Good morning, everyone, welcome to Exclusive Networks' Full Year 2022 Financial Results. We are broadcasted live, this will be available on demand on our website. The presentation slides and the press release for this call are also available on our website in the investor relations section. First, I would like to draw your attention to the disclaimer on slide two of this deck regarding the information contained within these documents, in particular, forward-looking statements. I invite all participants to read this. Today's call is scheduled to last about 90 minutes, I'd like to introduce our key speakers this morning, Jesper Trolle, CEO of Exclusive Networks, and Nathalie Bühnemann, our CFO. The presentation will last about 60 minutes will be followed by a Q&A session. If we don't have the time to take everyone's question in this session, I am available and happy to take any of your questions following up the call. I'll now pass it over to Jesper for a few opening remarks and his overview of the full year results. Jesper, the floor is yours. Thank you, Azin, and welcome everyone to our full year 2022 financial update. Before I start today, I would like to welcome Nathalie Bühnemann to our call today. Nathalie was appointed last month as Exclusive's new chief financial officer. Nathalie is highly experienced finance professional. She's led the financial and M&A functions for listed companies over the last 10 years. She's already very familiar with our strategy, our business model, and our culture, having served as an independent board member and audit chair at Exclusive Networks since our IPO. I'm delighted to have Nathalie on board and very much looking forward to working with her as we continue to evolve and grow our business. You'll hear more from Nathalie shortly. FY 2022 truly was a momentous year for Exclusive in our ongoing mission to become a globally trusted cybersecurity specialist who helps organizations and individuals transition to a totally trusted digital world. Our first year as a public company saw us continue to deliver on our strategy, outperform the market, and deliver against the growth targets and the business plan that we laid out at the time of our IPO. Before I go into details on our performance, I just want to point out some of the extraordinary events that impacted the market in 2022. Certainly, the war in Ukraine and geopolitical tensions have increased the awareness and accelerated the global cybersecurity market in 2022. In addition, we saw pricing inflation and a strengthening U.S. dollar, which brought additional tailwinds. It's very important to view our performance in the context of this market backdrop. That said, it's also important to note that even though these tailwinds had a positive impact on all players across our sector, it is very pleasing for us to note that we still managed to outperform and outgrow the overall market. Finally, and most importantly, I would like to pay tribute to all of our amazing teams around the world for their hard work, their dedication, and their strong support in achieving these record-breaking results. My sincere thank you goes to each and every one of them. With that, let's now take a look at some of the key highlights of the year. Our momentum continued throughout 2022 with very strong growth resulting in record-breaking year for both sales and profitability. Our gross sales were up 38% year-on-year to EUR 4.5 billion, with net margin reaching EUR 411 million, up 29% year-on-year, and adjusted EBIT of EUR 154 million year-on-year, up 29% year-on-year. Sorry. I'm delighted to say that these numbers exceeded our revised guidance that we gave for the year. We finished the year on the back of three consecutive quarters of gross sales of over EUR 1 billion, with the EMEA theater achieving its first-ever EUR 1 billion quarter in Q4. The renewed business plan and growth strategy that we have put in place in the Americas theater continued to yield strong results with gross sales up 53% year-on-year to over EUR 500 million, making it now our second-largest theater behind the EMEA theater. One of the key success indicators is our ability to retain vendors and customers, and I'm pleased again to report that we have achieved a net vendor retention rate of 136% in FY 2022, up from 113% in FY 2021. Our net new customer retention for FY 2022 was 133%, up from 112% in the previous year. This is an important metric, as it shows that our existing vendors and existing customers increased their business with us by almost 40% year-on-year. This gives us greater operating leverage and enables us to continue to drive operational efficiencies within our business. Finally, we managed to generate an exceptional EUR 200 million of adjusted operating free cash flow while continuing to reduce our leverage ratio, reaching 1.6x at the end of December 2022. The ability to consistently outperform the cybersecurity market growth lies in what we call our unique business model, the Exclusive Flywheel. This is underpinned by the five key focus areas you see on this slide. A best-in-class vendor portfolio, vendor acquisition and expansion, innovative services portfolio, and strategic M&A. Each of these areas are interconnected and interdependent, creating a flywheel effect that continuously generate business momentum to grow our