was to accelerate our Ambition 2025, the execution of our Ambition 2025 strategy, and also to deliver a second to none customer experience. The desired user experience, faster time to market. Actually, the time to market has dropped drastically when it come to the loyalty feature, when it come to the DCLM, when it come to call center functionality. We have retired more than 40% of the legacy product offering. During the migration, we did not migrate like to like. We have done a lot of product rationalization for GSM, non-GSM, and fixed line as well, so we have reduced the number of product by 40%-50%. And also we have reduced the customer onboarding time, mainly for the postpaid and corporate customer. And also we have increased the loyalty adoption. We have one of the biggest loyalty platform right now in Uganda. Hello, good morning for all, and I hope you enjoyed this short introductory video. Thank you for all joining to this Tecnotree Q3 2023 Results Publishing Session. My name is Timo Holopainen, and I act as a moderator during this session. For the start, a few practical details related this webcasting. This session will be recorded, and recording will be made available in our website for those persons who are not capable to join today. I hope that this recording is okay for you all. The session has the following parts, and the duration of this webcasting session is 45 minutes, and we hope we can reserve last 15 minutes for the questions and answers. First, our CEO, Padma Ravichander, will present the key operational highlights, and then our CFO, Indiresh Vivekananda, will present the numbers in more detailed level. After this, we have this question and answer session. And please note that you can write down the questions on your screens, on the box, and all the time during the session. And I hope that we will have a plenty of questions, and we target to answer as many as possible, during the questions and answer session. So with this short introduction, I once more welcome you all, and I will now hand over the presentation and speech to our CEO, Padma Ravichander. So please, Padma. capabilities that we have honed in on this quarter, ensuring that we would continue to have stable growth going forward. Our order growth has been EUR 31 million for the Q3, but year-on-year, the growth has been 34%. A large of that growth has come from new orders in Africa, Middle East, this time even in Europe, and Padma, can you Yeah? Are you muted or? I'm not muted. Okay. Can you hear me? Can audience hear Padma? I can. Can, somebody from audience to confirm, like, in activity feed, is Padma audible? Hello, everyone. Can you hear me? Am I audible? You are audible now. Yeah, please go ahead. Shall I start again? Maybe I was not audible. Maybe you start again. Okay. That's great. Well, welcome to Q3 Financial Results of Tecnotree. I'm happy that you're able to join us today. Thank you, Timo, for the introduction. I want to definitely tell you that we have had a record quarter in terms of order intake, and a good amount of deliveries have happened to our customers this quarter, enabling us to have a stable growth going forward. We recorded EUR 31 million in orders, and a 34% growth year-over-year in terms of order backlog, totaling to about EUR 78 million in order backlogs. Much of the new orders have come from Middle East, Africa, and Europe this time. I will talk a little bit about the quality of the orders shortly. We also grew 7% in our revenue to EUR 21.4 million. A lot of the revenue has definitely come from annual recurring revenue and some new licenses we have been able to place with our customers. We have had a healthy operating result of 23% growth despite tough situations in the market, in terms of geopolitical situation and, you know, the inflationary pressures that we are seeing in various economies. We continue to post a very healthy operating result of EUR 6.2 million, and our EBIT margin was 29% this quarter. We did have a constraint in terms of cash collection. A large amount of that is mainly due to hyperinflationary pressures, in some of the regions that we operate, but also in terms of foreign exchange, and the ability to convert cash, in some of the geographies. We are continuing to work on this particular aspect of our business, and later on in my presentation, I will talk to you about a strategy where we are trying to strengthen and bring in more stability in terms of our revenue monetization, as well as in terms of our cash collection process. So just wait, till I get to that side of the presentation. In terms of shareholder equity, we have done exceedingly well, a year-on-year 9% growth, and today it stands at EUR 81.6 million in terms of shareholder equity. I also want to highlight a number of new wins that we have had. One of the biggest wins we have had is Telenor Denmark and Sweden. It is based on the work that we have done with Telenor Finland. We are consolidating and improving the quality of value-added services for Norway, Denmark, and Sweden, based on the existing relationship that we have with Telenor in Finland. So that's certainly a good door opener and a healthy, you know, rebound of an existing customer. We have several other wins. All of these wins that you're seeing here, both in Asia-Pacific, Middle East and Africa, are all for large telecom operators who want to move to a digital platform. Operators wanting to migrate from being a telco to a techco requires them to improve their, stack and standardize their ability to offer new services and new technologies on their platform. Tecnotree