Warm welcome to today's investor forum. We're back at the lab here in Växjö, Sweden, at Fortnox's HQ. My name is Joachim Gunell. I'm a technology analyst at DNB Markets, and I have the great pleasure to be hosting today's call. As per usual, we encourage everybody in the audience listening in to please use the chat function in the web should you want to ask any really sharp questions to Tommy. But like always, we'll kick things off with Tommy presenting the Q2 results. The scene is all yours, Tommy. Thank you, Joachim. As always, we'll have a brief introduction regarding the highlights in the report, and then we'll focus on Q&A. Keep it fairly short, and then we leave the floor for Q&A. As Joachim said, please send questions through the chat. In short, yeah, for you, all of you who are following Fortnox, you know that our public KPIs are number of customers and revenue per month and customer. Customers is number of companies, so that is number of companies in the platform and also the revenue per month per company. Again, a solid quarter in how we're measuring progress in the company. We're net growing with 10,000 customers in line with quarter three last year. All in all, a solid growth number. Regarding revenue per customer, we're actually adding SEK 11 per month per company during the quarter, which is definitely an uplift compared to last year which was SEK 6 or so. Pretty much delivering according to our own plan as we have reported now a couple of quarters. We're aiming to reach or come about 700,000 companies by 2025, with an average revenue per month exceeding SEK 300 per month. Just a little view on that. As I've said now, for a couple of quarters, we're delivering on our own plan regarding net growth of customers, and the average revenue per customers is delivering a little bit better in our own plan right now to exceed 300 SEK. Again, all in all, a solid quarter regarding the operations. If we look at the financial KPIs that we're putting out there, growth, good quarter, especially the organic growth, 35%. In combination with increased EBIT, we're actually delivering the Rule of Fortnox or the international term Rule of 40 is actually 84% during the quarter. Financially, a solid quarter. If we just put the net growth of customers and average revenue per customer in a historical context, you can also follow and see that, yeah, we are delivering according to our own plan. You can also see that the average revenue per customer is up SEK 11, which is the biggest uplift that we have had in a single quarter, for forever. In a historical context, that is a really big uplift. Of course that's, you know, proving that we're doing the right things because that's the best way of measuring if we're doing the right things is because that's really a way of measuring how much are our customers using the platform. More usage is definitely something that we're measuring all the time, and the best way of measuring that is how much they're buying from us. In that sense, it is important for us to see that they're using more of the things that we're delivering. Financially, I guess you've seen the numbers. Good organic growth, but also scalable business. I think that is important to understand that we're always removing waste, making sure that we are scalable, and that is also seen in the organic EBIT is actually 49%, so it's almost 50% organic EBIT, and that's not adjusted EBIT or EBITDA or anything like that, so that's pure EBIT. It's quite impressive, I would say. It's also the DNA of Fortnox, making sure that, you know, we are scalable, removing all the waste in the business, and that is also seen in the numbers right now. The rule of Fortnox, something that we're not guiding on. We're saying that it's internally an important number to keep track of that. If growth is not coming, we need to show that EBIT should go up, and we are prepared to invest a little bit of the EBIT to improve growth. Right now we're doing both actually, and that's why that number is so high now. 84%, which is in an historical context, quite impressive. It was. You need to go back to 2010 to find another number. 2010, we had a revenue of roughly SEK 30 million. With that, a better growth then. It's in a historical context, quite impressive with 84 Rule of 40. I usually pick up a couple of things from the platform, which I think is kind of fun and interesting for you guys that are following Fortnox. We have a lot of, you know, financial data about the business, the overall, you know, business environment in Sweden. Just a fun anecdote is that one of the vertical, which is energy-saving categories in the marketplace, that is consumers asking for services connected to energy savings, is actually up more than 280% compared to last year. Yes, there is a downturn in financially in some categories, but other categories are definitely up. For instance, home cleaning is up 60% compared to last year. There are a lot of consumer needs out there. It's just that we're shifting from, you know, bathroom renovations are down, but energy-saving categories are definitely up. It's interesting. We have a lot of data there. It was three or four quarters ago, I reported that every other second, there was a customer invoice distributed in the platform. At the end of quarter three, now it's actually one customer invoice per second now. Quite impressive. 