Good afternoon, everyone. Welcome to Efecte's Q3 Earnings Webcast. My name is Tatu Paavilainen. I'm the Head of Investor Relations here at Efecte. With me today here is our Chief Executive Officer, Niilo Fredrikson, and our Chief Operating Officer, Steffan Schumacher. First, as a disclaimer, we may be making some forward-looking statements and have a disclaimer for that in the materials. As for today's agenda, we have 60 minutes for today's webcast. We'll start with remarks by our CEO, Niilo Fredrikson, and towards the end of the presentation, our COO, Steffan Schumacher, will also be adding some color on the go-to-market in Europe. After the presentation, we'll have the remaining time for a Q&A session. We have traditionally had lots of good questions and engaging Q&A in the webcast, so we look forward to all the questions that you may have. You can present your questions already during the presentation using the webcast portal's Q&A features. We'll take the questions then after the presentations. With that, I'll hand it over to Niilo Fredrikson. Okay, fantastic. Thank you, Tatu, and hello, everyone. Appreciate you joining in for our earnings webcast. Hey, let's get started right away. Let's ground also our Q3 results on what we actually do. At Efecte, we are the European alternative for cloud-based service management, and we help our customers digitalize and automate their work. There are three key promises we make, and those are about agility, experience, and TCO. The way our customers are using Efecte, the way they are digitalizing and automating their work with our help is through the Efecte Cloud platform. On that platform, we run three core offerings. Starting on the top left, IT service management, our original heritage and our original offering in this space, helping IT departments run better, keep track of IT support requests and IT assets, and so forth. In the recent years, a lot of customers have moved on using the Efecte platform also for managing different enterprise processes from HR to facilities management or finance services delivery. The most recent addition on our platform, the identity, governance, and administration offering, allows our customers to manage digital identities and access rights in a simple and easy way, which obviously in today's world, in today's environment is so critical for any business. As is the tradition, we start with what did we promise and how did we deliver against that? As all of you probably know, we've been consistently setting an expectation for SaaS growth. We've been promising that we grow the business internationally outside Finland, and we've set a certain expectation for delivering an EBITDA margin this year between 1% and 6%. Now, looking at our Q3 results, overall, I do think we did pretty well. On SaaS, we landed right where we pretty much expected ourselves to land. We did remark in the half-year report that we think that in the second half, the SaaS growth might be slightly slower than in the first half, and we landed at 21% SaaS growth, which I think was a good performance overall. The international SaaS growth was somewhat slower than in the first half. When you look at the reasons behind, obviously you break down SaaS growth into the different elements. There is what level of churn you experience, there is the expansion sale from existing customers, and there is new customer acquisition. As a combination of all those and a relatively strong comparison period, if you look at the numbers for international SaaS growth in Q3 last year, as a result of that, now in Q3, we landed at 26% international SaaS growth. As I remarked in the earnings release comments, we do believe, and we are quite confident, that towards the end of the year, international SaaS growth will start accelerating again. One of the things that's supporting it is the healthy pace of new customer acquisition that we continued to see, especially in the DACH region. EBITDA margin-wise, Q3 is typically our most profitable quarter. There are some seasonality factors related to accounting and accrual of vacations, which creates this phenomenon. Even discounting for that, given that we did increase, as communicated before, our growth investments. Despite increasing those growth investments, being able to deliver EBITDA margin at this level, I was definitely happy with that, even though our purpose definitely is not in the short term to optimize for profitability, but instead make sure that we do the right things, the right investments for the long term. Speaking of those, actually one thing that's not on this slide, but I felt quite good about was what we did recruiting-wise. We ended Q2 with a FTE number of 109 end of June, and now we are going out of Q3 with the end of September FTE number of 118. There is a net add of almost 10 FTEs and in our relatively small numbers, that's a quite significant add in one quarter, and that's testimony I think to our people and culture, because they're obviously at the core of our long-term success overall, and they are also the foundation for being able to attract new world-class talent into this team. That's something we are going to continue also now in the rest of the year. Switching gears a little bit from people to SaaS MRR. This is the waterfall we've always maintained. No big news here. You look at churn as being relatively consistent compared to what we