Hi, everyone, and warm welcome to the Q2 earnings call with Fortnox. We are in Växjö, in the Fortnox studio, in the Fortnox headquarters, and with me, as usual, I have Tommy Eklund, the CEO of Fortnox. My name is Predrag Savinovic, I'm an analyst at the Carnegie Investment Bank, I will be moderating this call. As per usual, Tommy will start with an intro to the quarter, some highlights, then we will kick off the Q&A. Please send your questions through the chat here, we'll take them accordingly. Please go ahead, Tommy, with the intro for the quarter. Thank you, Predrag, and thank you for hosting this. Appreciate it. Yes, let's go. I don't know. I guess I'm gonna change slide now, but it's not changing there. Yes. Let's dive into the numbers. Okay. As usual, we're looking at number of customers and the usage, which we are calculating as ARPCs, average revenue per customer and month. Two solid numbers, net growing with 15,000 customers on the level that we did previous quarter, too. A solid quarter because, as you all know, there are some headwinds regarding the net growth of customers. There are fewer companies started in Sweden during this quarter than it was previous quarter, too. We also have bankruptcies that is holding back the net growth of customers. Taking that into account, a solid growth regarding number of customers. SEK 11 may not sound like a big number, but, you know, on our customer base, that's quite a solid number as well. We're again showing that, you know, our customers are using more and more of our products. They're spending SEK 11 more on our portfolio this quarter than what they did previous quarter, too. All in all, a solid quarter regarding number of customers and ARPC. Financially, as you all know, this is not something that we're guiding, but we're saying that we're keeping track of this, we're using the Rule of 40 as a KPI to maintain a good leverage between EBIT and growth. Again, a solid quarter regarding that as well. We're having almost 31% organic growth in the quarter. Previous quarter, too, we also had acquired growth, we're actually growing the organic growth with roughly 3% in the quarter, which is solid in the environment that we are in. We're also showing that we are scalable in our business, EBIT actually grows more than 50% during the quarter. That ends up with a 70% regarding Rule of 40, or Rule of Fortnox, as we're saying. Yes, customer usage. Put this number of customers into some kind of historical context. An interesting milestone was reached during the quarter, where we exceeding 500,000 businesses in the platform. Now, more than half a billion of our, of the Swedish, businesses are now using the Fortnox platform. Quite a big milestone, and something that we have worked on for quite some time. Also, the ARPC also reached a milestone where we exceeding 250 SEK. Again, it doesn't... it may not sound like a big number, but to exceed 250 SEK is kind of a big number for us. Also, take into account that, yes, it's a good number, but take into account that that is just like $20 a month. Still quite a low number in absolute terms that, you know, our customers, if you're running a company, you're spending $20 a month on the Fortnox platform, which is your backbone when you run your company. Yes, it's a good number for us, and it's growing, but it's still a reasonable small number, so it's more. We have more growth there. Shifting back to, or. Now it's not working, so I don't know if I got the wrong one here. Maybe you guys can change the slide instead. Financially, regarding net sales and EBIT, to put these numbers into some kind of historical context, growing with more than 30% organically is quite solid. Also having 40%, almost 40% EBIT is, of course, a solid quarter in all aspects. But if you look at the actual profit, it's actually grew more than 70% during the quarter. Again, I think that we're showing that scalability is the DNA of Fortnox. We're focusing on scalability in all aspects. Again, a really good quarter financially, and if we put growth and EBIT together in Rule of 40-... again, a massive number, I would say. It's not that many companies that can get, deliver on these levels. I think we can be quite proud of that we're actually delivering organic Rule of 40 over 70% now four quarters in a row. That's quite solid. you know, that is something that, if you put that in some kind of international comparison, it's really hard to find companies that are delivering on this level. It's something that we're quite proud on. Just a few words, since we're halfway through the business plan. For you guys that have heard me talk about Fortnox, you also heard me refer to our business plan, which we communicated during our capital market day, like two and a half years ago. Now we're halfway through this business plan, which is the 5-year business plan up until 2025. We just, you know, mention a few words, where are we? We put two public KPIs there, saying that we are going to double the number of customers, and we are also going to double the usage. Now, halfway through, we had 350,000 companies in the platform when we communicated that we are going to double the number during this 5-year plan. Now we have, as reported, 510,000 businesses in the platform. If you just, you know, put that in some kind of diagram, you can see that we need to, in absolute terms, increase more regarding number of customers at the second half of the business plan, which was also communicated that that is the plan. We had, as you know, our sweet spot, historical sweet spot was five to nine employees. We said during this business plan period, we are going to invest also to be able to deliver value to the micro companies, zero to four employees. After that, also invest into bigger organizations. We think now that we have for what we have done for the last two, three years now, expanding our offers towards the micro segment, that will have a positive impact regarding number of customers. It can also pressure ARPC, because those customers, at least initially, could have a lower ARPC, so that can pressure the ARPC. Since we are also investing in expanding into bigger organization, we think that we can keep up the ARPC. You can also see that we said regarding the ARPC, that we're going from SEK 150 to SEK 300 during this