certainly has had a good share of that new business coming in. The other important highlight I wanna bring to your attention is our investment in CognitiveScale acquisition, definitely brought in 114 patents for us, and we are now monetizing those patents. We have been recognized by MarketsandMarkets, which is a very leading analyst firm in North America. We are ranked number four for autonomous AI/ML capability, just behind Google, Microsoft, and Amazon, and Meta. So basically, just above OpenAI and NVIDIA. So it tells you that we are definitely being considered among the leaders in the North American market for both, autonomous AI/ML capability, as well as embedded Sensa Fabric on our platform. We also won the Diamond Badge from. This quarter, we won the Diamond Badge for API certification. We are number one in the world in terms of TM Forum API standardization, and we are also recognized for customer experience in the Excellence Awards by TM Forum. We have also a number of other recognitions, top two in the world in terms of revenue monetization capability. This is by a Canadian analyst for our billing and charging products on our platform, and also diversity and inclusion recognitions globally. So it's been actually a very, very busy quarter for Tecnotree in Q3. I spoke earlier about last. I think the last quarter, we talked about strategic investment focus areas, and today I wanted to give just an update on how these three areas of focus: business expansion, corporate and financial focus, and investment in new product and technologies, has continuously beared good results for us. And I will give you a report card just in my next slide on how focus on these three areas has definitely improved our ability to attract new customers, win new orders, and increase our revenue. While I give you the report card, I also wanted to tell you that we will continue to strengthen these three key areas of investment going forward. Definitely focus on more strategic acquisitions, lead our presence in North America, particularly in the United States and Canada, and strengthen our existing presence in Europe. We will also have a very focused expansion target in APAC. We are building a good pipe of opportunities there, and there is an opportunity for expanding our footprint in APAC and in Europe. In terms of corporate financial focus, we will definitely consolidate our investments in the CognitiveScale, the AI/ML, and the Sensa Fabric integration. We currently are focused in applying the AI/ML capability, not only for our telco stack, but also on our fintech stack to bring credit rating capability, goal optimization capability, and also for healthcare in our Moments platform. We will continue to focus on using AI/ML internally within the company to transform our own business model, and I'll speak to a little bit to that as well as we go forward in this presentation. Finally, we continue to invest in embedded AI on our telco stack. A lot of our existing customers and new customers really see this as a differentiating value proposition from us and are very keen to work with us to better their own customer insights, experience, and goal optimization, and lead generation capabilities. We will also continue to invest across cloud, IoT, and OSS capability to strengthen our platform and deliver a Tecnotree Marketplace to our customers. In terms of what we have achieved in Q3 in these key focus areas, if you look at the acquisition of CognitiveScale, this acquisition alone and embedding the Sensa AI/ML fabric into our platform very quickly and rapidly, has yielded us several new customers with new opportunities in the area of healthcare. Yeah, one of the African clients, in terms of an MNO opportunity, we've had FinTech opportunities coming our way. We have new Tier 1 telcos in Canada, Brazil, South Africa, Denmark, Sweden, and Norway, all being brought to the table because of some of the AI/ML KPIs and KRAs we are able to demonstrate to help their lead generation and help their business monetization capabilities for their own businesses. If you look at our investments in AI/ML, cloud, the BSS VASP consolidation areas, our investments in R&D for healthcare, FinTech, and OTT, you can see that many of the customers now, the telco operators, want these services and capabilities in these adjacent markets and see this as a differentiated offering and potential that Tecnotree is able to bring on the platform, so that they can easily integrate their enterprise offering to their customers with these technologies. Certainly, all in all, these investments are starting to bear fruit and also diversifying our customer portfolio. AI/ML alone, I wanna stress, is not only bringing new customers to the door because of the excitement around the Sensa Fabric, but it's also helping us deepen the relationship with our existing customers who want to add this on top of the existing platforms to increase their own, business acceleration and productivity gains within their companies. In terms of the delivery footprint that we were able to achieve in Q3, more than 50% of the orders that we have bagged in Q3 have annual recurring revenue, which is more predictable. In other words, customers are paying up front, and then they are also paying either a monthly revenue or a quarterly revenue fee, so for us to continuously improve the stack operationally and from a business perspective. We celebrated 11 deliveries in Q3. It's quite an impressive track record for Tecnotree. I've been here myself, 13th year this year, and I have to tell you, we've never had this many parallel