Good day, everybody, and welcome to the Presentation of the Fortnox Q2 Report. We are live from the studio in Växjö, Sweden. My name is Sarah, and I will be your moderator today. With me in the room, I have CEO Tommy Eklund, who will kick off our hour here together by giving a brief run-through of the company highlights during this quarter. After that, there will be time for some Q&A. If anybody in the audience has any questions, there's a chat function on the webcast that you're very free to use. Now that we have the formalities out of the way, Tommy, please go ahead. Thank you, Sarah. As always, I'll give a short intro, especially focusing or initially focusing on the numbers during the quarter, and then a little bit what is happening in partnerships and the products, and then we can kick off the Q&A session. I think most of you guys would like to focus on the Q&A sessions, so I'll keep it short. As I guess most of you that are following Fortnox knows that number of customers and revenue per customers are important targets for us to follow, and that's also something that we have put out to the market. We have long-term ambitions on this to reach 700,000 customers by 2025 and have a revenue per customer, that is revenue per organization, over SEK 300 per month by 2025. Those are important numbers to follow. Again, a solid quarter. 15,000 net growth of customers. That is not new customers, that's net growth, then you can understand that the gross number is much higher than that. You know, all in all, according to our own expectations and according to our plan to exceed 700,000 by 2025. The revenue per customers increased by 8 SEK, a little bit over what we had last quarter too in 2021. Also that a little better than our own expectations. I would say, you know, all in all, a quarter that is trending a little bit better than we have expected. if we go to the financial numbers, and something that we now have reported every quarter, and we want you guys also to follow. Yeah, the international definition is the Rule of 40, which is if you're adding growth and EBIT, it should exceed 40. We have our own interpretation of that, which is Rule of Fortnox. we want, you know, on an annual basis, to exceed 60 on this definition. again, a solid quarter also financially. when we're adding growth and EBIT, we're landing on 67% in this way of looking at it. I think you should especially look at organic growth, which is up from under 20% last year, and now we're over 28%. Something that we have reported, that we have invested in our offering and our way to distribute what we're doing, and I think that is seen also in the organic growth right now, which definitely we have an uplift in. If you look at, again, these numbers trending and, yeah, this is going back all the way to 2018. You can see steady growth both regarding number of customers and revenue per customers. Since this is, you know, revenue per customers is just the net revenue divided with the number of customers. It's important to follow both these numbers, and that is also what is impressive with this quarter, that we're delivering good growth in both of these numbers. Solid growth regarding our most important public KPIs. The net sales is up definitely according to our expectation or a bit better actually. I think also you should see that now we're being even better at investing in being able to deliver value to our customers in an efficient way. That is also seen that. If the growth is up now 34%, EBIT growth is actually 47%. I have reported that now, for a number of quarters that we have scalable business models, and with growth, we can expand also EBIT, which is shown this quarter. If you just look at the rule of Fortnox in a historical context, you can see that we are, on an annual basis, comfortably delivering over our own expectation, which is 60%. Rolling 12, we're actually over 70% right now. You know, really good quarter regarding growth and margin. I usually just pick up a couple of things from the business that I think is kind of a fun fact. This quarter, the app usage is up 54%. You know, the app is really important for us because we're you know, building a whole ecosystem around the specific user and the app. More and more of our value that we're delivering is actually connected to the app, and that's why it's really important now that that is growing more than everything else is growing right now. A lot of customer value in that and also very strategic for us to be able to deliver app features to all our customers. That's actually, it's 200,000 now, 200,000 downloads of the app right now, and it's growing 54%. That's good. We have mentioned payslips a couple of times before, and now during this quarter, it is actually exceeding now 300,000. That's monthly payslips that we have distributed in the platform during the quarter now. Quite impressive number. And we also released this automated bookkeeping from bank statements, which is, you know, AI bookkeeping when we look at the bank statements and being able to automatically bookkeep everything so that customers, they don't need to do anything regarding bookkeeping. Something that was publicly released earlier this year. During since January, we have reached now almost 2.5 million transactions that is automatically bookkept in the platform. You know, it's not a big number compared to how many transactions we have in the platform, but still quite an impressive number this early of this new portfolio, which is really important to us because of course, we want everything to be automatically done in the platform eventually. Yes, for you guys that have heard me talk about Fortnox before, you know that part of our strategic way forward is to do things together with others. We have really good strategic partnerships with accounting firms to be able to deliver value to our customers. We have strategic partnerships with all