Great. We'll start off, and we'll start our recording as well.
This meeting is being recorded.
Hi, everyone. Welcome to the Nordhealth, Q4 2022 presentation. Just to introduce ourselves again for those who have not met us. I'm Charles MacBain, I'm the CEO of Nordhealth. Mari?
I'm Mari Orttenvuori, and I'm the CFO of Nordhealth.
Thanks. In terms of agenda, there'll be five different sections. We'll start with the general company updates. Then we'll go into more specifics on the veterinary business units, the therapy business units. Mari will go through a financial update, and then we'll leave some time for Q&A so people can ask questions. We'll take all the questions at the end. If people want to ask questions, please feel free to raise your hand in the Zoom. Company update. Starting always with the mission, right? Our mission at Nordhealth is to acquire and build great software that help empower healthcare professionals to save time so they can focus on delivering great care and growing their business.
Now looking at the Q4 2022 KPIs, if you look at the slide on most quarters, we grew 30 our ARR, which annual recurring revenue, 31% in 2022. 16.4% of the ARR growth came from organic growth. Our customer acquisition cost, or as we say, CAC, to new recurring revenue ratio was 1.2. Right? This measures the efficiency to which we're recruiting new customers. Our organic Net Retention Rate was slightly lower than previous years at 104. We'll go into more detail on what's driving that in the different business units. We ended the year at 31.8 in signed ARR. This was slightly lower than the forecast as we decided to focus more of our energy on profitability at instead of growth.
It's a small miss versus what we had forecasted originally at the beginning of the year, given the strategy. Our recurring revenue was at EUR 28.2 for the full year 2022. The ARR per share increased to EUR 0.4 per share. Our organic ARR gross churn, right. Remained quite low at 3.3%. This churn number is something which is probably one of the more unique things about this business. Going into the quarter-over-quarter. In Q3 of 2022, we started the quarter at around EUR 30.7, right. We were recruiting around EUR 900,000 of new customers.
We also were able to upsell our current customer base of around EUR 400,000 and had a churn of around EUR 200,000, thereby ending the quarter at EUR 31.8 million. What's interesting about this growth is that 72% of new customers came from cloud products. At the end of the year in 2022, 46% of our ARR were from our cloud products versus 39% if we look previously. Looking from quarter-over-quarter, last year's Q4 2021, we ended the quarter at EUR 27.4 million. We recruited EUR 3.4 million in ARR from new customers. We were able to upsell those customers with around EUR 1 million. Our price increase matched our churn, right?
We had a very low price increase this year, as we usually base the price increases based on the previous year's inflation. What's interesting about this chart is that new customer acquisition actually accounted for 76% of the growth, and that is the hardest part of our business, right? Acquiring new customers. The upsell part is normally much easier, right? Given that you've already had the customer make this big change. We will see net retention, right, go up and down depending on release of new products and so on. Net retention was slightly disappointing this year, right? The drivers of that are that there are fewer, less growth in the individual customers that we had, the underlying customers, right? Fewer users, right?
We have also not upsold as many add-ons as we had previously in the previous years. The final part is that our price increases were quite low in 2022. Interesting to note is that EasyPractice grew 39% year-over-year, and that Vetera grew 20% year-over-year. Now zooming out a little bit, right? To try to understand the growth, right? Our cloud ARR, right, we've been growing at 35% year-over-year in 2022. We can see that we've still been growing quite fast at 75% per annum since 2018. We had a good track record. Some years are like for example, 2020 were a bit less, there was a bit less growth because we didn't do acquisitions.
You can see in 2022 the impact of the combined acquisitions and organic growth. What's particularly interesting about this chart, and we'll dive into it a little bit deeper in the veterinary BU, is that the veterinary cloud grew by 61%. Diving a little bit deeper into the numbers to really understand the drivers, 'cause when you look at the averages or totals, right, it sort of clouds the picture a little bit. Couple interesting things to note, right? One is that even excluding migration, our cloud veterinary growth is 46.2%. Very, very high, right? Similarly, on the therapy side, we're growing around 20%.
What is slowing our growth, our total growth down, is that our hosted softwares that we bought that were not growing when we bought them, are still not growing until we are able to migrate them. You can see that trend in the veterinary side where we grew 2.1% excluding migration, and also on the therapy side. On the veterinary side, you can also see that we have started the efforts to ramp up migrations in 2022, right? We've migrated 300,000, and we're looking to focus on migrations much more in 2023, both on the veterinary side, migrating all the customers to Provet Cloud, and on the therapy side by migrating all the customers to a new version of EasyPractice. Another interesting part is the churn rate, right?
