Hello and welcome to Physitrack's Q4 2023 Results Webcast. In case you didn't read the caption down below, I'm Henrik Molin, I'm the CEO and co-founder, and I'm joined by probably the best CFO in the digital health space, Charlotte Goodwin. We have a little program for you today that we'll walk through, and it will be exciting to talk about Q4 in short, followed by business updates for the two divisions. We will look through the financial results with a deep dive from Charlotte, and we'll look at the strategy and outlook, and then we'll open up for Q&A. You can use the Q&A function at the bottom of your screen. I am just going to make sure that I have the right settings for my screen share here so that we don't have a graphics problem along the line. So here we go. Q4 in short, looking at the numbers here, 22% full year organic revenue growth. We had a really nice turn into cash flow positivity the first time since the IPO that we're in that territory. It's coming back to basics for us as a bootstrap business, which is really nice to see, part of the plan, and a 26% growth in adjusted EBITDA, and that lands at EUR 3.9 million. Now, as we said, cash flow positivity, big thing. When you do these things, when you invest for growth mainly, and at some point you have to pivot and you have to invest for growth and profitability, it takes some time to see the results of that. I'm really, really pleased that what we communicated throughout the year of 2023 has really come into place. Hasn't been an easy journey for the whole company and for all the teams, but it's a relief that we are there, and we're on a nice trajectory to maintain the cash flow positivity as a whole for 2024. Some exciting things, and I'll talk a little bit more about the people side of things with the business, innovation, tools, a lot of exciting things that have happened in 2023, especially in the last few months. We have rebooted our digital marketing efforts. We have some really, really strong hands there at the helm. Same thing with product. I came in at the end of the fourth quarter, and this is really paving the way for some really exciting things that we've been working on for a while with the normal organic people-driven stuff, but also with the use of some amazing tools that were not at our disposal when we started up 2023. As an effect, we're already seeing signs that a lot of the things we do are working. We have started 2024 with some of the strongest ecosystem growth numbers since probably the pandemic. It's very, very quick to pivot the business if you're in tech with the help of tools that can actually 10x humans in terms of their capabilities. Very, very happy about that. I'll talk a little bit more about that in the people section, but also the main points here. Let's have a little look at the business lines. We are, as you know, a two-division company. On the left side there, Lifecare, which puts tools into the hands of healthcare providers around the world in 15 languages. On the right side, we are an occupational wellness platform that puts tools into the hands of employers so they can make their employees feel better, happier, more productive. You see the split there in the middle. In terms of Lifecare then first, we've had some really nice moves. As I said in the introduction, some of the tools, some of the innovation, some of the things that we do was just not possible at the start of 2024. It's the advent of AI, the advent of some really, really fantastic tools that are making it possible for us to change a lot of the ways that we work, of course, but notably how we serve our customers. The world of tech has changed forever, and the way that our customers are using our solutions, the speed at which that needs to happen, and the way that they need to be supported by AI in a lot of ways to be faster and more productive, just like our business, that's changed forever. I'm really, really pleased that we were very early on the ball there with our AI Copilot, which we saw a little sample of at the end of last quarter. This is really going to pave the way for some amazing things in B2B and perhaps down the line B2C. For the first time, it is possible to do things that have the potential to accelerate growth without actually investing, relatively speaking, too much resources and people around that, because just the tech that's coming out now is just really amazing. Now, we are seeing that in the user base. So we're seeing some movements in the user base on the right side. This is very much a trend that started at some point, I'd say in Q3, Q4, and it's continued into 2024. And this is very, very nice to see in terms of that user base. People trust us to provide innovation, and people trust us to put tools into their hands that they can be seen as innovators with. And I'm really pleased with what's been happening with engineering and product and the way they've been able to communicate that with marketing. So it's been really, really important. As you can see there on the bottom bullet point, we've reached a 90,000-record site visits in December of 2023. We're seeing between December and January, actually an increase of about 40% since December. Things move, and they can move really fast. Of course, we are not strangers