reported in the half year report. The growth from existing customers, the expansion sales, keeps going in a really positive way. It's at the same or even slightly higher level than previous rolling 12 months. New customer acquisition continue to roll along as well. That said, there are some cases especially I'd like to name the reason, one of a quite significant public tender in Finland with the social insurance institution in Finland called Kela, where we did win the tender during Q3, but as communicated in the business review, we don't expect the revenue impact, which is the picture you see here, to start until later in 2022, Q4 2022 specifically. One special feature of Q3 was the exceptionally fast services growth, albeit against a very soft comparison period. If you look at what happened in Q3 last year, that was where some of the COVID impact was maybe the hardest in terms of a slightly smaller team and less demand, cautious customers. That wasn't a particularly strong services quarter, but nevertheless, the growth compared to that was significant at 28% year-over-year, and that's also reflected in the revenue mix. I do think this is probably the first time in many quarters that actually the relative share of SaaS went a little bit down. As you saw from the SaaS growth figures, SaaS growth continued. It was more a reflection just of exceptionally strong services growth. In terms of profitability, I think I already mentioned the main points there. Maybe just emphasizing that I think what we've seen so far in the profitability development is encouraging as it really proves the scalability and the unit economics, the sound SaaS fundamentals of this business. At the same time, as we mentioned many times before, our plan is not to keep growing linearly in terms of the profitability in the short term, as we think that there is a huge market opportunity at the moment. I mean, there are so many discussions every day in our target market in Europe, where customers are looking for ITSM, enterprise service management, and IGA solutions, and we are not part of those discussions. We are part only of a small subset of those discussions, and that's why we are continuing to grow our investment in the go-to-market to capture a larger share of that opportunity. That will also of course have an impact on the short-term profitability if you look at you know the following few quarters or next year. Talking about the SaaS fundamentals, LTV/CAC figures remained, I believe, exactly at the same level as reported last time. Recurring gross margin bumped up by 1 percentage point. Overall, I think just solid stuff where of course we do keep an eye on all the time just to make sure that things develop well. A definite highlight of Q3 to me was the Digitalize and Automate 2021 event, where we brought together almost 2,000 registered attendees to hear us raise awareness about European digital platforms and also Efecte itself as well. In a way, we are using every year this event as a platform for advancing our strategy. In that capacity, it also served not just as a way to bring together people in the Efecte ecosystem and a little bit outside as well. I mean, we had amazing speakers from companies like Sievo and Wolt and RELEX Solutions. It also served as a platform for educating our whole ecosystem and also prospective customers about announcements, about news around products as well as partners. Few of the product announcements that I do want to mention here. The first one is around all new Efecte Self-Service. The self-service portal, the self-service interface that we provide is the one most widely used amongst our customers. That's where the largest user base is. We are now in the middle of a major project of renewing that user experience and really upgrade it to the next level. Santeri, our product chief, showed some of the UIs and some of the direction there, which I found myself really exciting and I think an important part of our strategy. The Microsoft Teams integration as well as the new REST API both play a little bit in the same area around integrations. Like how do we make sure that our customers on one hand are able to leverage Efecte as part of their overall infrastructure of different IT and business systems? On the other hand, from a Efecte point of view, it's super beneficial for us to make sure that Efecte does maintain a central position in customers' architectures, as of course it makes the solution super sticky, and it provides more value for the customer, and they'll use more and more of it. Finally the modern IGA solution. I mean our IGA offering is already out, but what we are doing is adding some packaging and some productization on top of it, making it even easier for more and more customers in a faster way to adopt a first version of IGA into their use and kind of lowering the threshold of getting started. There will be more about that later this year. That's not all, I mean, we shared also how our AI features, the Effie and everything is developing et c. But I think in summary, I personally am very excited about the innovation pipeline that we have at the moment and how we are going to add value on the Efecte platform and for the Efecte customers in the coming quarters. Now, we'll now switch gears a bit, focus on the go-to-market piece. How do we bring all these current and future innovations into the hands of our customers