You can see that there's quite different churn rates, depending on the segment that we're looking at. Our cloud customer churn rate was around for veterinary was around 3%, right? Our hosted was 1.4%, right? The therapy cloud churn rate was 6.4%, right? That's a number which is we have to take a look at a little bit deeper and split it. Basically, the EasyPractice churn rate was around 14.4%, right? Excluding EasyPractice is around 2.8%. Even within this EasyPractice churn rate, what's important to note is that there's a big difference in churn rate between customers that spends over DKK 250,000 per month versus those under, right?
The majority is driven by those small customers which are coming in through the fully self-service, fully freemium model. Thereby they churn quite easy at the beginning, but once they are with us for a while, they stay for quite a long time. We see quite similar churn rates in EasyPractice on the higher end and for customers that stay with us quite a long time. Lastly, you can see the difference in and what's driving this sort of net upsell, including price increases, which is a bit lower than we forecasted because of the mix, right? You can see on the cloud, veterinary cloud side, we had quite strong sort of net upsell of 18%, right? We had quite good net upsell as well on the therapy side with around 10%.
The legacy products, hosted products that were before migrating are not growing as much, and we cannot price them as aggressively as we would other cloud products. We mentioned earlier in the presentation that we want to focus a little bit more on profitability, and I want to sort of unpack how we look at profitability and by segment and what it is today, right? What we did was we broke up the business into the different segments. We've got veterinary cloud, veterinary hosted, therapy cloud, and therapy hosted, right? I also further divided the veterinary cloud and therapy cloud into Nordics and international, and EasyPractice and Diarium. What we see, let's start at the top here. What we see is that our gross margin, right, has wide fluctuations.
What drives that fluctuation is because, for example, in, therapy hosted, which is mostly Aspit, right? In, veterinary hosted, right, we have to pay some Citrix license fees, some Microsoft license fees, thereby driving down or driving up our costs of goods sold, right? Driving down our margin, right? What we see is that in Diarium or in EasyPractice or in the Nordics, we've got quite strong, gross margin %, on those products once they're migrated to the cloud. If we look at customer service, right, we can see quite a different picture, right, on the different products.
On the Nordics, you can see the profitability, Provet Cloud in the Nordics of 72%, which were, and also you can see on the therapy cloud side where we've got around 87%-85% contribution margins, which means after calls and customer service. That's sort of the reason why it's slightly higher on this side is that both DR and EasyPractice are actually hosted on their own servers, whereby we see the veterinary cloud being hosted on AWS. The cost of hosting is in the COGS for the veterinary cloud, whereby it's in the sort of CapEx as you have mostly in the CapEx side for the therapy business.
In order to think about the real profitability of these business units, we look at what's called Contribution Margin 2, which is when we exclude maintenance development. So the amount of money that we spend to maintain the softwares, and the amount of money we spend on what we call business G&A, which is of the general managers of each of these products and some managements on the product level or business unit level. Right? You see that again, a similar trend that we're investing a huge amount in order to grow our veterinary cloud business. However, all the other business are quite profitable on that level. Right. As a whole, right, we're generating roughly EUR 3.3 million in sort of contribution from the veterinary business.
We're generating around EUR 7.4 million of contribution margin from the therapy business, right? Which is roughly at 37% margin. What we have to do is what's interesting about this is that on the business G&A side, we're not, and even on the maintenance development, as you grow, right, we've reached such a scale that actually those numbers will remain quite stable, right? On the maintenance development side, they will remain quite stable because we'll be migrating a lot of the developments for maintenance from the legacy products to Provet Cloud and to EasyPractice. On business G&A, we just don't need a second business, general manager for each business units for each product. We'll see those remain quite stable or even potentially improve.
Particularly, and they'll definitely improve a % of the recurring revenue part, but we might also see an improvement on the absolute level. You've got the headquarter G&A, which is basically the three centralized teams that we've got, which are finance, HR, and the IT team, right? Data security, which are costing us around EUR 4.2 million as a whole, right? For simplicity, we allocated it 50/50 between both BUs. What we're looking here is that the veterinary business, the four growth costs, right, is roughly generating EUR 1.2 million, and the therapy business is generating about EUR 0.3 million, right?
