Good morning, everybody. Welcome to Physitrack's Q1 results presentation. My name is Henrik Molin, and I'm the CEO and co-founder of Physitrack. I'm joined by Charlotte Goodwin, who's our CFO. We'll give you a little overview of the quarter in short, followed by a business update. Charlotte will walk you through the financial results more in detail, and then we'll look a little bit about the strategy and outlook, and then we'll open up for Q&A. The time for our initial part of the presentation is between 15 and 20 minutes. Let's go. Let's take a look at Q1 in short. Some nice KPIs coming in here with notably profitability increasing 44% in the quarter. This is a very, very important part of what we do. We like growth with profitability for those who know us. It creates a robust and very nicely accelerating company without having to risk the situation or in terms of in this type of environment, a lower valuation for our shareholders and also a climate for our team and our customers, overall stakeholders, that something is gonna happen to the company as a result of a funding crunch. For example, which is what we're seeing with some of the industry. Very happy about that. Overall, 67% growth on the company in terms of top-line revenue, and that's organic and inorganic. Looking at the pro forma and the organic side of that's 29%. This is right in line with our expectations of the analysts covering us. We like the fact that, things are moving in a very nice, predictable, stable way, and again, we maintain profitability. Looking there on the right side, some strategic acquisitions that came in in the quarter. Obviously PT Courses was a key one for us, and that enables us to accelerate further in the American market, notably in the enterprise space. I'll give you some more comments about that in coming slides. The middle one, that's a firm and nice and nicely accelerating footprint in the German markets with some great short-term results with Wellnow. That's a very important part of what we did there in Q1. Of course, as you saw from the introduction video, we are very, very proud of having Champion Health as part of the family. It's a nicely, very nicely accelerating business, both in terms of their financial KPIs and also what they will do in the context of our Access wellness ecosystem. More comments on that a little bit later on, but those were the highlights from the quarter. Moving into the business updates, looking at the SaaS piece, this is nicely growing, not just the user base. We're also seeing that continued trend with the sophistication of our user base and moves towards more high-end products like our CustomApp range, our data repository services, Physidata. Of course, there's a solidified appetite for telehealth among our users, and that technology is being used as a permanent addition to people's product lines. That's generating some nice growth and not just on the user base. This is not a one-trick pony where we just solely focus on the user base and the pricing of the user base. There's so much more to us in SaaS than just that. These are nice numbers. We have had a very solid retention focus. We have a name for that now. It's called the Customer Value Task Force. It's designed to identify what customers find as valuable with us as a provider, based on what people do in the ecosystem as they become customers, and also before they become customers. This is something that we can then pinpoint and prioritize the investment into the platform with, and also how we train and onboard our customers during the free trial phase. This is all designed to increase free trial conversion and also to reduce retention. As Charlotte will be discussing a little bit later on, our retention numbers are up, churn is down, and this is the continuing trend that's very strong. Being data-driven to analyze what's going on on the platform and making decisions and educating customers and communicating to them based on that is a very important part of a strategy when you're product-led, which we are. Now we are continuing to build on the foundations for scale-up here and making sure that we have the best-in-class technology and a really competent team to make sure that this works. Some of the things mentioned here on the financial side, as you can imagine, when you expand a group from a couple of entities that we had going into the IPO to now six or seven entities, it's very, very important that you have a robust system for managing payments, managing subscriptions, and also for managing multi-currency, multiple jurisdictional accounting and reporting, which we are now doing with NetSuite, which is an accounting system that will keep us robust until EUR 1 billion of revenue, give or take. This is very important to keep reporting predictable and nice numbers. A lot of things going on under the hood there. Among other things. Lastly, the platform enhancements, and that links back to what we're doing with the Customer Value Task Force and the team just prioritizing our what's coming into that product roadmap and the things that have come out there as a result of the Customer Value Task Force are very drastic improvements on the algorithmic search methodology that we have in place and the way that that experience is accretive to our users. The ability to search through this 15,000 exercise library is something that that is the number one priority for people, and this is something that we've been able to enhance quite dramatically in this quarter. Some exciting things going on there on the SaaS side. Moving over to some