Good morning, everybody. Welcome to Physitrack's Q2 2021 interim results webcast. Thank you for joining the call this morning. I'm joined by Charlotte Goodwin, our CFO, and we are going to take you through a little introduction. We'll be looking at some quick highlights for the quarter, just in case you're short on time this morning. Because a lot of you will have joined the call and you don't know much about us other than what you've read in the press and in our presentations, we'll give you a little bit of an update as to who we are and how the business works. We'll give you a business update from Q2. We'll look at the financial results, and we'll do a little market outlook looking forward, and then we'll open up for Q&A. Total time for the call, around 30-40 minutes, depending on how many questions that you ask. Thank you again for joining. Just a quick introduction to myself and the management team. I'm Henrik Molin. I'm the CEO and co-founder. I'm Swedish. I'm from Umeå in the north of Sweden, where I grew up. I have a degree in finance and accounting from Handelshögskolan in Umeå. I grew up in an entrepreneurial family. My dad ran a very successful travel business until he retired. I learned a lot on how to run a business from him in terms of growing strongly, but not at the price of taking on too much risk. This is a pattern that you see in Physitrack in the way that we run the business. That runs in the family, so to say. I was mostly an entrepreneur for other people before I co-founded Physitrack with my friend Nathan Skwortsow, an accomplished tech entrepreneur, Dutch. The combination, I think, in terms of having a deep friendship, Nate's extraordinary focus on tech, architecture, and design from his well over a couple of decades of experience at this point, and myself with the focus on business development and finance. I think that's been a really, really nice combination. Of course, in the management team, we also have some exceptional people. Let me introduce Andrew Knox, who's our Chief Operating Officer, who has a very strong background. Among other things, he co-founded the IBM Venture program on the European side. He's the glue that keeps first of all the entities, because we're made up of several entities following M&A transactions, but also the glue that keeps together the team as one in terms of knowing what everybody does and what everybody needs to do. This is a very nice addition to the management team. I'll let Charlotte introduce herself. Hi, y es. My name is Charlotte Goodwin. I'm the CFO of Physitrack. My background, I started my career out at PwC, where I worked in the technology, media, and telecommunications division. I worked with clients from all sizes there, from small tech startups right through to large listed corporates. More recently, I was director of group finance at a company called Wilmington PLC, which is a very acquisitive tech-focused group listed on the London Stock Exchange. Here to sort of assist Physitrack in its transition to a listed company. Very pleased to be here. Yes. I will start off. I'll obviously go into some more detail further on the financials, but to give you a little bit of context right up front, I'll pull out some financial highlights here. In the first box of the slide here, you'll see in the six months that ended May 2021, we delivered overall revenue growth of 184%. Some of this growth was driven by our recent acquisitions and on a pro forma basis, with these acquisitions included in the prior comparators. Revenue growth was 37% for the 6 months to May. Within this 37% growth, we were pleased to see growth within each of our three businesses, both the two SaaS businesses, Physitrack and Physiotools, and our virtual care business, Rehabplus. This resulted in us exiting Q2 with a revenue run rate of EUR 7.2 million per year. On the profit side, in the 6 months, we saw adjusted EBITDA growth of 61% and delivered adjusted EBITDA margins of 34%. I'll pass you back to Henrik now to discuss some of the operational highlights for the quarter. Thank you, Charlotte. Just quickly running through some of the business highlights on the M&A side in terms of what we executed so far. We continue to focus on EBITDA expansion and Physiotools. It's been a very successful project in terms of reducing costs through synergies. We've had an EBITDA expansion with the EBITDA margin on a run rate basis increasing by 100%. We've also integrated very nicely the Rehabplus business. We keep accelerating that with the help of Physitrack's and Physiotools' excellent technology. I can say the overall M&A activity remains very high. We're looking at some very interesting companies at the moment in various stages of our M&A pipeline. We anticipate to continue to executing well there with a lot of discipline, but with a lot of speed once we are comfortable with whatever target companies that we do acquire. More to come on that side of things in the coming quarters. As you also know, we successfully completed an IPO on Nasdaq First North Premier, and we were quite well-received by the markets. For that, we are very grateful. We'll come to that a little bit later on as well. In terms of a business, this has been a very favorable journey for us, and we have a very nice outlook in terms of what a publicly listed environment will do to us as a business. Notable wins in terms of bigger brands, Circle Health Group became a customer. That's the biggest private hospital group in the U.K. Very nice to welcome them into the Physitrack family. CBI Health is the biggest physiotherapy provider in Canada. Also very nice