Welcome to today's event, where we have the pleasure to present OrderYOYO. So to walk us through today's presentation, we are joined from the company by CEO Jesper Johansen and CFO Jesper Hyveled. Today's event will cover the Q1 trading update just released Thursday last week. As always, it will be possible to ask questions during the event. We will take the questions primarily in the end, but do, do not hesitate to ask any questions when, when you have it. You can do it in Danish and English, but the main presentation will be in English. But for now, I think I'll hand the call over to you, Jesper. Yes. Thank you, Michael, and welcome to this presentation of our Q1 2024 results. I'm here with Jesper Hyveled, our CFO, and I'm Jesper Johansen, CEO of the company. Exciting news that we are looking forward to present to you. Okay, next slide, Michael. So as always, just 25 seconds on this important slide before we move on. Okay, let's start. Next slide, Michael. So, just as always, a fly into what we do. This will primarily be a presentation of numbers, as we just four weeks ago had our annual report presentation. But I think this one is very important, so that everybody fully understands our value proposition and what we do. So we liberate restaurants, basically ensuring that local takeaway restaurants can handle all their existing and repeating and recurring customers. We are doing this for the benefit of the restaurants for two reasons. Number one, they will own their own customers, and number two, they will do this at a cost that is only a fraction of what they're paying for their services through the portals. Now, we're number one Europe, more than 10,000 restaurants, reached an important milestone this March, as we now have an ARR of DKK 300 million, a number that we are very proud of. It's only two years ago that we were at DKK 100 million, so DKK 300 million is a big number for us, growing 33%. At the same time, our profitability has increased quite dramatically, having an EBITDA margin of 15% in Q1. It has actually grown 300% since Q1 2023. Let's jump into the numbers. Over to you, Jesper. Thank you, Jesper. And I will share the Q1 numbers with you. So Michael, please, next slide. So as Jesper said, our March 2024 ARR grew 33% to DKK 300 million, an all-time high ARR for OrderYOYO, and a milestone, as Jesper said, that we are very proud of. Next slide, please. Our net revenue for Q1 grew by 35%, from DKK 54 million in 2023 to DKK 73 million in 2024. Next slide, please, Michael. GMV growing 30% as well to just below DKK 3 billion by March 2024. Again, close to a milestone that we are very proud of. Next slide, please, Michael. As Jesper said, we improved our EBITDA margin and our absolute EBITDA for Q1 dramatically and significantly compared to 2023 by growing it 300% to just below DKK 11 million in the first quarter of 2024. Next slide, please, Michael. And as we presented when we did our updated guidance, we are now guiding on Cash EBITDA. And for Q1 2024, we grew our Cash EBITDA by DKK 9.3 million to DKK 4.5 million for the first quarter of 2024. Again, something that we initiated back in 2022, and Jesper will get back to details about this, but something that we're very proud of and something that we are having a strict focus on improving our profitability throughout our growth. So that was, high-levelly, the numbers of our Q1. So now I'll leave it over to you again, Jesper. Thank you so much. So next slide, Michael. A little bit on our 2024 outlook that we have raised as we announced our Q1 results. So next slide, please. So, following the results of Q1, we have raised our guidance that we already have been raising one time. So the first original guidance was from October, then we raised in January, and we're raising again now. So ARR, we are now targeting between DKK 325 million- DKK 335 million, up from DKK 315 million- DKK 325 million. Net revenue, DKK 280 million- DKK 290 million, up from DKK 275 million- DKK 285 million. GMV, we are now guiding for DKK 3.3 billion- DKK 3.4 billion, up from DKK 3.1 billion- DKK 3.3 billion, sorry. Then, obviously, the big raise here has been on profitability as we again have seen our path to profitability strategy kicking in. So raising EBITDA guidance from DKK 33 million-38 million to DKK 43 million-DKK 48 million. Be aware here that if you just look at what we guided in October 2023, that was DKK 23 million-DKK 28 million. We're almost doubling that now. So strong profitability and Cash EBITDA has now increased from DKK 5 million-DKK 10 million to DKK 15 million-DKK 20 million. So fairly strong increase in profitability guidance. Now, just to put all this in context, if you take the next slide, Michael, just to show this in a somewhat different way. So since 18-... We have actually 10x our revenue, or sorry, our ARR, from DKK 30 million in 2018 to DKK 300 million by the end of Q1 2024. So we have shown that we know how to grow, both organically and inorganically. And at the same time, which is very important. If you take the next slide, Michael. Our earnings and our profitability is something that we are very, very focused on, should be