of the things that we've been doing here on M&A, and as I mentioned in the intro there, the accretiveness of PT Courses for the expansion that we see in notably enterprise in the US market has been very positive for us with this acquisition of PT Courses. I'm happy to say that the integration work and the boost of PT Courses, both in terms of their course catalog and some examples of what those revamped Physitrack design courses look like on the right, also in terms of the technology to boost the overall revenue flows for them via a subscription model that sits in parallel to the à la carte course purchase model. Very, very positive first moves in that market with PT Courses and that we have some really nice plans for that in the future and with the bundles, with the Physitrack platform, et cetera. A very, very nice start there. Second company here to just highlight here that we acquired here in the quarter, Wellnow, of course, a superstar platform for delivering virtual first wellness to the corporate space. We can see their examples of some really, really nice strong brands there. I particularly like the logo there, second from the left, Tesla, and then some of these other Berlin-based companies. This is just the beginning. We see very strong revenue growth trends with what Wellnow has achieved so far. We're very happy to have Alex and Anne on board to keep doing what they do and also to help accelerate them inside of the Access ecosystem, the technology that we can use to boost them. Now, speaking of technology to boost the Access ecosystem, we are very proud of Champion Health, and you've seen that in our communication, and you saw that in the opening of this webcast. This is really the employee wellness platform for the future, and we couldn't be happier to work with Harry Bliss and Ricky Bailey and their amazing team with this tool that's the perfect wrapping paper or the perfect user interface for the Access ecosystem. The plan here is to integrate the care pathways that we have available from our subsidiaries Rehabplus and from Wellnow and from Fysiotest with everything from biometric testing to rehabilitation on the MSK side of things down the line as well for emotional wellbeing rehabilitation, to have that in one of the slickest and most amazingly architected and designed user interfaces that I have personally seen. On top of that, of course, extremely strong revenue growth, which was indicated in the press release as we announced the transaction. There is a continued growth along those lines in store for Champion Health, which also explains the multiple that we paid for them, as you could also see from the press release. Overall, we think this is a great deal, and just the energy and the enthusiasm that Harry and Ricky bring to this team is leading to some amazing results that we're seeing both in the short, medium, and the long term. That concludes my little business update, and I'm gonna hand it over now to Charlotte to dig into the numbers a little bit more. Charlotte, over to you. Thank you very much, Henrik. I should first mention before jumping into any numbers that now we're reporting on our new year-end, which is aligned with the calendar year. All prior comparators have been realigned to the quarter ending March 2021. Firstly here, a quick overview of the key financials. For the quarter ending March 2022, revenue has increased 67% to EUR 2.6 million from EUR 1.5 million in the prior year. Some of this growth is due to the acquisitions of Rehabplus, Fysiotest, PT Courses, and Wellnow. On a pro forma basis, with the revenue from these entities included in the prior comparators, revenue has increased 29%. In the quarter, the Physitrack Group has delivered adjusted EBITDA of EUR 0.7 million, up 44% from the prior year. This results in adjusted EBITDA margins of 29%, down slightly from 34% in the prior year. This fall represents the well-signaled impact of the recent acquisitions on the group margins. Turn to the next slide. Focusing on revenue now. On the left here, you can see the quarter's revenue growth, both on an absolute and a pro forma basis. As previously signaled, the growth in both our SaaS and care divisions are usually H2 weighted. In this context, we consider Q1's revenue performance to be strong. On the right-hand side here, we can see revenue split by SaaS and virtual wellness. In SaaS, which is currently makes up the majority of our revenue, the growth is driven by increasing user numbers, the price rise implemented in summer 2021, and strong levels of upsells. We will implement our annual price rise for monthly SMB customers in 2022 on June 1. Our enterprise and annually billed Physiotools customers will receive price increases throughout the next 12 months. The virtual wellness business, which is still a relatively small proportion of the group, although we expect this to grow over time, has experienced strong year-on-year performing revenue growth. Although there is still some volatility in quarter-on-quarter numbers as the impacts of COVID have shifted spending cycles out of their normal pattern. The acquisition of Champion Health will accelerate the move of this division towards a subscription-based revenue model with more predictable growth patterns. Turn to the next slide. Moving on to profit. On the left-hand side here, we have EBITDA for the quarter. Last year in Q1, we delivered EBITDA of EUR 0.5 million, and the current year this has fallen to EUR 0.3 million. Within this, there was EUR 0.4 million of non-recurring adjusting items, primarily related to the