Good morning, welcome to PatientSky 's Group first quarter presentation. We are happy to welcome you here at our new head office in Hoffsveien in Oslo. Today presenting, we will have Christoffer Mathiesen, Group CFO, here in PatientSky, and myself, Group CEO in PatientSky, Kristian Ikast. Today, we'll go through some highlights of the first quarter. We will give an insight into our business, what we use our time on, and some of the progressions we see here. We will give an update on our financial performance. Christoffer will take that later. We will have a Q&A session, and then ending up with the closing remarks. Obviously, if anyone interested, we will have some meetings over the following days with the investors who are interested in that. What are the main events here in the first quarter of 2022? High level, we had our revenue of NOK 50.1 million. We had a cash EBITDA of NOK -20 million. That's 10 million better than it was in fourth quarter. To that it has to be said that we had some extraordinary one-off in fourth quarter, so the like for like is more like a couple of million. Christoffer will go into the exact details, but a couple million better first quarter compared to fourth quarter. Very important, our cloud revenue here in the first quarter kept growing. We have now 23.6 million in first quarter, which is now consists of 49% of our total recurring revenue base. It's 8% growth, fourth quarter to first quarter. On the other side, we also had somewhat lower on-premise volume in first quarter, as we have a closing down ProMed announced almost half a year ago, actually. Also, we had some elevated churn on System X that we know. Christoffer will share the details a bit later on that part. That gives us all in all a lower starting point from the start of the year, but a high quality in our revenue and in our earnings. It's very important for us to keep building on the future, building on the earning efficiency of our company. We have that possibility with our strong cloud revenue. I'll come into that a bit later also. Also building on the future, we have now appointed our new Chief People and Culture Officer, Jesper Ganc-Petersen. Jesper Ganc-Petersen come with a very strong global experience from Carlsberg, Lego, and Siemens. This is actually a landmark for us. This conclude our C-level management group now, so we have a full team to build the future on. What are we in PatientSky? I know I presented this slide before, but I think we still, it's very important for us to be very clear on that we are consisting of two very different business legs. We have international platform business, which is scalable low-code, which allows partners to build applications and solutions on top. We have now tried to scope it in a bit to focus on going on mHealth and IoT on a go-to-market in fourth quarter, first quarter. Yes, that's scoping it down. It's still not a small area. It's still a huge area to focus on, but we're going much more concrete to the market approach now. On our Norwegian business, it's building on top of the Norwegian platform. It's the leading cloud-based EHR provider in Norway in our segment. We have around 2,300 clinics and a recurring revenue of NOK 191 million. The SaaS business consists of 90% recurring revenue, actually on the good side of 90% recurring revenue, and it has an EBITDA minus CapEx margin of 25%-30% and increasing. We see a very good increase of the profitability in our Norwegian business this year also. We have 183 colleagues in our PatientSky family. That number is slightly smaller than last time. That's because we now included consultants, not really important, but we are building the organization still, but building in a stable pace compared to our earnings. Where did that take us as a company? What's the state of the union? Well, first quarter was NOK 50.1 million. Let me start stating that's not where we wanna be. We did a 9.5% decrease compared to fourth quarter. This was a deliberate choice for us to have a more healthy revenue to get a more profitable business. We closed down ProMed, as we talked about. We have also had, as expected, churn on the System X customers, and we have also lost a lot of non-recurring business. That's especially projects. Projects come, and we never know the timing of it. We also see other effects of, for example, COVID not being there, not having testing. That has impacted negatively. Really important is we had one strategy which we have been very clear on the last year, at least, is that we are growing our cloud revenue, and we have a 38% annualized growth into this quarter, which is also still on a very stable level and in line with what we wanted to do and expected. We have seen some sustainable, contract wins and win backs, over the last quarter, which will have full effect in, third quarter of this year and forward. We have great traction on our R&D. Our product development, very important. That's what we're building the international platform on. We see a good, more concrete things coming out now, which is really, really good. We are preparing the organization for international scalable and expansion. We now have the organization in place to go international. It's all about when do we scale up with people in the organization. Again, just to make it more comparable, we have done this simplified snapshot of the current business model. I actually would be the first to say it's maybe not so simple as we call it. It seems quite complex, but I think it's very important to see that it's two very different. Also why we have divided the organization up in two. Also why we have required to have staffing up in two different silos, because