Good morning and a warm welcome to today's earnings presentation live here in Växjö, which I have the pleasure of moderating. My name is Simon Granath, and I work as an Equity Analyst at ABG, covering Fortnox. With me, I have the pleasure of hosting CEO of Fortnox, Tommy Eklund, who will present the latest Q4 results here, and then we will follow up with a regular Q&A session. If you do have any questions, please put them in the chat box, and we'll take it from there. With that said, the floor is yours, Tommy. Thank you, Simon, and thanks for being here. Yes, as always, I'll give some intro to the numbers for quarter four, and then we'll focus on Q&A. I will not get into details but, give an overview of the quarter four results. Yes, you've seen this before. This is the most important KPIs when following Fortnox. Again, I would say a stable quarter in net growth of customers, 14,000, and also increased usage. The ARPC, which is the revenue per customer, that is company and month, increased by SEK 10, on the level of previous quarter and last quarter as well. All in all, a good quarter regarding customers and how active they are in the platform. The growth 34% up. The organic growth is up from 23% - 30%. The 42%, which is the comparable number here, is the acquisition growth that we had previous Q4 in 2021. The EBIT margin is up to 35%, EBIT growth is actually more than 50% in the quarter. If you combine that in the Rule of 40, Rule of Fortnox, as we call it, 69%, again, another solid quarter financially. If you put that into a historical number, this is quite stable. Although, you know, it's fewer newly started companies in the quarter, we're still delivering quite good in regarding net growth of customers. This is according to our plan. Even though it's maybe a bit financially shaky in general in the society, I think that we're delivering on our plans. I'm quite comfortable with the numbers here. As many of you know that are following Fortnox, that we have a seasonal impact on EBIT, so you should compare quarter four with quarter four 2021. With that, you can see that EBIT margin is going up more than 50%, and the organic margin is actually over 40% this quarter. I think that we now show that our business model is scalable, so with growth, we can also expand EBIT. To put the Rule of Fortnox in a historical context, also a stable quarter. Also this has a seasonal impact in quarter three, you should compare it with quarter four, previous quarter four. If you also take away acquisitions, the organic Rule of Fortnox is actually 71, which is impressive. We're not guiding on this, we're saying that internally we keep track of that we should deliver more than 60 on an annual basis, something that you can see that we have been healthy over now for a couple of quarters. All in all, a stable quarter also regarding EBIT and growth in a historical context. I usually pick up a couple of things from the platform as fun facts. Now when we're also closing 2022, the aggregated lending volume is actually on the level of SEK 3 billion right now. Although you know that it's quite small in our structure still, it's growing quite good now, and it's EUR 3 billion. We're definitely helping our customers with cash flow more and more. Although that, consumer related services are down in general in society, we can see that certain verticals in Offerta, for instance, home cleaning, house cleaning services, in private houses, is actually up almost 50% in the quarter. Of course, there are also other verticals that are down, but not everything is down. Just to explain what that is, that is, consumers, private persons are asking for services in the Offerta platform, and that's for free, so it's not connected to revenue. it's actually not that much in the short run, has an impact on the revenue of Fortnox, but it's just interesting to see that certain verticals are up and down in the society in Sweden. Also, yeah, we have focused on the money segment, the finance vertical during 2022, something that is also seen in the growth of customers. In numbers, number of customers grow with 60% in the money segment during 2022. Yeah, some highlights. we released the integration with the Swedish Tax Agency during the quarter, and maybe not that impressive in itself, but it's another step towards automatically bookkeeping. this is also now connected to the AI bookkeeping feature. With that, we have real-time financial data about our customers, which we can use to also give back insights on what you should do to improve your business. If customers needs cash flow, we can also benefit from having that data to give them really good financial offers and how they can improve their cash flow. The integration with the Swedish Tax Agency, yes, it's you, it's a bit more efficient to do it in that way, but the real value is, of course, the insights and how we can, with that data, improve the cash flow of our customers. Yeah, we also released our Fortnox Mailbox, which is connected to the public authorities. This will be the main point going forward, where all the things that you need for your company came in the same place. It's a, it's a first step to have a structured way of handling all documents and all the things that you need in a digital way, more secure and more efficiently than, for instance, the mailbox. In that sense, it's a first step towards kind of a node for everything that you need regarding that in your company. The marketplace includes Offerta. We have during about a year now, worked on a more digital marketing and sales package of the Offerta platform. Offerta is very scalable in all aspects, but not how we're selling Offerta because that is done manually. The premium Offerta subscription is sold manually. You know, we can find leads and all of that digital, but you still need to talk to someone. With having almost like we have now 500,000 customers in the