Good morning. I'm Joachim Gunell. I cover technology at the DNB Markets. I'm very glad to be back in the studio here in Växjö to moderate Fortnox's seasonally strongest results. And of course, I have a laundry list of questions, but if you in the audience should want to raise any questions, please feel free to use the chat function here in the webcast. So without further ado, I have the great pleasure to present Fortnox's CEO, Tommy Eklund. Go ahead, the scene is yours. Thank you, and, great having you here. So, yes, let's start. As always, we'll keep it kind of short, the presentation. Briefly, I guess all of you listening in have already read the numbers, so I will not dig into numbers. It's more like just to comment the numbers, and then we'll focus on Q&A, which I think is the highlight. So, again, overall, a solid quarter, so net growing with 10,000 customers, in line with last year's growth. So as we have reported, there are some headwinds in the growing customers, fewer started companies, and the bankruptcies are going up a bit. So of course, that has some impact, but to be able to deliver the same growth as we had last year is kind of solid. So, all in all, a solid number in that, and, as all of you know, the ARPC is just the net growth divided with number of customers, and since the net growth has acquisitions in it from last year, there are some difference in the growth of the ARPC from last year, but still a solid number, all in all. Again, the growth rate, 25% organic growth, solid number, and the comparison number there includes acquisitions. As we have reported, less activity in this society also has an impact on that number, of course. But still, there are some headwinds in society, and then, still being able to deliver increased growth is a really good number. So with that, this is the second highest EBIT margin that we have had. So again, all in all, quite solid and predictable numbers in quarter three. Yeah, and if you look on the numbers in a historical context, nothing has changed that much. So this is, again, a solid quarter, as I said, even if you look at historical numbers, this is a good number. And for you who don't know that, quarter three always has a seasonal impact regarding number of customers, since it includes Swedish vacation, and it includes July and half of August. So that's why it's normally much lower customer intake in quarter three. And just a fun reminder, our five-year target on the ARPC is SEK 300. So we only have 40 left now. We started with SEK 150 Swedish kroner at the beginning of this business plan period, which is the business plan period up until the five-year business plan up until 2025. So we aim to go from SEK 150 to SEK 300. And now, roughly halfway through it, we only have 40 left, so delivering quite good on the ARPC. And yeah, net sales, yeah, again, a solid quarter, as I said, and also just to note that it's actually all-time high regarding EBIT. So I think that is also what we're really good at. Independently on what kind of growth we have, we are really good at showing scalability. That's the DNA of Fortnox. So we always want to push scalability because that's the DNA of Fortnox. And we're not necessarily push cost, but we are really into making sure that we're not adding any cost to growth. So that's what we're investing in. And with growth, then we can now show that we can also expand margin. Yeah, and this is something that we communicated at the beginning of this business plan period that we have. So this is not guiding. We just said that internally, this is the rule, the international definition of Rule of 40, which is when you're adding growth and EBIT, if you're over 40, that's some kind of quality mark on your company. So we said that during this business plan period, we want to be healthy over 60 on an annual basis. And now, just as a fun note, we have actually been over 60 now for 10 quarters in a row. And for you guys that have listened in before, you know that I normally pick up a couple of fun facts from the platform. Even though that we're trying to be quite transparent in explaining how we're doing, of course, we're just releasing a fraction of all the data that we have in the platform. So that's why I'm, you know, on a quarterly basis, just sharing some fun facts from the platform. And one is that we have an internal KPI that we're following. So we have an internal goal of a percentage of employees in the private sector, how many of those people get their payslip in Fortnox? And now we actually reached a milestone there. So now it's over 10% of employees that gets their payslips in Fortnox. So quite a massive number there. And also the product Invoice Data Capture, which is one of those newer products. So this is also showing how we are really good at making up new product and also upselling and cross-selling new products. So this is a new product that we have had limited investments in and almost no marketing cost, but still now there is more than 100,000 customers that is using these products, and it's a SEK 100 million business, and it's growing, like, 50%. So it's quite impressive what we can do inside the platform now with just digital sales. And also another fun fact is that year to date Fortnox has actually started, like, 20% of all started companies in Sweden. So I would say that we are the biggest entrepreneur in Sweden. So we now, every fifth company in Sweden are started by Fortnox, and then we're reselling them to other entrepreneurs, but it's kind of fun that we have started 20% of all companies in Sweden year to date. Yeah, and then as always, a couple of highlights from the portfolio. We have released a new product which is an approval product for expenses. So now we have the ability to also have workflow management to, in the back, when you are both smaller and bigger companies, in the back, where you can maintain and keep track of all your expenses, at a very easy-to-use approval mechanism. So that's really good for management and back office people, and also for accounting firms, because some companies also use accountants, as part of their approval flows. So it's really easy when you are smaller companies or if you have corporations with your accountant or if you are a bigger company that handles everything of this inside your company. So easy to use and quite scalable product that we released this quarter. Of