BIMobject AB (BIM) Earnings Call Transcript & Summary

I'm ready to start the session. And just before we begin, we should mention that you can submit your questions to this e-mail address that you have in your top right corner here. So [email protected], and we will have a Q&A session at the end of the presentation. So with me today, I have Peter Bang, our Chairman of the Board. Welcome, Peter.

Thank you.

And we also have Martin Lindh, who is our Interim CEO of BIMobject. Welcome, Martin.

Thank you.

So I will hand over to you guys for the presentation part of this.

Thank you very much, Lisa. I'm very happy to be here with you. And could you please turn to the next slide. Yes. Martin and I, we have been -- together with the Board and the management team, we've been working on the strategy since September. And we have also promised you investors in the market that we would like to increase our communication and also the consistency around what we do. And just recapping, we did an investor presentation in end of September, where we addressed 5 tough questions we would like to work with, how to monetize on users when, how to increase value creation, how to ensure profitable growth, how to accelerate the growth in Prodikt and also capture the synergies with the market and also new complementary growth areas. These 5 questions we have been working with. And the purpose of our presentation today is to give you an update on where are we? How far have we come? And I can tell you, we have not full answers on everything on this list. It's a work in progress, but we have a plan for how to get there. And I'm pleased that Martin, working as interim CEO, together with the team, has done a great job on getting a lot of things in place. And I will hand over to you, Martin, to take us through the status of this. Martin?

Okay. Thank you, Peter. So let's, first of all, just bring all the listeners with us and share a brief history of BIMobject and a little bit around where we are today. BIMobject was founded by Stefan Larsson back in 2011. The introduction of BIM to the construction industry has been a transformational event for the building industry, as it allows digitalization on product level. Stefan's idea was to connect the industry by providing a platform hosting BIMobject that would be easily available to all stakeholders across the industry. In 2014, 3 years after the start, BIMobject was listed on the Swedish Stock Exchange. And in 2015, the revenue or the financials in the company looked something like this. Revenue during this time was predominantly composed of nonrecurring service sales from producing BIMobject to clients that enter the platform, and the cost was pretty high at that moment. Obviously, it's a big effort to set up a company like this. And when moving a bit forward here, several things have happened in the company. And if we also go to the next page where we are in today, as you can see here, several things have happened. One thing is that we have been able to grow the revenue base quite a bit. But not only that, it also now consists of about 85% recurring revenue from the platform, and we still have service sales, of course. During this period, we've also transformed the organization quite a lot towards a SaaS company and we've been engaged in that over the last couple of years. Even though we have a cost base that also has increased, and we still have a gap to break even, which we need to close. That is also what we partly addressed here with the strategy here today that we have proposed. And yes, so let's go forward and continue with the next slide. So BIMobject today, the purpose we have and what we are serving in the industry, is that we connect and digitalize the building industry, making it smarter, faster and greener. And we do that by being a link between the building product manufacturers and the users in the industry, which we refer to as architects, engineers, constructors and property owners. And we serve them with these digital objects and services across the whole building process in the industry. Our stakeholders, are just as mentioned, AECs, as we call them. That's architects, engineers and constructors and the POs, the property owners, but also the building product manufacturers. These are the core groups for us when it comes to stakeholders. However, we also become an increasingly important part in the contact and prop tech communities as well as dialogues with building product distributors. And the relationship with distributors is important that they have a vital role in the ecosystem, and we don't always want them to miss out on the information flow that is changing with the introduction of BIM to the building industry. So I thought it would be good also to mention something