Okay, good morning to you all, and a warm welcome to this earnings conference with Fortnox. We are live in Växjö, Sweden, to discuss the Fortnox Q1 2022 earnings results. With us here we have CEO Tommy Eklund. We will have an introduction to the company highlights for the first quarter, and then we will round it off with a Q&A session towards the end, which will be moderated by me. My name is Predrag Savinovic. I'm an analyst at Carnegie Investment Bank. To ask questions, just fill them in in the live chat, and we'll take it from there. Tommy, please go ahead with your presentation. Thank you, Predrag. I appreciate it as always. I will have a brief introduction about the first quarter for 2022. The numbers for all of you who's following us have seen this many times before. The most important metrics to follow Fortnox are net growth of customers, which are up 16,000 this quarter. All in all, a solid quarter regarding net growth of customers, so we're happy with that number. We're increasing the average revenue per customer and month with SEK 10. Also a solid number in all aspects, which also follows our own plans. Something that we're not guiding on, but this is the rule of 40, the international definition of rule of 40, where we're adding growth and operating margin, which should exceed 40. In the world of Fortnox, we're saying that we have an internal target to always deliver healthy over 60 in this definition. Also that you can see compared to the last quarter that we're also growing more, and we're earning more money, and with that, also exceeding our internal goal of 60. We're delivering 73 now regarding the Rule of 40. No, all in all, solid numbers for the first quarter. If we're just digging into it, the financial performance for the quarter, the net sales is up 41%, driven both by increased organic growth and acquisitions. This is in line with our own plans. With that, we're also delivering with healthy margins. You can see that the margin is growing faster than the revenue. We can now see that with scale, we have a scalable business, so with growth, we can also increase margins. Healthy numbers regarding the financial outcomes for quarter one. Just to look at this internally important number for us, where we're saying that if growth doesn't come, we shall show that EBIT shall increase. We have said that we are prepared to invest a little bit of our EBIT so that we can, if we can increase growth, we are prepared to invest some portion of our EBIT, which we're showing now. This is something that we have communicated that now, with the growth and margin we have, we are prepared to invest in growth, something that we are showing now. You can see that we're growing more than what we have done before, and also we're increasing the margin. If you're taking, of course, this is including acquisitions. The growth is a positive thing regarding acquisitions. In the margin side, of course, we have a higher margin in the core business if we were to remove the acquisitions. It's something that you can see now regarding the Rule of 40, that we're going from 54 in quarter one to 65 if you're removing the acquisitions. I think that, you know, we are on a good track now, and we're following our own plans. With this number, we're also delivering according to our own expectations. Net growth of customers, rolling twelve-month, we're adding 56,000 customers. The net growth is, as I said, 16,000 for the quarter, which is also in line with our expectations and our plans to exceed 700,000 by 2025. The net growth of customers, we are delivering according to our own plan. I've said it a couple of times now that the RPC is also growing according to our own expectation, and it's a little bit above our plan to exceed 300 SEK, and that is revenue per organization in the platform and month. During quarter one, we're now exceeding SEK 200, and we have a plan to exceed SEK 300 by 2025. You know, with our pricing, which is roughly about SEK 100, that means that we need to add either one more user or one more product per organization until 2025. We are a little bit ahead there, and I'm quite comfortable that we can deliver on our public KPIs regarding revenue per customer and net growth of customer. This is kind of the first quarter that we are reporting according to our segment structure, where we also have comparable quarters. Here you can also follow now in the report that we have a business area, one segment connected to our indirect channel, which is through the accounting firms, and we also have one segment connected to our own sales channel, which is our website, so to say. I think that if you look into the report, you can see that both those segments are delivering quite good now, both regarding growth and also how they scale. Healthy margin and good growth in both our sales channels, both through to the accounting firms and also our own webpage. This is kind of, you know, just background slide, something that we're showing each quarter just to remind everyone listening in, what we're doing and how we're expanding our offer. Our sweet spot has been, in rough terms, 5-9 employees. For the last couple of years, we have invested in micro segment, that is 0-4 employees. Something that