Dear participants, ladies and gentlemen, a warm welcome to Basware's Q4 2021 and full year 2021 results and webcast and conference call. I am Katariina Kataja, and I'm an investor relations manager here at Basware. Today, joining with me in the Espoo headquarters, we have CEO Klaus Andersen, and joining virtually our CFO, Martti Nurminen. Please note that we have a disclaimer statement in this presentation. Please also remember that you can ask questions all through the presentation, through the web chat, and after the presentation through the conference call lines. The questions may be also asked from this meeting room here at Espoo. With these opening remarks, we are now ready to start the quarter and full year presentation. I will now hand over to Klaus. Klaus, the stage is all yours. Thank you very much, Katarina. Good afternoon also from me, and thank you all for taking the time to join us here today. The key takeaways for Q4 is top line growth as expected, up 1% at constant currency basis. Recurring cloud revenues was up 8% for the quarter, absorbing the drop in our legacy on-premise maintenance and the slowdown we saw in consulting. Cloud revenues now 80% of total revenues, and cloud-related professional services was 17% of the total revenues, which means that almost 97% of our total net sales is now coming from the cloud. Order intake was back to growth. EUR 6 million of new ARR was closed in Q4, compared to EUR 5.6 million a year ago. Order intake coming from new logos grew with 36% compared to the same quarter in 2020, sorry. Our procurement offering is getting stronger and stronger, meaning that we are getting increasingly competitive also in this wider P2P space. During the quarter, five new logo customers signed up for the full P2P from the beginning. Most of the order intake this time came from Central Europe and from the Nordics. After strong Q3, we did not expect to see any new orders coming in from our APAC region, which also turned out to be the case. US closed two new logos, and the expansion business was a little bit more modest compared to what we normally see in the US. In the Nordics, Finland continued to perform consistently well, and Scandinavia had a great quarter, closing almost 6x as much in Q4 than in the previous quarter. Central Europe contributed with almost half of the order intake for the quarter. All countries in Central Europe closed business in Q4, including new logo business. The country that contributed the most to the order intake in Q4 was France. Auchan, the large French retail group, signed up for our cloud services, along with three other new logos from France. Camurci, a global mining company headquartered in Belgium, Grass Valley, a manufacturer of television production and broadcasting equipment from North America, SRV, a construction company from Finland, and DOF, a Norwegian subsea services provider for the oil and gas offshore sector. In total, 15 new logos from a broad variety of verticals were added to our customer portfolio during Q4. Let's dig a little bit deeper into the construction of the order intake for the quarter. First and foremost, it's nice to see that the order intake is back into growth. New logos contributed EUR 1.8 million, which is 36% up from the same quarter in 2020. Expansions was EUR 3 million, which is slightly down year-over-year, but we closed a very large expansion deal in Q4 2020, so we are wrapping around a very high comparison period. That was not the case this time. This time, the expansion order intake was made up of a good number of medium-sized and smaller deals. Transformations continued and amounted to EUR 1.2 million, an increase of EUR 350,000 year-over-year. Transformations that are coming in now are primarily customers sitting behind our reseller partners and what I call the second wave of our direct customers. With that, I mean customers who didn't immediately want to transition to our cloud services because they either went for an alternative solution or tried to use their ERP system to serve their AP needs. A number of them were not successful with that and are now opting in for our cloud solutions. Our cloud metrics were strong as well for 2021. Cloud revenues for the full year was 78%, up 5 percentage points from 2020. Our cloud churn rate improved compared to 2020. It's now at 4.2% compared to 5.8% a year ago. We though expect that the churn rate will continue to be around 5% for this year because I don't think we have seen the full effect of of COVID yet in the numbers here. Net renewal rate for the full year of 2021 remained at 104%, which is stable compared to the year before. Our LTV to CAC improved. It actually improved a lot compared to a year ago. A LTV to CAC ratio of more than seven is a really good number and is driven by our cloud gross margin expansion, the lower churn, and reduced customer acquisition costs back in 2020. Our LTV to CAC ratio is now so strong that it makes sense to increase our sales and marketing activities even further, which is what we intend to do this year. Gartner released their critical capabilities for 2021 in November, and there were no big surprises there really from our perspective. We again achieved one of the best scores for the finance-focused use case, which is the use case in which we play. The Gartner MQ for P2P Suites all covers several areas where we don't really play, which makes it difficult for us to achieve high scores in all areas. When it comes to the finance-focused use cases, it is exactly where we play. What was highlighted by Gartner again this time was our unmatched strength in accounts payable and invoice