growing as well. So back in 2022, the start of 2022, when we made our path to profitability strategy, basing our increased profitability on growth, M&A, and strong operational leverage, we have actually increased our EBITDA quite dramatically from losses on a quarterly basis in 2022 to quite significant earnings in Q1 2024, which now is at 15% margin, up 3x from the Q1 2023 results that we saw 12 months ago. So profitability is really increasing here. If you take the next slide, Michael. Another way to show it, so in 2021 and 2022, we were basically at a break-even level, increasing to around 10% in 2023. At that point in time, we actually initiated our long-term EBITDA guidance goal of 25%, or above 25%, which at that point in time seemed very high. It still is. It's very ambitious, and we maintain that. But what we've seen in the first quarter of 2024 is that we've actually increased our EBITDA margin to 15%, and is now guiding to a 15%-17% 2024 EBITDA margin. So we are definitely improving and getting closer to the 25% EBITDA margin that we are still comfortable on reaching in the longer term. I guess that was it. A fairly short presentation, very numbers driven. So let's jump to the Q&A, Michael. Yeah, let's dive in a little bit further on. There's a question here: Do you expect increased investment during the year? Some comment, some comments on your EBITDA before extraordinary items of DKK 10.8 million in Q1. Seasonality compared to the full year guidance of DKK 43 million-48 million. So, first part is—do you expect to increase investment? And seasonality-wise, how do you see EBITDA versus your current guidance? Okay. So the first part, so yes, I mean, we keep investing in our product and our market, and we will also do that. We will probably spend a little more than we did in 2023, but this is not drastic increases that we see in investments. This is one of the operational leverage parts that we can see. If you could just go back to 2021, I mean, we've been investing around DKK 25 million-DKK 30 million per year in R&D. And if you look at the net revenue in 2021, it was around DKK 100 million. So in 2021, 30% of our revenue went to R&D. In 2022, our revenue was around DKK 150 million. So around 20% was in R&D, and this year it's around DKK 250 million. So basically around 12% is in R&D, and this explains the operational leverage extremely well for our business. So we will increase a little bit, but not something dramatic. If I can add, on the non-R&D investments, the commercial investment in our sales force, et cetera, is something that we will continue to invest in throughout the year. We do believe in our organic growth, and if we see the opportunities, we will do that investments throughout the year. But don't expect anything dramatic in terms of increased cost on that side. We will invest in future growth also in 2024. Yeah, because if I should look at it, do you see it—do you start to see any bottlenecks or, you know, your growth is surprising you positively? So do you start to see any bottlenecks or are you actually just really improving the efficiency of your sales organization? So that's why you're also getting this; you see margin improvement. So some small comments to that. Yeah. So we have seen bottlenecks, the last couple of years. The Brexit was impacting obviously on the workforce in U.K. We've seen the same trends in Germany. So we do have challenges, but not something that we that is not something that we can think of as normal business. We do also see efficiency gains. So all the post-merger tracks that we implemented throughout every merger and acquisitions we do, but especially on the app smart acquisition, is something that we are also benefiting of now. We work smarter, and we are truly global company now. So we do also see efficiency gains on our commercial side, definitely. And that is something that you also see now in our numbers. Then a little bit on the seasonality, you know, the 10.8, compared to low end of the guidance of 43. You know, if you put 4 x on it, you get over that. And I guess with the model growing ARR, you should also get more revenue in the year. So is there any seasonality, Easter, something we should think of regarding the guidance? Yeah. So let me start on that. So, Easter this year fell in between two quarters, and that is definitely impacting, but not in a way that will give us any tailwind. So what you normally see, and what you've also seen historically with our Q1 numbers, is that we are very close to December ARR when we reach first quarter. Then there is a summer period kicking in. We don't see any abnormal things going on this summer either. So we will see the typical seasonality throughout the year. We will have a, we expect to have a strong Q2 as well. And then the summer kicks in and, Q3 is a little bit more soft, but still we see, the underlying growth is there. And we expect and hope to-- that to continue. So no dramatic things on the seasonality that is abnormal from previous years. Perfect. And then there's a question: How is the market evolving? Do you observe any extraordinary churn or anything? No, actually not. I