platform, you need to be scalable also regarding marketing and sales. To be able to do that, we have now done a new Offerta product that is more Fortnox-like, so to say. It has a low subscription price, and then you pay per usage. That product is more suitable for digital sales. With this package, we can now start to do cross sales without having manual interaction from salespersons. That's the purpose of this release, and it was released in November. This is the partnership with Boardeaser, which is group consolidation. This is more an example of things that we're adding now with the purpose of being more feature complete towards bigger organizations. We have not had this before, and we have not had the need for it. Now when we're moving upwards to bigger organizations, this is something that many bigger companies wants because they are of a group nature, so to say. With this partnership, the plan is to, after the summer, have a white labeled product that we can offer to our customers. If you have your bookkeeping, everything in Fortnox, you can do consolidation together with Boardeaser to have that on group level as well. We also acquired Cling, which is proposal and quotes, but also signatures. We had in our roadmap, the plan to improve. We have two quote or approval products in our structure already right now, one connected to the Offerta platform and one connected to the Fortnox platform, which is also connected to the invoicing product. With that, we are now being able, going forward, to improve those products, which was already in plan. We also have the ability to improve our signature capability, which is something that we haven't had before. This will also introduce a new product for us, which is signing of different things in the platform, so to say. Quite impressive, company and people that we have now integrated in the marketplace segment. Yes, this is probably known by all of you because you have listened in to the webcast before, but just some retro on 2022. If you remembered, we at the beginning of 2022 had quite impressive growth actually in the beginning of this year, which was also improved quite substantially. A lot of growth in the beginning of the year, both regarding number of customers and ARPC and L4, of course also net growth, which resulted in over 70% regarding Rule of Fortnox. If you can also see how the business has also improved. If you, if you take away acquisitions, we actually improved from 52% organic growth to 65% in Q1 2022. As always, a lot of new products and features were released in the beginning of the year. quarter two, another stable quarter regarding net growth of customers, and also an impressive EBIT growth. I would say that this was the quarter where we put another trend on the EBIT level and show that again, that... I've said it many times before, that we're not pushing cost in the sense that we're not, you know, of course we want to not spend too much in any context, but the most important for us is to be scalable because that's how we save most of our money. We make sure that we're not adding any cost, for instance, when you're, you know, becoming a new customer or adding a new user or adding a new product. Everything that you need to do in a platform, distribute an invoice, distribute and pay slips, everything that you need to do needs to be scalable because that's how we're improving our margin. That is also seen now that we have removed more and more of the bottlenecks in the platform, and with that, also improving our margin. As you've seen now when you have followed Fortnox, we are expanding our offer more and more together with others, which is part of the strategy. We had a partnership with Mynt, Saver, and Bokadirekt, and Mynt has also ended up with us releasing a Fortnox Business Card this year. The Saver have given us capabilities for a checkout for consumers. The Bokadirekt partnerships, Bokadirekt is more or less the de facto standard for health and beauty segment in Sweden when you're when you're signing up for I don't know, haircuts and stuff like that. That's why we thought it was good company, and they were really good at that vertical, that's why we have that partnership. Quarter three, it was actually the best Rule of Fortnox that we have had in 10 years, so quite impressive. Of course, both the growth was impressive, but also the EBIT margin was on record levels. The customer intake was actually according to plan. We have a summer month including quarter three, which has a negative impact in the net growth of customers. This was actually according to plan with the 10,000 new customers in Q3. The ARPC was better than plan, both our own expectation, but I think better than the market expected also. That quarter included a lot of new features and functionality in our payroll systems. We also acquired the last shares of agoy IT, which will end up with the accounts closing and taxes and annual reports, everything that happens after bookkeeping, so to say. Yes. To sum things up, quite impressive 2022, and an organic growth of 30% up from 21 previous year. Again, I think that we have shown now that we can have rapid growth and not compromising on profitability. I'm quite satisfied. This is according to our plan and it was again a stable quarter, although the financial market was a bit shaky. Yes, a couple of things that is maybe outside the report. This happened after Q3. We have a new person in the senior management team that will heading the business area accounting firms. That is Charlotta Lundberg, which has an impressive experience and knowledge that will definitely contribute a lot going forward. We're happy to have her. She will start here in two or three weeks. That's something that we're looking forward to. I will not get into details, but yeah, I also want to highlight that we have something... We have the business areas, we're separating responsibility as