course, this is also another example of more features that are addressing all employees at all companies. So when you're using these products, then you automatically onboard all your employees at your company. And you know that, you know that I have talked about this many times before, that a lot of R&D investments are now focusing on making sure that you automatically onboard all your employees when you start to take advantage of the Fortnox platform. So this is another example of where we're investing our company in that direction, because we think that the ecosystems becomes even bigger if all employees at all companies are engaged in the platform. And of course, then we can give back even more value to the customers if more users are active in the platform. So that was product number one. We actually released another product in the quarter as well, which is financial consolidation. So the product name is called Fortnox Group, but it is for financial consolidation. So we have had a lot of interest in this area, so now we have released a product for that. So this is for group consolidation for both smaller and bigger group companies, and you can have entities in Sweden, but you can also have entities outside Sweden. And of course, it's connected to the Fortnox platform, but it's also connected to accounts and taxes. So Accounts Close and Taxes, which is the other product that is addressing the things that happens after bookkeeping, so to say. So now we are also growing into being able to offer value to bigger and bigger organizations. And we also released a third product in the quarter, so quite a big quarter when it comes to new products. We released the business card. You have heard me, you know, announce that before, that we have started to work on it, but now it's generally available to all customer. So we released that last week, last Wednesday. And, you know, it's a card that's for free for you, so you can buy that or just, you know, order it for all your employees, and the cost is nothing. And then, you can also, if you want, have automatically bookkeeping, and then you just take a picture on your receipt, and then you pay, like SEK 5, and then we do all the things for you. So, so, so quite an impressive product in, in all aspects because this is what both accountants and also organizations have asked for. We have been really good at all other types of, you know, invoices and supplier invoices, customer invoices, payroll, and all of that, but we have not been that much into expenses. You have to, y ou could have had other companies handling your expenses and then connect that to Fortnox, but now we have an in-house solution, which we think will simplifies both, for all entrepreneurs, but also for accountants. So this will save a lot of time and, of course, gives back a lot of value to all entrepreneurs. So looking forward to release that one. The first card was actually released just, was actually distributed to an entrepreneur just a few minutes after we launched it, and a purchase was done 40 minutes after release. So quite impressive because we can distribute the digital cards in real time, and you can start to use that already when you order the digital card. So quite impressive onboarding sequence there. And then we released in quarter one that we have integrated Cling into our document management platform in Fortnox. Now we have also integrated Cling, which is the offer and quotes and signature product that we acquired last year. Now it's also fully integrated in the Offerta platform, and we have replaced the older version of the quote and signature product that we had in Offerta. So now that's fully integrated, which gives a lot of value back to all the customers that are using the Offerta platform, and also gives them an ability to have more dialogue with their customers. So again, we're moving ourselves closer and closer to the core of our customers. And then, finally, on the business and product highlights, we also announced that our new Nordea integration is now live and kicking. So now we have. Also have connection, a new connection. We have already had connections to Nordea, of course, but this is the new integration that we have worked on for, like, four years, which gives us the ability to also enabling payments and AI bookkeeping with Nordea, which wasn't the case with the old integration. So I think that we are unique here. I don't know any other vendor in the Nordics that has an integration like this with Nordea, so we are quite unique in this sense. And, of course, this gives back a lot of usability for our users, because then they can manage all their things in the Fortnox platform. They don't need to move in between platforms. So this gives a lot of value back to our customers. Of course, a lot of customers are asking for AI bookkeeping and payments, so this is also something that a lot of customers are asking for. So that was a short intro to the quarter. Thank you. Lovely. And, once again, for people in the audience listening in, I strongly encourage you to use the chat function in the webcast, should you want to raise any questions. But to kick things off, Tommy, if you take a step back, can you talk a bit about how you believe the market for starting with accounting software has developed over time, and how you are almost providing an ERP-like platform today, and how that basically helps you differentiate versus the competitors? Yeah, so as you're referring to, as a starting point, you almost try to replicate the on-prem software feature by feature. So to put feature by feature online, that was kind of the goal as a starting point, but that didn't give that much value back. So that was kind of a struggle, you know. Fortnox started, like, 23 years ago. So Fortnox was almost a bit early in those days. We're struggling a bit because the market wasn't there, and it was kind of sensitive if you can put bookkeeping online, because it's a lot of sensitive data there. And it was not that much value, because feature-wise, the old products, they were quite good. But then when things started to pick up, and then you started to see that, okay, yeah, you can have an updated software, and you'd get a lot of ecosystems, uplifts by just having everybody in the same platform with this software, and I think that is what we're showing now. So the last couple of years, there wasn't that much value. It