about the process of making the strategy before we actually dig into it. Most importantly for us was that also -- was the start off by making an honest recollection on where we are as a company and what assets we have to build a strategy upon. So that was the initial part of the strategy. This also included to look at the market, the opportunities we see there and reviewing demand from our products in different markets. Secondly, we made sure to dig deep, identifying challenges and bottlenecks in our organization that is hindering our growth. As some of you are aware of, we, for a long time, have had a lot of changes and transformations in the company, which, if not completed correctly, not always will lead to reach the full effect that was originally intended. In this part, we also have, of course, strategic challenges that we looked upon quite well as well. Finally -- not finally, but then, after that, we looked at the resolution space. So we detailed recommendations on how to successfully address the complications we have identified, and where we have made quite clear initiatives in many of these -- many of which have already started. And in areas, which Peter mentioned briefly earlier as well, where we didn't have the full solution in place yet. We instead focused on detailing a clear road on how to get there to make sure that we will have a stable path forward in those areas as well. Finally, we need to make the adequate privatizations, of course, which you always do when you are in the strategy work. And then which then, ultimately, led us to the strategy that we present here today for you. So how are we doing as a company? And here, I thought it could be good just to give a highlight of how we're doing, and we have split these into 3 different areas, technology, position as well as performance. But let's start with the technology part of this. So what we see with the technology or the digital objects we have is that there's an increasing importance of product level objects and data. So not only -- I mean there is different types of objects, everything from generic to specific products, and you can also have different levels of data connected to it. But the more digitalized the industry becomes, the more important it is to have the product-specific information that can be connected to models in the building industry. And that's where we are, and it's really a good place to be in. Secondly, we see a continued growth within sustainability. This is -- has really kicked off in the Nordic region, powered by legislation, and we -- that it will come also -- it will be further rolled out across Europe in the next couple of years, which will continue to fuel the growth within this area. Then, finally, we -- as a building industry, it is continuously growing when it comes to digitalization. We still see a clear demand in the industry despite the macroeconomic environment that we're in. But also, it should be mentioned that it is a slow-moving industry when it comes to digitalization. There is no silver bullet that will just fix everything and transform it radically. Instead, it will be hard and tough work, but that's what we are here for as well. And it's, therefore, also super important for us to be more and more efficient as a company so we can help the industry transform faster and faster. In terms of positioning, Prodikt is a young company, 2-plus years, almost 3 soon, I believe. But it's still -- it's a clear tech leader within its niche and we see a surging demand for the services. And currently, they're established in Sweden, and we'll come back to that a little bit on the growth path forward as we see it. Secondly, bimobject.com is a clear leader in the market. And there, we also see a growing demand for its products. Still, we see there's more things to do when it comes to fully capture. The value that we bring to BPMs and AECs, and that is something that is, of course, highly relevant for us to work with and also is part of this strategy, of course. Performance. We have, as I mentioned earlier, made a SaaS transformation and have come quite far with that, which is a good position to be in, especially now when there's a bit fluctuation in the market than when you have recurring revenues and stable contracts with your clients, that just provides a good base to stand on. Secondly, we have a product team that we have been working quite a lot with and gaining better and better traction in the organization with better -- and better paced launches of products that comes out to the market. And finally, we have improved, but still not reached sufficient momentum in our sales and growth engine. And that is also something that we look carefully upon here in the strategy and initiatives that comes out of it.

