Warm welcome, everybody. I'm Joachim Gunell from DNB Markets tech research team. I'm delighted to be here in Växjö, Sweden, at the Fortnox headquarters to moderate today's Q4 investor forum. By now, I guess, you in the audience all know the drill. Tommy will kick off with a presentation, followed by a Q&A that I'll initiate. Should there be any questions from you in the audience, please feel free to type in or submit any questions through the chat function. With that being said, really looking forward to today's session. I have the pleasure to introduce Fortnox CEO, Tommy Eklund. Please go ahead. The scene is yours. Thanks, Joachim, and great to have you here. Gonna spend some time on the numbers and also talk about the quarter and 2021 as a whole. As you may have read, we're increasing the number of customers. We had 15,000 customers. All in all, a solid quarter regarding new customers. Regarding the revenue per customers, we can sort of see that that is also increasing in line with our expectations. We're closing up on 200 SEK per month per organization right now. All in all, regarding the public KPIs that we're following, a solid quarter. Regarding growth and operating margin, something that we're calling, you know, Rule of 40, also quite high number. We're actually exceeding 70% during the quarter. Impressive numbers regarding growth and margin. Just some comments on it. About 42% growth. We can see at the end of the quarter that sales is picking up now and especially connected to the subscription business. Something that we have seen during 2021, that we have a COVID impact regarding our sales activities. We can now see that things are picking up and especially late in quarter four. All in all, good growth. Yes, we have some. This is also connected to acquisitions, of course, but if you're removing acquisitions, both growth and EBIT is up compared to the previous quarter four. All in all, a good quarter, and organically, we're improving both numbers. An important number for us internally, we're keeping track of this. It's not something that we're guiding on, but this is the international definition of Rule of 40. If you are a successful SaaS companies, you should deliver over 40 in this number. We have an internal ambition, which is to on an annual basis always be over 60. The previous quarter four, we were just under 60, and now we are just over 70. Important number for us internally and quite a high number now in quarter four. Number of customers according to our expectations, net growth of 15,000 customers, that leaves us with almost 60,000 net growth customers during 2021. You know, solidly delivering on the 700,000 customers until 2025. Yeah, to sum things up, we're now having 425,000 unique organizations in the platform. If you're just looking at our plans, this is according to our plans, and we're comfortably delivering on the 700,000 and also closing up to about 200 SEK per customer. That is the revenue per month and organization. I mean, if you're connecting that to our 2025 goal of 300 SEK, one can say that we're a bit ahead regarding that. So we're delivering a bit better now if you're just looking at how we're delivering or increasing growth per organization. For the full year, we're, you know, comfortably delivering over our 60%. So if you're adding growth and margin for the full year, it's 34, which leaves us with a little more than 68% regarding Rule of 40. Although, you know, the financial numbers and the net growth of customers is quite impressing during the year, one should also understand that we're investing quite a lot in the organization, in our portfolio, something that necessarily not gives any revenue or having positive impact in that year. We had last year 4 acquisitions. We haven't, you know, acquired any companies before that, so going from 0 to 4 is quite an accomplishment. We have reported that we have had 3 major internal projects. One is new hardware. We have new data centers, 2 new data centers. We have moved all our customers and all their data to new data centers. Huge investment that we did in quarter one and quarter two last year. We also migrated to a new financial backbone for all our financial services, a huge project that we have worked on for almost three, four years, so maybe one of the biggest project that we have done. Huge migration project, and also we have replaced our backbone regarding customer support and subscription management for all our customers. Also a project that we have been ongoing for like three years, something like that. We have also released 8 new products, and we have also the gross number regarding new people is actually 250. We have also 250 new people, and we have achieved all this. All in all, we're also investing in the future, although delivering quite solid numbers for the full year. Yeah, I guess most of you have seen this now. This is the 2 distribution channels that we have. Both distribution channels are now delivering according to our plans. One is our own webpage, where we have direct customers coming to us. No touch, just digital sales. You can in real time just start to use our software with no interaction, no manual interaction from us. It's growing really good, and the average order revenue per customer is also growing according to our expectation in that distribution channels. The accounting firms, it's also increasing according to our expectations. Both distribution channels are delivering according to our expectations right now. Yeah, this is a slide from the CMD that we had early 2021, just showing that we are moving us from just delivering value to the bigger accounting firms to also being able to deliver value to smaller accounting firms, and also moving us from, you know, small businesses, like 5 to 9 employees, moving ourselves to the micro segment, but also moving us to bigger corporation segments. We're investing in both directions regarding the offering for the SME sector. Just some fun facts from the platform. The Lagerbolag