serviceable addressable market. Our vendors include established industry leaders, fast-growth scale-ups, and disruptive startups across all of the leading cybersecurity growth sectors. Our ecosystem of more than 25,000 specialist partners consists of some of the leading global system integrators, managed security services providers, service providers, and value-added resellers. We believe that this diverse ecosystem of vendors and partners, coupled with our value-creating services, gives us the most holistic cybersecurity offerings in our industry and the most comprehensive global routes to market, which in turn enables us to target a broad and fast-growing market. Over the last five years, the successful execution of each of these elements have created the so-called Exclusive Flywheel, which has enabled us to achieve compound annual growth of 18% over performing the cybersecurity market, which as a whole, achieved 14% compound annual growth rate along the same period. We'll speak more about each of these elements later in the presentation. I briefly mentioned in my introduction some of the tailwinds accelerating the cybersecurity market. Some of these are extraordinary and short-term, but others will continue to impact over the longer term, driving cybersecurity awareness, investments, and also increased spending. Cyberattacks continues to grow both in frequency and intensity, with ransomware attacks predicted to occur every two seconds by 2031. R&D spending within the cybersecurity industry is 2 x more than the average R&D spend within the enterprise software industry. This alone has resulted in $13 billion of cumulative spend by the top cybersecurity vendors over the last four years. We see geopolitical unrest continue with the war in Ukraine and the adoption of cyber warfare as a weapon against national critical infrastructure and nation state attacks. In turn, this leads to growing regulatory compliance as governments, industry bodies, and law enforcement agencies introduce more stringent national and international cybersecurity legislations. Remote and hybrid working environments are here to stay, and accelerated digital transformation projects continue to challenge security teams as they struggle to secure this new expanded perimeter and new digital infrastructure. Cloud migration and adoption of cloud-based services continues to be a priority for IT leaders, driving the need to secure these new hybrid cloud architectures. Finally, something we spoke a lot about during last year, the ongoing global cyber talent crisis still remains a massive challenge, with IT leaders citing this as the biggest barrier to technology adoption. It's the combination of all these factors, together with what we read in various market reports about cybersecurity being the number one priority for CIOs, that gives us confidence that the cybersecurity market will remain resilient and continue to grow in 2023 and beyond, despite a slowdown in the overall macro environment and the overall IT market growth. What's most important is that Exclusive Networks is extremely well-placed to capture this growth, not just in the short term, but also in the years to come. This is an important slide in understanding the cybersecurity overall market size, but as well Exclusive's growth opportunity within it. The TAM is the total addressable market for cybersecurity products. The SAM is defined as the serviceable addressable market, which means the portion of the market that goes through the two-tier value chain. Within that, the Exclusive Networks serviceable addressable market is the part of that market that Exclusive currently can address based on our current vendors and geographies of operation. The left-hand side of this chart will be the size of the market at the time of our IPO. On the right side is the estimated size of this market opportunity in 2023 based on the cybersecurity market growth, as is detailed along various research reports. Our ability to continuously grow our available market opportunity through vendor expansion and acquisition, geographical expansion, and M&A has seen us significantly increase our serviceable addressable market over the last three years. As you can see on this slide, we still have significant runway for growth within the Exclusive serviceable addressable market, which also will continue to expand based on the growing total addressable market for cybersecurity. To this last point, there was a recent research report by J.P. Morgan in which it was cited that enterprises are spending today less than $200 billion on cybersecurity to defend themselves against a $1 trillion cost inflicted by cybercrimes. A number that some report even estimate to grow as high as $10 trillion by 2025. It is clear that this math just doesn't add up, which is a further indicator of the potential growth within the cybersecurity market. Cloud-based security products and cloud delivery models continues to outgrow traditional routes to market. We are seeing our cloud-based sales continue to grow as more and more vendors move to annual recurring revenue models and SaaS models. In fact, many of our new vendors, especially those we sign through our businesses of Ignition and Nuaware, are today sold predominantly as cloud-based services. As customers shift their consumption habits to