to call them friends at this point, and o n the public healthcare side, notable wins apart from several NHS trusts in the U.K. Alberta Health Services in Canada was also a very nice win. Overall activity has been very strong, the continuation of digitization, which has become a bit of a trend following COVID-19, that very much continues for us. More on that later, but those were the highlights. Let me back the tape slightly just because I can appreciate some of you are new to the company, we'll give you a few soundbites here just for you to get some context. We are a B2B virtual care company. Our customers are mainly clinical providers in the public and private sector, more so in the private sector. On a global level, 90% of our business is Software as a Service or pure Software as a Service, meaning that there's a very high degree of recurring revenue in our revenue streams. We also have a 10% focus on virtual care delivery where we act as a healthcare provider ourselves. I'll get to that more in a moment. That's about 10% of the business today. We have a high-growth, high-profitability philosophy in the company, something that I spoke about in the introduction. Very important to grow at a pace which doesn't put the company at risk. As the largest shareholder of the business and my co-founder being the second largest shareholder, this is especially important for us to protect value with this type of philosophy, but without actually compromising on the upside that that gives. It's been very favorable in the past. In terms of the target market that we address, it's multi-billion, it's global. You have some very strong macro drivers to that addressable market. In terms of size, we've seen that we're about EUR 7.2 million on a run rate basis as at the end of our fiscal quarter. The growth numbers have been very strong for us, and we continue to see very high potential in what we do. For those of you that are interested, the rural profile is very interesting with a lot of projects that we have to support the delivery of care in rural areas. A lot of research into, among other things, various cancer diagnoses and, of course, some of the pet projects with providing care to some of the indigenous population in Australia by the Royal Flying Doctor Service. More to read about that on our investor relations page. Just a quick soundbite here. We're a truly global company. Where you see a red dot, you have a person on the ground. We do a lot of business development out in the world. We have representation on the ground in Melbourne, in Jakarta. We have some finance functions in New Delhi. The application and content is developed in Europe, with application development in the Netherlands, coding in Poland, software reliability engineering in Poland as well. Content development in the U.K. and in Finland. Sales representation in several mainland European countries. Strong presence in North America and also representation in South America. We have a templated model for growing internationally in that we use a proprietary technology for localization and translations, and it doesn't take a lot of resources. That means that we can actually push out quite widely, which we do on a regular basis, and I'll return to that as we look at the market outlook and new markets that we're penetrating. Overall, very nice to be a truly global company and without actually putting the business at risk by doing so. This is my last slide in terms of the business background, but just illustrating what we do in terms of the two business models that are part of the company. On the left side there, you see that Physitrack has a pure-play SaaS offering where we provide technology to healthcare providers all around the world on a subscription basis. They subscribe to our technology like you would subscribe to a Netflix or to a Spotify or something like that. They use that technology with their patients to enhance the quality of care that they do. Very nice recurring revenue streams, and that's about 90% of the business today. On the right side, and you have that semicircle there, we are actually a care provider ourselves through our subsidiary, Rehabplus in the U.K., where we provide care to patients using our own technology. This is how we get some of the unit economics associated with patient care, 10% of the business today, there's a lot of interesting potential there that we're looking to develop in the U.K., in Germany, and in the U.S. as we continue growing. That was it in terms of a background. Now over to the business update, we saw the initial public offering on the 18th of June, that was a very nice moment for us as a company to get to that milestone. We were well-received by the markets. We raised over SEK 200 million in the process, and t here was substantial interest in the shares in the IPO, that's also filtered through in terms of the post-IPO activity. We are very positive about the impact that the IPO has had on the company in terms of our ability to grow. Customers, they really like having a company that's transparent, has great reporting, governance overlay, and that gives people a lot of comfort as they participate in these tenders that we do in the healthcare industry. Also importantly, obviously, having that scoreboard in terms of what the markets feel about us as a company as they learn about our initiatives, our performance, et cetera, is a very valuable tool. We couldn't be happier about this. The IPO allows us to continue with the acquisition plans. As you've seen in the IPO prospectus, if you read that, most of these funds are earmarked for further