efficiently as possible internally. That means that we're also moving responsibility when we think that we can be more efficient, so something that we have done also in a couple of places to be more representative on how we actually work. I don't want to get into details now, but I just wanted to highlight that we have moved responsibility and with that also moved revenue. If you read the report, we will also have historical numbers on that. If you want to update your models, you can actually go historically and update your numbers for 2022 as well. Yes. I've already talked about the product highlights, I think. I don't want to repeat myself, but again, highlight the Business Mailbox. Still early stages, but I think it will be an important product for us going forward. Automatically bookkeeping our tax accounts. I talked about that. Yes, it's important. You don't need to do any manual work, it's all good. You become more efficient. The real thing is that with that, we get real-time bookkeeping, and with real-time bookkeeping, we can give back insights, and we can also use that to give really good cash flow improvements into your business. That's, you know, the real benefit with this integrations. We have something that we're calling Basic Invoicing, which is kind of an easier to use product for invoicing. It has only been distributed in the app. Now it's also distributed in the web because it was actually developed for small companies. Now we see more and more of the accounting firms also wants to use that for their customers' sake, so to say. It's not that common that accounting firms works in the app, so they want the features in the web. That's why we have developed a web front end for this, the Basic Invoicing. It's mandatory to use our financial services here. It's easy to use, but we take care of all the, you know, distribution of invoicing and collection and all the things that happens after invoicing. It's for free. You only pay per invoice, so it's no subscription connected to it, but you need to use our financial services. A product that gets more and more popular, and with this feature, I think it will be also more used by the accounting firms. More and more of the banks are also improving their API so that we can connect different flows. Now both SEB and Handelsbanken are connected to our payroll processing, so it's easier now to pay out salaries if you have connections to SEB and Handelsbanken. Everything is connected and automatically done. Something that now we're delivering more and more insights. I've talked about it for quite some times, but now it's actually happening. More and more insights. Things that you, if you are experienced, something that you're actually doing manually, now it's something that we can give as a starting point to the accounting firms. With these insights, they can actually help their clients to become better. And we have more and more touch points on actually private persons that gets invoice from us, and this is another touch point where private persons. It's now the ability to add a private person in the platform so that you can do kind of annual reports for a private persons and also send in the tax and all of that to the tax authority automatically. This is just showing that more and more capabilities are also now connected to private persons. We are not a consumer company. We're not selling to private persons. They become more and more important to us in the sense that we need to keep track and keep data about private persons to give a better user experience for the companies that are benefiting from the platform. That was quarter four, and as always, we're distributing kind of a appendix which is not connected to quarter four. It's more like a corporate presentations for your convenience. We always update that, so it's fresh with new information because so much happening in Fortnox, so it's updated every quarter. I'm just, you know, zapping through the different slides here and I encourage you to read them and update if you have any internal descriptions on your own, and everything is here. so it's kind of a corporate presentation that is updated for your convenience. Here, for instance, is the product offering for 2023. Here you can see the right now 46 products that we plan to offer to the market for during this year. You can also see which are the one that we think is the new ones. It's about six, seven products that is new for 2023 according to our plans. This is what we have, and we have a couple of new ones. So this is a quite good way to get an understanding of our offering. Yes. That's enough maybe. Thank you. Thank you, Tommy. Certainly interesting comments here in the end. It's like laying a puzzle which just keeps on adding different pieces, and then you're trying to just understand all these different pieces. We'll try to dive into some of them now in the Q&A. Good. Just a reminder, if you have any questions, please put them in the chat box, and I will address them accordingly. Starting up with some general questions, I know that we have previously been discussing different buckets in terms of growth drivers. Yes. You grow, 30% organically here in Q4. What would you say are the largest or biggest buckets to growth here? Yeah, of course, this is very broad pictures, but when you're referring to buckets, we normally talk about that we have a revenue pickup connected to new customers. We have a revenue pickup connected to existing customers. In this year, we also have price adjustments. We're not sharing the exact, you know, percentage of these. We have said that historically, the new customers, the revenue pickup from new customers has been on the same level as for existing customers, and that's also in our business plan. When we do business plans, we push ourselves to keep up revenue from new customers on the same level as existing customers. You can imagine over time, that