Good morning, everyone. Thank you for joining our call today. I thought I'd welcome Audinate people and ex-Audinate people because I noticed there are a couple of people on the call who've contributed to Audinate's success in times gone by. Particular shout out to Lance Corthell, who I saw on the call. Lance was our first salesperson many years ago, at the very beginning when Audinate was a much smaller company. Great to see you, Lance. Hope you're doing well. For everyone else, again, thank you for joining the call. My name is Aidan Williams. I'm Co-founder and CEO at Audinate, and with me is Rob Goss, our CFO. In the first part of the call today, we will run through the investor presentation that was just lodged with the ASX. You can ask questions at any time by typing them into the Q&A box. At the end of the presentation, we will have time. We'll collate or Rob will collate the questions, and we'll answer as many as possible in the time we have available. Perhaps unsurprisingly to many of you, the operating environment in the last half has again been challenging for Audinate, with chip shortages and supply chain disruption really coming to the fore. Nonetheless, we're very pleased with our first half financial performance and with strong operational metrics like design wins, which, as we say often, are the key to unlocking future repeat revenue. Internally, we've adapted to a variety of restrictions around the world and continue to focus on employee wellbeing as staff adjust to, you know, pretty much continual change. It is encouraging to see continued strong demand for our products with committed sales orders at an all-time high. It was particularly pleasing to achieve 57 new design wins during the half, even as many manufacturers' engineering product teams are heavily preoccupied with redesigning existing products to mitigate chip shortages. A significant achievement during the half has been the acquisition of the video business of Silex Insight, based in Belgium. The combination of video compression technologies and turnkey networked video products developed by the Silex team naturally complement the video software skills of the Cambridge U.K. team that we established in January 2021. We'll be talking through the investor presentation that accompanied our financial statements, both of which were lodged with the ASX earlier today. There we go. On this slide, you will see a summary of Audinate's core business. Many of you are familiar with this, but for those of you that are familiar with it, please bear with me as I just quickly run through it. Audinate provides networking technology to manufacturers of professional audio and video equipment. We are primarily a networking IP and software company, although we have traditionally packaged our software for sale into chips, cards, and modules, so that equipment manufacturers can readily incorporate our technology into their hardware designs. Our customers are manufacturers like those that you can see on the slide, Yamaha, Bosch, Bose, and a host of other major brands in the professional AV industry. We don't typically supply to the consumer market of things like sort of Wi-Fi and home streaming type products. Our target market is commercial installed AV systems that go into buildings. The first step in our typical sales cycle with a manufacturer is what we call the design win, and this is where we sign up a manufacturer to use one of our chips, modules, or software products. It typically takes 12-18 months for a manufacturer to complete a new product design incorporating our technology. Once a new product is available for sale, the manufacturer regularly orders chips and modules or pays us a pe- unit royalty for software each time they build new products, creating a repeat revenue stream for Audinate. As you can see on the map, we are a global company with headquarters in Sydney, Australia. We have several locations around the world, primarily providing sales and support functions. With the establishment of the Cambridge team, the video development team in the U.K., and the acquisition of the Silex team, we now have engineering functions in the European time zone in the U.K. and Belgium. Slide three shows the financial highlights for the first half of FY 2022. The business performed strongly during the first half, despite supply chain headwinds, and delivered revenue growth exceeding 30% in both U.S. and Australian dollars. Along with most others in the industry, we expect chip shortages to continue throughout the second half of FY 2022. As we have indicated previously, we expect Q3 to be particularly impacted. However, we have recently received indicative commitments from chip suppliers that they will be able to deliver us more chips than we were expecting. We therefore anticipate satisfying demand for our Brooklyn and Broadway products in the second half, although nothing is for certain until chips are actually delivered. The chart on the slide shows historical gross profit dollars and gross profit growth to highlight the ongoing shift in product mix towards software style solutions. While gross profit growth of 30.2% in this half was driven primarily by 42% growth in chips, cards, and modules, so really the hardware side of the business. Software products also grew