Welcome to Fortnox Q1 Presentation. My name is Fredrik Nilsson, and I'm an Equity Analyst at Redeye. I will be back later for the Q&A session, and you can already now ask your questions in the chat function in the stream. Now it's time for the CEO, Tommy Eklund. You're welcome. Thank you, Fredrik. Great having you here. Let's-- I don't know. The presentation should maybe change now. Yes. Thanks. Okay. For you of all that has been participating in this presentation before, you know that we always start with, for us, the high level KPIs that we want you to follow. Number of customers, this is net growing customers, as always. 15,000 customers in the quarter, in line with our own expectations and also in line with last year. So all in all, a stable net growing number there as well. Regarding usage, that is ARPC, that's the revenue per month and company in the platform, increased with SEK 9. So also that in the historical context, a stable number. All in all, good growth. Regarding net revenue growth, at 33% in the quarter, compared to 41% last quarter. That included also a high portion of acquired growth. The organic growth is going from 24% to 32% in the quarter. Also that is trending good. Just a note on the margin. We're not pushing, as you know, we're not pushing margin, but our DNA is to be scalable in all aspects. I think that with the growth that we're having right now, we can also see and we can also for ourselves and for you guys show that we are scalable. With this growth, we can also see that the margin is coming up. Actually the highest margin that we have had in the first quarter of the history of Fortnox. All in all, I think good numbers. The Rule of Fortnox, which we also like to follow, ended up with 71%, which is an impressive number. Yes. Customer growth and ARPC in a historical context. We're reaching up on 500,000 customers in the platform now. That's almost now 500,000 companies in the platform right now benefiting from what we're doing. The ARPC reached SEK 242. You know that we have a five-year target that is SEK 300. Going from SEK 150 to SEK 300 during the five-year business plan period, which is halfway through right now. That is up until year 2025. I think that, you know, trending quite good towards the five-year goal. You know that we have communicated that it's mainly driven by increased usage. Now we can also see that we're investing in new verticals, you know, the Marketplace and the Financial Services. Now with the Financial Services growing almost 50% with the price point of both Marketplace and the Financial Services are much higher than the core business. That of course also contributes to the ARPC. When these new verticals are growing in the pace that they're doing now, they're also adding and contributing to the ARPC. That's good. Net sales, yeah, I comment on that. It's, you know, all in all, a really good quarter regarding growth of the net sales. Again, showing that we're scalable. When we're growing, organically growing with 32%, we're also managing to have 57% growth of the EBIT. Again, we're not pushing EBIT, we're not short-terming in our investments. All in all long term, we are very much in scalability. That is seen in this quarter as well. The Rule of 40 or Rule of Fortnox, as we're calling it, here, in a historical context. As you can see, I think that we're managing profit and growth in a good way. I've said it numerous times before that on the EBIT levels that we are now, we are prepared to take, you know, portions of that if we can see that we can increase growth. We are prepared to trade increased EBIT over increased net growth. That is also something that we can see here, that we have invested in growth, like we did in quarter four 2021 and quarter one 2022. Now we can see that all the businesses that we have acquired, which is the growth that we had, the increased growth that we had in quarter four 2021 and quarter one 2022 was actually acquired growth. Now we can see that Those businesses are also scalable now. Again, if we can see an opportunity to increase growth even more, we are prepared to invest EBIT. We know that we are scalable, if we don't do anything, we know that EBIT will go up. You know, it's not long-term, it's not a long-term strategy, we want to, you know, invest in growth. We will never, you know, invest the whole profit, on the levels that we are right now, we are prepared to invest portion of that into growth. I think this picture is showing that we're managing that on a regular basis. Yes. As you know, we normally pick up a couple of fun facts from the platform. One is the ARR, that is actually exceeding SEK 1 billion right now. Quite a milestone in this quarter, we're proud of that. We also opened up the ability to add private individuals in the platform late in the quarter, so it was only open for like two weeks in Q1. Still, the accountants added over 3,000 private individuals in two weeks. Quite a popular new feature there that was added in the platform late in the platform. Regarding the AI bookkeeping that I've talked about for several quarters before, we introduced that early last year, like in Q1 2022. You know, it's quite a new product, so it's not used by all our customers. It's used by just a fraction of our customers, although it's, you know, growing quite good. It's still a small portion of the 495,000 customers that is using AI bookkeeping. Still, that small portion of companies saved 10 million clicks in quarter one by using AI bookkeeping instead of manually doing the bookkeeping. Quite impressive, yeah, by a, just a small product. You know, we have 46 products, and this is just one of the products that we have. A lot of, you know, efficiency and saving time for our customers in the platform right now. A couple of highlights in the platform. I don't know, it's