business that we acquired in quarter two is actually doing really good now and growing better than we have expected. We have sold more than about 3.5 thousand companies only in quarter four. Offerta is also delivering better than expected, so we have had 90,000 inquiries more than last year in the platform. Pay slips, we have reported that now before, and it's actually over 250,000 pay slips now delivered from our Payroll product and the Payroll Mini product. That's just some fun facts from the platform. We're, you know, constantly broadening our offer. This is a few things that I want to highlight during the quarter. We have a new improved Lobby, which is really important with the new strategy because with this Lobby, it's personalized and it's really insight-driven. We can with this Lobby support our customers what they should do to become more successful in how they run their business. It's quite an improvement on how we can support our customers in how they should run their business going forward. Quite an important release during the quarter with a new Lobby. We also released the new product, Kvitto och Utlägg, which we have had a white-label version before. Now it's actually part of our app. Now it's included in our core app and it's really easy to use and it's something that I think will benefit all our customers. We have also released our first solution. That's for craftsmen. We have added all the products and all the services that we think you should have, and also guiding our customers in what integrations and what apps they should have when they want to use our software in that context, so to say. Regarding the Capcito acquisition, we are broadening our offer through Capcito. There are some synergies. Capcito have a factoring business similar to Fortnox, but we're also expanding now with invoicing financing and also more traditional business loan. In this segment, we have also released a first version of our Checkout. That is the possibility when our customers are distributing invoicing to consumers. Consumers can now, as a starting point, pay with Swish or postpone their payments. That's the starting point to offer a Checkout for consumers when our customers are distributing invoices. You can imagine we're doing a lot of different things. This is a couple of other things that we have done during quarter four. I'm not gonna spend that much time on that more, but you can see that we are now adding more of the banks to our AI-driven bookkeeping. With that, when you now are an SEB or a Handelsbanken customer, you can connect your bank account to our bookkeeping. With that, we can automatically handle your bookkeeping without any interaction from the user or anything like this. Everything is AI-driven there. It's quite an improvement regarding that. Yeah, you can imagine a lot of new things as always in each quarter. Just a few words on the acquisition because it's quite a big one for us. We are regarding market opportunities. I said this before that if you just looked at the different opportunities that we have going forward, I would say that the things that we're doing in the finance vertical is definitely market size-wise, the biggest opportunity that we have. With this acquisition, we're boosting that opportunity even more by adding really unique competencies, but also a new offer which is expanding our already existing offer, but also putting ourselves in a position where we're also building like a source business connecting to the finance vertical. That is this model of business, where we're actually, you know, monetizing the data that we have. We're opening up with APIs, so other vendors in this sector can benefit from the credit scoring that we're doing. It's not-- Yeah, of course, we're boosting our own business, but we're also expanding our market opportunity going forward. Although, you know, it's quite a new one, so you shouldn't expect any big synergies in the near term. Of course, in the mid-term going forward, this will really boost our own business, but also will benefit all our customers. Because with the portfolio we have now in the finance vertical, we can really help our customers with their cash flow, which, you know, no other actor is doing right now to provide stable cash flow products for the SME sector is quite complicated and something that we now can do automatically and in real-time and with really affordable offers. Really looking forward to where this will take us going forward. Perfect. Thanks. Thank you for that, Tommy. Investors, listeners, and everybody in the audience, just as a reminder, if you feel free to use the chat function to add any questions. I'll kick things off, Tommy. We're standing here now broadly a year after you launched this quite offensive 2025 targets. With that backdrop and now a year in- Mm-hmm Where would you say that you are on in terms of executing on that opportunity? What will be the key delivery mechanisms? I mean, you commented now that you're actually tracking ahead. Mm-hmm. In order for you to continue to track ahead, what do we need to see happen? I think that regarding number of customers, which is unique organizations, yes, we are a bit ahead of that plan that we have set out. I've also said, and I think it's true, actually, that that number is still fairly aggressive because somewhere down the line, it will be more challenging to add new customers in the pace that we're doing. We're also investing quite heavily in our offer and especially focusing on the micro segment. We have a lot of companies that are in that sector. Regarding number of companies, we're releasing our payroll mini, invoicing mini, AI driven bookkeeping. All of these products is sweet spotting that sector, where we're doing everything in the back, so everything is automatically done. Most of the things are AI-driven in the back, and the user don't need to do anything. It's just a To-Do list, and we're just, you know, informing our customers that we have done this or we need an approval