become more and more challenging because if we don't do anything, we will automatically have more and more revenue from existing customers. We're pushing ourselves to always, you know, push new customers because that's long-term important to us. I think that we're on that level right now, and both in the outcome and also planning-wise. I'm quite satisfied with that. The price adjustments, kind of the third buckets, are the smallest of these three buckets. We're not sharing the exact, but it's the smallest one. In connection to that, one question we received here is, what will grow fastest, new clients or ARPC? I believe that the person is referring to perhaps both 2023 and going into 2025. Yes. So what we have said is the business plan, which we plan to double the number of customers and double ARPC and in those plans, it's 50/50. Mm-hmm. Mm. Then we'll come back to sales and growth drivers, but just in general, OpEx does not seem to be increasing to elevated levels despite the current inflationary environment. What would say is behind this, and how should we think about 2023 in terms of OpEx, salary increase, stuff like that? Yeah. I think it's this way that, it's the same way as I comment on the Q4 presentations that what is really scaling in our business is actually the business in itself. Of course, we keep track of cost, and we make sure that we're not, you know, adding any waste or spending money on something that is not connected to customer value. We are good at that, but I think the real driving force on that is actually being able to deliver more on a scalable way. It's in our DNA, you know, no one wants to do manual things here. We always improve everything to be automatically done, and that goes for everything. Fortnox is not known for booking non-recurring items. Perhaps I'm therefore must ask the question, have we seen any non-recurring items that you have not recognized in the quarter, or is it a rather clean EBIT over here? It's, it's a rather clean EBIT. Great. Price hikes, we must touch upon that subject as well. You have raised prices 1 x during 2022, while we note that there are several competitors to you that have raised their prices multiple times. What would you say is holding back further price increases for you? Could we see some in 2023? What speaks for, what speaks against? Maybe I can kind of have a boring answer on that because I get the question so many times. It's not in our business plan. It's not in our budgets. We don't like to do plans based on price increases because, you know, it will make us a bit savvy in the sense that, you know, it's so easy to just raise prices, and, you know, we can have that in our business for many years and do nothing else and just raise prices. It doesn't build that much value to Fortnox, and it definitely doesn't build that much value to our customers. It might happen. I don't want the organization to be driven by that. I don't want us to do plans based on price increases. Of course, I also understand that our price point is really low. Mm ... compared to the value that we're delivering. Of course, I also know that competitors has increased more, we are still increasing less than in the inflation rate. I know all of that, but still, it's not what should drive the organization. We can do so much more regarding increased usage. It's so much better that we're going from now roughly one product or two products or two users per company to instead have three products- Mm ... or four users because the revenue pick up on that is way more valuable to us and all, also our customers. Perhaps a price optimization is even more on the agenda, perhaps in order to drive your customers more Digital Savvy, so they go into the platform and find all these new products that you mentioned that are going to be released in 2023. Yeah ... now have already been released in 2022. I think you're onto something there, that we will, hopefully, or I know that we will be better at the price optimization, and that is connect value to price over time. We can also see that we're growing in all aspects right now with more products, more customers, and more verticals and everything. With that, it is quite complicated to, in real time, do price optimization. I think that we, with all the data that we, you know, store and evaluate, we will be better at doing price optimization. I think that is so much better than just doing price increases. Makes a lot of sense. We touched upon this subject during presentation, or you touched upon it relating that you are now finding more partnerships, finding more new types of solutions that are connected to each other, and that will help your customers get more insights. How far would you say that you are to envision what you want to accomplish there? It doesn't sound like you are quite finished, and perhaps you will never are, but be. I think that, right now I'm satisfied with the development of... Now I can see that it's actually happening now... Mm ... which is, you know, It was something that I talked about, I don't know, two years ago, maybe saying that now we're putting a team on this. Mm. We needed to start somewhere because we think that it's a lot of value here. Now it's happening. We didn't know if this was actually something that we could do. Now we're doing it. I see that we're delivering value here now. With that, I'm quite comfortable and that we will bring so much more value with our insights going forward. I also think that since it's a change of behavior that needs to be taken by our users and our customers, that will probably take, I think, longer than for us to actually deliver insights. Mm. Change, changing behavior, it's sometimes more complicated than to develop features. I'm really, you know, positive regarding that product. It will probably be one of the most important products for us going forward. Exactly when, you know, when we get that, you