to that because we sat through the pandemic, and we saw our business grow 2.5x in just the space of 6 weeks. If you have the right tools into the hands of the right customers at the right time, things can move fast. Now, if our customers can find value from that, you will also see that the stickiness in the user base will be quite significant. A nice example of that is the churn that has now come down to 1% rolling 12-month average. So that's a decrease of 0.2%. So our customer base trusts us to be the innovators that they need to make a difference in the lives of their patients or the likeness of things. Very, very nice to see. On the wellness side of things, if you look at year-to-date revenue, 41% growth for 2023 on the top right side of things, you see the collection of brands there is growing very, very nicely. Some of these brands, they allow us to communicate that, that becoming customers, some of them don't. We wish we could communicate about everybody so that the world can see just how great the Champion Health team is doing. And as well, the Champion Health Plus team, who have actually, you see that bottom bullet point, they've now reached 70,000 appointments with an NPS of 86 as an annual average. So these are some astounding effects that are happening with these businesses. And notable, first point there, we haven't acquired a business in 18 months, and we still managed to have this acceleration, this innovation with those leaders that are in place, which is, I think, quite unique. And don't forget that the acquisition strategy feeds into the overall growth strategy. So even without additional acquisitions, acquiring boots on the ground, new teams, new innovation, is still driving the numbers in a very, very nice way. Now, we had a really strong quarter for Champion Health with some of those deals coming out on the ticker, notably also Champion Health Nordic, which, if you do the math, have more or less doubled in terms of the top-line revenue run rate since the departure of the previous management team in February 2023. So some really impressive things going on. What to come there. The big thing that we see as a growth driver for Champion Health is obviously the localization, and we have some strong hands on the ground, boots on the ground as well in the Nordics and in Germany, and they can't wait to get their hands on this technology. We're moving the needle on that. But as you've seen, technology changes almost from a day- to- day, and I'm actually very happy that we didn't start the localization work too early because we would have missed out on using new tools that have done this job much cheaper and faster and easier. But I'm happy to say that work is going on really, really nice and fast, and we'll see some of these new things happening in the next few weeks and months. Now, something that's noteworthy is that these companies that came into our portfolio, Bard 1, Fysiotest, they came in with extremely strong acceleration. They all posted returns of 2x, 3x, 4x in a short period of time. It was the time to reboot their efforts. It was the time to look at their product portfolio. It was a time to look at them laser-focusing on more profitable growth opportunities. And that's why you have seen a bit of a slowdown in the pace, which we see is temporary. So we remain extremely positive about the potential for this division, the tools, the people, and what we'll be able to achieve with these guys going forward. It was a big investment for us, and we are relentlessly pushing ahead knowing that we have done exactly the right thing with those teams and those products. That was the wellness side of things. Now, something to illustrate what's been going on with us, and those of you who have kept track of the company, you've seen quite a lot of job ads over the last few months. That's a natural part of the reboots that we have done in product, in marketing, to a certain extent as well on the sales side of things. The size of the business now requires slightly different talent than what we required, say, 18 months or 24 months ago. It's quite natural for us to reshuffle and also to get new talent on board, new amazing people that can work with the latest and the greatest tools that are out there and that probably didn't exist 18 to 24 months ago to set up renewed acceleration. It's very, very nice and comforting to see this. We saw really nice effects on the product side, the marketing side, and we will be seeing that as well in terms of the sales side, notably in wellness as those recruitments come to a close. The Canada side of things, it's absolutely amazing. I'm saying this coming from a perspective that for a long time, it was hard to find people that were willing to throw the hat in the ring and to join a smaller company in a space that's new and perhaps unpredictable. So for a long time, we really had to make do with great people, the great people that we had to train to be the experts in the domain. Now, things are very different. We're able to recruit some of the best of the best in their industries from some fantastic companies. They come in with really stiff competition with other people that are looking to get the same job. But something happened to us as we passed sort of