M&A, and we're very happy to be in that position because there's a lot of interesting activity in our M&A program at this point. Just mentioning the M&A program, and I alluded to this in my introduction here. The Physiotools acquisition has been very favorable to us in terms of looking at the chart there on the top left. The Physiotools' library combined with ours makes up the biggest clinical home exercise library for physiotherapy in the world. This has really, really boosted the content and the service as a whole, and it's something that really supports the notion that people are actually ready to pay for great Software as a Service. We're able to ride on the overall Software as a Service trend with raised prices. As you've seen, your Netflix subscriptions and your Spotify subscriptions have become a little bit more expensive in the last year and a half or so. This is certainly something that we see filtering through in terms of price sensitivity at our end. That's very, very positive for the average revenue per user situation. In terms of market expansion with Physiotools, it was very, very exciting to launch in a big way in Finland and also in Sweden. Thanks to Physiotools' very strong presence in Finland and a subsidiary of Physiotools called Mobilus in the Swedish market. This is really, really nice for us, not just because I'm Swedish, but I think it's a very sophisticated market. There's a lot of potential there, and I couldn't be happier to be there. As I mentioned, EBITDA expansion through cost synergies mainly at this point, but we have started the synergies on the revenue side as well because Physiotools is average revenue per user, ARPU. It's a lot lower than Physitrack's, despite the fact that it's a very, very nice product and it's a very well-regarded business. This is certainly something that we are working on. We initiated some of that ARPU expansion at the end of Q2. Something that's expected to filter through in results in the coming quarters. It's a slower burn in terms of the pace of that because Physiotools' customer base is mainly based on yearly subscriptions, but w e're systematically doing that month by month going forward. Quickly on Rehabplus. Very, very nice to have such a team of amazing entrepreneurs on board and very much a nice enhancement to Physitrack's overall business. It's a space we wanted to go into for a long time. At their end, we certainly hope that they feel that we enhance their clinical offering with our technology. It's very, very nice. As I alluded to, the market expansion with us being able to go into the care space, providing care to patients directly, very, very positive for us. Of course, this has led to nice EBITDA expansion from just the acquisition itself, but also generating revenue that scales per patient user in the U.K., in Germany, in the U.S. is something that's very much exciting us at the moment. Much for the business update, and I will pass you to Charlotte for an update on the financial results. Thank you very much. Firstly, I'll take you through revenue, and if I can direct you to the graph on the left here initially. The six months ended May, total revenue grew by 184% or EUR 2.1 million against the comparative period. On a pro forma basis, with the results of our recent acquisitions included in the prior comparators for illustrative purposes, revenue grew by 37% or EUR 890,000. This revenue growth was primarily driven by an increase in the number of users of the SaaS platforms. Although price rises have now been implemented for both of our SaaS businesses, these were executed at the end of Q2 for Physitrack and the start of Q3 for Physiotools, and the upside of these will be flowing through in Q3 and beyond. On the right here, you can see the revenue by quarter, with the prior results having been adjusted on a pro forma basis. For the three months ended May 2021 compared to the prior year, total revenue grew by 127% or EUR 960,000 to EUR 1.7 million. On a pro forma basis for the quarter, revenue grew by EUR 300,000 or 21%. It is worth mentioning here that 2020 sales cycles were very outside of the norm, with COVID-19 causing disruption. What we have seen this year is an expected return to historically normal sales cycles, with purchasing weighted towards the back half of the calendar year, where we expect the majority of our new enterprise sales activity to take place. It should also be noted here that there is a movement of customers between the SaaS platforms since the acquisition of Physiotools. It's best going forward to assess the SaaS revenue as a whole rather than looking at Physitrack and Physiotools on a standalone basis. Moving through to the next slide. Looking at profit, Physitrack Group delivered EBITDA of EUR 800,000 for the six months ended 31st May 2021, compared to EUR 700,000 in the comparative period. As a result of the acquisition of Rehabplus and IPO preparation, specific one-off costs totaling EUR 328,000 linked to these projects were incurred, which impact comparability. Adjusting for these one-off items, EBITDA of EUR 1.1 million was generated in the six months, meaning EBITDA increased 61% compared to the same period last year. It should be noted that we expect to see the majority of the IPO-related costs in the Q3 results, as this is the quarter when the IPO took place. Overall, this resulted in an an adjusted EBITDA margin of 34% being achieved compared to 60% in the comparative period. This decline year-on-year reflects the previously signaled impact of the Physiotools and Rehabplus acquisitions coming into the group, which operate at a