Hello, and welcome to the Basware Q4 2020 results presentation. I'm Ben Selby, Head of Investor Relations, and I'm joined by Klaus Andersen, CEO, and Martti Nurminen, CFO. This presentation is taking place live via webcast. There will be the opportunity to ask questions at the end of the presentation, either via the audio conference lines or via the chat functionality in the webcast tool. Before we begin, I must draw your attention to this important notice about forward-looking statements, as well as to the risk factors outlined in Basware's interim report. With that, I'll hand over to Klaus to begin the presentation. Thank you, Ben, good afternoon and good morning also from me to this quarterly results call. Another interesting quarter is now behind us, so is the full- year 2020. Another quarter where we did everything we did in a fully remote setup. Nevertheless, Q4 turned out reasonably well for us, we finished the year in line with our expectations and in line with guidance given. Net sales for the full- year of 2020 was EUR 153 million on an organic constant currency basis, up 3.2% on a year-on-year basis. EBIT for the full- year 2020 was EUR 4.7 million, a year-on-year improvement of more than EUR 19 million. Both net sales and EBIT was actually slightly better than our latest guidance. Order intake for the quarter, measured as new annual recurring cloud revenues, was EUR 5.9 million, down 14% on a year-on-year basis. Full- year 2020, the total order intake was EUR 19.3 million of annual recurring cloud revenues. Very strong operating cash flow development, resulting in a cash position of more than EUR 40 million at the end of the year. Looking at the customers that we have gotten in in Q4 last year, EUR 5.9 million order intake in Q4, 82% of that was coming from Europe, 15% from APAC, and 13% from the U.S. We welcomed new customers from the U.S., like Ingersoll Rand, Sodexo from France, and two net new names from Australia in Q4. On top of that, we welcomed a couple of new customers, which I unfortunately can't tell you the names of because of confidentiality today. As you can see from the numbers, Europe is showing more signs of recovery compared to the U.S. We saw that trend already in Q3, and it continued also into Q4. Small and medium-sized deals are in general progressing better through the sales cycles compared to large opportunities. We are still experiencing some cautiousness from larger prospects in committing to larger investments and larger projects. 22% of the order intake in Q4 was net new names, 59% was expansion business with existing customers, and only 19% was transformations from on-premise to cloud. Very strong business momentum with our existing customers in Q4. Looking at our full-year cloud metrics, we continue to see strong cloud metrics. 74% of net sales is cloud revenue. Gross renewal rates for the full year of 2020 at 94%, slightly impacted by churn from non-strategic business not being renewed last summer. Net renewal rate for the full year 2020 at 104%, showing continued strong business momentum with existing customers. Our LTV to CAC ratio has gone down a little bit, driven primarily by the lower order intake in 2020, the churn I just mentioned that we had in non-strategic business last summer, and the way we calculate CAC, where we use the sales and marketing costs from the previous year when we do the calculation. That's the explanations for the slightly lower LTV to CAC. Forrester published a very interesting report this month analyzing the total economic impacts of implementing a network purchase-to-pay system from Basware. The analysis was conducted using six real-life customer cases, and Forrester calculated a return on investment over three years of 315%. The payback time of less than a year, 11 months to be precise. The benefits that the customers realized implementing the Basware solution was split in four main categories. The first one was spend optimization driven by increased spend visibility, which accounted for 54% of the savings. Productivity gain in AP operations, procurement operations, and time saved by end users accounted for 38% of the savings. Early payment discounts enabled by reductions in invoice cycle times accounted for 5%, and legacy system maintenance cost savings accounted for 3%. Very interesting findings, and very well-aligned with our value proposition of significantly reducing costs by enabling 100% spend visibility and increase operational efficiency. The full Forrester report is worth reading, and it's available on our website for you to download at your convenience. Entering 2021, we are now one year into our three-year strategy period, and we continue to execute the current strategy under the headline Sustainable Growth and Profitability. We operate in a growth market. We want to continue to grow short-term, mid-term, as well as long-term. That's why our guiding principles are so important. Scalability in everything we do. We are in the cloud business. Cloud business is all about scalability. Increase our operational efficiency and simplify operations and clean up our legacy. That's the guiding principles on which we continue our strategy execution. Despite a very different