the bigger banks, and we have a lot of partnerships with the authorities and stuff like that and schools. You know, we are a whole ecosystems of organizations that together now are delivering value to companies. We have now done this during, I would say, the last year, a bit more structured. We have our own R&D. A lot of new features and a lot of value is something that we develop in-house, but we also have our partners. We have 400 development partners that are through our APIs and through our ecosystems, are delivering value to our customers. We also have strategic partnerships, which we're investing a bit more. Maybe we're investing in a combined offer, or we have something that is more, have a full business model, a full offer together with someone. Or we can also expand our offer through M&A. Something that we have done now during the last one-two years. I just want to pick up a couple of those things that we are now doing together with others. We mentioned this previous quarter as well, but it was actually signed in quarter two. This is the partnership with Mynt, where we some time late this year or early next year will be able to deliver a business card, a fully branded Fortnox business card and fully integrated in the Fortnox ecosystem. This has been asked for many years, and we haven't done this because we really wanted the capability to deliver a full-blown solution inside the Fortnox ecosystem. It's really a big value to use this card instead of any other card, and something that we now can deliver with our own R&D capabilities and also with Mynt. With this solution, we can really deliver something extra to our customers. I'm looking forward to that delivery later this year or early next year. Yeah, Agoy was something that we did a partnership with Agoy about 18 months ago, and we also took a small portion of that company. We acquired about 30%, like 18 months ago, and we also started to offer their offering to our customers. It has been received really well by all the accounting firms. We took the decision to acquire the last piece of Agoy. That is now a fully owned company in Fortnox. We wanted to invest even more in this offering because it has been received so good by our customers. Now it's fully owned and it will be in-house developed going forward. Looking forward to be able to deliver value in the accounts closing area and annual reports and taxes and that whole area that we haven't been that strong in historically, something. I'm calling it, you know, the last piece in the puzzle to have a complete offer towards the accounting firms. This was also something that was launched during quarter two, which is a partnership with Svea. With this, we will be able to offer a checkout to in the business to consumer area. It's a bit different when you're paying invoices in the business to business area. This is the business to consumer area, which is about 1/3 of all the invoices that is distributed in the platform is business to consumer. We have mentioned the number. It's roughly SEK 500 billion in money that we are invoicing in the platform. One-third of that real is business to consumer. With this feature, consumers can, with an easy-to-use checkout, pay the invoices that are distributed from our customers to consumers. Bokadirekt, which is in this company's niche, which is booking services for a specific industry, which is, sorry, what's this called in English? Beauty and health. Beauty and health. You know, they are like 80%-90%, so they are super dominant and a really popular site. Here is where you're booking your appointments, and it's really good. It's a company that we have been in dialogue for quite some time, and now we have signed an agreement so that we can have a combined offer with our stuff and their stuff. It will be distributed both in our own channels, but also in their sales channels. Really interesting partnership that we have with Bokadirekt as well. Yeah, just a few words. We have said now for almost two years that we have had an insight development team that are just working with our data and delivering value to our customers based on all the data we have in the platform. Another product now that is delivered from that team is insights for accountants. Things that, you know, accountants are doing manually historically, now we can look in the data and show accountants that now you have deviations in different things, and maybe you should look that up, or you should have, you know, a meeting with your customer, that is the company, to figure out why you have a deviation in this line, you know, in the statement. You know, it might be a small thing, but it's a huge thing for the accountants. Interesting feature or a product that is delivered during the quarter. Also we delivered a new version of the Monto platform, which is our real-time credit scoring engine that we acquired through Capcito. We have combined forces now with the experience and the knowledge that Fortnox already had with real-time credit scoring, and now we have combined that with the experience and the capabilities that Capcito had, and now we're being able to deliver even more value in this area, which we think is the future of credit scoring. Quite interesting re-release there as well. As I mentioned, we have automatically bookkeep more than 2.5 million transactions during this year, and it's just a starting point. You know, we have a goal to automate and do everything in the platform should not be manually done. It's definitely something that we're investing for the future here, and it's not impacting our revenue that much, but it's really important for how we're delivering value to our customers and also strategic delivery. It's really important that we continuously removing all manual steps in the bookkeeping area. As I mentioned, it's about 200,000 apps now downloaded, so a lot of value also now comes from the app, not