Welcome to Yubico Q4 2023 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to CEO Mattias Danielsson and CFO Camilla Öberg. Please go ahead. Good morning, everybody. Welcome to the Q4 presentation for Yubico. We'll dive straight into it, and just as a reminder, us presenting here today is me, Mattias, and my colleague, Camilla, Yubico's Chief Financial Officer. I will start by talking about some background as a reminder about Yubico, for those of you who are new to the company. We'll talk a little about the significant events during the quarter and the year, and then Camilla will go through some details about the quarter report. I'll wrap it up for the presentation session, and then we'll be happy to take questions from the audience. So without further ado, just a high-level look. Since we met last, we've updated some of these numbers. Yubico has reached a position where we have more than 4,500 business customers, 1 million consumers as customers, and more than 30% of the Fortune 500 companies are already customers of ours to varying degree. So there's lots of potential within the already existing customers. Since start, we've sold and deployed about 28 million YubiKeys. We're a hardware-based company, and we're very proud of our product. And what's most important about our product is, of course, that for those customers that have implemented our product with the modern protocols, they've experienced exactly 0 account takeovers, which is a bold statement, but we intend to keep it that way. Despite that, we're a hardware company, software is really at the core of our offering, and that has enabled us to maintain healthy gross margins. Looking over 2023, we had an average gross margin of about 86%. That's us in a nutshell. I mentioned that the thing that we're most proud of, of course, is the problem that our product, the YubiKey, and the important problem that it solves is protecting against account takeover. So it's a phishing-resistant multi-factor authentication solution. The second thing that we're very proud of is our customers. We've worked closely with several of the leading brands historically in the high tech sector, as you can see at the start of this slide that I hope is visible on your screens. But since then, we've expanded into a very wide set of customers, financial services, public sector, manufacturing, and also a global footprint, starting out in the U.S., but growing very quickly now in Europe and parts of Asia. And what's one of our unique competitive advantages is that we have a very versatile key. So you can use YubiKey to access and log in to a wide range of systems. So today, we cover most of the applications used within an enterprise. I would say all relevant applications used within an enterprise, and you can use the YubiKey as a Swiss Army knife to fit into all the different locks and different systems, operating systems, access points, and software that you wanna ensure that you have a secure login solution to. So that's been an important journey over the past 10 years plus. Looking then a little closer at 2023, some of this will be kind of repeating what we said at earlier calls, but of course, there's some news related to the fourth quarter. There's been several changes at Yubico during this year. We have had important updates to the management. In February, my dear colleague, Stina, who had been the CEO since the foundation of the company, stepped down, and I was appointed CEO in February. Similarly, in June of this year, sorry, last year, in 2023, Ram Shriram, who had been Yubico's chairman for, I think, more than 7 years, was succeeded by Patrik Tigerschiöld. It should be noted, though, that both Stina and Patrik remain very active in the company. Stina as an employee and a board member, and Patrik and Ram as a board member and an investor in the company. We then went public through the merger with ACQ Bure, the SPAC, and our first day of trading was 20th of September in 2023. We maintain long-term shareholders. The biggest shareholder today is Bure, second biggest is AMF, then it's the founder, Stina and Jakob Ehrensvärd, and Andreessen Horowitz, one of the most prestigious venture capitalists, remain shareholders in Yubico. And we've appointed a new board, and it's, I feel, a very competent mix of the boards that were the board members that were previously with Yubico and those that were with ACQ Bure before. I think we have a very good balance there of industry expertise, but also knowledge of being on the board of a public company. With that, I'm gonna hand it over to you, Camilla. Please go ahead. Thank you very much, Mattias, and good morning, everybody. I will just summarize the quarter in numbers as well. We start here with the main KPIs, net sales, gross profit, and EBIT. We can see that we had a good growth in the fourth quarter of 19.5%. In local currencies, that was 17.8%. So from SEK 469 million to SEK 560 million. We also see that the subscription share of net sales that we are measuring is also stepwise increasing, from 11.5% in Q4 last year to 