we're delivering on now, so you can see a lot of our new products are addressing that segment. Of course, the main reason for that is not to increase revenue per customer. That is to increase net growth of new customers. We are also expanding our platform to also attract bigger organizations. We have quite good traction also in bigger organizations, but we have not invested that much in our offering towards them, and we don't have services connected to that, for instance, integration services, training, consulting services, and all of that, something that we're also investing in now. We're expanding our platform now in both directions. And we can see that we're gaining traction in both directions, both for bigger organizations and smaller organizations. Historically, we have been quite good regarding accounting firms to deliver value to the bigger accounting firms. Right now, we have the 25 biggest accounting firms in Sweden all around the Fortnox platform. We are quite dominant regarding bigger accounting firms. As you can see that our market share is also in the large and medium segments is growing. Now we're also going forward, making a move into the small segment that is self-employed accounting firms. So we will reuse or use the experience and the knowledge we have regarding having a digital approach, which we have had towards the SME sector for years now. We will also use that now to approach the smaller accounting firms. The move that we're doing, and this is the move that we're doing in the business plan up until 2025, this is according to our plan. You know, again, we're quite stably delivering on our goals. Just a short update since we're not talking price that much quarter by quarter, but since we did a change in quarter one, maybe it's good just to give you an update. The base price that we have had in our portfolio historically has been SEK 99. Now we increased that to 109. In the same time, we also did a differentiation between 3 and 12 months. We have had 3- and 12-month contract periods before as well, but it has been the same price per month. Now to get the price of 109 SEK per month, you need to have the 12-month contract period. If you take on the 3-month contract, there will be approximately 10% higher price on the 3-month contract. This is the change that we did in quarter one. We have, you know, I get a lot of questions regarding price and if you can increase prices. I've said it many times that we can increase prices. Our price point is quite low compared to the value that we're delivering. It's not our main focus, so it's not something that we're working on our daily business. Now with the inflation rates that we are having and it made sense to increase the prices, and it also made sense to have a differentiation between 3 and 12 months. It's something that we have planned for now quite some time to have a difference between the 3 and 12-month contract period. It made sense to increase also the base price of our products. Then you should understand that that's our pricing structure. When we're saying that we are heading towards having 300 SEK per organization, this 109 SEK is per product and per user. That means in rough terms, we have to have 3 users or 3 products per organization to deliver on our 2025 goal. I calculated the number of products just before this meeting. Now we're offering for 2022, we will offer 38 products. It 's still kind of a low penetrated goal, but that is the goal that we have communicated. You should understand that we also have transaction price where our customers are paying per usage. For instance, they are paying per payslip or paying per invoice they are sending. Of course, we also have the lending business, which we're investing quite a lot in right now, which in rough terms have about 2% this interest rate per month. All of these prices are per month, and then the SEK 109. Most of our products right now are SEK 109 per month, per product, per user. We have packages which are, you know, based on customer needs, and they are in rough terms about SEK 159 to a little more than SEK 300 per month and per user and per package. We're adding now more and more solutions which are based on industry needs, where we're packaging a whole solution for a certain industry, and they are priced a bit higher. This is kind of the price structure and how it connects to our top goals of SEK 300 per customer. This was just a reminder to understand that what we're selling, we're selling products, and so you can buy products, but you can also buy packages or solutions per industry. Just, we usually communicate a couple of fun facts that could be interesting from the platform. We released a new product early in the quarter, which is Fortnox Accountant. This is called Fortnox Revisor in Swedish. So it's kind of a login for accountants. The purpose of that is, of course, it's easier for accountants to log in to a certain client because they don't need to be there all the time. We have a certain product just for them. We also had a lot of issues in the support regarding that. The support tickets has decreased with 40%. That is very important to us because we have so many customers and we have a lot of things that needs to be scalable. This