Hi, welcome to today's presentation, where we have the pleasure to present OrderYOYO. To our virtual presentation, we are joined by Jesper Johansen, CEO, CFO, Jesper Hyveled, and Deputy CEO, Matthias Thom, joining us from Germany. Today we will do this as an audio only, otherwise, there is no changes to everything. The event, of course, is your first half-year report you sent out there. You also had the trading update in July, where you made the upwards revision of your guidance. I still think some news came out in this report, and I'm sure we will dig into that, especially on maybe some of the future targets. As always, ask your questions down in the box down below. Do it during the presentation. I will see if it fits in, or else we will catch up on all the questions in the end. For now, I will hand the word over to you, Jesper. Yes. Thank you, Michael. Welcome, everybody, to this presentation of our first half 2023. Yes, I'm Jesper Johansen, CEO of OrderYOYO, I'm here with Jesper Hyveled, CFO, and Matthias Thom, joining us from Germany, our Deputy CEO. As you, as you said, Michael, the numbers and results are as we presented in the current or the trading update in Q2 in July, the numbers should not come as a surprise to you. However, the level of details is, as you say, much higher, hopefully we can give you a little more insight on our numbers in this presentation. Let's get going. Next slide, please. Just before we start the presentation, just 30 seconds, as usual, on this important slide. Let's start. Next slide, please, Michael. Yes. First half of 2023 was very strong for us, proving that what we do works, delivering ARR growth of 47% to just below a quarter of a billion, and we increased EBITDA profitability significantly from a loss of DKK 6 million in the first half of 2022 to a plus of DKK 9 million in the first half of 2023. Very strong numbers that we are very proud of. Next slide, please. This one we have shown and talked about a lot before, and the reason it is very, very important, because it's about what we do in a nutshell. We deliver at restaurants. 90% of the orders of an average independent restaurant come from recurring customers. The restaurants need to own these customers, and we help them claim them back. On top of that, we can do this at much lower cost for the restaurant than the POS was, basically cutting the cost for the restaurants in half. This has been our value proposition from day one, our growth shows that we have a strong product market fit. Next slide, please. As mentioned before, ARR of DKK 246 million, 47% growth, and EBITDA of DKK 9 million, profitable every month, the last 12 months. Strong numbers that we're very proud of. Now let's focus a bit on the last part, on the profitability side of our business. If you turn to the next slide, please, Michael. Profitability is key for us. It's an important strategic objective, here we've shown you the EBITDA margin since 2021. Coming from a margin of around zero in 2021, we invested heavily during the first half of 2022, transforming into a margin of -12% for the first half of 2022. This fundamentally changed during the second half of 2022, where we realized an EBITDA margin of around 5%, and we were growing this to just below 8% in the first half of 2023. For 2023, for the full year, we expect an EBITDA margin of 6%-9%. We are confident that, and we expect that we, in the coming years, can drive this margin improvement even further. The drivers of this margin expansion are basically three-folded. It's local market leadership. It gives us a platform to deliver strong products at scale, more cost-efficient. It's economies of scale, so as we're getting bigger, we do see cost advantages, and we are re-realizing them. The OrderYOYO machine is built for more activity, which basically means that added activity increases profitability. Finally, there's M&A. We can see that adding companies to our platform drives economies of scale even further. We are confident that our EBITDA margin will improve in the coming years. Next slide, please. Just a little more on the profitability. The margin increase can, of course, also be seen in Danish kroner. Looking at the EBITDA per quarter for the last eight quarters, the shift is significant, as can be seen here, and EBITDA per quarter has been improving, been improved by almost DKK 10 million from the second quarter of 2022 to the second quarter of 2023. Next slide, please. This one is new, and something that's also very important for us. We haven't talked much about this before, but now we will, and we will do it also in the coming quarters. The increased EBITDA profitability now also translating to a positive Cash EBITDA. What is Cash EBITDA? Cash EBITDA is basically the reported EBITDA minus the investments that we do in R&D. It's operating cash flow for the business. It's a very fundamental and important measure. If a company is Cash EBITDA positive, it is basically self-funding and independent of external capital. A very, very important milestone. In June, we realized the positive Cash EBITDA for the first time. A very important milestone that of course, comes due to general increase in profitability that we've realized over the last quarters. We expect to continue to be Cash EBITDA positive from now on, every quarter. Next slide, and over to Matthias, who will take us through our market leader position. over to you, Matthias. Thank you, Jesper. Yes, next slide, please. Size and profit matters. We created the platform for market share gains. As Jesper already mentioned, we made DKK 246 million based on our June ARR runway. In the first half of 2023, we had DKK 9 million in EBITDA, which is a very strong performance. Since last year's merger with app smart, OrderYOYO is the number one in Europe from the first day. We