This slide, Martin, thank you for showing this one. I think it is a key slide. We talk a lot about all the ambitions we have, and we are also tough on ourselves on all the things we would like to do better, but our starting point or where we are right now, I mean, it's super. We have accumulated over the years 3 million users who has been in touch with us on the platforms. Today, we have more than 400,000 monthly active users. And as you could see in the Q3 report, this number is increasing. It's used by the top architect firms in the world. We have 3 platforms now also with the Prodikt coming in. We have 120,000 product pages from our manufacturers. And we have 2,000 building product brands on our platforms. So when we are ambitious about where we want to be, and we also toughen ourselves on the necessary growth, but we still have a super starting point and developing in the right direction as we also have communicated earlier. So I think it's important that we always remember this starting point being the world leader in this space. But back to you, Martin.

Yes. Thank you for the input, Peter. All right. Let's continue. So we -- I think it could be good to get back to this slide here, where we show the history of BIMobject and how we have been transforming the company and a bit where we are today. And a large part of the strategy work has been concerning how to reach the gap to profitability or to breakeven in -- for the company. And there's obviously 3 ways of doing this. One is to increase the revenue to continue to grow the company and to scale out on the costs. Secondly, the option would be instead to reduce the costs to reach the profitability like many other companies are working hard on, like Twitter and similar. And then there's the third option as well that it would be a mix of it. And when we have looked upon this, we have concluded that growth alone, that would be too much risk. Also when we have this trajectory here between 2015 and 2022, we don't want to have a similar situation going forward. We should try to do our best to change the scenario instead. And also, when looking at the costs, we still see that the company needs to have a cost base in order to allow to continue to grow. So what we concluded was that the best strategy forward is actually mix where we trim costs in the organization and make sure that we still have a very efficient organization and continue to work with that efficiency to make sure that we also can continue to grow as a company. And with this mix, we believe it's -- we will be much more successful in achieving profitability as well as continued growth for the company going forward. And this strategy work then also or landed in what we call the revitalized program, and this was shared with you in a press release, too. But I think it's good to come back to these different items that we have in the strategy. And the strategy, as we have defined it, is made for us to being the world-leading provider of building product information preferred by architects, engineers, contractors and property owners. So let's now go into the different initiatives we have here to put some more context in what they include. We'll start first with the repositioning initiative. All right. When it comes to repositioning, we are first to strengthen BIMobject's identity and communication internally and externally. And this is something that we identified clearly in the challenges part of the -- or the complication part of when doing the strategy. It consists of being more precised and clear in our purpose, better defined the assets, the strategic direction for the company. You've heard already a bit about how we review those and how we see ourselves. And it will provide overarching direction which we're moving in, which then also will trickle down to how we communicate around our products and similar -- yes. And then also -- while doing this, we also have made a group consideration because when we communicate about ourselves and how we think about ourselves, we should include both Prodikt as well as BIMobject. And it is quite well fitting these platforms. There are so many similarities between it, both when it comes to product level data as well as how the platforms work, while also being quite complementary. So -- this is -- has been part of that work as well. And finally, its efforts to improve and align external communication, and this is both to clients, as I mentioned earlier, on how we communicate with them across the company, but also how we communicate to the market. And I think that some of the listeners here, we recognized this in that we have increased the pace on PR communication. So when we have interesting events and so forth, we have started to and will increase continue also to be better at sharing those with the investors. So they sort of can follow us, and the progress we make also through the press releases. Here, trimmed organization and clarify roles and responsibilities within the company. So we have an initiative here, which we're going to talk a little bit more soon, but to reduce the cost base with around SEK 20 million. This is a mix of personnel and nonpersonnel costs. Secondly, we are gearing the organization for maintaining a continuous focus on growth as well as improved clarity when it comes to roles and responsibilities within the company to have a more efficient organization. Thirdly, we are -- we have made changes to strengthen the product development organization and the product development team. Part of that was the appointment of Stina as a CTO, but there's also other organizational changes that were made to make it very clear, the focus of the product team. And also, we have increased their role and responsibility in the company, moving us towards, you could say, a product-led growth company in the sense that this group will have much larger responsibility and impact area in how we design, understand and also the way we actually sell the product. So it's a consistency in how we operate within the company. Yes. And the cost program we have, as I mentioned, is to reduce costs, of course, but do this in a way that not should hamper our ability to growth. So what we have done is a couple of things. We have consolidated our marketing teams to become one and also changed a bit in the way -- quite a bit in the way they work and how they -- how we approach the market in the marketing perspective. Secondly, we have slimmed down customer success a bit, and we are also implementing new ways of working. The customer success team, obviously, this area is quite interesting for us because we have a large customer base, and we