is just an example of where we're also improving and investing into making sure that everything that we're delivering has to be scalable on our customer base. This is an investment that is typically addressing that everything that we're doing in the platform has to be scalable. Just a fun fact, we distributed about 6.5 million customer invoices during the quarter. A number that we haven't communicated before, but it's an important number for how we're delivering value to our customers is that right now, all the integrations that we have to the bigger banks have boomed during the quarter, and now it's over 70,000 in bank integrations in the platform. So we're landing on more than 73,000 bank integrations, up 52%. An important number because with that you can get automatically bookkeeping and also payments. It's an important piece of infrastructure that is needed to be able to deliver all the other products that we're offering to the customers. This is something that we didn't release during the quarter, but it's something that happened before we released the report. We announced that we are planning to release a Fortnox credit card or debit as well, around late this year or early next year, somewhere during the year. At year-end, we will release a Fortnox card for all our customers. It will be free for all employees and all customers to use, and it will be connected to all the other products. It will be connected to expense management and also connected to bookkeeping, of course. You don't need to do anything. It's really easy to use, and it's for free, and it's both digital and physical cards, and you can get whatever you need. Quite powerful product, and it will be really easy for all our customers to equip all their employees with this card and with that also connect limits and expense management connected to the usage of all employees. Quite a powerful product that will be delivered to our customers together with a company called Mynt, which are providing the cards, the back-end feature of the card. It will be a fully branded Fortnox card, and it will be integrated to our apps, so everything will be in our ecosystem, so to speak. We'll be using a company called Mynt, which will help us with the back-end development of the card features. You maybe saw the news that we're also offering now a new solution. We're saying that we will add now industry solutions now, industry per industry, where we think that is applicable for our customers. Normally, we're finding some kind of system which we think is really good for this industry, and then we're combining all the things that we're doing towards this industry, and then we're packaging that with extending offers like extending support and extending services and stuff like that, and also get a prepackaged solution for that industry. We delivered for carpenters late last year, and now we are offering this for facility owners. If you're having properties or facilities of any kind, you can, together with Atlas Nest and Fortnox, now buy a solution which is adapting for your industry. This was just an example. It will come more and more solutions going forward. This was something that we released just a couple of days ago. Yeah. Yeah, again, of course, we're releasing a lot of new features all the time. For instance, now it's possible through our new Fortnox Bokslut & Skatt, which is the product we're delivering together with Agoy. Now we are done with submitting the annual reports digitally. Something that our customers have asked for and a feature that is important to them. I talked about Fortnox Läs and Fortnox Revisor before. Again, a lot of features, so I'm not going to talk about all the new features, but a lot of new features. This will be distributed to all of you after the meeting, so you can go in and read about it afterwards as well. Yeah. Just a short update so you understand that this is the portfolio that we're offering our customers during 2022. As I said, about 38 products, so we're still heavily investing in our portfolio. Although we're, you know, delivering healthy margin and all of that, we're also quite heavily investing in the future. This is the offering right now, but it's changing all the time, of course. Yes. Thank you for listening. All right. Thank you very much, Tommy, for that introduction and to everyone, we're now entering Q&A. If you want to ask a question, please use the chat provided in email, and we'll receive it on our screens here. Let's start top down. Organic growth, 24%. What would you say has been the main driver behind this? It's a little bit better than the average for 2021. You delivered slightly better than the ending of 2021 as well. Again, you know, the stability of the platform is that we're doing a lot of things at the same time, and all the things are growing right now, so it's a little bit of everything. Something that we have talked about now for, you know, a couple of quarters is that we see that we are selling more right now when we're meeting our customers, something that happened especially, you know, September, October, November, and then we had some more COVID problems. We had kind of a negative impact on the sales in December, January, and up until mid-February. The