and at times challenging 2020, our current strategy remains strong and valid. We have, though, decided that a few adjustments is required. Based on what we have learned during 2020, we are doing some smaller updates to our strategy for giving us an even better platform to continue our execution into 2021 and 2022. The two areas that we are [audio distortion], partner strategy area and our network business strategy. We use the terminology Must Win Battles as the foundational part of our strategy execution, and going into 2021, we've decided to expand the scope of our Partner Must Win Battle. Previously, our Must Win Battle number four was sell with advisory partners, and now it's changed to growing with partners. The underlying change here is that we have expanded the scope to also now include system integrators much more than before. Advisory partners continue to be a key component in our partner strategy, but because services is such an important component in their business model, we have adjusted this now to ensure that we have the right operating model in place to work efficiently with partners who has a business interest in growing their services with Basware. Growing with partners now includes advisory partners, value-added resellers, system integrators, best-of-breed technology partners, and combinations of the different partner types. Going into 2021, we introduce a new Must Win Battle, which is Must Win Battle number six, network business momentum. We're convinced that we can drive more growth from our network business, and our Must Win Battle structure and the governance that we have put in place around our Must Win Battles is a good platform to ensure focus and efficient execution. We were impacted by lower transaction volumes in 2020, but that is improving now, and we expect to see organic growth here in 2021. We're, though, aiming at accelerating that growth by simplifying our offering, and a core component of that is to make the next generation of our artificial intelligence-driven SmartPDF offering generally available and ramp up the volumes on that component during the year. As of now, we have six customers in production on the SmartPDF AI, but we still need to work on our operational setup before it's fully ready for high volume processing. Our strategy remains strong and valid, and only these two smaller adjustments were needed, but it's important adjustments, and they are now incorporated in our strategy execution, and they are actually already in motion. With that, I will hand over to Martti Nurminen, who will take us through the numbers in more detail. Thank you, Klaus. Good afternoon, good morning also on my behalf. Let me take you through the usual financial performance overview. First of all, the key takeaways for the quarter. In terms of our order intake, we delivered EUR 5.9 million. This is down 14% on a year-to-year basis. However, two things need to be noted on that. We're up against the highest ever quarter on the record from Q4 last year, EUR 6.9 million, as well as what Klaus alluded to, clearly the economic environment within which we continue to live that continues to impact large deal-making. As such, EUR 5.9 million of order intake, a solid performance for the quarter. In terms of net sales performance, EUR 38.8 million marks still a positive growth of 1% at organic constant currency, even considering the maintenance revenue declines, as well as the transaction-related negative growth. SaaS growth continued to perform in line with our expectations, as well as did consulting. Operating profit at EUR 1.2 million marks an improvement of EUR 2.7 million on a year-over-year basis for the quarter. Clearly consistent with our continuous efforts and sustainable growth strategy execution coming through not only for the quarter, but also for the year, as at the end of my prepared remarks, I will cover that part. In terms of our cash performance, not only again, the cash from operations improving by almost EUR 1 million on a year-over-year basis, but we continue to see positive progress, especially with our aged overdues, whereby our management system clearly has taken a step forward during the year, and that we all can see almost in a EUR 9 million improvement in total cash and cash equivalents at hand at the end of the year at EUR 40.5 million. Overall, looking at the P&L metrics, a robust year, while then again naturally given also the external environment, still solid order intake performance, while we would have wanted that to be a little bit higher. With that, briefly yet the key points on our order intake performance, as already mentioned, EUR 5.9 million for the quarter. What's of course significant to recognize here is that as we step throughout 2020, we do see even a higher level of variation across the quarters at what we have seen before. This very much clearly shows to you the heightened uncertainty with which we've been dealing with this year, how deal timing plays out, and how customers' decision-making processes are working right now. Again, the consequent uncertainty that comes to, especially the end-of-the-quarter deal-making as customers are looking at their businesses and the changed business