we have a B2B business, B2B2B business internationally, which are in the investment and the scale-up phase. Here we are approaching other companies, we're approaching other vendors who work on top of the platform who go into the market, and we are investing very much in our platform, our technology, and bringing people on board. On our SaaS software as a service in Norway business, it's a very different model. We're more matured there, we are more focused on the migration, earning efficiency, and of course, also growth. Here is the B to B to C model. It's a bit different again to how do we actually focus on it. We are continuing to integrating, we are continuing to optimizing our positive cash flow we have in that part of the organization. That's actually also very important for us to say when we have such a heavy investment in the international market where we see a huge, huge potential. We have a huge luxury of having a profitable company in Norway that we can actually balance our earnings off with our investments. In that market we have now, we all know that's slightly unstable. Also this week there has been shakes in the market. It's a very big luxury that we have ability to scale up and down in the pace we can actually afford. That actually enable us to have our destiny in our own hands, and that has been very important for us, and we also said that several time. We have a self-financing plan to do what we wanna do as we look now, and it's extremely important that for us that we have this balance in our company with the different opportunities that gives us. What is this platform? This slide I showed, I will not go through all the details again, but I think it's important to say it's a tailor-made boilerplate, where through a marketplace our customers can do everything from building on top to actually hosting the data. We got a new European hosting center up and running here in May, so we actually have European-based hosting. We are facilitating now to being able to go into new countries even if the data has to be stored in these countries. That's a big win for us and a huge effort from the team, which I give kudos to. We got that up really fast. We work on international open standards. Basically why do we do that? Well, we wanna reduce the R&D costs for our customers. We wanna increase the traffic for our customers. We wanna shorten the time to market. That means we're both approaching the startup companies that needs to get into the market. They will get a boilerplate to build on, so they don't have to start from scratch and get all the difficulties with that. At the same time, we can also support the enterprise on everything from hosting the data, make them more scalable across countries, et cetera, et cetera, et cetera. We will keep focusing on developing our services so others can develop on top of our services, meaning making the localization that's needed per country. Where are we on that journey? We are still building international teams here in Norway, in Denmark, and in Finland, both commercial teams and technical teams, but both dedicated to either international journey or to a SaaS journey. We have dedicated people now only looking at the international business. That has been a precondition for us to be successful here. We are right now making it easily accessible. That's the whole philosophy in what we do and why we actually use a little extra time of setting this up. We wanted to make it easily accessible through a marketplace, where it's easy to go to market for our partners. We have the European hosting center up and running, as I said already. That means we host data now in Norway and in Denmark and are able to set up new countries. Key for us is to future-proof what we do. It has to be a scalable platform, and it has to deliver under high standards that is in the health industry. We continue to focus our product offering, the marketplace, and onboarding commercial. While we are building, we are still also looking to the commercial markets. We have actually over the last two months been out, discussing with 50 potential partners what are the pain points in the market today, what are the opportunities to be much more concrete when we go with our offering. Majority of these are outside Norway, so this is our international business we are approaching and really focusing around our focus areas, mHealth and IoT. There's gonna be a subscription and consumption model. First step, as I said, we focus on mHealth and IoT. I know that's big areas, but we have very focused areas to go into and then further build on there. I hope that gave a little more insight in our R&D part of our business on getting on the international platform. We still believe that is where the huge potential is for the future. We think we have a unique market position to actually go out and address this. We have seven years of experience in Norway, actually seven years plus to develop on a platform. So that's what we're working on taking out. But our Norwegian business is still also a very important business for us. We have a strong position as market leader in our segment. We are the leading cloud provider, which I think is very important. We, as we talk, we have actually worked on cloud since 2014. We have acquired a lot of companies, both with on-premise but also cloud solutions. Long term, our focus is PatientSky Clinic, Hode til Tå, and Infodoc Sky product, the cloud version. We believe the future lies in the cloud. We have worked a lot to educate our on-prem, but we also have the chance to introduce add-ons to the on-prem solutions. It's not like we also wanna improve the reality for the on-prem, but we still