deliveries happening simultaneously. And that is mainly because we have had a product-led thinking to our platform, and we have automated more than 250 use cases on the platform. But most importantly, more than 70% of the 250 use cases are all configurable. So very quickly, they can be deployed into any market, configured very specifically for client requirements using our low-code, no-code capability on the stack, and thereby, their ability to go-live is a lot sooner and a lot faster, and they are able to experience the digital capability of the stack very quickly. Today, as we stand, we have 352 product features that have been added in Q3 alone on our digital stack. When you look at the quality of the backlog, about, you know, I would say roughly the whole backlog is about EUR 78 million, and in that, if you add the EUR 9.9 million and the EUR 32.4 million, more than 50%-60% of the backlog is annual recurring revenue. Some of it is new revenue, some of it is existing orders that we have to retire. And then we have some new orders, and then there is existing delivery backlog that is sitting in the pipe. If you also look at this global map, you can see that our delivery is now expanding in the geographies that we work, and our annual recurring revenue across these geographies are also expanding. Now, what does this all mean to our customers? You saw in the video today, one of our very important key customers talk about business impact the Tecnotree platform has played in their markets and for their customers. Definitely, the product-led approach is optimizing a lot of time to market for them. They are able to get to their customers a lot faster with lot more newer and competitive services. New product updates, which used to take weeks for them to perform, are delivered in five minutes on the stack. The overall cost of owning the digital stack has been reduced because a lot of the technology that we use are open source, and they're not license prone. And then the billing process, you know, when customers have hundreds of millions of subscribers, to complete a bill cycle would used to take days, are now done in a matter of hours. 5-6 hours, the bills are out to their customers, and they can start, you know, collecting the revenue. So in terms of technical benefits, of course, it's open source, which means the TCO comes down. We are the number one company with 59 standard APIs, which means integrating our stack to other applications in the customer site becomes very easy and standardized. All our operators operate on a single code base, which means we can maintain the code, and our R&D costs are more efficient. We have reduced the integration time by 66% on the stack. And we have several new modern features for zero-touch deployment. This is one of the key features we exhibited during COVID. We didn't have our people traveling, but we still continued our delivery, and we are continuing to improve these types of capabilities in terms of self-healing, zero-touch deployment, AI/ML-assisted dashboards, in which very high amounts of recommendations are made to the customers before a problem arises, how that particular problem could be solved, or how a customer request can be addressed by the stack, even before the customer is about to make the request to the operator. So many, many good business benefits have also been added into the stack. What has this all done to us? It certainly created a different mix of customer profile for the company. It was not long ago, maybe five years ago, when the two leading customers, Claro and MTN, represented more than 80% of all the revenue that the company earned, and definitely for both investors and customers, our customers who come first, this was definitely a risk in terms of dealing with Tecnotree. Today, I'm happy to say we have diversified the portfolio, and we have more than 28 customers on our stack, and the, what I call the legacy customers, which is our really old customers who have been with us a long time, continue to buy from us, continue to use our platform, are less than 50% in terms of revenue that they bring in, compared to the new customers that are using the Tecnotree stack. The other important observation on the second part of this bar chart that you can see, is that our annual recurring revenue on the stack is definitely increasing significantly compared to license and traditional project delivery models. So this is definitely a good trend in terms of a healthy outlook and growth for Tecnotree. Finally, I talked about the business model transformation. It is quite evident when you look at our results, that the one concern that we have, and it's an economic and global concern, and we are not isolated in terms of you know, the geopolitical situations that are emerging, particularly in the Middle East and in Europe, and continue to cause concern for all corporations in terms of cash and availability of cash, foreign exchange, inflationary pressures, et cetera. We are relentless in terms of how we can, telecom. Before I go there, telecommunication is an essential service. Whether there is war or there is peace, everybody needs to communicate, everybody needs to interact and be more digital than we have ever been before in terms of how we engage with each other. So clearly, it's an essential service, and the opportunities for us to improve the quality of that service is definitely there in terms of growth potential, and it's one of the industry, it's industries that is growing quite rapidly in terms of the industry growth of about 14% average CAGR, even in these tough