fundamentals in their own industries globally. As Klaus mentioned, we were pleased in the quarter with our expansion sales performance with our existing customers. This growth engine, as on the other hand, one would expect, even at times of heightened uncertainty, continued to perform really well, and we are pleased with our performance in the expansion sales with existing customers. Equally in line with the economic recovery we saw during fourth quarter in Europe. Of course, now as we come to the first quarter, and again, what has been happening with COVID-19, we can see that the circumstances again, relative to fourth quarter of last year, have to some extent changed. Again, the recovery we saw in the underlying economic activity, especially in the continental Europe in Q4, was clearly better and stronger than, for example, in the United States, again, providing us a better environment for deal-making. Still, not on a normalized level, not on a normal level, but slightly better in relative terms. With that, let us take a look on the net sales performance for the quarter. Overall, cloud revenues grew at 7% at our organic constant currency at EUR 28.7 million. Within that, as I already mentioned, SaaS growth continued, even though a little bit of a deceleration in the growth rate compared to the second quarter, driven by the fact that already at the end of September 2020, on a last 12 months basis, our order intake was basically down 20%. That clearly starts to have a slightly decelerating impact on the SaaS growth. As then also, what is a bit of a drag on the growth rate and is a bit of a deceleration momentarily is the churn, what we have commented related to the non-strategic contracts. Related to our transaction services, revenues decline at 2% at organic constant currency. In terms of the overall transaction volumes, during the quarter, we started to be closer to the levels what we've seen before. However, as the mix change relative to the charging models of pay-as-you-go and subscription, as well as then the mix across each SmartPDFs and paper continues to change, when we put all of these drivers together, we get to a - 2%, 2.1% at organic constant currency for the quarter. What I was saying, continuously encouraging our consulting services revenue performance, EUR 7 million in total for the quarter, up 2% at organic constant currency, especially when we put this revenue number into the context that our teams continue to operate fully virtual deliveries compared with the EUR 7 million or EUR 6.978 million of Q4 last year. Our consulting services revenues continued to perform well. Finally, to put a wrap on the revenue for the quarter, maintenance revenues at EUR 3.3 million, down 29% on an organic constant currency basis as expected. As we then look forward, we do expect that maintenance revenue declines will continue and even accelerate, and that is a thing that Klaus will comment further on as we go forward to the outlook part of the call. In terms of profitability, as already mentioned on the top sheet for the finance overview for the quarter, the four months very much in line with our expectations, EUR 1.2 million of operating profit for the quarter, EUR 2.7 million improvement on a year-to-year basis. When we look at gross margins, overall company level, 58%, a 5% improvement. Cloud gross margin at 68%, three points year-to-year improvement. That said, on a sequential basis, margins are basically flat. If it's then again, when we add revenue to the model from a sequential basis, the pull-through to the bottom line, obviously then works in line with the margin performance. As we're looking at the margins, it's flat on a quarter-to-quarter basis, and performance as such very much then in line with the operational pull-through from the increased revenues. Last but not least, related to the sales and marketing spending, sequential increase in the spending in line with our plan to gradually start normalizing our investment levels into demand generation. On the other hand, the reason we are still below from a year-to-year perspective is naturally that as we look at the amount of expense that goes, for example, into traveling and still in aggregate as we look at demand generation spending, we continue to be a little bit behind. That is something that we evaluate on a continuous basis and clearly also look forward to optimize going into next year. Related to our cash flow and balance sheet, cash and cash equivalents at hand at EUR 40.5 million at the end of the quarter, EUR 2 million sequential increase. What continues to be particularly encouraging for us is that our cash from operations continues to improve, now almost EUR 1 million for the quarter. Combined with the working capital improvements that we've continued to drive do provide us the EUR 2 million additional cash at hand compared to third quarter 2020. Finally, to be noted, within the quarter, we had EUR 2.3 million of outlays related to governmental payment deferral options that we had taken advantage of in the prior quarters. Now we still have, within the end of year cash balance at EUR 40.5, EUR 1 million to be repaid, related to these earlier utilized payment deferral