We're predicting that the contribution margin percentage should be going up quite a bit, right, as we scale customer support, as we migrate over the customers from the legacy solutions to new solutions. What we're spending a lot of money on is on making sure we have a scalable product that can grow, right? Also, that can support all those migrations. Secondly is that we're investing a lot on customer acquisition costs in terms of sales, marketing, and net professional services, which is normally onboarding revenue minus onboarding costs. What we're seeing is that we're spending over EUR 12.7 million on the veterinary side on growth, and we're spending around EUR 2.6 million on the therapy side on growth. That's what's really driving our sort of negative cash flows currently.
What's nice about this business, we can also decide not to spend as much, right? We've got quite a bit of flexibility in terms of deciding how much profitability we wanna have. The way we measure that is by looking at the customer acquisition costs payback period. What we can see is that in 2022, we're looking later, we have some sort of non-recurring items, right, in terms of restructuring. Because of the fact that we are able to have EasyPractice as our next sort of platform for therapy, we were able to no longer invest in a new platform, right, for therapy. That's been a sort of great development. Talking about the restructuring a little bit.
We actually went through a restructuring in Q4, which you can see now in Q1, right? We ended Q3 with around 404 people, and now we're around 377. As you can see, there's been a lot in R&D because the fact that we no longer need to develop a new platform for therapies, and we saw reductions there. We're seeing some reductions in sales and marketing, customer service, and mostly professional services as well, right? Now on the veterinary business unit. From a business perspective, right, Provet Cloud ARR outside the Nordics more than doubled to EUR 2.7, right, which is 122% growth year-over-year, right?
Although this is a good performance, right, we are looking to continue to improve that. We every sort of quarter, we're seeing improvements in the sort of the leading indicators to show that we are continuously growing. We also signed two enterprise customers in Spain, which will work for around EUR 350,000 ARR. In Q1, we had our first Danish customer go live on Provet Cloud, which we're very excited about. That's the beginning of the migration has started for from Novasoft to Provet Cloud.
From the profitability standpoint, we are going to be setting end of life for two of our Nordics legacy vet PMS by the end of the year. Second is we are looking to, and we are currently finalizing the move from a country management structure to a centralized support onboarding and sales structure. This will bring us not only cost efficiencies, but also cross efficiencies to have one clear owner for that process, given that what we've seen is that when you're entering a market, it's great to have lots of local knowledge and be quite agile, right? When you're recruiting, you don't wanna have to recruit too many managers in that market. However, the flip side of that is that it reduces efficiency because every country comes up with their new process.
What we've decided on is to shift to a functional structure to optimize efficiency over sort of local flexibility. Lastly, we're doing a lot of work on the Provet Cloud UI refactoring, and also we're implementing our design system in Provet Cloud. Those two efforts should enable us to, one, reduce the amount of support and amount of implementation we have to do for new customers and current customers. Second, it should also help us develop faster, right? Because these sort of new tools will enable us to not have to reinvent the wheel every time we need to come up with new components. Breaking down the ARR growth year over year for veterinary, we can see that we grew 19.3%, right? We had strong growth in new customers, right?
Net upsell as well was quite strong with price increases, right. Still not as strong as we would have liked, given that the hosted part of the veterinary business did not yield as much upsell. What we're seeing is that as well, the organic churn is 2.3%, right. We perform at this, so we included Vetera. You can see the performance of the whole business. On the therapy side. From a therapy business updates, EasyPractice grew 39% year-over-year. They actually beat their earn-out, which we're really happy about that. We paid out the full earn-out, but they actually beat that earn-out target quite significantly, which we're very happy about. Second is that we are localizing EasyPractice for Norway, focusing on one specialty at a time, right.
Third is that the first customer has actually migrated from Aspit to EasyPractice in February 2023. We should see specialty by specialty, the migration happening over the next one to two years. On the profitability side, right, we shut down the Matilda project, which was a project which was meant to replace sort of Diarium as the and Aspit as a new platform. We refocused all of those efforts on EasyPractice, right? This should bring us more speed in terms of going to market. The second part is that from Diarium and Aspit, given now that we've got a clear visibility over when those customers will be able to migrate, right? We can focus on sort of the efficiency and customer satisfaction for those products while the customers remain on those products.