believe long term everybody needs to go to the cloud. We will keep developing and offering the best-in-class journals, patient dialogue, bookings, et cetera, et cetera, everything we already do today. The business is, as I said, around 2,300 healthcare clinics, and we have 26,000, sorry, healthcare users using our system. Very simplified and not very concrete, but just to say why is cloud so important for us? We think it offers some opportunities of actually changing life, both for the patients, for the users, but definitely also for our customers. In our industry, we would like to give the same freedom to work from everywhere. The flexibility to work anytime you want. I know when the patients are there, of course, and the clients are there, you need to be in the, but all the administration we need to take off and make that much more secure and much more easy accessible data from different systems. That's actually what we're trying to solve. We also definitely are going into the security area. To work on a cloud-based is a secure way to do it. We wanna lower the customer support. We wanna have lower maintenance. As everything is in cloud, there's no iron to maintain. We wanna make it easy to implement new add-ons. For example, when there comes a pandemic, and you suddenly need video, you can actually turn that on straight away. When we do new further developments in our cloud-based, our partners and customers actually are enabled to draw on that when they need it. We truly believe that's the future out there to make it much more flexible, makes it much more timely coherent, and also give more opportunities for our customers. For us, it's also easier to scale on. The more we build, the more we can scale. Yeah. How do you get everyone to cloud? That's been the big question for us. We started up as indicated, as a greenfield in 2014 doing cloud. We saw that to really get some momentum on, we needed to acquire companies who both had cloud, but definitely also had on-premise, and then do the migration journey. As I showed last time also, we are very far on this journey. On the practitioner side, the therapist market, we are actually done with the on-premise. We are fully focused on a cloud-based PatientSky Clinic. We still have System X, and we have Denium, which we still have on-prem customer. Very valuable customers for us also, but we are still trying to help them on the journey to get on cloud when the timing is right for them. We are also approaching new customers because we don't have the focus of acquiring more companies. That's not our focus. Our focus is to migrate the ones we have and then focus on new business. We see that's on our side, that our competitors, partners in the market, whatever you wanna call them, they have to go through the same journey at one point in time. We think the future goes to the cloud. When you do a migration, you will see elevated churn. That's completely normal because you are actually opening up the contract with the customer. We think by having us positioned in the forefront of that part gives us a huge opportunity for the future. Why are we so confident in this part? Well, we're one of the first movers on a cloud-based business. We're also one of the first movers of actually doing acquisitions and migrations, not from on-prem to on-prem to consolidate systems just, but actually from on-prem directly into the cloud business. We've been focusing on that for a long period. We have a uniqueness in our platform. I can tell you that has definitely also given me some frustration with customers that we have worked on microservices, making it scalable and reusable instead of just doing hard coding on top. We really believe in that having that ongoing reusability of the services for the long run takes us in a position that we wanna be in. We are the leading EHR provider in our segment. We are the biggest cloud EHR in our segment. We have proven migration journey. I think it's fair to say we have still migrated a lot of business, also making a lot more healthy business for us as a supplier. We are actually very soon to be 50% of our revenue is cloud. That's a quite big milestone from our side to say we're halfway there, but it's definitely a big milestone from our side. To do that, we have identified quite some time ago now and worked very focused on we needed to split up the business. We needed to split up the focus, so we didn't change context all the time from being internationally focusing on B2B2B, being nationally focusing very much on the clinics. We needed to have people doing both. The business now split up, working with individual P&Ls, working at completely separate companies, arm's lengths. We are innovative, developing our Norwegian business at the same time as we're innovative, developing our international business. That's extremely important for us. We don't want to do the other on the cost of the first. We give the group flexibility strategic initiatives. As I also indicated earlier, we have a potential that's huge international, but we also have a machinery very cash efficient that actually gives us the balancing of actually balancing our future. We enable better earning efficiency and better scalable organizations. We can actually see very concrete as we look at it now, our requirements to new hires, not take out, but new hires has decreased by 20-25 people for this year due to us having a much more clear roles and responsibilities, and then we can put in people when the timing is right and scale the organization according to that. We, as we said, operate with two different business, SaaS and international platform business. As you will notice here, the app