strongly in the range of 40%-50% for the range of software products. As you can see, gross margin percentage was slightly lower, essentially due to increasing BOM costs as chip suppliers increased prices and because of the need to spot buy components and alleviate shortages. Rob will speak to more detail in the financial section later in the presentation. Slide four shows key operational highlights for FY 2022 for the first half. As I said earlier, design wins are a key operational metric for Audinate. A design win is the moment that a manufacturer signs up to use a Dante chip or software implementation for future products. Each design win unlocks potential future repeat orders for Audinate when new Dante-enabled products ultimately reach the market. During the period, Audinate secured 57 new design wins with OEMs, which is up 23.9% on the prior period, so that's quite a pleasing result. Also pleasing, 16 of those design wins relate to our next generation software products, things like Dante Embedded Platform, Dante Application Library. As at the 31st of December, we had also secured 14 Dante Video design wins. The group has also grown the number of OEM customers, so these are manufacturers shipping Dante-enabled products to 403 OEMs as at the 31st of December, and that's up 12% from 360 on the 31st of December, 2020, so on the previous year. The total number of Dante-enabled products on the market continues to grow, and as we've talked about on a number of occasions, that ecosystem really represents a network effect, that's a great competitive advantage to Audinate. During the half, our OEM customers released another 211 Dante-enabled products, which was consistent with the 204 Dante-enabled products released in the previous corresponding period. Given that most product and engineering teams in the industry are also dealing with supply chain distractions, we feel that this is a strong operational result in the context of headwinds faced by our OEM customers. Slide five summarizes the progress against our FY 2022 objectives. Even though we have had to tactically prioritize dealing with supply chain disruption, we have made meaningful progress in many areas important for the long-term health of the business. I won't cover everything in this slide, but I would like to hit a few highlights. On software video solutions and cloud products and services, these are very important for the future success of Audinate, and so they're a key area of product development and investment for us. Our first video software product, called Dante Virtual Webcam, was released in beta form during the half, and we expect additional software video products to become available during the rest of the calendar year 2022. Additionally, we carried out several successful trials with flagship customers aimed at enabling large scale cloud-based audio processing using Dante. A particular focus has been reducing adoption friction for manufacturers and end users. Our website and training materials are now available in eight languages, enabling a wider range of non-English speaking customers to learn about Dante and to use and to access Dante training material. We also made substantial development progress internationalizing our Dante Controller software, which is used by AV technicians around the world to set up and troubleshoot Dante networks. Finally, I want to highlight the work we're doing on in-field activation of Dante software products and features. During the half, we made substantial development progress on an update to Dante Controller that will enable Dante software to be paid for and/or enabled by end users rather than at manufacturing time. Supply chain disruption has affected us in many ways. Again, I don't want to go through all of the details shown on this slide. Rather, I'd like to make a few comments about each quadrant. On the demand side of things, demand for Dante products continues to be strong and that augurs well for the future. To date, price increases have been accepted by our customers, and we expect to be able to pass on input cost increases as needed. There is the potential for some orders to be canceled, but as chips eventually become available, I'm sure they will at some point, we expect to be able to fulfill pent-up demand. On the product side of things, lack of chips has materially impacted our ability to deliver customer demand for a variety of products. Although we do believe that we will be able to satisfy demand for Brooklyn and Broadway in the second half of 2022. Generally, we expect price increases for products, for our products, since our input costs, things like, components and manufacturing charges are increasing. On the manufacturing side, contract manufacturer costs are increasing, notably power and labor costs in China, and things like power shortages and sporadic COVID-related shutdowns are still impacting predictability in things like manufacturing schedules. Finally, with respect to end users and you know, projects that AV professionals are building, a variety of AV products are hard to get at the moment. It's difficult to get everything that you need, and prices are increasing as well. The lack of availability of a product, one product in a project, may cause a build project to be deferred, and that potentially can reduce demand for Dante products more generally. On the next few slides are really speaking to what's been happening on the video side of things. 