and partners? For that, I'd like to hand it over to you, Steffan. Thank you, Niilo. Thank you a lot. Hello, everyone. My name is Steffan Schumacher. I'm the Chief Operating Officer at Efecte. Today I'm gonna give you a short market update and share some more details on our Q3 and year-to-date performance. You know, I always talk about what we focus on, and during Q3 we did what we have been doing the whole year and so on things that we know the best. We serve our customers to deliver a five-star customer experience, we sell and market our solutions, and we focus on kind of enabling our partner ecosystem across Europe. On these three things we focus every day, and we have made progress on all of these fronts. We did deliver solid growth in Finland and internationally. As Niilo pointed out, in Q3, we saw a slightly slower growth than before in international SaaS, but we do expect that to accelerate again towards the end of the year. As always also said, we delivered a very strong performance in services aligned with a very strong customer transactional NPS. Every time we do a customer engagement, we do ask for feedback from our customers, and that's something that leads us every day. I think one of the highlights of the quarter was also the customer commitment. A lot of our existing customers expanded the usage of the Efecte platform on multiple fronts. I think one of the things I wanna highlight as well is the new market execution. As you saw in the slide presented by Niilo about LTV/CAC, it does make sense for us to invest into our go-to-market. Our new markets business is one of our biggest investment this year and we do continue market research and have multiple partner discussions going on across Europe. During the review period, we added new partners in Turkey and opened the sales channels in the U.K. We do continue to invest in this expansion. We do continue in this expansion, and we continue evaluating new direct and indirect markets, not just in Europe, but also across EMEA. You know, us working through a partner channel and kind of evaluating opportunities, that's a long-term play. It will take us some time to find the right partners. It will take us some time to build up the sales model in these new markets. I'm very confident we are on a good track, and we continue executing on this day by day. I'm really excited where we are right now. We have a strong, talented team of employees. It's stronger than ever. We have kind of hired a lot of new talent into the company. We have great committed customers, and we have a great product that customers love to use and our team loves to sell and deliver to our customers. I'm really looking confidently into closing 2021, and then surely getting a really fast start to 2022 as well. I'll give it back to you, Niilo. Cool. Thanks, Steffan. We'll continue the dialogue as is usual when we get to the Q&A. I think it's really time to summarize it. No changes to the guidance. I think we are well on track to deliver what we promised for this year. There is a huge market opportunity. I think we've become even more aware than before of it. The market is growing and we don't see any end in sight for that market growth. Our LTV/CAC figures point to it making sense to invest in expanding our reach, expanding our go-to-market. We're going to do it by investments into our existing markets. We definitely have not hit the ceiling in any of the markets, even Finland, not to speak of DACH or Scandinavia. Steffan pointed to us exploring indirect new markets across the EMEA region, but also direct new markets, which we haven't done, you know, well, we haven't opened any new offices in a few years, but we are exploring if that would make sense at some point. There is also the inorganic avenue, where we have done very methodical work, and we will continue to do so. It's all part of the plan as we help our customers digitalize and automate their work and strengthen our position as the European alternative in this space. Now, the last thing I'll say before we go into our Q&A, I do want to just say big thank you to everybody working with us. It's really a privilege to work with such a nice group of customers, partners, subcontractors, and the whole Efecte team. Sometimes I think it's easy to forget that when we do this thing that now I don't even remember for how many quarters we have now grown in a row over 20% SaaS. It's, you know, since the listing in Q4 in 2017, and every single quarter since then, we've delivered over 20% SaaS growth. Somebody might say that it's borderline boring always doing the same thing. When you look at the numbers behind it, there are absolute numbers and euros, and there is a lot of work, great collaboration, everything required every quarter to keep doing that. For that, I do want to say a big thank you to everybody involved. It really is a pleasure to work with all of you. Now, with that, why don't we go into the most exciting section of this call, which is of course the Q&A. I would have had to say the same. That's always the most exciting part of the call, getting those authentic questions out of the internet. Yeah. The cool part of it is that it's not just on us, right? Yeah. We're only part of it. Yeah. It's also, you know, a little bit of accountability on our audience here. To get all the great questions out. We'll see in a second what we have for today. All