lagging a bit here. Yes. We open up for if you want to take advantage of our AI bookkeeping, you need to integrate your bookkeeping product or the Fortnox platform with your bank to fully take advantage of the AI bookkeeping. We have had that for several banks, but we have opened up for the bank that actually has in number of customers, the biggest number in Fortnox. Swedbank is in number the most popular bank in Fortnox customers. Now we open up the ability also to automatically connect if you are a Swedbank customer, connect your Fortnox platform to Swedbank. With that, we can do AI bookkeeping also for Swedbank customers. Quite a big thing for many of our customers. The bank integrations doesn't hold that much value in itself. If we have the connection to your bank, we can do AI bookkeeping. With AI bookkeeping, you get real-time bookkeeping. If we have real-time bookkeeping, we can do insights on the data, and we can also give you guidance on what you should do to improve your company. We can also do real-time credit scoring. This is also a first step to handle payments in the platform. With this bank connection, you can easier start to do payments into the Fortnox platform. Although the bank integration in itself doesn't include that much value, the things that we can do with the bank integration holds a lot of value. You know, we acquired Cling in Q4, so that's for quotes and signatures. Already now in Q1, quite impressive, it's actually included in the Fortnox platform. Now if you're using document management that we have in the Fortnox platform, you can automatically do signatures. It's impressive in itself that we can integrate a new product that fast. It's in just a couple of months. The real value for our customers and for Fortnox is, of course, that if you take advantage of our document management system, then we can retrieve data from those documents automatically into other products. For instance, if you're distributing an employee contract, for instance, and you use Cling to digitally sign that, then we can retrieve data from that documents that you need to onboard a new employee in the payroll system. A lot of efficiency that we can do with this feature going forward. Yeah, I mentioned it that it was more than 3,000 private individuals that was added in the platform, although that feature was just there for two weeks in the quarter. This is just an example of what you can do regarding private persons now. You know, we have a history of having a platform for companies. Now we're opening up also for our customers to handle private individuals in the platform. With this feature, you can do tax returns for private persons. This is has been an asked for features for many years, and now we're opening up for that. This is just a starting point. Now you can also start to manage private individuals in the platform. Quite a huge step for Fortnox and also something that our customers has been asking for for quite some time. Also, of course, for accountants that normally they handle both private persons and companies, and often entrepreneurs, they would like to handle your private finances and also your company finances. In that it's a more complete offer that we have towards the accountants with this feature. VAT management, yeah, maybe, you know, not the most impressive feature, but for anyone that works with this process, you knows that it's quite complicated. This is an important feature and process for our customers and but it's very complicated feature. What we have done is that we have removed almost all manual steps included in this, so we have done that automatically in the platform, so you don't need to do anything. Of course it's a lot of errors when you do it manually, but also a lot of time. It's efficiency, it's time-consuming, the old platform, but now it's automatically done in the platform, and we're removing a lot of errors and of course saving a lot of time. Maybe not the most impressive feature, but to our customer, it's a really important feature, and something that has been asked for for also for years. A whole rewritten VAT management is now included in the bookkeeping product. That was a couple of things that was highlighted from the quarter one, so maybe that's enough as an intro. Yeah. Okay, it's time for Q&A. Yeah. Yes. Once again, I want to highlight the opportunity to ask questions in the chat. I would like to start with the net customer intake. I mean, considering the economic environment with more bankruptcies, less newly started companies, it seems to me like a quite strong number. What is your view, and what do you see out there? Yeah. I think you're right that one can speculate on that, yes, there is a struggling environment for certain companies for sure. We haven't seen it in our data yet, so I think you're right that, yeah, one can speculate on that, but we actually don't know. What we've seen right now, yes, we can see that it's probably fewer starter companies. We have seen that probably has an impact on this warehouse business, the Lagerbolag business, the transactional based revenue probably have some negative impact on that. You know, nothing big. I think that, you know, we're doing a solid quarter, although one can speculate on that, you know, companies struggling a bit. Okay. You mentioned the transaction revenue grown a bit slower down in the recent quarters? Yes. nothing big. Yes, you're right that, if most of the numbers were, you know, on target to our own plan or a little bit better, yes, the transactional based revenue, we're struggling a bit according to our own plans, although, you know, it's growing really good. What we can see is that the Lagerbolag business, it's fewer companies started than expected. Still, you know, We're delivering a lot of value there, so, you know, we're having more revenue