2021 was the year that Audinate invested in expanding our video products development capacity. In January 2021, that's more than 12 months ago now, we opened an office in Cambridge in the U.K. focused on video software development. This was Audinate's first production development or product development location outside the Sydney office. We are starting to see the fruit of that investment with the impending release of our first software product, the Dante Virtual Webcam. This product enables video signals from Dante AV hardware products like the cameras and HDMI converter boxes that you can see in the bottom right of the slide there. It enables signals from those hardware devices to be received by PC and Mac equipment and fed into software applications like Zoom, Teams, or production software like OBS and vMix. A roadmap of further software products is expected to be delivered throughout the calendar year of 2022. In December 2021 and closing at the end of January, we acquired the video business of Silex Insight based in Belgium. The acquisition brings an experienced video hardware development team to Audinate, naturally complementing the Cambridge software team, establishing a product development critical mass in the European time zone, and providing access to other engineering talent pools. In terms of the products that Silex has, the Silex video products naturally complement Audinate's existing video product set. Video compression as a technology is a necessary part of network video solutions, and Silex has developed several respected video compression technologies and products. Further, they have board-level and chip-level turnkey products for manufacturers and OEMs. VIPER is the board-level turnkey product, and you can see it as a sort of large circuit board on the screen there. That's the VIPER circuit board. That's pretty much a ready-to-go product that can be wrapped in a case and then sold and branded and sold. The new chip plus software Video ASSP solution offers the potential for further BOM cost reduction in the future. If you wanna find out more about those products, you can follow that link that you can see on the screen. Now I'm gonna hand over to Rob for the finance section. Thanks, Aidan, and good morning, everyone. Over the next few minutes, I will be explaining the first half FY 2022 financial results that were lodged with the ASX earlier today and are summarized in the accompanying investor presentation. The financial information I will be covering is set out on slides 11-16. I will start with slide 11, which sets out some of the key revenue information for the business. In U.S. dollars, revenue was $14.8 million, growing over 33% from $11.1 million in the prior corresponding period, hereafter referred to as PCP. The Aussie dollar/U.S. dollar exchange rate was relatively consistent with PCP, meaning that Aussie dollar revenue growth was similar to U.S. dollar growth. The main driver of revenue growth was a 42% increase in sales of chips, cards, and modules. The products contributing to this were adapters greater than 50% and Brooklyn and Ultimo both at greater than 30%. A number of software products also delivered great growth, including IP Core, greater than 50%, Dante Application Library, greater than 50%, Dante Embedded Platform, greater than 40%, and Dante Domain Manager, over 30%. Growth across the product range compensated for a decline in revenue from design wins of approximately $400,000 relative to first half 2022 as the business moved away from upfront license fees and adopted a subscription model to successfully drive more design wins. In terms of units shipped, the software units movement was impacted by high volume, low value reference design royalties. Supply chain challenges have contributed to single customer variances of approximately 30,000 and 20,000 units in the last two periods, respectively. From this point onwards, all amounts quoted will be in AUD. In terms of the income statement set out on page 12, you will note we maintained our gross margin percentage at around 76%, including the impact of the spot inventory purchases during the period. EBITDA for the period amounted to AUD 2 million, inclusive of Silex acquisition costs of approximately AUD 200,000. This compares to PCP of AUD 1.8 million of EBITDA. Operating costs amounted to AUD 13.3 million for the period, compared to PCP of AUD 10 million. As we flagged in August, we have added headcount to support growth in video and cloud services, as well as headcount for ongoing growth in the core business. The 31st of December 2021 headcount was 166 compared to PCP of 116. In terms of the headcount outlook for 30 June 2022, we're targeting headcount of over 185 FTEs, inclusive of the team of eight acquired from Silex. The net loss for the period amounts to AUD 2.1 million compared to PCP of AUD 1.2 million. In addition to the items already discussed, this is also driven by an increase in amortization of AUD 900,000, COVID grants of AUD 1 million in the prior period, which were partially offset by favorable FX impacts of AUD 500,000. On slide 14, you will notice the ongoing emphasis