was more like, if you move online, then eventually you will have more value, and I think that is what we're seeing now, both for our customers, but also for us, because we become more and more efficient by adding more and more features, because we have this platform and everything is updated and online. Yeah. Another recurring question is the one of what normalized growth rates looks like for a business like Fortnox, as you have reached this quite large scale. So, can you talk us through how you're able to add 12% new customers year-over-year, despite this weakening economic climate you cited? Yeah, so it is kind of a tricky question because if you're just looking at the number of customers, that's one thing, and that was something that the investor community they were kind of worried about that when we entered into the business plan. So that was why we communicated that we think that we can go from 350,000 to 700,000 organizations in the platform during this business plan period. So if you think that is enough, that is what we believe is doable, then that is not, that don't automatically has a connection to revenue, because the demographics of these companies, of course, has a bigger impact to revenue, I would say. But what we are communicating is that we're not saturating the market in that sense. So we think that during this business plan period, what we see in our data, we can keep up the growth. Then we will come back to what will happen after the business plan period. So, so right now, we think that, we're doing better and better regarding, you know, explaining to companies how they can benefit from being in the platform, and more and more of that is done digital. And as I said, you know, we started 20% of all companies in Sweden right now. So more and more entrepreneurs, are coming to the Fortnox website to start their customer journey, so to say. So that's where you start your company nowadays, and we're helping them to start their company. Are there any specific demographics that you would like to highlight when it comes to today's quarterly net adds intake? No, nothing specifically. The customers that we have taken right now are pretty much the same as we have had historically. We have said that we are investing in the smaller segment. This is four to zero employees. We think that even that, of course, those entities are smaller with our ARPC and the portfolio we have, we think that that will drive ARPC and revenue still. And in a number of companies, it's a lot of numbers there. You know, it's a lot of companies, in that sector. So we think that we can bring back value there. And those companies, many of them, will also be bigger companies, and we want to meet with the entrepreneurs as soon as possible. So we're becoming better and better at giving back value to really small companies. But if we were only to do that, then we will probably have a pressure on ARPC. But then we're also investing in taking on bigger organizations. We already have quite a good market share on bigger organizations, but we have not supported them at all, and that is what I have talked about earlier, that we are now building up our own sales force. It's not like, it's not many people, but at least we have people that are working with bigger organizations. Our own support people, just for that segment, and also partners for services. Because if you are a big company, you would like to have someone to talk to about services and, and, training and integrations and configuration, all of that. That is not something that we necessarily want to do in-house, because it's a lower margin business. We have a lot of partners now that we can point at, that we can say that this is a really good partner if you want to configure, or if you are a big company, then maybe you cannot use everything in the platform as is, because you maybe have an old system that you want to integrate. You have an old, really big HR system, and you have 2,000 employees, and you want to integrate everything else in the platform. That is something that we need to offer to be able to take on that market. It's something that we're doing. But regarding number of customers, that investment has no impact because it's so few, but it has a really big impact on ARPC. So as I said before, by investing in both direction, we think that we can keep up both net growing our customers and ARPC going forward. Perfect. We'll come back to the upmarket opportunity later on. But on my numbers, historically, I get to a figure of roughly 10% to 15% annual sales growth stemming from the upselling from existing clients at the Fortnox platform, and that has been regardless of the macro environment. So with today's results, you cited, okay, there is some shift in terms of economic activity. So can you just help us to what extent do you believe that there is still room to deliver on that, call it, 10%+ upselling opportunity against weaker macro? Yeah, I think that we're showing that we're doing that now. Without that capability, we wouldn't have the growth that we're having, because there are headwinds. Everyone can see that there are headwinds in the society, but still being able to deliver these numbers, I think that we're doing quite good. But of course, you know, if the society were in full spin, of course, the revenue would be even higher. That's kind of obvious, but I think we're doing quite good. And again, more and more of the sales is done digital. So we're moving more and more of our sales and marketing spend into actually R&D spend, because that becomes more and more important to digitally explain to customers how they can benefit from using more features or more products, or onboard themselves into other flows and all of that. So that's a much better investment for both our customers and us. It's better to invest in R&D than to spend marketing to explain to customers how they can benefit in the platform. And as I understand it, you have fairly loyal customers, to say the least. And typically, your older customers tend to have, as they become more call it familiar with the platform, they tend to adopt more and more solutions. So all else equal, older customer cohorts will most likely have adopted more products from you. So can you help me, us just understand, taking today's ARPC number, dividing that by the price of a traditional module, would get you to roughly two