subscription-based models, we are seeing an increase in the number of partners trading on our X-OD Exclusive On-Demand platform. This is our innovative on-demand consumption platform. In FY 2022, the number of partners trading on X-OD more than doubled with the number of transactions on the platform increasing by six-fold as customers are buying more and more subscriptions compared to FY 2021. In FY 2022, our cloud-based sales grew by an impressive 53% year-on-year, making up now more than 28% of our overall gross sales. This growth demonstrates that we have the right cloud portfolio and the right cloud security vendors, coupled with an innovative consumption platform, which ensures that we stay ahead of the market and we continue to remain relevant to our vendors and our customers. Moving on to this next slide. We are here to talk about some of the key elements of our flywheel vendor expansion. The land and expand approach that we have implemented during FY 2022 saw us sign extension contracts with two vendors across North America, three vendors across APAC, and nine vendors across EMEA. The combined value of all these extension contracts represents more than EUR 3 billion of additional addressable market opportunity for us moving forward. Let me walk you through an example with one vendor, BeyondTrust, a leader within privileged access management who sits inside of the 12 billion market and high-growth segment of Identity and Access Management. Initially, we had worked with them in a couple of small markets in EMEA. They also did work with other distribution partners in some of its key markets. One of these partners were Ignition Technology. Following the acquisition of Ignition back in 2021, we were able to add the key market of the U.K. and transition the business into the Exclusive portfolio to help scale it further. This proved so successful that in 2022, BeyondTrust signed an extension contract to cover the whole of EMEA and North America with Exclusive Networks. This is a great example of what we call the Exclusive Flywheel. Strategic M&A combined with an effective vendor expansion plan, creating a bigger market opportunity and increasing our overall addressable market. Over the last five years, vendor expansion into new territories has enabled us to increase the geographical coverage of our top five vendors by 140%, giving us greater traction with them and increasing our serviceable addressable market. As you see on this slide, we still have work to do with other vendors. As you can see, we have plenty of opportunity to grow our top 30 vendors, especially in some of our key geographies like North America, Middle East, Africa, as well as our more recently acquired region of Central and Eastern Europe. Another part of our flywheel is vendor selection and attraction. The ability for us to identify and sign leading vendors across the key growth sectors of cybersecurity has and will continue to be a major part of Exclusive Network's success. According to industry research, the average end customer uses more than 40 different cybersecurity vendors in their security infrastructure today. We are constantly evolving our vendor portfolio to ensure that we have the most holistic and the most relevant cybersecurity portfolio to address not just the needs of the market today, but also the emerging threats of tomorrow. Our proven track record in onboarding new vendors is based on a rigorous selection process that includes technology maturity, market sustainability, geographical coverage, requirements for skills and services, as well as a thorough competitive analysis. In FY 2022, we welcomed 13 new vendors to our portfolio. One of those was a company called ThriveDX, a global leader in cybersecurity training who we have signed a global contract with. This is a fantastic example of how we are adapting our portfolio to meet the needs of the market today and also in the future. Think of ThriveDX as helping to build the human firewall. It's a cybersecurity awareness and education platform. It's a service, it's SaaS-based, and it's addressing one of the most pressing challenges of our time, the global cybersecurity skills gap and talent shortage. This is a great addition to our portfolio, which allows us to move into an adjacent market and thereby expanding our serviceable addressable market. I mentioned just now on how we are continuously evolving our vendor portfolio to offer a holistic choice that meets the needs of today's key cybersecurity challenges. Our portfolio of cybersecurity innovators covers all the major segments of the cybersecurity market. As you can see on this slide, in FY 2022, we significantly outperformed the market growth in every top-tier cybersecurity segment. Network security is a $19 billion market, where we are probably most well-known due to our long-standing relationships with two of the biggest players in this space, Fortinet and Palo Alto Networks. As you can see, even in this well-established market, we are outgrowing the market by 2.5x, we intend to keep doubling down in this space and continue to dominate the sector. Endpoint security is another key sector for us and an area of the market that is still going through major transformation away from legacy technologies. Here, we are working with SentinelOne as one of the market leaders with whom we