uptick that we're seeing now is of course connected to that we are now being able to meet our customers, and especially the accounting firms. Most of the sales that we're doing towards the direct channels to the smaller clients is digitally done. That has not a big impact on sales. Most of the sales that we're doing, especially towards the bigger accounting firms, are relation-based. We need to meet them, and we, you know, we're helping them become more digital and all of that, and with that, also increasing our sales. I think that's the most important driver for it, I would say. Mm-hmm. All right. Makes sense. The margin. Mm. Quite impressive. It's up from last year, even if you have acquisitions diluting. I mean, you had that in Q1 last year as well. Yes Now it's a bit bigger. If we look at the figure adjusted then for acquisitions, it's over 40%. Can you talk a bit about its strength here, the resilience in this margin, which is very impressive? Yeah. I think that's something that I've communicated during all these meetings, that we are heavily investing into being able to deliver scalability in our business, and it's really important to us. We're, you know, improving all the aspects of the business on a continuous basis. We are prepared to invest in growth, but we are also very much. For us, it's really important that we are not. With all the customers we have, we cannot add cost per customer. We need to be scalable in all aspects. When I'm saying that if we add one more user or one more product, that has, in principle, to be about 100% gross margin on that. Mm. That is something that we're showing now. Mm-hmm. Mm. You report roughly SEK 90 million of EBIT in the quarter. Yeah. That's clean EBIT. Yeah. You did have some costs that are extraordinary, so the listing cost. Yeah. Did you go run release? Yeah, we had in the insurance area a one-time cost there. Not any cost that was related to the activation of. It was an IP-related activation, and some costs to Ukraine, and some costs to the listing. That is in rough terms about SEK 7 million in one-time cost. We're closer to SEK 100 million in EBIT for the quarter, yeah. Yeah. kind of underlying. If we were to report adjusted EBIT. All right. Makes sense. You have at some point talked about the COVID impact, you mentioned it now as well. It had a negative impact on you. Do you see this being instead reversing to become something positive for Q1 and for the remainder of the year? It's hard to predict because, you know, we have not had COVID before. I think that, of course, when we're being able to meet our customers, of course, that has a positive impact on us and of course our customers. I think that will have a positive impact, for sure. We have said it a couple of times before that what we have been verifying is that we have a negative impact on transactions and the lending business. Those two, you know, revenue types definitely have a negative impact. Of course, over time, we should be able to see a positive impact on our sales when we're meeting our customers, for sure. That gets us into my next question, which is again on the organics. 24% roughly then for the quarter. Would you say this is representative then for Q2, Q3, Q4? For what could cause this to be higher or lower? We're not guiding regarding financial targets, so I don't want to guide for the future, but I can say that nothing is extraordinary for quarter one, you know. If you have guessed our future before, you should feel that, you know, Fortnox is delivering according to their plans, and you can be comfortable that we have not put anything extraordinary in on the positive side or on the negative side. This is, you know, a typical quarter, I would say. Okay. Talking about the net customer intake, 16,000, also a pretty high number. In terms of channels, the accounting firms versus the website. Mm-hmm. Which one is the biggest driver right now? Both of them are delivering quite good now. I would say if I just look into the numbers, I would say that the accounting firms, we have seen an uplift in that, and I think again, it's connected to that we have been able to meet them, especially in September, October, November. I would say to me, a little better uplift than expected on the accounting side, just because of that, I think. That comment is interesting. From September, October, November, then you see that effect now. Yeah, exactly. Yeah, it's a delay in the impact. We should see maybe something similar. Yes. If we're doing something positive now, that will probably be seen in our numbers in August or September, I think. All right. On the ARPC, it's up quite a bit year-over-year. It's also up compared to last quarter. Yeah. Do you have any acquisition effect in here as well? Or what would be excluded? You can take pretty much the same impact that we have. It's not more sophisticated than you're taking the net revenue, and you're dividing it with the number of customers. Since part of the net revenue includes acquisitions, of course, some part of that is in that as well. I think that you can take that number and look into the net revenue, and you can find that the percentage that we have in that is the same that we have also in the revenue per