24/7, every second, there is a customer invoice distributed in the platform. You might have seen that the finance vertical is picking up now, quite good growth in that area. An example of that is the enterprise loans, which is up more than 30%, actually 34% from quarter two. That's quarter-over-quarter growth, which is more than 30% right now. You saw that the theme of this quarter is the people product area, which we're releasing a lot of new features within. We now see that we have a really strong offer within this area. It's one of the area that is growing the most right now, and we're releasing a lot of new features there. It's important to understand that it is a good business for us. It's growing, and it's important for our customers, and then we're making them more efficient and all of that. It's also important that we are building kind of an ecosystem for companies, but this is also a way of building an ecosystem towards the employees, and that's the people area. That's long-term really important for us that we can deliver value directly to all employees and not just the companies. Strategically important that this area is growing, and it's one of the area that is growing the most right now. It's also this area where we will distribute the Fortnox card. That's why it's important to onboard all employees because then we have a way of distribute The Fortnox card. You know, we have two payroll systems, one for bigger companies and one for companies that are under five employees. Now we're adding more and more features to the Payroll Mini, as we're calling it. Now it's more like a full-blown solution for the micro segment as well. Now we have two really good offers, addressing different segments, which is really interesting going forward. That's an important release for this quarter. Yes, this is just an example of Boxflow that they are using our payroll system. It is important to understand, although that we have a history of having, you know, our sweet spot has been five to nine employees, the platform is really scalable. We have companies that have 1,000 employees, but we have also self-employed that take advantage of what we're doing. In that sense, it is important to understand how scalable the platform is, that we can deliver value to really big organizations, but also really small organizations. Yeah, as always, we're releasing a lot of new features. Maybe I can just, you know, say a couple of things about each product area. Accounting, you know, our core product area, what we're doing there is adding more integrations, more AI. More and more is automatically bookkeeping in the platform right now. For you guys that are following us, you know that we released this AI bookkeeping earlier this year. It's growing really good. At the same time, we also released this rule engine for especially for accountants, but also customers that have their own, I don't know, finance department that can manage these things. The combination of these two products is important because that's how we can automatically bookkeep everything. The AI does whatever we can do automatically, and then we combine that with rules that an accountant can do or a CFO can do, that this is a specific thing that I would like to bookkeep this way. The combination of these products will make, you know, make us 100% complete there. Quite impressive what we're doing there. Early stages, but it's growing really good right now. The billing area, again, you saw that we're distributing 1 invoice per second, so quite impressive volumes. What we're doing there in general, the strategic direction that we have in that area is moving ourselves closer to the actual payment. We're making our customers get paid earlier with, you know, making more and more checkouts and ways of onboarding their customers so that they can pay invoices easier, but also in the other way, making sure that our customers can pay easier. We're moving the platform closer and closer to the payment so that the customers can both pay easier but also get paid easier. Yeah, I think I talked about the people area, but also the finance vertical. You can see in the numbers that the Pengar segment, which holds all financial services, is growing almost 80% in the quarter. It's a pickup from all the products, I would say. We did huge investments two years and also last year in that segment. I think that is now showing that it was a good decision to develop our own platform and also to acquire Capcito. Capcito is actually growing organically like 55% in the quarter. So I think the synergies is starting to prove there between Capcito and Monto and Fortnox and all the investments that we have done in that area. Again, a lot of things in the engagement area. We're migrating our accounts to Fortnox ID. We're releasing more and more features in the insight area, and you know that the app is becoming more and more popular. All in all, a lot of things in the engagement area, which is focusing on onboarding more and more users. The connect area, it's the app market where we have all the integrations to the development partners. More and more development partners. It's more than 300 now approved development partners in the app market. We actually have a couple of thousand companies that are doing software based on the APIs. A lot of interest in the area where we're building this ecosystem together with other development partners. The Offerta segment, interesting. You know that we see a lot of synergies between Offerta and