right. Tatu, shoot it. We should. Let's shoot. Yeah. We already have a bunch of good questions here, and now is the perfect time to shoot some more. We'll start with the questions that we have here. Maybe first something that we already touched upon a bit, but could you elaborate on the reasons behind the slightly slower international SaaS growth? Yeah, sure. Thanks. Maybe just to recap the components of how we look at it, the kind of revenue waterfall risk comes from there is an element of churn always. Some customers leave. That's a minus. Then there is a plus from expansion sale from existing customers, and there is another plus from new customers. Of course, the relative weights of these buckets are somewhat different in Finland, where we have a long-term established business, and internationally where, you know, a larger weight is on the new customer acquisition. When we look at the sum of these things plus the relatively strong comparison period the year before. This is just how it turned out to be this quarter. I do want to repeat what I said earlier, and I think Steffan, keep me honest here if you disagree. We are quite confident that in Q4, towards the end of the year, we will see that international SaaS growth accelerating again. Mm-hmm. Confirmed. I do have the same confidence. Great. Good. Next question, also something that was quickly touched upon, but on investments in long-term growth versus profitability. Efecte has been able to maintain a relatively good profitability and LTV to CAC ratio. Wouldn't it make sense to reduce profitability and invest more in the long-term growth and sales? Yeah, I mean, maybe we'll break the answer in two pieces. Why don't you, Steffan, start with just commenting on the market opportunity as you see it across Europe, and then I can make a comment on the investment level. Yeah, I mean, yeah, I can definitely do that. As you said, the demand across Europe is strong for the solutions we sell. You know, we have been operating in Finland for quite a time, and our market share is, I think, the highest across Europe. But we haven't seen any. No, we still see solid demand and growth in and out of Finland. If you look at our European business across the board, I think we are just scratching the surface, even in DACH and Scandinavia. There's so much more opportunity to get just in the existing markets but also in the new markets when we kind of go either through partners or then, as you said, you know, researching also opportunities for direct engagement. I think we are not opportunity constrained, for sure. Yeah. Yeah, no, that's a good summary and really, I think it's about that just the share of the discussions and thinking processes customers are having for solutions like ours and the share of those that we are part of. Our intention is to increase our reach be part of a bigger share of those discussions. Back to the question, wouldn't it make sense to increase investments? That's pretty much what we've said that we are doing and we will be doing. We do expect that our profitability will be impacted towards the end of the year and next year somewhat by the increasing investments into growth that we started making in Q3, which you see reflected in the EBITDA development and that the impacts can be seen also elsewhere in our P&L. Great. Thanks. Next we have a bunch of questions about the partner motion. The first one being: How does Efecte ensure that its partners act in accordance with Efecte's benefits? Maybe you take that. Yeah, I mean, there probably is two layers to that question. One, surely we do have agreements in place, right? We are legally covered on everything that might be commercial or customer related. The second piece is then, like, how do we ensure that the partners work with us and we kind of have a joint good business plan in place? I think that's where just the kind of rigor comes in place. We do have a business plan with each partner. We have monthly business reviews. We look at the sales pipeline. We try to work together to make that work and kind of drive transactions through the partners. Because in the end, you know, partners, like anyone, they choose the partners they wanna work with based on if they like them, if that relationship works or not. If you can bring euros to the partner, you know, they're gonna vote with their wallet, and that's what we wanna enable. We wanna be the best partner, the most friendly partner in this space, and show our kind of Efecte values in those partnerships. There's part commercial, part legal, and another part is something you probably just need to kind of work through and make things happen. Yeah, it's actually excellent point there, kind of, you know. I mean, partners are people as well. Human beings. It's a little bit about the money, it's a little bit about you know, the legal and contractual frame, but it's also definitely about just the human to human and you know, what kind of way of working and culture and collaboration level. We are able to establish. As the European alternative, as you said, it's a really key element for us to be considered a partner that people want to deal with. Yeah. Yeah, you're right. I think a lot of, I'd also wanna once more come back to those values and to the quality of the team and people we have at Efecte. I think we have a world-class team across Efecte that also goes for our partner team, and