business time period. Of course, you can see that now we're reporting SEK 253. That is, of course, a little bit ahead of our plan, but take into account that it can be pressured by adding more micro companies in the platform. We think that we can demographically keep the platform by also expanding into bigger organizations. Of course, that is how this works. If we're adding more customers, that will pressure ARPC. If we're adding fewer customers, we can easily increase the ARPC. As Predrag also reported, and has reported now for quite some time, that of course, number of customers was the number one KPI when we started Fortnox, but over time, number of customers will be less and less important, and ARPC will be more and more important. As time go, number of customers will be less important and ARPC will be more important. Just to mention a few other things that we're working on, since we're halfway through the business plan, we also said that we are going to go from only focusing on the biggest accounting firms, also focus on smaller accounting firms. I think that we have shown also to the market now that we have a really good offer for accounting firms in the mid-segment. We are quite dominant in that segment. That has happened during this first two and a half year, I would say. Now what will happen going forward is that we also will move ourselves into also being able to offer value to the smallest accounting firms. That is what we have done, and that is what will happen going forward. We also said that we are going to move more money into the platform, more financial services. I think that we're showing that our financial services now is growing almost 50% this quarter. I think that we're showing that, you know, more and more of our customers are taking advantage of our financial services. We have added really good services that our customers like. We have not moved all payment rails into the platform yet. That is what we will do going forward, moving more and more payments in the platform. I think that is one of the things that should happen during the business plan period, and I think we're on track on that as well. We also said that we are going to increase usage. Usage is important for us. Not all usage is connected to revenue, but we think that we're building more value to our customers if we increase the usage. We think that we eventually will earn money on it, even if we don't earn money right now on usage. That's why we're pushing usage, and now we can see also that usage is growing more than customer is growing, the number of customers growing. For instance, app usage is growing faster than number of customers is growing. I think we're on the right track there. We have more to do, of course, but we're investing in the right things there. Regarding transactions, we said that transactions are quite important for us, and we invested in more integrations to be able to retrieve all the transactions, because we think that our real value in the future will be that we can guide our customers on what they should do to improve their business. To be able to do that. we need to have all the information on their business, because with all the information, we can do things like AI bookkeeping, and with AI bookkeeping, we have real-time information on how your company is doing, and based on that information, we can give insights and guidance on what you should do to improve your business. I think that we have we're not there, that we're guiding our customers on what they should do, but we're doing more and more regarding transactions, making sure that we have more and more of the data that we need to take advantage on when we are guiding our customers on what they should do to improve their business. Halfway through, I think that we're doing the right things. Moving forward, we will focus even more on benefiting on all the data that we have there. We said that historically, we have been very focused on especially bookkeeping, because we started with bookkeeping, and we said that during this business plan period, one of the main things that needs to happen is that we need to move from being just one product company into have several products, more like a platform to run your business. In rough terms, one can say that we have about 46 products right now, and bookkeeping is one of them. We have, of course, products that are related to bookkeeping, but it's actually just 1 out of 46 right now. We have definitely expanded number of products, and in rough terms, this is kind of hard because we're not reporting revenue per product. In rough terms, the revenue on bookkeeping right now is about 15%-20% of the group's revenue. One cannot say that, yes, of course, it's a big product, but it's not dominant. More than 80% of our revenue comes from the other products. I think that we have moved ourselves to being more like a platform to run your business on. I think that we're, you know, we're not done, but we're going in the right direction there. That was just, you know, a small. A couple of things that is happening halfway through the business plan period. Yes, we reported, I think it was in quarter three last year, that our customers were distributing more than one invoice per second in the platform. Right now, we can report that during this quarter, we, in our invoicing service, are now distributing, one invoice per every 10th second. That service is growing, and more and more of our customers are taking advantage of our distribution mechanism and of course, collection and reminders and all of that. An interesting service that is growing more than other products are doing right now. As reported, we introduced early 2022, we released this AI bookkeeping. As I said, we started with having integrations to all the bigger banks, and that is growing now. More and more of our customers are naturally connecting their bookkeeping to their bank account, and with that connection, we can automatically handle their bookkeeping for them. That is product, is now 30,000 customers that are using that product, and that was introduced last year. And it was, and it grew 35% from Q1, that's quarter-by-quarter, sequential growth of 35%. It's a product that we know it's a strategic product. We have said that we're not even focusing on the business model yet. We know