customer. It's rolling 12, so it's kind of slower- Mm-hmm. than revenue. Okay. A question we received here on something called your non-interactive customers, when you have some of these in your accounting channel. Yeah. Do you have any general commentary on these, if this is a number that is increasing or that is decreasing? Is there anything you could do to make them active? Because that would very positively impact the ARPC. For sure, it's definitely a lot of thing that we can do, and it's a lot of things that we're doing. It's not the public KPI that we're communicating. I think that will be public eventually. Right now, it's not something that we're communicating. For sure, something that we're investing in. Of course, now during a call like this, it's a huge opportunity. For us, it's also important to make sure that all the our potential users are actually active in the platform, because with that, we can support them so much better, and we can give so much more value back. That's actually what is driving that the most right now, to make sure that all potential users are actually active users in the platform. When you had your presentation here and the 300 SEK target per user. Mm-hmm. You sound very content. It's quite. You don't need that much of a push to reach it. What would it take for you to update that number to, I don't know, SEK 400 or something for the 2025 target? We'll see. What do you want to reach? No, but we'll see. We want to be very long-term, and with that, not changing our numbers every quarter or anything like that. We put out a plan there, and we're trying to be as transparent as possible. You know, we're saying now we're comfortable delivering on this target, and if we're delivering more than that, yeah, that's good as well. You know, I want to be in long-term and showing that we have a plan and we're delivering on it. Mm-hmm. The number of banking integrations that you said they've boomed quite a bit in the quarter. What does this mean in practice for you? No. Not that much in revenue. It's more about stickiness and the value that we can deliver back to our customers. As I said, a couple of products are dependent on that integration. The new, you know, this AI-based real-time bookkeeping product that we have are dependent of that. Mm-hmm. That is why that product is so important. Also being able to handle more payments in the platform, then we need an integration to the bank. A lot of these, you know, new products that we see a huge opportunity within are dependent of the bank integration. Mm-hmm. That's why that is so important for us. Okay. The prepackaged solutions. You did announce the package for carpenters earlier. Yeah. Now a new one. Mm-hmm. Is it too early to say anything about how that has been received? The first one? I know the last one is pretty- Yeah. Pretty new. No, I don't think that you should expect that much revenue this year, but I think that you should understand that it is a really good way for us to both, of course, increase revenue, but also help our customers into being able to buy what they need, so to say. It's kind of complicated, you know, when you're running a hairdresser. What do I need? Mm-hmm. There is a lot of, you know, affordable software out there, but what do I need? That is becoming more and more complex. I think that is the value that we can deliver now with these solutions. It's kind of early to predict revenue, but we definitely see that we can deliver a lot of value there and with that revenue eventually, I think. Let's move over to price hikes a bit. Yep. There are quite a few questions you could ask here. I think the first one, any feedback on this from customers? Is anyone upset or probably not since your price point is quite low to start with? No. You know, it's with the average revenue per customer about SEK 200, that means that on average the increase is SEK 20. You know, you don't follow SEK 20 when you run a company. The number becomes too small. Mm. I was actually sitting in our support because we have a support just focusing on subscriptions and agreements according to subscriptions. I was listening into the support the first day that we distributed the new prices just to feel if there was any feedback. There wasn't any call or any issue about that. I don't think they don't even notice, I think. All right. Super. Mm-hmm. From a capital markets perspective, you raise the prices by roughly 10%, you could say, if you have an annual package. Yeah. This really depends on the contract length that the customer takes. Yeah. It could be up to 20. Yeah. Maybe. If everyone were to go for the three-month- Yeah contract. Yeah. What do you think? We'll see. All right. You have had this now since first of April, correct me if I'm wrong. Yeah companies, right? Yeah. Can you see any signs there? Do they prefer the three-month or the annual package? What we have seen right now is that we have not communicated the share. You know, you don't like this answer because I'm actually not answering the question. What we can see that the customers are not changing that much. Mm. The percentage between 33 and 12 months that we have had before. Mm-hmm is actually kind of intact. Okay. That's an answer, but we have not