options. Before putting a wrap for the full- year numbers, a brief comment on our free cash flow metric. For the quarter, we are now at -1.5 related to the free cash flow metric. As everybody can see, for the past quarters, we have clearly been on an improving trend. We did not exactly get all the way there, as we were also anticipating as we were in our third quarter earnings event. This is a metric that the company will now discontinue after 2020, and we will focus on cash from operations as a key metric to drive the business as it relates to cash flow. Year 2020, yet in recap before turning it back to Klaus on the outlook. As we said, our order intake at EUR 19.3 million, a solid performance still in the context of the environment where we lived, though down 20%, and naturally then has an impact going into next year. Again, in the context of the global economic uncertainty, we do see that EUR 19 million for the year still a solid outcome, though naturally, again, impacted very significantly all throughout the year by the COVID-19 pandemic. Revenue performance. Cloud revenues grew at organic constant currency almost at 10% for the year. That being 9.8%, as well as then consulting growing at 9%. When we put this into the context of moving into the virtual deliveries, in April this year, we see that our revenue performance for the year certainly was robust and provides us with a further strengthened platform to continue to build our business in 2021. Last but not least, as it relates to the execution of company strategy of sustainable, profitable growth execution, when we are looking at two key metrics being the operating profit of our company and the cash flow generation, we delivered a EUR 19.2 million improvement on our operating profit in the year and increased our cash balance at almost EUR 9 million for the year, which then from a P&L and balance sheet metrics perspective, again, provides us with a more robust basis, more healthy platform to go into 2021 to continue with our strategy execution. With that, I would like to turn it over back to Klaus. Thank you, Martti. What about the outlook? Let me dig straight into it because we're guiding on net sales and EBIT like we did last year. Providing meaningful and accurate full- year guidance these days is not the easiest thing to do, to be honest, especially as early as this in the year. We are only one month into the year, but we are trying to do it anyway. To give you a better understanding of how we think and why we guide as we do, I would like to share with you some of the moving parts, the quantifiable parts, as well as the variable parts that we have to balance in our outlooks. It's, of course, the parts that will affect our top line as well as our bottom line. We have decided to look at them in the way you see now on the slide. We have the business environment where needless to say, COVID-19 is still there. It will recover. It's, of course, just a matter of time. The question is how fast it will recover. Our current thinking is that it will recover, and be back to something much closer to normal situations in Q2. Of course, still to be seen. We have the general global trading activity, which has a direct effect on our transaction volumes. We are seeing growth again, but it's still volatile, and the mix continues to shift more towards e-invoicing, which in turn has a positive effect on our margins, but a drag on the top line. A drive towards more digital workflows and automations, that's there, and that will have a positive impact on our business. The question is, of course, only when we will start to see that really materialize in our numbers. When we look at the Basware-specific drivers, let's first take the known ones. We enter in 2021 with a slightly lower order intake from 2020 than what we've had the previous years. Revenue effect from churn of non-strategic business from summer 2020 will be in the numbers at least for the first half of the year. End of life for our legacy on-premise P2P solutions happens here now in January, and the estimated full-year effect of that is approximately EUR 10 million decline compared to 2020. That's approximately EUR 4 million additional decline compared to the decline that we had last year. The more variable ones, which can mean both tailwinds and headwinds. We have, because of the COVID-19 situation, offered extended support for a limited period of time for our on-premise customers. It's still to be seen how many of the customers will make use of that, so that can have an effect on the decline in maintenance that I just mentioned before. On a positive note, this year will be the last year we will have this. Going forward, the remaining maintenance revenue will continue to decline, but with significantly lower absolute amounts on a year-on-year basis. Then we have the more normal variables, like order intake size, order timing, professional services demand environment and timing, and of course, as mentioned, the transaction volume and the mix of the transactions that we are seeing. All of these are factors that will affect our net sales and that will affect our EBIT growth rates this year. Despite all the variables in our forecast models, we would like