Livechat Software Sa

Ladies and gentlemen, thank you for standing by, and I would like to welcome you to the discussion on Tech's Q3 2024-2025 KPI conference call. The call today will be hosted by Marcin Droba and Wuzia Kaseya from the Investor Relations Department. At the end of the presentation, we'll have an opportunity to ask questions. So without further ado, I would now like to pass the line to Wuzia. Please go ahead, ma'am.

Okay, good afternoon, ladies and gentlemen. Thank you for joining us today to review TechSA's performance for the third quarter of 2024-2025. I'm pleased to share some of the key highlights and insights into our financial and operational achievements during this period. Also, thank you for showing interest in meeting us right at the beginning of the year. I would like also to start by thanking those representatives of institutions who evaluated us in the EXTEL survey. We debuted in the top 10 among Polish IR teams in this ranking, which is, of course, a quite pleasant distinction for us, especially considering that investor relations are often evaluated through the lens of stock performance. Today, we will discuss the data we published on January 3rd. And I aim to update you quickly on where we stand in executing our strategy on building suite. To recap, just very briefly, we are a company called TEXT, a Polish company in the software sector. It will be 11 years since we debuted on the West Stock Exchange. We operate in SaaS model, software as a service. We offer our products, live chat, chatbot, helpdesk, knowledge base and open widget on the global market. We are also working on additional products and our strategy goal is to create a suite offering. What is the difference? Today, each of the products addresses specific challenges faced by the community by the companies in the communication area. For live chat, it's online communication and monetization. For chatbot, it's automation. For helpdesk, it's solving customers' problems, et cetera. The suite will address the entire area of communication, customer support, and even more. And now into Q3 KPIs. We will start with the payments received during the year. As you know, they are no longer revenues. This is the sum of the payments that we get in a quarter, whereas the revenues are recognized in subsequent quarters. In these annual payments, our lower share than usually, you see that the payments received year over year grew only by 0.4% and it was 6.2% decline compared to the previous quarter. Should we be concerned? A little bit, but we have to remember that the revenues for this quarter which will be reported later in February will benefit from this change of the recognition of revenues from annual payments received in previous quarters. We also expect to return to higher annual payments shares in the upcoming quarters. And Q4 is usually the time of the year when the companies, especially the bigger ones, delay or postpone their decisions on choosing their services until the beginning of the fiscal year. Additionally, a note in theory, MRR and payments should grow at similar rates but recent quarters have shown much stronger dynamics in payments. Hence, we are witnessing an alignment between these indicators in the quarter that we have now. Good news are on the side of monthly recurring revenues, which reached 7,100,000 US dollars for the quarter in December 2024. This represents a almost 1% increase compared to the previous quarter and 9.4% increase year-over-year growth. Recalling the growth that we got in the previous quarter, which was 8.8%, that's an improvement here. And also monthly recurring revenues are not all the payments that we receive. If we were to calculate also the additional chats that we have in chatbot or API usage fees, including those, the figure will be 7.35 US million. And the increase that was achieved this quarter would be 1%. This growth that we've shown was achieved despite a significant decline in the number of live chat customers. As you can see on that basis, live chat lost 907 customers. And this is of course a very weak result driven by high customer churn and also weak new customer acquisition. This primarily was concerning December. Because until mid-December, we were expecting slightly better results. So in October, we lost about 300 customers. In November, it was slightly over 100. And in December alone, the number of customers dropped by 545 customers net. Although this dropped in the number of the customers, I want to highlight that in December, monthly recurring revenues generated by live