or something like that. Everything is done by the system in the back. That is really driven. I think that will drive number of customers going forward, but we need to do that investment, of course. I think that will improve those numbers even better going forward. Yes, we are delivering quite good, but, you know, it is fairly aggressive, I would say. The other public KPIs that we are delivering on is this SEK 300 per month. I've said this, if the 700,000 is fairly aggressive, I would say that that's fairly modest independent of how you look at it. Because if you look at penetration, we have 30 products. It means that it's three products per organization or three users, actually. If you just look at that number, that specific number, 300 SEK is still quite a small number independent of what company you run. We are a bit ahead of that. But, you know, one should also understand that we have quite a lot of customers now. So to just increase these types of, you know, overall public KPIs is, you know, they are slow-moving numbers. But I'm quite comfortable on both of them right now. I am looking at what you can deliver here. I mean, taking a step back then, perhaps. I mean, obviously, the KPIs you refer to, they stem from like growth. Yes. It would be interesting to hear what you believe are Fortnox's current, like, main barriers to grow. Why would you say that you are not growing faster than you are at current pace? You know, I would have liked that the finance vertical would have grown more last year, for sure. You know, we had some COVID impact, and we also did this huge migration project, which, you know, it was a huge project to move all our customers into a fully owned, fully developed by Fortnox new backbone for all our financial service was quite a big project. I think now we are in a much better position to take that business to the next step, so to say. I would have liked, of course, to have better growth there. Other than that, I think, you know, we're delivering quite good, I would say. Absolutely. Coming back to both the 300 SEK target and the finance vertical as such. When you elaborated a year ago on okay, 300 SEK per month per customer, okay, that implies roughly three modules per customer. In addition to the bookkeeping solution, which I see as the NAV of your platform, what other two would you see as the, call it, lowest-hanging fruit for your customers to adopt and why? Yes, as you're saying, as you're referring to, bookkeeping is important, but also everything that has to do with the invoicing part. You know, most of our customers do some type of invoicing. In that sense, you know, bookkeeping, invoicing is important, but also payroll. I think those are the core areas I would say. Even though that as you're referring to, one can think that Fortnox is only bookkeeping, but the invoicing product area is almost as big revenue-wise as the bookkeeping area. The payroll area is actually the one that is growing the most out of those three core areas. Even though that, you know, yeah, we have the reputation of being a bookkeeping company, we are actually quite broad in what we're offering in our platform, so to say. Understood. We're getting a number of questions related to M&A. Mm-hmm. I mean, obviously, a company of your size taking on four acquisitions within a year, if I were to somehow try to aggregate these questions into one. Mm-hmm. Can you perhaps just provide us an update on, are the companies growing in the fashion that you would have thought when you conducted acquisition and, perhaps also, I mean, yeah. Basically, after some integration, Offerta we have had in the numbers now for a couple of quarters, revenues have been quite flattish. What can be done to, call it, accelerate. Yeah. the development in the acquired units? A good question. I have a few comments on each of them because they are quite different in their nature, so to say. The first one, Offerta, which is for those of you who don't know what that really is, that is a platform for services. It's like a marketplace for services. Especially for consumers asking for things. It is like 5%-10% is business to business, but most of the platform is driven by business to consumers. That is consumers asking for services, for instance, renovations or home cleaning or moving stuff or things like that. That's for free for consumers. Then businesses, they pay a subscription to be able to offer their services towards that needs. That's kind of the basis in the marketplace. Right now, the revenue per customer, that is per company, is like 20 times higher than what we have in the Fortnox platform. That means like 2,000 customers is what is driving the revenue right now. We see, as a starting point, a big synergy because it's and that was the 90,000 as well. We save a lot of consumers now asking for things in the platform. We think that this will be, you know, the de facto standard of especially when you're living in bigger cities, when you don't know your, you know, your handyman, so to say. We think that that will, you know, be more and more common. There will be more consumers asking for things than what the current customer base can provide for. We have 425,000 customers. Not all of them are service-offering companies, but many of them are. We see a huge cross-sale opportunity there where we can show that if you had a Offerta subscription, we can provide this for you. What Offerta is today is actually a digital platform, but the sales is manual. Fortnox is really good at digital sales. You know, that's our core business, so to say. What we're doing with the business now is developing a no-touch digital offer for the Offerta platform, which with lower entry points and a task-based business instead. That can be sold digital. You know, the cross-sale opportunity where we have, you know, an opportunity of 20 times the revenue that we have in the Fortnox platform, when we're adding the ability to do that in a digital way automatically, we see a huge opportunity going