continue to see strong growth with. Finally, DevSecOps is a relatively new but fast-growing sector. Our acquisition of Nuaware back in 2020 has enabled us to significantly accelerate growth in this sector, resulting in us outgrowing the market by 5x. Services is really at the core of everything we do. In fact, if you think about it, we are fundamentally a specialist cybersecurity services business, with distribution being just one of the many services that we offer to our vendors and partners. Our specialist services are designed to complement, enhance, or even augment our vendor and partners capabilities. They wrap around every aspect of our business offerings from business development to deal enablement, all the way through to managed services and support. Let me give you a couple of examples of where we are supporting a vendor and a partner through our services capabilities. For Fortinet, we not just do distribution, we're also providing level 1 support on an international basis. We provide them with global logistics services. We have certified trainers across the world that are delivering Fortinet trainings across our global training centers. I also want to give you an example of where we have worked with a partner to help them grow their security practice using and leveraging our business development services. Let me take you through a journey with SCALTEL AG on the next slide. SCALTEL is a 30-year-old mid-sized IT service provider in Germany, targeting the commercial mid-market. A small partner with a big history, but even bigger ambitions. They had been a Palo Alto partner since 2014 with aspirations to win more customers and grow their business. In 2016, they decided to transition their Palo Alto business to Exclusive Networks in Germany, beginning what can only be characterized as a long and very successful partnership. Exclusive quickly became a trusted advisor, helping grow their Palo Alto business through our business development services and ultimately help them achieve Palo Alto Diamond Partner status through our certified training courses. From a business development perspective, we've helped them to broaden their security offerings by onboarding new vendors such as Fortinet, Nozomi, and F5 to complement their existing portfolio and help them expand their addressable market with new market opportunities. We've also helped them expand their MSSP business. We are currently working with them to develop new cloud security services leveraging Palo Alto Networks Prisma Cloud solutions. Since we have started our partnership with SCALTEL back in 2016, we have increased our partnership and the volume of business with them by 60 x. This is a great example of a long-standing and mutually valuable partnership. Another part of our Flywheel is M&A. M&A enables us to increase our geographical footprint, improve our service offerings, and enhance our existing capabilities around technical and product expertise, as well as other services. We have a proven and very successful track record in identifying, acquiring, and integrating businesses. We've taken ambitious companies that have entrepreneurial leadership, a strategic fit, and are ready to scale, and we help accelerate their growth towards value creation. In recent years, we've acquired Nuaware to give us specialist skills and expertise within the emerging DevOps sector. We've acquired Veracomp to expand our presence in Central and Eastern Europe. We've acquired Ignition Technology back in 2021 to bolster our dedicated offerings to early-stage, fast-growth SaaS cybersecurity vendors. Finally, at the end of 2021, we acquired Networks Unlimited to extend our presence into Sub-Sahara Africa with the formation of Exclusive Networks Africa. In the last 10 years, we made 18 acquisitions, which today contribute for more than EUR 2.1 billion of our gross sales. So much for the vendors and M&A in our business, because at the end of the day, people are at the heart of our business. Retaining and attracting the best talent is key to our continued success, and as such, we invest heavily in nurturing, developing, and upskilling our people across all aspects of our business. In FY 2022, our global team grew to over 2,400 full-time employees, with approximately 25% operating within technical roles. The average age of our employees is below 34 years, and the gender split continues to narrow with 43% female and 57% male. The average employment tenure is 4.5 Years, with our employee engagement score reaching a strong 72%. The global skills and talent shortage is affecting everyone in the industry. We are not immune from this. We continue to invest in our people. We've seen our attrition rate stabilize in the back half of 2022, and this remains a key priority for us as we enter 2023. I just mentioned the global cybersecurity talent shortage. This is something we are committed to addressing, not just within our own business, but also across the industry at large. Cause with only 15% of the global cybersecurity workforce having gained access to formal cybersecurity education and the need to increase said workforce by 65% to meet the current needs of organizations to defend themselves against the growing cyber threats, it is clear that there is a much greater need for education and training of individuals. In FY 2022, as a direct