are market leader in the two largest takeaway markets in Europe, U.K. and Germany, and having also market-leading positions in Denmark, Ireland, and Austria. Additionally, we initiated market entry in the Polish and the Swiss market. Size and profit matters, and this market-leading position allows us to benefit from economies of scale, better resource allocation, more innovation on all levels for our restaurant partners, more bargaining power, suppliers, and it helps us to continue with our ongoing mergers and acquisition strategy. We see the benefits unfolding and continue to unfold over the next months. Next slide, please. Next slide, I think. Okay, let's talk about the current external market conditions, which didn't change much from our last presentation. For restaurant partners and end users in the U.K., the market conditions remain still tough, which is driven by inflation and various number of other macroeconomic factors. For Ireland, the situation for restaurant partners is moderate and remains tough for the end users. Denmark, Germany, and Austria will still face restaurant partners and have a moderate and steady situation. OrderYOYO proven a resilient and strong performance on all markets, with a growth of 29% in GMV in the first half of 2023, compared to the first half of 2022. We continue gaining market shares from both portals and other white label providers and expect to continue to do so. I will hand over to Jesper Hyveled, our CFO. Next slide, please. Thank you, Matthias, I will give you a few highlights on our first half performance of 2023. Next slide, please, Mike. Our 2023 guidance, last updated in July this year, is maintained. Our performance on all metrics developed as we expected, but we still see some uncertainties in the macroeconomic environment, as Matthias alluded to. The guidance highlights are that our December annual recurring revenue is expected to be between DKK 250 million-DKK 260 million. Our net revenue is expected to land between DKK 220 million-DKK 235 million, and finally, our EBITDA between DKK 15 million and DKK 20 million. All in all, a strong numbers and numbers that we are proud of and numbers that we do expect to deliver on in this year. Next slide, please. Taking a closer look into our ARR composition of June 2023, our ARR is divided into a usage-based and a fixed subscription base. Our usage-based subscription plan, representing 62%, which was characteristic for OrderYOYO 18 months ago, now including a larger share of fixed subscriptions representing 38% of the total ARR. The mix of our ARR composition strengthen the health of our total ARR, in combination with the country split composition, which combined give us a much more commercial flexibility and something that we use in our day-to-day work. Next slide, please. Looking at the consolidated June-to-June ARR development, we grew by 47%. Existing customers grew by 20%, new customers grew by 37%, Our ARR churn ended at 7.7%, which is a drop compared to our last reported ARR churn in our full year report for 2022. We're very proud of the growth in both existing and new customers, while the churn rate is considered acceptable in the current market situation, As we do have an active churn policy in OrderYOYO. Next slide, please, Mike. Taking a look at our EBITDA or net loss bridge, our reported EBITDA of DKK 7 million transfer into a net loss of DKK 17 million. Why is that? The explanation of the variance is mainly due to the capitalization of acquired intangible assets. For first half of 2023, the total depreciation amounted to DKK 22 million, whereof the majority relates to acquired assets. Basically, this alludes to what Jesper was talking about our Cash EBITDA. Most of the net loss here is explained by depreciations on acquired intangible assets, which is part of our M&A strategy, so a logic consequence of that strategy. With that said, final comment from me. Over to you, Michael, for our Q&A session. Perfect. Let's start with that, and maybe jump to this one. There's a question there: Will there be any extraordinary cost besides the M&A cost this year? I guess the DKK 2 million you explained, the 2022, you know, the big drop down to the net income, which of course, could worry some, but it's I guess, non-cash effect. The DKK 2 million there, is that all M&A, and will there be any other extraordinary cost if you don't do M&A, or is it a solely M&A cost? It's solely M&A cost. And we do not expect any other cost than that. That's also mentioned in our accounting policies. M&A cost, only transaction cost, and you should expect this to increase in second half, partly due to Kingf ood acquisition, that some of the cost relates to that transaction will come in second half. As we do have a M&A strategy, there might be other ones coming in. Perfect. There's a question a little bit besides the half-year reported number. You continue to improve in EBITDA. What do you see as target long-term margins in your type of business? I know you're probably not going to answer that very clearly, but I will try. Secondly, is there some business you maybe are benchmarking you up against that you could give a feel for us investors that I sit and look at that, and then I would like to achieve? Firstly, are you willing to give us some long-term targets, or secondly, maybe some feel on where you are looking at? Yeah, I think, I mean, obviously, we do not have officially listed any long-term guidance or targets for our long-term EBITDA margin. Even though I would very much like to, I cannot do that. Obviously we have. What I can say is that we have a strategy to improve EBITDA margin. I think that it's fair to say that a business like ours, so a software business in general, should be able to generate at least double-digit EBITDA margins, and preferably also in the