just the web, the web platform. You know, I can continue for hours to talk about our portfolio because we're investing so much in our portfolio. I'm just, you know, showing it that you should understand that although, you know, we're delivering quite good numbers and a solid margin, we're also hugely investing in our platform continuously. So it's important to understand that it's more new features to come, so to say. Yes. All right. Thank you. Thank you. you. Thank you so much for that. I would just like to send out a reminder to everybody listening that the chat function exists, and you're welcome to send in any of your questions via that, and it'll pop up here on my screen. I'll kick off from the top then, I think. Organic sales growth, extremely strong, I would say, 28.4% in the quarter. You mentioned that there were a multitude of drivers behind this, both in customer intake and the revenue per customer. I would sort of like to start on the customer intake side. What would you say is the main driver behind the strong net added customers? I think it's we continuously become better and better at being able to explain to customers, you know, how much value we can bring by become a customer in the platform. Also, you know, our warehouse solution, of course, that is a driver as well. More and more customers comes into the platform when they want to start a company. Either they start it from scratch or they buy a shelf company from us. Because, you know, it's so easy, you know, it's affordable, so it's a really good starting point when you want to start a company. We're increasing our market share there, you know, every month now, which of course has an impact on numbers as well. In terms of channel, would you say that accounting firms are still the sort of main drivers of new customers added? It's like 50/50, but of course, they the accounting firms are also really good at, you know, helping customers, and especially new companies to get going. Both channels are delivering quite good right now. Cool. You talked a little bit about the partnerships with Fastighetsnet and with Bokadirekt, and sort of that gives you access to niche segments of customer types, so to say. Yeah. Have you identified any other such niches that would be attractive for you, besides the property and the beauty and health? Yeah, for sure. I think that I just did the number before today, and we actually have discussions with, you know, it's like, I think it was like 70 companies already this year. It's a couple of companies per week now that we're investigating or having a dialogue with either through partnerships or collaborations or M&A. Mm. You know, this is the outcome of it. Although, you know, you need to be really, you know, you need to be out there and having dialogues to understand where are you really delivering value. You can imagine how many discussions we have had when we're saying that we're buying one company. It's the same for strategic partnerships. You know, you probably need that to meet like 50 companies to find that, you know, that company that can deliver extra value to our customers. Mm. We are really active because we know when you are active, you will find the companies that can bring value to your customer. But of course, it would be hard for us to be able to deliver value to all the different niches. It is a really good strategic, you know, direction for us to be able to deliver value to the broader context. Then we have partners that really understands, for instance, you know, when you're driving like the Fastighetsnet offer, which is, you know, very, very specific, you know. And also Bokadirekt, which is another industry which is way different. Mm. That's definitely part of the strategy going forward as well. Have you perhaps started seeing effects from this already in terms of driving customer intake, or is that more of a future? It is actually kind of hard to understand exactly because we have so many customers coming into the platform in different ways. You know, of course there is a network effect of everything here. Mm. It is there. It's just hard to exactly show why that happened, but of course it's there. If we sort of move on to the revenue per customer instead, then the other driver, if you will. Yep. of organic growth. You mentioned briefly in the report that you see an increased penetration of modules per users, if I interpret correctly. Yes. Could you tell me a little bit about how you have been driving that increased penetration? What have you done to make that go up? I think it was a shift of strategy that we did. I think it was like two years ago that most of the customers that have increased usage is something that we have promoted through sales more or less. Mm. You know, with the price point we have, it's actually not selling because the time you spend to start to use a new product, that time is a bigger investment than actually paying us for the license. That's why we need to invest even more to be able to help our customers on how they can benefit from the pro-product. With our scale, with so many customers, we cannot do that manually. I think we started about two years ago to invest even more in all the development teams now have targets on usage, and they're investing on a continuous basis to, you know, improve their products on how the customers can benefit from them. It's more about how we're approaching each user digital. Mm. than actually selling more. I think that is showing right now. In terms of price increases, you increased prices recently by on average 10%, let's say, in rough terms. I know we haven't really seen the full effect of this in the numbers yet, and I think you know what I'm gonna ask. Do you think you have wiggle room to sort of increase prices even more in the near term? Especially I think this is interesting from a pricing power conversation in times of inflation. Yeah. That