the EUR 15 million run rate mark with the attractiveness of this business and the way that it's seen as a safe place to be where you also can accelerate your career, where you can work with some amazing people and use some amazing tools. And because of that, as of mid-February, we had over 1,000 applicants for the few roles that we advertised. We actually have to use AI at our end, which has really, really accelerated things in the way that we can attract and we can sort through all of these applications that we get, all these wonderful CVs. This has been a real game- changer for us in terms of how we're able to populate the business with some really, really nice people. Thanks to AI Cloud Tools, a completely new strategy for people, which Jack Goodwin put into place after he started in April of 2023, has really changed the game for us. This is what's going to continue to drive growth to the numbers that we have seen prior to this year. With these investments and the way that we have set ourselves up, I'm more than confident that we'll be able to reach our financial goals in the medium term, as stated. All right. With that, let me pass over to Charlotte for a look at the financial results. Over to you. Thank you very much, Henrik. We'll start here with a brief overview of the key financials for the three months ending December 2023. In the quarter, we delivered revenue of EUR 3.8 million, which was up 11% on an organic basis from EUR 3.5 million in the prior year. Year- to- date on an organic basis, adjusted for the impact of foreign exchange, revenues increased 22%. This is below our medium-term target of 30%. As in the second half of 2023, we've been focused on cash and margin expansion and have been more selective about the contracts we've entered, ensuring that they have favorable margin and working capital dynamics. Over time, we remain confident that the 30% growth target is achievable. In the quarter, the Physitrack Group delivered adjusted EBITDA of EUR 1 million, up 12% from the prior year. This results in adjusted EBITDA margins of 26%, up from 25% in the prior year. Total EBITDA has increased 270% from the prior period to EUR 4.8 million, driven by the revaluation of Deferred Consideration. Operating cash flow has increased 82% to EUR 2.6 million, reflecting our focus on cash generation. Through to the next slide. Now, onto a closer look at revenue. On the left here, you can see group revenue by quarter on both an absolute and organic basis. Across the whole group for 2023, revenue has grown by 22% on an organic basis. On the right-hand side, we can see revenue split by Lifecare and Wellness. In Lifecare, growth in the year versus the prior year was 13%, driven by growth in the ecosystem and continued upward price momentum, offset by a fall in one-off build fees for branded apps. In the virtual wellness division, annual organic revenue growth was 44%. Through to the next slide. Moving to profit. On the left here, we see the prior year figures. Last year's EBITDA was EUR 2.5 million, with adjusting items of EUR 0.9 million stripped out. Adjusted EBITDA was EUR 3.4 million. In the current year, EBITDA has risen to EUR 7.1 million, an increase of 178%. Within this, there's a net credit of EUR 3.2 million of non-recurring adjusting items relating to revaluations of deferred consideration, offset by costs associated with the integration of acquisitions and the restructure of Champion Health Nordics, previously Fysiotest, as well as an impairment to the goodwill of Fysiotest. With these amounts stripped out, adjusted EBITDA has increased by 13% to EUR 3.9 million. Adjusted EBITDA margins have fallen slightly year-on-year from 28%-26% in the current year, year- to- date, due to the shift of the group towards wellness revenues, which currently operate at a low margin in the Lifecare division, plus investments into future growth. In Q4, these margins have increased year-on-year from 25%-26% as the wellness margins start to expand. Over the medium term, we expect these to continue to expand and rebound to our target EBITDA margins of 40%-45%. Through to the next slide. On the left here, we have adjusted EBITDA shown by quarter for the prior year and the current year. On the right, we have EBITDA by division. In Lifecare, which is the longest established division, EBITDA margins are at 46%, down from 49% in the prior year as we've seen a drop-off in one-off build fee revenue and made investments into this division. In the Wellness division, margins are currently at 7% compared to 2% in the prior year as we've focused on margin expansion in this division. The grey bar represents group costs such as board fees, listing fees, and associated advisory fees, which are flat year-over-year due to cost efficiencies realized in head office, offset by inflationary increases. Now, through to the next slide. Looking at cash, we open the year with a cash position of EUR 0.6 million. Adjusted EBITDA in the year generated EUR 3.9 million and was offset by a working capital movement of EUR 0.4 million and interest payments of EUR 0.3 million. Intangible assets and fixed asset additions were EUR 3.4 million and consisted of development of the Life care tech platform and investments into the wellness ecosystem. There