times. But however, if you look at some of the challenges we have faced with our business model, is that our business model, the way we used to do deliveries within. from Tecnotree, for large clients, would take 24 months; for small clients, would take anywhere between 8-12 months. And during that process, the cash collection takes a very long time. You know, you get drip feed of small amounts of collection, and then you have, you know, long gestation period before the product goes live, and then the customer is able to start paying us. We, with the high level of productization, I talked about 250 journeys, out of which 70% is fully automated and configurable with low-code, no-code. I talked about quarter-on-quarter, we are increasing the number of features. This quarter alone, we have 300+ new features we have added to the stack. All of these things have made the stack highly productized, highly automated in terms of how we can deploy it and stabilize it, at the customer environment. Now, we are changing our business model in a way where instead of going through the traditional process of, you know, understanding the customer requirement, modifying the code to meet the requirement, doing the integrations, testing it, and delivering it over 12-24 months, we launch our stack into our customer, either as a cloud service or as an on-prem service within 6 months, and we go-live. We collect cash immediately and recognize revenue. Then we have a new business model, which is a very agile business model. It's called DevOps, where we provide a customer success team that works closely with the customer and their businesses to continuously inject new types of services that the customer has to take to market. Therefore, that team will continue to work in the customer environment in this automated low-code/no-code environment to offer new services that they can take to market and monetize. Their own ability to become digital becomes faster. Their ability to offer new services on the stack becomes more predictable for them, because every two months they can deliver new features. Our ability to monetize, in other words, collect cash when we go-live and start on a monthly recurring revenue capability for the DevOps service, the customer success service that we offer, also stabilizes. The. And the other important thing is, today, because of this long gestation process of 12-24 months to deliver a project, we are not able to take on multiple projects. With the highly productized product, we are now able to have several more parallel projects. I talked about 11 deliveries this quarter. We are aggressively looking at growing that capability of number of deliveries going live in a year, more predictable and more faster. And technology today is at a place where this can happen. And therefore, our revenue growth should improve, the quality of the revenue should improve, and because of this productization, do once, deliver many times, the cost of building and serving a customer reduces, which means our profitability should improve. But most importantly, very quickly after six months, we get into a monthly recurring revenue plan, which means that should help us be more predictable in the way we collect cash. And it's also easier on our customer because they wouldn't have a large capital outlay and, you know, different types of capital outlay coming out. They will have a significantly smaller capital outlay they will make upfront, and the rest of it would be monthly OpEx that they would have to pay to us. So the capital investment reduces, and it becomes more an operating expense, which is more manageable on a monthly basis for the customer. So this is the concept of a monthly recurring revenue model. It is good for the customer because it accelerates their automation and their ability to become digital and monetize on the stack and build their revenue. It certainly stabilizes Tecnotree's ability to deliver more revenue, more customers, at the same time and increase our revenue, but more importantly, also, make our cash collection more predictable and standardized. We're also using a lot of our own AI/ML Sensa Fabric to achieve some of this transformation, and I hope in the coming months, and years, and quarters, we can talk more about, this model of working. So this is the internal transformation we are going through, and I wanted to just give you a sneak preview of what we are trying to do in terms of stabilizing the business. I will stop here. I will welcome Indiresh to continue to give you the financial outlook, and then we can take on some questions. I'll come back and summarize, and we can take on some questions. Thank you. Indiresh? done EUR 1.4 million in this quarter, which is about 7% higher. And as of YTD in this year, we have done EUR 56.2 million. As you can see, I've given a comparison in the last four years, which has been the highest in the last four years at EUR 56.2 million. The EBIT, which is earnings before interest and taxes, we clocked 6.2 in this quarter against 5 in the previous year. And YTD, we are at EUR 16 million, which is also substantially higher than in the previous year, but slightly lower than what we achieved in 2021, and much higher than what we achieved in 2020. Financial expenses and taxes, they continue to hurt the company. This quarter, I had to take nearly EUR 3 million of financial expenses and taxes compared to EUR 1.7 million in the previous year. That brought my net income to EUR 3.2 million, against EUR 3.4 million in the previous year. And year on year, we are at EUR 8.8 million, slightly more than