chat increased. This was due to two factors and I think it's very important to say because we all concentrate on the number of customers, but also there are some other mechanisms that are behind MRR. So we had a strong upselling and also the structure of customer chain that supports MRR. So the customers that we lost were among the smallest customers, particularly from Asia. If you think about our key market, US, October, November, And also two earlier months were very good in terms of the customer churn. So it was actually at the level of and even below 3% and it only increased in the last month of the year in December. You can also, when we talk about live chat, you can also see that there is a trend in live chat average revenue per license. It's a stable and positive growth of this parameter. In that quarter itself, ARPL increased by nearly five US dollars. And currently it stands at $178.6. So this is something that is important. Also, the average initial ARPL for the whole quarter was higher this quarter than the previous one. Slightly worse news. Now going into chatbot numbers. In this quarter, chatbot customers exceeded 3,000. It was a good month for the product. There was an increase of 72 customers. Especially good was October and November, slightly worse in December. And you can also see on the next slide in terms of ARPL that there was a drop in ARPL This decline was caused by the promotion that we have still. So if the customer purchased the product within the first three days of the trial, they were getting one the first month for $1. And this promotion affects obviously the inflow of new customers, but also it affects ARPL customers. and primarily, as you can see on the graph, initial ARPL. Additionally, in chatbot products, we also have payments that are beyond the subscription. So we have payments for additional chats. And these figures are not record-breaking, but on average, these additional chats add $30 to ARPL for chatbot during this quarter. And now going to the third product of ours, Helpdesk. It's actually the next two slides will be about good news. So we have observed a growth in the number of customers of Helpdesk. This number almost increased by 100 in a quarter as compared to 30 customers a quarter before. And although December was not that good for the previous two products, for Helpdesk actually it was the strongest months. We got a net 61 customers at the end of the quarter and now it's 1,321 customers for Helpdesk products. And there are also more things to come in terms of the Helpdesk product and I'll talk about them slightly later. As you can see, another good slide. So we see that helpdesk ARPL increased almost 11% during the quarter. Sorry, this description is, yeah, okay. So ARPL increased by 10% to 210 US dollar in this quarter. And this reflects two things. First, the value to the customers, because they increase the number of agents that are using Helpdesk. And also that we have more and more and also bigger customers using Helpdesk. As a summary of the results achieved, monthly recurring revenues grew by 9.4% year-on-year, and that is US$7.1 million, and that's actually better growth than a quarter ago, and it was 0.9% during a quarter. And this growth is brought by increased ARPL, and especially due to monetization of the existing customers. The payments that we received this quarter grew by 0.4% to US$21,430,000 and that actually means a drop over the previous quarter. This is actually due to lower share of the payments from annual subscriptions in this quarter, but it is connected to the calendar year, I would say. The next thing from the summary is the high customer churn that we are still experiencing. And on top of that, we also have weaker acquisition of new customers. And that resulted in a decrease of the number of paying live chat customers by 907 this quarter. Whereas December itself was the majority of this effect came in December. However, due to strong upselling, actually live chat product has increased MRR in December. When we talk about the customer churn, it exceeded 4% in the quarter. Usually, as it is the case, the churn was highest among the small customers. When we think about the geographies, the majority was from the Asian customers. When you think about the churn in the key U.S. It is much better. The customers are more loyal. This churn is at a level of slightly over 3%, which is a good sign. Also, we got revenues which are outside of recurring revenues. So the revenues from API as a service, they were at the level of 53,000 this quarter, and