modules, somewhere above that. So just help us how a typical customer journey would look for a customer that have been with you for, say, five years. It's a really good question, and one might think that that's the case, but it's not obvious that that is the case. Because if you are an old customer, then you have had your ways of working in Fortnox platform. And five years ago, we didn't have the portfolio that we have right now, and you have your own ways of working. So of course, you know, we're, you know, pushing them, training them. You know, the accounting firms are helping them to onboard more customers, or more products. So of course, that is happening, but we're also becoming so much better to make sure that you're using all the products that you need initially, instead of adding one product per product. So that is also something that we're doing. So, you know, if you looked at the onboarding sequence like five years ago, it was, you know, not that impressive. But now we're actually really good at understanding you already quite early in your journey, to make sure that you are benefiting from the platform from day one, instead of having the platform for three years. So it's not obvious that the cohorts five years ago are using more products. We see that more and more new customers are actually adopting the right products from start, rather than waiting three years. And since you already highlight now that you're almost tracking close to the 2025 target on ARPC, would it make sense to call it educate the investment community more about how basically a customer journey would look for the call it older cohorts, and that the call it long-term potential is most likely to adopt more than the current two products? Of course, you're right. So that is something that we should do. But then again, we have also hesitated a bit because we know that we want to explain, you know, what we're doing and why we're doing and how we're doing, and all of that. And right now, if we were to send out even more data regarding products and customers, I think that that will raise more questions. Than explanations right now. But, but we're working on it, and we think that we will release more data, both about our customers, which is, in some sense, of course, interesting for the investor community, but I think also about our products. Because, you know, if you really want to understand where we're heading in our strategy, and, you know, we are still just a startup. We have just started, if you look at the market opportunity here. And if you really want to understand where we're heading and why we're doing things, you need to understand our portfolio. You should understand all our products, because that's where we're doing investments, and that's where you will find all the opportunities that we're working on. But then we're not releasing enough information for you guys to understand that. So, you know, I think that is something that we will do more and more going forward, explain more and more about our portfolio. Perhaps just a capital market slide would be helpful. You don't need to provide it regularly. That being said, there's actually a question here from the audience, related to macro, and I think that we can touch upon the macro questions since we have one foot in them already. Transaction lending volumes, obviously less insulated from weaker macro. Can you talk about basically what volumes how you saw them pace throughout the third quarter, and what to expect here going into quarter four? I don't want to speculate on the future, because I think there are other people better at speculating about the future. I'm really good at running Fortnox, so I think that's what I do. But up until now, I think that no major changes. It's something that we have reported quarter one, quarter two, quarter three. So the transaction-based revenue and the lending-based revenue has some impact. Customers are a bit more cautious, and we also said that subscriptions, it's kind of hard to verify that in data, but of course, there are some impacts on the subscriptions as well. There are longer sales cycles. You know, the customers are a bit more cautious. So all of the revenue streams have some impacts, of course. Then exactly how much the impact, it's kind of hard because you don't have a reference. But we have said it now for quarter one, quarter two, quarter three, that we definitely have an impact, and we think that the revenue would be higher if it wasn't for the, you know, financial climate that we are in. So we are kind of preparing for it to change. We are still investing we released two, three new products. So I think that we're preparing now for the market to change, and I think that we will come out of this market even stronger. Understood. One thing that I think it's encouraging to track is basically monthly activity and engagement on the platform, and web traffic is the way we could do that. And I mean, you capture almost 90% of the market when it comes to activity versus competitors. So can you just talk a bit about the competitive lead that you believe that you have, the update on how you expect to maintain that lead when it comes to new product development, and what steps needs to be taken to ensure that you stay on that path? Yeah, so besides, of course, when you are logged in the platform, that activity increases all the time. But as you're referring to, I cannot comment about the 90%, but yes, we're becoming better and better also when you're not logged into the platform to give back value. So more and more persons are actually going into our website and find out what they should do to improve their business, so to say, and we're helping them on taxes and, you know, everything that you need to do when you're running a business. So that becomes more and more the natural place for everyone that runs a business. So we're guiding them, we're helping them, we're encouraging them, and all of that. So that becomes more and more important to us and, of course, also our customers. And just on the competitive side, based on the data I track, we saw a spike up here when a competitor of yours repackaged their offering to say, is that something that you can confirm into this net adds figure, that you have seen a boost from call it, competitive shifts in Q3? Yes, we have seen that. Yeah. Understood. And you've been optimizing your pricing strategy