response to this growing challenge, we launched the Exclusive Academy with our partners, Guardia and Notería. This is a three-year program that combines practical on-the-job experience with formal trainings to attain strong cyber qualifications. This initiative further complements our existing partnerships with Guardia, where we are collaborating partner in France's first cybersecurity school based in Paris, as well as our partnership with Cal Poly in the U.S., where we opened an on-campus facility, giving the students opportunity to work alongside our cybersecurity professionals to gain invaluable experience alongside their studies. Through our own education programs and training centers across the world, we delivered more than 1,400 courses and trained more than 11,000 people in FY 2022. With that, I would like to hand it over to Exclusive Networks CFO, Nathalie Bühnemann. Nathalie, the stage is yours. Thank you. Thank you, Jesper. Good morning, everyone, and thank you all for joining us today for our 2022 Earnings Calls. I'm happy to report that Q4 was another strong quarter, allowing us to post a record performance for 2022 on both top line and profitability growth. Let's start first with a quick overview of the business performance in Q4 2022 before I go into more details. Let's start with the performance in Q4 on slide 21. The increase in growth sales in Q4 is similar to the trend observed during the last three quarters. As you know, Q4 is traditionally our strongest quarter, and growth sales in Q4 reach EUR 1.5 billion in Q4 2022 compared to EUR 1 billion in Q4 2021, up 42% reported and 41% at constant rate. This is the third consecutive quarter above EUR 1 billion of sales, and it shows a clear acceleration in our growth, illustrated notably by strong improvement in net vendor and net customer renewal rates. The growth is largely fueled by existing vendor base and geographies, and to a lower extent by vendor expansion and M&A, representing 4% together. Let's move now to the next slide that shows our performance per region. Starting with EMEA, our 44% growth in Q4 is outstanding, reaching EUR 1.2 billion compared to EUR 0.8 billion in Q4 2021. This significant performance is a new milestone as it is the first time that one of our region achieves more than EUR 1 billion in sales in a quarter, and it outperforms the market at the same time. EMEA remains Exclusive's largest growth contributor. Moving to Americas now. The region posted an outstanding 44% growth in Q4, 29% at constant rate, despite a strong performance already performed in Q4 2021. The Americas has a strong pipeline and sales funnel driven by a significant number of large deals in the U.S. market. With regard to APAC, Q4 has seen a rebound in activity driven by an increasing share of large deals and a recovery in Australia and New Zealand. Gross sales reached EUR 123 million in Q4 2022 compared to EUR 98 million in Q4 2021, increasing by 28% reported and 19% at constant rate. We move. We are on slide 23 with a geographical breakdown as well as the size of our deals. Our geographical split remains the same, with a slight increase in the importance of the Americas as a result of a strong growth space in 2022. Since the IPO, there has been a sound market acceleration for large deals above EUR 1 million. It's driven by, first, the number of deals we do with our vendors. As a preferred distributor for our top five vendors, we had more volumes in the pipeline. We were able to bundle the orders. Second explanation, being present in nearly 50 countries provides the capability to deliver global deals for end customer. Let's take the example of global telco companies or banks. When they want to equip all their locations with cybersecurity solutions, it is much more effective to sign global deals with distributors or partners capable of delivering the solutions in each country where they are present. This is one of the strengths of Exclusive Networks that makes our USP so powerful and so unique. We believe this trend will accelerate in the years to come. I think we will move now to our full-year financial performance, starting first with a review of our P&L achievement and then continuing with a review of our balance sheet structure and cash position. We are on slide 25, and to show our full-year financial performance, starting with a snapshot of our full-year P&L. I would like to draw your attention on the APM indicator adjusted EBIT that is shown on our P&L and on this slide. It has exactly the same definition as our previous APM called adjusted EBITDA. We have decided to change the taxonomy to adjusted EBIT so that we can better compare to other peers in our sector and especially in the U.S. As a result, adjusted EBIT represents our operating profit before the impact of GAAP and non-GAAP non-recurring costs, as well as the amortization of intangibles. In a nutshell, it's exactly the same definition as adjusted EBITDA in 2021 and there's absolutely no change. You can find all the definition of our APM in the glossary at the end of this presentation. As you can see on the slide, both net margin and adjusted EBIT are positive and up 29%. I will first comment on annual gross sales performance, and then I will continue with the operating performance of the company in margin and EBIT. Let's start with slide 