Fortnox when we acquired them, but we needed to develop an offer which we can digitally sell to really pick up the growth in that area. It's under the working name Offerta Flex, which is a product that is more priced like a traditional Fortnox product with SEK 109 per month and company, and then you pay for usage instead. Before an Offerta subscription, which was a 12-month subscription, and the price was like SEK 4,000, so it was like SEK 50,000 for a subscription. It's kind of hard to sell a subscription on that price level. You normally don't pay for something SEK 50,000 without talking to anyone. Now we have a low price point, and then you pay for usage instead. That will be actually released in a couple of weeks. It's coming there. It will not be a full release, but it's a first release already in November. During next year, we will focus more and more on Offerta Flex and how we, with cross synergies, can cross-sell Offerta Flex on the Fortnox customer base. Maybe that was a good intro for the quarter. Perfect, Tommy. Once again, everybody in the audience, I would strongly encourage to raise the bar on the questions that I will ask Tommy today by please typing in any questions through the Q&A via the chat. Starting off, Tommy, you've been here for more than two years now. Fortnox has grown twice since. You've made four acquisitions to date and added, as we can see here, a number of new products. How would you say that Fortnox is differentiated in the market today in relation to how it was two, three years ago? I think that we're moving into being, you know, a platform company. We were very much focused, especially on the bookkeeping product and in a certain maybe invoicing and also a bit payroll, but mainly focusing on bookkeeping. Now we are a platform for companies, and it's also, you know, the vision we have where we take the responsibility to make sure that our customers become more successful. If you have that vision, then you need to be doing more than just, you know, making them more efficient, which we have done historically, which we have been, you know, good in many sense because our price point is quite low and you become much more efficient if you use our product. In that sense, of course, it's good and it's a good return on investment, and it's a good business case for everyone. Going forward, we also need to make sure that if you're saving time by using our platform, we also need to make sure that you're using that time to improve your company. I think that is something that we have worked on now for these two years, to moving ourselves closer to the core business of our customers and improving their business. I think that is seen now, that they see that by using the Fortnox platform, they actually improve their business, and with that, they use more in the platform. Coming back to the fact that you're increasing the efficiency at your customers, obviously there's a lot of value add should they use your products. How would you size that, call it platform market opportunity in relation to where Fortnox was two years ago? Is there any way to quantify the opportunity you still have? Yeah. It is hard to do, you know, paint with, you know, broader aspects because we have so many customers. When I take an example, you tend to feel like, okay, that's a good representative company, but that's maybe not true. We are communicating that, you know, average revenue per customer, it's SEK 232 right now, so still quite a low number, and especially compared to we have 30, 40 products now, depending on how you look at it. And so the penetration regarding number of companies is still ridiculously low. Independent of what company you run, SEK 200 is a fairly low number. You know, you spend like SEK 5,000 on accounting services. You know, independent of how you look at it, that is a small number. I think penetration-wise, we have just started. You can look at many of our products. It's early stage. We're still investing quite a lot in many new products, which are actually not contributing to EBIT because we're investing in new products. There are more products to come which, you know, will be cash flow products going forward. We'll come back to the ARPC, which obviously will be the swing factor for Fortnox over the coming decade. Let's spend some time on customers. Because giving the macro backdrop, et cetera, I think that is where the attention is for the moment. So would you say that with the 466,000 organizations that you currently have, is the call it low-hanging fruit journey done? How are Fortnox positioned to grab the remaining share of the market? Can you talk about the differences in the new customers that you are adding in relation to the current customers? We haven't seen that. We haven't seen that right now, and we are net growing at on the same level as we did last year. It's not there yet. It might come going forward. I think what our intention by putting that 700,000 out there was explaining to we cannot see in our data that it will happen before 2025 at least. Of course, there is a limit number of organization in Sweden, so you know, somewhere down the line it will happen. We don't see it happen, at least not until 2025. No. Of course, the demographics of our customers will change over time, and that is why we're also reporting the ARPC, which will have a bigger impact actually financially than number of customers. Of course. Getting to that, the 700,000 