on R&D, which we expect to continue to grow in the second half, given work on video and cloud products. On slide 15, you will find the cash flow statement, which shows operating cash flows of AUD 600,000 compared to PCP of AUD 3.2 million. This movement is driven by the payment of AUD 2.4 million worth of bonuses in the first half of 2022 compared to a PCP when no bonuses were paid. First half last year also included AUD 1 million of COVID grants, which do not reoccur in the current half. The balance sheet is set out on slide 16. From our perspective, it is a clean balance sheet with no debt. Cash and term deposits amount to just over AUD 60 million at the thirty-first of December 2021. Although there is an outlay of AUD 9.1 million in January from the Silex acquisition. Accordingly, this transaction will be included in the group's results with effect from the first of February 2022. I will now hand back to Aidan to cover the outlook for the second half. Turning to slide 18. Our priorities for the remainder of FY 2022 remain the same. However, we must also manage ongoing supply chain disruption and properly integrate the Silex business into Audinate. As always, a key objective is to get new design wins over the line for Dante- enabled products, with a particular emphasis on Dante video and new software products. The acquisition of the Silex video business is another exciting chapter for Audinate and completes a year of significant transformation in our video product development capacity. On the outlook side, we continue to believe in the long-term value of the business. With the Silex acquisition, we intend to target a headcount of 185 staff at the end of June 2022. As Rob mentioned, this is to support ongoing growth and the development of future video and cloud products. Demand for Dante products remains strong. However, revenue for the second half of 2022 will be constrained by the availability of chips for both Audinate and our OEM customers. At this stage, we expect U.S. dollar revenue growth for FY 2022 overall, albeit not at the historical rates of, you know, the typical rates pre-COVID interruption. The supply chain outlook for the second half is undoubtedly rough, and that we're not out of the woods yet. However, we aim to continue to invest in products that will come into their own when we eventually make it to calmer waters. With that, we have some time for questions. Sure. Aidan, I've got the questions in front of us through the Q&A function. A number of them have come through, and we'll do our best to get through most of them. The first two I'll cover, but while I'm answering those, you might like to prepare yourself for the following three. Yeah. There's a series of three questions that have been sent through, and I'll answer each one of them in turn. FY 2021 growth in Broadway was noted as greater than 35%, but not called out in first half 2022. Similarly, Brooklyn not called out in FY 2021, super strong, but greater than 30%. Could you talk to the mix shift from Broadway and Brooklyn? How has it played out in lower channel counts versus higher channel counts in Brooklyn? I think there's quite a bit in there to unpack. I think there's a few comments to make. Yes, Brooklyn was certainly impacted in the prior year. It does have quite a sort of, I guess, live event exposure. Broadway, you know, has sort of been impacted by chip supplies for at least the last 12 months. In terms of sort of what we found in first half 2022, there was a strong recovery in the demand for Brooklyn products. In terms of where the look-through is for that, there's not a specific geography that we would call out. What we're seeing generally across the product set was a particularly marked recovery in OEM revenue and bookings growth from outside the top 20 customers. Top 20 customers performed relatively consistently and delivered sort of ongoing growth right through COVID. What we have noticed, particularly in the last six months, was a pickup in that next cohort of customers underneath that. We were pleasantly surprised by the Brooklyn result. I wouldn't personally draw too much out of particular product trends in the last six months because to be really frank, it's been driven by the availability of products and our ability to manufacture, and the OEM's ability to manufacture. The numbers are pleasing, but I think I would caution against extrapolating too many long-term trends out of the last six months. If we looked at software in isolation, it achieved 65% growth in unit shipped in FY 2021 versus PCP. Yet only 12% PCP this half. What happened here? I did talk to that in the presentation. Effectively, a large number of the units relates to high- volume, low value reference design products. There are about four customers who contribute to this, and we did have material sort of variances on two customers which were related to sort of COVID impacts. On the revenue side we have called out the sort of AUD 200,000 sort of impact PCP. When you look at revenue growth, you should adjust that when looking at the prior period comparative. Can you provide an update trading to date in January and February? Has there been any shift from first half commentary re chips, cards and modules and software? No, there hasn't at this point. I think I'll just reference Aidan's earlier comments that, you know, Q3 will be tough for us before we get the expected replacement of chips to drive the business well in Q4. Another question here. I noticed Dante-enabled products were 3,301. 