late teens to the beginning of 20s. I think that is a normal level for a software company. We're pushing to go beyond the current EBITDA margin that we have now, which is for the first half year, 8%, and we want to increase that. You've seen the increase that we've had from just over the last two years. This is a journey, and we're not finished on improving. Where the ceiling is, and where the long-term target is, I can't be very specific about, but it's higher than the one that we have now. Perfect. If I can add to that, I think everyone needs to remember that it's only transaction costs that we recognize as extraordinary. Additional, even though we do see upsides with the M&A strategy, we do have integration costs that we currently absorb in our P&L. We do have cost in there that drives EBITDA down, on long term, we do see improvements, definitely. We do it with open eyes, and I think the last, as Jesper said, the last two years shows that we can deliver on that. Perfect. I think that was quite as much an answer as you can give, so very thoughtful of that. There's a question here regarding your guidance. It's actually on your margin guidance. H1 net revenue minus Q1 net revenue equals Q2 net revenue of around DKK 62 million. If Q2 EBITDA is DKK 6.3 million, then Q2 isolated has an EBITDA margin of 10.1%. Isn't guidance of 6%-9% a bit conservative? The question is. First of all, the math is right, so well done for the one doing that. The EBITDA margin for Q2 is 10%. To the answer, are we a bit conservative? Yes, we are a bit conservative. I think we've been that and proved that over the last 12 - 18 months, that that's our strategy and the way that we guide, especially in an environment which is uncertain in terms of macro term, even though that we are beating the rest of the players right now and are growing more than them. Also because we have an M&A strategy where there's a lot of stuff that can actually go wrong along the lines. To the question, you know, is an EBITDA guidance of 6%-9% for full year when Q2 is 10%, is that conservative? Yes, it is. Do I see anything specifically that I'm concerned about? No, actually not. The math checks out, and the answer is yes, we are conservative. I guess the answer would be the same, because if I look at the decomposition and I think there's also a question about the top-line guidance. You know, second half is normally seasonality, a better year. You are actually pretty close to the bottom office, and new customers coming in this quarter is DKK 42 million. You, you should also be able to have momentum on that. Am I doing wrong math, or? No. how the answer the same? I think, no, I think that again, the math checks out. The answer is the same. yeah. There's nothing you are seeing, except the normal uncertainty that all businesses are experiencing. I think that was the answer. Just a few, one addition there as well. Remember that in the last quarter, we did the acquisition of Kingfood, obviously, that is adding to our new customers. Yeah. Our guidance is not with any M&A activities included. Obviously, that will be an extraordinary addition that we will, that we will report on, separately. That's also part of the explanation here. Perfect. There's a question, the churn is falling. Is that a sign of change in the structure of underlying customer base, or is it, in general that the economy hasn't been so bad? The question is there some underlying change in the, in your, in the structure of your customer base that is driving the churn down? Yeah. Good, good question. I think two things here. First of all, in general, I think that the, even though that as Matthias said, you know, the markets are still tough out there, I think there has been a slight improvement, number one. But number two, as we've talked about before on these calls, we are very picky and have been even more picky in terms of what customers we, or restaurant partners we end up partnering with because we need to make sure that the partners that we partner with, that their chances of success in our system are maximized to the fullest. you could say that we are also being better at onboarding, the right customers, in the last six months. Then there's a question about the POS. I also guess that the POS is part of the explanation why you now have 38% in fixed subscription. Is that also protecting your churn? You know, the more you're connected with the customer, the more the lower the churn should be expected. That's my first question, whether that's a part of this one. Secondly, are you seeing any development of the POS system outside Germany? So you are starting to get traction on that, and maybe that could even lower churn theoretically more. Number one, generally speaking, we do believe that selling more relevant systems to the restaurant, all centralized around the digital ordering, I think it's very important that our D&A is still creating orders and not just executing orders, which is the normal way of just having a POS system. It's very important that we actually help the restaurant grow, and that we generate orders for the restaurants. When that is said, there's no doubt that having more and more of the tech stack on the front of the house for the restaurants, is creating stickiness, and is lowering churn. I don't think, or I wouldn't say that that's the reason why the churn is falling this half year, because the fundamental change in number of POS installations that we have are not, you know, are not that significantly changed. We just released, I don't know whether you saw, but we just released a new POS version, so a cloud-based POS version, which is extremely strong, tailor-made for the QSR segments, and we are seeing traction of that in the market, both in Germany, but in particular, in the old OrderYOYO part of the