back their own customers. Important here is that normally you would see a picture of a lot of logos. We are not about logos, we are about people. We are about the small, local, independent, quick-service restaurant, so the mom-and-pop business around the corner, where you buy your local kebab, pizza, or those kind of things. So small businesses that we empower here and liberate. And why is that important? Next slide, please. So a takeaway restaurant and the customers and the revenue of a takeaway restaurant is a little different than what you see in a dine-in restaurant, and especially if you go outside the more urban areas of the large cities. Up to 90% of all orders in a takeaway restaurant are recurring orders from loyal customers, basically ordering from the same local restaurant, and actually also ordering the same stuff every time. So the way these orders are handled digitally right now is that a big, big part of that is handled through portals, which, of course, then owns the end- user and where the restaurant is charged by everywhere from 14%-35%. Now, obviously, the restaurant, as in every other e-commerce operation, should have their own system and engage with these customers themselves. We provide that. We do that at scale all over Europe, cost efficiently, so the restaurant will at least save half, if not more, compared to portals. And more importantly, they will have the access to their own customers, in relation to repeat buys. This is actually for the small, local, independent restaurant, the difference between life and death. I mean, this is not for the McDonald's of the world. They will survive. But for the small, local pizzeria around the corner, the difference of 10%-15% of a revenue, having that for themselves, is a gigantic thing, and it's basically what is saving them from going bust, which is a big problem in this industry. So this is what we do, what we've done from day one, eight years old, we liberate restaurants. So next slide. So our market position. Now, fairly early on, we took the decision to go very deep in Europe and go very deep in the specific markets. And we have done that over the last eight years, and today, the European market leader, serving more than 10,000 restaurants, across Europe. Next slide, please. DKK 256 million in ARR, generating DKK 21 million in EBITDA. Number one positions in the two biggest takeaway markets in Europe, U.K. and Germany, and number one in Ireland, Northern Ireland, Denmark and Austria, and small positions in Switzerland and Poland. Now, this is important because there's a lot of scalability and a lot of economies of scale in this business, that we, of course, needs to both for our shareholders, but also actually for our customers, to benefit from. Being the biggest player here means that the products and the capabilities that we can provide to our restaurant partners are so much more than the small independent ones, and the local players that we look at in the different countries around Europe. So size and profit matters, and it is basically what drives our market share, and it is what drives our profit, and profitability. So next slide. Because the conditions for this industry is quite tough, actually, in all the markets that we're in, both the restaurant partners, the takeaway restaurants are having a tough time, and so do end- users as well, inflation and increased food prices and stuff like that. So in order to help restaurants to grow, we need to be super, super efficient, and we need to be the best in the market. The best way to show this is that even though we have these tough conditions, we're actually growing our gross merchandise value, i.e., the value that goes through our systems by the restaurants, by 31% from Q3 2022 - Q3 2023. That's a proof that we are taking market share, both from portals and from other white-label providers. Next slide. We wanna keep on being number one in Europe. We wanna build Fortress Europe and defend that position. We wanna do that organically, and we wanna do it inorganically. So just a little bit on the inorganic journey that we're on. We have the opportunity to be the consolidator in this market as a listed company, and we are looking for two different type of transactions. new markets, where we enter a new market that we're not in already. We do that by acquiring number one, maybe number two, but at least one of the two biggest one in a given country, to have the right position from day one. And then we do it in existing markets, where we acquire local participants, to drive economies of scale and profitability. So an example of the first one was our acquisition of app smart, almost 1.5 year ago, summer 2022. And an example of the second one would be the Kingfood acquisition we did in April of 2023. Next slide, please. Both the inorganic and the organic growth is what is important for us, and historically, we've been growing quite nicely. Obviously, from 2019- 2020, we saw a big uplift from the COVID situation. We actually managed to stay ahead of the curve also after COVID ended. And have been growing the business since, and are now at DKK 256 million for Q3, and is guiding for an average, sorry, an ARR of between 260 million- 270 million for 2023. And another growth from 2023- 2024, for our guidance. Next slide. We are an ARR business. Now, our ARR is basically based on two things. We have a fixed subscription amount, which is around 40% of our total ARR, and then we have a usage-based subscription, which is around 60%, which is basically commission that we are charging, and where we are growing with our restaurant partners. This is, for us, a good balance because we have the security of a fixed amount, but we also have both the incentive and the benefit from growing with our restaurant partners that we do over time. From a geographical point of view, quite a nice composition there as well, with Germany being the biggest market, then Great Britain, Ireland and Denmark. So we are quite happy about our ARR composition. Next slide, please. Very briefly on Q3 performance. We announced that last month, so old numbers in a sense, so September numbers, but I think it's important to show them. So if you just take the next slide. 38% growth from 2022- 2023. This is like-for-like growth, so where we have consolidated app smart also in the 2022 figures. 