relatively higher cost base than Physitrack standalone. A number of cost synergies have been identified and executed in these acquired businesses, particularly in Physiotools, and it's expected that these will start to flow through towards the second half of the financial year. Moving through to the next slide. Here we have a picture of cash. In the six months ended May 2021, the group's net debt position increased by EUR 570,000, from half a million EUR to EUR 1.1 million. Good underlying cash generation was offset by the acquisition of Rehabplus, which was acquired with a EUR 309,000 net debt position. With a further EUR 531,000 paid out in relation to this acquisition in the period. Additionally, one-off IPO and M&A costs of EUR 328,000 were incurred in the period. Excluding for these, good underlying cash generation of EUR 549,000 was seen in the six months. Moving through to the final financial slide. On this slide, you'll see a summarized balance sheet position. The movements here when compared to the balance sheet 12 months ago, are for the most part driven by the two recent acquisitions. Notable movements include goodwill has increased on recognition of the goodwill generated on the acquisition of Physiotools and Rehabplus. Deferred revenue has also increased as Physiotools performs the majority of its billing 12 months in advance, as opposed to Physitrack's monthly billing model. Deferred consideration has arisen, which relates to the Rehabplus acquisition and is based on significantly stretching revenue targets with a profit underpin built in. That's all from me for now, and I'll pass you back to Henrik. Thank you, Charlotte, t hat's great. A little bit about what we can expect from the market going forward. There are some very exciting opportunities. We have in fact never been busier as a sales team, that actually excludes a few weeks during the worst part of the COVID lockdowns in 2020. In terms of pre-pandemic, post-pandemic, this is the highest activity of tenders and sales that we've ever seen. We continue to see a very favorable macro climate for digital health. What happened in last year when we saw a very large amount of activity, especially in Q2, we saw as a bit of a Heinz ketchup bottle effect, ketchup effect. That we actually see that this was the start of something in terms of digitization. Very much not a temporary state, although the intensity, what we saw in Q2, it is unlikely that you will see that amount of business appearing in the space of 4- 6 weeks, which was the case last year. Some very interesting growth dynamics. Also looking at the second part of this slide there, the organic growth levers. We see this digitization trend coming to more countries. I think we are very well positioned for the next wave of digitization of markets that have traditionally been more focused on paper in terms of medical records and in terms of especially home access prescriptions and things like that. We are building up a very strong presence in places like Southeast Asia, in Eastern Europe, in South America, and beginning to look a little bit at Africa as well. This is definitely a place or a market which will continue to grow over the next few years, and we're very much pioneering some of that move into digital. It's very exciting to be an entrepreneur pushing out like that. Of course, just reminding you, we have a business model for expansion that focuses on low risk and low cost for pushing out the new market. It's very much a proposition that is not putting our financial stability at risk in any shape or form. Very excited with that upside at the low risk. On the right side, of course, the M&A initiative. We continue to very systematically on a disciplined model to explore M&A opportunities in several markets for notably the virtual care piece. Very interesting to expand that into Germany. Rehabplus is a very successful company in the U.K., this is something that we look forward to taking internationally as well while executing on the potential that we see in the U.K. market. Germany, U.S. for virtual care, very much on top of the agenda. We are working our way through opportunities there. We have an approach which actually gives us an edge in terms of sourcing because we can look at people that are very good at digital inside of our own user base. This is actually how we came across Rehabplus when we executed that M&A transaction last year. Super users of Physitrack with great potential, with fantastic entrepreneurs. More of that to come. Also things that can enhance the platform, things that might make more sense to acquire than to develop ourselves. Although limited in scope, there are a few things that we'd like to do that have a little bit of a longer run rate, sorry, runway than developing it ourselves. We're actively looking at some of that. Of course, lastly, the geographical expansion in the way that we did the Physiotools situation and got established in the Nordic countries. Very interesting and it's something that we're looking at. Active in all of these, lot of things going on. Again, we are disciplined up to the point where we're very comfortable with a company, with due diligence on the legal side and the financial side. Once we are comfortable, we tend to execute with quite some speed. The Physiotools acquisition was completed in nine weeks, Rehabplus was 12 once we were comfortable with what was going on. My final slide here before we open up for questions. Just reminding you about the growth and margin and dividend distribution targets. First on the left side, we can expect growth to be in the 30% region. This