were deferred consideration payments in the period of EUR 1.6 million and related M&A and integration costs of EUR 0.8 million. In July 2022, we entered into a GBP 5 million revolving credit facility with a three-year term. In the year, we drew down GBP 2.6 million of this facility. This leaves the group exiting the quarter with cash of EUR 0.5 million, plus remaining undrawn facility of EUR 1.9 million, giving total available liquidity of EUR 2.4 million. We expect this liquidity to be sufficient for the group's requirements going forward. Through to the next slide. This slide shows the free cash flow by quarter. Due to spend on M&A and integration costs recognized as adjusting items in the P&L and investments into both the Lifecare and Wellness divisions, we've had a net cash burn in recent quarters. This cash burn has been steadily decreasing, and we are pleased to announce that in line with our plans, in Q4, we had free cash flow generation of EUR 0.3 million. Although there will be some seasonal variations, overall, we expect 2024 to be free cash flow positive. Through to the next slide. Demonstrated here, the cash flow, free cash flow burn decreasing drastically in 2023, and our expected cash flow positivity in 2024. Through to the next slide. Now, moving through to the group's balance sheet. The first line here includes the internally developed technology platform, as well as intangible assets and goodwill arising on acquisition. The full year-over-year represents the impairment of the Fysiotest goodwill and movements in foreign exchange. Cash and borrowings we've covered, trade and other receivables have increased in line with the increase in revenue, and this is partially offset by an increase in deferred revenue. Deferred tax arises on the intangible asset balances recognized on acquisitions and is unwinding over the period of the amortization of these assets. Deferred consideration has dropped year-over-year, both through payments being made and a revaluation at year-end reflective of the current expectations of the timings of when certain revenue and profit targets will be met. That's all from me, so I'll pass you back to Henrik now. Thank you. Thank you, Charlotte. We are swiftly coming to an end. Just wanted to reiterate that we have a unique value proposition, the holistic offering powered by top-of-the-line tech. And if you saw the Q3 results webcast, you saw showcases of the latest and greatest, quite unique things that we've rolled out in line with catering to the need for our customers to innovate. Very, very important that we do that and not stick to our old guns. Whatever we knew a year ago or two years ago is not really relevant in today's climate. It's really, really important that we stay on our toes and we look ahead to see what's going to be out there and what are the trends that we can capture. I think we did that extremely well with a Copilot that rolled out in the U.K. market just a couple of weeks ago with great results originally. Now, we are well- positioned to capitalize on growth drivers. The macro environment is supporting us. Of course, profitable growth is part of our DNA, and we've demonstrated that that is something that we're highly capable of, even if the business has grown more than 2x since the IPO. So happy to see that we're back to basics there. Robust business model, and this is something that is important. There have been some really terrible things happening to companies around the world, lots of layoffs, lots of problematic situations with funding, and other factors that make it really hard to be an entrepreneur. Not so much for us. We are really, really good at running a sustainable business with great people, with great tech, with products that are really suited regardless of what the market climate is around us for normal corporates. When it all comes together, you know a lot of these things, but on the right-hand side there, we want to reiterate that our growth target in the medium term is 30%. We have no plans to change that. We have really capable people, technology, and great customers that will make it possible. So even if you see clumps that you saw in terms of hitting 22% instead of 30%, that is something that's relatively normal as you invest in a business, especially in a world that's moving fast in terms of technology. But rest assured, we are not going to adjust that target anytime soon because it's very, very much doable to be up there. And that's what a great business should do. And we are a great business. Happy to take questions. And we actually had a couple of questions that came in before the actual call. So I'll do that person a favor, and I will tell you what that was. So the first question was around the ecosystem. So you saw the strong growth in the Lifecare ecosystem. And this person wanted to know if this is something that was temporary or a one-off effect. Have efforts been made to increase sales of new licenses, and will the trend continue? And I can happily say, looking at data from January and February, the answer to our question is, will it continue? Is a resounding yes. A typical example here of movements that we can see when you're known as the innovator with a Copilot, for example, people trust us with their