automation, our integration capabilities based on modern open APIs and the ease of integration to, for example, payment providers, our open ecosystem in general, but especially all the e-invoicing partners that we have on the network side, our so-called consolidation partners. More notable is the improvements we achieved in the purchase area. Gartner is now also clearly recognizing the improvements we have made in the procurement area, including the sophisticated way we manage supplier catalogs. Let's put Gartner aside for a moment and look at the things that we have brought to the market from a product perspective during the quarter. Smart coding of invoices has always been one of our core strength, a fundamental component to achieve a high level of automation. We are now taking this to the next level by introducing artificial intelligence and machine learning on top of our rule-based engine. The first version of this is already in our AP solution, and it's being piloted as we speak by 10 customers. This is one of the initiatives driving our touchless invoice processing vision and strategy. The interest for global e-invoice compliance continues to increase. What's required today and what's coming tomorrow is top of many customers' minds. It's a difficult area, and it's difficult for everyone to keep up to date in this area. We have therefore in Q4 launched our interactive compliance map on our website, a great tool for both customers and prospects to get up-to-date information about this ever-changing area on a global scale. Now to some well-known innovations which we are rolling out. Our procurement offering continues to gain momentum. We now have 129 customers with production usage, and the volume of purchase orders processed in Basware Purchase continues to grow. 33 existing customers added procurement on top of their AP services in 2021, and we signed 10 new logo customers for full P2P in 2021, and five of them signed up in Q4. A clear indication that we are getting more competitive also in the wider P2P space. SmartPDF is progressing nicely according to plan. The annual run rate is now 3.2 million invoices processed by SmartPDF or SmartPDF AI. That is roughly 5x the volumes we processed in the beginning of the year. AP Pro is approaching the final rollout phase with now four out of five customers using AP Pro as their primary user interface, and we expect that all customers will have moved to AP Pro at the end of Q2. During Q4, we launched for the first time in Basware's history an employee share saving scheme. It's a three-year plan where employees gets the option to invest parts of their net salary in shares during the first year, and after additional two years of vesting, the employees will get one share for every two shares purchased. Free matching shares are subject to continued employment at the time of vesting. A really great initiative that will further increase the level of alignment between employees and shareholders, and it will for sure positively impact employees' engagement, motivation, and commitment. With that, I would like to hand over to Martti Nurminen to take us through the detailed financials for the quarter and the year. Good morning. Good afternoon. Let us dive into the financial key takeaways of our Q4 performance, and at the end, I will also briefly take you through our fiscal year 2021 key financial performance outcomes. First, order intake back to growth at EUR 6 million, as Klaus said. Total net sales in line with expectations, almost EUR 40 million for the quarter, and very importantly, continuous improvements in profitability. Operating profit at EUR 1.5 million for the quarter, clearly ahead of the Q4 of 2020. Last but not least, especially in the context of the business environment, where we continue to operate, our cash performance was strong. We ended the year with EUR 31 million of cash at hand. As already said, cloud order intake for the quarter was back to growth. New logo execution was particularly strong, but equally, to reemphasize, expansion performance for the quarter normalized for the substantial mega deal signed in Q4 2020 is the highest on the record. That reflects the broad-based execution as well as robust performance of our value delivered to our existing customers. Equally, partner influenced order intake for the quarter performed well, now at approximately one-third of the Q4 ARR, almost EUR 2 million. Finally, growth, as Klaus also alluded to, particularly strong in Scandinavia, Finland, and France, really leading the charge in Q4. Turning to net sales, overall, our revenue performance was as expected, EUR 31.6 million of cloud revenue and EUR 8.4 million of non-cloud revenue. In terms of cloud, the growth on an organic constant currency basis was 8%. That is a slight deceleration on a sequential basis, mostly driven by cloud revenue, where the decline is mostly driven by prior-year comparable. Underneath the covers, slightly ahead of our expectations, SaaS and transaction services growth did not decelerate to that extent, that we saw coming into the quarter. A slightly stronger ending for the quarter and for the year with both SaaS and transaction services growth actually slightly accelerating sequentially. In terms of our consulting business, clearly seven quarters of order intake decline from Q1 2020 to Q3 2021 is having an impact, as well as then the strategic role of partner implementation in this business. Consequently, we did decline in consulting revenues for the quarter. Finally, license... Maintenance and license business declining in line with our expectations on a continuous basis, now