that this is a huge value that we're delivering, right now we're just, you know, building big enough customer base to be able to build an ecosystem and a business model around it. This is one of these really important strategic products, and obviously, our customers likes the product as well. That's promising for the future. We have not reported how many customers before, how many customers that are using our integrations, this is kind of a new fun fact, but it's actually more than 100,000 or more than 110,000 companies that has one or more integrations with the platform. That is, they are paying us for a product, for an integration product, to be able to connect the Fortnox platform with other softwares that they're using to handle their business. Quite impressive. Again, you know, this is kind of a celebration, so 500,000 businesses in the platform, quite massive, and the company that become the 500,000th customer was this company, Lotus Maskin & Transport AB in Norsborg. We're happy to have them as a customer, and they're benefiting from the simplicity of the Fortnox platform, and they run their business. It's kind of fun. As always, there are a lot of new features in the platform, especially now focusing on the app. We can see that more and more of our customers are actually running their business in the app, so that's why we're also focusing to be able to deliver more and more features into the app. It's not just about to move features from our web product to the app. It has to be adapted to that way of working. It's actually not moving features, it's more, you know, inventing new features that is suitable for an app usage. More and more of our capabilities are now delivered into the app, so that our customers can easily run their business in the app now. This was just a couple of examples, and for instance, now the, our business mailbox is also available in the app and really easy to use, and a lot of other things as well. As I said, bank accounts, now all the bigger banks are connected to the Fortnox platform. If you have one of the five big banks in Sweden, you can automatically connect your Fortnox platform to your bank, and with that, also have AI bookkeeping. What we did here was that we took the investment to integrate, because it's kind of complicated, because you need to go deeper into the integrations to be able to retrieve all the information that you need. You cannot do that with the open API, so you need to go deeper to be able to do this integration with the banks, to be able then to do bookkeeping. We have taken the investment to do that on all the bigger banks, but in parallel, we also opened up so that we have an open API, so all the smaller banks, the niche banks, can do that based on our API. Now more and more of these smaller banks are also connecting their platforms with Fortnox platform. Now you can, you know, use independently in what bank you have, you can now connect your bookkeeping or your invoicing with your bank, which will give you a superior experience when you run your company in the Fortnox platform. Some synergies with the marketplace segment. Offerta released an entirely new website, which is important because that's the customer-facing part in that business. We have some synergies here because we reused all the things that we have done on Fortnox.se, and developed a new site for Offerta.se. That was released during quarter, so that's a big thing for the marketplace segment during this quarter. customer... Know Your Customer and Anti-Money Laundering features becomes more and more important for us, because more and more of our products, you need to have to control and check up on your customers more and more when you are going to deliver features like we do. It's more and more important for us, so we need to improve in this area, but it's also more important for our partners and the accountants that are obligated to do these things. That's why we're also, during this quarter, sign an agreement to be able to deliver this service, both for our own sake, but also for the accountants. Now, late this year, we will release the possibility for accountants to take advantage of our capabilities regarding KYC and AML as a business, because it's something that, you know, they're lagging behind a bit, because when you're an accountant, you need to do this. We're helping them to do what they are obligated to do with this service. As always, we're releasing a lot of features for the accountants. One of the bigger things during the quarter was that now we have moved the process of handling payroll into the product that we have for accountants. We have invested quite a lot in our payroll solution. As you know, I have reported that for numerous of quarters now, that have been one of the investing areas that we have done. We're investing quite a lot in that area. It's also growing more than other products. It's a popular product that they're investing in, but we have not invested that much into the product that we have for accountants, they also can benefiting. If you run a company, you can put, you know, the administrative payroll process on your accountant, but we haven't supported that in the product. Now we have released support for that, accountants also can handle the administration around the payroll for their customers in an easy way. Yes, that was the presentation. As always, I'm not going to show these appendix. We keep them updated for your sake. We're just distributing this, them, and they are updated. You know, they're there for you, and you can use to get a better understanding of the business. Thanks. Okay, perfect. Thank you very much, Tommy, for the intro, and to the audience, we are now entering the Q&A session. If you have any questions you want to ask, type it in the chat, and we will take those as they come in. Let me start with a few on the report. If you could break down the growth a little bit for us. 31% is organic. There is a price hike in here. You're growing back with customers, you're growing with usage. If you can give some flavor on those three buckets. As I said before, when we're doing the business plan, we at least during this business plan period, with this, which is the five-year business plan that we're now halfway through, we have planned to have 50% of the growth should