is located under our VAS, which is actually part of international business. That's because that could both be that we wanna do an app international, we have that opportunity, but the current app we have today is only Norway and consumer focused. High traffic, good market position in Norway. We have also indicated earlier we are optimistic on the app as we are on the SaaS business in Norway. This was a little snap of how our business is going, what are we working on, where we are in the proress. Christoffer, could you maybe give us hardcore facts, where are the finances and how are we performing really? Sure. Thank you, Kristian. Revenue is down by 2.9% in the quarter. We also see a drop in sales from last quarter to this quarter, driven by lower non-recurring revenues and lower contribution from our on-premise portfolio. The latter being due to end of life ProMed and churn. On the positive side, cloud is still growing nicely and the cost base is lower. Salary expenses and other OpEx are down by NOK 7 million and NOK 5 million, respectively, compared to the previous quarter, pre any capitalization effects. As previously mentioned, we will now start emphasizing the cash EBITDA to avoid any volatility in the capitalization rates. It's also closer to our cash flow. As you can see, the adjusted EBITDA is around NOK 19 million for the quarter, compared to above NOK 21 million last quarter, adjusted figures. In first quarter, we had NOK 1.2 million in adjustments, being double rent and some legal fees. If we look at revenue composition, you can see that the cloud part is still growing very nicely with 38% annual growth. Our on-premise revenue is down by over NOK 3 million, basically driven by less projects which often come in lump sums. The on-premise is lower. Bear in mind, our evolution to this cloud strategy means that we take all new sales to cloud, but we also take from the blue on-premise and migrate over to the green cloud. That doesn't explain all the downtick on on-premise this quarter. We also had churn. Please also note that we have restated the figure to the left, which we have shown previously, due to defining a new way of reorganizing the group. We had approximately NOK 1 million each quarter in past revenues, which are now part of cloud recurring. If we look at the customer development through the quarter, you can see that it's ProMed that is the main contributor for the big movements. With limited revenue impact from ProMed. I'll revert back to that. If we start with cloud, we're really happy with our cloud development with almost zero churn, 43 new sales, and we have upgraded 26 clinics in the quarter. Bear in mind, the way we measure clinics in this overview is that they have to be a revenue generating clinic in the quarter, and they need to have at least one EHR license as part of their product they buy. Meaning we can have customers without EHR licenses that have contributed positively on revenues in the quarter. In addition to that, as you can see in the 80, we have upgraded an additional 80 clinics, but they are still in grace period, i.e., they have not had any revenues in first quarter, but we expect them to contribute positively in the next coming months. That takes me to the on-premise development. As you can see, we have upgraded 106. That's the 26 plus 80 you see in cloud. We have announced end of life ProMed. 109 ProMed customers that were revenue generating in the fourth quarter are no longer in the first quarter. That doesn't mean that we have given up on them. We're working really hard to try to win some of them back and to choose our cloud solutions. Again, limited revenue impact in fourth quarter, no revenue impact in the first quarter. We had churn of 65 clinics. We're obviously not happy with that, but that is an effect of the contract structure, where our on-premise portfolio is on six-month contracts. This is the accumulated number of clinics lost, but terminations received for the last six months with first revenue effect in January this year. I'll come back more to churn. If you move on and look at number of licenses, we can see that on the cloud part, it's still growing nicely with 7% increase from last quarter. Also very good to see is that our average prices on both cloud and on-prem per license are still growing. Meaning either that we are churning out lower value customers and/or we get a revenue uptick every time we migrate on average. On-premise is down by 20%. That is due to obviously the lost clinics, but also ProMed, which counts for 900 out of those 1,600 decline in the quarter. If you look at churn in more detail. We are, as I said, really happy about the cloud development, low volume, low revenue churn. Let's spend more time on what we have seen in, on-prem this quarter with rather extreme observations, and that's due to one of the effects, our definition, and also that we analyze all the numbers, of course. ProMed, as stated, end of life, a choice we made last year. If we try to focus on churn from other parts of our on-premise portfolio, as we see it, we've had 10%-ish volume churn on average over the last two quarters. Why is that? In this quarter, it's close to 20%. If you look at our fourth quarter numbers, they were abnormally low. Sorry. You should look at those two together, given the contract structure. 