it's just about every single interaction we have, you have with your customer or with your partner. When you bring things forward. A lot of many times when we have these discussions with partners, even in the phase in which we, you know, look each other in the eyes, it comes back to values and the way we operate and do we have a good fit? There we do a lot of investment and research. Before we go into partnerships. A bit of a long answer, but maybe there's a bit of more flavor on how we operate around that. Yeah. Hope that clarified. What do we have next? Good, thanks. Digging a bit deeper on the same topic. How do you incentivize partners to sell Efecte's products if the partner represents multiple competitive products? Yeah, I mean, first of all, you know, when you do partner selection and partner choice, you definitely wanna have partners that don't have tens of different competing products. You wanna try to find partners that, you know, work with one or two products on top of the Efecte platform. I mean, what makes partners tick, what makes us tick at Efecte, it's in the end if the commercials work out well, so they get enough margin of the Efecte business, they can build up a good consulting business, and it's fun to work with Efecte. Those three things make all of that difference. There's a commercial element once more, and then there's, I think, this element how easy it is to work with us, and I think that makes all the difference. You know, we as a European vendor, European alternative, we know what it is to operate in Finland. We know what it is to operate in Germany. We know what it is to operate in some of the other European countries compared to some other, for example, global vendors that do have global programs and global policies, and they don't bend if needed based on local laws, for example. Yeah, you're exactly right. If you allow, let me add one element for the benefit of everybody here. Something you've talked often about. Which I think is worth repeating also here, that in itself, a partner representing also competitive products is not necessarily a bad thing for us. Especially when we talk about entering new markets, what it means is that they do have an established reputation, established knowledge in that local market, in this space, and it just comes down to them also giving some attention to our offering. That's, in a way, the nice thing about being the challenger and being new. You know, even if we get our foot in the door, that's already good. That's more than, you know, not doing anything at all, and that's kind of the type of latter, the kind of stepping stones to establishing a credible presence in a new market. From my past, I can also recall these situations where we turned companies who were vendors for competitive solutions. I'm now referring back to my times at Microsoft where we, you know, for example, established partnerships with Cisco partners. Adopting, you know, Lync, Skype for Business, what is now Microsoft Teams. actually building the business almost like in a competitive partner motion. There are some similar things we've been doing there as well. Great. Thanks. Continuing on the partner topic. How do you manage the quality of the partners, meaning that the partner actually generates revenue and is not just a logo on Efecte's website? I mean, it comes a bit back to what we talked earlier. I mean, you know, we are here for the business, I mean, and the partner is there for the business. You know, we set annual goals, and then if you don't reach them, we look to each other's eye and say, "Okay, what's going on? Look, how can we help you to become more successful, and what can you do for us to be more successful?" Sometimes these things don't work. You know, you go into partnerships with partners and sometimes it doesn't fly, and it's time to kind of decide to go on separate ways. Sometimes it works. Many times it works, but I think that's the process. I would wanna say it's almost like a relationship, but I've been married for 20+ years, so. That's what we're gonna talk about in the next earnings call. Yeah Be sure to sign up. Yeah. Great. One final question, at least, until now regarding partners. How long does it take to bring a typical partner fully up to speed on acquiring and serving new Efecte customers? Or alternatively, when do you expect your first partners to be fully up to speed? Oh, that's a good one because there is definitely a cycle there, an onboarding cycle, and it does take time. We've been talking, that's a long-term motion. Maybe you can, Steffan, give a little bit more flavor to it. Mm-hmm. Yeah, I mean, there are three main phases, I guess, in any partner process. First is that whole partner recruitment. From the first contact to the part that they say, "Okay, let's do business together. That could be anywhere from 3-6 months. When that has happened, you basically need to ensure that the partner is technically enabled, and they have the sales trainings and sales enablement. That's anywhere from 3+ months. At the same time, you start to build that go-to-market plan and business plan, like joint marketing plan, joint sales plan, all of that, and that then takes another period. I think there's probably not one number I could say because there's so much flexibility and difference between the size of the partner and how much they can put in resources right