communicated the share yet. We'll see. Maybe that will be a public number that we communicate eventually. Should we assume that this is going to be a more regular part of the model, raising prices? We'll see. You know, we'll see. I think that I will have the same answer that I've had during all the other calls that we don't need to do that. We know that we have an ability to do that. It's not like we are now in a plan where we need to do this every quarter, every year or anything like that. Yeah, of course, you should have a price that is connected to the value, but it's more important to us and our customers that we increase usage. Mm. It's better with more users and more products because that will benefit our clients more. Of course, with that opportunity of raising prices will be even higher with more users and more products. Mm-hmm. Our main focus is to make sure that all our customers benefit from all the things that we're doing. Okay. You sound slightly more positive on that angle than before, I think. We are in an inflationary environment now. Do you expect to see anything on wages for your own staff? I guess this is also a move to combat the rising- Mm inflation. Yeah. I think it's too early to predict. You know, we don't have, you know, we're not delivering any, you know, any physical products. We don't have any logistics issues, anything like that. Again, it's only salaries, as you're saying. I think that if one can predict salaries in the future, yeah, we will probably follow them. Mm. We don't have any, we don't see that our people will have a difference in increasing salaries than anyone else. Yeah, we'll follow the inflation rate, I guess. Okay. When it comes to penetration of new offerings, are there any particular products that you're more excited about than others? Or which ones do you see have higher uptake compared to before? No, but I think that we did this product demonstration through Carnegie a couple of weeks ago, and I think that if you just look into that, there is a lot of value in that. I think that all the people listening in to that one saw that it's a lot of things, but you should understand that most of the things that we show. It was about 10 products, something like that, with a lot of value in it. Most of them are just used by a fraction of our customers. When you look at that, you realize that the penetration is really low still on really good products that would benefit. With our price points, since the products are so good and the cost is, you know, SEK 100 is like nothing. I think that all the new products that we're putting out there, it's a lot of value and the price point is really low. Looking forward to increase the penetration of all the things that we have released the last 12 months, I think. Is this an awareness issue that, again, you referenced that the platform is a bit complex for some users? Yeah. There's a lot that you offer. Yeah. Maybe clients don't know, okay, they have this and this and this. Yeah. How can you bridge this gap? I think that it's a couple of things that it's of course that we're helping the accounting firms even more with, you know, meeting them because, you know, they need that. We're also investing quite a lot in our digital offers so that you can digitally onboard yourself easier with all the new products. Of course, one can say that all the, you know, the roughly 10 new products that we talked about, right, a couple of weeks ago. Most of them are built to address that. When we're saying that the platform is kind of advanced to really, you know, take benefit from everything that we're offering, that is for professional users. Mm. Most of the products that we're developing now is for the average user. Mm. You also saw the demonstration that they are easy to use now. Mm. I think that we're coming now with more and more products for the average user as well. Yeah, there was one product there which was particularly interesting, which was the AI bookkeeping, and you're gonna show it, and then it was already done. Yeah, exactly. That's quite a lot of value. Yeah. How do you make sure that you also get value monetarily from, because that's quite a big launch? Yeah, I think that if you're looking again in our numbers, you know, 200 SEK, that means that you have two products or two users. Most of the products that we showed a couple of weeks ago are actually addressing employees. We're talking about revenue per customer, so that is revenue per business, but we're talking about a price point per employee. When we're saying that we have increased the price with 10%, but if we're adding one more user, that is on average increasing revenue with 50%. Of course. Right When we're starting to scale per employee instead, compared to scaling per customer, the opportunity is much bigger. All right. At the end of Q4, you did show us the improved new lobby. You teased a bit with regards to suggestions it can give, et cetera. Yeah. Where in this journey are you now, you know, utilizing that network? We're seeing, "Hey, try this module or this module. It's already out there, and it's a lot of. We have a feature switch. We have not given it to all customers during quarter one, so that's why it was not a big