forward there. That our customers can provide more of their services to the consumers. Something that we're investing in right now, it will be released in quarter three, quarter four. It will be, you know, fully up and running by next year. At the same time, we also have another big opportunity, which is the early stages, which is the app market. Yeah. Slim to no revenue right now. If you look at the market opportunity, quite big. Both these opportunities have a lot of synergies because, yes, we want the business to consumer business in the Offerta platform to improve, but we also see a huge opportunity to increase the business to business. That is, our customers are often small customers, and they tend to buy things as if they were almost consumers. That's why we want to provide our customers to be able to offer their services, also an easy way to ask for services so that they can be buyers in the platform, and also buy apps there. That's the synergy. That's why we're now building a new segment, a new business area that we're calling marketplaces. A lot of investments, you shouldn't, you know, expect any big things this year, but next year is the big year for the marketplace. Finance this year, next year. Yes, exactly. After that, marketplace. No, that's great. We touched upon Offerta now. Capcito. Early days still. Yes. I mean, you already had this investor forum here in December. Yeah. Shed light on it. We have talked about it quite a lot. As I said, also during the presentation, a lot of synergies with our core business as it is. Also, you know, with the opportunities that we have, we're also adding really good people here with unique competencies, something that we really need to, you know, improve this business. Yes, we are broadening our offer. We're monetizing on the data, something that we have planned to do even without Capcito. A lot of synergies and something that we see now, yeah, this is what we need to really boost the business, so to say. All our customers, it's something that they really need. You know, cash flow problem is really a challenge when you are in the SME sector. The two other acquisitions, maybe just to mention them, I shouldn't talk that much about this. The Boardeaser, a small investment that we did, which is kind of the last piece in the puzzle, so to be complete to the accounting firms. This is what happens after bookkeeping, which is, you know, books, accounts closing, tax, and results, and annual reports and all of that. Something that we have had through partners, and it's a couple of on-prem vendors that have been quite good at this. Not any companies has been really good in the cloud online offering regarding that part of accounting. With that piece, we are now we think that we have a complete offer to the accounting firm, something that have been asked for quite some time. We're delivering quite good there, exactly according to expectations. We have a small investment, and we are now reselling their software to our customers. Lagerbolag, as I mentioned, SEK 3,500 in quarter four, which is actually above our expectations. Yeah, delivering quite good on that acquisition as well. We'll keep tracking that into the coming quarters then. Yeah. At this stage of your journey, I mean, it's becoming obvious to everybody, okay, you need to look beyond like ERP SaaS into like the ecosystem that you are building for SMEs. I mean, we're talking about not like 1-2 adjacent attractive opportunities, more in the range of like 5-10. I mean, what is your message here to the investment community about why we should get confident that you are prioritizing the right investments, focus, et cetera, without adding complexity to the platform or stifling the organization? I think, yeah, it's a good question. Yeah, of course, you know, if you are looking at all the things that we have done in 2021, that yeah, we are maybe doing too many things at the same time. That's probably true. We're becoming also better and better at prioritizing and, with growth, also doing the right things, so to say. I'm quite comfortable that we're doing the right things. Of course, it's always a challenge, you know. You know, we added 250 new people. Just that is a big achievement, you know, 6-8 new products, something that maybe a normal company does every other year. Yeah, we are doing a lot of things at the same time, but we're doing it quite good. A risk, but I think we're delivering on that risk. We're getting some questions here with regards to price. Mm-hmm. Pricing and price strategy. Let's do this from a twofold perspective. Okay, obviously, we have seen some, I mean, inflation is increasingly becoming a theme. Perhaps starting off from that range then what your thoughts are on whether it needs to be adjusted to compensate for that. More importantly, I mean, you've discussed this on almost every investor forum, and I almost already know the answer. Mm-hmm. To twist it a bit. Mm-hmm. Wouldn't it make sense for you? I know that you want to be the SEK 99 company, but in some cases, I mean, price increases could come to benefit for the customers also, because, I mean, it would fall straight into cash flows. You could create a better, I mean, user experience, what have you. What's the balancing trade-offs there? Yeah, I think you're right. Everything that you're referring to makes sense. You're right. It's just that, you know, I'm a bit hesitant regarding price increases because it's something, you know, I know that we can do that because our price point is really low and we're delivering much more value than what is connected to our price points. Yes, we have a low price point connected to that. There is an opportunity to raise prices, and especially in this environment where inflation is skyrocketing. Yes, it would make sense, but we have not communicated that, and it's not in our plans. It might happen. I've said it before. It might happen, but we have not put that in our business plan. 300 SEK that could be all price raises if we