own innovation. That's key for making sure that you have sustainable ecosystem growth. Very much not a one-trick pony or a flash in the pan, as they say. Second question, do you see any likelihood of previous sellers or other key personnel leaving or being demotivated as the earn-out has been written down substantially? That's a very good question. People, as you've seen, is really what makes this company great. We now have unique access to some really, really fantastic people. We have people in-house and on our teams. We have the founders that came in through the acquisitions. As you saw, with over 1,100 applicants to just a handful of roles over the last few weeks, there is no shortage of very, very clever people coming in. The latter serves as a risk mitigator in a scenario where you have key levers. If people are feeling the heat and that they don't want to be on that innovation bandwagon, or they don't feel that they have the energy to continue with us on the sales side, that can be a tough job. We are confident that we have alternatives for that, which is really, really nice to see. It's a natural effect of it. We appreciate that not everybody can be a lifer in terms of their participation in a business. From time- to- time, it can be pretty tough just with all this change in innovation. But happy to say that we do our very, very best to train and to make sure we inspire our people to stay with us and to innovate. But in the event that they sadly would leave, then we have alternatives, as you saw. And that also goes for the founders of the businesses that we acquired. Great, great people, great innovators, great entrepreneurs that build businesses that very impressively accelerated 2x, 3x, 4x as they came in. Let's not forget about those journeys that have been really, really amazing. And they have the firepower to continue that with the new setup that they have in terms of making sure that the product has profitable growth. Now, in the event that they would like to move on following their earn-outs coming to an end, which they will come to an end for all of those entrepreneurs within three or four years of the acquisitions, well, there are alternatives. There are some really, really strong people in-house that are coming to us on a recruitment basis that can just pick up from where they left off. So in a good position there, we feel. Now, let's pick up a couple of questions here that came from the audience here. Comment on the trend we have seen in wellness over the last couple of quarters. Pretty much flat on an absolute basis since Q4 2022. Have Champion Health reached a plateau already? How will you get back to +30%? That's a nice observation. As I was mentioning, it takes time and effort to retrain a sales team or to retrain an organization to prioritize profitable growth. So in a growth at any price scenario, you can just pick and choose your opportunities. We started saying no to that already eight or nine months ago, where we said it doesn't make sense for us to have deals in the pipeline that are cash flow heavy in terms of having to front-load them with cash and then waiting for up to a year to get paid for them, for example, which is the case with some wellness opportunities that we turned down. So there's some teething pains that we see, but it's got absolutely nothing to do with the product-market fit. It's got nothing to do with the attractiveness of those products and the greatness of those organizations. We absolutely don't think it's a plateau, and we will get back to where we need to with some new initiatives that we have seen on. Well, there's a new version of Champion Health, for example, that we gave you a little preview of in the last quarterly report, for example. Have a look at the ticker from time to time where we're allowed to announce things. It's very, very much not a plateau. I think it's just the end of the beginning, where the beginning was higher growth at any price, and the end of that was pivoting that to saying that profitable growth only, please. And you will see a return to that anytime soon. Okay. Can you elaborate on plans to invest in intangibles, the SaaS platform, over the next couple of years? And what is a normalised level? 2023 was a decrease of EUR 1 million from 2022 levels. Should we expect this trend to continue back to 2021 levels? Before Charlotte jumps in, let me just say this. The way that the set of tools and the innovation that you have at your disposal for doing your job on the product side and the engineering side means that the investment pattern that you have in intangibles is completely different today from what it was just six months ago or 12 months ago or 18 months ago. Now, the same person with the right tools can do the job of three, four, five, 10 people, depending on what the role is, just because you use some of this amazing innovation that's out there. From that perspective, we don't need additional spend in people and tools if we have the right set of tools to take us on that journey. We're leveraging off of innovation. We're making sure that the cost base is maintained stable. We're making sure that the same amount of people can do more work, more efficient, higher work with all these amazing tools that were not in place