target, what would you say are the main delivery mechanism for that? Yeah, we have shown this picture before where we're saying that historically sweet spot, five to nine employees, we're investing in the micro segment, which we're calling four to zero employees, but we're also investing in bigger organizations. I think that if you just look at it, why are we investing in micro companies because average revenue per customer is quite low there? That's because we want more customers in the platform because they will eventually be bigger companies. It is important long-term to keep up the net growth of customers. We are investing in that segment. We're still investing. We're not done. It's still. I think that there will be a bigger uplift there going forward because it's not been our sweet spot before. Just to make sure that we're of course increasing average revenue per customer in our sweet spot, they're using more of our product, but then we are also investing in attracting bigger organizations. By attracting bigger organizations will have no impact in net growth of customers because they are so few, but it will have a big impact on average revenue per customers. We are investing in both directions for different reasons. That's interesting, and we'll come back to moving upmarket a bit later. Is there any way you can quantify what share of new customer or net customer intake is from newly started businesses? We have not shared that number, but we have said that just for you guys to get a feeling that half of the growth, the revenue growth, comes from new customers and half comes from existing customers, which have been that for now a couple of years, and it's also in our business plan. We've shared then in our business plans, we still believe that we can have half of the growth coming from new customers, which becomes more and more challenging because our customers becomes bigger and customer base becomes bigger and bigger. Of course. The new customers that join the platform. Yeah the demographic, if you'd like, or the characteristics of those. Right now we haven't seen that we're adding a different demographic right now. You know, I think it is because it's hard to find this and that. I think that we're adding more micro companies than what we have done before on a lower average revenue per customer, but we're also adding bigger companies which have a higher average. On average, we're pretty much on the same level. Coming back to the upmarket opportunity. Yeah What would you say, what kind of capabilities would Fortnox have to develop in order to pursue that opportunity? Or is it like you said, "Okay, we already have customers with 1,000 employees," that you can basically grow with the existing suite with your existing clients, or will you have to tailor your offering in order to pursue that opportunity? I think you're right that the app market is an important, you know, piece in that puzzle because we will never be, you know, that platform where you do everything and you don't need anyone else, especially if you are a bigger company, because you normally have some kind of niche need in a CRM system or a warehouse system or a logistics systems or a time reporting system, something that is very much unique for your organization. Or maybe you have something that you have developed in-house that you want to integrate in the platform, which is very easy to use, because everything is open and you can do it on your own. I think that platform is really important to be able to attract the really bigger organization. We can also show that, you know, it's flexible, so you can pick and choose. You can, you know, take an app and you can use that for a year, and then you can use our product for a year, and then maybe you need something else because you have grown. That's the beauty of the platform. You can pick and choose, and it's more or less plug and play in that sense. Wonderful. There’s probably further recessionary questions on the chat, and we’ll come back to them. Can you say anything about how Fortnox have fared during downturns before? We saw during the pandemic, for instance, that obviously transaction and lending volumes were slightly hit. What would need to happen in order for growth rates to really decelerate in Fortnox? Yeah, of course, I've got that question many times nowadays, but it is hard to speculate on that. Yes, there was a downturn in 2008, but we were too small then to make any assumption connected to that. Yes, transactions they had. Transactions during COVID, they weren't down. I said that they were down compared to our plans. They were actually up quite a lot. In that sense, yes, maybe we will not deliver exactly according to our plan, but it's still growth. I'm not sure, you know, the Offerta platform. Yes, we have consumers maybe are not asking that much about renovations, but companies, they need the businesses right now. We earn money on companies, so in that sense, that could be actually an uplift instead because they need the businesses. The finance vertical, you know, you can discuss if there will be an uplift or I don't know. It's, you know, it's maybe you're not that much into investing in the future when it's financially shaky, but then again, you maybe need a stronger balance, so you need maybe financial services in that sense. I think, so it goes for all our products. You can find positive things and negative things, but I think that