acquisitions of PT Courses and Wellnow. With these amounts stripped out, adjusted EBITDA was EUR 0.7 million, or an increase of 44% from last year. Adjusted EBITDA margins have fallen from 34% last year to 29% in the current year due to the well-signaled impact of acquisitions. Over the medium term, we expect these to rebound to our target EBITDA margins of 40%-45%. On the right hand here, you see the EBITDA shown by quarter. As depreciation and amortization have remained flat year-on-year, adjusted operating profit has more than doubled in the period to EUR 0.4 million. Through to the next slide. Looking at cash, we open the year with a net debt position of EUR 13.3 million. Adjusted EBITDA in the period generated EUR 0.7 million and was offset by small working capital movement of EUR 0.2 million. Intangible asset additions were EUR 0.9 million in the quarter and consisted of development of the SaaS platform, investment in the new Access virtual care product, plus the previously signaled spend on build fees for internal systems such as Chargebee, Pendo, and NetSuite. There was acquisition spend in the period of EUR 4.2 million related to PT Courses and Wellnow, and related M&A costs of EUR 0.3 million. There was also a EUR 0.1 million movement on foreign exchange on our cash balance, and this leaves the group exiting the quarter with cash of EUR 8.5 million. As announced on the sixth of May, in conjunction with the acquisition of Champion Health, we're in advanced discussions with finance providers regarding putting a lending facility in place to ensure that Physitrack can continue to invest in future growth opportunities. Through to the next slide. Moving on to the group's balance sheet. The first line here includes the internally developed technology platform as well as intangibles and goodwill arising on acquisitions. This figure now includes the accounting for our PT Courses and Wellnow acquisitions. Accounting for our most recent acquisition, Champion Health, will be included in the Q2 2022 numbers. Cash we've already covered. The trade and other receivables have increased due to the recent acquisitions, as well as the relative increase of our enterprise customer base and the strong sales of custom apps in the quarter. Deferred revenue is primarily generated by Physiotools, who bill up front for 12-month contracts. Deferred tax arises on the intangible asset balance re-balances recognized on acquisitions and will unwind over the period of the amortization of these assets. Deferred consideration relates to the Rehabplus, Fysiotest, and Wellnow acquisitions. That's all from me, so I'll pass you back to Henrik now. Thank you, Charlotte. Of course, we're opening up for questions after this if you have something for either me and Charlotte. You can put them in the chat feed, or you can ask them on the phone if you've been dialed in. Couple of last slides here from my side of things, looking at strategy and where we're going. First one on the left, market growth dynamics continue to be buoyant. We are still in a favorable macro environment for investments into digital health, and that goes for both healthcare and for corporates. This is very much supporting the two main business line of Physitrack. We don't see any of that slowing down, on. We actually see that things are accelerating, especially on the corporate side as we see a return to offices, and we see this post-pandemic era taking over with a lot of focus on wellness and prevention and the acceleration, of course, of health and wellness and productivity with using platforms such as Champion Health and down the line also the integrated care pathways of the Access ecosystem coming into play there. Very, very strong tailwinds there. Still in the middle there, of course, geographical penetration continue to be very important. You saw that on the care side with the acquisition of Wellnow in Germany. To have that significant footprint with that, really, really talented team on the ground in the biggest economy in Europe is very key for us, and then we'll see more of that as we move forward. Of course, on the SaaS side of things, we are always looking to create offerings that are attractive to users around the world so that we can take advantage of the next wave of digital health into more emerging type markets. Still going strong there. Quite interesting. Now, also something I mentioned, of course, the increased sophistication of our user base and the need for more high-powered products such as our CustomApp range, data repository product, Physidata, as well as our virtual onboarding and telehealth product. That's also something that's spreading around the world. We are seeing our first custom app deals done in places like Indonesia and this is very, very interesting for the future. Last point here, M&A initiative. We have a very, very strong portfolio of companies now, and we have a great family both for SaaS and for the Access ecosystem and wellness. We’ve had some real superstars on board. We have some great working groups that are working together as if they are part of the same company, they’re part of the same group, but they’re in different corporate entities. This has created some great dynamics and some great synergies, notably on the revenue side of things. We continue to work actively with those companies to make sure that we accelerate organic growth both very significantly, like we did with Rehabplus in 2021. We did it with Fysiotest in 2021. We've seen that as well with Wellnow from the start of our relationship with them just a few