Q3 2024 Presentation and Q&A

From q2 to q3 your operating expenses and staff cost have dropped with a combined 0.4 Mkr. Is a temporary effect (e.g., due to the holidays or vacant positions) or have you achieved some more permanent savings?

The total ARR increase from q2 to q3 of 190 kkr seems very low – especially considering that, you are still implementing you price increase, that you had below expected average churn, you had 3 new costumers signing up, and you had a NRR of 164%. Could you elaborate on why the ARR did not increase more under such favorable circumstances and why we can expect the growth rate to pick up again in a situation where the conditions presumably becomes less favorable?

Given unprecedented uncertainty from a geopolitical perspective it would be interesting to hear how the prospect list has developed?

What is the reason for gross margin decline in the quarter and outlook going forward?

What is the main reason for downgrading 2024 EBITDA outlook? Outlook for 2025?

What is the level of net interest bearing debt?

Could you please update us on the progress in land risk area?

Could you describe your main competitors and if you know whether the costumer that recently came back to you did explore any of them before deciding to go come back to you?

The new agreements with International SOS and Bosch logistics seems very promising however however how will this influence your SAS metrics? Will you count each of the SOS/Bosch costumers as a single costumer reducing ARPU and CAC significantly if many small costumers sign on or will you just count SOS and Bosch as large single costumers?

With a CAC of 50 kkr, ARPU of 171 kkr and very low churn it seems logical to invest any positive cash-flow you will hopefully soon achieve in accelerating your growth. Could you comment on any reasons that might or might not be an obvious a choice, e.g., if you expect increased investments in sales will be far less efficient and mainly drive up the CAC.