Now looking at the growth in ARR, year-over-year, right? Growth for therapy was slightly more subdued at 13.4%, as we're focusing on our current markets only. We're not expanding to too many new markets at the same time. What we're seeing is that we were able to recruit EUR 1.5 million of ARR from new customers, right? Price increase and churn sort of canceled each other out, and churn was around 3%. The other interesting thing is that on the net upsell, it is quite low for therapy as it's the majority of the therapy customers are on legacy solutions. When we are able to migrate them, we'll be able to sell them many more add-on products. Now Mari, for the financial update.
Thank you, Charles. Okay. Looking at the final quarter and also the full year numbers little bit in more depth. There's been a steady growth in recurring revenues quarter-over-quarter. Our fourth quarter recurring revenue grew by 25% from the previous year, amounting to EUR 7.4 million. On a full year basis, our recurring revenues grew by 20% and were at EUR 28.2 million, and represented 91% of the total revenues of EUR 31 million. Our fourth quarter adjusted EBITDA minus CapEx was negative EUR 3.4 million. We recognized approximately half a million euros of one-off items, which consisted of restructuring expenses, which were incurred in the reorganization during the final quarter.
On a full year basis, our adjusted EBITDA minus CapEx is negative EUR 11.8 million. For comparability, it's actually good to acknowledge that the Q3 result was positively impacted by holidays. Those accounted for pretty much the difference between the quarters two, three, and four. Overall, we have continued to make significant investments in our core platforms in all of our markets. Especially as you already saw, we have been investing to expand our business in our veterinary growth markets, which has increased our customer acquisition costs as well.
We expect to start seeing now a more positive trend in EBITDA minus CapEx as of the first quarter of this year as our headcount as of today has decreased by some 23 employees since the end of the year that are due to both this strategic shift in therapy unit as well as the reorganization in the veterinary unit. Looking at our reported revenues. As already mentioned, the recurring revenue share of the total revenues was 91% for the full year. Overall, the growth in both hosted and cloud recurring revenue is steady quarter-over-quarter, whereas there's some fluctuation within the variable revenues as those fluctuate as our customers' revenues fluctuate.
Share of the recurring cloud revenue of total revenue grew from 30% in the first quarter to 34% in the final quarter, and likewise, the share of recurring hosted revenue decreased from 47%- 44%. Non-recurring revenue has grown along with the number of implementations growing, but also that includes the Vetera one-off license revenues as of the second quarter onwards. Implemented ARR in the third quarter was EUR 29.3 million, whereas in the fourth quarter, that number was EUR 30.6 million. That is demonstrating the number of implementations that we have made during the final quarter, that being EUR 1.3 million. To the profit and loss statement.
Our full-year revenues grew by 53% and amounted to EUR 31 million, and fourth quarter revenues were up by 32% year-on-year. Organic growth in recurring revenue year-on-year was very good. That was 38%. In the previous year, that number was 22%. The high level of activity in our recruitment and also the acquisitions completed during the year have increased our cost base during the year as well. Fourth quarter EBITDA was negative EUR 1.6 million, and year-to-date EBITDA was negative EUR 6 million. The net increase in our headcount in 2022 has been 143 employees, which has more than doubled our employee cost on year-on-year basis.
Also to remember that the final quarter reported personnel cost numbers, they include the half a million EUR of restructuring costs. Also with regards to personnel costs, we have capitalized personnel expenses in 2022 amounting to EUR 3.9 million. In the previous year, it was about EUR 2.5 million. There has been approximately a 55% increase, so we have not been quite as aggressive in the capitalization as in the previous year. Adjusted EBITDA minus CapEx margin was negative 38%, as already mentioned, we expect to start seeing a more positive trend in this margin as of the first quarter this year. On to the balance sheet.
The changes in the balance sheet between the years, they are mainly driven by the acquisition of EasyPractice and Vetera. Despite of the acquisitions and other investments into product development in particular, our cash position remains strong at EUR 39.3 million, and that is comprised of cash and money market funds. The acquisitions completed during the year were mainly paid out in cash. As a result of these acquisitions, the goodwill has increased to EUR 57.8 million. Also, we acquired a minority share in Petleo as part of the Vetera acquisition, which is reported on the balance sheet under other shares. The increase in other current liabilities is mainly due to the EasyPractice earnout that amounted to EUR 4 million.