know, ketchup impact on it, we don't know. Interesting. We'll certainly come back to that topic. Then on your customer intake was down slightly from 15,000 last year in Q4 to 14,000 now. Is it also impacted by increased churn rates in the society? We have seen those rates pick up, not too much, but moderately, at least in Q4. What would you say about your current churn rates? We have impacts on everything in that numbers. But you shouldn't, 1,000 customers might seem like a big number, but it's actually a really small number in our context. These numbers are actually on the same level. You shouldn't read anything in. You shouldn't try to compare 15,000 with 14,000. Mm. You're right that number is definitely impacted, by a bunch of different things that is happening in society. You should read it's a stable quarter on the same level as the previous year. Mm. Mm. Yeah. Stable I must agree on. Yeah. to reach your target at 700,000 customers, though, you need to increase this. Yes. Perhaps it has always been in the plan that it's a more backward heavy- Yes ...type of intake. Yeah. What would you say that you need to do going forward in order to reach those 700,000 customers? Is it more about driving marketing activities? Is it more about going for the smallest companies in the society? What do you need to do here? As a starting point, show that we will deliver as stable as we have done because that's, you know, kind of the base of it. Also on top of that, become even better for the smaller companies. We are already good at adding those, but we are not that good at having a package offer for them because it was not where we started, because we started with 5 to 9 employees. With the starting point, that was our sweet spot. Now when we're moving our sweet spot, you know, downwards a bit, we needed also to update our portfolio. A lot of products now, which has been released during 2022 and also will be packaged during 2023, are actually addressing that micro segment, and that will have a big impact on number of customers. But if we only were to do that, we could have a situation where we demographically lowered ARPC in our customer group. That's why we're also investing in being able to offer our things to bigger organizations. By doing both those investments, we think that we can increase ARPC and increase the number of customers and do it at the same time. With that, we think that we can demographically keep our customer base intact, even if we're focusing on smaller companies also. Interesting. Interesting. We have received a couple of questions. "What dividend are you planning this time?" is the first one. It was actually released, wasn't it? Yeah. Yeah. Yeah. Yeah. Yeah. so it's EUR 0.12. I think it was. EUR 12. Yeah. Mm-hmm. It was the board's suggestion. Yeah. Yeah. Another one is, "What modules other than bookkeeping are seeing the biggest increase in usage in Q4? It is a tricky question and we're not releasing that data, so I need to talk on a broader context, so to say. Yes, of course, bookkeeping is going good, but it's definitely not the product that is growing the most because, you know, as I said, we have 46 products, and bookkeeping is one. We have steady growth of bookkeeping customers, but it's actually a lot of other products that is growing much more. Mm-hmm. We're not sharing that. We might do that in the future, but right now we're not sharing the growth and the sales of each product. Are you seeing any trends in cash behavior or of businesses? Any trends you can call out, like deleveraging or cash sorting? We haven't, done any analysis on that we can share at least, so. Okay. Fair. Moving into different segment reporting here. On Pengar it looks like you report a solid number, but how does the current macro environment particularly impact that business unit? I mean, you get nice set of revenues within loan-based, but perhaps not as rapid growth in transaction-based. Can you talk about the macro impact on Pengar? All in all, a quarter that was according to our expectations in Pengar. With that, you can also understand that we have quite big expectations regarding growth. So that was according to plan. We haven't seen any, you know, problems in the lending business yet. We know that because we have seen downturns in the economy before, that we see that the risk, the level of risk that you want to take in your business might go down a bit. With that, you maybe don't want to use, you know, our financial services. Since you may need to use it, there's actually a positive thing when the economy is going down. What we have seen right now, those two things, you know, seem to be on our plan, so to say. Mm. Something is up and something is down. Right now we're delivering according to our plan. It's now been about one year since you acquired Capcito, slightly more than that. Mm. Would you say that you have accomplished the integration as far as you wanted during that time? Can you talk a little bit on the manual versus the processes that are automatically handled? Yes. I think that we're doing quite good now. You can see that Capcito is growing and business loan, which was a product that Capcito had, which we have cross-sold now in the platform for a little more than a year. It's going really good. It's growing. I think that we have something here. Capcito as a business, going really good. I'm satisfied with that. The [audio distortion], which was more kind of the platform, which we are now benefiting from when we're, you know... Or we're benefiting from that technology platform when we're offering financial services to all our customers. That is also have improved our ability to do automatically cash flow analysis, and with that, also being able to offer really good offers for all our customers. A lot of things that has happened behind the scenes are kind of, you know, hard to explain for an outsider, but, you know, it