they fell by 10% quarter on quarter. I also want to say a few words about our strategy. We want to emphasize that we are in the process of building a suite offering. We have begun this journey quite a few years ago while the one of the last milestones was the rebranding of the company. It's not that we are halfway through this process, as you can see on the slide, but the changes that we are making have accelerated in the recent months. And although the whole suite is not yet visible in ourselves and in the offering, There are good things that will, or steps that we will take and will get us towards this week. So it will be the introduction of the global bidding, which should finish this quarter. Shared trial for our product so that when a customer starts one of the products, he will automatically get the access to other products as well. and also we are now taking away a simple native ticketing system from live chat so the clients will be offered help desk. These developments that will come are also tied to the efforts that we are making in terms of the infrastructure changes, that is also the certification processes, and I mean here SOC 2 certification. Independently of the suite, these things will improve the quality of the product and through that we will be also able to attract better, I mean larger customers in the future. Although I have a second slide titled highlights here, I want to talk about what events also took place in this quarter in terms of the product, in terms of corporate events. The very first thing that took place at the beginning of the year was the payment of our first advanced towards dividend, which was 1.66 zloty per share, which is a higher advance than a year ago. As I mentioned, talking through the process of building suite, We focus on changes in our infrastructure. We improve quality and also fix bags in Q4. Those processes will continue into 2025. We also have added during the last quarter products. One is workflows, which is about automation between the products. It is in a closed beta phase and released to some of the customers. And also we have a second project which is called Team Chat. It's more of a Slack for our live chat agents. And this product is an internal testing phase. During the quarter, we also had our first context So that was our first online event dedicated to our customers. And from the product side, also important thing is that we have a new live chatbot integration, which is one of the steps that lead us to Suite. And in terms of the plans, we are very much focused on building Suite. So as I mentioned, there will be a lot of things happening in that space. There will be certification in the progress that should result in getting the certification by mid of the year. And also we will be strengthening the sales department. We want to focus on bigger deals and also on the US market. So we should be present there regularly on the first conference this quarter and summing up also it's not that we are um in the um ah sorry What I wanted to say is to comment on market conditions. We are influenced by the market conditions which are changing, that is in terms of the customer acquisition. process in terms of how the economy influences our results and also by the changes in the customer acquisition process. So for example, even the fact that people are changing the way that they are looking for information in the internet, so no longer using or still using, but to a less extent, the search engines. So for example, as a result of that, we started to see the first customers coming from ChatGPT. And this market conditions change as always. Important thing here, and I want to direct you to An interesting report, which was prepared by ChartMogul, it's publicly available, so if you need a link, I'm happy to share that, is the fact that most of software as a service companies, including also our competitors, but also other companies from other sectors, but working in SaaS mode, In the most recent quarters, they have relied heavily on revenue retention rather than customer growth for the past two years almost. Often, some of them were losing customers, and it was also tied to the economic situation in the U.S. So this is something also that applies to us, that it is much harder to get new customers. And if you look at our numbers, the number of customers is dropping, but we are able to keep MRR growing. And this is importantly lies on the retention, so on upgrading, upselling the existing customers. And with that note, we're going to open up to questions. Thank you.