months ago, with very rapidly accelerating revenue, and of course, Champion Health, which are real champions when it comes to growing revenue. Part of the group, part of these very dynamic working groups is a very high priority for us to work on on the M&A side of things, and that continues. Now, new opportunities, we get to see a lot in this type of environment. As I mentioned in the early parts of this, we indicated there is a funding crunch underway for companies that are not focusing on growth and profitability. As such, we are seeing founders, and we're seeing entrepreneurs that are contemplating a new home for their business, so that they can keep accelerating and to stay on the mission that they went on when they first started their businesses. We do see a lot of things. We haven't slowed down our sourcing. We haven't slowed down the pipeline. That said, it is very important that we make sure that these working groups and this team of very strong, very hungry entrepreneurs continue to work together to reach organic growth on the aggregate that is way above the indicated targets for the group and for care. That remains the priority. We are seeing a lot of interesting things. Last couple of slides for me, just highlighting this, and I did point that out during the Champion Health webcast, how this has now come full circle in terms of the content. Looking at this from the left to the right, having the ability to offer corporates, biometric testing and coaching to boost performance and to boost productivity, via Fysiotest's IP, via Fysiotest's business model, very, very important to us. I'm plugging that in geographically in places like Germany with Wellnow, and in the UK via Rehabplus. That's the core of the Access ecosystem. When you look at Champion, you have that beautiful wrapper of that whole ecosystem with an amazing user interface and user experience that's the perfect starting point to work with our Access ecosystem. Champion, of course, works fantastically well as a standalone in terms of doing employee surveys and having algorithmic distribution of content and education and things that are in place to boost the morale and the productivity and wellness, health of a strong employee base. Integrating the care piece into that, as Harry said in his introduction, is going to be a real home run for us. Of course, at the back end there with the data, Champion, the way that they collect and aggregate and distribute data to employers, to leaders based on what employees put in there, that is an amazing experience. That is something that very much continues to wrap this ecosystem in a very nice way. Last slide for me, just reiterating our financial goals here. Top-line growth in excess of 30%. Watch out for quarterly distribution of our revenue, which is traditionally back of the year heavy. Apart from that, very much reiterating that profit margin is 40%-45% all the time. Charlotte alluded to the compression of margin as with two acquisitions, but all these guys are on track to do the margin expansion that we expect from them as from being part of the group that takes growth and profitability very seriously. Of course, last one there, no dividends expected in the short to medium term because we have other homes for that cash, notably in a very growing M&A program. That's it from us for the presentation. We're happy now to open up for questions. I have an initial one here. We can go to this first, and then we can go to the phone. The acquisition multiple of Champion Health seems initially high. Could you elaborate how you see it? We have more visibility on growth data from a company like Champion Health. Of course, as part of doing an acquisition, you get insight into the inner workings of a company and notably their financials and their outlook. From a snapshot perspective, just looking at the multiple that we paid, based on what the run rate was at the end of March, then that 5 or 6 multiple in the context of, where the SaaS world has gone in the last few months can seem like, well, I wouldn't say it's high, but let's just say it's generous. But if you just look a little bit further with Champion and what they have in the book of business, which of course is invisible to the outside world at this point in time, and we see what they have in the pipeline, we feel that this was a very, very nice price for this company. I don't think there's a price that you can put on people who are so driven like Harry and Ricky in a business like that. Yeah, that's a little bit of transparency there. Hope that's logical. I have no more questions on the chat, so we can go to the phone. Thank you, Henrik. If you do wish to ask a question, please press zero one on your telephone keypad. Our first question comes from the line of Joachim Gunell from DNB Markets. Please go ahead. Thank you. Good morning, Henrik and Charlotte. Starting off with regards to the fact that obviously it's very strong year-over-year growth figures against a pretty tough comparable. From a quarterly or more sequential perspective here, Q4 into Q1, can you talk a bit about what is driving this declining virtual care? I know that the selling cycles come to be back and heavy, but is this the case also for virtual care? Also perhaps can you mention a bit about where Fysiotest and PT Courses are in relation to your call it growth plans based on the fact that they are showing year-over-year declines in Q1? Yeah. I'll start off there and then I'll hand it over to Charlotte. In general, care has been very strong. There's an outlier which isn't a very