is something that on an organic level, obviously the M&A side of things will boost that further. Something's worth pointing out that what Charlotte was alluding to, there is seasonality in our growth model. It's not a straight line across the year. 2020 was a bit of an exception with that. You saw a lot of activity in the space of a few weeks in Q2 of 2020. We don't expect that to repeat itself again. We are reverting back to normal tender activity and tender pacing, which is normally a year-end heavy activity. Q3, Q4, this is when people consume budgets for digital and for investments that usually are awarded or allotted towards mid-year or in the third quarter. Just a heads-up on that you're not going to have a straight curve in terms of growth. Q3, Q4, the biggest month in terms of revenue generation on the enterprise side of things. As I said earlier, we've never been busier on that front. Profit margins, 40%-45% EBITDA margins, which is less than what we have historically clocked in at on the SaaS platform. What you have to keep in mind is that you acquire businesses that have lower margins. You will have a margin contraction. As we did with Physiotools, you work on expanding the margin with synergies and also looking at the pricing situation and things like that. You can continue to see the sort of accordion behavior in terms of our margins. It's not going to be a straight line there either. You can expect these fluctuations, which is just part of the day-to-day of running a business like ours that combines organic with inorganic growth. Lastly, dividends. We think that successful, stable companies with a nice financial profile, they should be paying dividends. We are no exception. However, in the short to medium term, we expect to reinvest cash, notably in the M&A program. In the longer term, we like the fact that companies yield something in terms of cash on investment for shareholders, and we're not strangers to that either. That concludes our presentation, and we're happy to take questions, both in the chat field, if you have anything there. We have Nav on standby as our operator for taking questions over the phone. I have a question already here on the M&A program, and I believe we answered that. Just the question is, what can we expect in terms of M&A in the near term? As I said, we are active within those three pillars of expansion through M&A, virtual care, enhancing the software platform, and geographical expansion, à la Physiotools. We have active potential targets in all of these in various stages. We are very disciplined about how we work our way through those and how we do our homework. That there's a funnel methodology where you start with a long list of interesting companies, which we can uniquely source through our user base when it comes to virtual care providers. You work them through a shortlist. Eventually, as you do your due diligence on them from a financial and legal perspective, you come out with something that's worth having a discussion with management and entrepreneurs about. If everything goes well, we actually speed things up quite nicely at the end. We have an ability to execute with an excellent in-house team and outside legal counsel and advisors to just make those things very, very nice. We don't run into anything where we are not 100% comfortable with what's on the table in terms of an opportunity. Okay. We don't have any more chat questions at the moment. Let's see if there's anybody on the phone that wants to ask anything. Thank you. If you do wish to ask a question, please press zero, one on your telephone keypad now. We have a question from the line of Joachim Gunell from DNB Markets. Please go ahead. Thank you very much, and g ood morning, Henrik and Charlotte. Congratulations to a great start as a listed company. I have obviously a few questions from my side, and I think we can start off where we ended here on the M&A program. Can you perhaps comment a bit more on how becoming a listed entity in a rather fragmented, largely private-tilted space will become a key competitive advantage for you? Also, with regards to what we have seen with the investor appetite for digital health models as of late, if you have seen any trends in quality prices demanded from sellers? Perhaps also, since I get a sense here that your M&A program could be tilted towards virtual care in the near term, can you perhaps say something there on how a business in virtual care can complement your current capabilities from Rehabplus? All right. Very good, Joachim, and thank you for great questions, and thank you for the congratulations. Regarding the M&A program, how do things change when you're a listed company? Well, you have the visibility, you have a brand recognition, and you have a stability profile that's very favorable as you reach out to fellow entrepreneurs. Usually, we do tend to, on the virtual care side, to reach out to people that are customers and that know us. It's not like we come in from nowhere, but it certainly helps to be a known entity with a verifiable background. You're not a fly-by-night operation and you lift the phone to somebody and they say, "Hey, so how about considering an M&A transaction with us?" Being listed is actually a huge advantage to that. Now, obviously, we like acquiring with cash. I actually think that entrepreneurs that have spent a big part of their lives building a business, taking a lot of risk, they deserve to get cash upfront in a transaction. That makes it a little bit easier for them to jump out of bed in the morning and to continue to be an entrepreneur inside of