down 57% year-over-year for the quarter at EUR 1.4 million. In terms of profitability performance for the quarter, we did continue to deliver robust performance. Total operating profit, EUR 1.5 million for the quarter, is 26% more than what we delivered in Q4 2020 at EUR 1.2 million. Gross margin performance was flat for the quarter, driven by customer success management-related increased spending in line with our strategy of churn mitigation. Sales and marketing expenses increased for the quarter, mainly driven by increased level of investment in the demand generation. As before, R&D expenses increased for the quarter, mainly due to the higher level of amortization of previously completed development projects. Finally, G&A expenses for the quarter were down, mostly driven by incentive costs. Overall, strong profit performance also in Q4. Turning to cash flow and balance sheet briefly, we had net change in cash and cash equivalents a +5.3 in the quarter. This is mainly attributable to changes in working capital, this time mostly due to payables. We are ending the year with EUR 31 million of cash at hand, which is ample liquidity to execute our strategy. Finally, on a point of transparency as always, we have a remaining EUR 0.9 million of payment deferrals to be repaid by the end of 2022. Now, let me please summarize on our 2021 financial performance. First of all, order intake at EUR 17 million for the year is down 11%. However, clearly, especially what we saw in the first half and even to an extent in third quarter and still slightly in Q4, clearly we have a situation whereby all throughout the year we had heightened uncertainty in the business environment, mainly driven by the pandemic. Equally, let us remember that we did sign a very large deal with a US fast food chain in Q3, which due to the ramp up structure of the contract is not reflected in our order intake. Finally, we did get back to order intake growth in Q4. On revenues now at EUR 153 million, up 1% for the year. Cloud representing 78% for the year, up 5 percentage points on a year-to-year basis. Strong EBIT performance at EUR 7.1 million, EUR 2.5 million ahead of 2020 or 53%. Finally, as announced in Q3, we executed the refinancing transaction substantially lowering the cost of our debt and yielding a minimum cash benefit of at least EUR 12 million for the remaining three years at that point in time of the maturity of the respective debt facility. Finally, a strong cash position of EUR 31 million, which adjusted for the negative EUR 15 million attributable to refinancing transaction, of which first EUR 10 million was attributable to the early prepayment penalty of the facility as well as transaction costs, and the other EUR 5 million is pledged cash. Still obviously visible in our balance sheet as other receivable. But when considering EUR 31 million plus that EUR 15 million on a normalized basis would put our cash position into plus EUR 5.5 million for the year. In conclusion, our financial performance in 2021 represents our systematic, consistent, disciplined execution of our strategy of sustainable growth and profitability, and thus yielding a robust operational and financial foundation for us all at Basware together with our customers and partners to focus on accelerating growth in 2022. With that, Klaus, I would like to turn back to you. Thank you, Martti. Let's dig a little bit deeper into how we see the outlook for the year. Our outlook for 2022 is based on a number of assumptions, some external and some internal by nature, and a series of active decisions and initiatives. Overall, we assume that the business environment will continue to gradually improve. We have seen some normalization, whatever that means these days, but we assume that the business environment will be more stable and more predictable in 2022, and that it will improve even further during the year. We expect some pressure on our operating costs coming from inflation in general, but more so actually from labor cost. We started to see that already last year, and we expect that to continue in 2022 to some extent. Our legacy maintenance business is expected to continue to decline with approximately the same rate and pace as we have seen in 2021. When it comes to the areas where we actively decide where to focus in 2022, we have carefully considered where we are as a company and how we see the business environment evolving during next year. We've been working diligently on our operating scalability over the last years, and we are at a point now where our cloud margins are on a healthy level, and so is our scalability, which means that we can cope with increased business volumes in a very meaningful manner now. We started to increase our demand generation activities and the spending in the latter part of Q3, and we continued in Q4. We see positive results from that now in our pipeline, which combined with our expectations that the business environment will continue to stabilize and improve, means that the timing is right now for us to further increase our sales and marketing capacity and drive order intake growth. We will gradually increase our sales and marketing capacity and spending in 2022 and in parallel, continue to improve our efficiency. The magnitude of the increased spending depends on whether we get the return on the investment we expect. Our focus on scalability and operational efficiency remain, and we are aiming at further margin expansions also in 2022. Investments into customer success will also continue because with the size of the recurring cloud revenues we have now, keeping the churn rate low is fundamental. As