14% this year. And looking at the full year, we are now on 13.8% of the net sales represented by subscription, compared to 9% in 2022. Looking at the gross profit, we see a 20% growth from SEK 388 million to SEK 466 million, and it's a slightly lower gross margin Q4 versus the previous quarters, 2023, but the gross margin can varies between the quarters, and we see a quite stable gross margin around 85%. So the full year gross margin ended on 85.6%, so also slightly better than last year. Looking at ARR, we also see that our annual recurring revenue portfolio, the subscription portfolio, is also increasing. It was SEK 286.5 million at the end of the year, and that is a growth of 40% versus last year. Then we have the profit, which we are measuring or communicating adjusted EBIT. We see that we are growing the profit with 31%, sorry, up to SEK 88 million. We see an EBIT margin improvement from 14.4%-15.8%. The items we are adjusting for, as you know, are related to the merger between ACQ and Yubico, which was executed in September, when we went live on the stock listing as well. There was a small effect in the fourth quarter, a positive effect of net SEK 6.7 million, and this is a correction of the merger balances due to reduced tax costs, where we could reassess the tax before the merger, and also some additional cost of SEK 4 million. So looking at our bookings, we can see that this quarter was a really record quarter of SEK 684 million. That was a growth of 83% versus Q4 last year. The full year growth is 16%, up to SEK 1,840 million. A lot of numbers. Q4 was a strong growth primarily in multiple industries and across all, all the geographies, but especially in American high tech and financial services, and also a spread, a spread of Canadian and European customers. So that is nice that Canada is also starting to move. Looking at the subscription bookings, they amounted to SEK 129 million this quarter, compared to SEK 64 million last year, and corresponds to 18.9% of the bookings, also higher share than, than last year. To note here is that this quarter, large part of the bookings is renewal of contracts, as we have now ended the first three-year cycle, where we had a contract signed in Q4 2020, when we received the bigger first subscription contracts. So, going forward to net sales and annual recurring revenue. Looking at the net sales, we see a nice growth continued, although below our long-term target, as 2022, as you remember, was a very high growth. We had in local currencies, slightly above 60% growth, 2022. So that was a tough comparison, of course. The full year growth was 18.1%, 12.5% in local currencies. If you remember, first half year, we had a bigger impact of the currency effects compared to the second half. So now H2 is only a smaller difference between growth in Swedish krona and local currencies. We see also that EMEA shows close to 50% growth, APJ almost doubled the growth, while the US then had a set tough comparisons due to this extra or exceptionally large order in Q2 last year, but anyway, had a growth of 5%. Just splitting up that. So it's nice to see that in the APJ is really giving growth effects as well here now coming up. On the ARR side, as said, we had a year-over-year growth of 40%, adding SEK 31.2 million in net new ARR in the quarter. But as said, please then note that quite much of the large bookings we had in subscription is not affecting ARR, as if that is renewals just for the expectations for Q1. And then we change the slide and go into the profits and the adjusted EBIT margin. Then we adjusted EBIT was 88.3 million SEK and corresponds to an adjusted EBIT margin of 15.8%. And I said about the gross margin, Walter said that, but we see a stable margin over time on around 85%. This quarter, we see slight, a higher commission cost due to strong bookings, of course, but also that we have a effect at late at the year, we have a acceleration effects in the commission terms. That also drives the cost a bit here. Unrealized currency effect was SEK -14.3 million, slightly less than the Q4 last year. For the full year, we can see that unrealized currency effect was close to zero, actually. And the full year effects of these items comparing affecting comparability then ends up in a negative effect of SEK -87.2 million. Looking at the cash flow and our financial position, which is really strong, we had an operating cash flow of SEK -17.7 million in the quarter, and the net change in working capital was SEK -99.9 million. We are continuing the buildup of the inventory, as we have talked about, and that is in line with the strategy and also to meet the future demand, where we see a strong demand from our customers and new customers, and so we are prepared to meet that expected growth as well. We have now SEK 93.4 million added in the Q4, and for the full year, we have increased the inventory SEK 335 million. Full-year operating cash flow is SEK 97.6 million, and if we adjust for the investments we are doing in meeting the future growth, we would see a positive operating cash