per newly started company than planned, but it's fewer companies. Okay. Yeah. On the other hand, the transaction and lending revenue in the Pengar segment had really strong growth. I mean, is that affected by the economic environment to some extent, do you believe? Of course one can speculate on that we have an impact on the financials in general. Again, it's kind of hard to, you know, pinpoint or exactly say, "Yeah, that's so and so," because we have nothing to compare with, because we don't know what quarter one should be without this. It's kind of hard to know. Of course we see that we have bigger interest in our financial services, and that goes from all the things that we have, invoicing service, reminder service and even payment service, although it's kind of small product. All of these, it's more interest in the products, but also the lending towards invoices and factoring business and company loans, which is growing really good, so. As you're saying, one can say that maybe if we're now having struggling a bit in the Swedish financials in general, one can say that maybe companies are a bit hesitant regarding investment, and that could have an impact on, for instance, our factoring business. If we're struggling a bit, then maybe you need the money. Maybe, you know, there's an upside in that our customers needs to increase their cash flow, and there can be a downside that maybe they don't yet right now want to do big investments. I don't know. You know, it's ups and downs, and right now it's, you know, our customers are using the products more and more, so we're quite satisfied with the whole Pengar segment right now. Okay. you mentioned that in the CEO letter, and touched upon it now as well, you reached break even, and you mentioned that you see synergies between Fortnox Finance and Capcito and Monto. It's one and a half year approximately since you acquired Capcito. What's the takeaway so far? Anything going better than expected or maybe worse than expected? I think you're right that, yeah, I'm highlighting it in the CEO letter because, yeah, this is according to our own plan. This is more or less what we have planned for. We have a lot of synergies in, you know, credit management in general, how you're, you know, going to market with these kind of products. People, you know, on the tech side, you know, we have a lot of fintech developers that are really good, and now they're helping each other. They're coming from, you know, similar background. Although we have taken the market in difference way, we have a lot of similarities and a lot of things that we can take experience and knowledge from each other. Yes, we're going according to plan now, and it was just a fun fact that we have now break even in this segment. It was not, you know, a big milestone in that sense. It was just a fun fact that we know that even Pengar, which, you know, has not the characteristics that we have in the core business, is really good as a scalable business. That is why we're mentioning that we're break even now. With growth, we can see that the EBIT is going up also in that segment. You've touched upon it a bit, but considering you have almost 500,000 Swedish small companies as your customers, I mean, what's your view of the economic situation? You probably have quite the good insight, so it would be interesting to hear your view. Yes. No major changes. We cannot communicate that we have seen a downturn in, you know, any obvious ways. What we have seen is on the consumer side, because we also have insights in the consumer side with the Offerta marketplace. Certain verticals in the Offerta platform, for instance, renovations, Is definitely going down, but others are going up. For instance, I know bathroom renovations in Bromma, in Stockholm is definitely going down, but home cleaning services is going up, like 50%. You know, some verticals is going up and some is going down. Definitely we see it's a different environment than we had a year ago. We haven't seen anything in the financials of our customers that it's-- Of course, we can see things, but nothing that is obvious. Okay. Let's continue with Offerta. You changed the monetization model to be more Fortnox-like with a smaller fixed fee per month. Yeah. What's the response from customers so far? It will take some times before you see that in revenue because we still keep this premium subscription offer. We still have that because customers, some customers would like us, for us to talk to us before they buy from us. Because the other structure is for digital sales, but we will also keep this manual sales process. We have a premium offer for the customers that would like to have, you know, manual onboarding and would like the help, the help from us, so it's still there. It's, as you're saying, a higher price, but someone, some customers are prepared to pay that anyway. We are doing that now, but since the price point is so much lower than the premium, it will be take some time before it have an impact on the numbers. Since that is a small entry point, like we have in Fortnox, small entry point, and then you pay for usage, then it will take some times before it's enough customers, so the revenue from the subscriptions has an impact. An even longer time before the transactional-based revenue, which will come, you know, afterwards, also starts to have an impact on the numbers. All in all, you know, I think that we're doing the right things also there. We keep this premium offer, which is good for certain customers, but we also have this, as you're saying, the Fortnox way of selling products there right now. It will be, you know, something that we promote more and more. We have the ability now. In the starting page, in the, you know, the digital lobby of the Fortnox platform, we have the ability to show that for