want. That's not the case. If we were to do something, that's up on the things that we have already communicated. A lot of focus in the questions until now has been on what's going on the top line. Mm-hmm. If we move down slightly, we got some questions here with regards to, I mean, what are you planning in terms of OPEX for this year? I know that you don't provide guidance, et cetera. But can 2021 be a good indication for what you plan just in terms of, I mean, new hires, et cetera, in order to execute on the opportunities you see? Yeah, I think that, you know, we're not guiding on EBIT margin, and we're not pushing margin, but we are pushing growth. Whenever there's an opportunity to trade increased margin over growth, we would go for growth because we know that that builds customer value and company value. It's much better that if we now had in this Rule of 40, 35%-35%. We had the same growth as EBIT. Going forward, if I didn't do anything in the company, of course, EBIT would go up, and growth would probably go down. If we are investing in growth, that would build company value. It's much better that we have more growth and a little more EBIT going forward because I can always push EBIT if I want with the scalable business we have. That's why we're not pushing EBIT, but still, you know, we have a healthy margin, and we have no increased investments planned for 2022. One should understand that, especially Capcito have another financial structure than what we have. Of course, that would have a negative impact on EBIT, something that we have planned for. It's great growth, so we'll go with growth there, something that we, you know, it's acceptable, so to say. A couple of things that we have done regarding the acquisitions have impact on that, but other than that, no big investments. No big changes. Understood. In terms of how acquisitions alter the financial profile of the core Fortnox, can you say anything about? I mean, in Q4, we saw now with Capcito integrated into numbers. Slight changes in both the balance sheet, but also perhaps from a cash flow perspective. Yep. Anything there that you want to highlight? No. I would say that, yeah, of course, we have a couple of one-time cost effects in quarter four that I think you've seen. We reported a couple of those, but we have also one-time costs connected to Nasdaq, for instance, or, and as we said to that transaction connected to Capcito. A couple of one-time costs, but no big changes because we already have a financing business in Fortnox Finans, so it's more like we're expanding that. The way that Capcito have done business and Fortnox business, it's quite similar. You know, you can do your math connected to Fortnox Finans and find the same structure in Capcito, I think. A lot of interest on Capcito here, obviously. Anything that you can say. I know it's all been in your books since December, but anything that you can comment from an anecdotal point of view in terms of what was the year-over-year growth that you saw, perhaps only in December, if you'd like, and with regards to that, if you've moved any closer to a decision whether to basically use your own balance sheet for such a business model or partner up? For now, we're financing that ourselves, and right now we will do that. Right now we have no plans to do anything with a partner or anything like that. That's what we're doing now. Regarding growth, I have much higher expectations on the finance vertical than what I have on the Fortnox group. That doesn't answer the question exactly, but some guidance at least. Both the finance vertical, including both Capcito and the old Fortnox Finans, I have bigger expectations on growth in that area because it is a growth area, and we are also allowing ourselves a lower margin there because we have higher growth. I have definitely higher expectations on that business. You know, just combining the things that we're doing is, you know, seems to be really fruitful quite early. But we have already seen a lot of synergies because we're really complementing each other, what we have done earlier and what Capcito is doing. Really promising, and we have a lot of dialogues with all the financial institutions and bigger banks regarding Monto and all of that. Looks quite promising going forward. Clear. Where would you say you are in relation to your strategy to basically increase the, I mean, number of users per customer or for that matter, I mean, broadening the basically yeah, expanding across your customer base in terms of number of users? Yes. What tools do you have to accelerate that? Yes. It's actually not a public number. As you can see, we're only communicating a number of organizations. This year, we're improving our ways of onboarding more users. Not in the short term necessarily focusing on revenue. It's more increased users because we know that with more usage there will be network effects in such a big platform. We know that revenue will come with more users. We need to be better at making sure that, you know, in my vision, of course, all employees in a company should be users in the Fortnox platform. Why not? Of course. That's not the case right now. That's something that we're investing in right now to make sure that all users can benefit from all the things that we're doing in the platform. It should not just be the accounting consultant or the CFO or the CEO. It should be everyone working at the company. I mean, you've shown this, I mean, your distribution channel, that chart for a number of presentations now. Can you say anything about how that mix shift has changed without going into specific numbers and how you expect that to change going forward, and what implications that will have for you as an organization. Yes. Metric-wise, our own channels, and you can—we are not sharing the exact numbers here, but you can look in our segments, and you can see that one segment is connected to our own webpage and another segment is connected to the accounting firm. There you can see