38% growth in this market is strong, and we're proud of that. Portals are growing at between 0% and 10%, and the market trends that we see among a lot of our competitors is around the same, 0%-10%. So we are growing the market here, which we are happy about. Next slide. And more importantly, we're doing it at a profit. So quite an increase in EBITDA from year to date 2022 to year to date 2023. So last year, after the first 9 months, we had a loss of DKK 4 million, and now we had a plus of almost DKK 17 million. So quite a big leap indicating two things: first of all, is economy of scale, that as we grow and as we acquire companies, we do have a lot of savings potential, number one. And number two, we are focused on being cost conscious, and it is increasingly important for us to show profitability. Next slide, please. And that we've done over the last quarters. So here, the last eight quarters, so 2022 to 2023. Quite a big increase quarter-over-quarter, driven by local market leadership, economies of scale, and our M&A strategy. So strong profits that we intend to increase and continue showing. Next slide. Now, this one is obviously important as all other, or most other European software companies, we capitalize on R&D spending, which means that the EBITDA is before R&D expenditures which are capitalized. So cash EBITDA, which basically is the EBITDA minus the R&D expenditures that are capitalized, has turned positive for the first time in June 2023 and throughout all months in Q3 2023. Super important for us. This means that we now are cash positive, and that we basically is independent of external funding. That is very important in this market, but also very strong for us as an organization to be cash positive. Next slide, please. That brings me to guidance and outlook. So for 2023 and 2024, so if you take the next slide, we have the 2023 guidance that we have raised 4 x over the last year. So now we are guiding at an ARR of between DKK 260 and DKK 270, compared to our original guidance of between DKK 215 and DKK 230. Net revenue is expected to be between DKK 230 million and DKK 240 million, compared to our original guidance of DKK 190 million-DKK 205 million. GMV, so the gross merchandise value, is expected to be between DKK 2.5 billion and DKK 2.7 billion, compared to original guidance of DKK 2.2 billion-DKK 2.4 billion. And EBITDA significantly up during the year. So now we are guiding for an average or so an EBITDA between DKK 20 million and DKK 23 million for the full year of 2023, compared to original guidance of DKK 5 million-DKK 15 million. So the span has actually also narrowed quite a bit there. Four times guidance increase. Next slide, please. We just gave the 2024 full year outlook as we presented our Q3 numbers. So ARR is expected to grow around 15% to between DKK 300 million and DKK 310 million. Net revenue will grow to DKK 260 million-DKK 270 million. GMV to DKK 2.8 billion-DKK 3 billion, and EBITDA will be between DKK 23 million and DKK 28 million. All this is based on pure organic growth, and that we don't see any uplift in the market, so still challenge the markets for our RPs. And profit increase because we keep on and expanding our cost focus. Next slide. I guess that was it. I tried to do it within the 20 minutes, so Mikkel, I hope I did okay. So, Yeah, you did it in, you did it in 13 minutes. Okay. So, so we have plenty of time for questions. So, you know, I'd like to start where you ended your presentation off, with the guidance that you've raised four times so far during the year. Two of which I understand are from, obviously from acquisitions. But could you talk a bit about the visibility you have, and also relate that to your full year 2024 targets? Are they mostly guidance, or would they be more like ambitious targets? Say the last thing again, the... The 2024 targets item, should be considered mostly as guidance or more like, targets, ambitious targets? Well, it's guidance a nd then you tell me if it's ambitious or not. What you can say here is that, no, obviously, we are in an environment. So the story for us is that we got listed in 2021, just after COVID, on the First North. And in November 2021, just before I stepped in as CEO, we had to come out with a downward revision of our guidance. A small one, but nevertheless, we had to adjust our guidance down, with a severe, severe impact on the price and the shares, and with a relatively big job for us to gain back investors' trust. That means that the way that we are guiding is, it's not like we are overly conservative, but because obviously we need to give the market something that makes sense. But we are cautious, and so going back to the word ambitious, of course we're ambitious. We want to grow the business, but we don't wanna come out with a super ambitious target that we can see we don't have any chance to reach. So I think that we have this conservative approach to guiding, and that also goes for 2024. Obviously, we do think that we will grow, and we do think that we'll grow our margin. We do think that we will keep on winning market shares. But the uncertainty in the market, combined with our history and the fact that we need to make sure that we have the trust of our investors, means that when we guide, is probably more on the conservative side than on the ambitious side. That I could have been a politician. I'm sorry if this turned out wrong, but obviously, yeah. Does it make sense? Yeah, definitely makes sense. Then moving to try to understand your, the scalability of your business model. Yeah. Could you try to elaborate a bit on the sales cycles? T he onboarding of your customers, and what are the different stages? How long do they take, et cetera? Yeah. No, good question. And obviously, I mean, let me start somewhere else, because there's a lot of scalability in this business, but a lot of that actually goes in terms of in terms of R&D, which basically we have one platform approach. It goes, of course, with finance and all these kind of things, HR. But it also goes in terms of sales, even though this is a very feet-on-the-ground business. So we do have salespeople out in cars, chasing restaurants. But the processes that we do are are aligned and are optimized in a way that only we can do as a big company, number one. Number two, because we are as big as we are in the biggest countries in Europe, in U.K. and Germany, we do have the ability to reach a lot of clients, probably easier than smaller competitors would. Now, the interesting thing in our industry is, it's actually not that difficult to sell the system. The difficult thing here is actually to get the restaurants onboarded and make sure that they perform. That also means that, no, you know, our purpose is to liberate restaurants, but there are, but there's only a certain amount of restaurants