certain companies, we can see that, for instance, you're offering, I don't know, cleaning services in Gothenburg. We can see that it's a lot of consumers now asking for cleaning services. Then we can show that when you're starting Fortnox that this is a company in Gothenburg that are offering cleaning services. We can see that we have a lot of consumers that are asking for that now. We can show to that company that if you were to have an Offerta subscription, you would be able to offer your services on those needs. We can see that it's a lot of private persons that are asking for home and cleaning services right now. We're really helping both sides on that marketplace now. Of course, it's not just when you are a company, it's not just to offer things, it's also to buy things. In the platform, we can also say that, "Okay, it seems like you would need cleaning services." We can also balance that in the platforms to both go for what you need but also want, what you want to offer. We're managing both sides right now. Although early, but it looks kind of promising. Okay. Let's move on to some questions from the web. You have increased the staff substantially. Can you give us some more details about the development and your needs for the nearest future? Yeah. Of course, we are like almost 700 people now, you know, we're hiring in all functions. The focus is on the tech side. The main portion of the people that we're looking for are hired on the tech side. That is also something that we're seeing in the market right now that, you know, that is always a struggle to find the best people in that area. It changing a bit now, so because, you know, especially some of the startups are struggling a bit, and I think that we're taking advantage from that right now because we are, you know, more solid company. More and more of the people are looking for that, you know, to have a solid employment. I think, that is what we're offering. Also, you know, what we're doing is quite impressive because we are working with, as you're saying, almost 500,000 companies. You make a huge difference for the society as a whole by working at Fortnox. I think more and more people are seeing that. More and more people are coming to us and want to work with us. With that, of course, we can also hire really good talents. We're not following. Of course, we keep track of the cost on the personnel side. We don't want to follow that quarter by quarter. It can be that we, for certain quarters, hire more than other quarters. It is for us more important to hire the most talented people that is suitable for Fortnox than to go for a specific number. If we're not hiring a single person for one quarter, it's not a problem. If we're hiring a bunch of people, more than expected one quarter, that's good also because that means that we're finding really good talent. We're not following that on a quarter basis, and I don't think anyone else should do either. You know, we're keeping track of our cost and we're hiring good people. That's the most important thing. We continue with some web questions. What has driven the big acceleration in ARR? In general, you can see that the more customers and they're using our products more, so that's one thing. Also, what is maybe stands out a bit is that we did a price change. We announced the price change, like, two month ago, and that has an impact on ARR. The price increase that we announced this year has similar impact on net revenue, but it has an impact on ARR. Can you talk about the progress of the new factoring solution now that it's in live since Q1? Yeah. Of course, that is one thing that is driving the Pengar growth. And we're becoming better and better at explaining to our customers how they can improve their cash flow with this possibility. It means explained very easily, when you're distributing invoices in Fortnox, you can distribute that in the platform, and it's just one button, distribute. If you're using our invoicing service, we do everything for you. We distribute. We actually do the distribution. We distribute that invoice, and we collect money, and we do reminders and all of that. We take care of that for you, so you just need to press a button. Now you can, instead of just distribute the invoice, you can do sell the invoice, which means that you get the money the same day as you push the button instead of waiting 30 days or even more if they're not paying in time. This, it's quite a good feature, and it's very easy to use. You get a, you know, you get a prompt very easy. You want the money now, or you want to wait 30 days? It will cost you this and this. The average price point right now is about 2.5% on that. That means to get the money 30 days earlier, you need to pay, like, 2.5%. That means that the interest rate, the annual interest rate is about 30%, and the loss rate is about 2.5% annually. That's the margin in that business. Since we have removed pretty much all the manual steps there right now, it's scalable as any SaaS business. Quite good gross margin and scalable in pretty much all aspects. So yeah, I'm looking forward to that product going forward. Hmm. Interesting. We continue with some questions from the web. What month will the Fortnox card launch? We haven't communicated any launch date. We have said that we're working on it. It's in pilot state right now. It looks good. We had a product demo a couple of weeks ago for investors where we showed the flows, how it will look in the product. It looks really good. We also want to make sure that, you know, it will be that killer product that we have talked about. To me, it's not important to release it, you know, in the near future just because of the release of it. It's more important that it become the really, really good product that we want to offer our customers. We'll see. It's in