Thank you very much for the presentation. I will now be moving to the Q&A part of the call. If you are dialed in via the telephone and would like to ask a voice question, please press star two. That's star two on your keypad. Alternatively, you may ask a voice or a text question via the chat. We'll give a few seconds for any questions to come through. We acknowledge the questions that you've already typed, which we'll get to very shortly. Okay, so the first question is from Mr. Maximilian Rofaga from the family office. Three questions on the live chat customer count specifically. Number one, your customer count for your main product live chat is declining. In your second quarter 2025 update, you stated that you are safeguarding the product against returning customers abusing and made unsuccessful changes to the onboarding in June and July. Could you please elaborate on what exactly do you mean by that? You also mentioned in your Q3 2025 KPI update that subscription plan optimization has caused slower customer growth. Could you please explain what those optimizations were and why they caused the decline?

Sure. Thank you. Thank you for this question. Hello, Maximilian. Good to have you here. So, Yes, obviously, I think we had a lot of comments on that during the previous call, so I will try to be brief, not because that's really a simple question, but because we addressed a lot of that recently during the previous call, and of course, I think we also arrange a one-to-one call and we can go really deep into that. So one of our problems, especially outside the key market, outside the US market was in fact that sometimes we had a lot of customers who actually were abusing our our pricing, our rules of the usage of the product. The simplest case, the most simple case I can discuss was a very simple one. I mean, you were paying for the one agent and then you shared his login, his password to the whole crew, to like 100 people in your organization. And all of them were chatting using that one password and one account. And actually we tolerated that. But at the beginning of the year, we decided to address this situation. And in that case, we limited the possible number of the session per the one account. Not to one, not to just one, but if I'm correct, to four or five. because we believe that one agent should have an opportunity to log at the same time via website, applications and maybe in the next place to check if everything is okay. So actually there was a lot of schemes used by customers like that, some of them were changing number of the agents during, even during one day. So actually they were starting, they were starting subscription with just one paying for the one agent for the month. The next day, at the beginning of the day, they increase the number of the agents to, let's say, 100. At the end of the day, they reduce the number of agents to just one, because they knew at the end of the month they would be charged for the average number of agents. So actually a lot of schemes like that, we reduced possibilities to use that way of the schemes. That meant at the same time that we became more attractive from the pricing point of view to some customers like that. And of course, that affected number of the customers. So that was the case with this safeguarding the product. About onboarding in June and July. If you think about software as a service business, there is a lot of actuality. Doing a SaaS business, it means that actually you make a lot of changes all of the time. You're changing your product, you're changing your onboarding process. I mean a lot all the time. And sometimes this is changing. You're introducing change because you think that you will be good change, you'll be beneficial. And sometimes this change, is not so successful. So actually you made some changes in the onboarding process, you expect higher conversion rates and actually the effect is opposite. So that's not mistake, that's what you are supposed to do. The main mistake, the main fault we made during the previous quarter was that actually we introduced a lot tons of changes into the product and onboarding process at the same time. At the end of the day, conversion rates went down, churn went up, and we weren't sure why, because there were so many changes we made. And that was a mistake. So what we had to do was to return to... It was not 100% possible, but we returned to the situation from the starting point as it was possible. And it worked somehow. I mean, conversion rates improved, but that was what happened in the Q2. So a lot of changes. Some of them unsuccessful and the problem was we weren't able to go into that and understand what was exactly bad with that changes.

Okay, thank you very much.

We did receive a voice question earlier from... Yes, but I think maybe we have two more questions from Maximilian, so maybe we can just go to them and Stan, we can go to the voice questions.

Perfect. So I guess the second question was already answered to some extent, the main reasons for customer churn on live chat.

um not really not really not really but it's also a question we usually answer every call so very briefly uh oh you know the main the main very many reasons for for the chance not in the task the latest quarter but you know always was lack of chance so some of our customers are trying live chat and they don't have enough chats. Why? The main reason is they don't have enough traffic. So that's the very number one reason why we are losing customers at all. They don't have enough chats to justify paying for live chats. And actually what changed in the last, I would say, two years Now we have much more customers who are churning and actually stating, declaring that actually they're quitting because they're closing their businesses. So that's a huge change, I would say, we see in the last year or two.

Perfect. The third question from Maximilian. Do you believe that this decline in customer count is specific to text or part of a wider industry decline?

So it's somehow links to this ChartMogul report that I have mentioned in the presentation. Actually, also our competitors, they are struggling with getting new customers, some are better or some worse. But definitely these are not the customer growth that we've seen, for example, two years ago. And if you think about what drives the growth in the industry, it's more about retention of the customers. So it will be about upgrading the existing customers, offering them more services rather than getting valuable new customers.

Yes, so actually when we're checking ChartMogul benchmark, ChartMogul is now publishing a benchmark for the software as a service businesses. We are actually in the top global, top 25% of the companies with the best revenue retention at the moment. So that's when we are successful. We are also, which may be surprising, we are also above ChartMogul median when it comes to customer retention. So it looks like, you know, a phase in very tough time for SaaS businesses, which actually are not growing, are just adding customers, but they need to actually replace

Okay, a final question from Maximilian. Your move to become a suite proposition would imply that one customer buys two or more products. Please correct me if this is a wrong interpretation. Could you share what percentage of your overall customer base has purchased two or more products and how that percentage has been developing over time?