flow of SEK 97 million, actually. But of course, we need to be prepared for and meet our customers demand here. Cash and cash equivalent at the end of the period was SEK 547 million, and the big contribution here is also related to then the merger with ACQ, which added some cash here. And the net cash at the end of the period is SEK 508 million, compared to SEK 231 million. We still have a small loan, external loan there, which is not very much. And yes, that was the numbers. Thanks, Camilla. I'll take it from here real short. I don't think it's lost on anyone that there's been a lot of attention being brought to cybercrime and cybersecurity lately. In the Swedish market, there have been some notable hacks, and we've had some visibility in the press. And it's an interesting pattern because these hacks have been very visible in the U.S. for a long time, and we've had a very high stance in U.S. media, and this was further reinforced during January, so after the end of the reporting period, when we saw articles, independent articles in both The New York Times and The Wall Street Journal, recommending consumers on how they should best protect their accounts and how companies should best protect their assets. They're both recommending YubiKeys, long story short, which is, of course, something which reinforces our brand and helps us in customer conversations and increases the attention for the company. So that's very satisfying to see that even during these times of threats, that there are working solutions that significantly increase your security posture. And one of the most efficient ways to increase your security is to implement YubiKeys, either in your personal use or for your organization. And I feel that this is a good segue over to why I feel that we are positioned for continued growth. I should mention that, as was communicated yesterday evening, we've updated our long-term targets or how we set the long-term targets, moving from order bookings to revenue. And, there are two reasons for that. One is that we feel that it's important to use a measurement, which is very well defined. Revenue is very well defined, so we feel that that's perhaps easier for people to relate to than order bookings. We debated before we introduced order bookings as the target, and we felt that that would better capture the mix between subscription and perpetual sales. But we've come now to the conclusion that it's better to keep something which is easily recognizable and well-defined. And the other reason for wanting to update this is because we wanna make sure that there is, when it comes to the order booking, some lumpiness. You see swing quarters. We had an extreme one in Q2 2022. We had a very strong quarter now, where we see a lot of things aligning up, so we got to 83%. But if you look at the revenue, it's a more consistent growth. I think that's a good measurement of how the company develops long term. But the underlying trend is there. Cybersecurity has never been more important, and we are recognized as a market leader in a rapidly growing segment. And the reason for that segment growing fast is because this is one of the most efficient and cost-efficient ways to improve your security as an organization, ensuring that you have phishing-resistant multifactor authentication to ensure that your logins aren't compromised. Our business continues to perform well. Camilla mentioned that we've seen an inventory build up. That's part of a strategy to ensure that we can deliver on bigger orders more quickly. I feel that we're at a point now where we have sufficient inventory levels, so that's one part of where we made a bet to ensure that we could meet growth, and I think we continue to perform according to plan. We have a broad customer base going into 2024, and we have a healthy sales pipeline. Long term, it will be important for the regulators to set up policies that ensure that the society and critical infrastructure is protected in a good way. We are working across the E.U. and in the U.S. with policymakers and legislators to ensure that one of the easiest way to address a big cybersecurity threat, i.e., compromised logins, is addressed properly. And, we're as I mentioned at the start of the presentation, we fundamentally do sell a key. It needs to fit into all the locks, and it needs to be easy to use our keys. We're constantly working with tech partners, as we've mentioned in previous quarterly reports, to ensure that it gets easier and more intuitive to adopt YubiKeys as part of your login solution. I think this positions us well for continued growth. I think with that, Camilla and I are finished with presentations, and we'd be happy to take questions. I can see that there are three live questions in line. So I'll end here, and then we'll wrap up after the questions. First, live questions, and I think we have a few written questions, too. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Joachim Gunell from DNB Markets. Please go ahead. Thank you for that, Mattias and Camilla. So, can you just help us here, given the fact that I would assume a lot of your commercial focus in 2023 has been consumed by the whole IPO, et cetera. So despite this, and the very strong, obviously, bookings momentum we see here in Q4, as you can focus more on the commercial aspects of the business, how do you expect this to basically translate into what you envision for 2024? I'll start. Thanks, Joachim, for the question, and as you say, it was a little bit of a dry thunder to be in at Yubico during 2023. As I think I mentioned on the Q3 presentation, there were a few orders that, including the big one that we got early in Q4, that I would have hoped that we would have got in Q3, and maybe we could have done so if we had had our eyes on the ball more closely then. I think both Camilla and I are a little relieved that we're through the going public stage, and now we can operate with a full focus on the ongoing business. And as you say, the underlying trend is there, but this is by no means a self-playing piano. So of course, we need to develop how we work. We need to further enhance our go-to-market. And I think we have the people and the process in place to uplift the company. So I'm really excited for the year. Camilla, I don't know if you wanna add to that? No, I think you have covered, yeah. Okay, but you've basically made some nuance shift to your long-term targets here. To what extent are they painting the picture for what you see for 2024 as well? We only issue long-term targets. Last year, we felt that it was important, given the significant growth we saw in 2022, where we... I think we mentioned it on some call, that we essentially saw two years' growth in one year in 2022, and therefore we wanna make sure to level set expectations... what we felt was attainable for 2023, which was slightly below the long-term target in terms of growth and in terms of profitability. But we're not issuing any specific guidance for 2024. Understood. But you comment that there was a high share of renewal contracts here. So can you say anything about what share of today's quite stellar numbers are driven by replacements, which are not? I mean, you comment on what is subscription, but to more fully capture the recurring elements of your business, can you say anything about how much of today's sales are replacement driven? That's a great question. I don't have an answer off the bat. We did see a lot of new customers, frankly, in Q4. I think I've indicated earlier that typically we'd see 80%-90% of the sales during the year from existing customers. In Q4, potentially because of the high, the large number of attacks and the visibility of those, we did see a large inflow of new customers, so perhaps a little bit mixed. The mix skewed a little bit to new sales compared to existing sales, which is kind of natural since we have such a strong quarter. If it were just renewals, it couldn't have been this strong. Renewals in the sense either buying more keys or renewing a subscription. Understood. And just finally then, what would you see as, call it, incremental growth drivers, 2024 versus before? Can you say anything about whether you think you've found the right, market fit for your, partner, chip strategy, et cetera? I mean, I divide it in two different ways. One is in terms of verticals and geographies, i.e., some customer segments. We can see that there are some new trends when it comes to where growth is happening. Camilla pointed to one which was visible already in Q4 and actually in Q or throughout 2023, that we saw a lot of growth in ME and APJ. We're also seeing certain segments, industry verticals taking off. So that's part of it, which has not so much to do with our offering, but more kind of where the demand is generated. When it comes to our, what we can do ourselves to support strong growth, as you mentioned, it will be important that we get some of the strategic partnerships up and going, and that is something that we haven't proven yet. So that will be an interesting lever to see how much impact that can have already in 2024 and beyond, beyond 2024. Perfect. That's all for me. Thank you. Thank you, Joakim. The next question comes from Erik Lindholm- Röjestål from SEB. Please go ahead. Good morning, Mattias and Camilla. A couple of questions from me. I think starting off on subscriptions. Subscriptions as a share of orders has stayed roughly flat here at 15% throughout 2024, with strong growth in both perpetual and subscriptions. I mean, do you think this transition to subscriptions will sort of accelerate in 2024, or should we expect this level going forward as well? Thank you. Thanks, Erik. Yeah, you're right. It was the percentage relatively constant during 2023. Going into 2024, of course, we'll work on refining that product offering based on the pipeline and the types of organizations that we see in the pipeline going in 2024. I expect the growth in subscription offering just because of customer composition, but I think the underlying what really could drive subscription growth going forward is that we develop the product offering