30 June, there were 202 new products. Did OEMs take out some products? And there's a reference to the lead over the competitors. In that graph in the investor presentation, you will note that we did. Shall I share that again? Yeah, you can jump back to that, Aidan. We do footnote at this point there was 165 products that have been removed. Over the life of the company, you know, products will come end of life. It is pretty hard for us to track. There's generally no press releases when products get discontinued. What we've done is removed those 165 in sort of five consistent amounts over the previous five periods. In terms of the comparison to the next nearest competitor, the work done by RH Consulting identified I think something like 60 or 70 products which use that technology but don't actually identify as using the technology. Right. There was a bit of a one-time sort of step up in that. When your lead is so sort of marked and pronounced, that number can move around a little bit. There's nothing that we would be especially concerned about in that comparison. Okay. Another question. Ultimo chip shortages. How many months have you got secured as it stands today? And how are you thinking about those shortages in the second half? Is this temporary or will it require a shift to a new chip, as is the case with the Brooklyn chip? Just to briefly touch on the Brooklyn side of things. It's definitely the case that with the Brooklyn chip, we had a situation where the supplier actually said that they were not able to provide us with chips until sort of April timeframe. Which meant that we had a zero allocation through Q3. Turns out that's actually changed, and we will get some chips in advance of where we thought we were. Brooklyn, even though we immediately started the process of switching to a new chip platform, it turns out that our supplier is able to provide us with some additional chips. Ultimo is kind of the same. With Ultimo, we're in a situation where we have very, very low allocations of Ultimo in Q3, and we need to be able to provide our manufacturing customers with design alternatives. That's challenging. We're bringing forward the work that we were doing in order to move Ultimo forward to a different chip platform. While the situation is better, we think with Brooklyn, the situation has probably gotten worse with Ultimo than it was before. How this will play out over the next, you know, few months and the remainder of the half is yet to be seen. At the moment we're doing as much arm twisting as we possibly can with our chip suppliers. However, the difficulty with this is Ultimo is a chip-oriented solution, so it's a chip- down solution, not a module. That means all of the customers who are using that chip footprint either have to get chip supply or they all have to do a redesign for some different chip. Footprint. That's lots of work. Our best bet at the moment is still, we believe, to be arm- twisting the manufacturer, the chip supplier of Ultimo parts, rather than to jump ship to something else. But you can be assured that for all components that we have in our designs, we're working hard on creating design alternatives, as we go. Another question around chip pricing increases. Can you please talk about ability to pass these through to the OEM and how we should think about the lag when thinking about GP margin impact? So we have been passing chip price increases through. So on Ultimo, I think there was about a 10% increase that was passed through. We've also had price increases on other products like AVIO, and we've had some software price increases as well. To date, manufacturers understand that chip prices and component prices are going up. It's just part of the environment we live in. We're not being singled out particularly, and nor are we at this stage, you know, we're not being expected to eat the margin difference because of the chip supply costs. Long term, with respect to GP margin and supply, if we're supplying a software product, then the manufacturer buys the chip, and so we get out of the whole kind of margin conversation around supplying chips that are programmed with Dante firmware, which is good. It is the case that we need to provide our manufacturing customers with a three-month notice if we're gonna put the price up. There is some possibility for there to be a difference between the price that we pay for the part and the price that we can get a manufacturing customer to pay. Practically, I think what's happening at the moment is that the parts are in such short supply that it takes months for us to even be able to get the parts. There's a sense in which by the time we actually get the components, that three-month notice period has largely taken place. I think we're in reasonable shape. I don't foresee major problems in being able to pass through reasonable cost increases. You know, in the industry, generally, people are expecting, you know, a 20%-25% increase in components costs just generally, at least for the foreseeable future. Okay. Aidan, I might just sort of