for two years now, to better basically align price with value. Where do you believe you are in terms of that strategy? I think that it, it's good that you're calling it strategy, because if we're talking about price optimization and strategy, I think that we have just started. So, these, you know, just raising price is one thing, but also optimizing the price to connect price to value, I think that we have so much more to do that. So I think that we can improve pricing even more on that. And now we also have this, you know. We have been really good to have this, you know, subscription model, which is access. So customers can pay for access on a monthly fee, and then we added transactional-based, because it's usage, so you can either pay for access or usage or both. And this model is something that we can have per product. And then after that, we introduced lending-based revenue, so then we also have the ability to take shares of the revenue, percentage of revenue. And it's really powerful when we're mixing these things, because now we're also adding the card, which is another business model, because it's transactions in the back, so to say. So then now we have four business models that we can optimize, and I think that is, of course, a really good value for us, but it's also good for our customers, because then we can always connect price to what gives value the most. Because then it's so much easier to explain why we're having this price. Yes, but you're giving back so much more value," so of course, because sometimes you may feel that to just get access to this product doesn't give me anything, but if you start to use the product, it's a great value, of course. And regarding lending-based, I don't understand why I should pay access to a factoring product, and I don't want to pay per invoice, but of course, I can pay a share of my revenue when I get the money 30 days earlier. So that is really good to have that flexibility, and since we have just started with that, I think that we will now, you know, quarter by quarter, be better and better at optimizing the price and connect that value. Very clear. You've finally gone live with the card. Highlighted, obviously, early indications of traction here just minutes into the launch. But, I mean, there, there are. I mean, as I see it, some industrial logic in why customers would want this and why accounting firms also want to push their clients to adopt it, et cetera. Barriers for adoption appear low from my standpoint. But, talk us through to what extent you believe that you've actually found the right product-market fit for the card now, and how we should think about, call it, adoption from a, call it, more midterm perspective. Yeah, so it's kind of funny. I think it was in the management team, like, four years ago maybe, and we said no, because we thought that the technology wasn't there. And then, we revisited that decision, like, two years ago, saying that, "Yeah, we really want to be able to deliver a better solution for expense management for our customers." So we came back to that, and again, you know, invested if we are we going to do it ourselves? Should we find a partner? Should we buy a company? So we really did our homework regarding that, and now I think that we have a really good partner. We also have done quite good investments ourselves in the platform, and this, you know, will give back so much more value. Because now we're actually, you know, doing this, you know, expense management in a really efficient way, like, I haven't seen anyone else doing that inside the ecosystem in the way that we're doing it. So it's and we have just started, so, you know, this is the starting point of this. So I think this is the start of something really good. But to be honest, I'm also quite surprised that the customer interest has been so big. Not just with the release now, but we have so many customers asking for the card since we announced that we are going to release one, which is not always the case when we're releasing new products. But this is has been an asked-for product, I would say. So there is obviously a need for it. Remind us again, I think I know, but do remind us how the revenue model here works, since it's, you have this partnership with Mynt? Yeah, so we have not revealed the exact share that we have in the back, but the exact business model is that if you are a company, you can go online, and you can order either a virtual card directly in your Apple Wallet, and you can start to use it in real time or automatically after you have done your KYC and all of that. So that's quite an impressive way of working. Or you can order a plastic card, and you will get the plastic card in a couple of days, and you can order it for all your employees, and it's for free. So you can order it for free, and you can use it for free. Then, if you also want AI bookkeeping, then you pay, like, SEK 5 per receipt, and then we automatically do all the bookkeeping for you, and you don't need any private expenses or anything like that. So it's quite a powerful. And then now, when we also announced that we will have expense approvals, then we have the support to also support bigger organizations and also if you want to have cooperation with your accountant. So it's not just a card, it's an expense management platform, I would say. Yeah, that, that makes sense. But, can you, can you say anything, just to, for us to flirt with, the, the ambitions here? How, how much, does a typical, call it, you mentioned earlier, okay, you target some, some zero to four employee businesses. How, how much would a business like that spend, using a corporate card on a monthly basis? I don't know, and I don't know if there are any typical customers in the Fortnox platform. I actually don't know. I think that, you guys are even better at doing the math around the card regarding that. But, but there are some similarities. We have seen how, Bill.com, did something similar with Divvy. They are, they are two years, something into that, strategy. Yeah. Have been early success? Yeah. Of course. Yeah. Reached from 15%. Of their customers, and just, I mean, providing some sort of indication, "Hey, this is where we will end up." But can you just talk about why that wouldn't be aspirational for Fortnox from a like long-term timeframe as well? Yeah, and I guess to me, I don't understand why any customer