piloting now. You know, it will probably be sometime after the summer. We'll see. It's a lot of interest. Okay. We got a question on a subject that you have touched upon. It's a transaction-based revenue in the core offering. Is it only related to Lagerbolag, or is there something else in that numbers? The revenue in itself includes all the transactions in the core business, but it's only Lagerbolag that doesn't follow our own plan. All the other things are going pretty much according to our plan. It's interpretation of invoices, payslips, and all of those, you know, things that are in that revenue, but it looks good. Okay. Would it be possible for you to highlight the big investment areas for Fortnox in this year? Yeah, it's kind of a big question, but we are investing in several areas, as you know. We're continuing to drive integration to banks. That's why I talked about Swedbank. It is important for us to make sure that we get all transactions in real time. With that, we can have real-time bookkeeping. With real-time booking, we can do insights and real-time credit scoring and all of that. That is the most important thing I would say regarding our core business. We are investing in. We have been historically quite good at everything that happens before you do the invoicing. You know, we have good time reporting, you know, that drives automatically can drive your invoicing. We have really good systems for quoting. We have a good system for warehouse. All the things that happens before the invoice, and it's really easy to distribute invoice in our platform. All of that, we have been really good at that. Also the financial services, all of those services that we have introduced is before you send the invoice. The factoring is to get the money before you send an invoice. Now we're also investing in, on the other side of the invoice, how is the experience for the receiving part, and that will be released in quarter two. That's quite a huge investment to get a better experience on the other side, and especially focusing on the consumer side. Right now we're distributing, like, SEK 750 billion. Our customers are distributing invoices worth SEK 750 billion in the platform. 1/3 of that is consumers. 1/3 of, what, SEK 750 billion are consumer invoicing, and that is the experience for them to pay that invoice is something that we're working on now. That was also something that we showed on that product demo. It's already out there for certain customer groups, but it will be generally available during quarter two. That is something that we're working on and, you know, it looks really promising as well. It's kind of a new business for us, an important business. This whole area that we invested in last year by acquiring Agoy is accounts closing and taxes. It's something-- It's also an investment area, although maybe not as, you know, the market size for that is maybe not as big as factoring, for instance, or one of these bigger opportunities that it's going for. For our customers, it's a really important process. That, because that's, I've said it many times, that's kind of the most important piece in the puzzle that we haven't had before if you are an accountant. It's something that we're investing in. Everything that happens if you are an accountant after you have done bookkeeping is actually included in the accounts closing and the tax product. That is definitely an investment area for us going forward. Of course, the all the other things that we have are investing, and we are still investing in Pengar, which we haven't seen now. You know, the traction is getting there now. We're investing in the marketplace, as I talked about. I think all the areas are definitely investment areas right now, and the Fortnox Business Card, of course. We got some more questions from the audience. This one might be a bit tricky for you to answer, I suppose. We'll give it a try. Is it fair to conclude that revenue growth looks likely to accelerate in later quarters this year? We rarely guide the future, so I don't think I should start to do that now either. You know, in the data that we have, you know, we're trending quite good. So I'm never satisfied. I don't think that anyone working at Fortnox are satisfied. It's not in our DNA. Again, I can be proud of the things that we have done this quarter. In that sense, you know, I am satisfied as CEO, although we want to do even more going forward than to speculate on revenue going forward. You know, I think it's better to look at the quarter and do your own speculation. Seems fair. What are the fastest growing modules in the core offering? We have talked about Pingar, but that's actually a segment. Of course, a couple of products within the Pingar segment is definitely growing more than others, that's a growing area. We have big expectations on certain transactions like payslips and invoice interpretation. That is something that we're pushing because we see that it's a lot of value to the customers that are using that. That is also picking up, I think, more than other things. In general, I would say the whole people area, which is includes the payroll. It's something that is growing in some products from low levels, but in percentage, some of the products within the people area is growing more than others. That looks good. Also, the integration markets that we have talked about, where you can either buy integration to other software or you can buy the actual software in the platform, is growing more than the average product. That is something that we expected that, but if you just compare the growth from certain product, that is growing more. Okay. Does the Swedbank integration mean that customers can instruct payments from within Fortnox without having to log into internet banking? That is something that we're working on to make that