significant one, but there is an exception to that, which is Fysiotest in the Nordics. Let me just cover the main part of that to begin with. When you look at care, we are on that growth trajectory that we initially forecasted, and that we are very much delivering on that. We're seeing a stability and predictability, notably with Rehabplus in the way that that's developing. We actually see data on a week-by-week basis, and it's very rare that strays from the forecasts that have been made. That's very much according to plan. We have seen some seasonality in Fysiotest's financial performance, and that's something that is reflected in the overall care portfolio. There's still some noise with particular business models related to Fysiotest because of COVID and lockdowns and the end of lockdowns. Of course, there weren't no lockdowns in Sweden, but just that return to offices, et cetera. There's a little bit of seasonality there in Fysiotest. That's something that I definitely see is going away here in the later quarters. I should point out here that companies like Fysiotest have a tendency, and as what we saw last year as well, has a tendency to be more back of the year heavy. There are more investment decisions that come in that people want to consume budgets towards the end of the year. This is something that is definitely in play for Fysiotest. A little bit different for Rehabplus. I would say also Wellnow is also a little bit more affected by seasonality, but their strong performance, which we see is actually the reverse COVID effect with lockdowns and restrictions stopping in Germany, for example, of course, in the buildup of a nice book. Yeah, the data will continue to be a little bit seasonal as for a couple of these entities in care, but overall it's a very strong growth there, that we can expect over time, especially with Champion coming in, and that's a subscription-based model. I should point that out with yearly contracts and we can expect low volatility in that new data. Coming back to the second part of the question, PT Courses, we didn't have any big growth forecasts on PT Courses in the short term because we were observing the fact that we needed to work on their material, and we needed to work on enhancing the platform and also to introduce that subscription model in parallel to what they do, which is an account-based model. As such, we don't see that revenue stream being very buoyant on a standalone basis in the short term. What we will see for the U.S. enterprise market in particular is that that will be very accretive to the SaaS side of things. Now, it's important not to look too closely at the individual revenue streams of some of our subsidiaries, like looking too closely at Physiotools, for example, because there's flow in between the platforms, and it would be the same thing here for PT Courses, where you can actually see the PT Courses bundles boosting, the Physitrack side of things. We will be doing deals on that side for our enterprise customers that if you purchase, a number of Physitrack licenses, we'll be able to do a very attractive deal, for example, on continuing education and vice versa. I hope that's a good answer to that, Joakim. Please let me know if you wanna follow up there. Yeah, sure. I guess we'll have reason to revisit the whole bundled SaaS offering in the US after the summer, I assume. But given the fact that we're two months into Q2 already and that your business model entails so much visibility, can you say anything about how the Q2 has started off in terms of, I mean, have you reversed some of the trends you saw now in Q1? Perhaps for the full year, can you say anything about like what products or such or revenue streams here will be the main driver for growth? Yeah. We don't see any reverses of any trends. The SaaS side of things, I know Charlotte alluded to that. It is time. It's that time of the year to look at the pricing of Physitrack platform. Of course, as I've explained a few times, I do believe that we are an underpriced offering. This is a clinical tool for many people. It's not just a nice marketing tool to attract customers to your clinic if you're a private provider. It's very much something that's changing people's lives when they use that. As such, it has a lot of stickiness. It's not really in the interest of most of our customers on the care side of. Sorry, on the SaaS side of things to actually replace systems, because they play such an important role in the day-to-day. As such, of course, because it is a clinical tool, and there is clinical risk involved in developing that tool, maintaining that tool, there's data security and cybersecurity, and of course there's the production exercises and features and so on and so forth. It is, relatively speaking, a quite expensive tool to deliver to our customers. There is a lot of understanding for that. As such, price sensitivity is probably lower for something like the Physitrack SaaS offering than you see for more mainstream or B2C offerings. There's a continued trend of price raises on that side of things. Of course, Physiotools is interesting because they were very underpriced, much more underpriced than Physitrack vis-a-vis the value. That price increase process started already in September of 2021, and it's a monthly process that we go through with those customers that are on yearly renewals. Of course, we also incentivize people to transition from Physiotools to Physitrack, and that's also a way for us to release that ARPU arbitrage between the two as far as we're concerned, because they