further. All right. Interesting. So, I mean, you mentioned the pipeline here, obviously a very strong end to the year, but can you say something about sort of how the beginning of 2024 has looked in terms of developing on the or delivering on this pipeline? The only thing I can comment there is that we haven't felt it necessary to issue any press release in either direction. Let's put it that way. Okay. Yeah, interesting. Then the growth margin- But as I mentioned, to be a little bit less of a politician, as I mentioned, I feel we're in a good position to continue our growth journey. Yeah, I guess that's fair to say. So the growth margin was 83% now in Q4, slightly lower than in previous quarters in the year. Is there any sort of factors affecting this, and is this a fair level to expect going forward? Camilla, you want to take this one? Yeah. No, as said... ... The gross margin is fluctuating between months and between quarters, depending on customers and specific deliveries, et cetera. We expect to continue the gross margin, keep up the gross margin around 85%-86%. Also, going forward, it should be there, but can vary. I think the mirror, the mirror image of that was in Q3, when we had a very high gross margin, if I remember correctly, and that was due to the customer composition and a certain variations pretty much by quarter. So I think it's better to look at that from a. I think I said so at that time, too, it's better to look at it from a 12-month basis rather than just the recent quarter. Okay, that's good flavor. Maybe a final question from me. You mentioned that you had to scale up quickly to meet the heightened demand here in Q4. If you think about cost growth going into 2024, would you say that Q4 is kind of a good indicative level of where you should be, maybe excluding the higher commissions that you normally see in Q4? Thank you. Camilla? Yeah, I mean, we are continuing to develop the organization as well, of course, and growth, we are still, I mean, building for growth. So keeping a fixed cost level is probably not what we are looking for here. But of course, scaling is still very relevant. All right. Thank you. The next question comes from Predrag Savinovic from Carnegie. Please go ahead. Hi, good morning. Wow, decent figures reported today, so congrats on that. Could you maybe double-click a bit on the bookings growth, which really spikes in the quarter? I'm curious how this number spread, if it's driven by fewer larger orders or evenly spread across a lot of customers. Thanks, Predrag, and I must say that looking at your analyst reports, I-- you were pretty much spot on everything except for this order bookings number. So you clearly have demonstrated that you have a good sense for our business. When it comes to the order bookings in Q4, again, I should say that this was a very strong quarter, and it's also worth mentioning that if you are-- we're comparing it to Q4 in 2022, and as I think I mentioned on earlier calls, the second half of 2022 was not our strongest six months. When we talk about 2022, we do highlight the exceptional order in Q2, but we also have mentioned that we didn't have particularly strong Q3 and Q4. So it's kind of an easier quarter to compare with. That said, it is a record quarter, and what is very encouraging to me is that it's not just one outlier order that explains this. Of course, we had a significant order as was communicated when we delivered the Q3 report for, I think, SEK 86 million, so that definitely had an impact. But below that, you see a pretty nice set of orders in excess of $1 million, which is where we want to be. And it's across a very wide range of customers, industries, and geography. And when you have that broad-based growth, that, of course, feels even better than when it's limited to one or two accounts. But again, we usually have a strong end of year, and that definitely materialized in 2023. I'm sorry, I may have missed a part of the question there. You asked me to double-click, so if you need further color on that, please feel free to add, Predrag. No, that's, that's, that's great. I was mostly interested in, in, how it's spread across different customers and, and if there were any outliers. But then again, on bookings, what is your best guess for the timeline on, on delivering on these? What is, I mean, as you could see, even if we had a 83% growth in bookings, we quote-unquote "only had" about 19%, correct me if I'm wrong here, Camilla, in- That's correct. in our revenue or net sales. So of course, several of these orders are spilling into 2024 in terms of as they get delivered and as we are able to book the revenue. However, because of the improvement in inventory, we are able to turn around orders more quickly. Now it's more a question of how quickly the customer want the keys and how they can deploy them. So I'm actually quite happy with our ability to deliver on major orders at this point. Okay. So is it a fair assessment to say that near-term growth could be trending above the financial targets that you set out