come from new customers, and 50% of the growth should come from existing customers. We didn't plan for any, you know, bigger price hikes, but then we have done a smaller price increase last year and one this year. One can say that with that, we also introduced a third bucket. We have three buckets now, which are not exactly the same in volume, but in similar size. I would say that one third comes from new customer, one third comes from existing customers, and one third comes from price increases. Okay. I believe in the last quarter, you adjusted the ARR figure for the price hike entirely, or do you have anything in the ARR from the price hike lying currently still? That is now included in the ARR. That has no impact on the ARR right now. Okay. If we take a look then at the usage-based revenue growth, you mentioned in the intro here as well, or in the presentation, integration is going well, invoicing services are going well, but if you can give some flavor on, except for the price hike and the customer growth, which are the typical modules you see now? Initiatives that are? I think that we're growing all over, and that's why we're quite solid. Nothing sticks out, I would say. What you learn is that new products takes longer time than you plan for, calendar time-wise, and I think that is happening now with invoicing service, because you have heard me talk about invoicing service for, you know, two, three years now, because it's a really good product, and I thought that everyone would use it. Now it's picking up, and Pengar, which is the segment that holds invoicing service and also all the lending business, is growing almost 50%. We think it's some headwind in that. You know, if there was a tailwind, you know, in the invoice, in the financial services, we would probably, you know, have even better growth in that. Growing, like, almost 50% organically in a segment with some headwind is, you know, is quite stable. You expect even more there after? I'm not saying that, I'm just explaining, you know, the quarter. If we take the 15,000 customer metric, it's quite interesting. I fully agree, and like you said in the intro, we don't care that much for that anymore because you have quite a lot to do on your ARPC side. If you could also, on that one, break it down a little bit in terms of size. You could potentially add one customer that is worth SEK 500 or SEK 1,000 in monetary terms. What does it look like for you in this quarter? We don't see that we fundamentally changed the demographics in the customer base yet. What I said during the presentation was more kind of a speculation, that it might happen, that when we're taking in more micro companies, we might change the demographics in the platform, but it hasn't happened yet. Right now, these, you know, when we're adding about 15,000 new customers, it's pretty much the same as it has been before. Right. I believe you have also had some more success in adding larger businesses as well. Yeah Which should mitigate the effect of. Yeah, exactly, that has no impact on number of customers. Yeah As you know, because there are so few, but it definitely has a good impact on the ARPC. As you know, the products that are priced a bit higher, like factoring and Offerta subscription and all of those, you know, they are 20 times or 50 times higher priced than the core product. It's just a couple of thousand companies. Of course, the penetration is really low. If you have 500,000 customers, and we still have, you know, a good portion of revenue coming from a couple of thousand of the customers. Of course, there is a huge potential in the ARPC, but it has no potential regarding number of companies. Yeah, that makes sense. You did speak a little bit about bankruptcy rates and the net growth in new customers. We've seen the statistics, they are dropping, but still you are at trend or even slightly above. What have you been doing to keep this pace, or what are your competitors doing, rather? How are you still maintaining, for this quarter, such high growth? Again, I think it's a little bit of everything. I think that we, in our larger addressable market business, we become more and more the natural place where you start your company journey. I think, you know, it's natural for more and more private persons, "That, that's where I start." Or if you have a couple of businesses, "Okay, maybe I should start a new business. Let's do that in Fortnox." More and more customers, I think, are, you know, seeing the convenience of doing that in the platform directly. That is where we're becoming better in that. Also, I think that more and more accounting firms see the advantage of having all their clients in the Fortnox platform because You know, they become more efficient, and they can take advantage of all our services. I think that is something that we're seeing also, that you maybe not initially put all your clients into the platform, but now they see that, yeah, it's more efficient if I put all my clients in there. I think that also have a positive impact on our numbers right now. Okay. The margin then, we have to talk about that, it's quite high. Mm-hmm. Do you have any spending plans for the remainder of the year that might shift this, or is it a representative figure? I think, you know, it's a representative quarter. I think that I said it before, that for us, it's more important to be scalable, to make sure that we're not adding any cost associated with growth. If we start to add cost per customer, that is per business, or if we start to add, you know, cost per product or cost per user, you know, that will definitely have a negative impact on our margin. We have more focus on that than actually, you know, pressuring the cost levels that we have. It's not that much focus on cost, it's more about scalability, because that is in the phase where we are now, that is more important to us. Mm-hmm. All right. Makes sense. Let's take a few questions from the, from the chat here. The first one is: When will you add a financial partner to factoring that might take off of the factoring debt for you? We haven't decided that we are going to do that. We have said that we are probably going to do that for our business loans because they are a bit more long term, and, you know, that's more like a bank business, and we're not a