was actually a couple of questions. Mm-hmm. Yes, of course, we know that we have compared to competitors, and if you look at the, you know, natural market and the international market, we know that we have a low price. That's one way of comparing it. That's for sure. Regarding it in just absolute terms, you know, as you said, some of our customers, they got a price increase of 10%, and the average revenue per customer is about 200 SEK. That means that the average increase is actually 20 SEK. You know, it's a ridiculously low number. It's $2 per month. That's, you know. I think that most customers, they don't even notice. Mm. Because it's such a small number. I think that's the power of Fortnox as well. I have said this now a couple of times that if you ask our customers if they get, you know, their, you know, top three features that they would like, but they need to pay SEK 20 more, of course, all of them will say yes. We are definitely not on the breaking point where customers are saying that, "Please remove some features so that we can get 10% discount," because no one is asking for that because they know that all the features that we're delivering now is a lot of value for money. Mm. That's one way of looking at it as well, which is of course important because we need to deliver value all the time. That's what is important to us. You know, it shouldn't drive the business. We shouldn't drive the business with price increases. I've said it before and, you know, I can say it again, we know that we can raise prices without any share. Mm. You know, we have shown that. We can deliver even more value by increasing the number of products per user. I think that answers one of the incoming questions that we have. Mm-hmm. Regarding churn. I think you sort of said that you don't see any increase in that so far. No. No. No, not right there, no. All right. Given the customer intake and the pricing discussion and the increased modules per users and so on, do you see this as a sustainable level of organic growth going into H2 as well? You know, we don't like to give guidance. What I can say is that all the parameters that we have reported in quarter two, they have a good trend according to our own expectations. We have a good momentum, and we have good trend on all the ways that we're measuring the business right now. Touching just briefly on Capcito. Mm-hmm. Would you say that the investment needs there are in line with what you have been expecting them to be? Because you've communicated the investment need a few times already. Yeah. No, no, I think that, you know, it was for several reasons why we acquired Capcito. Just to mention a few of them, it was a company that we saw that we can, you know, increase their growth with. With their capabilities, we can increase growth even further in our own finance vertical. When we're combining our, especially our customer base with their technology, we can increase their growth. If you just look at the numbers, you can see that, especially the Capcito part now is, you know, has quite good organic growth, better than what we have on group level. It's happening right now. also we're taking advantage of the technology and experience that especially Capcito had in the Monto platform to be able to be even better at doing real-time credit scoring. You know, when we become super really good at real-time credit scoring, we will be able to offer so much more value in our cash flow offering, so to say. We can help our customers even more now when we become even better at doing proactive real-time credit scoring on all our customers. The other acquired entities, in terms of top-line growth, are you satisfied with what they're performing so far? Yes, I would say that as well. You can see the segment marketplace is also delivering quite good right now, although I have reported that it's a year of investment in that area. You shouldn't, you know, expect any, you know, impressive growth or anything like that. We are investing in that platform right now. You know, the marketplace owns two really interesting future prospects. One is the Offerta case, which is an interesting cross-sale opportunity. If you see what Offerta is currently delivering to their customers, and if you combine that with the Fortnox core customer base, it's a huge business case. We cannot deliver on that without having a digital way of selling the Offerta subscriptions, and that's what we're investing in right now. Historically, Fortnox has been really good at digital sales and being able to do digital invoicing and digital marketing and all the things that we have become really efficient and being able to deliver a high-margin business without, you know, diluting the margin. That experience is now something that we're using to improve Offerta and their ways of going to the market, and it's something that we will invest in for the full year. I've said it that I think that you should start to look at that business next year. Mm-hmm. Because if I'm saying that this year is, you know, the money segment year, next year is the marketplace year. App Market, we delivered App Market Q3 last year. Really good technology-wise. What we're investing in there now is helping our customers. We have developed a full-blown marketing engine which looks into our customers base and finding peers that are really successful. With that marketing engine, we can suggest to customers, if you run a hair salon in a mid-sized town in south of Sweden, we can say that, "If you bought this app, we think that would improve your business, because if you look at peers, we can see that they're actually delivering better because of the app that they have acquired." It's quite powerful, but it's, you know, it's kind of a slow-moving engine because it's also a change of behavior of our customers, but of course, huge opportunity going forward. That is what we're investing