that fit into our space. So the qualification of leads is very central for us. So we do not hunt all restaurants. We hunt the restaurants where we can see that there's the biggest opportunity that they will succeed in our system and with our system, to the benefit of them, and obviously to the benefit of us. That means that our salespeople, and I think this is contrary to at least all the small local players in the market, our salespeople basically have a list of restaurants they need to, they need to attend to. They have a predefined sales list. It's not like, as you see in a lot of other players in this market, that salespeople basically just go knocking doors, and then you take everybody in Curry Street. We actually have qualified the ones that we want them to go to. This is where it all starts, because then actually the process of onboarding, getting a restaurant flying and getting them to grow becomes... The probability of success will be much, much higher. Now, the actual onboarding of a— So the production of the solution for the restaurants is quite simple. It doesn't take a long time. But the onboarding process is divided in two steps: a 60-day period, which is very intense, focusing on getting the restaurant up and flying, and a 60- to 120-day rest period, where we handhold them quite a bit. And then after that, we have a customer success team that takes care of the journey after that. The magic moment is happening in the first 60 days. Basically, what we can see is if we do that right, basically, the restaurants get going from day one, and then they basically just grow from there. Remember, we are not, we are not out to say to restaurants, "Take out the printers of the portals." We're not an or strategy, we're an and strategy. You can still have the, you can still have the portals and all that, but just make sure, Mr. Restaurant Owner, then when there is a customer coming in that's a repeat customer, make sure that it's using your own system instead of the portals. It's more of, it's much more of an evolution process than a revolution process. That means that we need to be going from the outset, and then we grow from there. Perfect. And then I think another interesting point is obviously, competition. Y ou also mentioned it a bit in the start. But, I mean, in the beginning, what would you say is your main competition, and, you know, what makes you win against these in the long term? Yeah. So I think we should divide this in two. So there is, on the restaurant side, there's a lot of other players like us doing online ordering, white-label online ordering. Fairly small, all of them. These are the players that we actually consolidate in the moment. We do not see any big player in the online ordering space as big as us. There is one other company called Flipdish, an Irish company, founded in Dublin, more or less the same age, time as us. Have received a lot of money in venture funding, have a completely different strategy than us. So they're in 32 countries, serving all restaurants with basically all products. Right now, at least we can see that our strategy with being focused on specific geographies and specific restaurants is more valuable in the sense that the growth that we are seeing and the earning we're seeing from us is quite different than what they experience. So that space is kind of narrow, and we don't see... You know, it's a day-to-day. There are no big ones there, and it's basically we are battling against the white labels, the smaller ones. We have the value of a big organization, so what we bring to the table is just, it's just a better product, better service, and better legal and payment methods as well. So there's a big KYC, so know your customer, and data and GDPR issue in this industry that not many dare to talk about. But we do, because we have actually KYC'd all our restaurants. So we know that what we do is 100% compliant to the rules. And this is a situation where especially some of the smaller white labels do have a problem. Then you have, in that space as well, you have some of the larger POSs of the world payments, Point of Sales, companies like American Toast, Lightspeed, and the likes. It's important here to remember that we are about generating orders, whereas the POSs of the world are about executing orders. We also have a POS system tailor-made for takeaway restaurants, and we sell that and also that to our restaurants. But there's a big, big difference here. And there's a lot of additional work that needs to go into generating the order compared to executing the order. The POS systems of the world would actually like to go into our world, and they do have solutions for this. We really haven't seen a lot from that, to be honest. So from that point of the market, the position is strong. Then if you turn to the end- user part of the equation, the ones that we are battling against for the end- users are obviously all the portals. So basically, Just Eat, Wolt, Uber Eats, Deliveroo, Delivery Hero of the world, which basically is an end-user product that helps the end- user to buy from some of the restaurants. Now, we're coming from all the way and say, "No, actually, we want to help the restaurants to attract the end- users to buy their food from themselves." Obviously, they are different beasts, and here are the... There's a couple of things. First of all, they're big marketing machines. They do not market the specific restaurant. They market the portal, even though a lot of people is actually using the same restaurant over and over again. It's all about delivery, so they do have their own delivery. All our restaurants have their own delivery. That's kind of a precondition for our restaurants, that they have to have their own delivery, which basically means that they don't need that part of the equation from portals. So you could say from another point of view, from the end-user point of view and from the restaurant point of view, if somebody is searching for a specific restaurant, it's kind of weird if they end up buying the food from that restaurant through a portal. That should, of course, be by the restaurants themselves. So that's more of a end-user focus that we need to make sure that we, when we market and help the restaurants to brand themselves, that they are the right places, they are the right places, especially on Google, Facebook, and all these kind of things. Yeah, perfect. I think that's all we have time for today. Okay. So, I'd like to thank you for your participation, and then, yeah, to all of you, have a great rest of your day. Thank you. Bye-bye.