bank. Factoring is a bit different because, you know, it's only 30 days, it's short term. It's almost like transactions, and we're using our own money right now, and, you know, it's only 30 days, so we're using the same money 12 times a year. It's quite efficient use of money. We'll see. We haven't said that we're going to move away from our own balance sheet regarding factoring. We'll see how big it becomes, but I guess we'll find a partner for the business loans eventually. Right now, you know, we have the money. It's quite efficient. The factoring interest rate is roughly 2.5%, so it's 30% annual. I guess our own is, you know, they also like that we're using their money and have 30% interest on them. Right now, I think it's a good business. Okay. When will the Fortnox Corporate Card be released, how many customers have signed up? I believe you said in last quarter that it's quite popular, at least. Yeah. I thought I had my wallet here. I actually am a pilot, so I have it right now, so I can use it, but I didn't bring my wallet. I have it myself. You know, I'm one of the pilots who are piloting now. We have done that for almost two months now, and it looks really good. Sometime early or mid-autumn, I would say, sometime late quarter three, I think it will be released to all customers. Now it's pilots, and then it will be released to friendly customers, and then it will be released to everyone. I'm using it, and it looks really good. You're happy with it? I'm happy with it. How many customers do you pilot with until you feel certain enough? It depends on the complexity of the product, but we have a process where we have, you know, first we use it ourselves. Now it's a lot of internal usage because it's a lot of people working here that also have a business. We're taking advantage of that. Then we have friendly piloting. Then we have friendly customers. Then we have certain segments that we think is easier than others. With feature flags, we can add different features on these 500 customers, so we can, you know, split that in different verticals and all of that. Depends on the product, we'll see how we will do it with the card, but it's something that we do on a regular basis. That is something that we do on all products, so it's no different than what we do on all other products. So far you've been happy with this partnership. You have a partnership with Mynt. Yeah. You have a co-ownership in Mynt as well. We have an option to be a co-owner. An option to be a co-owner. Yeah. Someone would speculate you might acquire them, at some point. What is your take on those kind of speculations? I haven't heard that, so I don't know. You haven't heard that. Okay. let's move to a free cash flow question then. It looks like, free cash flow is growing quite a bit, 275% in this quarter, and there is, a working capital improvement. The question here is, if there's been, some improvement in the free cash flow from the price optimization between three months and twelve-month contract, is there anything contributing there? I would say that it's, again, a little bit of everything, but I think the main driver is that we're earning money. You know, that's the main driver. As I said, profit is growing with 70%, and of course, that has an impact on this. That's the main driver. Mm-hmm. Okay. You mentioned in the, in the introduction also that you're adding payment rails to invoice services. What are these? We have already now payment rails for consumers. Consumers can pay different payment rails, and we will add more and more payment rails for consumers. I've also said that we're working on business-to-business checkouts and payments for businesses to business. We haven't had any release dates or anything like that, so I don't want, you know, to mention any dates, but it's in, you know, it's in our factory. We're working on it. It's one of these promising few products that we will release and something that our customers are asking for because it's so much more convenient for them if they can do everything in the platform, and especially payments. Mm. That is something that we will add going forward, and we will talk more about it when it's more finished, I would say. We have, from our side, noticed that the market is concerned about a few things with the general economy, of course. One sector which is under pressure is, of course, construction. We have had profit warnings in some companies as well due to the slower end markets. What is your construction exposure like? Or are you so large, it's like the general economy as a whole? I think that it's... If you want to do any, you know, or if you want to do your own interpretation, you should look at Fortnox as a small Swedish, Sweden, so to say. I think that we are exposed to all segments, and we are exposed to construction as well. It's something that I have reported in the Offerta platform, which is more exposed than other segments that we have. The funny thing is there is that, yes, we see that companies are going into bankruptcy. Of course, we can see that. Since it was so much pressure on these companies, like two, one, two years ago, they had too much to do. They were not that interested to find new customers. Even if it's, you know, some of them now are struggling a bit, they also need services like Offerta to get new customers. It's also, you know, a need for more of our services, even that some of them are struggling. Because if you have too much to do, you don't pay to get more customers because you cannot handle the customers that you have. There is also a positive spin that we can feel on the construction segment right now in the marketplace. All right. Offerta is basically countercyclical in this aspect? Yeah, in some sense. Then, of course, if, you know, if there is a very, you know, downturn in the economy, and there is no work to do, of course, eventually they will go into bankruptcy, and eventually they, you know, they will cancel their subscription. Right now, it's also a positive thing that they don't have too much to do. Mm-hmm. Okay. They need more customers. All right. In terms of the competitive landscape, you have some peers which have been around and are profitable and large, and then you have some which are quite small and loss-making. Are you seeing changes in behavior there? I