what we achieved in the previous year. The cash collections from my business operations was at EUR 11.9 million, which was substantially lower than EUR 21.9 million, what we did in the last year. And YTD, we have collected EUR 43.4 million, which is almost similar to what we did in 2022, and substantially higher than what we did in 2021 and 2020. Order received, as Padma explained, we had a very good quarter this year. 31 million is the new orders, what we got in the current quarter, and totally we had EUR 62.6 million. We had to do a lot of catch-up in this quarter, which we were able to do substantially in this quarter. The order backlog, which is the orders which are on our hand to be delivered, we are at EUR 78 million, which is substantially much higher than any of the period we had any time in this country. The earnings per share, we are talking at EUR 0.01 in this quarter and about EUR 0.03 YTD, which is same as what we did in the last year. Now, I will come to the revenue and the collections over a period of three years, quarter-over-quarter. As you can see, we are doing pretty well on the revenue side of it. This is the highest revenue we had in any quarter in the last 3-4 years. However, the cash collection seems to be highly volatile. As you can see, you have different towers. In certain quarters, we get a very high cash collections, and in certain quarters, that will be slightly lower. And this is probably what the Padma was explaining in her last slide, where we need to stabilize this and bring it to a more uniform level. Then I'll go to the focus on the operational cost optimization. As we have already know, that foreign exchange is one of the major impact that affects my income in the company. The operating result, on the other hand, we are doing fairly okay. We, we are at 29% in this quarter, at EUR 6.2 million. While the net income is slightly lower than what we achieved in the previous year, and what we achieved slightly lesser than what we achieved in Q2 of the current year as well. The risks continues to be that the central bank restrictions in some of the current. In some of the geographies where we work, even though the customer will be willing to pay, but there are bank restrictions for him to repatriate the money. And again, unstable geographical and economic situation in some of the customer countries where we work. We called out Nigeria as one of the countries where there is a huge currency volatility and in certain hyperinflationary economies where we work. This mitigation is an ongoing activity. We keep talking to the bankers. We are trying to get some swap facilities. We did get a little bit, but we are moving ahead with that, and hopefully we'll be able to mitigate this or minimize these Forex issues. Then on the asset ratios, that's the current ratio. We have a healthy 5.3 times my current ratio. And this is something where we are all interested in the account receivable aging. As you can see in the graph, I have EUR 30.9 million to be received, and we did have a provision of 2.6 as the receivable. 26% of my receivables are not at due, and 34% of my receivables are less than 90 days, which means that 60% of my receivables are less than 90 days. However, the cost of concern is 17% what I have over one year, on which we have made a EUR 2.6 million provision. And at this point, I want to call out that in the last few years, we never had an occasion to write off any debt from the customers. As all of us know, we have customers who are the Tier 1 customer telco operators, but the problem is collecting from those countries, which we are slowly mitigating. And wherever it is absolutely necessary, we think that this could further get delayed, we make adequate provisions as per the accounting standards. Now, I'll come to the balance sheet. The balance sheet, we have intangible assets. These are the products which are both internally developed and some of which we have acquired. Our trade receivables continues to be EUR 33 million. Other receivables, mainly, these are all the unbilled, the real estate deposits, advanced taxes, which are to be recoverable in future or adjustable in the future period. We also received EUR 14.1 million convertible debentures in this quarter, and we have non-interest-bearing liability and an interest-bearing liability also. This is the debt which we took for acquiring our U.S. business. We have a trade payable of about EUR 12 million to be paid to our vendors in the normal course of business. Now, on the SID, the scheme was launched on June 22. 431 notes amounting to EUR 100,000 each was subscribed. EUR 14.1 million has been collected to date as per the agreed terms. A consortium of shareholders have agreed to invest in 200 notes. We made a stock exchange release this morning, and the remaining 90 notes is expected to be received as per the agreement by completing the scheme. On the prospects and risks, we had given a guidance. We have not changed the guidance, but we have narrowed it further as we come closer and closer to the year-end. On the revenue, we had 7%-15%. We are tracking now to 9%, so we are keeping the guidance between 9%-13%. The operating profit earlier, we thought it will be between 10%-20%. Given the good performance, what we have done in the first three quarters of the year, we are confident to narrow it down to 15%-20%. The cost rationalization, what we have spoken about, is on track, and we expect the cost rationalization by 5%-7%. Cash recovery, this quarter, we did face some challenges. However, we are not reducing the bottom guidance. We are