want to continue to work with it and improve ways of serving them and monetize on features and so forth. But while we believe that in reorganizing this group, we can continue to do this work even if we are a bit fewer people than before. Thirdly, working on minimizing overhead costs. And there, we have several initiatives. And then we -- next initiative is that we have increased -- we increased focus on including core markets, while reduced focus in other markets, which hasn't -- where the maturity of BIM hasn't matured in the same way being Portugal and Latin America. Finally, we, of course, have been through a quite extensive list of non-personnel costs and have already reduced a bit of those, but we'll continue to work on those to get cost savings from them. Yes. All right. So let's go to the second part here, create growth, where we have 3 different initiatives. And this is more of an operational part of it where we want to increase organic growth in the company. Okay. So the first part here is accelerate sales and onboarding, and there's actually quite a number of initiatives here that we have. But we have some here that we think could be good to share with you. This is how we now increase the way we work in our sales organization with pods. It is also how we're working on refining the customer journey and refining the ideal customer profile, and it's how we increase -- become better at segment and prioritize when it comes to sales. Yes. Okay. So with the commercial organization, we are working towards being more of a pod structure or having a more of a pod structure in the organization. So as you might have heard, we have, in this SaaS transformation, we have -- first of all, we developed different functional areas of functional teams: marketing, BIM advisors, sales development representatives, account executives and customer success. And these teams are working quite well in respective functional areas. But there are 2 things here, which is important to address. It's both when it comes to localization as well as coordination between the teams. So it's -- the pod -- what it will allow is to have a better local ownership for the market, and we will have more like a localized tactics for how we engage in sales in the market. including how we build networks and how we strengthen connections with different players and customers in the industry. And then, of course, this structure will also help us to have a tailored growth approach for each market, both when it comes to the new AR as well as the services that we are involved in. And finally, this also requires alignment and coordination and knowledge sharing. And the pod structure will increase it in the pod, and then we will continuously also work across pods that we normally do as well. Most importantly for us is, of course, to really understand who the customer is and how we best can serve the customer. And what we -- so we have initiatives that goes a lot to be very clear on who the customer is and how we should approach them. And this we do by being better at profiling the customers throughout the sales process. So -- and this information is accumulated across the pipeline, and will help us to better serve the clients throughout the process. It also allows us to be better to segment and target our efforts when it comes to which customers we serve and which customers we spend time on. And finally, it is also a great input to our product development team to have better profiling of the customers because they will really -- they need to understand and it will be greatly benefited from this insights. So we tailor the products even more precise to the end users we have. And speaking of this, of understanding the end users and the customers, we also concluded it was quite important for us to strengthen this area by 2 other things. The first one being set up an advisory board and that we are in progress of doing. This is a great forum to share ideas, get feedback and network in the industry and will be of great benefit to the product development team and also other functions, of course, in the company. Secondly, it is to initiate partnerships with different stakeholders in the industry. To me, this is quite important also when we come back to the AEC initiatives that we are going to talk about, because really understand the end customer here is key for that to make sure that we have the right features and products tailored for them. Yes, Prodikt is, of course, an important part of our company. They are working on their own platform. And it's, of course, in our interest to make sure that we will continue to help to grow that platform and scale it up. And if we look at that, then the way we are working with Prodikt is to scale it up, and we will start with Nordics first and then move further away from Nordics to Europe and the U.S. Secondly, part of this, as mentioned before, is also kind of shared story about the BIMobject Group. So we will better utilize the dialogues we have in BIMobject Group to also bring about new dialogues for Prodikt in the markets we serve. And thirdly, we will continue to work with integrated BIMobject and Prodikt platforms, but not -- and we say partly here because we don't see it makes a lot of sense to integrate the platforms from an AC perspective. So for the users, I think they have slightly different purposes to serve and should be 2 different platforms. They are in different markets at the moment. But there are other areas in which we can integrate, and we are working on those to increase efficiency and capture synergies between the companies. And it could also be good just to mention a little bit about Prodikt, and what they -- how they serve the market. Right now, as I mentioned, they are in Sweden, working hard to establish themselves there and having good progress in doing so. But they serve, basically, the entire construction process, everything from pre-study to operation. And starting with the BIM model and how they compare of building systems, and then you can work both with generic and specific data to also produce climate declarations and analysis of the climate impact of what is constructed, which then also can continue to live on during the operation phase and be part of how it's followed up and when renovations are made and so forth. And what's interesting here as well is that they cover so many areas of our stakeholders across the building industry, really tying it together in the sustainability aspect. So Prodikt, as mentioned, heavily focused on Sweden today, to get it right because there is a lot of different stakeholders they work with and it's a platform really