to give guidance for the full- year already now. We consider our guidance to be balanced and meaningful and as accurate as it can be at this point in time. Our guidance is modest positive net sales growth on an organic constant currency basis and EBIT approximately at the same level or better than previous year. We will, as always, provide more specific guidance if possible as the year progresses, and we gain more insight and certainty into our forecasts. Going back to where we started the presentation, the key takeaways for Q4 and the full- year 2020 performance. Strong financial performance for 2020. Business turnaround we initiated all the way back in Q2 2019 is now fully visible in our numbers and now also fully visible in the full-year numbers. Despite a very out of the ordinary year last year, we managed to continue our top-line growth and at the same time improve EBIT with more than EUR 19 million on a year-over-year basis. We closed new orders of EUR 19.3 million of new annual recurring revenues. All in all, a reasonably good year for us despite the unusual circumstances. With that, I would like to thank you for listening in, and then I would ask Ben to open up the questions- and- answers. For 2021, you discussed the uncertainties related to the market and why you have a bit looser guidance. If we look at your strategy period several years onward, you haven't provided clear figures what your targets would be. Can you open a little bit the logic behind that? Yeah, sure. I can continue, and then if we have sorted out the logistical challenges, Klaus, if you wish to add on. I think clearly, first of all, related to the long-term guidance, there's as such no mystique behind it. Clearly, the world we live in, again, our intention already in 2020 was, as we said in our Q1, actually pretty much a year ago, to organize a Capital Markets Day and provide an updated long-term model. Clearly, COVID world has changed our thinking and did change our thinking last year, and we see now that us as a company, we still continue to strive towards that 20% growth in cloud revenue growth. That is something that is still out there. While we have seen and we feel that now for us it's very important that we focus excuse me, on making sure that we maximize our performance in 2021. Last but not least, what I would add that immediately as we feel that we are on that stage, especially relative to the external environment, that it makes sense to have a Capital Markets Day. We absolutely will do so when we continue to provide an update as we go throughout this year on when we will organize a Capital Markets Day. Again, it's not if we will organize, we will organize one, but the timing of that is to be decided. Net net, now for us, we see that we do not want to have a Capital Markets Day and long-term targets discussion in the context of the short-term uncertainty, given that the variability can be quite high in the existing business environment. That's the very simple logic for that. There's a follow-up question from the web chat related to this from Lannebo. Asking, they didn't quite catch what the EUR 4 million that would impact growth negatively in 2021 was. Could you please repeat that? Certainly. What Klaus alluded to on that as we look at our maintenance revenue decline on an as-reported basis, 20 over 19, we have a EUR 6 million decline in revenues. As we currently look our projections for 2021, we see a EUR 10 million decline on that respective line item in our revenue elementals. Consequently, the EUR 4 million is the increased year-over-year reduction in EUR absolute values in that line item. Great. I think we could open up for questions on the conference lines now, please. Okay, great. Thank you. This is Julian Serafini at Jefferies. Hi, Julian. Two questions on behalf of myself then. Number one is in terms of the outlook for 2021, I understand that it's somewhat vague in terms of the modest positive growth. I guess what's the right way to think about that? I mean, is that broadly we're talking low single-digit growth? Is that probably the right way to triangulate it? Second of all, what do you need to just happen in the market this year to hit those numbers that you're talking about in terms of the guidance? I think, correct, Julian, when you're referring to low single digit, that's kind of the way we're thinking about that ourselves as well. Again, in the positive territory, but certainly low single digit. As it then relates to what do we need to get done to get there, I think we do need to start to see the deal-making relative to the larger deals coming back to more normal levels. Clearly, as we said in the guidance that we'll be looking forward that as we go in the second half of the year, the environment would normalize as well as we look at now first half of a year, kind of a more normal ARR performance as well as more normalized economic activity. That's kind of what we see in broad picture terms. Again, last but not least, as Klaus said, it is hard to say at this year exactly what would need to happen given that as Klaus took you through the number of elements influencing the net sales, it is quite broad and certainly many drivers that are in