tack onto that answer because there's a related question later on in the chat talking about whether it's accretive relative to cost pressures. Generally speaking, it's not. In the second half, we might get some benefit around price increases around sort of Broadway and Brooklyn, but there are component price pressures on other products. I think generally speaking, the best way to look at it is with we're in the fortunate position of being able to pass through price increases and maintain GP margin as a general rule. Yeah. I might just hit the question, what is the new timeframe for the Brooklyn 3 launch, earlier or later in FY 2023? Brooklyn 3 was the drop-in replacement for the Brooklyn 2 module, which used this part that we had a really critical shortage for. Now that we actually have some supply of those parts, the Brooklyn 3 launch will be taking place a bit later, so it'll be early FY 2023 rather than during FY 2022. Brooklyn 3 is actually going very well. We actually have it out. We have a number of manufacturers actually testing that replacement module right now. Given that we have actually got some Spartan-6 supply, we believe that we don't need to crunch the Brooklyn 3 time as much as we thought we would have to previously. Okay. Aidan, what I might suggest is, I'll pick up a number of these questions from one of the analysts here. While I'm doing that, there's a couple of questions around the in-field activation and what that means and explaining it and so on. Maybe if you can prepare to answer that question afterwards. In terms of some questions, free cash flow burn for the second half 2022, pulling out sort of cost annualization, lower revenue and Silex contribution. Yeah, I guess, the, Chenny has sort of correctly called out sort of some of the pressures around cash flow in the second half. You know, there is still a wide variety of sort of outcomes around revenue. That environment's sort of highly uncertain. Yes, as we sit here today, we would expect, you know, the cash burn to be more in the second half. We did raise money, you know, last year to enable us to sort of invest through these cycles. We will be drawing down on some of that cash in the second half of the year, because of the degree of conviction we have around the new products, but certainly in respect of the huge pent-up demand for our products, which we expect to translate through into revenue in time. Question around the FY 2023 and 2024 OpEx and CapEx reinvestment strategy. At this point, there is sort of, I guess, no change to how we've talked about that. We've correctly sort of called out the step-up in the headcount this year. We do see an element of that being sort of one time in terms of setting ourselves up for growth, but there will be, you know, there'll always be sort of additional headcount, particularly in respect of new product initiatives. R&D, you know, there's a fairly steady trajectory on that graph in the investor presentation, and I think that I would continue to use that as a guide. Question around sort of outlook maintained re revenue. Does it include Silex contribution in second half 2022? In respect to Silex, it's relatively sort of early days for us to get our hands on exactly what revenue might be unlocked in the second half of 2022. The price that we acquired the business for reflected constraints and inability to manufacture due to component shortages. If we do unlock that, there is some potential upside in second half revenue. We do have very modest expectations as we sit here today. You know, if we are able to work some magic around sort of unlocking components, then potentially there's a little bit more revenue to come in the second half of 2022. We're really sort of, I guess, planning for that revenue come through in material amounts in FY 2023. Okay. There are a few questions around the comments on in-field activation, how does this work, and how does it reduce adoption friction. The basic idea with in-field activation is, historically with chips, cards, and modules, these are physical, like a hardware devices of some sort. Those hardware devices have to be built into a product. They're pieces of electronics that have to go into the product at manufacturing time. As we have more and more software implementations of Dante, and so Dante can run in a software form on a QSC platform, for example, or on an ARM processor under Linux, those sorts of things. We don't need any extra hardware in order to deliver Dante into that particular product. That means a manufacturer can build a product and then ship that product into the field, and then we can turn on Dante functionality at some point in the future. This is a different business model. The business model for the distribution of software, provided that we deliver the infrastructure that enables that software to be turned on, then we can make it much easier for the Dante implementation to be licensed, for example, than needing to have a chip or something built into a product. One of the sort of decisions that manufacturers need to make when they're thinking about putting Dante into their product is the attach rate or the use of Dante in that particular product? If a manufacturer has a product that maybe sort of 20%-30% of the time will be used with Dante, but sort of 