coming into place. But after Sweden is being fully established -- not fully, but sufficiently established, then they will continue to work their way around the Nordics, where we see also legislations are coming in here and already have to some extent, and that will be then part of their expansion journey. Yes. Okay. So then let's move to the last section, which is the new initiatives. And we'll go to, first of all, the increased focus on user value creation and monetization. First of all, what we look here is to find different ways to deploy scalable tools and features that surpasses the pain threshold or monetization of AECs. And this question about monetization of users has been quite a hot topic for quite some time. And this is partly because one of the assets we have is a very large user base, of course, that we can leverage. And BIMobject as a platform has always had the philosophy of always to be open and free for the users, and where it's free for them to create a user account. We don't see that we will change anything like that. We don't see monetization would come from charging for the users as they are today. Instead, we are looking at different ways of finding tools and features that will be suitable for them that they would be able or that they would be ready to pay for. And another area for why we think this area is important for us is because it also increased ability to connect the data flow between architects and BPMs. It has higher retention rate and also moving closer to the architect, where we can better connect the stakeholders in the industry. So if we look at the road towards AEC monetization, we can first look at BIMobject. So BIMobject hasn't really been in the platform where we have done this. There has been attempts made when it comes to desktop solutions and plug-ins with EVO application. I don't know if you recall that, but that was a trial that was made historically. When it comes to Prodikt, they have built their sites slightly different. So they not only a product platform environment, but they have a project platform environment, too, you can say, where users can log in and work with the platform in a very productive way. They really have been able to establish these features, which is so important for the industry that they have started to monetize upon them. And they are scaling up and doing so quite well in the market. Then when it comes to AEC monetization for BIMobject, the most interesting area here is, of course, the one that I mentioned with plug-ins and desktop solutions. And we have a couple of options here. And really I hope we will come further than we have, but vacancies of build and refine, which is sort of the approach that is what we can and should go towards. Then second would be also to fast forward, part of this work through partnerships to get even faster growth. The third one will be to acquire a player, and there's quite a number of players. However, here when it comes to acquisitions, it's super important that when we acquire companies that they have a really strong fit with us, how we work as a company, and that we could integrate them in a good manner. So we are still working on all of these 3 dimensions here. But if not successful with the latter 2, we will continue to build and refine and we'll do the slow way. But we will have a dedicated team in this initiative to really make sure that we have features and products coming out in this area that will address the need efficiently to be able to monetize on it as well. And so therefore, we have said that this is sort of like a short, midterm initiative that we are on, depending on how quickly we will be able to get to the point where we believe we have a product ready to launch for the market. Then we have the second initiative here, which is to enable tech integrations with other software platforms. And we see this as a very interesting opportunity. It's more of a mid- to long-term initiative though, but still quite interesting and important for us. We see this as a way of collaborating with partners to provide the object that the user need, regardless of where she is in the process. So we see that users in the market have different need -- of different objects with different meta data and quality dependent on where they are in the process. And of course, tying this together is -- would be a tremendous value add for the users when working in different dimensions of digitalization. Then secondly, it's also an opportunity for us to be a connecting hub for relevant to prioritize data by different stakeholders in the industry. And this really also builds upon our great relationship with building product manufacturers which is very hard to establish. It's been a long, tough journey to create the growth we've had, and that's also -- as we see a huge asset that we possess in this industry that we have all these connections, so we have it on a global scale. So that really ties well in together to this initiative. And what it includes then or how we conceptually see on it is to connect the industry better. So this could be -- or this is, of course, part of the platform being connected to it. It is partnership that most recently, we entered with Eurovent, for instance. It is to connect generic object or even local standards and have different APIs to our building product manufacturers that we tie together so we can distribute it to different partners. Also, quite importantly, when we talk about AEC features and tools, this, obviously, would be a benefit of such a connection to it as well as in other areas. And we see an increasing demand from the industry of solutions like this. And as I mentioned, we see that we, ourselves, have a unique position to connect the industry this way as it is connected to product-specific data, which we're quite good at. So with that, when it comes to the strategy for -- we present today, there is a couple of things here that can be good for you to take with you from this day. The first one is that assets we have that we stand upon and we have accumulated over time, but we will continue to strengthen and also build new initiatives from. Then we have the strategic program with our 7 different initiatives, which we work with quite dedicated and will so also for the next couple of years to make sure that we will reach the targets we have. And through this, it will allow us to being the world leader -- world leading provider of building product information, which is preferred by architects, engineers, contractors as well as property owners. And by that, I believe the strategy presentation is at the end. And thank you for listening in to it.