play at the same time. Hopefully, that gave you at least some color in terms of what would need to happen. Definitely. That's helpful, yeah. Then I guess the second question then, on the discussion around the partner programs, right? Can you touch on, are the economics broadly different for you when you go with a partner? Is it more economical for you to sell through partners versus selling direct, or is it broadly the same? I'd be interested to get your take on that. Hey, Julian, let me just play that back to you to make sure I understood the question right. Did you ask about the economics of the deals relative to the partner models? The partner model. Yeah. For sure direct sales and marketing. Yeah. Good. I got it right. Sorry, there was a bit of a hiccup on the line. That's okay. Broadly speaking, if we think about selling with advisory partners first, again, remembering that we're really talking about two different go-to markets. We have a sell with advisory partners model, and then we have the value-added reseller model. Selling with advisory partners, the direction where we increasingly wish to go and we are targeting to go, fully in line with what Klaus was saying, is that we see that in that model, the services piece is going to be, in the years to come, increasingly done by the partner. The economics in that is that, to simplify it, the software revenue is for us, and then again, the services revenue and the implementation revenue is for the partner. Again, I wish to emphasize that we certainly see a healthy consulting business for our company as well in that scenario because there will always be roles that we need to perform ourselves. As such, when we think about, for example, the price points on the software revenues, they do not differ at all whether it's direct or partner-led, or sell with partners. Then when we come to the value-added reselling part, basically that's then more, as it says, a value-added reseller contract where then again, the partner does the implementation and then again, we have a reseller agreement with the partner so it's more traditional channel sales kind of a model. Even in there as it relates to price points and margins, it does not differ that dramatically from the overall economics. Got it. Thank you. That was helpful. Thank you. Thank you. Our next question comes from the line of Sami Sarkamies of Nordea Markets. Please go ahead. Your line is now open. Hi, thanks. I have a couple of questions. Starting from guidance, I think you spent some time on that already, but could you still recap the headwinds coming from maintenance revenues and then the churn from non-core contracts impacting this year? Sure. On the maintenance revenues, again, the way to think about it is that there is approximately, based on our current outlooks, approximately EUR 10 million revenue reduction related to our reported 2020 maintenance revenue number. You've reached the maximum length for voice messages. Goodbye. Second of all, when it then comes to the non-strategic contracts, especially now for the first half of the year, we do estimate between EUR $500,000- EUR 1 million, depending how that will play out during the first half of the year relative to those contracts. Okay. On the EBIT guidance, you're seeing flat or higher EBIT. What are you assuming, thinking of costs? Are you assuming normalization of costs at some point this year, or are you being more cautious on that one? If I pick that apart, I talk mainly in the three elements of our cost base. First of all, when we think about travel and entertainment and that kind of spending, we are assuming that the current trend lines related to that activity continue. Second of all, as we are looking at demand generation activities and marketing spending, we have assumed a certain level of normalization within the spend. Again, when it comes to everything else, so that's our people spending, there we also expect a certain normalization during 2020. Okay. Moving into cloud gross margins, should we assume an improvement this year as you were planning improvements at transaction services or would those improvements come over time? I think, Sami, that is one of the questions that unfortunately we are not in a position to provide that much more color given how dependent that is now, exactly as you say, on the transactions revenue as well as then on ARR performance. Of course, what I can say, second of all, is that we continue with the laser-like productivity as well as service quality improvements that all already are targeted short-term to continue to improve our margin performance there. Again, the degree to which these initiatives are going to lead into a situation that we're going to be reporting gross margin expansion on cloud in Q1 remains to be seen relative to the revenue situation. Okay, thanks. Finally on order intake, can you talk about your sales funnel at the moment and are you seeing any normalization or recovery thinking of order intake in early this year? As usual if I start on the highest levels we are as such not guiding on our ARR, but what I can say and what I already said is that pipeline of larger deals of net new names coming into the pipeline is solid coming