in there. Cool. Banking integrations. Mm. You mentioned them in the previous quarterly report, but I didn't see an update in this one. Could you tell us something about it? I think it was just a fun fact. We'll see if it will be a fun fact another time. Okay. All right. Quickly, we're gonna talk about margins and costs and all of this fun stuff, but I have to ask about the lending business. Yep. It grew really strongly. You basically doubled the revenues from there, albeit from a low base, of course, but it makes up 6% of the total sales mix in the group right now. If I read the numbers right, the loan book grew from around SEK 78 million to SEK 91 million. Are you happy with that growth? Yeah. What we have seen is that, really, as you're saying, good growth in corporate loans. What we're doing there is we're benefiting from the capabilities in Monto to do real-time credit scoring, and then with that information, we're offering our the Fortnox core customers corporate loans, something that we didn't do before. You know, maybe that wasn't our core business and maybe it's not, it will not be our core business going forward, but there's a lot of value in it because we think that factoring is even better for our customers to handle the cash flow. Right now, it is quite a good bridge from traditional bank loans into the factoring business. That's why we're doing it right now because it's easy for our customers, and it's easy to understand and all of that. We're doing it, and it's picking up, and as you're saying, we have rapid growth right now. Really good in that aspect. The factoring business is a bit more slow-moving because what we're doing is that I said that during the quarter one report, that what we're doing now is combining Fortnox and Monto capabilities of credit scoring, something that we did late last year just after we acquired Capcito. We combined forces, used all the data that we have about all our customers. Historically, we have just offered factoring services to our finance customers. You needed to use our finance services, you need to be a finance customer to be able to benefit from factoring. Something that we're changing now. We're pre-scoring all our customers to be able to offer to buy all the invoices in the platform. Of course, then you can imagine it's a lot of work to pre-score all our customers in real-time. After that, we're offering to buy the invoices, and then we're lending business. That is moved to lending business, and then we earn money on the interest. It's kind of a long tail, but it's really sticky, and it's a high margin business. We're actually in that phase now where we're pre-scoring almost, you know... Yeah, yeah, we'll pre-score all our customers, and we of course will not offer factoring to all our customers because maybe they are not scored in the way that we can offer that. But all the customers that we think is good enough to offer that, we will offer to buy all their invoices. It's super interesting offer. Yeah, agreed. Do you have any reservations around this business model if we're headed into a recession, which seems to be the base case around town? I think that was shown, although it's small volumes, but I think the data is there anyway. I think we've shown that during COVID, we have, you know, both upturns and downturns in the financials, and we didn't have any impacts on our losses. I think we have a really good way of being fast learners in that sense. Besides the corporate loans, which is kind of specific and it's kind of small, but the factoring business, it's only 30 days. You know, we can change from one day to another. We're doing real-time update credit scoring every night now. We have real-time data about all our customers all the time. I'm not so worried about that, actually. Okay, interesting. We have an incoming question here, asking about sort of tying into our previous question. Do you see a change in sentiment with your customers due to the sort of global situation that we're in right now? Have you picked up on anything? Not right now. Mm. We haven't seen it in our data right now. We have a solid business and it's, you know, it's running as usual. Mm. Mm. If it were to sort of soften, do you have lessons that you drew from previous periods of recession that you can apply? Also sort of question B. Mm. To that first question, do you think Fortnox has become more or less resilient toward economic fluctuations after the sort of changes to the business from the past one, two years? It's really hard to speculate on microfinance right now. It is, you know, kind of crazy, so it's kind of hard to speculate on. You know, I think that we look at our subscription, for instance. You know, it's between three and 12 months. Even if it were to happen something in the churn, for instance, because of a problem in the company's financials, it's still, you know, a lead time of three to 12 months before it has an impact on the revenue. I think that, at least in Sweden, I think the government will also like to support companies if there were to be a downturn in the finance sector. Yeah, of course, we reported that we had a small downturn in transactional-based revenue during COVID, and that might happen again, but it's still, you know, a small portion of our revenue. And it is, as you can see, the transactional-based revenue is actually growing really good now, much better than what we're doing on group level. That is driven, as you saw also, by a big uplift in payslips. You know, you should have a really big downturn in the financials if that number were to slow down. You know, often people get payslips anyway, so it's small numbers. But of course, all companies have some kind of impact. But it's kind of hard to speculate on what that should be in our way of doing business. All right, going back to the report, to the actual numbers here. On the EBIT margin, you posted a really