was a really good acquisition, and I'm satisfied with the delivery so far. Great to hear that. You also talked about that you were going to increase investments relating to that area. Mm. I believe that has happened during 2022. Yes. What is the outlook relating to that in 2023? Should we see a slowdown given the rapid growth in 2022 or in a similar pace? We don't plan to do any, I would say any out of the extraordinary. We think now that we, as you're referring to, I said that you should expect an increase in investments. I think that we have done the increased investments. We will not continue to increase investments. We think that we have done the most complicated, you know, back-end features that we need. Of course, it's an area where we also going forward wants to invest in. Mm. It's not like we're not going to invest, but you shouldn't expect that we're investing more than revenue pickup because now we are more on an Fortnox group level, I would say, regarding investments. Mm. Mm. Thanks for clarifying that. Fortnox Business Card is, to me, a very interesting opportunity. You talked about previously that we should expect a release around year-round or in the beginning of 2023. Has it been released, or when do you plan to release it? The plan is to release it in quarter one. Since it's not released, then I guess it will be later in quarter one. Yeah. It might be that we're postponing it a bit to make sure that, you know, the release becomes really good. You, you know that have talked to me and Fortnox for many years, that it's something that we have had on the radar for many years. We haven't our analysis that the technology hasn't been there to deliver something that is really, you know, valuable to our customers. With the, you know, Mynt partnerships and the development that we are doing on our side, this will become, you know, a really killer feature for our customers. We're not in a hurry, so I think it will be released later in quarter one. again, it's more important to us that we're delivering a really good product, and then if it's, you know, one quarter late, it doesn't matter. Once it has been released, how do you work to increase the uptick and spur the uptick for that unit or for that card? Yeah. That's really good when we have two distribution channels. We have our own webpage, which we are really good at onboarding customers on digital. We also have, you know, all the accounting firms. Now it's 7,000 accounting firms, and this is a product that they really like because, you know, it's a value to their clients, but it's also become their, you know, their business becomes more efficient because this is a way to improve expense management. It's a value to the customers, but it's also valuable to accounting firms. We have two really good distribution channels, when we're, you know, releasing a new product like this, which benefiting, you know, both clients and accounting firms, then it's quite powerful to see what we can accomplish. We have already, you know, piloting and do a lot of preparation regarding that. It will be rolled out in quarter two and quarter three to all our clients and also all the accounting firms. I've read about some international peers of yours that talk about a penetration of rate of up to 50%. To me, that sounds like a lot. Just looking at your current client base, would you say that you have, or how large or how much share of the current client base would be addressable for your corporate card? Just an approximation. Is it all of it? I think it's really hard to speculate on that. Yeah. I think everyone should have one. Mm-hmm. Don't you? Yeah. Yeah. That's my opinion. Yeah. That makes sense. Okay. On automatic bookkeeping, how would you target that within the accounting firms that you have as clients? Is it more for the larger firms or for the smaller firms, or combination? I think it's for, it's for everyone, but it is kind of a complicated product portfolio, I would say, with, you know, I've talked about it, the integration with the banks and the integration with Skatteverket and with that, we get all the data, and with the data then we can do automatically bookkeeping, and with that we can give insights back. It's kind of a bunch of products that sits together and we have no direct business model connected to either connection to banks, connection to Skatteverket, the insight product or the automatically bookkeeping. What we're looking at, because of course there's a lot of value here, but we need to make sure that we're having a business model that in the right way connects to the value that we're bringing now. That is something that we're working on. Right now we're building up these products to get big enough customer base to make sure that it's really good, and then we're working on a business model. I don't know. Later this year we will have a more structured business model connected to all these new initiatives which are tightly together. Yeah. How important is it that we see an uptick of digital invoices in the society for you to materialize your, what you envision here? It's important, but we have others, other ways of transferring, you know, postal invoices to be digital and all of that. It's digital, and we're helping society to become more digital, and we're improving on that, and we're encouraging our customers to become more digital, but it's not the most crucial thing. It will happen, and we're quite good at doing it, so. Mm-hmm. You have recently announced a second or another, not a second, another M&A. What was the rationale behind this? Would you not say that the market for these types of solution related to Cling is rather competitive? The quote part, the approval part is something that we already have two products, but they were kind of outdated, so we planned a rebuild of our existing products, which have a quite big customer basis actually. Instead of doing that on