in 2021. There's no reason to look back in the rearview mirror and think that the investment patterns that we had to have back then to accelerate the technology innovation would be the same going forward, just because the world has shifted so much. That's just my comment on that from a more workflow perspective. Over to Charlotte. Yeah, on the number side, I think 2023 has returned to a sort of normalized investment position for us. In 2022, where we'd had acquisitions, in some cases, there's work to be done to import features over from acquired businesses, or there's a spike in investment needed once we've done an acquisition. So we're at a normalized position now. So I'd expect investments to remain fairly flat with small inflationary increases from now on. And as Henrik says, then we'll look at what we can do innovation-wise, and maybe that will change in the future. But 2023 is a normalized investment position. Yeah. Last question from the same. As very good questions, by the way. There has been a regime shift overall on how you run a business. If you haven't jumped on the AI bandwagon in terms of efficiency tools and things that can accelerate your existing people or the access that you have to new people, then you're really missing the train. To the tune of the last question here, do you have any numbers on what the efficiency initiatives could mean in terms of cost savings? We are not in cost savings mode at Physitrack. We are using these tools to accelerate the capabilities of our existing teams. We're not using them to cut the size of the team. We want to do more with the same amount of people. We want to hire more people on top of that that can do even more than the existing people because they are fresher with some of these tools than our existing team. These tools and these efficiencies, they're all about accelerating off of the existing team and the existing product that are going to go into more markets. The latest innovation that you'll see from us is our AI-driven support team. This is something that you might have seen from Klarna, where they say that you have one solution that's doing the job of 700 people. I can very much subscribe to that's the effect that you have on your team. You can really turn people into superhumans with this. People that have previously just responded to support demos, for example, they can focus on being preemptive in terms of setting up great support resources or on-screen help, changes in the UI to make sure that people feel much more at home. The multi-language and the omnichannel capabilities of those robots or the AI bots, they make it possible to launch in new markets without spending a single dollar on anything like that. So that goes for both sales and for support. So the efficiencies that we see, they are put towards acceleration in a very big way, not towards cost saving. I'm getting very passionate about this. I don't know if you could tell, but it's been a big, big shift in how this business has been run over the last few months. It's very exciting to be part of that. Now, we have another set of questions here. Lifecare outperformed Wellness this quarter in terms of growth, yet Wellness is expected to be the growth engine within the group. How should we evaluate the performance of the Wellness division this quarter given its organic growth of 8%? Well, a couple of things here, and also to the tune of that the world is changing and is changing fast, and talking about the efficiencies. I think that we'll end up having two growth engines in this business, which is what we see on Lifecare with the acceleration of, to the tune of 43% more hits on our web page between one month to the next, and also how the ecosystem has developed and our ability with automation and AI to take new markets and do things in a completely different way. I actually think that we have a lot, a lot of untapped potential in Lifecare that we now can get out thanks to great new tools and great new people that can come in and run those tools. So we'll just be careful in drawing that conclusion in terms of what's going to be the growth engine or not. And there's a similar situation here for Wellness. There are many exciting things going on there. And I think it's dangerous to look in the rearview mirror and think just because we had a couple of quarters where we pivoted from growth at any price pretty much to profitable growth and saying no to deals, that that's an indicator of what's going to happen in the future. So the tech that's out there and the tech that we have developed as well in-house is going to continue to accelerate this. I don't see why with the product-market fit that we're seeing there that that wouldn't benefit Wellness to the tune of reaching the growth trajectory that it was previously on. Well, that said, I don't think that we'll see a 3x, 4x, 5x like we saw with our German friends Wellnow over a relatively short period of time. I don't think that's going to happen in terms of getting that in 18 months. It's a very unique situation that we're in when we acquired that business, and they accelerated so fast. But in terms of posting nice, deep, double-digit growth for all of these divisions and all of these companies in the division, that's a very, very