26. Gross sales have steadily increased over the year, and they have reached EUR 4.5 billion in 2022 compared to EUR 3.3 billion in 2021, which means an increase of 38% growth with a clear acceleration in H2, which reflects, as you know, the seasonality in our business. As I stated before, our annual growth is mainly driven by our existing base of vendors and geographies. The growth is above market growth that has been estimated between 22%-25% in 2022. The impact of USD strengthening and the price inflation are accounting for roughly 11% out of the 38% of growth that is shown on this slide. Despite this impact of 11%, we are still posting an outstanding growth above the upper range of the growth in the market. Gross sales by geography will be presented later in this presentation with a profitability performance per region. Now let's move to our full-year operating performance on slide 27. Our adjusted EBIT has reached EUR 154 million in 2022 compared to EUR 119 million in 2021, up 29%. It's mainly driven by the absolute value growth in net margin, reaching EUR 411 million, up 29% compared to 2021. net margin ratio has deteriorated from 9.8% - 9.1%, as expected. The decrease in net margin ratio is mainly driven by a higher number of large deals and their geographical mix, representing roughly 50 basis points of decrease. U.S. has shown the highest rate of growth in 2022, as you know, it is traditionally positioned with lower range of margin rates. The net margin ratio has also been impacted by higher Forex costs than expecting, and especially in Q4. If you take this Forex cost into account, if it has not happened, it's a non-recurring event, and without this effect, net margin ratio would have been 9.2% for the full year and close to 9% for the H2. In spite of this deterioration in ratio, the profitability ratio at the bottom line has increased by 20 bps to 37.5% in 2022 compared to 37.3% in 2021, driven by the slight decrease in OpEx weight. As you can see on, this is on the right of the slide, the OpEx ratio has been maintained stable at group level, whereas it has significantly improved at country level. Countries have carefully monitored their cost structure to ensure an improvement in the operating leverage at regional level. OpEx was down from 54% of net margin in 2021 to 53.1% of net margin in 2022, representing a decrease of 170 basis points. This effort was partially offset by an increase in cost structure at corporate level. The increase in corporate cost is mainly driven by a full-year impact of IPO recurring cost inherent to listed companies, as well as an anticipation of headquarters costs to enable the future growth of the group. We'll analyze the profitability at regional level on slide 28. The key driver for performance is geographical mix and size of deals per region, as we said since the beginning of this presentation. If we start with EMEA. EMEA is the most mature and largest region within the group. This region has contributed to 83% of EBIT and represents 78% of gross sales. EMEA reached EUR 160 million of adjusted EBIT for EUR 3.5 billion of gross sales in 2022, meaning an increase of 38% and 40% respectively. With an increased volume of large deals, EMEA successfully grown in EBIT at a similar pace as sales growth due to the tight control on cost structure. The Americas has the highest sales growth at 53%, reaching EUR 532 million in 2022 compared to EUR 347 million in 2021, and it has the highest growth in adjusted EBIT, up 62% from EUR 9 million - EUR 14 million. The Americas is a good example of net margin impact, having an absolute value on the bottom line. With volumes being key in our business, even when the net margin ratio decreases due to the geographical and deal size mix, the impact of higher absolute value in net margin is accretive in adjusted EBIT. This is the result of OpEx not growing proportionally with sales growth. The most important thing to look at in our business is not the net margin ratio evolution, but the increase in net margin absolute value. Let's complete the tour with the APAC. APAC has benefited from a growth of 16% from EUR 394 million in 2021 to EUR 457 million in 2022, resulting in an increase of 6% in profitability. The start of the year has been quite challenging for APAC, with some management changes. Activity has rebound in Q4, and profitability has raised from EUR 19 million - EUR 20 million despite an increased weight of large deals. Let's now complete our P&L view with the items below adjusted EBIT. Adjusted net income has reached EUR 100 million in 2022, up 39% and driven by the improvement of our profitability. The financial results remain stable from EUR 28 million in 2021 to EUR 27 million in 2022. The decrease in our financial interest costs resulting from the deleveraging of our company has been offset by one-off items, such as the hyperinflation effect in Turkey. Income tax has increased as a result of our improvement in our taxable income, as well as one-off effect from last year due to the change in income tax rate in the U.K. in 2021 from 19% - 25%. That has impacted the deferred tax position on intangible assets. As a result, our effective tax rate is 24.67% in 2022. Let's move to our balance sheet structure on slide 30. Our balance sheet is mainly composed of goodwill and intangibles from