still keeping from 12%-14%. Assumptions are continued growth, short-term impact on EBIT, benefits of cost rationalization and foreign exchange rates to be expected at approximately at the current levels. Key risks: we have the geography-specific inflation, we have customers in hyperinflationary markets, customer diversification and geo expansion. As we say, we follow the sun. We have right from Asia back to Latin America, we have customers in different countries, different cultures, and different geographies. Cost optimization plan, we are planning to do more of remote deployment. In certain countries, even traveling becomes a little bit challenging as we mature our products. So we'll enable it to do more of remote deployment, which may bring down my traveling cost and also ability to deliver faster. We are looking at investment to retire the large order book and productization, investment in AI/ML, Fintech, OTT, which are required for diversification from BSS pure play. We are going to move into that. Product maturity, resulting in faster deployment cycles, which Padma already explained. Improved margins through value-based pricing, clear inorganic growth, and diversification strategy. On the cash collections, I have already called up the risk of what we have, and the mitigation is to focus more on the organic and inorganic growth in developed economies in North America and EU and Middle East, improved product readiness to reduce the payment cycles, and empowering the treasury to do more financial instruments. So this is what I had, Padma. Now, I'll hand it back to you for your wrap comments. Am I? Okay, I hope I'm audible. So finally, I'd just like to leave you with these thoughts, in terms of why Tecnotree. I've covered a lot of this. The size of the market, in terms of growth, it's a $60 billion industry for OSS and BSS, and as I said earlier, it's tracking at about a 14% CAGR. There is a lot of favorable tailwinds for operators to become digital service providers in these markets with flexible cloud and infrastructure models, and also opportunities for them to embrace AI/ML to move from being a telco to a techco. And therefore, there's steady amount of capital investment that's being set aside for this transformation journey to continue, and we stand to benefit from it. In terms of customer demand, we are already seeing a transformation within the company where we are attracting a good amount of new customers from new markets, and with our traditional customers, we are able to upsell more capability because of the automation of our stack, and also the AI/ML capability, the Moments capability, the fintech wallet capability, are all requirements for an operator to become more digital. To address the billions of subscribers that are already on our stack from a B2B2X perspective, I think our opportunity for revenue monetization and also increased annual recurring revenue growth are definitely possible based on the current customer demand. In terms of differentiated technology stack, I talked about a product-first led thinking that we have institutionalized in the company today and ensuring. Definitely, the TM Forum Diamond Badge recognition as world's best in terms of standardization of the stack is a very telling testimonial of how the product, productization and the R&D investments are being deployed in the company, and how that is helping us differentiate our stack with many people journeys, the patents that we in AI/ML, and then the configurability with low-code, no-code type framework, so that we can deploy faster and, you know, bring a go-to-market for our customers a lot faster than our competitors are all very good differentiations. Finally, we do have a very attractive revenue growth potential. We are growing, you know, quite accordingly to the growth opportunities that are seen in the market or telecom addressable market. You know, our market cap has also grown significant over the last 5 years, and we have added a number of new customers to our portfolio. Finally, compelling margins is what we've been able to deliver to our shareowners. A 36% EBIT over the 5 years in terms of EBIT growth, and a 40% year-to-date revenue growth in ARR are all very telling about the product maturity and the company's overall strategic focus in terms of building out more and more shareowner equity. If you look at the shareowner equity in 2018, it stood at -EUR 7.7 million, and we have now grown to EUR 81.5 million in Q3 of 2023. So with that, I'd like to conclude and pass it on back to Timo for answering any questions that you may have. Thank you very much. Okay. Thank you so much, Padma and Indiresh, for very insightful information. And, as Padma said, now is the time to go to this question and answer session. And, Padma, I leave you to the decision power to who will answer to the questions that you- Okay. Yourself or, or Indiresh We try to take as many questions as possible, and maybe at the first comment a little bit that, a little bit. to comment in the discussion that we should be more active in the different forums, like in the Inderes Forum. And we can say that we are very happy that there is a interest and discussion on around the company, and that's very good. And we have reacted that. Please note that we have started these webcasting sessions. After every quarter, we will want to join with you and share the information that what we are doing, what is the situation. In addition, we went to the Nasdaq Open Doors event. We were presenting over there, and we were ready to take the questions. We had a stand over there, so