away. I think there's not one silver bullet for that. Mm-hmm. Good. Good. Yeah. Next question. Could you give us some Oh, that was only the last partner question. Oh. I already thought I've exhausted the, you know, bucket of questions. But great. Yeah, yeah. There are still a couple of questions, and if you have any more, now is again perfect time to. We are here for you. ... to send them. Yeah. The next question. Could you give us some examples about possible M&A target functions and the size of the possible acquisition targets in terms of size and value? Yes. The inorganic plans which we sort of mentioned, but of course, you know, the nature of those activities is that, you know, either something happens or doesn't happen, so it's of course a little bit binary in nature. That said, it's a funnel type of thing, and we've been building the funnel and we do have a few priority areas. First of all, overall, I do think that the most natural acquisition target, at least the first acquisition target for us, would be a SaaS business that strengthens our platform. We do have a what I think is pretty well thought out strategy for how we evolve our product and also a couple of areas where we could benefit from strengthening the platform. I'm not gonna now mention very specific solution areas, but there are a couple which we have prioritized and in which we've started mapping SaaS companies in markets that interest us, which is, you know, as you can imagine, obviously, the markets where we operate in and plus some of the adjacent markets. That's where we are at the moment that we've been building pipeline. It's also, as you know, it's a relatively hot M&A market as it's a hot recruiting market. Like every market is kind of hot at the moment. What it means is that also it's a question of in which area can we find a target that meets our quite stringent criteria. As we talked earlier, we do want to keep the bar also there quite high. We are realistic about, you know, all the things in M&A that can go wrong. We do think it's a path that we don't want to exclude here as we are growing Efecte, building a stronger and stronger European alternative for the global goliaths in this space. It's a good tool in our toolbox. If anyone of the candidates that we built up in the pipeline turns out to fulfill our criteria and another big if we can get terms on valuation, which would, in our opinion, meet the expectations we have and to the benefit of Efecte shareholders, then would we only pull the trigger and move forward. Thanks. Yeah. A couple of questions on. Hey, can I actually add one more thing? I do want to. Go ahead. Sorry, Tatu. I talked about what I framed as the most natural first acquisition to strengthen our platform. Let's say a second priority thing, which we haven't excluded, but we are treating as second priority, is acquisitions that would help us expand our market presence in our priority markets. If I were a betting man, I would guess that more likely we would start with an acquisition in the product space, but we'll see what happens going forward. Thanks. A couple of questions on the employment market, which you alluded already a bit. The market for world-class talent has become more competitive. How do you ensure the quality of the recruitments? And on the other hand, how do you maintain a good attrition rate? Yeah, let's see. I believe here in the appendix. Oops. It's a pretty short appendix, I believe, this time. Let's not let that get in the way. To the actual question, I like the fact that attrition was also mentioned as part of that question, because when growing a team or growing SaaS revenue, there is always a plus and minus part, right? In SaaS revenue, there is the churn, which is the minus, and there is the plus from expansion sale and new customers. When talking about building the team, there is the minus from attrition from people leaving, and there is the plus from new recruitments, and I would also call the plus from existing people just growing and getting even better. We are really focused on optimizing that whole equation. Yes, we put a lot of effort at the moment into recruiting and making sure that we do get a healthy pipeline of candidates for any open roles. That's for sure a lot of work at the moment and a lot of focus. At the same time, we also I think that it's as important, even if not more important, to take care of our current team, which will pay big dividends in the form of our existing team being able to do even more going forward as all of us grow. We have a culture of growth here, where we try to help each other grow as professionals, as human beings. That's one part of it. Of course, then also typically when that is done well and people enjoy working in this environment, it also reflects in low attrition numbers, and we've been extremely fortunate now even in recent times during this year, where a lot of companies have seen attrition numbers skyrocket. We've maintained a really healthy low level of attrition rate, which makes me as happy as the success that we've had on the recruiting front. Thanks. Another question on the recruitment topic. In what areas are you focusing on recruiting? Product development or sales? Both. Short answer. Thank you. Might be the shortest answer today. I think, you know, sometimes not much more is needed. That's the simple answer. Good. Actually, one more thing to