that in numbers, the segment that is connected to the accounting firms have a higher revenues. Yes, right now we have more clients connected to accounting firms, but our own distribution channel is actually growing better and we also have a higher average order revenue when we guide new customers on what they need. At least initially, we are better at explaining digitally what you need when you run your company. It's something that we now want to invest in the accounting firms also so that they can explain what you need to benefit from the platform as a whole. Very clear. I mean, as you are expanding your platform capabilities, are there any, like, new innovative modules? I mean, you have this chart where you really want to emphasize that this is something to really get excited about, perhaps, I mean, not in the near quarters, et cetera, but more from a midterm perspective. No, but I think just to understand that everything that we're talking about now is this, you know, we're building more and more insights, capabilities connected to how can we help our customers to become more successful. It sounds kind of small to release a product that is called To-Do, but, you know, that will be, you know, the central focal point of everything because that's where we're, you know, guiding you as a user on what you may need to do or what we need to inform you that we have already done for you. The new Lobby is really important. The new Business Mailbox is really important because that will be really central of everything that you receive when you run a company. Of course, this whole insight product area where we're benefiting from all the data we have and sending insights back to our customers on how they can improve their business. I would say everything that goes around, you know, insights and To-Do and Lobby and all, it's quite new. Of course, the finance vertical is number one priority this year. But if we have talked about that now, so that's, I think, I would like to mention beside the finance vertical. Clear. I know you don't want to talk competition as such, but if we just look at from a Fortnox point of view, what would you say is the secret sauce to the fact that you can in many cases undercut competitors on price, but still capture, call it 50% of the industry profit pool? Adding to that, as the industry becomes more call it data or insights-driven, what changes to the market dynamics do you anticipate? I think we are in a truly really strong position regarding that because it will be a mix of everything going forward. There will be companies that you may have a competing offer with, but you may also be partners with them. You need to be both partners and sometime compete. You may sometime have overlapping offers and sometime complementing offering. Since Fortnox have a history of being a really open platform, we stand as really good at because we have always had that. We have our own Lagerbolag product, but there are a lot of partners that have developed their own Lagerbolag system based on our APIs, which you know suits specific customer things and all of that. We have our own time reporting system. It's a lot of time reporting products in the partner pool. We have an experience and knowledge on how to live in this world where, you know, everything is connected, and sometimes this product's better, and sometimes this product, and also being able to guide our customers on what they need because this is really complicated for them. We become better and better at guiding them on what they should benefit from in the platform. We are in a good position to handle the, I don't know, new market situation. Clear. As you're building early M&A credentials, once these four acquisitions are increasingly digested in the organization, can you comment anything about what you see as potential, both like industrial and market fit for you to pursue, if it would be, I don't know, anything to do in credit cards, AP software or what have you? No, you know, if I would mention anything, it would be, you know, to reveal too much. I would say that, you know, Sweden as a company is really good at software and especially startup companies in general. We have really good people that are really good at developing, you know, world-class software. I've said it before, to build up a sustainable SaaS business takes time, even if you may have a world leading product. There are a lot of really good products out there that may lack customers and money because it takes time. We have customers and we have money, but we cannot develop everything on our own. There is a really good strategic fit connected to a bunch of different product companies. When we see that a product company can scale on our customer base, it's really interesting to grow with acquisitions. In what way would you say your strategic priorities as the CEO of this business will look, call it three years from now as opposed to where you are now? I think that, you know, we have set out this plan. We're saying that we are not just focusing on existing customers, we are not just focusing on new customers. We're saying that 50% of the growth should come from existing customers, 50% from new customer. That means that we're investing both in new customers and existing customers. We're building up new segments. We have talked about the finance vertical. We are already investing heavily in the core businesses already as it is, and also this new marketplace. I think that, you know, we have a really interesting journey ahead of us, and now we're establishing new verticals connected to all of our customers and how we can, you know, deliver more value to them. I think that that's a great way to end this discussion if you don't have any closing remarks. Okay. Fine. Perfect. Thank you very much, Tommy. Investors, analysts, and the audience for participating in today's call. I sure learned a lot. With that being said, have a great day, everybody. Thank you for joining in. Thank you, Joachim. Thank you, guys. Thanks.