mean you haven't really had competitive threats for quite some time. Is this even easing even further for you now, given the economic environment you're seeing? No, I don't see it as a threat. The small companies are often, you know, quite fast and agile, and they are seeing things. They are more like pushing the market in a good direction that is good for everyone. Mm-hmm. I think that all businesses that are, you know, delivering software in our sector right now, we are helping each other because the market is huge, and most of the companies, they are not benefiting at all compared to what you can do with software right now. Mm. I think that everyone working in this area, we're not really competing. We're more like helping each other to explain more. If you run a company, you can be even more successful if you were to use these tools. I think that everyone now in this sector are, you know, helping each other to explain the benefits of having a, you know, a platform like that, this, when you run your business. Okay. We noticed you made a summer campaign recently. You're offering some discounts on for new customers. If you can explain this initiative a bit, and do you have any expectations on how that can impact the ARPC levels or net customer growth, et cetera? That's part of our sales strategy. It's, you know, it is no change to what we have done before. We have done that many times before, so it's just part of our sales strategy. We have different campaigns, and so that's already included in historical ARPC numbers, and of course, it will be included in future ARPC, so that should have no impact. Mm-hmm. Okay. I think on pricing generally, when we have made a study on how your price versus competition, you have raised, you mentioned twice. However, you're still tracking, I think you're the lowest priced of all vendors still. Should we expect that bucket to drive growth once more, say, a year from now? I think that, you know, that's not the main driver. I said it many, many times before, that, you know, now it's with the price increase, it's still roughly two products per company or two users using one product per company. It's still ridiculously low, if you have 46 products. The penetration is still ridiculously low. We have so much more to do that. As I said, you know, to over-deliver on our 2025 goals, we just need to add one more user per company. Right. We're over-delivering on our own targets. That's just one user per company, and we have two and a half year. Mm. We might adjust prices. We might have a better, you know, way of pricing our products. I don't know. We'll see. If we have a better way of pricing our products, we might change, but that's not our focus. Mm. The focus is to increase more value and increase usage because we see the, in all measurement that we do, that the companies that are using more of what we're doing becomes more successful. It's all about usage, I would say. Right. And I respect this is not your main focus, but, have you ever considered that Fortnox should be premium priced compared to the market? You don't necessarily have to be the lowest-priced vendor because of the, these value propositions you offer. Yeah. I, you know, again, we're not focusing on that. I think that we can become even better at connecting value with price. Just raising prices because the sake of it, I don't think that that is that we will not become more successful with that. I think that we have a lot of times where we're delivering huge value, but we have not connected that to a long-term business model. I think we can do more with that, and that is something that we will do going forward as well. Mm-hmm. Okay. You said that the bookkeeping module is 15%-20%- Mm of the revenue. What is the second largest one? Invoicing. Invoicing. How much is that in%? I don't know. We'll see. Do you have an update on churn levels? Any changes there? No, we're not reporting churn. What I referred to was that, you know, in the general market, there is, an increased churn, but we are not reporting churn, and we have no plan to do that in this quarter either. Okay. Okay. We have a question here. I can comment on that if there are new listeners, because I've talked about churn many times. We get that question, that, of course, we have a natural churn since we have so many companies, and companies go into bankruptcy. We have a natural churn, of course, in the platform, but churn to other vendors are slim to none. We have a reasonable, big, natural churn, which we have limited impact on. That's why it's not a big number for us because we have limited impact on that. You know, of course, churn is always important, but churn to other vendors are slim to none. Mm-hmm. Mm. Taking these bankruptcy figures, if we just contextualize those a bit in absolute terms. Mm. You had bankruptcies in Sweden in 2021, of course, in 2020, in 2022. I know the percentage rates are up by 30%, 40%. If you look at the absolute number, it's- Still a small number. No, it's about 100 companies. Yeah SEK 2, SEK 300, SEK 400. Does it even matter? I mean, there are some that say you might be impacted with a lag over time, but is the number sufficient enough for you to actually feel it, do you think? As you said, the, that the 15,000 SEK would probably be a bit higher. Mm-hmm. If we didn't have that, if, you know, companies were started in the pace that we did last year, and if we didn't have bankruptcies, on the level that we have right now, the 15,000 would be a bit higher, I guess. Yeah. I think that what you're referring to is that regarding the impact that we have, regarding the macro numbers, I think the impact regarding financial activity is higher than the impact that we have on net growing customers. Because we can see that financial activity is a bit lower. Mm. than we had planned for. There are fewer payslips, there are fewer invoices, we have revenue connected to those different transactions. Also, the financial services are often connected to an invoice because it's the invoice that we're using as an asset to lend money. Financial activity is a bit more important for us than actual, sure, than actual bankruptcy. Okay, makes sense. There's a question here on when we will see the first acquisition outside of Sweden? Have I said that? I don't know. I don't know. I