are priced still at around, 60%-65% of what the Physitrack ARPU is. Overall, a strong continuing trend for the whole year. Reiterating our financial goals, we have no plans to stray from that, if anything, with the help of the acceleration from Champion Health, Wellnow notably, and also some interesting things that we're doing for Fysiotest with respect to biometric testing in a remote capacity. The ability to scale Fysiotest with using virtual technology for consultations with coaches and also the introduction of mailing tests. We think that can substantially increase the bottom line there, and obviously top line of Fysiotest. These are highly important products with stickier revenue streams. This is something that we're accelerating into the back half of the year. All in all, nothing changes. Full speed ahead, pedal to the metal as a wise man once wrote. That sounds encouraging. With regards to the chart you showed here with your wellness ecosystem providing like a more holistic offering now, and you painted the picture of how your acquired businesses basically complement each other within virtual wellness. When would you say just painting with very like wide brushes, would you say that you will have that comprehensive holistic offering in place, where a customer can basically be able to to tap into, yeah, call it the whole array of tools provided within virtual wellness? Yeah. It is actually already available to Fysiotest. It's available to Wellnow. There's some tweaks that we have to do with it in terms of messaging. On a more or less standalone basis, with sort of virtual consultations being the glue, you can actually acquire the whole suite, with the exception of remote biometric testing, that's still a couple of weeks away. More to come on that. If you look at Wellnow and their offerings, so they want to be the one-stop shop for everything related to corporate wellness, and that includes the virtual and the physical services that they provide. We have a target list of, I think it's a couple of dozen multinationals that are being presented to Champion Health, so they can have that as a standalone. Of course you can have sort of a manual integration of the other components. That's very much in play. It's commercially viable, it's just it doesn't have the technological integration and wrapping that makes it into a super seamless experience from a user interface perspective. That deep integration is likely to come, I'd say early 2023, where you can seamlessly get these care services and then also sign up for physical wellbeing services and biometric testing on a subscription model through the Champion Health website, for example. That's likely to come early next year. You can already buy this. We are actually commercializing that as we speak or we have already started doing that. Not to give it too much away, but Wellnow's run rate has increased, several times, excellent growth since the acquisition because of this holistic thinking about being a one-stop shop. That's very much happening. Fysiotest obviously will be boosted very significantly with, we've actually already started talking to multinationals with Champion Health as a standalone via Fysiotest, and then complementing that with the coaching services and other remote biometric testing pieces. We are not sitting around waiting for the Ferrari of integrated Champion Health Access, which is what we called. We are actually selling this on a standalone basis, and we're using Champion Health to open doors in some cases. We're using Wellnow's physical services to open doors in some cases. Obviously, Fysiotest, they have the onsite biometric testing stuff that they rely on. We don't sit around waiting for everything to be perfectly integrated. A lot happening already, which we will see in the revenue data going forward. Lovely. Thanks. On the back of that, perhaps, well, just final for Charlotte. If the level, call it the CapEx intensity that we have seen now through Q4 and Q1, is that the best way to look at things going forward? Or will you have to increase the pace somewhat in order to execute on that opportunity? Yeah. In Q4 and Q1, as we've signaled, there's been a bump to CapEx for these system implementations, which are now coming to an end. We'll see a drop-off there in that CapEx. We'll also. I think a lot of the work that we had planned for the Access product will now be able to piggyback off the work that's already been done by Champion. I think we'll see a little fall off in that as well. We will, of course, see Champion's CapEx come into the group. I think with those two things offsetting, you'll still see a small decline in CapEx with a largest decline in the current run rate, but then offset slightly by Champion's run rate coming in. I'd still expect to see it fall to sort of more like EUR 0.7 million or EUR 0.8 million per quarter as opposed to the EUR 0.9 million in Q1. Let me chime in a quickie there. Very clear. Yeah, sure. Sorry, Joachim. I just want to say that we are continuously looking at ways to optimize our CapEx and obviously our OpEx and our CAC, just to drop a few of these KPI abbreviations. It's very important for us, as the history of us is running a business that can continue to accelerate with internally generated funds and customer revenue, et cetera. We are always looking at those things. I'm happy to say that with so many smart people on board, and not to be through these acquisitions. For example, getting Champion Health's tech team into place and then combining that with the tech know-how from Wellnow side of