yesterday, thanks to the bookings number, which is quite strong? Your inventory level is high, so you can deliver on them quickly. I mean, that train of thought, correct me anywhere if that is, if I would be wrong. So looking at, since we have a big bookings number in Q4, and of course, not all of that was delivered in Q4, then the revenue would have grown or net sales would have grown at the same rate. Yeah, there's definitely gonna be some of that spilling into 2024. So that, of course, sets us up in itself for a strong start when it comes to revenue growth in 2024. But then, of course, we need to keep the pace up. We can't just live off sales in 2023, of course. Yeah, of course. Another kind of theme, thinking about Okta, during this quarter, we have noted that Okta has undergone hacker attacks twice, I think, which has been successful. Or sorry, I think that was in Q4, actually, and once in the first quarter. Intuitively, this should be positive for you, I think. So if I, I were Okta, I would like to strengthen my partnership with Yubico to combat account takeovers. Is this something you think you would be experiencing, or something that you think can boost the implementation of this partnership further in the near future? Yeah, of course, I don't want Okta to be hacked, but I, like you say, we're an obvious partner for them, and I think this further reinforces the benefit of us working together. So I'm very optimistic about that cooperation. Super. And finally, we did speak a bit about Accenture last time, but if you could elaborate a bit on how that partnership is developing as well, what kind of expectations you have there? Accenture? I'm sorry, I'm, I'm at a loss. Camilla, remind me. Was that Accenture we talked about? That we had a agreement with one of the- No, I What? As I recall it, we did spell out that there were some major system integrators- Yes ... that we had That's, maybe I assumed it was Accenture. Okay. It's a trick question. Okay. Yeah, but you were prepared. I see you were prepared for it. No, then I understand the question pretty sure. I mean, for us, when we first had our success within high tech, it was because we were able, which then turned into us being able to, to be, very active in establishing the, the, standard, which is now promoted under, the Passkeys name. I mean, then we had the high tech companies pretty much eating their own dog food first before being willing to recommend it to the customers. And that's exactly the exercise we're trying to accomplish, with the major SIs today. I had to first sign them up as internal customers, to gain credibility for them to familiarize themselves with technology, so we can then work together in addressing their huge reach when it comes to global enterprises. I'm afraid I cannot share more than that right now. Well, that's great. Thank you very much. And again, impressive figures and looking forward to the coming reports as well. Thanks, guys. Thanks. Thank you. The next question comes from Anders Rudolfsson from DNB Markets. Please go ahead. Yes, good morning. First of all, congratulations to a monster report. Really, fantastic. Well, what's going on lately is, of course, not only cybersecurity threats, but also generative AI. And I can see that a number of companies in your world, so to speak, like CrowdStrike and Cloudflare, a number of them are included in the AI world in a way. And I wonder how you see AI, is it something that's a threat or a opportunity for you, and in what way would it be? I'll try to answer that. Thanks, Anders Rudolfsson, for the question. As we've stated, AI helps the cybercriminals in the sense that they can make much more refined attacks. When you get these spam letters, click this link because, dear Mr. Danielsson, with a typo, you are now about to win $1 million. I mean, those kind of really stupid attempts for you to access and click links and access material that have been done on a mass scale. With AI, you can have much more tailored attacks. I mean, the worst example that I've heard of so far was deep fake using AI, where a person in the finance team in Hong Kong, if I remember it right, was persuaded by someone that he literally thought was the CEO and CFO of the company in a video call telling him to transfer $25 million, and that was all enabled by AI. So you can really, on a massive scale, tailor-make messages that trick people into either transferring money or permitting access into sensitive systems. And there, our stance is that that makes it even more important to have a robust multi-factor authentication, because then it doesn't matter if that individual clicks a link. It doesn't matter if that individual happens to share their password. So I think the robustness of our solution, where you're not depending on really the user being aware of there being an AI-based attack, that's something which we feel actually speaks in favor of our solution. Now, that's on kind of the threat level. Of course, we're evaluating AI for internal use and improving our efficiency for different development tasks