wouldn't use it, so for me it's like 100%. So it's 15% sounds kind of modest. They want to go for 50. Yeah. But to be honest, you know, it's a really good product. It's for free, and you know, I haven't seen any product like that in the market, so why shouldn't you use it? Sure. And for the first time here, in the results, you actually highlighted that you have things cooking when it comes to B2B payments. Yeah. From your CMD two years ago, I think you were clear that, yeah, some 25% of Swedish GDP flow through the platform in terms of, invoices and transactions. So, help us here, what is the opportunity to Fortnox in providing a payment solution here, and then how does it work? Yeah, so, so we started actually by, again, developing something out of the customer perspective, because it is today kind of cumbersome when it comes to paying things in the platform. So normally you need to move into some kind of other, you know, bank or payment product or something like that, which is, you know, kind of annoying. So we started there, saying that we would like an easier way to pay supplier invoices, taxes, and salaries, you know, in one place, and it should be very easy. And we should give the ability for you to use any payment provider that you want. But of course, you know o r payment rail, I would say, not provider. So that's, you know, where we started, and we have, as I have been transparent with, that we had something that we have developed now for quite some time. So this is one of the bigger R&D projects that we're doing, with the ambition to move all payments inside the platform, so to say. So that's also why we're investing in integration to all the banks, because a nd you cannot do that without having these deep integrations that we have in the banks. So we want the ability. So if you want a direct payment to your banks, that should be able to do in the platform, and you should be able to sign that payment in the platform. But also, if you want to use our virtual account, because you also have a virtual account in the platform, which you can top up with money, with factoring, or, you know, any other of our credit products. So, you know, like, you can either use your connection to your bank account, or you can use our virtual account, and it's very easy to use. So that's what we're developing, and since, as you noted, we just mentioned it in the platform, we're feeling more and more comfortable now to releasing that product. So we have no release date, but we're getting there, and, you know, I'm following that product now, every development sprint, and it looks really promising. Encouraging. Let's see. You talked about the AI opportunity. Long before it became mainstream. In your case, basically, AI bookkeeping and the Insights you can provide. And we have seen how Intuit have been quite successful here in packaging their Gen AI-powered assistant. So, based on basically the real-time financial data you possess, talk us through how you can see the AI opportunity manifest at the Fortnox platform. Yeah, so this is, has been a natural part of our development for many years. So, we're not talking AI now because it's kind of trendy, because we have done it for many, many years. But what is more complicated than the actual, you know, technology challenge is actually, you know, providing the right data, legal aspects, making sure that you have data in real time, and all of that. So, you know, it's not a coincidence, you know, it's not a coincidence that we're, you know, investing in expenses, because then we also get expenses in real time. We have invested in the digitizing the supplier invoices, making sure that all the customer invoices are distributed in the platform. So making sure that we get all transactions in real time, that is more complicated than to actually develop the AI technology around the data, and that's why we're focusing that. And also making sure that you have all your legal aspects intact, because that's not easy questions either. So, you know, to take care of all of that, that is important to us. So, you know, again, you can imagine how much interesting things that we have in the development department in this area. But again, if you can deliver back value to our customers, then you need all transactions in real time. That is necessary. And of course, you need to keep track of the legal aspects, and that is something that we're doing in parallel as well. Understood. There are some more Q3 specific questions here. A more recurring one, you've gotten that before, but in the 25% growth rate here, can you split up the growth constituents? We already have 12% from new customers. So for the remainder, how much of that is price-driven, and can we expect more price hikes here into next year? We don't share the exact percentage in, but we have said that it's kind of three buckets right now. So yes, price increases are improving the growth, but also new customers are improving the growth and uplift on existing customers. And they have been, roughly the same, then it can go, you know, vary, on, single percentage from quarter to quarter, but they are roughly there. Those are the three main drivers right now, and that has been the case for many quarters, and that has- that's the case for this quarter as well. Understood, and there are so many questions on pricing here. So I'll, I can just, Come back to, yeah, we can just, just sum it up into one. So, so given basically, what you have commented here in, into better align price with value, is it fair to assume that, this is more of an annual event, call it in, in early- early into next year? You have heard me talk about this many, many times because and I understand why it comes a lot of question, because the price opportunity, the pricing power is really big at Fortnox. But then again, I don't want my organization to be driven by it, because it's kind of easy, because we have a sticky platform, low price, sticky platform, and you can. You know, I can easily do a five-year business plan with just price increases, nothing else. But that, that doesn't create that much value, not to Fortnox and not to our customers. So I want my organization to be driven by more customers, more products, more usage, more customers, because that's a quality mark that we want to achieve. But then, of course, we have raised prices, but the inflation rate has been high also, and we