thing, regarding the product news this quarter. An example is the Capcito offer- Mm-hmm ...which is, you know, a cross-sale opportunity. We acquired Capcito, and they have traditional company loans, which we don't have historically. The day after we acquired them, we had, you know, a notice in our lobby, and that has now grown quite substantial during the quarter. Without any investment from us, it's just, you know, everything is digital, no cost on our side. This is just, you know, a banner in our lobby that we have looked into your financials, and based on your financial, we can offer you this, and we think that you need that to improve your cash flow. Mm. Very powerful and easy. Mm. We're doing it already. We have a question here on invoicing, which has been a bit weaker in 2021. Can you give some flavor on general invoicing, appetite out there and also on your volumes? What does that look like in the quarter? No, I think that now we have gotten experience and knowledge about COVID, and we always see when there is a COVID wave that the activity goes down, but it goes up afterwards. If there aren't any macro financial things or anything, we would like to see that it's going up. According to all our own plans, we have big expectations for invoicing going forward. Okay. Here's a question on your products. Would you be interested in adding CRM tools or something around marketing as well sometime in the future? Yeah, we have looked into that, and it's a couple of partners that are doing that in our partner pool. We have also talked about CRM, which we have had in our portfolio and now moved away. Yes, it's definitely something that our customers are looking into. With the Offerta acquisition, we are also moving ourselves closer to that, you know, segment, so to say. It is interesting for our customers, but if it's marketing capabilities on how to address our own customers, that is something that we already have and we're using, and it might be that we're opening up that possibility also for the partners more and more. Now it's in our control, so to say, but it might be that we're opening up that for our partners also to benefit from all the information that we have, so that we can be, you know, better in communicating with the right customers into what they need. Let's move to a few questions on Capcito. It's fully now in the books compared to Q4, where it was only for a month or two. How much is this growing for you now in the quarter? As you can see that it's in the Pengar money, Pengar segment, so it's including with Fortnox Finance. It has a good growth, so you can look at Pengar. We also have a negative impact in the margin there, something that we have communicated that we are prepared to invest. The finance vertical is probably the biggest opportunity that we have if you just look at market opportunity going forward, so we are prepared to invest in that. All in all, a really good quarter regarding the finance vertical. Everything is growing right now, and if you look at the loan stock, which you can follow in the report, you can also see that quite good growth right now, both quarter-over-quarter and also on an annual basis. Yes, it's growing according to our expectations, and of course, it is a growing area, so we expect even more going forward because that's what we're investing in. Of this growth, you see that Capcito growing on, call it Fortnox customers, or is it their own strategy before that they exited on? Both. We see already now synergies, and that was the, for instance, the company loans that would have never had the growth that it had had during this quarter without the cross-sale opportunity. That is mainly driven of the activities that we have done in the Fortnox platform. We have a general question also on Capcito coming in on how satisfied are you with that so far? Really good, you know. We have also Mikael there, who was the CEO of Capcito. He's heading the whole area right now, so he's also very experienced in the area. You know, he's improving our way of driving the finance vertical for the whole group. He's doing good work there, and I think I'm satisfied with everything that's happening there right now. I did reference it, but the product that you launched pretty much instantly when you took over Capcito, the corporate lending. Yep. What kind of usage do you see there? Is that still a bit too early to? No, but again, yeah, since we have not communicated the exact number, but I can just tell you that it has been from, you know, nothing to, you know, quite a good loan stock just connected to that opportunity where we're taking the opportunity to inform the right customers that you will probably need to improve your cash flow, and with your financial, you can get this interest rate from us, and you can loan this much. Everything is really easy communicated for our customers, and it's a really good product. Yeah. Good. The partnership with Mynt- Yeah ...which you announced a few days ago. You did have a brief run-through here. One thing you stated there is that you have the right to acquire a few options in that. Yeah in that company. Yeah. Let's first start with how much does that entail of that business? Right now, 50%. One could assume that if