things because they did have that Uber for wellness services directly aimed at B2C previously. But to join forces with smart people like that, you spend less on investments into your tech platform because you can solve problems much faster. What we are seeing over the next few months and quarters is actually that our CapEx and our OpEx is decreasing, and that's very much in line with these promises that we have of expanding margins. We are, without compromising on the speed of growth, we're making this into a more profitable place on an EBITDA level and on a net profitability level as well. Perfect. Okay. That's all from me. Thank you. Thank you very much. Do we have any more questions on the phone? Let me take one from the chat before we jump on the phone. How are you developing in Sweden and the rest of the Nordics? I believe this is a SaaS question. Do you feel like you are recognized as the go-to option for physios? I'd say I could probably be happier as a human being but also as a somebody who's commercializing a physiotherapy software in the Nordics. We have a nice footprint in the Nordics from Physiotools. I feel that well it is the go-to in Finland. That is the number one system by far. This is a national treasure still in Finland. It is very much the go-to system. When it comes to places like Sweden, we have a nice presence with Physiotools. We have a nice presence there with a brand I don't talk much about that much. It's called Mobilus. But I could probably be happier with the pace of penetration on that market. Now, that said, we are tinkering with a few things pro-development-wise that will make this into a more attractive offering. It's not just enough to translate the library and to localize and adapt it a little bit to the local market, tastes. You actually have to look at some of the things that are done. For example, being able to prescribe an exercise program without the patient having to log in to an app. This is something that's pushed nicely by a competitor of ours called Exor Live. This is something that we are developing so that we can become the go-to in places like Sweden as well. It's a mixed bag answer to that question, but I believe over time, obviously, it's very close to heart for me being Swedish that we'd love to be that go-to option, especially in Sweden. That was the last question there on the chat. Anybody else on the phone? Yes. We have a question from Rebecca Laderup from ABG Sundal Collier. Please go ahead. Your line is open. Hello, Rebecca. Hi, Henrik and Charlotte. Two questions, just regarding the two of the revenue streams, the maintenance and setup fee that can be fluctuating, and the setup fee, for example, was very strong in the quarter. Can you just take us through how we should think about these two revenue streams going forward, and what drives them? Yeah. Charlotte, do you wanna look at them, take the financial point of view, and then I can look at the commercial point of view if there's anything for me to add there. Yeah, absolutely. The setup fees obviously relates to the sale of our custom apps. All custom apps are not quite equal, so some are sort of real off-the-shelf white labeling, and some are more deep integrations into our customers' existing website. There's not a set one price fee for a setup fees. It does vary slightly on the sales, but that's very much driven by number of sales, as you'd expect. The quarterly numbers, I mean we've seen now strong setup fees for I think four straight quarters of very strong setup fees, and we don't see anything in the background that would say that would vary. The set-up fees continue to be strong, so I'd say that you could continue to expect set up fees roughly in line with what we've seen in the last Q4. The maintenance fees are a product of the set-up fees. Once people have a custom app in place, they have an ongoing maintenance fee. Those are driven by various sort of costings. Occasionally, we put packages together. Generally, over time, we'd expect to see those increase as we implement more and more custom apps. Yeah. Let me chime in on that. Setup fees are very important. That's basically a handshake relationship with the customer. If somebody wants to set up one of these more complex products, we ask them to make an upfront investment to start that journey. It's partly due to the fact that you actually put work into it, and you put hours into it. It doesn't increase the cost base on a linear basis when you do these things, but it does take time from the development team and from the commercial team. It is important that you have cost coverage, and you have profitability on those. Now, the second part of that is that we want that endowment effect, like, in place when we start a relationship, so that if somebody actually invests in the setup of a custom app, they put in the work, we put in the work, they are more likely to promote the use of it. They're more likely to be longer-term customers of it, and they're more likely also to be more dynamic when it comes to the relationship with all of us if they've actually paid something upfront. We could theoretically do things without a setup fee, without touching the bottom line of the business. We do find that it's a very, very useful tool for us to make sure that you have a, a buoyant and accelerating customer relationship with somebody. Well, partly because of that endowment effect that you get. I hope that's an okay answer to that question. Yeah. Thank you. The maintenance fee, have you seen any patterns in that revenue stream? Something that we