we did that. In addition, I will comment later on that we will go to the investor fair in Messukeskus that is coming in November, and we have Padma speaking there again. And as well, we have a stand over there, and we will be there and answering to your questions, and I welcome you all to discuss with us on the stand. But saying this, then maybe we can go to the questions, and now we can start from Valtteri Rossi from Danske Bank. And the first question sounds like that, "In the 2023, year-to-date revenue from new customers has exceeded revenue from the legacy customers. Please, could you clarify, what do you mean about legacy customers? What we mean is our traditional customers. I thought I covered this in my presentation, Timo. You know, not long ago, I would say even 4 years ago, more than 80% of our revenue came from our top two customers, MTN and Claro. And today, we have 28... 27 to 28 new customers on the stack, and I truly believe that we have changed that revenue mix quite significantly with the new logos that we have acquired. Okay, thank you. And, the other question is that orders at record level. We have orders at the record level again. How much of it is from core business, BSS deliveries, and how much is for the largest two customers? Actually, the new orders are new customers, mostly. There are some orders with our existing customers, both Claro, MTN, MTEL, Mauritius Telecom. There are other customers. Telenor is an existing customer of ours in Finland, but a lot of the orders are from new customers that have joined Tecnotree with wanting the digital transformation to happen. We also have orders from North America for healthcare and for fintech, which are all new customers for our AI/ML business. And now we are getting orders for MVNOs who are small operators. They are sub-brands. Some of it are operators that have set up sub-brands through licensing of spectrum licenses. Others are new entrants into the market, and these require everything. They want, they want our digital stack, they want our fintech wallet, they want it to be on cloud, they want the AI/ML capability to target and generate good leads on their platform, and they want Moments-type capability to have OTT play to the B2B2X capability. So we are seeing a good mix of opportunities in our order pipeline. Okay. Thank you, Padma. Still one from Valtteri, that now we see the growing annual recurring revenue, and it's now EUR 24.3 million. So, can you clarify a little bit more that where this annual recurring revenue is coming from? What are the sources? Is it the traditional BSS or where it come from? A lot of it is traditional BSS revenue, and it's a mix of old and new customers. Okay, thank you. We have some questions from Roni Peuranheimo from Inderes, and the first one sounds like the cash flow was very, was again, rather, rather low in quarter three. Could you elaborate what were the factors behind this, and how confident are you that you can improve this during quarter four? I'll request Indiresh to, maybe elaborate that. He did in his presentation, but maybe more clarity. Indiresh? Sure. Thank you for the question. As we explained, the geographies where we operate has the banking problems. The customer is not a problem. Customer is a $14 billion company, company, and the countries where we operate, we do have a problem. So what we have done is we have adopted couple of thing. One, we have tied up with a European bank who are going to give us some sort of a swap facilities where I can repatriate faster, and I do a forward contract with them so that the risk of foreign exchange mitigates. The other one also, we are exploring with some of the customers, where there is a delay, to get some sort of what they call as a SLBC, standby letter of credit, SBLC is the standard term they use, to see that whether we can repatriate the money faster. The problem is not with the customer, but with the thing. And also, as we expand our business into different verticals, like Europe and North America and the Middle East, the product mix or the revenue mix, as it comes down from these difficult countries, my cash flow also will increase substantially. So this is the plan, what we have as far as the cash flow is concerned. Okay, thank you for clarification. I think so then, then we have an additional question from Roni, that you have received only EUR 14 million out of the EUR 43 million you were supposed to receive from CCD. So, so can you elaborate a little bit that what is behind the transaction of transferring these debentures to other party? And, when do you expect or expect to receive rest of the, rest of the funds related to CCD? Again, I'll defer this to Indiresh. Indiresh, please go ahead. Okay. So, thank you again. The total subscribed amount was EUR 43 million, and EUR 14.1 million was received in this quarter. The agreement, the board has given time to some of the larger subscribers to defer their payments for a time which is agreed between the board and the subscribers. While I cannot exactly give when is this money is going to come, but I can say that substantially these monies will come in, in the near time. Okay. Thank you. Then the other receivables, not account receivables, have expanded dramatically this year. What is behind this expansion of other receivables especially? Padma, may I take that as well? Sure, please go ahead. Okay. So these are pertaining to about three broad buckets. One are some of the taxes what we pay in some of these geographies, where we need to pay the taxes in advance. So these are all adjustable or recoverable back