we have shown that we are quite stable, and we are not that much affected by external environments. Would you say that an economic downturn is it more of a risk to customer intake as opposed to ARPC? Because we've seen how, I mean, in the early 1990s. Mm-hmm I mean, Fortnox wasn't really even born back then. Mm-hmm. The number of SME bankruptcies back then was 5%. Yeah. During the IT crash and the Great Financial Crisis, it was, like, 1% of the, call it, active SMEs that went bust. Yeah. Basically from a customer intake perspective, do you feel comfortable with, okay, that we have such a competitive offering that despite a more lukewarm SME customer base, there is opportunities to grow? It might be. It's hard to speculate on again. Let's put it like that. If there is a bankruptcy, customers might have prepaid the subscription for 3-12 months, so in that sense it will not happen in the short run. You normally, after a downturn like that, invest in new companies, and we are quite strong in newly started companies. Even if there was a downturn in the number of companies for one or two quarters, that will have a limited impact on the 2025 goals anyway. Maybe it'll, maybe even improve them because we are strong in creating new companies. It might happen. I don't know. In our long-term goal, it will have limited impact. Coming back to ARPC then, can you talk a bit about, in today's results, we saw ARPC really accelerate. You're growing beyond 20% year-over-year now. What are the moving parts here in terms of, call it, pricing versus, more product adoption, et cetera? Yes. There are new customers that are contributing to the ARPC. If you have, like, three buckets, you know, new companies, our existing customer base, and also we did the price adjustment. One can say that the biggest bucket of those are our newly started companies, so they are contributing more than the other buckets, so to say. The price adjustment is the one that is contributing the least out of these three buckets, so to say. What do you envision as the, call it, attainable share of wallet for a typical SME customer? You mentioned here that obviously a lot of SMEs are paying something around SEK 5,000 a month for accounting services. Mm. Obviously, that is perhaps not an apples-to-apples comparison in relation to what you offer. No. Can you say anything about where you think that the long-term opportunity is, without providing sort of any guidance, but what do you see as what the typical five to nine employee customer could pay if they adopt what you want from your suite? Yeah, in that sense, our numbers are ridiculously low, I would say. Yes, the core products, I think that, you know, if you're adding a new product and it's SEK 109, you don't think that is expensive. I'm having hard time to actually find what are the limits there because if you're adding a product and you think it's something that you need, you will never call us to say SEK 109 is too pricey. In that sense, I actually don't understand where the limit is regarding number of products. We're also adding verticals that are priced on another level. On average, the Offerta customers are paying SEK 4,000, so obviously that's a number that they are prepared to pay. In the finance vertical, maybe it's, like, if you're using our factoring service, it's more like SEK 10,000. Those numbers are so high, so then it's hard to put those numbers on the full customer base case because it messes up the statistics, so to say. I think that's how you should look at it. Look at the number of products. How many products do you think our customers will use over time? Look at the different new verticals, and then you know, make your own assumptions. Absolutely. Let's spend some time on new products then. Because there are. You talked about a number of them here, obviously. Personally, I'm really interested about the card, bookkeeping. We haven't spent that much time in this forum talking about them before. Yeah. On the Fortnox card, can you talk about the business model here and the setup you have made with Mynt and how you envision that you will basically provide these cards for free to the employees of your organizations and how you will really get them to be incentivized to start using your cards? As a starting point, the distribution mechanism very easy. It's distributed through our app, so it's digitally distributed. It's very easy to use, so you maintain also, you know, everything that you need to maintain regarding the card is done in the Fortnox app, so it's easy for use. We will add more and more features connected to expense management, so you will also be able to keep track of your expenses but also your company's expenses. You know, it's for free, and it's a lot of value, so I think that many of our customers will use that as their main, you know, expense management tool. We earn money in the back, so to say. We have an agreement where we take a big portion of the transactional revenue, but we have no cost of that, so we only take our share in that sense, so to say. The easiest way to look upon it from a call it financial implications perspective would be the number or the total purchasing volumes the customers use the card for. Yes Some sort of take rate on that, and then you will have a certain split. Monto will have some- Yeah You have no OPEX. Exactly. Okay. We have another one on the card here from the chat. Could you elaborate a bit more regarding