we all know, it's important also for expansion sales success. Expanding our partner ecosystem is a core component of our partner strategy, and we will continue to make room for implementation partners because we strongly believe it's an investment that will drive growth both midterm and long term. The consequence of that is that we will have to accept that our own professional services business will grow with a slower pace than the order intake could indicate. All in all, we have a very clear picture of what we will do this year and what we are aiming at. With that, I will move to what that actually means from a guiding perspective. We aim at order intake growth between 15% and 35%. Net sales growth between 3% and 6%, and EBIT between EUR 7 million and EUR 10 million. The way you should read the guidance and the correlation between the different elements is, first of all, that we're guiding for growth. An order intake towards the right end of the interval would drive net sales also to the right of the interval, depending, of course, on the timing of the order intake and the deal structures at the end of the day. It would also drive the adj. EBIT towards the left side of the interval. That's because we would continue to fuel our sales and marketing activities in this scenario. If the order intake would be more towards the left, then the net sales would be as well. EBIT would then be more towards the right, because we would slow down our investments in especially sales and marketing capacity in that scenario. That's how we see the inter-relation between the different elements in our guiding, and I hope that gives you a little bit of flavor in our thinking behind the way we guide this year. Thank you very much for your attention, and I would now like to hand it back over to Katariina to open up the mics for questions. Yes. We are now in the end of this presentation, and we are open and ready for your questions, and we can start taking the questions from the room. The first question comes from Matti Riikonen from Carnegie. Hi, it's Matti Riikonen, Carnegie. A couple of questions. First of all, now that we have seen quite a bit of fluctuation in the size of your consulting business, how do you think that we should kind of position our estimates for the future in consulting? Do you see that there's still kind of more consulting to be done by external partners and less by your internal resources so that could we anticipate that perhaps the consulting business would decline revenue-wise going forward, assuming that the greater share would be done by external partners? Or do you think that it would be rather stable or even growing? How should we think about that? Yeah. It is and as I have talked about previously, it's actually an area that is just a little bit difficult to really predict and guide on. Our expectations is that our professional services will continue to grow. It will grow more modest than the order intake might indicate. The whole thinking is that we will create room in a balanced way for our implementation partners to grow their business because we strongly believe in that midterm and long term. That will generate business to us midterm, long term. That is then the compromise you would have to accept, that you will not grow your own professional services business with the same pace as the cloud revenue. What we expect is still the professional services business to grow, but a little bit more modest than the cloud revenues. All right. Thank you. About the order backlog that you showed in Q4, did it include any larger deals? Q4 did not include any sort of mega deals as we tend to call it and have talked about it before. The order intake there was made up of good-sized medium-sized deals and relatively well spread over all the regions that we're working in, and all the sectors that we're working in. Right. Thanks. Then, when you talk about the transformation customers, when you have split up the order intake, how did you describe the second wave of direct customers? I think I missed that point. Okay. What does it actually include? What type of customers do you have there? Just to clarify that exactly, we're talking about on-premise customers running our legacy software solutions, and the transformation is moving them from where they are today to our cloud solutions. That's what we're talking about. When I said the second wave, I meant customers who actually said to us in the beginning here that, "we want to use this opportunity to try to do something differently. We do not want to go with you to the cloud. We will try to see if we can." Typically is to try to see if they can solve their AP requirements with a plug into their ERP system or something like that. Some of them tried other vendors and tried to see if they could do it that way, and that is what I call the second wave. We are now seeing more and more customers coming back after having tried, realizing that it didn't really work for them. Now they are signing up for our cloud services. Right. You're basically classifying that the how did you make the wording? The not net new customers, but the ones who basically extend their current contracts, they are already using the cloud services. Then when you record your order intake in that bracket, it basically means that you are ramping them up in maybe some other countries or just extending the service, but they are already cloud customers. Completely correct. Whereas the transformation customers are really using the old versions, and then they are basically converting. Completely correct. Okay. Good. How would you describe the current sales pipeline