10% over two quarters with normal churn, you will always have. We're doing migrations, and to be fair, we did a rather high price increase last summer, which we believe explains majority of the churn. Also worth mentioning is that part of the revenue churn is the 80 upgraded ProMed customers that are still in grace period. That revenue will come back. Leaving behind KPIs and revenues, if we look at the more business unit part of things, I mentioned that we're doing the reorganization in a different way. The intention now, as Kristian also alluded to, is that we want the SaaS business, the Norwegian business, to operate independently without intracompany dependencies. Now we have defined a reorganization where they keep the Norwegian platform, not international, the Norwegian platform. That also from a financial perspective means that they have to pay for all the COGS, which were previously held out of the Norwegian business. What we see here is the restated 2021 numbers. We're going from NOK 63 million in Cash EBITDA to around NOK 53 million. Downtick of NOK 10 million. You're carrying over NOK 20 million more in COGS, implying that the work we have done on the reorganization has also uncovered that we need less costs to operate the Norwegian business than what we previously assumed. A disclaimer, this is still management accounts. Now there will be no intracompany major transactions that will disrupt the numbers. If you look at our two slides left, it's the MRR development and some considerations around cash. You can see we touched upon this on the churn side, having an effect on the numbers in January and February going down. We're very pleased to see that the momentum is gaining through the quarter and March finishing off around at the same level as year-end. In total, year-over-year MRR growth of 11%, cloud MRR growth in the same period, 28%. On cash. We spent NOK 19 million in cash this quarter. The cash balance ended at NOK 227 million. I know there were some questions in the last presentation we had on the cash flow. Besides the cash EBITDA, we have some smaller investments in tangibles, interest, that is mainly the biggest contributors to our cash flow together with the working capital. As you can see here, the receivables part spiked a bit in December, but it's now down to NOK 34 million. In the quarter, we had a very, very important milestone for this company. We went from pursuing invoices and overdue invoices manually to getting an automated dunning module in NetSuite. We waited for that until every company in the structure were on NetSuite, the same system. Then we're able to implement that across all companies. We expect the receivables in nominal amounts to normalize during 2Q, in the second quarter. Kristian? Yes. Thank you very much, Christoffer. I hope that gave a bit more insight in the granularities of the decisions we have made and the implications of it. Since first quarter, what had happened in our organization around the world, well, our international journey is progressing as expected. As I said earlier, we have been out talking directly with more than 50 potential customers, I would say, or players in the market, discussing what the pain points are and what the solutions actually are that they're looking for in the market, how does that cohere with the journey we're on. We have, as we talked about a couple times, carried out the full reorganization, now working as completely separate companies, so the Norwegian team can actually step out together and take a good step on their journey and keep developing that company. The same can the international team do. Our European platform was installed. I mentioned this two times. I know that was part of earlier, but it was actually just here in May. We're actually very proud of that, and I'm very proud of the team because I think that is a major achievement that they've done that, and we are actually able to facilitate hosting data in Europe for more partners. We were moved into our new talent hub in Copenhagen, here start of May. Also important for us to say now we have two places that we can actually get people together. We can iterate, we can develop together. I think that's a really important part of our DNA that we really wanna cherish going forward, bringing more talent into our business, giving them the chance, giving the iteration with good skilled partners. We won a big public tender municipalities with the highest scores among other functionalities and, quality. That obviously don't show in the financial numbers you've just seen, but will be shown in our future. That's also a big mark for us that we start being a front runner there. We have also seen a win back of previous bigger ProMed customers. We have closed down the system, but have gone back to the PatientSky Clinic system, which we are also extremely happy about and we believe in that that's the right choice for our journey. Big kudos to the Norwegian team also going in, doing a very hard exercise, but keeping very focused on developing the company and also therefore giving us opportunities with very strong partners from a PaaS system. Christoffer, maybe I'll invite you on stage, then we can take some Q&A sessions. We can maybe start in the room if there's anyone here. Thank you. Two quick questions. First, on the cash situation and the cash burn. You burned about NOK 20 million this quarter. Is that sort of the level you are intending to burn for the coming quarters until you start making money on your platform? Is it CFO focus? Yeah. Yeah. No. Yeah, I think the last three quarters show that that's the run rate, burn rate we are at now. We will obviously have some volatility in the working capital side, so it might be lower and higher. Yes, that's the level. We still believe that even without any contribution from the SaaS platform, that we have substantial upside on the SaaS business, on the profit side. That alone should bring us up to a cash EBITDA of zero in the quite near future. Then on the potential