add there maybe is that as opposed to sales, on product development, there is more of a cultural outside Efecte but also inside Efecte that is not just our own direct team on our payroll, but there are also subcontractors in the product development space that we work with. So when you look at, for example, the headcount in product and R&D, it's not 100% reflective. Of course, there is a correlation, but it's not 100% reflective of the total investment as there is also the part that is made through the OpEx budget through subcontracting. Thanks. We still have a couple of questions left, but now is the final call for any further questions. I believe this is referring to the M&A discussion, and the question would be, as you said, the market is hot. Is there a lot of interest from other companies to acquire Efecte? Well, I guess probably almost any SaaS business will get these days approached. We have had some people approach us, but I don't think anything that would be of the scale worth really mentioning here. Lightweight approaches. At Efecte, our main focus is on growing this business. As I said, we are gonna grow Efecte organically. We are gonna grow Efecte, hopefully also, in some timeframe inorganically. Through the combination of that organic and inorganic growth, Efecte is going to be a very strong European alternative to the global goliaths in cloud-based service management. Of course, you know, one never knows what happens in the future. Maybe tomorrow somebody comes in with a massive pile of cash and makes a big public offer to acquire us. That's outside my control. We are 100% focused on just growing Efecte and acquiring organic and in some timeframe also inorganic growth into this equation. Great. Thanks. For the final question thus far, how have your customer satisfaction KPIs developed lately? Customer satisfaction KPIs. Well, you wanna comment on them more? Yeah. I mean, I can give a bit of flavor, and then maybe you can give a bit of flavor as well. I mean, first of all, how do we measure customer satisfaction? If you look at the whole customer journey from the customer first meeting with Efecte, and then us acquiring a new customer, us delivering the service, us delivering the support for the partners and for the customers, we do measure the customer interactions in every single piece. Every time there's a consulting engagement, we ask for feedback. Every time there's kind of a support case in our service desk, we measure that. Every time we deliver trainings, we measure that. Then on top of that, we have a kind of quarterly or annual customer meetings as well, where we look at the performance of Efecte to the customer, and we honestly ask feedback. We say, "What score would you give to Efecte today? If you would give a 2 out of 10 or 8 out of 10 or 9 out of 10, and what can we do to make you more successful?" I think that's, by the way, a really powerful question. We do measure that on multiple fronts. So far, this year on the transactional NPS, we've been trending strong. We've been able to kind of day by day and week by week and month by month be better than we were last year. I think we are on a good track there. I mean, our annual big survey that goes out once a year, and that's gonna go out again this year in mid-November, and then we're gonna hear even more feedback from the customers. I mean, we do love customer feedback. I mean, that's what makes us better, and that's why I'm involved with so many customers. I know, Niilo, you are as well in multiple steering groups and multiple meetings because that constant feedback and discussion makes us better and makes us to be that European alternative and driving the best customer satisfaction in the industry. We are not there yet, by the way, so there's still a lot of things to get done, a lot of things to get improved. First step of that is to kind of understand where those cracks are and where we need to improve. Yeah. Back to the original question. about the trend. I, I believe that, uh, or not believe, I know- the trend has been good. Really happy. Happy about that, and we will keep improving and getting better every day as Steffan pointed out. Yeah, it's. I mean, that's just one thing. You can never be good enough. You need to always push yourself to higher expectations because, you know, we are competing in the European League, so we need to be the best in Europe. Exactly. I just wanna make that point, as well out there, so you are never good enough. Yeah, I think that's part of the growth culture. right? The continuous improvement. Where today we are trying to be a little bit better than we were yesterday, and tomorrow we are trying to be a little bit better. ... than we were today. If we can keep consistently doing that, for a long period of time, it typically leads to good outcomes in every imaginable sense. Yeah. Power of incremental gains. There you go. All right. Thank you. I believe that brings us to the end of the Q&A session. All right. Fantastic. Hey, thank you, Tatu, for relaying the questions. Big thank you for everybody watching for the questions. Really love the dialogue every single time. I look already forward to the next one, which will be actually our full year 2022 earnings call, right? Have we already announced the date even? Yes. I believe it is on the 11th of February. Awesome. You can mark your calendars. The next show's gonna be