It is a very valid question and also I will make a note here on why it's that the customers that are struggling with getting more products of ours is because when a bigger customer wants to solve their communication problems and they look for a solution, they can, for example, find our live chat product. However, our chatbot product is viewed as a separate product and not all the time. And actually, it's much harder to connect the dots and actually see that those two products are developed by the same company, by text. So if you compare our competitors, you compare LiveChat, for example, with a product of our competitors, you see okay there is live chat it's it has good functionalities it is actually suitable for for the type of the problem i'm trying to solve but well a live chat doesn't have ticketing system nor it doesn't have the chatbot but it does but we cannot display it as a one so offering suite offering a whole package of products of solutions for our customers would actually make them more aware that we actually are able to solve their problems and getting right to your question so if you think about the usage of the customers the most commonly used combination of products is live chat and chatbot and so that means customers using two products and if you think about how many of such customers are among our customers so currently 27% of our customers in terms of the numbers use two products or more so they can actually use three or four as well And a year ago, it was 23%. So it clearly shows the direction that we are going. And this is also why we are working product-wise on developing a better integration between LiveChat and Chatbot, on having the same billing system across the products, having single trial for the customers in the future so that they can actually see that We are offering more than just one product. So it's all part of becoming a suite proposition, as you have implied.

Okay, perfect. Thank you very much. I promise to open the line for the voice question for Mr. Alvaro Garrido from GDP. Please go ahead, sir. Your line is open. Hi, Mr. Alvaro, just in case you are muted, your line is open. Okay, perhaps we'll come back to Mr. Alvaro a little bit later. We'll be going back perhaps to the text questions. The next question comes from Mr. Philip Whelan. What does it mean strengthening the sales department? Can you please explain that in a little bit more detail? What does it mean regarding costs?

So, of course, when you think about cost, of course, that means increase. That means that customer acquisition will be higher at some point. But don't worry, that would be process, that would be definitely evolution for us, not revolution. But what we're doing that? When you look back, like five, six years ago, we didn't have a sales team at all. Still, our automated sales process is very important for us and it works very well for the small customers. But with bigger customers, we need this sales team to work. with bigger customers to enter some discussion, to answer the questions, to introduce them to our product. As for today, we are not doing outbounding sales, which means that our current sales team is working with the customers, potential customers, who actually came to us and they asked about our product. And some of them just need some discussion, some help, etc. So that's why we have a very small team, which are now based mostly in Wrocław. Some of the people actually also in London, but it's like in the newbies teams, like six persons at the moment. And we've having suite on hand and having much, I would say much bigger potential in our product, not only because of the suite, mostly because of the suite, but also because we will have more opportunities with more potential, with having better infrastructure, better cloud, more opportunities to customize some features for our customers. having SOC 2 certification on our hand we'll be able to to enter with discussion with when bigger customers and these customers require some even more more direct approach so definitely we plan to hire some not like 20 people but some people for the start like to move some of our people from Poland to the US. We have some US citizens working for us. from Wrocław. We would like to be more active offline. We actually, historically speaking, we're never doing that. In the last year, for the very first time actually, we visited some conferences which was dedicated for one of our industries when we are very popular. The next such event will be held in the US and we will be present. So, yes, that's the change of the approach, but we are doing that, we're changing this approach because now we are able to address but the needs of the bigger guys and we would like to explore that opportunities but so definitely that means the cost of customer acquisition will be higher in that channel but I would like to stress for us it's evolution not revolution so we will monitor that the effects how these guys are doing

Okay, thank you very much. Next question is from Mr. Philip B. Could you please talk a little bit more about the threat you see from clients replacing live chat by leveraging an LLM like ChatGPT?

So, of course, it's also a very, I mean, a very broad topic. Looking even at, as you know, ChartGPT itself, it's not a B2B solution on its own. Actually, you can use ChartGPT to build your solution, which is, you know, not a bad idea, and we're doing that. So, actually, when uh when you uh when you look at our product our chatbot product is uh is based on our own language model but actually in the live chat and the other products we still using chat gpt we just were at some conference organized by OpenNI for the bigger customers from our regions and we were invited because we are one of the key customers here in that region. So I would say we are in the same boat that the bad thing obviously anyone can use some AI features like some AI solution like chat GPT or you know LAMA or other language models to build a solution at the same time we not behind we have access to that kind of solution so our advantage would the platform we are using. It's not so, you know, you can launch some bot, you know, creating some bot using chat GPT, maybe it's not so difficult, but you should be careful because we have some awful stories from our industry about bad bots which poorly developed, which ruined some reputation of some companies or created some costs for them. But at the same time, we have this platform with 200 different integrations, features, additional tools, and which is proceeding like millions and millions chat interactions every day and it's not something you can duplicate overnight definitely not so I believe there is a mode but yes you can create a bot using chatGPT but you can duplicate the whole platform overnight