contracts within the platform. Yeah. What you're basically saying is that the platform is now up and running. You've done all the things you needed to do. No, no. I did not phrase myself clearly. We have the basics of the platform. We have that all the time. Now we are, what you can say, modularizing it to be ready to go international, so it's easier and portable. That's what we talked about our problem, and the Norwegian platform is very specific for what we do here. Now we're working on together. That's why we went out to discuss with partners to say, what is the first steps they need to ready to actually to work on our platform? Our platform is not ready. We are right now matching up what is the feedback we get from customers with what is actually what we can do from a technical perspective. That's also why we are not very concrete on the revenue, because I think for us, it's important that we take the right decision first and not just go for the easiest revenue, but actually take a decision to how do we build the next step on the platform. We now have the ground foundation of the platform. We are building on the platform, and we now start building to the market. It will not be a big boom with everything on a platform because then we'll be building for probably many years. We will build in a structure that we can actually keep building on it and actually facilitate, as I said, both, startup companies, but also enterprise customers. I find that you don't say anything about the revenue potential, but sort of understanding your first contract, will it be a fixed monthly fee for using the platform or? It depends a bit what the first gonna land on us, but our base is gonna be more on the consumption based. That's also why we have the marketplace, patients going there. There will be some sign-ups, but I think the majority of what we'll get is actually a consumption based. But it again depends upon if it's a big enterprise, they probably wanna have a more fixed cost base. So it depends where we land first, but we are going for a more consumption based and more flexible model for partners. Hope that makes sense. I know it's not super concrete, but I think for us it's very important that we don't promise anything we cannot deliver on. That has been a very mantra from our side. We see now we are very concrete actually matching up what it will be. Therefore, we can also be much more concrete on the revenue side. For us to come with a revenue where we don't have the match between the customers and the product would be wrong for us, because then we could overstate or understate, if you understand. Yeah. Okay. We have some questions online. Why have you changed the wording on 2023 revenue expectations on PatientSky's from solid revenues to only revenues? It's not a big deliberate choice actually. We have just not put the word in, to be fair, and a bit also discussion we have here. We are still mapping out what is it and what is solid revenue. I think that was a question we got from a couple. I think from us, when we cannot be more concrete, I think it's wrong to us to try to overstate that word. I hope that was the answer. What remains to do with the platform before you can launch? You mentioned it a bit now, but, also how many of the potential 50 partners you highlight do you think will sign up in the first year? Oh, that's a good question. We have actually chosen a wide scale of partners to meet with here. Also, some that was not relevant for us now to get a more deeper knowledge from the market. I don't expect 50% of that, but I expect a lower number of these partners. I think we'll see similar partners joining on our platform. We have not deliberately not just going to the market, just discuss potential direct customers, but this is all potential customers on our platform. Some of them is bigger. We also try to go to some of the really big ones to get their feedback to what we develop, but that's a longer run than one year from now. What are your plans to enhance and/or realize shareholder values in PatientSky? You have previously highlighted a business split after the SaaS business, but seem to focus less on this today. I think we are just optimistic on the SaaS business as we've been the whole process through. For us, it's very important now we have isolated the business. We have a really strong team in our Norwegian SaaS business. For us, it's all about making a healthy business. When we make a healthy business, then whatever strategic choice we make down the road will have a better effect for us from our cash flow. Nothing changed in our strategy there. We are just focusing very much on making it an even more healthy business. Could you please elaborate on System X churn? What competitors are customers switching to, and how are you coping with this? I think the numbers we've gone through, right? They are choosing some of our competitors and cloud competitors. The way we cope with it is to do things differently now than we have done. Try to treat our customer even better than we have been doing, but at the same time, also improving our own cloud products, making them even more competitive in the market. That's a continuous process. Anything to add? No, agree. Agree. How should we think about the cost development going forward in both SaaS and the rest of the company? How many employees do you plan to hire over the next 12 months? Should we account for more consultant fees in other OpEx? Will you take that? Should I take that? I can at least take the last part. Yeah. I think, yes, we will hire some more new people, mainly in PaaS, not in SaaS. We'll probably replace people in SaaS if people leave, but the growth