60%-70% of the time may not be, then they're in a tough spot because they then have to decide whether to add the cost to the product of putting the Dante in, or a Dante chip in or not. Something like in-field activation allows manufacturers to incorporate the ability to add Dante at some point in the future without actually incurring the full cost of all the chip and the module and everything else going with it. In that sense, it reduces friction for manufacturers because it enables the manufacturer to put Dante into all of their products for relatively minimal cost and then have a much higher value higher margin transaction at some time in the future. It means the manufacturer doesn't have to pick and choose on the basis of Dante implementations or chips and modules which products they put Dante into. There's also another like a user version of this as well. Sometimes Dante... Dante is a networking technology, so typically you would need, you know, two or more products in order to use a networking technology. A single telephone is no use by itself. You have to call something else. Dante functionality generally is useful when you buy the second or the third product. Something like in-field activation means that an end user can acquire a Dante-enabled product cost- effectively, but then pay for the Dante functionality and add Dante support to their products when they actually buy the second, third, fourth product down the track. The difference in the business model is really what is getting the roadblocks out of the way in terms of putting Dante into products where manufacturers might need to make a decision about whether they pay for the support or not upfront. There's another question in there on how is the sales channel different from audio and video? There are differences. Audinate sells networking technology to manufacturers of AV equipment, and video manufacturers are manufacturers of AV equipment. So there's a lot of primarily audio manufacturers who make video products of various sorts, and a lot of video manufacturers who make audio or have audio in their products, and there are some pure video players. So there's a lot of overlap, like in terms of the sales channel, and particularly in the industry we're in. There are some bigger features that are different, though. The video industry makes much more use of what are called original design manufacturers. There's quite a bit more white labeling that goes on in the video industry than there is in the audio industry, and that's a sort of fairly substantial difference. The other comment I would make with relation to the video industry versus the audio industry is that the video industry is incredibly fragmented around video compression technologies, chips and products and things like that. One of the strategic advantages to Audinate in acquiring the Silex business is we now have a capability for developing video codecs in software form and hardware form, and that means that we can deliver a complete solution and avoid some of the fragmentation that's out there in the market with all the various different kinds of chips. Aidan, I might just, I guess, call time on questions. We'll try and work our way through the remaining questions that have already come in. While I knock off a few of these questions, perhaps if you prepare yourself to answer the last four, and then there was another question in respect to video from Johan. I'll try and work through the others, and knock them off. The last. Yeah. Yep. That is the last? Yep. What is the rough conversion rate from design win to actual commercial product? Do many products fail in the design phase? I think there's sort of two answers to this. Well, there's two parts. Firstly, I guess we generally see maybe sort of 15-20 OEMs sort of drop out of 500. There's sort of about 4% who don't end up coming to market with a product. That can be for a variety of reasons, whether it's a, you know, bankruptcy, you know, they don't end up launching new products. You know, particularly in small OEMs, they've got limited expertise, so if that person leaves, then suddenly, you know, they mightn't go ahead with a networked product. In terms of products failing in the design phase, I don't think that's really something that's terribly common. I think it's really more that they don't actually sort of commence the development or they've commenced and it's not very far along and they don't proceed with the product. In terms of some other questions, how much of the first half revenue is derived from OEMs pre-purchasing chips, cards, and modules? Look, that's a super tough one for us to answer. I have called out the return of sort of the OEMs outside of the top 20, sort of buying more products. I guess it's not beyond the bounds of possibility that they're stocking up, but generally, these are people who don't have you know bigger balance sheets and the ability to tie up working capital in inventory. Given the current outlook, is there a risk that second half 2022 revenue is down year on year or do you still expect second half 2022 growth, albeit lower than historically? I think the answer is we have answered this question in terms of how we've talked about the outlook for the full year. What we've said is we do expect U.S. dollar revenue growth