a group, because that's what we want. We want companies that are on the up and up. We don't want founders that want to sell their business and then jump off and live on the beach a few months after the transaction is done. We actually think that cash helps that. The interesting part of this is that when you're a listed entity and you have shares that trade in public markets, the founders can actually choose if they want to acquire shares in the market with some of that cash. That's something that we certainly have had some interest of with the discussions that we've had, which I think that's a great idea. In terms of using the shares as acquisition currency, that's not something that we're looking at in the short term. We actually like cash, I think it's a superior way of doing M&A. Obviously in the long run, we might come across somebody that actually absolutely does want shares as a consideration, and it's much easier to put something like that together if you're a listed company than as a private company with shares that has a value that, who knows, that might or might not be realized. Lastly on this point, it's definitely an edge to be an entrepreneur. It's an edge to be a company when you acquire or you're on the M&A track rather than the private equity fund, because there is a context for an entrepreneur to come into, which is very dynamic and very fun. Not to say it's not fun to be acquired by a private equity fund. By all means, if that's something that anybody who's listening wants to do, so don't let me stop you, but it might be fun to actually be part of a dynamic business that's full of entrepreneurs that want to grow together. We have a nice way to align interests between the performance of an M&A story and the payout. A lot of upsides. It's a long list of things. Now, Joachim, I had a follow-up on that that just came in, which is relevant, so I don't have to skip back to it. Can I say something about how big these companies are in terms of revenue that we're looking at? I think there is a sweet spot for companies that we are looking at, that's between 1 and EUR 5 million of turnover, give or take. I think size-wise, they're small enough to have a lot of upside potential in a big market like Germany or the U.S. There's a lot of appetite left for the entrepreneurs to really work hard to achieve growth. If they're too big and too established, you might not have that type of pace and that type of hunger anymore. I think that's important. Also, of course in terms of we're now a relatively small business with a core team of, say, 45, 50 people, and to take on a company that's too big could have an adverse effect in terms of the synergies, because if it's too big, it's hard to work through all the employees and finding the pockets of potential and the cost savings and things like that. We really need to make sure that we have something in the sweet spot that has the upward momentum and also have the size that's easy to work through. Now, to the virtual care question. We see a lot of potential. There is potential in the Rehabplus business model as it is now, in terms of the growth and the pace of that growth with the people that they have, the technology that they have, the scaling that they're able to do, because it's more human-heavy than a software business. We do see that we can enhance that further with our technology, looking at things that we can do with, for example, digital triage, where you start your relationship with a customer in an app format instead of a face-to-face or a virtual call, for example. There's some things you can do there to make sure that you have the scalability of that existing business model, which is B2B, based on referrals from insurance companies and corporates mainly. We're also looking at other enhancers in terms of the business model that could be interesting to revisit in the future earnings call. I don't know, Joachim, if that was a good answer to that. Yeah, I think that was extensive enough. Perhaps to continue on that topic, there will be a slight change in the revenue mix or composition here over the coming years, as obviously there seems to be a lot to do within virtual care, as opposed to the already very proven SaaS models that you have. Can you say anything here about how this will basically impact both how that will enable you to both deliver on your medium-term 30% plus organic growth, but also perhaps how that bridges with continued margin expansion from where we stand now, given that, as you say, the scalability of the business models are slightly different from each other over the coming years? These are good questions. I expect to have more information related to Rehabplus's business model. We're working on a few things there that will align it more in terms of the scalability and in terms of the repetitive nature of revenue streams that's more SaaS-like in nature. With that in my back pocket, I'm very confident that even though you have a higher tilt towards virtual care, it's not going to impact the margin or the growth targets in that. This is not something that we are ready to discuss on this quarterly call. There's something to look out for in the, well, I'd say short to medium term on that. Great. We'll have a lookout for that then. What I found quite impressive here is obviously that although you face tough year-over-year comparisons here in Q2, and as you said, there are no differences in the business model. The growth rate was quite nice on a pro forma basis here, especially in SaaS. Can you say anything because it seems as churn are quite low in the SaaS model at the