will be in other parts of the organization. I think on the consultancy part, it's rather the opposite, because every time we hire someone in, we can reduce the use of third-party consultants. We are pretty focused on getting the right people in with the right skill sets, and that has to match, and that's a long process. We definitely see investing in people will also reduce costs other places. Yeah. I think on the total number of added staff, I think we earlier indicated around 60-80 people. I think we'll definitely see that number being lower. One of the things we're also looking at, with everything moving in the market right now, we are having a bit more conservative hiring in the pace that we can really utilize the resources we bring in. Some resources we bring in to actually take out other costs and some resource we'll of course take in to develop our business. We'll keep doing that, but the number will be significantly lower than we have indicated earlier, unless we get a hole that we can really start adding up. It will be a more controlled expansion of our organization. What is the size of the public tender? I cannot go into anything concrete right now. We are very early stage. It's just signed, so I cannot unfortunately be very concrete in that. It is of a significant magnitude from our side also. It is something that we can feel we get in. It's not gonna be a game changer, though. No, don't get expectations too high, but it is something definitely that is a good win for us. Next question: How do you decide how much of R&D costs you capitalize? I think that's a methodology that's pretty standard. We measure hours per developer per project, and it has to be development and not maintenance, and it has to have a future value in order for us to capitalize the cost. When will you announce your first PaaS customer? Does the platform improvement progress as planned? Yes. For now, we are progressing as planned, and we are still expecting to see the first contracts coming in the end of this year. That's still according to the plan we worked on the whole way through. Getting more and more concrete. Yeah. Last question, for now at least: What is mHealth? Mobile health. Sorry, that was just preparation. It's in general mobile health. It is a wider terminology. That's also why I didn't use too much time on it. We have actually taken some deliberate choices on some segments. You can actually see that in presentation also, which are really the areas we focus into. Yeah. I think that was the last online. Any more questions here? No, and you can wrap it up. Cool. Thank you very much for some good questions. I do understand some of the things we can be very concrete on, some things we cannot be very concrete on, both with respect to new partnerships, but also we don't wanna go out and overpromise something when we are so much in R&D phase as we are now. We are progressing very healthy, and as soon as we start seeing the first feedback from customers, obviously, we'll start highlighting this in the presentation as well. We don't wanna start the expectations on the wrong foot. One thing we can say, and I think that's really important. I think Christoffer alluded to a couple of times, I also alluded to it, we have a high focus on improving our earning efficiency. We have, as also shown, investing heavy in an international platform is a cash burning exercise. We wanna make sure that we are on the good side of that and controlling that, keeping this in our hand. That has actually been the majority priority from our side. That's also why we say we don't go out and catch any low-hanging fruits we can just get tomorrow, and if they don't bring us the right direction, because that will hamper our journey going down line. What we do is that we ensure that we can keep developing and keep investing in developing both our SaaS business, but definitely also our international business, which is still the focus we have as a company and still where we believe the long-term potential is. We'll continue to ramp up international scale, scalable platform, organization, technology, and pipeline. We will do it in a pace that we ensure that we can manage our cash flow in the process, but definitely also take the choices that enable us to take the next step. We'll not stop. We'll keep doing it. We just wanna make sure we have responsibility in the process we go towards. I think in the current market condition, that is extremely important. We have the first concrete market match on product and partners. That's why I'm not very concrete. We are concrete matching now, say, what is it actually matching what we have, what they want, and what is the tweaks that we need to do. We have a high increased focus on new sales in our Norwegian business, expecting the healthy cloud growth to continue to grow. I think overall, we can say now we have organization in place. We are delivering much more concrete work towards the two different plans, which also enable us to pursue different strategic initiatives. Actually, also enables us to scale in a pace that we can control. Well, I think that was actually everything we had for today. Thank you very much for your interest here. Thank you very much for the question, and we would love to see any of you who have further questions in our one-on-one meeting over the following weeks. You're welcome to reach out. We'll be back here the fifteenth of August with giving a more concrete update on where we're going. We still hope to do some product demos in the second half of this year on our platform and where we will continue. Yeah. Thank you very much for joining in, and have a great weekend when it hits you.