realistic that's a very realistic situation for us. I don't know if that's a good answer, but that's how we feel about it. The overall growth trajectory appears to be declining. How much growth must be sacrificed to achieve positive free cash flow in the future? I actually don't think there's a formula that's connecting the two of them. I think it's a lot about where we are now. We made some really incredible investments in the business, in people, and in the way that the technology works. And we're seeing the fruits of that labor. We're seeing it probably more in the ecosystem in terms of product-like growth and the Lifecare side of things over the last couple of months. But I don't think there's a formulaic connection between the profitability and the top-line growth anymore. So I think we've fixed that, the focus and the culture that's centered around profitability and doing things in a lean and smart way, especially leveraging great technology. So I actually don't think there's any sacrifices that will need to be done going forward. I think we're done with that work. Now, you might see maybe a quarter or two where it's not clear from the data, backward-looking data, that that's the case, but very much what we see in real time, we are very much a new business when it comes to our ability to generate that profitable growth. Charlotte, I don't know if you have anything to jump in there in terms of the linearity. Yeah, I can't provide a formula, but I think that covers it nicely. All right, there we go. There's so many things that have changed. There's so many things that have changed over the last few months just in the outlook on tech. And you will see an arms race between people, maybe not so much in digital health. It's very much reliant on smart people behind the machines. But in terms of tools being put into place to accelerate engineering and product development and also features that can help accelerate customers, there will be an A team and a B team, maybe an A team and a C team with that. And you really have to adjust your business for the fact that things have changed drastically, and not just sit and do the same old, same old thing because that's not going to get you anywhere. Right. You, meaning me, mentioned in my CEO letter that the strategy resulted in a reduction in one-off revenues. Could you elaborate on the nature of these one-off revenues and whether we should anticipate further decreases in the future? So yeah, with one-off revenue, we mean consultation-based revenue like care provision. So Champion Health Plus, for example, is an example of a business where you have a lot of one-off revenue. That's not on the description. That 70,000 people that you saw having gone through treatments at Champion Health Plus with an NPS of over 80, those are examples of one-off revenue. And as we say no to business with one of a one-off nature, that's when you see a decline. There are also elements to that in Lifecare, the way that we price and sell our custom apps, for example, in that we are favoring the recurring revenue nature, and we're being more careful in terms of what business that we do in terms of the one-off stuff for building integrations with various EMRs, for example, for individual customers. We're being very careful with the calculations there if it makes sense for not to put time into that rather than innovating for the whole ecosystem. So for the time being, I don't think there'll be any massive change from where we see those levels going forward, meaning the next couple of quarters, but something to keep an eye on. I mean, recurring subscription revenue is always the most favored type of revenue that we have. It's nice to predict, and it's high margins, and you can measure things based on slightly different KPIs. Upfront revenue is good. Of course, as long as we are in the care business, which is for the very foreseeable future, this is something that we welcome as well. This is important. You can't just rely on machines for us to be great innovators and do our job. Next question here. How was the CapEx allocation split for each division in 2023? That's one for Charlotte. Yeah, so CapEx, it's roughly two-thirds Lifecare and a third Wellness at the moment, so broadly in line with the revenue split. Very good. Thank you for that. Nice and easy answer. I have a question here as well. In my CEO letter, you expressed confidence in achieving your medium-term growth target of 30% organic growth. Could you elaborate on the reasons for your confidence as well? I think you've sensed it over this call. I'm incredibly confident in the ability of this business, the people, the tools, and the innovation that we have to really move the needle on this. I think it's important not to draw conclusions looking in the rearview mirror for some data points. There will be seasonal variations in what we do, both in terms of growth and profitability and cash flow generation. It's just the nature of running a business in a world that's changing rapidly. For us, it's changing in a very positive way. That's why I'm really confident that we'll get a return to that. Yeah, there are no reasons why I shouldn't, and there's no reason why I would say that just to make people go away. I can feel better. All