As Charles already mentioned, that earnout was met, and we have paid it out in January. Also, the earn-out debt relating to Sanimalis acquisition that dates back to 2019 was also paid out during the year, during the first quarter. On to the cash flow statement. As we have already seen the negative EBITDA minus CapEx, our operative cash flow also is reflecting that trend. Operative cash flow has been heavily impacted by the investments in terms of customer acquisition cost and product development recruitments in particular. Amount of depreciation and amortization has increased as goodwill has increased due to the mentioned acquisitions and also the Aspit acquisition that was completed in 2021.
We have some quite significant fluctuation in advances received between the quarters as Aspit invoice takes place biannually in advance. Therefore, we see a positive impact within change in other provisions at the end of the second and the fourth quarter. That means that the revenue is not shown as income, as the revenue is not yet recognized, but it is shown as a positive cash inflow within the change in other provisions. Also, the EasyPractice earn-out of EUR 4 million is impacting this line, change in other provisions. Therefore, there is a big difference to the previous year when looking on a full year basis. Cash flow from investing activities includes the capitalized R&D expenses and the cash payments related to the acquisitions, which were then financed through proceed from the money market fund.
Finally, cash flow from financing activities. In the full year, this consists of the repayment of long-term debt of the Vetera, which they had on their balance sheet at the time of the acquisition. Also, the repayment of the Sanimalis earn-out debt, and also, we made a repayment of a short-term debt of Vetera. Those are these change in debt during the year.
Thanks, Mari.
Thank you.
Up to the guidance, right? For 2023, we've decided to shift guidance from ARR to recurring revenue, as we believe that recurring revenue better tracks the cash flow, right? With this greater emphasis on profitability, we thought that this was a better way to be able to show our sort of focus on additional profitability. We're looking at a 15%-20% growth in recurring revenue in 2023 versus 2022. Secondly, we are also guiding that we are looking for EBITDA minus CapEx break even by Q1 2025. On the financial calendar, we'll have the Q1 2023 results presentation on the 16th of May.
Also, well, we're also announcing a Capital Markets Day, that we will hold, during Q3 2023, and we'll be sending the date out in the next few weeks for the exact date and time. Thank you. Now off to Q&A. The best way to ask questions is probably for attendees to raise their hands, and then we can allow you to talk. Hi, Oliver.
Hi, Charles. Can you hear me?
I can hear you, yeah.
Very good. Thanks for taking my question. I had a couple, and the first one is looking at your guidance for 15%-20% growth in 2023, I mean, given that we have quite high inflation, so you should have higher than usual price hikes, you are focusing more on migration, as you say yourself, and you have the CVS contract going, coming online as well. You know, isn't there scope for even higher growth than this? What are the dynamics behind that guidance? If you could elaborate a bit.
Let's go through your question and break it up into different parts. The first part is on the pricing. Pricing impact, right? We did both a pricing change and pricing model change for some products, right? We're expecting that pricing will lead to 6%-8% additional growth, right? Then on CVS, right? It's really hard for us to exactly know how fast and how soon they will start the full rollout. That's why we're sort of being a little bit conservative on this one in that we do not wanna make sure that we put artificial pressure based on the rollout that we can't control, right? Those are the two main parts. Then a third is on the migration.
Our strategy is like we wanna get as much of the legacy products over to Provet Cloud, right? The way we're doing that, we've already increased the price of the legacy products quite a bit, now they're on par for the same level of features as they are today. Once we've migrated them, we can start upselling them. We're looking for the pure migration in this year. Does that answer your question, Oliver?
All right. Yes, I think so. On the, on the cost side, you're doing a restructuring now, so number of FTEs is falling. How should we think about net hiring going forward? Do you need to onboard additional talent, or are you basically where you're expecting to be for the next couple of years?
As we announced last quarter, there's no significant headcount growth that we're expecting overall, right? There are some increases in sort of salary costs and so on due to inflation, right? For that, for most of it, we're following sort of the Finnish trade unions or collective bargaining agreements for the majority of our costs are linked to that, right? Which is around 3.5% and then 1% one-off, right, for this year. On the longer term, right, as we migrate, right, a lot of the resources will be able to shift either to the legacy products to the cloud products, we're talking about support, maybe implementation, right?
Secondly is that we'll be able to centralize our development on fewer products, thereby we might also see a reduction in headcounts. That only happens when everyone has migrated. There's a big difference between, like, having 90% migrated and having 100% migrated. 'Cause if you have 100% migrated, all those costs that we had historically on the people side can also, uh, go away. The second thing is that there's a lot of fixed costs in order to run these hosted operations, right? For example, servers, right? Also all these licenses, right? Those go away as we reduce the amount of customers. From the people side, no significant, uh, headcount growth, maybe even a decrease in some areas, right?