low single digits. Perhaps as opposed to revenue growth, what changes have you seen on a year-over-year development when it comes to actual utilization of the platform? Are users as engaged as they were a year ago, et cetera? I'd say that users are more engaged because they are realizing that they have to provide for, well, of course, during the more intense lockdown periods which we experience in mainland Europe and places like the U.S. was very intense. They realized that we have to use digital to engage with our patients. You saw a shift in behavior there where healthcare providers very quickly had to adjust to the digital way of doing business. The interesting part of that is that we think that this is a permanent change in behavior, and it's something that's definitely creating a different relationship to our software compared to what it was before. Whereas you used to see it as a complement to hands-on treatment, and you'd give somebody a home exercise program as you're face-to-face with that person and that patient, and then they use it mostly when they come home. Now this is something that is more of a continuous and more of a fluent relationship to the tech, where you look at doing digital triage and intake prior to the first appointment that a patient does. You start engaging with the technology already then, and then by the time that the patient comes in to see you'll be looking at your screen to see what the patient has answered in terms of intake questionnaires. They might already have received an exercise program at that point in time. Of course, people have looked at the hybrid version of the care model where they do virtual similar to Rehabplus, virtual first, and then they do hands-on stuff, and then they mix the disciplines. So it's created a, I'd say, a more active user profile, which I think is very, very positive overall. I think this is probably the new reality, the new norm for how people interact with the digital technology. I don't see a reversion back to this just being tech that you can use to supplement to a face-to-face situation. It's very much something that's a bigger part of the patient journey. Understood. Perhaps a final from me then. Given that you have already managed to establish such a critical user base in your current geographical footprint, can you comment a bit more here on where you would say you are in terms of your monetization journey? You comment in the report here that you have already initiated some price increases here given the enhanced platform capabilities. What other initiatives are there here to drive ARPU growth over the coming 1-2 years? Perhaps also alluding to that, it would seem that the largest share of your or most of your existing users are definitely exercise prescription and education users. Where are you now in terms of delivering and executing on cross-selling initiatives to other modules as well? All right, v ery interesting. First of all, looking at the revenue situation, as we alluded to, there is less price sensitivity for great Software as a Service product. Things that become mainstream in people's lives. People were used to having free models where you pay with your data, or you have freemium models where people would have a free subscription and pay with advertising that they would have to listen to in their Spotify streams, et cetera. Over time, this has very much gone away, and people are now used to having software as part of their lives that they want to pay for. Apple Music or Spotify or Netflix and all those things. Certainly there's an understanding for that technology costs money, technology that delivers something important, and technology that does something great for you, for your life, for your business, is worth paying for. This is something that we have seen as well in the business, where we had a lot of price sensitivity for software, even though we had so much amazing content, so many amazing features that we built up over the years. Still, price sensitivity was very, very high, but o ver the years, people are actually willing to pay a lot more money for things that make a big difference for us. Certainly, that's something that's underpinning revenue growth with existing subscribers is not pushing away new subscribers either because you can actually see that the pacing at which we sign up new businesses, small to midsize businesses, tender activity, it's never been this high, that price sensitivity is going away. In terms of cross-selling, something that we have seen definitely a trend for is that people want to have a better visibility for their business inside of the technology. They want to tailor the patient experience with a sort of unique methodology and the way they want to communicate, and the brands, et cetera. We've actually seen a lot of activity for custom apps at our end, which is an important ARPU expander through cross-selling. We have actually never, ever been busier on that front, and that's certainly bearing fruit. We think that where custom apps, you could see that with the likes of Nuffield Health, for example, in the U.K., the biggest private care provider in the U.K. They have our customer, for example. Usually, historically, larger companies would be the only target group for these type of apps. What we've seen is that smaller companies or small-to-mid-size companies are more hungry to communicate their brand identity and their methodology with the custom apps. We've actually vastly expanded the scope for upsells in the user base for custom apps. There's a fair amount of activity in terms of data. Also, we have a PhysiData