right. Talking too much. How should we look at growth and margins in the short term, 2024? Well, I think, as we said, the world is an unpredictable place in terms of the tools and the acceleration and the innovation that we're going to have. I think margin-wise, I don't think there's going to be anything extraordinary. I feel that the investments that we have done in tools and people and in the engine that we need just to make this into a really, really nice success story or continue the success story, that's in place. You will continue to see nice job ads, and you'll continue to see us hiring really, really smart people. So that's not going to change. But as revenue growth, especially recurring revenue growth, this is something that's offset by that revenue increase. In terms of growth, it remains to be seen. I think it's not unlikely that we'll be in a pattern for the next couple of months or maybe through into Q2 until we see the fruits of our labor for some of the pivots that we've done with some of the new technology that we have in place. We still need to launch Champion Health in Germany and in the Nordics. And that's a really, really nice growth engine once that's happened. And so I believe that you'll have really, really strong growth numbers. But if you expect a return to the 30% in the next few weeks, a month, I think that's probably being a little bit impatient with it. But that said, who knows? Because things move fast, and it's not related to the money that you invest into your ecosystem and into your technology. It's a complicated combination of product-market fit, digital marketing, and also having a little bit of luck in terms of landing some really, really big accounts on a timeline when it comes to the enterprise sales efforts, for example, both in Lifecare and in Champion Health. So that's what we have. We have a final question. You have mentioned that you may close large deals during H1 2024. Are they Currys-sized deals or smaller? Maybe they're even bigger. Let's just leave it at that. There's some really, really nice momentum with enterprise sales. These big deals, they take a long time to close. For small to mid-sized businesses, you might have a 3-month sales cycle. When you look at these bigger deals, you're looking at nine, 12, sometimes even longer. And some of the deals that we have in the pipeline of the bigger kind, they've been in the pipeline probably for almost 18 months or so. But when they do materialize, they are very significant. So we have a nice set of that as well, which hopefully we can talk about in the future, but not overpromisingly anything. When do you expect to be live in the Nordics with Champion Health? Are we talking H1 or H2? Well, the business plans are done. The localization tools are done. There is a project that's been running for a few months on making sure that we can just run this in the best way that we can. We want those great coaches and the on-screen therapists talking to the camera. We want them to speak perfect Swedish, for example. So we only have one shot at making that first impression. I believe that was a dandruff shampoo commercial back in the 1980s. But we only have one shot at that because, and so we need to make sure that we have the right translation and the right look and feel of that because if we fail that in coming out, people are going to laugh at us like they did with Amazon when they localized Amazon in Sweden, for example. So it's super important that we get that right. But I think it's more of an H1 than an H2 story, to be honest. What can we expect in terms of growth and cash flow for 2024? Well, our medium-term targets are 30%, and we are expecting to be cash flow positive for the year as a whole. The numbers on the latter look really, really great for us in terms of the budgets and the forecast that we have put in place for that. But as I said, the world changes quickly, and it can be unpredictable in both ways, in a good way or a not-so-good way. So on the cash flow side of things, we will be positive for the whole year, significantly so from the way we see it. But you might see a quarter where we're not. For example, some months are heavier than others in terms of investment in our own technology and other people that we subscribe to. We don't build everything in-house, for example. So H2, for example, is a little bit heavier than H1 for those type of things, Q2 especially. So you might have some of those variations on the cash flow, but as a whole, things are looking really, really nice and steady as far as we're concerned. So in line with what we saw in this quarter, as far as I'm concerned. Charlotte, I don't know if you want to fill the gap on any of that. Yeah, I think Q1 2024, our focus is very much returning to good, strong quarter-on-quarter growth, and that's looking good on the numbers that we have so far. And then we'll be super focused throughout the year at pushing ourselves back up to where we want to be, which is the 30%, move towards that throughout the year. Very good. I think that's the end of this Q&A session. Thank you so much for your time, and thanks for sticking with us. Stay healthy, stay well, happy, and productive with or without AI. I will see you the next time. Have a good day.