[indiscernible].

Yes. So I think we covered that in the presentation to some extent. I think the area of how is we are looking at both desktop solutions and apps or softwares, like Revit, to go through that channel in being more closer to architects in the work. And through that, we also will be able to find areas for how we can monetize with the users by providing value-adding services that they would very much like to pay for. Yes. And also the question of when, then that specific on because we are looking at different alternatives, but we will do our best to guide you on the progression as we're doing it. So we will update throughout the period.

[indiscernible].

Sorry, but Lisa, I'm on the other end, it's Peter here, but it's very difficult to hear your question.

[indiscernible].

Yes. And that's where we're continuously working on. There is a lot of product development in that area, both for -- on the Prodikt platform as well as for us, BIMobject. And in BIMobject, we have -- or are still mainly focusing on the monetization of the BPM. And there, we continuously build out the offering and the different features that will create most value for the building product manufacturers.

[indiscernible].

Yes. So perhaps we can -- I can, again, be clear on that. We don't see it as that we're going to charge users that use BIMobject's platform in the future. It should be a free platform to use, and that is how we connect the industry. We would like to have really good traffic, of course. So one thing when we think about monetization of users is we don't want to hamper the growth we have in the platform. We see that as essential for us as a company and also will be in the future. So instead, we will find alternative solutions and products that is a bit different than what we currently have.

So another question that came in. When we think about our cash position, how will that be affected by this current strategy?

Yes. So when we -- before we had this cost program, we had a sort of like a forecast that the cash would last approximately 5 years. Then when doing this cost program, that will be extended to 12 years, unless we also grow. So by growing, we, then, will not have -- we perceive that we will have like ample margin in cash bid up in the company. So we don't foresee that we will be needing to seek additional cash flow funding in order to achieve the targets and goals we have in this strategy.

So another question that came in. We talked a bit about our position being quite solid, and that we have a large interest among our end user base, that it's growing continuously. So we've got a question here if we see any discrepancy between that very solid position and the current financial situation that we are in, would you like to expand on that?

Yes. I think there's a couple of reasons when we talk about the financial situation of the company. And I think the question here is referring to the fact that we are still not profitable after so many years, and it comes down to a couple of things. One thing is that, in the industry, there is some duration for -- when it comes to onboarding times. And then also, obviously, the cost that is involved in onboarding new building product manufacturers. And that is part of the rest, but the strategy then to optimize that and even quicker and faster. But it's also the nature of how it is for building product manufacturers and going in this digital journey of theirs. And it just takes time, and that's why we need to be as efficient as we can and helping them in an efficient way. It also comes down to the -- we, as a company, has a fairly complex business model. It requires a lot of coordination and many areas that need to work at the same time in a paced manner. And that's why we also, today, have a lot of initiatives looking at that and making sure that it will run smoother and smoother and better and faster. And I think you see that as a vital thing to really put in place to make sure that we, as a company, have the right efficiency overall when we work.

Yes. So another question we had coming in was around achieving growth, while, at the same time, cutting costs. And related to that, then what we would be our main sales driver going forward?

Yes. So this has been an essential part of the strategy, of course, to make sure that we can grow, while still also -- while also cutting costs. And we have been very careful in trying to cut in the right places. And then where we do that, also compensate by making sure that how we work in those units will be better -- even better afterwards, even if there are fewer people there. So that is the way that we have been working with that. And when it comes to the main sales driver, so there's a couple of them. You can look on it in different ways. So the BIMobject platform, as of today, is the largest part of the company, of course. So therefore, it will be a main growth driver just by share size. Then we have a Prodikt, which is really a fast-moving company as well, bringing a lot of clients and getting traction in the market. But this starts from a smaller base. So that's, of course, on the totality, has less impact. But in a couple of years, I think we will see a very nice contribution from that company into the whole group, which will have -- which should hopefully change the profile of the company a bit. And then we also have these longer-term initiatives that -- even if they are launched shortly, it, of course, takes time to scale up, unless we acquire a larger asset base. But we do have a good asset there to leverage upon, which can fast track it also. But -- yes, I think it's a combination of the 3 that's going to drive the sales going forward.

And talking about our existing customers, have we got any feedback from them recently on our value proposition?