strong EBIT margin, especially on an organic level. Could you comment a bit about the resilience here in the margin and the improvement on a year-to-year basis? Yeah, I think that we're proud of that. It's something that all, you know, everyone working here, they want to deliver as much value as possible for as small number as possible because, you know, we're entrepreneurs and that's how we want to drive our business and that's also how we can deliver more value to our customers. That is. You know, we're driving that, and we're always investing in high margin business, and that is shown now. With organic growth, you know, we can expand EBIT. I've also said that sometimes we decide to invest even more, and with that not expand the EBIT. For instance, buy a company, which we are actually, you know, we bought Capcito, which is a loss-making company, which we have taken care of. Which is a way of showing that, you know, if we have good enough EBIT, so we're not pushing EBIT, but we're still proud of being able to deliver value in an efficient way, and that is what is shown in the numbers, I think. We have also an incoming question on the operating margins, if you have a view on what the appropriate level are long term. We're not reporting that. I think that you should look in our historical numbers and find your own guidance in that. We have said that internally we're following this Rule of Fortnox, so we want to be healthy over 60 when we're adding growth and margin, that's the only thing that we're reporting. Again, I think the business is quite stable, so I think you should look in the historical number and find your own guidance there. Yep. Cool. On OpEx then. Mm-hmm. You said that employee costs and other external costs, I think, were the drivers behind the OpEx increase year-over-year. Could you comment a bit on that? Yeah. We are hiring more people. We want to grow as a company. We think that we can deliver even more value with more people. We are hiring frequently, and especially on the development side. We have a lot of business cases, product business cases, so we can deliver even more value with more people on the development side. That is something that we will continue doing. We have said now for a couple of quarters that, or it was actually beginning last year, that we think it would be a good business case to invest a little bit more in marketing, something that has been on a ridiculous low level historically. If you just look at the number, regarding other costs, what is growing there is marketing expenses. We're not sure exactly what that is going to be going forward, but right now we, you know, see that it is a good business case for us because we're doing so many things, and we see that if more customers would understand all the good things that we're doing, it will improve their business. It's a way for us to invest even more in communication to explain to the customers how they can improve their business by using more of what we're doing. What that level should be going forward, I don't know. I'm just saying that right now we're picking it up a bit and it's a good investment. On the employee cost comment, you say you're hiring more and that's what driving costs. Yeah. Are you also seeing an impact from wage inflation coming through? No. No. No, not right now. Not at all? No. Okay. All right. Just a reminder out there, anybody, if you have a question to ask, the chat is still live, so just send it in. If not, I'd like to ask about the payment card. You said you're planning to launch it by end of this year. Is that still the schedule you're keeping? Yeah, it's kind of a rough delivery plan in that sense. Late this year or early next year, that is what we're planning, and I haven't seen any delays in that plan. This probably be delivered sometime during early next year or late this year. Yeah. Very looking forward to that, though. I think that'll be very fun to follow. All right. Since we don't have any more incoming questions, I'd like to ask a finishing one. Yeah. What are you most excited about and wary about for the coming two quarters? No, I think that what is kind of hard to understand or actually for me also to talk about during these sessions because, we're, you know, they're too short, is that we're doing so many things at the same time. We have 40 products, and many of the products are in the product life cycle line. They are very early, and they don't contribute to almost any revenue at all. We have a lot of, you know, as I said, the AI bookkeeping thing and the Payroll Mini, Invoicing Mini, all the insight team, the business mailbox, and of course, you know, all the investments that we're doing in Offerta, which you know have no contribution to revenue right now. App Market, no contribution to revenue. We have a lot of things that we're investing in that, you know, everything will not happen exactly according to our plan because that's the nature of the R&D investments that we're doing. If you just look at it's so interesting to see the opportunities on each product. That's what I'm looking forward to be able to talk about all the new things that we're doing when they're now starting to get traction. That's something that I'm looking forward to. If you're, you know, asking about something that is worrying me, it's of course that we're doing a lot of things at the same time. You know, we're doing everything at the same time, but that's also the DNA and the nature of Fortnox. I think we're doing it in a really good way, but of course, one can worry sometimes because it's a lot of things happening at the same time. Mm-hmm. I think we're doing good. Yeah. Great. The numbers seems to confirm your view so far. All right then. With that question, I think we're done here for today. That's all from us here in Växjö. Thank you, everybody, for watching and for the questions, and have a nice day. Thanks.