could follow or, yeah, the patterns in that revenue stream? Yeah. Yeah. Note that in the prior. Sorry, Charlotte. Yeah. In the prior quarter, the maintenance fee is also where we classify our Physidata revenue, which can be a little bit more up and down. Occasionally, people take Physidata out for a short period to pull a big data set and then pull it. You can see a little bit of volatility there. The underlying maintenance fee increases over time as we put the set up fees in place, and then the custom apps get online. We might look at pulling that Physidata out as it's become a bigger number to give you a bit more visibility on that underlying maintenance fee. Good answer. Thank you. Thank you. Thank you very much. Thank you. Last one. Second last one. The PT Courses that you will put onto a subscription basis, how much of that revenue from PT Courses will be on a subscription basis? Well, over time, we expect a very vast majority of it to be on a subscription basis. There is some appetite for à la carte, and I think it's important to make sure that we don't let go of that because they are nice revenue streams. They are quite sticky. You have people that are loyal to PT Courses, and they keep coming back. There's predictability in that, and we are not planning to let go of that. I do see over time, this is something that will be with a very vast majority based on subscriptions. Whether that revenue is booked on Physitrack side, because you can come in with a bundle that contains PT Courses plus Physitrack. If it comes in on the PT Courses side where somebody or you lead with PT Courses and you add Physitrack on, it remains to be seen. There'll be some moments in between. Because PT Courses wasn't a deal where we had an earn-out for the founder. The founder actually, he's set to retire in the next year or so. There is no need for us to consider where revenue gets booked and how you measure the top line. The most important part is that they are part of that SaaS strategy, and they will, on an aggregate basis, it will boost SaaS revenue and, in that subscription model. Overall, just to sum that up, I mean, subscriptions will be the very vast majority of that because that's why we bought them, notably because of that bundle situation. Okay. Perfect. Thank you. The second last slide of the ecosystem, can you just describe a little bit more about the different entities and if you're gonna keep them separate or which ones you will integrate over time in a long term perspective, please? Yeah. That's very good because I can appreciate that sometimes looking at us it can feel a little bit confusing because you have a lot of brand names there. What's important to remember is that we have the two main business lines, the SaaS, and there's the virtual first wellness piece, with SaaS being Physiotools, Physitrack, and then PT Courses. Now for the other side of things, you have brands that are right here on the screen. I should say that there's no confusion at the group level, so we know very much who's who in the zoo here, and we have these very strong working groups, and so we operate like it is one company, like, but and regional divisions. When you look at Fysiotest for the Nordics, Wellnow for Germany, Rehabplus for the UK, and our Champion Health as the tech wrapper to it. To us and to the way that these guys work on a day-to-day basis, it's super logical. For an outsider looking in, I can appreciate that there's a little bit of confusion with. Now we are making things a little bit easier for you. In terms of the reporting, as you've seen, we have been better at singling out the, SaaS versus wellness, and just having people look at that as they are two divisions, and then being a little bit more careful with being too granular in terms of the components of it. When it comes to company structures, nobody loves a simple corporate structure set up than Charlotte and her team. For example, just looking at the fact that you have a couple of entities in the UK, there might be something that we can do to simplify while keeping the brands. I think Champion Health is a fantastic brand, and there are no plans to do anything with that. Question is if you have a holistic, wellness offering that has a approach which is everything from wellness to rehabilitation, whether or not it's smart to have a company that has the name Rehab in it remains to be seen. They are very strong. Rehabplus is a very strong brand in the UK market, so you have to be a little bit careful with those type of things. There are examples of things that we are contemplating here just to make things a little bit easier. Company identity-wise internally, I think it's just to solidify this feeling of working inside one group and just having these you know the local offices if you wish. I think we really wanna solidify that. One way of doing that a little bit easier is to look at renaming and that's something that's on our table to think about in the coming months. Hope that's a good answer for you, Rebecca. Thank you very much. Thank you. Okay. Are there any more questions on the call? We have no more questions at this time, so I hand the word back to you, Henrik and Charlotte, for some closing remarks. All right. Thank you very much for participating, everybody. If anybody's interested, I am on Dagens Industri TV in six minutes if you want to tune in for that. I really appreciate the time that you took to participate on this webcast. Thank you for staying tuned and for staying close to the Physitrack story. We wish you a great rest of the day. Thank you.