overall for financial year 2022, but we don't expect growth in the historical range, which is 25%-30% for the full 12-month period. I think you can sort of unlock the arithmetic on what that might mean for second half. Again, sort of reference the uncertainty in the revenue environment that we've already talked about. Okay, I think I've got the last four. Can you give your thoughts on the likely end user of the video technology and the potential market size? Dante networking technology is used by installers of commercial AV systems. These are audio and video systems that get put into buildings of various sorts. The end user of the Dante video technology is an AV professional who's designing an AV system for a conference room, for a school hall, for a church, for a railway station, for you know, any number of commercial applications, a pub, where there are audio and video signals, and they're using the Dante networking technology to distribute the audio and video signals throughout a building across the standard network. The end user is an AV professional who's doing design and installation of AV systems. In terms of potential market size, in the presentation deck we have, we kind of divide up our audio, video and software solutions' potential market sizes. In terms of the market size for the technology itself, as opposed to the market size for all of the video products that are there. On the audio side of things, we think that's AUD 400 million-AUD 450 million annually for example, the Dante networking technology, the chips cards and modules that go into products. We think that the video opportunity is at least that large, if not larger as well. There's a comment here. There's a question around the said something to the effect of Dante software to be paid for by end users rather than at manufacturing time. Can you expand on this, please? This is another piece of the in-field activation side of things. At the moment, if we sell a chip to a manufacturer, they have to pay for the Dante networking technology and the chip and put it into their product. If we have a Dante software solution, we can actually effectively have latent Dante functionality in the product, which can be turned on in the field. One of the things that our Dante activation software can do is effectively let the user swipe the credit card. In this case, the manufacturer doesn't have to pay for the Dante functionality. The end user can pay for the Dante functionality. As is often the case, the end user gets the benefit of the Dante technology and the interoperability, and the manufacturer tends to see it as a cost. It changes the business model. Aidan, worth pointing out that I guess we've already got one sort of flagship customer in QSC who has proven- Already doing that. Yes. Has proven the business model to our way of thinking. Yep. There are lots of business models there, and there's the things like revenue share and all that kind of stuff that can happen as well. Can you share your thoughts on Audinate's long-term potential of moving into consumer categories of audio and video? Historically, Audinate has focused on commercial installed AV and professional AV, rather than the consumer space. This is because the consumer space is really targeted often around the playback of prerecorded material. If you're thinking Netflix or Spotify or something like that, you're really playing back some kind of prerecorded content in the home. It's much more about buffering and download of content and subscriptions to content-based services than it is real-time, you know, where you have humans all together in a room interacting together with multiple audio and video signals that need to be shown in real time. Having said that, we have a very good solution for the distribution of audio and video signals, and we're seeing quite a bit of interest in the use of Dante in what's called the CEDIA market. This is more like the high-end home AV system. In that market, people basically install fancy, you know, audio visual systems inside houses, and Dante's networking technology obviously plays in that space as well. There's probably, I don't know, 15, 20 different manufacturers who are building Dante products that are targeted towards that CEDIA market, which is much more of a consumer space. When should we expect the new set of product releases for products using Dante AV? The design cycle from design win to products coming on the market with Dante AV, we expect that to be similar to that sort of 12-18 month kind of lag between design win and products coming on the market. Although there is some headwind at the moment because video manufacturers in particular are making their first Dante product, so they're doing something new, and that often can take longer, and a lot of those engineering teams are actually preoccupied with supply chain issues at the moment as well. We usually cannot talk about the sort of release schedules for specific manufacturers. My expectation is we ought to see some additional Dante AV products coming to market over the next six to 9 months, for sure. I think that's it. We might wrap up there. Thank you very much for joining us and, hopefully you'll stay safe and, well, looking forward to see you in person at some point soon. Thanks. Thank you. Bye.