the product launch plan for the Fortnox Företagskort and in particular how your solution contrasts to arguably your main competitor Pleo and other off-the-shelf solutions? Yes. We think that we have a strong offer in the sense that it's, you know, very much connected to our ecosystem, so everything is easy to use. It's just one app, and everything is connected to bookkeeping and expense management and the receipt management. Everything is connected very much to the apps that you already have. It will be released sometime during quarter one. We have not decided exact date. It will probably be piloting after the year, and then we'll see how many customers that we're adding then, you know, month by month. It will be released somewhere in quarter one. It will be digitally distributed, and you can for free send it to all your employees, and you can also for free order a plastic card if you want. On the AI bookkeeping that you are seeing, obviously, signs of traction as you talked about here, where is the accuracy level now in relation to the numbers you talked about during the 2020 CMD? Please talk a bit more about the business model. Is it the accounting firms themselves who are the customer here, or is it the organizations as well? Yeah. Our main customers right now are the accounting firms. We also have companies that directly use it, but I think that, in the short run, our main customers will be the accounting firms because they are the organizations that really, in the short run, sees the big value because they can be much more efficient in how they're delivering their services. We have not communicated the exact percentage right now, but the interesting thing is that the percentage that we are bookkeeping, we are 100% sure on that. So in that sense, it's not like we are, you know, 98% accurate. We're 100% accurate on the things that we are automatically bookkeeping. Then we have a middle way, which is, we're a bit uncertain, and then we're putting that to the accountant saying that, you know, "We're not sure. Is this the right way to bookkeep this?" Even though our suggestion, we're not sure, it's so much easier for them because we have a suggestion that is most of the time accurate. We also have a way of, "Is this accurate?" "Yes." Then we have another way of making sure that we are right that we can use, and then we can also make rules out of these things that we are not accurate about. Out of the rules, we can actually train ourselves to become even better. We, you know, we're improving as we go now, so over time, this was. will be a brilliant product, I would say. More from a long-term perspective, I would assume that the AI bookkeeping solution would be even better the more products you use from Fortnox. Exactly In order to gain all that data basically to make that. Can you talk a bit about, okay, what you see as the, call it, swing factor to really get the accounting firms to adopt this, because in some ways it is shifting their ways of working. Yes ... their perhaps acceptance of these shifts. Yeah. The most important thing is the integration with the banks. That is something that is holding us back a bit now because not all banks are on board yet. The banks that are not on board, they really want to onboard now because customers are connecting or contacting them because they want this feature in Fortnox. This is not Open Banking APIs. No. It's called management API because you cannot do this with open banking because you don't have enough information. This is management APIs that we're using. In that sense, we will onboard the last banks now in the near future, and that is something that have hold us back before. I think that will improve growth even more now. Also, we released the connection to Skatteverket in this quarter. It's something also that, you know, will improve the full picture because then all the things are automatically handled. The connection to the Skatteverket but also making sure that all the bigger banks are connected to this AI bookkeeping. On the Capcito or factoring and the corporate loans part, you mentioned here impressive sequential growth in the corporate loan book. Where are you in terms of that you feel comfortable that, okay, we have found the business model for this. At some stage we want perhaps to find a partner to take that off balance sheet, basically. Are there willingness from, call it, a bank perspective to focus on SME loans at this stage? No, it's a good question. We've said that corporate loans is maybe not our core. We're more into short-term risk loans like factoring and lending towards invoices. In that sense, it's not core, but what we are showing now is that we are quite good at explaining to our customers that they can benefit from having corporate loans, and we can also use our way of credit scoring, our, you know, using the data that we have to adapt our financial offering towards them. In that sense, corporate loans has been a good product to show that this is something that you can benefit from when you run your company. As I said, it's not gonna be on our books in the long run. Exactly when that will happen, I don't know, but of course, with growth of, you know, 34%, quarter by quarter, of course, we can have a partner for that. It's really interesting for any partner, I guess, to have a loan stock that is growing in that pace. At this stage, when you have it, call it on balance sheet, is there like