over a period of time. The number two is the deliveries, what we the last couple of months, where the billing milestone will be different from my revenue milestones. So these will be billed in the subsequent quarters and collected. And the third one is some of the real estate offices what we opened in this year, where we had to give a deposit, which is a customary in such countries for about a 10 months rent as a deposit. So these are all put under the other receivable. That is why you see an increase in the current year compared to the last time. Okay, thank you. Thank you for clarification. Then, one more question: Personnel decreased significantly from the end of the previous quarter. Is this purely from cutting the recruitments, or how this reduction has realized? No, we have not cut resources. There have been some people that have decided to move on. We have been extremely efficient. As I said, we've moved more into productization. We haven't announced any cuts, employee cuts as such, but we've optimized the consumption of resources, and in some situations where employees have left, we've not replaced them. Okay. Thank you. And, can you then compare the cash flow profile of the deals done with the annual recurring revenue model versus license model? Just shortly, maybe. Indiresh, do you want to Yeah. The question is about the revenue mix between the ARR and the other models. So I think there was a question which one of the there was a question on 24.3 was current year ARR, how much it was, earlier period. Just as a comparison, I can give last year in the first nine months, the revenue from ARR model was EUR 19.9 million, and whole of last year it was EUR 25 million. And current year, in the first nine months itself, we are more into a EUR 25 million revenue in the ARR model. So that should give us an indication that we are moving more and more into this ARR and MRR model compared to my license and the other delivery revenue. Okay. Thank you, Indiresh. Then, there are additional audience questions, and the first one, I think so we discussed in the last quarter a little bit, a little bit, we had a similar question, but do you see possibilities or disruptions on transformations on upcoming go-live of SpaceX? Upcoming go-live? Sorry, I didn't get the last part of the question. Upcoming go-live of SpaceX. So- okay. Yeah. There is a shareholder who is interested to see whether we can collaborate with SpaceX in our business. No, I heard as upcoming disruptions. I'm not really. You know, I'm not— I don't have an answer on that. I cannot predict, but, I don't believe, we are using SpaceX technology in our transformations today. Mostly, our cloud deliveries are done, for large customers. As on-prem cloud, they have a dedicated cloud provider, like a Microsoft or an Amazon, and, and for smaller customers, they use public cloud capability. But, we have not, we have not worked, with SpaceX. Okay, thank you. Then about the go-lives, we already heard that there is plenty of go-lives in quarter three. So how many go-lives do you expect on quarter four? I don't want to make any forward-looking statements, but we are hoping to complete a few for sure. As you can see, there is a heavy order backlog, and there is a clear plan to retire some of that, those orders, hopefully. Okay, thank you. Then some questions related to guidance. Should we think the cost realization, X percentage of revenue or costs? It's a percentage of my cost to the revenue. Yeah. As my revenue grows, my cost also grows, but we want to benchmark against the cost, what we incur against the revenue, and this reduction, what we are planning, is a percentage on that. It is, it is definitely that which has improved our EBIT and our operating profit. So we are definitely very, very, conscious of how the cost curve grows relative to the revenue growth. Okay. I think so. We could take now the last question. So in quarter two, you were asked about Tecnotree long-term vision. In the light of the development of quarter three, could you please comment on this a little bit more, Padma? Where will Tecnotree be in 2030? Well, I hope very strong, very global, and one of the best products in the world for customers who want to have a digital stack to conduct their business. So I think Tecnotree continues to grow, continues to be cautious, but we are definitely spreading our wings and looking to newer markets, newer horizons for our growth. And I'm very optimistic that the team, the management team, and the employees of Tecnotree are putting their best foot forward to serve the customers and to create long-term relationships and partnerships, and that would definitely put the company in a position of strength. So I think of a stable but promising growth for Tecnotree. Okay. Thank you for you both, Padma and Indiresh, for this webcast. And it's time now to conclude this quarter three 2023 results webcast. And thank you, thank you very much, for being active and participating and tuning into this webcast. And I want to inform you once more that we will be in Investor Fair in Helsinki, November 14, and we hope to see you there then. And please stay tuned and follow our investor relations webpage and social media channels as well until to November. And our quarter four full and then full year 2023 results will be published on 15th of February 2024. See you then latest if you didn't manage to come to Investor Fair. I would conclude and say, have a nice, nice rest of the day, and enjoy the coming week. coming weekend. Thank you, thank you again, and goodbye. Thank you all. Thank you.