don't think you have. Will you? I, you know, it's a good question. I think I have the same answer that I have had many times before, that, you know, our main focus is Sweden. We have a really good business case in Sweden. I don't want to miss out on that opportunity. I want to be able to deliver that, so that's my top priority. We have just started, you know, we're like a start-up, you know, the penetration is still really low. So I don't want to miss out on that opportunity, so that's my top priority. We also keep track, of course. Mm Of things that are happening outside Sweden. If it makes sense, we will probably do something outside, but right now it's not in our plans. Which is the fastest-growing module in the core offering? In the core offering right now, that is, in the offering, invoicing, bookkeeping, and payroll. Mm. I think it's payroll right now. Okay. As a single product, that is the one that is growing the most right now. I think we should move on to a few questions on artificial intelligence, because everyone, it's a, it's a hot topic these days, and you've been talking about this for quite a while. You didn't mention it that much now, apart from some uses in the, bookkeeping service. I think in terms of the usage around it seems to be quite popular. The pricing strategy on this, it seems like it could be impactful, once you decide on it. How are you thinking here in terms of monetizing that one? I have to come back to that, but I've said it many times before, that you never start to use our products based on price, because the price is so low. I mean, if you drive a business and the cost of using a product is, like, $10 a month, you don't feel like, "Yeah, that's really valuable to me when I run my business to use that product. Mm. it's not worth $10." You never take a decision based on $10. It's an ERP platform. That's not an important thing when you decide to use Fortnox. It's all about usage. Normally, you invest more in, you know, just onboarding the product and learning the product and all of that. That is a bigger investment than the actual price for it. That's why we think it's quite interesting now that the product is growing in the way that it's doing, because it's more... Especially bookkeeping, which is a reasonable, complex product and a reasonable, complex area, when you're investing time to learn a new product like that, because you need to change your behavior. Mm-hmm. which is much bigger than actually paying $10. Mm. I cannot communicate or say exactly how the business model would look. I'm just saying that it's probably a lot of value because a lot of customers are now investing their time to learn a new product, even though that it's for free now. It's definitely valuable. How accurate is it? We're 100%, whatever 100% is, but we are 100% certain on the things that we are automatically bookkeeping. Yeah. We are sure that we're bookkeeping all the things that we are bookkeeping automatically. We also have transactions that we are not sure of, that we give to the accountant, saying that, "These transactions, we're not sure how this is..." Often we have a suggestion, so we're sending that suggestion to the accountant, saying that, you know, "This transaction, we're not sure how that is going to be bookkeeped. Can you help us with that?" If that is something that can be rule-based in the future, accountant can actually say that, "Okay, in the future, I want this, these transactions to be bookkeeped in this way." That way, we're learning more as we go together with the accountants, so it's quite powerful. As we go now, we will be better and better. The things that we are bookkeeping automatically, well, we are 100% sure that it's correct. You're basically taking a lot of advantage of the behavior that accountants have in your, in your platform? Yes, for sure. it sounds- It's their profession, so they're really good at this. Right. Yeah. Of course. You're basically handling more and more complex transactions by every quarter that passes, it gets better and better? Yes. If we would balance this versus your direct customers and accountants, which one is the one that monetarily is going to benefit you the most, do you think? Is it going to be a more accounting, accountant product or an enterprise product? I think everyone is working for the company, so to say. Even, you know, the accountants are actually working for their clients. The real value is, of course, to the clients. If accountants becomes more and more efficient, and they can move from administrative burdens to more give guidance and insights to their clients. Because you don't only want to have guidance through data, I think, that is when you run a company, it's good to talk to someone as well. I think that we're handling different aspects of running a business. If accountants can move away from their administrative burden and focus on giving help and guidance and insights to the clients, I think that is a really huge benefit for the clients. If we can also give insights and guidance through data, I think that is also a huge value. It's different types of value, and I think we need to do it both. What about the threat, coming from AI? Do you see that there could be an opportunity for a smaller business, smaller competitor, to utilize some kind of automation tools to get to you? We keep track of it. Of course, I think that, if you're going to do really good AI solutions, you need to make sure that you have the right data, because that's the base of everything. You need to have structured data, you need to verify that your data is correct, you need to have legal things so that you are allowed to use your data. It's a lot of aspects in around that. The easy thing is to train an AI. To have, to keep control of your data is the complex thing. I think that we're showing now that we have - we keep track of the legal aspects, we have a really professional user base with accountants, and we are really good at having a way of storing the data in a structured way. I think that we're doing the complex things with AI, and you need to start there. Also, during your presentation, you mentioned a bit on the data. You haven't really started utilizing this fully. There's a lot of it ahead of you. If you could double-click a little bit on what you mean in those