two different cases, we acquired that, and then we'll see how we can benefiting from that product when we're, you know, developing new versions of our own products. That was kind of the rationale behind the Cling acquisition. Cling also had a really good product for signing, which we haven't had before, but of course, it's a product that you should have when you have a platform like Fortnox. We have a lot of places in the platform, which would benefit from an easy way to do signatures. We will start, you know, piece by piece to add that feature now to different touchpoints in the platform. I think you're right that it's a lot of signature products out there. Yes, you're right. They are quite expensive and quite hard to use because you need to transfer documents and all of that. The real value is here is that now it's really inside the platform, and it's where you're doing the work, so to say, and you don't need to add anything or anything. In that sense, it's an ease of use for or it's a service for our users. Actually quite a good business also, if you look at what they're charging per signature, it's quite expensive for. In that sense, it's actually a market for it as well. If you look at the number of, you know, companies we have and their signature needs, so to say. Good answer. We received a question here. Can you provide any commentary on how much you have increased revenues in Offerta, Bolagspartner, Capcito, et cetera, to highlight platform integration success? Quite a broad question, but if I just comment on the different acquisitions a little bit. We started with Offerta, which we're not separating that in our reporting right now, but it's included in the marketplace and quite stable growth right now. We have a negative impact on the consumer side of the Offerta platform, but since there is no revenue connected to consumers, that doesn't at least not in the semi-long run, has no impact on revenue. Rather the other way, actually, because a lot of service offering companies right now that are working on the consumer side, they want more deals, which was not the case for, I don't know, one and a half year ago. With that, you are prepared to pay a subscription to get more work. It's actually a positive thing that the consumer economy is going down a bit for the Offerta's sake. Quite good leads on that side. Of course, in the long run, we need consumers to ask for things because you will not pay a subscription in the long run if there are no bathroom renovations to offer your services on. In the semi-long run, it's a positive thing for Offerta. All in all, good. As I said, there is one thing in the Offerta platform which wasn't scalable, and that was the marketing and sales part, which we now have in the back and developed a new product so that we can sell in the same way as we're selling the Fortnox other products. That is something that will be more and more integrated in the Fortnox subscription management features. I think it will be released some way. The product is done now, and now it will be integrated in the Fortnox structure, so it will probably release quarter three or something like that this year. Now we're doing that. I'm really looking forward to that. You know, it's a really interesting cross-sale opportunity if you just look at it. We're quite positive on that, we're delivering quite good EBIT and growth, not growth according to Fortnox level, but still growing. Lagerbolag, which was in all aspects a really good acquisition. It was affordable, 4.5x EBIT, which was quite a good price. It's growing, and it's scalable. The EBIT was 50% on that business. We haven't added any costs. It's probably on that level still. All in all, a good acquisition. Of course, it's a lot of synergies because when you're buying companies for us, we can dress them up initially with all the services we think they need. That's good. Agoy, which was, as I said, the last piece in the puzzle to be more or less feature complete towards the accounting firms. A lot of value in what we have, what we're doing in the bookkeeping is actually shown in account closing and taxes and annual reports and all of that. No revenue to report yet. Of course, there is revenue, but there is no substantial revenue to report. I think this is the year where agoy will pick up as well, growth-wise. Quite interesting. We have dialogues with all the bigger accounting firms, it's a lot of interest for that product. I think I talked about Capcito and Montep that we're delivering quite good still early, though, and we talked about Cling. All in all, I think that we're doing quite good on R&D side. We're white labeling things, we're doing strategic partnerships, we also have M&A, this makes us quite flexible on how we can, in an efficient way, broaden our offer because we have a lot of tools to do that. Sometimes it's good to acquire a company, sometimes it's good to develop, and sometimes it's good to do partnerships, and sometimes it's good to do white labeling. We're quite, you know, we're improving in all aspects there now. On the M&A topic, you have historically acquired some smaller companies and also some larger companies. Should we expect a similar mix going forward? Just in general or- Yeah. Yeah. I think it's. We're not looking for a specific target, so it's more, it's more important that it's the right company. I think that we haven't reported it, but we looked at more than, I think it was 119 companies. Mm ... during 2022. As you know, we didn't buy that many. We're quite active, but we're also making sure that it's the right company. We still think it's a good way to broadening our offer, but we're in no hurry, so we're not pushing in that sense that we need to buy a certain amount of companies each quarter. As a final reminder, if you have any questions, please put them in the chat box. In Q4, you received approval for your digital mailbox. I would assume