mean, we saw that a couple of four or five quarters ago, so I think that the market has stabilized. And we actually also see some of the end user traffic and metrics from some of the portals is actually, they're kind of announcing a little higher growth now than they've done historically. They've been flat for the last 2-3 years, and now you see this single-digit growth at some of the portals. Right now, I think that what we've seen is that the restaurants, the ones that are left now that are not churned and that are not basically closed down, has adapted to the new reality of higher cost and inflation and all these kind of things. So, we are in a more steady state right now. Compared to where the year started, where you were kind of indicating flattish growth, there might be a small surprise, at least if you look at some of the numbers coming in here in Q1. Is that correctly understood? Yeah, I think that, we were probably guiding for around single digits—a single digit growth, in, you know, in our earlier guidance, especially the one from October. I think the one that we did here in January was a little closer to the one that we have now. Now, I think that we are somewhere between 10% and 15% growth, which I think is the organic growth that we are looking at right now. So, in that sense, we are a little more confident that we will grow with double digits. Perfect. Then there's: Is the growth mainly coming from new customers or increasing volumes on, on existing customers? Both. Both. Clear answer. We will wait and see the number. Your updated guidance indicates a 100% incremental cash conversion rate. Is that what we should expect if EBITDA grows even more than guided? Yes. I mean, you could say that we, we do not... As we, as we increase guidance and it, and that we, as we increase EBITDA growth, we will, we will let this run through all the way down to Cash EBITDA. Yeah. Perfect. Then there's: Will you repay debt when Cash EBITDA positive, or is all cash expected to be allocated for M&A? I, I think that for now we will allocate it to M&A. Yeah. Perfect. And then, I have a question a little bit on the M&A situation. You know, we need to ask every time, yes? Mm-hmm. How you're looking at the market? Yeah ... your own share prices is getting easier, and I know you can't give us any targets or when you are going to do that, but- No, I think it's the same, it's the same as last time. There's no doubt that, that, there's a lot for sale right now. So we have a very outbound-driven M&A strategy, i.e., that we want to control who we buy, which basically means that we are getting more and more picky on who we actually decide to buy. So it would be super, super easy to do a lot of acquisitions, but they will not be the right ones. So the ones that we are looking at is the ones that we have identified. Now, what happens if you have identified an M&A target and you call them, is obviously the first initial reaction is that they would like a high price. So we always have quite a number of weeks and months to discuss price before we get to a point where they're comfortable with the price. And that's the same this quarter and probably also next quarter and the quarter after. And as we are paying predominantly in shares, the multiple that we are paying when we are talking to these targets for them seems low. So there is kind of an understanding phase for these targets before we can do a transaction. Perfect. And then, final question, and then I'll let you off the hook. Mm-hmm. I'm wondering, you know, you are—if you look at the curve and you say it's coming earlier than you expected, the margin expansion- Mm-hmm ... if you look at the curve, it’s quite much sharper than when you guided us on the 25%, which is on your last slide here. And I know you’re probably not going to give me an answer, but... I was starting to rethink whether that’s the should be the end goal with this coming in, or you might say that... I know it’s very early from your release, but- No, but it's this. I was thinking about that maybe could it be higher out in the end? You know, that's what I'm meaning by the steepness of the curve that you that you are seeing right now in your in your margins. Well, I think that the answer lies in the plus that's in front of 25. Yeah. So right now I think we're comfortable. I think 25% is a high margin, but we do see the same steep curve as well. And this is the beauty about software. When you get to the point where the profitability starts to kick in, the leverage effect in a company like this is much, much higher than a traditional production company. And that's obviously what's funny. So right now I think we're comfortable with 25, but remember it says +25. We will not stop at 25, if we can see that it makes sense to go above. Perfect. That was the last question. Cool. Thank you to you, Jesper and Jesper, for taking us through your results and there will probably be a little bit more meat on the bone when you report your half year's results. So looking forward for those. Yeah, the same. Yeah. Cool stuff. Sorry, may everybody have a nice day. Thank you. Thank you. Thank you, everybody. Bye.