range, and obviously telehealth remains stable at a very high level that was established during 2020. All in all, a lot of interesting potential without actually having to grow the user base at all. Just tying into that, by the way, because I had a question here that came in through the chat. Looking at your subscribers, it seems like they are leveling out a bit from the boost during Q2, Q3 2020, in the range between 30,000, 40,000, 37,000. What are your own expectations and strategies to grow the base in the second half? First of all, we've never been busier in terms of tender activities. There was a lot of knee-jerk reactionary behavior to the lockdowns and the pandemic in 2020, which filtered through actually Q2 and Q3. A very big boost there compared to, I don't think we'll live through a Q2 2020 again as a business. You can expect that you'll have Q3, Q4 focus in terms of purchasing activity, and that also comes with a growing user base. We see a continued scope for strong growth of the subscriber base as well, not just the ARPU piece and the cross-selling, et cetera, and that's part of the growth perspective for the end of the year. We are at probably 50% higher in terms of monthly subscriber growth compared to pre-pandemic levels, sometimes 100% higher. It is definitely very high. Last point on this, you do still have lockdowns that come in and out of people's life. You do see that some of the expansion that people might have planned during pre-COVID, they might have put some of that on ice. The biggest source of growth for us in terms of subscriptions are really the existing customers growing bigger and opening up more clinics, et cetera. You see a little bit of risk management there in terms of that people might not want to open something when there's a delta version of the virus spreading out in the world. I think that eventually that will go away, and I actually see that the subscriber base will continue to expand. Not to Q2 2020 levels again, but definitely what we've seen in terms of the pacing pre and post the big lockdowns. Right. Joachim, did you have any more stuff that you wanted to ask about while on the call? For now, I am fine, thank you, 100%. Charlotte, hope you have a great continued summer. Yeah. Thank you, y ou too, Joachim. Okay, we have one question here. "Can you describe how one of the new large customer works? Who pays you, the hospital group?" Indeed. If you're looking at the Software as a Service side of Physitrack, if it's a really big one, you're subject to a tender process where they would invite several companies in the same space to participate. In all honesty, if this happens in a place like Australia or the Netherlands or probably in the U.K., there is really only one clear winner of that because nobody else has the size of the library and has the tech and the stability as a company. Most certainly, it's helped by the IPO. If you look at the U.S. market, we do have more competition in North America. In that case, you might have, I'd say, it's usually between three providers. Depending on what the customer wants, it might be tilted towards somebody else that has a component in their stack that we don't have. If you win a tender, there's usually a contractual process depending on how tough they are and how tough the lawyers are. We have some very tough lawyers as well on board, actually, so that helps. After the contractual process, you look at the rollout that's mostly based on semi-automated processes, meaning that we have certification programs that roll out across a big group. If you look at a company like CBI in Canada, they start with, I think, 1,000 subscribers. There's potential to grow that to 50,000. They're absolutely huge. It doesn't change anything for us because they use the same onboarding methodology in terms of, there's some nice video-based tutorials. We scale a lot of the automated processes from the small to mid-size side of things when we roll out in a big ecosystem like that. Over time, it's a lot about just delivering a really stable, innovative and great service that they love using. If you do that right, they will be very happy with you. An additional thing that will happen to a customer as they work with you is that if they do really well, they will win more business. As they grow, they win more business. Well, they need more licenses, they need custom apps, they need data, they need a telehealth piece, we grow with them. It's usually a very symbiotic relationship. Some of this is described in the IPO prospectus, where we look at a couple of case studies with some of our customers and how they've grown their revenue with us. As such, we've been rewarded with doubling, and in some cases, we've quadrupled revenues with the same customer over time, just because they've been very successful with the tech that we've rolled out. I hope that makes sense. Who pays? Again, always businesses for the SaaS side of things. When we look at the virtual care side of things, it's an insurance company or it's a corporate that will pay the bill for the patients that go through Rehabplus' virtual care program. All right. I don't see any more questions here on the little question ticker. Did we have anything more on the phone, Nav? There are no further questions. I'll hand it back to you. Joachim, he ate up all the questions. Okay. All right, thank you very much, everybody, for participating in this first interim results webcast from Physitrack. Thank you so much for your confidence in us, and we look forward to speaking to you again in the near future. Have a great day. Thank you very much.