into the year. Also related to the pipeline now as customers are making decisions quite fast to one or the other direction that has material impact on the pipeline as well. Pipeline movements, Sami, I would say are also a bit more volatile as what we usually have seen in this kind of, or sorry, what we have not seen in this kind of environment. Net net to put all that together, we do see a gradual improvement in the pipeline coming into the year. Okay, finally on transaction services, what sort of revenue headwind are you seeing from digitalization efforts you're making? Yeah, I think that's an extremely tough question to answer because you've got not only the secular trend going in there, but you also then have now unfortunately influence from short-term economic activity ups and downs, and then that combined that how it's industry concentrated at industries move on. Certainly over the long term, we will see that our transaction revenues, the headwind on the paper-based and on the PDF-related volumes, especially on the paper, will be there. The quantification, unfortunately, Sami, is extremely difficult and is something that unfortunately I'm not in a position to give you an exact number right now. Certainly, the paper-based volumes we are seeing a decrease now and that obviously has an impact. Again, I think as we step through the year, we again will know a lot more as how the volume will be. Okay, thanks. I don't have any further questions. Thank you. Our next question comes from Matti Riikonen from Carnegie. Please go ahead. Hi, good afternoon. It's Matti Riikonen, Carnegie. I tried to ask some questions already earlier, but probably they didn't come through. Couple of things from my side. First about the gross margin improvement. You said, Martti, that you're not ready to comment on the cloud gross margin improvement, but what is happening with your total gross margin now that you anticipate to have the EUR 10 million decline in maintenance, which has had, of course, a high gross margin. What would you think would be the kind of group level gross margin change from 2020 to 2021? Yeah. I'll talk, Matti, on that on the level that we are in a position to talk about that given that we are not guiding on a gross margin basis, that that's exactly one of these things that we do want to maintain in our discretion in driving ourselves towards that approximately at the same level or better than prior year on EBIT. The way I would be thinking about that is, Matti, that clearly in terms of the total gross margins, because when you logically unpack that, you've got the cloud business there and then the remaining gross margin is basically highly influenced by maintenance. When you've got a EUR 10 million headwind on an element that is then most of the gross margin on the remaining, that naturally it has a decelerating impact or shrinking impact on that part of the gross margin. Again, the cloud gross margin development is going to be naturally as maintenance revenues decline proportionally even more important in 2021 on a go-forward basis. The math lies on our side. That's fair enough. Could you be a bit more specific about the transaction services? You mentioned that will be higher on your agenda to drive the network business, and that is, of course, understandable. Could you explain what you think about the positives that you can achieve with the SmartPDF solution and what it still requires from you product development-wise to get it really going? If that is the positive, then how can it be compared with the negative that Sami already asked about? If you are seeing a significant volume in the paper-based business, which has had, I would assume, high revenue but lower margin, how does that equation play out? Do you think that still in the cloud business, you would be able to make higher gross margin given? Let's not go to the SaaS business yet but if we talk about only the transaction services part of cloud gross margin. Let me check if we have the lines working to Denmark by now, and if, Klaus, you are on, if you would like to cover the product development side. I'm here. Can you hear me? Yes, we can. Yes, we can. Excellent. Let me try to answer that question. The increased focus that we are now putting in the network side is because we feel that there's untapped potential in the network. We've been so focused as a company for the late last years on our P2P and also our network P2P business. The network business has primarily been an integrated part of the network P2P business. The network-only business, for example, has not been given very much focus over the last couple of years. There is a sizable network-only business out there, which we would like to get a little bit more momentum in than what we have seen over the last at least two years. If you then look at what's our expectations on the SmartPDF AI, then first of all, the expectation is, of course, that when we get this at a state where it's general available, that we have a very super scalable solution to handle machine-readable PDFs. Which means that we can take new customers on board much faster, and we can deliver a quality level which is much higher than we have in our scan and capture