even easier for our customers. With this integration, the customers are doing everything that they need to do before their payment, and they actually pay. It seems like you're paying it in platform. It seems like it's a checkout for our customers. You're right that you also need to go to your internet bank to approve it. It's something that we're working on now. I think that, I guess it will be a feature that we will work on going forward because a lot of customers is asking exactly on that because they're doing all the, you know, processes around payments in the platform. It would be a convenience for the users to also sign the payment in the Fortnox platform. Right now, the integration doesn't include that. Okay. What partners are you using on the receivables side of invoice payments? We don't have any partners on that. Everything is in-house developed. Yeah. How is your strategy on improving your presence in the micro company segment progressing? Will you launch more products here going forward? Yeah, I think that we're getting there. I've said that this is the year where we want to really address the micro companies. I think that we have, you know, we have the basic payroll, which is really good if you are under five employees. It's just in the app. It's very easy to use. You can just, you know, pay salary to yourself, or if you have a couple of employees, it's really easy to use. The cost is, you know, it's like SEK 59, and then you pay per payslip. It's, you know, it's affordable, and it's really easy to use. Also, in the same area, the invoicing product, basic invoicing is the same thing. You don't pay anything in subscription, but it's just mandatory to use invoicing service because we think that if you are a small company, that is the best product for you because you shouldn't, you know, have reminders and stuff when you are that small. You should use our invoice service. It's mandatory to use that, and we earn some money on that tail of each invoice. For then the customer, it's really easy to use this in app, just a couple of clicks and everything is automatically done. It's really easy for you. Then we're introducing more and more products. You know, we have the business mailbox, which is also for free. Some-- You get, you know, all the government mail in that, but you also receive invoices and all of that, and it's structured, so you can do interpretation on them, so you don't need to do anything. If you're using our interpretation of invoices, that is automatically done, so you don't need to do anything. If you're using our invoicing service, you don't need to do anything or everything is bookkeep. You know, we're not fully done, but we're getting there. What we have not maybe been that good at is to package that in something that's, you know, we have all the products, but we just need to package this. That's what we're working on now so that, you know, the smallest company, you know, you don't need to go to anyone else. We already have everything. Product-wise, we are there, but we need to package and go to market in another way to really, you know, we are good at, in that sector as well, you know that, but we can do even more, I think. Interesting. We still have some questions from the web, so I continue with them. Are you making progress with the new App Market monetization model? I thought that all our customers would start to buy software in the platform instead of integration, but that has not happened. Yes, the business is going really good, but they're focusing on integration. I think that we will work even more on the monetization of actually buying things in the platform. Just revenue-wise, it's going really good anyway. Regarding margin, it is actually better for us if they're buying integration because the integrations is developed by our partners, and we're selling them, and we take, and we don't give any way away of that revenue. We have 100% gross margin on that business. You know, EBIT-wise, it's really good, and revenue-wise, it's really good. The monetization of buying, of selling software in the platform has not picked up in the pace that, you know, we have planned for. It's not a problem because the other business is going even better than we thought. We'll see. Is the monetization model for personal customers the same as business customer? Does that increase your total addressable market quite meaningfully? Regarding accountants, that is right. What we haven't done is that we haven't opened up for private persons in the platform yet. So it is still a difference. It's similar because, you know, you're adding entities in the platform, and those entities can be private persons or company nowadays. For an accountant, you know, it's a similar way of handling a company or a private persons. Companies also have the ability to log into their to their company and so on, and all of that. We haven't opened up for private persons to log in in their environment. It may come, so we'll see. I don't think that we will actually sell something to private person. I don't know if that is the core of Fortnox, but to open up more possibilities for private person, I think that is something that will be meaningful going forward. To actually sell to private person, maybe that is not our core. For instance, as I talked about, we are investing in the experience for private persons when they are receiving invoicing from a Fortnox customer. That's also a way of onboarding private persons. Of course, maybe if you're paying an invoice from an Fortnox customer, you would like us to store that invoice in your area, so to say. If we're distributing payslips to you would like for us to store that in your private area. There are definitely touch points in the platform, huge touch points that are touching private persons. If we are to monetize that