and the composition of it, both in geographic terms, large and small, or customer size terms, or old and new client terms and procurement invoice automation terms? What's the kind of pipeline that you're looking at? I can give you a little bit. Many aspects, of course, but. I can give you a little bit of guidance on that question, but normally we don't go to that level of detail with sharing with you exactly how our pipeline looks like. I think first of all, it's important to note that what I said also in the, as part of the presentation here, that we started to increase our level of initiatives on the demand generating side already late Q3 and in Q4. We're seeing a good effect from that as we speak. I think your next question was around the size of the deals that we are seeing in the pipeline and so on. I think a very encouraging thing that we start to see in the pipeline again is the really big deals. They're coming back on the table, and they are showing up in the pipeline, which is interesting, I would say. When it comes to geographical distribution around the different services we have, I would say it's relatively balanced. So, the geographical distribution is sort of relatively well balanced all over the regions that we work in. From a solutions perspective, it's. Of course, we see more procurement opportunities in there, but it's the main weight is still networked AP, for sure. All right. Good. A technical question. When you booked the large order in Q3 and it was not in the order backlog, what will happen now when we move forward? Will it be part of the reported order backlog before or in stages? Or will it kind of move to revenue without being in the order backlog at all? So- If that happens, how will you communicate that? It will be visible in the order intake going forward as and when the different tranches of services are signed up. It will be visible. Right. Are you able to communicate that so that its share of the order backlog would be transparent? Because now when we have implicitly taken it into account in the order backlog for Q3 last year, so that we would avoid double counting. That's how you- So, um- How can you do that? Let me have a think about that. It's a level of transparency as well that I have to think about whether we can do. I'll take it with me back that question. All right. I think that was all from me for now. Thank you. Thank you, Matti. Now as we have no other questions from the room, then we can open the conference call lines, please. Thank you. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name is announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero two to cancel. Currently, we have one question lined up. That's from the line of Shezad Okhai of Pinetree Capital. Please go ahead. Your line is open. Hello. It continues to feel like there is still a gap between the cloud order intake and the subsequent growth in cloud revenues. You know, I know we've spoken about this a little bit before, but if we look at your guidance for 2022, it looks like you're forecasting cloud year-over-year cloud revenue growth of maybe 12%-14%. Sorry, EUR 12 million-EUR 14 million, I mean. So say from 120 million to about 132 million to 134 million. This lags your cloud order intake of EUR 20 million. Now, I understand the gradual buildup of customers in years one, two, and three as you've disclosed, but even when you account for gross churn of, say, 5% and you account for that customer build that you've disclosed, there still seems to be a gap. I continue to struggle to reconcile the cloud order intake figures relative to your year-over-year cloud revenue growth. You know, have you looked at the cohort of, say, cloud customers that you signed in 2019? Are they actually progressing along this, you know, 25%, 50%, 100% type of growth that you've disclosed? This is a question we can hand over to you if you are still there. I am. However, Katariina, Klaus, could you reiterate the question? Unfortunately, the line is extremely bad. I could not understand about 95% of the question. The question was actually around the pull-through of the order intake and the reconciliation of previous years' order intake and the cloud revenue growth for this year and that the question was if we could explain a little bit more how that works and how that should be reconciled. Yeah. Understood. Overall, the level of dynamics we have in our cloud order intake and then the related cloud revenues has not materially changed over the period of the last two years. Basically what we are saying that approximately 25% in the first year and a further 50%-60% in the next year overall, generally speaking, still holds true. Second of all, relative to 2022 growth expectations overall on revenues, as previously communicated, the fact that our cloud order intake has been declining between first quarter of 2020 up until the third quarter of 2021 certainly then has an impact into our cloud revenue growth also now here in 2022. Last but not least, what I would say is that naturally the bigger the cloud revenue base becomes, also the role of upsell and cross-sell, as well as the role of the 50% of the network business which is still transaction-based, as well as then what we are calling overage fees also in our SaaS business is becoming bigger and bigger. As the base really grows, this transaction-based revenue as well as then additional and overage fee-based revenue, which is not cloud order intake to a certain extent, is starting to have a bigger role. When we put all of those things together, overall we see that the revenue pull-through profile from the cloud order intake