business, so in the northern parts of Europe, especially in the U.K. and Denmark. I think this is one of the drivers. Maybe you can remind us, you know, as a pizzeria, what do I get out? I understand the business model of you having a web page. I understand the business model of you driving traffic to that web page and handling all the transactions on that. Getting a POS system on top of that, what is that giving the customer extra? Maybe to remind us, or I'm not sure I maybe ever have heard it from you. Basically, what it does is that you could say if that you have the digital order in the middle of a blank piece of paper, there's basically three pillars around that. You have one, which is basically how you grow the customers. This is all about the marketing part that we've been doing a lot. You have actually all the payment structures, all the financial solutions, which is all about payments. You have all the operations of the business, of the restaurant. Obviously, basically what this is, this gives the restaurant another tool to operate the business more efficiently. The thing here is that, if you buy our POS system and also have our web system, the menus of the POS and the and the website, and the shop system is 100% aligned. Mm. which is a tremendous cost saving and hassle saving for all, especially in quick service restaurants or in takeaway restaurants. This is something that normal POS systems actually do not do. We do that, number one. Number two, then obviously, you will get the ability to see all your transaction in one place, which is the POS system. It gives better operations of the restaurant. Does it make you able to maybe go after a little bit bigger chains than you normally have had? Is that also a factor here? We, both our shop system, our financial solutions, our marketing space, and our POS systems, we are actually able to go for bigger chains if we wanted to. What we're doing right now is that we want to focus on the quick service restaurant part, so the small part of the business right now. We do have chains up to seven, eight restaurant outlets. There's nothing in our systems that couldn't handle a chain. What's different from, you know, handling a chain is basically all the customer interaction, so it's a different beast. A chain normally would look into a companies like ours, expecting some kind of agency add-on that we do not want to give. We want to be a scalable software business. Being that 100%. Perfect. There's a question: Can you give us any color on the current M&A pipeline, and if you expect to close more deals this year? No. That, I mean, I mean, obviously we are looking at this all the time. We've talked about this before. M&As are, you know, a tricky, either they come or they don't. So, we do have a fairly strong pipeline in this area. It is a very important part of our business, as it's been on and on, but I can't comment on specific things. Of course. The pipeline looks okay. Yeah That we get out of you. It does. It does. There's a final question: When do you expect positive free cash flows? I guess you are now guiding this Cash EBITDA, and I guess that's as close as synonymous to cash flow positive. Can you give some color on whether that's fully true or whether there's a little bit longer before you will be fully there? You would say that there are two things here. I mean, the Cash EBITDA is the closest, is basically the metric that makes most sense for us also to guide and manage our business after, because that's the operational part of the cash flow situation. There are basically three components that we need to subtract from that, basically, right? There is the extraordinary costs that we have in EBITDA. Yeah. Then there is a financial expenses, so interest on the loan that we have, which is not that big, but it's there. The last thing, which is a big reason why it's difficult for us to kind of guide on when will we be cash flow positive on, you know, all the way down, because the whole M&A side of business is obviously what skews this a lot, because when we do these, part of our payments, that was the situation in Kingfood, for instance, it was actually also in app smart. Part of the payment is sometime a cash payment. There are transaction costs. That will skew that picture quite a bit, and that's why the Cash EBITDA is the closest thing that we get to a functional cash flow metric for us. Yeah, that makes sense. The other ones, is hard to guide on, as well. It is. You don't know whether you're close on M&A deal, and I guess that's the biggest, actually, yeah. That is the biggest one. That is... What you can say is that our capital base is quite sufficient, and you will see that from our balance sheet on the first half year here as well, where we have DKK 53 million in cash. What's important here is that if we decide not to do any M&A, or we don't, you know, even if we do the ones that we have in place here, we are not dependent on anybody outside of our company to drive the growth or drive the business plan that we have. Actually, also the M&A activities that we do look at now is actually fully funded with the cash that we have at hand right now. In that sense, it gives a lot of flexibility and freedom, which in this market is very important. As you remember, just before we did the merger with app smart in 12 months ago, half year before that, as I took over as full-time or long-term CEO, we actually did a capital increase at that point in time, with the purpose of being in a situation that we are in now, to be 100% independent. Yeah. Perfect. Yeah, well, I think that was the last question. Thank you to you, Jesper, and Matthias, for taking us through your results and answering questions. Thank you for the audience for listening in. Thank you so much. Thank you, Michael. Thank you. Thank you.