business today. We can do that at a completely different margins than the margins that we have on the paper-based workflows, as you call them. There are two opportunities with the SmartPDF AI. One is to be able to take new flow and new volumes in there, and grow our margins by doing that. The other one is actually to start looking at volumes of transactions which we are already processing today, which we could process in this way instead of sending them through manual validation. That's a huge amount of documents and invoices which we're today sending through manual validation, which could technically run through the SmartPDF AI service. Of course, we could do that fully automatic, and we would be able to generate completely different margins out of that compared to the way we process these documents today. The whole new focus on the network side is very centered around the next generation of SmartPDF, because that becomes a cornerstone in the offering that we will have there. We will have the e-invoicing offering as we have it today. We will have unstructured documents, which is primarily PDF documents of any kinds, and we will process as many as absolutely possible through the SmartPDF AI engine. Then, of course, if it's images and stuff like that, then there is no way other than sending them through scan and capture. What I'm trying to say here is that there's two things that we're trying to do at the same time. First of all, introducing an offering which is non-existing in the market today to really, in an efficient way, handle PDF invoicing, and then moving existing flow from scan and capture into more software flows, and away from manual processing today. All right. That's very clear. About the timing of this to happen, do you think that it is going to be achieved during this year, maybe in the second half? Or do you think that it would be an easier thing happening in the first half? I think, no. I think it will take us a little bit of time to ramp it up because we're talking about high volume business here, right? We have, as I said in the beginning of the call, we have six customers running the solution live and in production. That's still a tiny volume that we're processing for six customers there. We need to get the operations set up and structured and in place for us to really be able to put volumes through that machine. I think realistically, I think it will be ramped up gradually over the entire year. Then, we will start to see really meaningful volumes going through that part of our services in the latter part of H2. That would be my best guess right now. We are still continuing of course, on the software development of the service. We are today only capable of handling header level information on the invoices. We need to get to a point where we can also, in a meaningful way, handle line level information on invoices. That's the next step that we're working on from a software perspective. That would then again open up for more volumes to be processed there. That's where we are. We still have two things to really sort out, and that's the little bit still of maturing on the software side and then getting the operations set up, which is very important because of the volumes we are talking about here. All right. Thank you. That's very helpful. One easy question. Regarding the new deals that you mentioned, the Ingersoll Rand and the extension contracts with a global industrial company, could you tell a bit more, in how many countries do you think you will be ramping up the service with Ingersoll Rand, or is it just one country at a time? Secondly, what does exactly the extension with this other customer include? Let me try to answer that. Without knowing all the details about the Ingersoll Rand deal, but I think that's very much a North American deal. What they're doing is that they do it in North America and primarily there. The big expansion deal we did with a European customer, is a completely different matter because that's an existing customer that had the Basware services implemented in one of the companies. They entered into now a completely global deal, where they're going to roll out the services in all of their subsidiaries across the globe. That's one of these sort of very typical global expansion deals that we have done a few of already now. I don't know exactly how many countries we're talking about here, but we are talking about a lot. All right. Thank you so much. Thank you. There appears to be no further questions. I'll hand back to the speakers for any other remarks that they may have. Thank you operator. We have no other questions either on the web chat. Would also just like to apologize to the participants for the disruption related to the audio links. Thank you for being patient and we finally got the questions answered. Maybe just to hand over briefly to Klaus for any concluding remarks. Well, thank you very much everybody for listening in. As you know, you're more than welcome to contact any of us at any point in time, if you wish to have any more detailed discussions about any of the topics that we have touched upon today. With that, I would just like to say thank you very much for listening in again this time.