that today is mainly about increasing the stickiness, but could it be a potential for you to monetize this type of product going forward as well? As you're saying, it might be. It's not in our business case. It's kind of an upside if that happens. You're right that it can happen, but in our business case, it's more making sure that we capture all the flows that are. You know, we're earning money on the flows and especially the tails of certain flows, which is more important to us than. Mm. Mm. On cost, there have lately been some news in the magazine about rising energy costs also relating to cloud companies, and that these might come up in 2023. Is this something that you have included in your budgets or have seen? Yes, we have put more increase in certain cost related to inflation and your cost and all of that. It's in our budgets, but if you look at the revenue of the group, it's still kind of a small number. Even though that percentage-wise, some of the costs are going up more than you would expect a normal year, that will not have an impact on EBIT level, on group level because in absolute terms, it's such a small number. Okay. The... You have maintained a rapid net recruitment rate in 2022. We have recently read about layoffs, particularly within the tech companies globally. Could this enable you or... Yeah, enable you to keep this rapid net recruitment rate also in 2023? Yeah. For us, it's not important that we're hiring a number of engineers every week. That's not important to us. It's important that we're hiring the right talents with the right mindset. So that's our focus. We have not planned to increase that in any unnatural ways or anything like that. You're right that if we see that now, other tech companies are downsizing, there might be an opportunity to hire talents, and then we'll probably go for it. You shouldn't read that much into it. You know, we're more focused on being able to deliver really good value to our customers, and with that, also hiring really good talents that wants to work on that, than if we're hiring more people than what we usually do during quarter. You know, that's not a big thing. Maybe we're not hiring any people for one quarter. We're focusing on making sure that we're hiring the right people. That's the most important thing. Makes a lot of sense. Out of the 119 acquisition targets you received in 2022 or that you looked on, how many, if any, were outside Sweden? Any comments on that? I wouldn't say that's our focus, but a bunch of those companies were outside Sweden. We keep track of activity outside Sweden, although it's not our main focus. Can you split costs between R&D, sales and marketing, and general and administration costs? Yeah. We're not cutting costs exactly in that way. If you put together product and technology, so to say, that's the biggest cost part that we have, number two is support, marketing and sales, and administration. In that level. We're still a tech company. I think that we will be forever. We want to invest in tech with that deliver value to our customers. That's our focus. Any plans to facilitate for B2B payments via open banking platforms? Exactly how we will do it, we have not communicated that, but we have communicated that we are working on different business-to-business payment platforms. Exactly how that will, you know, be delivered to our customers, we haven't shared that. Yes, we are working on to make sure that you can do more and more of your payments inside the platform, for sure. We're about to round off here. Mm-hmm. You mentioned that finance has previously been your, one of your largest bets for 2022. Does this remain ahead, or would you say that there are any particular other bets that you are going for in 2023 and beyond? Of course, as you can see now, we have great expectations on both those new segments, Pengar or Money and the Marketplace. Both those are new segments, and I expect them to, over time, deliver more than the core business, especially on growth then. Of course, that's my expectations on those area sales. I think since we're doing a lot of in-investments now in the core also, which I explained also, which we have a lot of products that we haven't even started to charge for, it's also, you know, exciting time for the core business. You shouldn't think that it's just bookkeeping and we're not doing anything there. You know, it's a lot of investments in the core products also that I'm looking forward to, you know, what our customers will benefit from during this year and then, and onwards. We received another question. Are you worried about bankruptcies in Sweden hurting growth in the short run? It's very hard to speculate on. If you look at, you know, historical downturn in Sweden, it doesn't have the big impact on bankruptcies. It will have a big impact on us. You know, we always look in the future and try to be very flexible and trying to adapt for things that are happening. Right now, you know, we're quite comfortable that we set our future more than the financial economy do. It's more important to what we do than if it's, you know, an upturn in the economy or in downsizing on the economy. As a final question we received here, do you have any plans on going abroad? As I said, it's not our focus. I think that we still have a huge market. We are low penetrated in all aspects in Sweden. Right now, my top priority is Sweden, and then we'll see what happen. Right now, that's our main focus, to make sure that we're delivering on all the different opportunities that we have in Sweden. We're still very low penetrated here. Thank you so much. It has been my pleasure hosting you today. It's so nice to see all these new pieces in the puzzle that just keep on adding up, and you going into them and seeing that there are tremendous growth opportunities, obviously, for you going forward. Thank you, Simon. A pleasure as always. Thank you.