is relatively unchanged compared to where we have been before. Are there any other questions from the lines? Yes, we have one further question in the queue. That's from the line of Felix Henriksson of Nordea. Please go ahead. Your line is open. Yeah, hi. It's Felix from Nordea. I have a couple questions left to be asked. First, it's been some time now since Alwin came aboard as the new Chief Revenue Officer, so I just wanted to understand a bit on what's been the biggest learning since he joined the company and also the concrete measures that you've now implemented to improve sales execution aside of just raising sales and marketing spend since the latter part of Q3. Let me answer that one, Martti, and then you can add on afterwards. What we actually increased since the latter part of Q3 is primarily our demand generation initiatives and spending in that area. I would say what we have very clearly seen after we got new leadership in on the sales side, which I actually also think is part of why the numbers are as they are for Q4, is a much more sort of diligent sales process and follow-up on everything. Then of course the bigger changes which we also sort of talked about when we had the webinar back in the beginning of December, which is more structural changes and bigger process changes and so on, is sort of starting to be implemented, right? We are talking about the way we run our territory planning territory management is being changed and it's being implemented in the organization now. We're talking about the setup we have on our business development reps, which is being turned into a global setup, run out of Amsterdam. We're talking about separate team handling renewals. We are talking about the setup of also the way we run our pre-sales. Martti, is there anything here I forgot? Then you could please add and add a little bit here? I think, Klaus, overall that covered the key areas. Nothing to add to that. Felix, it's important to understand that that is not yet fully implemented. We are sort of in the phase of fully rolling it out. I expect that to be fully implemented at the end of Q1. Right. Thanks. In terms of just sort of scalability and operational efficiency, you're still talking about that you're you know obviously planning to expand margins this year. Perhaps if you could provide a bit more color on what the key concrete measures are in terms of sort of scalability improvement and margin expansion this year. Is the sort of 1-2 percentage point expansion in gross margins that you've been sort of guiding on in the past still a valid assumption for the future? I would say it's a matter of already identified activities that we can implement. I could give you a flavor of that, where the biggest ones are we still have some optimization to do with a couple of data centers that we can move and gain sort of real cost savings by doing that. That's one area. Then we have another area which is now being possible for us after we have the SmartPDF at a stage where it is now, and that is to actually start more aggressively move volumes from Scan & Capture to SmartPDF. That would immediately have a positive effect on the margins. Of course, we have the entire area that we call serviceability. How much time do we spend in our support organizations to support our customers? Of course, there's a number of things there that can be done towards making more things as self-service for the customer so they can do it themselves or actually preventing that they need service at the first time from our side. I would say already with the identified activities that we have and that we're working on, I think we can positively impact that. To what extent it will be possible to do exactly, I think there I have to be a little bit sort of weak in the answer. We've always said that over the long term, I think, a percentage points or maybe even 2 percentage points is absolutely within reach. Of course, there's an upper limit to how far we can get this. Oh, now something happened on my screen. I don't hope I lost anybody in the call. A very easy answer is yes, we can expand on the gross margins as well going forward. We can do that this year, 2022, and we can also do even more in 2023. How far exactly we can get it to, I think is a little bit more difficult to say. The only thing I can see now is at least the more business we get on our systems, the better for us. Okay. Thanks for that, Klaus. That's all for me. Thank you. Currently, there are no further questions from the phones at this time. Okay. Thank you. Then we can move to the questions from the chat. We have two of them. The first one is kind of similar to what Felix asked in the beginning, but there is another question which might not be answered yet, and it comes from Damian from Pinetree. Alwin has been here for a couple of months now. What areas has he identified for improvement? You plan to increase sales and marketing spend. What are some of the specific increases you have targeted? Then you spoke about doing it only if it makes economic sense. Could you elaborate on how you analyze this and make the capital allocation decision? Yeah. I would say our focus on efficiency also in our sales organization remain. All the activities that we have been working on also before our new Chief Revenue Officer joined us in September will of course continue because there is more to gain from that. It absolutely continues. I think what we have started to do, as I said before, is primarily around the demand generation activities to generate pipeline. What we will very much focus on from a sales capacity perspective is actually feet on