thought that had, that has been good. We'll see. Again, we will not put that in budgets because I don't want the organization to be driven by it. But, I cannot lie to you, we see and understand that we have an opportunity to raise prices. But to me, again, I would be even more satisfied if we, on the overall platform, raise prices, but the customers felt like, "Yeah, it's connected to value." So they don't even notice because it's so much value where we're raising price. So that's, you know, my vision regarding price. So not to generally just raise prices on everything. You, you can do that, but I would like for us to be even better at raising prices where we're creating value. When I took a first glance at the report this morning, something that stood out to me was that cash flow looked a bit soft, to be frank. But delving into the details here, it appears to be some calendar effects with when it comes to receivables. So is there any way that you can just quantify roughly that impact? I think that you report SEK 43 million headwind from accounts receivable. Is that fair to assume that, the bulk of that would relate to that calendar effect, or? Roughly all of that, actually. So, all of that, that SEK 43 million that you can find in the presentation report was actually into our account Monday after. So, yes, you're right. You found the seasonal impact on that. But we are still in a phase where this, I mean, once again, a stellar free cash flow profile of parts of your business is too, you can call it diluted by your lending business. Yeah. So, update us again on whether you think that the current setup is the best way to go, or just certain you want to hit certain milestones before you basically shift that and optimize the free cash flow? Yeah, of course. Some of the money that we earn are we using as loans to our customers. And this quarter was, as you saw, a quite good growth in our core business, which is the factoring business. The loan stock grew with 72% in the quarter. So, you know, I'm quite satisfied with that. Then if we continue to have that on our balance sheet or not, we'll see going forward. The lending business, the factoring business has about 2% to 2.5% interest rate per month, so that's like 30% annually interest rate. And, the loss rate, the annual loss rate is about 2% to 2.5%, and it's actually going down now, month- by- month. So because I get a lot of questions, are the losses going up? But it's actually going in the other direction. But that's because we're becoming, with AI now, better and better at maintaining the risk. So less and less manual decisions connected to the risk levels, and more and more is done automatically in the platform. And since the platform is, you know, we have so much data regarding payments and all that, so the platform is also improving itself as we go. So I think that we're starting to see the benefits from having that inside Fortnox now. So yes, of course, one can say that we're the working capital is going up a bit with this business model. But then again, you know, if you get, you know, 30% ROI on your money, you know, that's also a good deal. So, so we'll see. But of course, we have a lot of partners, you know, that wants to, to help us to, to remove that, those money from our balance sheet. But we haven't taken the, the decision yet. We'll see. We think it's quite a good business now, and I think that you can see with the growth rate we have now, that it's both growing and we're earning money. And it's not as high as the software business, but the factoring business is almost as high as the software business. So it's almost as the transactional business. And then subscriptions are always a bit higher, but they are in the same region now. So all our three revenue streams, we can see that the gross margin is really good. I think we're getting there. Thank you. So on that topic or on a perhaps a side note, because it's slightly different, but it appears that Monto has had some quite impressive customer win momentum as of late. So can you talk a bit about the yeah update us on what is going on with Monto? We have seen. I mean, just looking at it from the outside, shakier markets obviously improves the business case to basically understand the financial well-being of your counterpart. But take us through how Monto is feeling. Yes. So for financial institutions, Monto is a really good product because I, I would guess that you cannot, in the future, run a financial institution without having a connection to real-time ERP data. So I guess that is the direction of the market. So everyone needs that to be able to be competitive in the financial landscape. So, so that is what the Monto platform is about. That is, you know, helping financial institutions to get real-time data. So yes, you're right that it's more and more of the financial institutions that are connected now to the Monto platform. But then we have not decided if we are going to share our credit scoring. So what they are paying for is more or less the ability to get the ERP data, and then we're waiting a bit if we are also going to share our ability around credit scoring. But right now, what you're buying is a connection to the ERP platform. And then if we are going to. Because, you know, we're quite good at credit scoring around right now, and if we are going to keep that as a competitive edge compared to other financial institutions, because we're also offering credits. So if we are going to keep, keep that as a competitive edge, or if we are also going to share that with the market, we haven't decided yet, but it's, for us, it's good anyway, because you can imagine that it, it would be a good business to start to share that because, you know, I guess we are one of the best regarding real-time credit scoring right now. But then it's also good for our lending business if we have that as a competitive edge. The question from the audience relates to the summer campaigns. How much discounting have been done in this quarter, and did that have any material impact on subscription growth? We have campaigns on a regular basis. The summer campaign that you referred to is not available anymore, so there are no discounts connected to that campaign, and I don't think that we, right now, have any campaigns right now, so. Great. So there is some seasonality here, when it comes to your cost base. Yeah. But there