and for admin and system questions. It hasn't had a significant impact, in all honesty, yet, but that's definitely something that we're interested in, and as you can imagine, with an engineering-heavy organization, there's a lots of people around that find that this is very intriguing, and I wanna explore how we can use it from a business perspective. Camilla, that was a long-winded answer. I don't know if you wanna add anything to that. No, I really look forward to be able to use AI more in our internal processes as well, actually. So, if I try to summarize that, I understand this is a threat period where we will see probably really a new wave of cyberattacks. I mean, what we have seen in, for example- Correct. A couple of months ago, Microsoft was one, where you were hacked there, and then you have the Swedish one, Tieto here, where you has a really, really, negative for a number of companies, and I really don't know what actually happened there when they attacked Tieto. But can you actually position yourself more into those kind of threats? Can you, so to speak, expand your product offering more than just have the Yubico to make sure? I mean, for sure, right now, you have, you are the one that everyone trusts. So that you could actually give more products into the market and companies to get a wider range of products for protection, so to speak? Do you understand what I mean? I think so. If so, it would be more of a long-term ambition. What I think will be the more near-term or imminent effect is the fact that people realize we can't depend on people not being fooled. We need to have, we can't rely on people not clicking the wrong links or sharing the wrong information. We need to have a hardware-based solution which ensures that only those that should have access to accounts and information get access to that. Mm. So that's, I would say, that's the more important short-term, short-term effect. Well, I guess you don't have much time more now. You have to go out and sell more, so I stop there. Deliver. Thank you so much for my questions. Thanks, Anders. I think that's the last of the live questions. We've received a couple of text questions, so I guess we'll transition over to that. There are no more telephone questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Okay, so we've received two questions online. The first one was related to the EU ID Wallet project that we mentioned in the Q3 report. And the question goes: With the upcoming EU wallet market, is Yubico's position to provide competitive hardware wallets? To be clear, we're a member of the EU ID Wallet project, which is sponsored by the European Commission, if I'm not mistaken. So, the word here is we, of course, wanna be part of that in providing a competitive solution. By definition, it's an open project which involves several parties. Of course, it's not gonna be exclusively assigned, designed around a Yubico solution or YubiKeys. But we're quite used to working with open standards and open technologies, so, of course, we wanna be part of this. We feel it's an important project, and, and we feel that we have a unique product and a unique understanding on how to design something which provides the right mix of functionality while protecting people and protecting people's identity so that there's not an overshare of information. So I think it's an exciting one. I'm not gonna tell you that this will have a major impact in 2024 and probably not even in 2025, but it's one of the things which is driving demand long term, is, is, is our thinking. Unless Camilla wants to add on that, I'll jump to the second question that we got. It starts with a congrats on great quarter. Thank you. Can you explain the strong order bookings a bit deeper, the renewed versus new? How are they divided between customers? Are there any dominant orders in that? I think this question was posed before, Predrag asked a similar question, but repeat, of course, when you see such a big increase in order bookings, it's not just about renewals. Of course, it could be that you scale up from existing customers, but as I mentioned, it was, we saw a lot of new orders, and how they're divided, yes, there were a number of big orders, including the one that we communicated in the Q3 report. But what was really nice from our perspective was that it was a broad mix of different customers, where I think there's a lot of potential for growth going forward. Camilla, I don't know if you wanna add on that. You have all the numbers. Yes. No, I think that is a very good explanation, and as we have talked about it also earlier in the call, I think we cannot give very much more than this. Mm-hmm. Excellent. I think that's a wrap. Onto a busy Friday, and it's an exciting year. I'm optimistic that 2024 will be an exciting year for Yubico, too. Thanks for all of the good questions, and I hope that we provided some color to the report that was shared today. So, with that, I think it's over now for us, and we'll be back. I think it's about mid-May with the Q1 report. Thank you. Thank you.