this goes well, you might buy all of it. We have given us the opportunity to do that. Yeah. All right. You did go through a brief run-through here in terms of what this entails, branded Fortnox cards, et cetera. That means, basically, that you are gonna be pushing this more rather than Mynt. Yeah. Yeah. They will not be included in that. This is included in the Fortnox app, so that will be the distribution channel for it, and it will be connected to receipts and everything. If you're buying anything on it, you will get a pop-up where we're saying that, take a picture of the receipt, and then you can take a picture of the receipt, and then everything is done. You don't need to do anything like this, anything more than that. Everything is connected to our ecosystem, and I think that is also the value that we can deliver now, that this is really much integrated into our ecosystem. It's not just another card or anything like that. It's a really good value for our customer and something that, you know, many of our customers has been asking for this for many years. Mm. Mm. It's something that's been asked for. In terms of their product offering, do they have anything which, you know, is similar to what you have currently that you might not continue to support or anything that you might have planned in your development pipeline? No, we will benefit from all the things that Mynt are doing. It's just that we will do more to connect it to our ecosystem. All the things, if you are knowledgeable about Mynt and know what they're doing, all the things that they're offering will also be offered to our customers with the Fortnox card. There's another question here on Mynt, stating that this seems to be a comparable solution to Divvy in the U.S., which Bill.com recently acquired. Do you agree on that? And also, how important are credit cards for businesses in Sweden? Well, a lot of questions. Yeah, yeah. Divvy and Mynt has similarities, for sure. We hopefully will build an even better solution connected to the Fortnox platform, but it definitely have similarities, for sure. Credit cards, we're not sure that credit cards will be the future of everything. We think that, it might be that down the line in our, you know, in our planning, we may be able to offer our customers even better things than credit cards. Right now, the way that we are being able to distribute this to our customers, it is a really good product with a lot of value in it. For now, you know, this is really good value that we're delivering to our customers. Could you also give us an update on the marketplace or the app store? Mm-hmm usage generally, and also, which apps do you see really trending there for you? Yeah. You can see the segment Marknadsplatsen, which is now including App Market and Offerta. I have said that, you know, if I needed to say that this segment is the most important one this year, I've said that the finance vertical, the Pengar segment, is the most important area this year. Then I would say then if I'm just guessing, the Marknadsplatsen will probably be the number one priority next year. We're kind of preparing that segment now for next year. We're investing in a new offer for Offerta, but also investing even more in the App Market. The App Market is really good as it is. What we need to do is being able to, in a digital way, help our customers to benefit from all the things that we have done. That's what we're investing in. The platform is really good. We have a lot of partners there, but there's still a gap between our customers and the App Market. That is what we're investing in right now. You can also see that the numbers in that segment is quite good. You know, we're growing and we have a healthy margin, although it's a growing area. It's an area where I'm investing in. We think that we can do even more there, but it's quite a good quarter anyway. We are running a bit out of time. The final question, which I'd like to finish with, if you could rank your opportunities again, ARPU, call it Fortnox core, finance, App Market, how would you see that for this year and also, say, for a 2-3-year perspective? Oh, it's a really tricky question because I would like to talk about everything. I think that it's a mix of everything. We have a lot of opportunities. The ability internally is to make sure that we're, you know, going for the right things. That is the most important thing. Of course, the finance vertical, if you just look at it, you know, the opportunity is massive, I would say. Also you mentioned the App Market and Offerta. Really, really interesting. The core business is delivering really, really good and will probably do that for many years. Of course, financially, that is really important, but I think it's really even more important in that that's also the base of all the other verticals as well. It's important to understand that we need to deliver these, the core products to all our customers because that's the stepping stone to all the other verticals. That's why that is important to deliver on as well. You know. Maybe that was a good question. I don't know. Very good. Thank you very much, Tommy, for that. Thank you, everyone, for listening to this conference today. Thank you. Thank you.