aspects, in terms of guiding customers, how to use the platform, you know, both on transactions and modules they should use. How should they think of this opportunity? I think that it's important to understand that as I said, we're quite sure that when we have all the transactions in the platform, we will be able to do AI bookkeeping. I'm quite sure of that. When we have AI bookkeeping, then we actually have real-time knowledge on how your company is doing. Of course, we will be able to deliver even more insights than what we have done up until now based on that. To be able to have all transactions, we need connection to, for instance, banks and Skatteverket, and we need expense management, which we will get now with the Fortnox Corporate Card. We're, you know, keeping track of making sure that we have all the transactions, when we have all the transactions, we're also working with AI bookkeeping, and with AI booking, we're also working with insights. You have seen our insight product. It's quite powerful already as it is. I think that, again, the tip of the iceberg here is the insight product, but it's kind of small compared to all the other things that we're doing. All the value is seen in the insight product, but all the work is done with, you know, making sure that we get all the transactions. Again, I want to mention that the legal aspects, which are very complex when you're using these, when you're developing these types of products. It's quite interesting because you are obviously growing very nicely already. You have obviously a very healthy margin, but you don't seem concerned that your growth trajectory is going to really slow because you have these things. You still need to add a few building blocks, and then. I mean, it's kind of unusual to have a company that this year's R&D investments, which is quite big, you see that we're releasing features every quarter now and new products and all that. We have a reasonable big R&D investment this year. That investment has limited impact this year's revenue. Mm-hmm. Actually, limited revenue impact on 2024 as well. The real, you know, pickup will come 2025 on the R&D investments that we're doing this year. We're quite long term, and everyone needs to understand that, you know, that's the core of running a software business. We're saying no to, I don't know, at least 90% of the things that we, you know, put up there and thinking about doing. Mm-hmm. When we're doing the 10%, that we think that this is really the value for our customers. Right. When we're developing that, it takes two years before it has an impact, and even maybe four or five years. You know, the Fortnox Corporate Card that, you know, many of our customers are talking about now, which will probably be a popular product since many of our customers are asking for it. It was in the management team three years ago. Mm-hmm. You know, and then we took the decision, like, two years ago, and then we, you know, went with Mynt, like, a year ago, and it would probably take a couple of years before all our customers are using the Fortnox Corporate Card. You know, it takes time, but, you know, that's what we're working on. Basically, you're telling us you're managing to grow this fast on, product base, that it's of course, large, but you have a lot of more stuff coming? Yeah. I think that is crucial for being a company like us, that you always need to invest and improve, because, you know, that's what our customers are asking of for us. You know, we always need to be there, developing new stuff and all of that. You know, we're doing really good now, because as you're saying, we're delivering quite solid in the short-term numbers, but we are also investing in the future, because one can think that with the margin we have right now, that we're pushing margin. We're not pushing margin, we're investing in, you know, things that we would like to pick up 2024, 2025. Yeah. Yeah. Okay. To the audience, we have a few more minutes left on the call, so if you have any final questions, please shoot them. In terms of development then, where is your development focus currently at? You mentioned a lot of things which. Yeah, we cannot mention all the things that we have not communicated, but one of those is, of course, payment, which is kind of a new thing, but also, developing, you know, as I said, insights. We're focusing on that. It's kind of a new product. AI bookkeeping is definitely something that we're working on. Also, we're rewriting the whole invoicing product. Something that we showed in the product demo that we had with the Carnegie, we also showed that we will have a new web interface for when as a consumer receiving invoicing from us. Up until now, you have been receiving invoices in your mailbox. Now you will have a web interface, which will be easier for you to look at the invoicing and store it and all of that, but also payments. That is something that we're working on. A lot of new stuff as always. Okay. There are two final questions before wrapping up. I'll take them in the same go. The first one, how many customers have registered for the Fortnox card? You didn't really mention that when you spoke about the card. When you say payments, is that replicating the Bill.com model? Yeah, the first question, no, I cannot communicate how many customers that have registered on the card. Yes, we have similar capabilities as Bill.com. We are not exactly the same company. We have a couple of more features that Bill.com doesn't have, but in some kind of broad sense, similar capabilities. Okay. If we just wrap it up with some final remarks from you, what are you spending your time on mostly? How are you prioritizing the rest of the year? Prioritization. You know, it's so important that we're doing the right things. If we're making sure that we're always developing the things that holds the most value for our customers, that's the most important thing, and it's really complex also. I think that's where I'm spending the most of the time. Because we have so many opportunities, but we need to make sure that we're choosing the right horses and that we're really going for it. That's what I'm gonna spend my time on. Fantastic. Thank you very much for this earnings call. Thank you, everyone, who's listened in. Thank you. Thank you. Thanks for that.