appears to be some shifts in terms of the R&D spend, what comes from in-house versus outsourced. So help us here understand. Is this an ongoing strategy where you want to do more and more in-house, as opposed to be reliant on third parties? I think it's more like. And again, this is not something that we, you know, it's not important to us to have exactly the right R&D spend every quarter because, you know, this is kind of long-term, the R&D investments that we're doing. But the climate that we have right now, it is actually easier to hire really good talents. And then when we have the opportunity to do that, then, we're preferring to hire them instead of hiring them as a consultant. And again, you know, as the climate is now, right, it's easier to hire, so yes, we're shifting out consultants for and hiring them instead, and that can be seen in the report as well. Clear. Mm-hmm. So when it comes to M&A? Yeah. You have done some since 2020. You've been, to my understanding, very successful in some, say, Capcito, Lagerbolag, Bolagspartner, and one could argue that Offerta is yet to be proven. So what have you learned from these acquisitions thus far, and how they have added value for your customers? And perhaps also, what is your appetite towards M&A going forward, as you will start to accumulate net cash? No, I think that both regarding, you know, adding more experience and knowledge, and of course, products to the platform, it's something that we see. I think it's a good way to have our own R&D, we're really good at that, but also to have partners that can improve our portfolio and also buy companies. We meet a lot of companies right now, and investigate if we are to, you know, copy something that they have done, or go into corporations, or buy companies. It's really good for us to have all those tools when we're, you know, working on expanding our platform. So for us, we're becoming better and better at evaluating on what we should do in-house, or what we should do partnering, or what we should acquire. So in that sense, it's really good. And you may saw that, we also paid back the last SEK 100 million on the SEK 500 million revolver that we have. So we're quite solid going forward, and, and, you know, the M&A market tends to be better and better now for buyers. So, so we'll see. But, but, we see, we see that the valuation on the companies that we are interested in are, is definitely going down, so we think that, there are more and more opportunities on the acquisition side going forward. Great. And we touched upon going upmarket earlier, but I have a follow-up on it. Mm-hmm. So, what tangible proof points would you want to share with us, where you are actually successful in capturing these larger fishes, especially when it comes to what you see as the main differentiator to use a platform like Fortnox for a medium-sized business as well? Yeah, you know, it's, it's another way of selling, but and it takes a bit longer, and also in this climate, it takes a bit longer. But of course, the revenue is many, many times higher per customer, so we think it's good to have our core business. It's good to go for smaller companies. It's good to go for bigger companies because we have the platform for it. The platform is scalable to go for all these segments, and I guess this is just a fun anecdote, but right now we're participating in a deal, and we normally don't participate in deals because customers comes to use to use our products. But if you want to go for the bigger fishes, then you need to participate in a formal way of acquiring software. So we are participating in that now, and we are, you know, we are one out of two companies left, and the other one is SAP. So, so we're head-to-head to SAP now on a, on a larger client. So I think, you know, we'll see if we win, but independently if we win or not, we are, we are a competitor to SAP now, which, you know, is quite encouraging. To say the least. Perhaps you'll be a competitor also here. It was quite an odd question, but Similarweb traffic shows 5% traffic is from India. Any color on what that may relate to? I actually don't know. You're already competing with them there, it seems. Great. Where's the income from the lending booked? Doesn't add up with the interest income, so I would assume it goes into the financials segment, but Yeah, exactly. So we don't have lending business outside the financial segment, so all of that ends up there. But again, I agree with you, it's kind of hard to follow, you know, loan stock with revenue. So, if you have detailed questions around that, you should probably call us in another meeting so that we can explain that, because it's kind of hard to follow. Great. And what do you see as the biggest challenges here going forward, and what aspects of your business do you think are the most misunderstood by investors currently? I think that, going forward, again, the most important thing that I'm doing right now is prioritizing all the initiatives that we have. If you were to, you know, have the... If you were to look inside the factory right now, you would say, "Oh, you have a lot of opportunities." Even that you might think that we're sharing a lot of it with you guys, we still have a lot of opportunities that we're not going for. To be able to cherry-pick, to pick the right new ones, so to say, that is kind of a challenge. It's our challenge, so we are not that dependent on other companies. It's more, it's more of we have the ability to, you know, write our own future, and that is encouraging to see. That is where I'm spending my time right now, prioritizing the right things going forward. With one minute to go, as we think about Fortnox into next year, what would you highlight as the thing that you are the most excited about? We talked about payments. You, you tend to be excited about new things, and payment is a new thing. It would be interesting to see the Fortnox card, but also we have announced insights and AI bookkeeping, something that we have done now, but we have not had any business model connected to either insights or AI bookkeeping. I think that it will be interesting going forward to connect the business models to those initiatives. Perfect. With that, we're out of time. Thank you all for, for joining in to today's session, and I look forward to hopefully do this again Q3 next year. So thank you, Tommy. Thank you, Joachim.