the ground. We need more people, salespeople actually on the ground to actively sell our solutions in the areas where we work. We are doing the initiatives that I just briefly talked about before, and I forgot one, very important one. Sorry about that. Our BDR set up, our renewal set up, but then also what other companies call inside sales, and we call it corporate sales, will also be set up as a separate team to handle the long tail of customers. We will have a much more sort of streamlined and focused territory all the way down to the individual AE that the individual AE will work with. Then it's relatively easy to answer the last questions because of course, you have to take the investments a little bit before you expect to see the output, and the output is order intake, of course. There are many, I would say, lead indicators and so on where you can get a fair sort of idea of whether you are getting return on investment for your investments or not. Of course, there is a little bit of time like that. I would also say the models we have in place and the tools we have and the way we handle our pipeline, our early stage one pipeline and stage two pipeline and so on is much more thorough than it has ever been before. Good. Thank you. Then, Veikko-Pekka Silvasti from Danske Bank asks, The reason behind slower growth in consulting services is that you are giving a bit more business to the partner network in order to drive cloud growth in the long term? That's completely correct. Yes. Final question from Antti Luiro, Inderes. Are you seeing any difference in deal win rates with your own sales versus partner influence? Also, have your win rates been developing over the last six months, or how they have been developing during the six months? Normally, again, here it's not something we in a detailed way share about exactly where win rates are and so on, because there's so many different ways of calculating that, so it's very difficult to compare it company by company. The trend that I see. First of all, yes, when we have especially partner advisory partners involved in the deal-making, the win rates are high. They are higher. That's a really good thing. Then if you look at the trends on the win rates, I would say based on Q4 this is trending in the right direction. I'm leaning a little bit back to sort of how much did we actually lose in Q4 and so on, and there was, it was very little, I have to say. It's actually trending in the right direction. Good. It seems that we have no other questions either from the chat, so I would say that, thank you very much for questions from the room. Actually we have one still from the room, so let's take it from Matti. Hi, it's Matti Riikonen, Carnegie again. Klaus, when you talked about gross cloud order intake and the churn rates, I think you mentioned, or did you mention 5% churn that you would expect going forward, and what was the reasoning behind that? As I said, in 2020, we had a churn rate of 5.8%. That included some of the churn that was what we have previously called active churn, so non-strategic business that we decided not to renew, so that was part of that. The churn rate for this year or 2021 doesn't include that much of that, a little bit, but the churn rate in 2021 was 4.2%. That's a very good metric to have around 4.2%, and what I'm saying is that I don't think that we have seen the full effect of the pandemic and COVID with all companies out there. I think from a numbers perspective, I think we will see some of that in the churn rates next year. I don't expect that we can keep the churn at the same level as what we have seen last year. I don't expect that. I think the churn will go up to something circling around 5%. That would be my best guess right now. Okay. Thank you. That was clarifying. That's all from me. Thank you, Matti. We have one additional question in the chat from Damian from Pinetree. Cloud gross churn rate is defined as the total amount of cloud revenues lost during the period divided by the total cloud revenues at the beginning of the period. Could you confirm that this does not include contraction from existing customers, and what would that number be, including contraction? Martti, is that a question for you or do you want me to answer it? Can you, Katariina, repeat? Unfortunately, our line is really a hiccupy one to this direction again. Okay. Hopefully you can hear me now better. This question came from Damian from Pinetree, and he asks, cloud gross churn rate is defined as the total amount of cloud revenues lost during the period divided by the total cloud revenues at the beginning of the period. Could you confirm that this does not include contraction from existing customers, and what would that number be including contraction? Yeah, certainly. That really means that it is the lost revenues from lost customers. Downsell as such of within the existing customer space is not within that number. As it relates to then downsell and upsell numbers, at this point in time, those are not something that we as a company disclose. Yes. Thank you, Matti. Thank you. We have no other questions from the chat, and I guess not from the room either. That means that we are in the end of this, Basware Corporation's Q4 2021 and full year 2021 results webcast and conference call. Please remember that this webcast has been recorded and will be found from the investor relations sites later today. You're also very welcome to ask additional questions also afterwards by sending them to ir@basware.com. For now, we thank you very much for joining. We wish to see you soon again. Thank you very much and goodbye. Thank you.