Thank you very much. Second question from Mr. Philip. Why is text paying such high dividends if management believes in growth opportunities of the company? Why not reinvest the earnings?

We do invest in the product and if there are any necessary investments that we have to take, we are doing that. Such an example is the investment in infrastructure that we are doing currently. Also investment in the people, in the team. So if we see the growth opportunities through the product, then we are doing it. The model that we have of client acquisition is not the model that is dependent on the spending on marketing because the majority of the channels of acquisition are actually not a direct marketing model. So it's not that we can put any amount of the money into the process of acquiring customers and hence we will not be using the money in that way. And paying out dividends, this is the policy that we've taken right at the beginning when we debited on the Warsaw Stock Exchange. And it's a way of running the company. It is maybe conservative to the standards of some of the investors, but this is like the DNA of the company.

Okay, thank you very much. We'll be moving to the next set of questions from Nate from Nathan Investments.

I think we have also a person who would like to ask a voice question.

Yes, correct. We have Mr. Bartosz Kocian from Hossa Pro Capital. We see a voice question. Your line is open. Please go ahead. Hi, Mr. Bartosz. Your line is open just in case you are muted. Okay, so perhaps maybe we'll go to the text questions and we'll turn back for the voice questions. So the next question comes from Mr. Nate from Nathan Investments. At the current share price, the dividend yield is almost 10%, which is a bargain. Is there any reason why the company is not considering a share buyback?

We have a lot of discussion about buybacks, really, with shareholders with investors, internally, of course, at the end of the day, internally, we were discussing that. We know that that also solution would be more beneficial from the tax point of view to a lot of shareholders. So we were seriously thinking about that. At the end of the day, we decided that we want to uphold our policy. We believe, of course, in our company, but at the same time, paying dividends and being dividend companies some kind of promise policy which we declared from MPO. So we don't want to change this policy at all during that current situation. I mean, a lot of discussion and definitely some investors who actually opted for the buyback, they really made the point. But at the end of the day, the discussion, the decision was to keep with the dividend. And as you know, at the end of the day, it's the decision of AGM and AGM decided to to uphold dividend policy to also at this very moment we don't have a need that permission from general meetings to launch buyback.

Okay, follow-up question from Nate regarding competitive landscape with HubSpot lowering seed prices, eliminating minimum seed requirements for their hubs and offering a free view-only seed options. How do you anticipate competing against such competitors who have broader suites than you and may be able to offer your customers a more competitive offering? Will you consider lowering seed prices?

We were not considering lower prices and actually in our case the price is per agent but obviously the market can change quite quickly and actually currently what we see on the market is a trend more towards paying per usage And that's, for example, the case of Intercom and not so much about like the price per agent. However, it's very interesting that they have this free view only seat options. And this is also something that is interesting because there can be different roles of the agents and they can be priced, for example, differently. So that's a very interesting take on how to price actually the product. However, the key in this question, I think, is that if the competitors have much broader offer will they take the customers that we are looking for? And I mean, that's the case usually for, and it also has been the case for many years now that we, Zendesk, Freshworks, Intercom or LivePerson, we are all on the same market, but we aim at different size of the customers. So there will be always points of contact, I would say, between the competitors. And when we build the suite, when we think of how can we solve the problems of our customers, we do not think about what the competitors do. We want to... be able to solve the problems of our customers. And we see the role of having this offer more unified and more integrated for the customers to be able to get a better value. So making it short, I mean, definitely there will be competition, but we think that we will have our place on the market as well.