a float component where you can basically invest that liquidity or how does that work? No, the loans are connected to the services that we have. We have a loan stock on enterprise loans, and we have a loan stock connected to factoring and also lending towards invoices. Those are the three stocks that we have, and we can use that, and it's our own money. Yeah, maybe you want, if you have an external partner for that. Yeah. Yeah. We have a commitment of SEK 500 million connected to an external partner. There's a question here from the chat with regards to Offerta. How do you think the change in the Offerta subscription will change the revenue growth in the near future within that segment? Our ambition long run is what we have seen in our data that we think that with this way of doing it, we will actually have the same revenue per month and customer over time. It's just that we have a lower entrance point, which is possible to sell digital. Over time, we think that maybe it will go down a little bit because we will have so much more customers. If the customers are using the platform, on the same level as the current customers are doing, we will actually have the same revenue per month and per customers that we already have now. 2022 has been a real, call it banner year for growing the finance offering or Pengar. As we turn the page here into 2023, can you talk about your key strategic priorities from where we stand now? Yeah. You know, the big bet for this year has been factoring. We have hugely investing in making sure that we are scalable and making it more automatically so that we can serve more customers digitally and no manual interaction from our side. We introduced that after the summer, so we onboarded a small portion of our customers August and September. We did some analysis during October, which we are in now, so analyzing all the different flows because it's sensitive offer, and we need to make sure that we're doing it the right thing. In November now, we're planning the next stage to introduce this to more and more customers, and that is an easy way to sell all your invoices. Our goal is here that to offer to buy all the invoices distributed in the platform, and this has been important steps to take us there. I guess, you know, during the year now, most of our customers will be offered to sell all their invoices. There are obviously some positives and some negatives should the call it macro environment slow down. What are the puts and takes for a market leader as yourself should we enter such an environment? Would you say that you're call it better off with regards to that there are competitive point solution vendors which have been call it venture capital backed, et cetera? I think it's hard to speculate on macrofinance right now because everything is unique, I guess, and it hasn't happened before. In that sense, you shouldn't speculate, but I think that going back to our price point, we're delivering so much value, and the average, you know, price point is SEK 230 per month. It's like nothing. In that sense, independent of how you're running your company, you don't save on your financial backbone to save, like, SEK 200 a month. You need it, and we're making your business so much more efficient, so you know, there's no return on investment to save on that. In that sense, I think that if companies are starting to look at their cost base, I think that will be in our favor because then you would like to move to our platform because we deliver more value at a lower price point. In that sense, I think the price point that we have is really low. We're delivering a lot of value. There are a lot of especially on-prem vendors that are on a higher price point. I think that if you're really looking into, you know, decreasing your costs, I think that will have a positive direction into the Fortnox platform. Tommy, where are you now in relation to your ambitions to call it align company culture during this time of rapid expansion and with the a number of acquisitions as of the past two years? Yeah. Of course, when you're growing in the pace that we're doing, of course, that's always a challenge, but we have a really good culture, which attract really good people. You know, people, culture is people, so you know, a lot of really good people with good culture wants to work here, and then with that, we're just evolving our culture in a good direction without controlling it. I think it's something that you do, making sure that you're hiring the right people, then you will have a good culture that is evolving with the company, so to say. Lovely. As there seem to be no further questions from the chat, let's end on the note where you can talk a bit about how you envision Fortnox will be different over the coming five years in relation to where you are now. I think that since we are moving our company closer to the core business, our customers, I think that will. More and more customers will see that they're actually benefiting from using the platform even more, and with that, we can also improve their business even more. I think that the reason for being in the platform has historically been to be more efficient. I think that the main reason for being in Fortnox will be because you want to improve your business. Perfect. Everybody, join me in thanking Tommy for today's session. I sure learned a lot as always, and see you soon again. Thank you. Thank you very much. Thank you.