directly towards private persons or if we are monetizing that indirectly, I think that's something that we don't know. We'll see. This is a starting point that now you can at least do tax returns in the platform if you are an accountant and want to do that for your private persons customers. Okay. Then I will move on to some of my more long-term oriented questions. I mean, the transition to cloud, some years ago now was very important for you became the market leader following that shift. I suppose that AI will make a similar shift. How do you make sure that you stay competitive against any possible new entrants? I think you're right. That's definitely the big step going forward. We are investing in that, making sure that we have the best people. You know, we already have really talented people in the AI area, That is the area that we're looking for people as well now, We have a lot of people coming to us that wants to make a huge difference, that have the experience of AI, They see that with the knowledge and the experience they have, we will make a huge difference for the Swedish company, so to say. We already have what many companies lack. That is, really good customer relationship with many customers, and we have a lot of data, and I think that is maybe even, you know, that is the first stepping stone because if you don't have that, it doesn't, you know, it's no value to have experience in AI. We are investing in making sure that we have a structured way of handling our data. It's secure. We're not, you know, going outside any legal aspects or anything like that. That is really important for us. That we're benefiting from the data that we have because I think that is something that our customers are asking for us, you know? They want us, if we have, you know, a lot of experience and knowledge with all the data we have, of course it's something that our customers would like to take advantage of. I think that right now we're investing more in that, making sure that we have the data in a secure, structured way, than we're actually, you know, investing in development around the data. With that said, we have AI bookkeeping. We have AI credit scoring models. We have a lot of AI in the platform already now, and of course, as you're saying, going forward it will be, you know, bigger and bigger for sure. I want to go back to the marknadsplats, marketplace or integrations. You have a lot of vertical solutions where you combine your more general modules with industry-specific software. What's the status of that offering, and how could you make it more attractive going forward? It's a good question, and I think that's the true beauty of Fortnox, that we have really good products. As I said, we have 46 products, but we also have more than 400 partners that are delivering value to our customers. Sometimes, you know, our time reporting product is really good for you, but sometimes, we have, like, 7x or 8x reporting systems in the development partner pool that is more suitable for your business, for instance, and I think that goes for all products that we have. It's a really way, it's a really good way for customers to cherry-pick, you know? They can take the best products in what they need. What we haven't been maybe that good at is that, it's something that you can do now, but it's not that good digital. To do that, you need often some help. There are a lot of, you know, service integrators that are good at helping customers. What we are investing in going forward is the ability for our customers to, you know, cherry-pick, or maybe I should take that, I need that, We can help our customers in an automatic way to, for themselves to choose the best system for them. And, for us, you know, with the business model we have, it's more important that customers are satisfied with Fortnox. You see that we earn money by having a lot of customers in the platform. It's more important that we have customers that are satisfied and that the companies are successful in the platform than making sure that they always use the Fortnox products. It's more important that they are satisfied on the overall experience of the platform. Okay. What about the interest from the industry-specific players? I suppose that they want to work with you considering your large customer base. What's the situation like in your corporation? I couldn't talk for everyone, but it seems like it. It seems like we have a good relationship for everyone because we're focusing on the customer needs. If we're making sure that, you know, the customers that are benefiting from the things that we're doing in the Fortnox platform, when we're showing that you become more successful by taking advantage on what we're doing, and if we have partners that have the same vision, it's no problem. I think that, you know, it's a business for everyone, you just need to make sure that you're delivering customer value in all aspects. If we start to, you know, being too pushy regarding, "You should use this instead of this," then we're missing out the real value of what we're doing. If we're focusing on making sure that companies that are entering into the platform becomes more successful than the companies that are not in the platform, you know, then we can have, you know, several business models that works. Okay. Last call for any questions from the web. I want to ask about the penetration of cloud solutions. I think, like, 8- 10 years ago, many people thought that 2020 it would be almost 100%. That wasn't the case, obviously, but what's your best guess right now? 2025, or will you see a contribution from a migration from on-prem to cloud also after 2025? I actually don't know. It's a really tricky question. I don't know. I don't know. Okay. That was everything from us. Thank you very much, Tommy. Thank you, Fredrik. Appreciate it.