Yes. So most recently, I was in the exhibition in Munich, the Big World Exhibition there, the great mix of users and building product manufacturers and also different stakeholders in the industry. And it was interesting to talk with them, while being in the end phase of the strategic work we have. And there was a lot of connection between what we have identified and the challenges part of how the strategy has been built up to what we talked about with customers or users in terms of our product market fit and what they really would like to see us working on or achieve. So that's quite comforting actually, even if you always won't hear that you're best in everything, but I think we have covered them fairly well.

If I could also add, it's Peter here. I spent a full day with a...

You mentioned one of the -- as a driver here. So can you give some comment on what our current onboarding process or rather our current onboarding time looks like? And how do we expect to improve that? Have we set any metrics for that?

Yes. So we measure it in different ways. But you can say that it also varies quite a bit. I mean some customers are very immature in their understanding of BIM, and then you have customers that perhaps already have BIM files. And there's a big difference between the two, of course, and how fast they can onboard to the platform. So by defining better profiling of the -- for the customers and also be more specific how we target and segment them, I believe we can be smarter in how we bring customers on and the onboarding time, perhaps most importantly, how much time we spend with different customers, depending on where they are, and then to have different levels of treatment for them. So we serve the industry in a proper and efficient way.

So circling back to the topic of the cost saving program that we mentioned. Could you add some time line to it?

Yes. So the cost program is also the reason why we sent out the press release mentioning the cost program is because we sort of -- that was the starting point for it. And we have also been working quite some time before that, of course, on things we have been able to target and achieve without the press release. So with that, I mean, we have been very well prepared and we have launched it already. So it's been an internal communication and then, in some extent, some people will leave. I think most of it will be within this year. And then some people will stay on a little bit longer. But for the ones that depart fully, then we will recognize the cost in this part of the year. So that we have like a cleaner financials next year.

And in this presentation today, we haven't shared any new numbers. So we got a question here if you had any comments on reporting our ARR metrics going forward. if you have any update on that?

Yes. So we continuously want to improve metrics we present. And we, step-by-step, add more and more granular metrics. I don't think I want to give a time line and we fully explicit on which metrics we're looking on and all of that. Obviously, we have very good control of the metrics, but it's also a question of how much would you like to share? I mean, to investors, we would like to share everything, but then also needed to share it with competitors. So there is a fine balance there on how much we would and could share when we have these presentations.

Then we have another question here of the print status of finding a new permanent CEO to the company?

Yes, we are in progress. We are working with a headhunter, and they are on the case. I just had an update today with him, and they are contacting different potential candidates. So I would say we are in, progress, on that work.

Thank you, Peter. All right. So we're coming up on the final questions that we have here. So question around our business model when you look at just the BPM model side, so our business towards the building product manufacturers. What growth levels do we think will be achievable for us with that current model?

Yes. So we don't provide forecasts. So I think that will be difficult for me to share. But obviously, when working so much with the organization and the modus operandi of how we drive sales, and how we approach customers and all of that. And also on top of that, we have newer -- new and more and more products to the customers we have. I hope, at least, that it would be an improvement to it. But yes, so we don't -- unfortunately, we don't provide forecast.

And then a question related to that. When we look at new customers that we are bringing in, do they come in above the same level as the list prices that we present on our website? And I'm actually not sure how much of all the prices we do present on our website, but can you comment anything about the new customers that we acquire and the level that they come in on?

Yes, I think we are getting better and better at moving towards the list price, and especially for the lower level clients. For larger clients there is more of a negotiation, but we have very clear guidelines, which we are quite strict and good at following, but it's larger deals. There is, of course, a dialogue with clients because this can also vary quite a bit on exactly which features or adoptions that they need.

Thank you. So that was the final question that we have. We want to thank everyone for your -- for sending in questions and taking part of this presentation. And Martin, do you have any final words you want to say before we end the recording in the call?

I just want to thank everybody for listening in. And feel free to continue to submit questions if you have to the e-mail address, [email protected], and we'll do our best to answer it. Sometimes, we are in periods where we can't answer it. But when we can, we try to do our best to do so.

All right. Thanks, everyone, for listening.

Thank you.