On the other operating cost side, right, We foresee that the costs will go down for the hosted products.
That's very clear. Thank you. A third one, if I may. On the M&A side, how do you think about further M&A, given both today's operational status for Nordhealth, also the market environment, the M&A market?
Yeah. We're always open, and we're always looking for good targets, right? Currently, we haven't seen yet targets come at the price that we'd liked given the new reality, right? There however, like, slowly the buyers' and sellers' expectations are slowly matching, right? I think that we have not been successful in the being the winners in those bids 'cause our bids were much lower than the ones that ended up winning so far. We're still sort of looking for acquisitions. We're still open to acquisitions. It just has to be at the right price, especially given that in terms of capital allocation where we're trading at today, right?
It's much cheaper and much safer maybe to buy back our share at our current valuation, right, than it would be to acquire some of these other players. Unknown unknowns, which you always have when you're acquiring a third-party companies versus acquiring your own shares are not there as well. From a risk/reward standpoint, it's, we haven't done anything, if that makes sense.
That makes sense. All right. Yeah. Maybe I should leave the floor to someone else to see if there are more questions, and I can revert if there are none.
Please feel free to raise your hand if you have it, and we can allow you to talk. If there's no other questions from others. Olli?
Yeah. Yeah. I'm online, right? You can hear me?
We can hear you.
Good. I'll get back on it then. Yep, previously we talked about the U.S. expansion. Would you be able to give a status update on that today?
Sure. In the U.S., as we saw from our international market, we continued to grow in the U.S., I believe that's. You can see. Oops. In our backup slides, you can see the growth in the U.S. We roughly doubled the ARR in the U.S. We've also grew in Spain quite nicely as well. The U.S., in terms of cost, we actually have done a big restructuring there. We are sort of focusing increasingly on outbound and building the pipeline now we've got a product that we can sell. We're seeing every month an improvement in the number of leads that we get, in the conversion of those leads. The competition in the U.S. is quite strong, right?
Between Shepherd, ezyVet, it's probably the, one of the strongest markets in terms of competition. What we're focusing on for 2023, in addition to sort of improving our sort of CAC Payback Period on the individual sales, is going after the enterprise customers. Looking to close an enterprise deal in the U.S. will be what we are aiming for in 2023. It takes a bit of time to be able to get those, so the actual signing and rollout of it will probably be in 2024, but that's one of the goals for the U.S.
Thank you. That makes sense. I was looking at your product development expenses, and I see a lot of it is focused on the veterinary side, but you have a quite modern cloud product there. Would you be able to be a bit more specific on exactly what it is that you're focusing on when it comes to vet development?
Sure. On the veterinary side, there's a couple different projects which we're focusing on. One is that we're going for a big UI refactoring, which has two implications. One, it's upgrading the current Provet Cloud user interface and user experience, but secondly, it's also from a technical standpoint, refactoring the front end to. Currently the front end and back end are tightly integrated, thereby slowing down developments. This sort of refactoring will enable us to go faster as we continue to develop. That's the first thing. The second thing is that we're refactoring quite a lot of the sort of core workflows, where we're looking to instead of having five clicks, we have three clicks, right?
We really want our value proposition to the market to be efficiency and speed, right? That's one of the main things that when we did the customer interviews that came out of it. We're refocusing a lot of our efforts on really making our software the most efficient for the basic workflows. The third part is we're going after quite a few new countries at the same time, right? We're going after Spain, the U.K., the U.S., right? We've got also enterprise customers which are looking for development. That's the third bucket. Those are the sort of three buckets of restructuring of developments that we're focusing on the Provet Cloud side. Once the first two are done, right?
That's so once every sort of seven to 10 years we have to do those, right? We can focus all those efforts into sort of new add-ons, right? We've already started some of those, for example, Digital Whiteboard, right? Our, our Vetera mobile app, right? Our Nordhealth Pay solution, which we're continuously expanding, right? Those add-ons, we'll be able to reassign a lot of the resources from this refactoring onto these new products as well, and so as they compete it.
Very clear. Thank you.
Any other final questions, comments, please feel free to raise your hand. Well, if not, thank you very much for your time, everyone, and have a wonderful day.
Thank you. Bye.