We are competing with free solutions, not from yesterday.

That's another example.

Always. We were always doing that. At the same time, I don't think that we are terribly expensive. You can look at Finbot. about from intercom prices which actually cost like 99 cents per interaction versus 3 cents in the case of the chatbot so we are not terribly expensive at the same time I think that I probably repeat what Wozniak said The problem is that, yes, that our standalone products are now competing with Swiss, with competitors, which broader offer. That's the problem. That's the challenge. And we know our strategy is addressing that problem, that challenge.

Okay, thank you very much. Final question from Nate regarding customer numbers. I understand back in the Q2 webcast, you mentioned that you expected potential net ads of customers in Q3. However, in Q3, the number of customers have dropped quite significantly. Is that an admission that we should expect the number of live chat customers to decline in subsequent quarters? And when is this outflow trend expected to stop?

So, yes, we... Thinking about the number of the customers, but yes, we were more optimistic looking at this quarter, definitely. I think the fact that the live chat actually didn't add customers at the net level in the November, which is traditionally a strong month, when you look at the number of the customers, was disappointed. There's something disappointing. At the end of the day, we are not really looking just at the number of the customers at this moment. We're looking at the MRR and RRR. So we're looking actually at number which is you know, number of the customers multiplied by RPO. So it's not as negative quarter for us as MRR is growing faster than in the last quarter from our point of view. Nevertheless, looking at few coming months, And thinking about that number of the live chat customers, honestly, it's very hard to be optimistic. We are not optimistic. I think that the environment is still very difficult, very demanding. We need time to adjust. some things in our acquisition process. So no, definitely when I think about next few months, I'm not optimistic about opportunity to grow of the customers, number of the laptop customers. At the same time, I think that we are proud that we are able to upsell our customers. that we proved that we have very strong revenue retention at this moment. So MRR, we should be able to grow, to have a higher MRR, even in the situation when number of the life chart will be decreasing.

Okay, thank you very much. Our final question today comes from Mr. Will Keeley from Frontera Capital. Are products now able to be built together? If so, have you seen any increase in cross selling?

So the product itself is not a suite yet. So we know that the sales team actually is very much successful on cross-selling the products and that is going very well and it's quite aligned with this report of ChartMogul that the retention of the existing clients is the source of the growth. We also seen, and I think I talked about those numbers, but I might have said it on the Polish call, but we have seen in the last 12 months an increase of four percentage points of the number of customers that have two or more products of ours. So it increased from 23% of the customers having two or more products to 27%. So that is actually showing the trend in terms of how the products will be sold. And also this investment and activity on the U.S. market, this will definitely, I mean, we... a hope to bring more growth through such actions. And also one of the last puzzles, stock to certification, which is very important for the US bigger clients. It's also something that will help us to pass the first steps of selecting provider of products. So all together, if we manage to have it introduced properly, it should speed up the process of cross-selling.

Okay, thank you very much. It looks like I see no further questions at this point, so perhaps I'll pass the line back to Marcin and Lucia for their concluding remarks.

So we'd like to thank you very much. We start at the same time.

Okay, go ahead. Okay, so I was going to say that as the one who had the presentation, maybe I'll sum it up, but Marcin was first. Thank you very much for listening. We hope that the numbers were clearly discussed by us and that you have had understanding of what's happening with, especially the number of the customers, but also with MRR and where we look, like where the changes will be taking place in the next years. coming months and quarters as Martin mentioned and it is important to say that in terms of the number of customers the future will be difficult but in terms of the growth of revenues in US dollars we think that there is a potential and with that thank you very much for listening

Yes, thank you very much. Thank you for your time. Thank you for your attention. If you have any question, if we are not answering your question, please, if you would like us to go deeper into some, we are really open to discussion. Please write an email or contact us via live chat and we'd be happy to, you know, to prepare answer for you. So thank you, thank you very much and have a very happy 2025.

Thank you very much, this concludes today's conference call.

Thank you, bye.