acquisition for roughly EUR 1.4 billion. This amount is decreasing each year due to our amortization of intangibles. It's roughly EUR 60 million of D&A per year. Net working capital amounts to EUR 100 million as of December 31st, 2022, and it shows a decrease of EUR 55 million compared to 2021. The net debt amounts EUR 260 million, showing a decrease of EUR 132 million compared to 2021 due to a significant increase in free cash flow. We will detail the free cash flow improvement in the next slides as the main driver to explain our exceptional cash generation in full year 2022. We are now slide 31, and we present here a bridge of adjusted operating free cash flow from 2021 - 2022. Adjusted operating free cash flow improved from EUR 65 million - EUR 201 million in full year 2022, and mainly driven by an outstanding positive impact of net working capital and our improvement in operational performance. I will talk in more details about the net working capital in the next slide. The impact you see on the slide of EUR 102 million, it's 50% driven by our improvement of net working capital in 2022, and 50% driven by a negative impact of net working capital in 2021. These two combined effects result in an exceptional impact in free cash flow in 2022. Now we are on slide 32, and we present the evolution of our net working capital. Our net working capital has decreased by EUR 55 million from 2021 - 2022, leading to a quite similar positive impact on the cash situation. This improvement mainly results from an increase in our factoring accounts receivable basis of EUR 159 million that has been offset by an increase in our inventory value of EUR 121 million. Due to historical supply shortages from the past few years, we have better anticipated this year the number of orders to avoid any delivery issues at the end of Q4 2022. It will foster a very good start for Q1 2023. I want to highlight that to the 2% of net working capital reached at the end of 2022 is not a standard level for net working capital in our activity. 2022 has combined many one-off positive effects on working capital and cash, which should normally not be seen in the coming years. 2.5%-3% of net working capital is much more a standard level of net working capital to be expected in our activity. Despite the one-off effects, the company has worked on its fundamentals by improving the DSO by four days while keeping a stable DPO. As a conclusion, the significant cash generation in 2022 has led to a decrease of EUR 132 million on our net debt position from 2021 to 2022, resulting in a deleveraging of the company down to a leverage ratio of 1.6x. The estimated impact for 2023 is a decrease of 25 bps in our interest rate on senior debt. Finally, to summarize our key financial takeaways, first of all, an outstanding performance in cash and profitability, far above market expectations and performance. A secured growth for 2023 due to our underlying strong drivers in the cybersecurity market. Finally, significant capabilities to deleverage the company and enabling further external growth. Thank you for your attention, and I will hand back to Jesper to present the outlook and the shareholders' return policy. Thank you, Nathalie Bühnemann, and congratulations on delivering your first set of results for Exclusive. Let's now present our guidance for 2023. Considering the ongoing market conditions, we expect for the full year of 2023, our gross sales to be above EUR 5.150 billion. This implies a minimum growth of 14% year-on-year. We expect our net margin to be in the range of EUR 450 million-EUR 465 million. We expect our adjusted EBIT to reach a range between EUR 172 million and EUR 178 million on the high end. With all of these numbers taken into consideration, we expect to generate a free cash flow from operations of 80% of adjusted EBITDA. Finally, in regards to the shareholder's return policy as we disclosed in our 2021 UID, considering the outstanding growth of the company, as well as the highly competitive market environment that we find ourselves in, the board has decided to launch a share buyback program up to EUR 25 million, representing the equivalent of 25% of our adjusted net income for 2022. This program will enable the company to fund the long-term incentive plans and offer the possibility to leverage its shares for M&A build-up opportunities without diluting the shareholders. Conditions of this program will be disclosed subsequently, and consequently, the board is proposing not to pay out a dividend in 2023. To summarize today's call, 2022 was another strong year of growth with a record in both gross sales and profitability for our company. Our consistent and sustained growth over the last five years has demonstrated our ability to outperform the market, achieving compound annual growth rates of 18% compared to a market compound annual growth rate of 14% across the same period. As we move through 2023, we expect that cybersecurity budgets will remain resilient and continue to grow faster than the overall IT sector. This, in turn, is fueled by a number of tailwinds, including ongoing geopolitical tensions, increased cyber threats, and as well, the rapidly expanding digital landscape, including companies move to hybrid working environments. Our cybersecurity specialization, combined with our global reach and scale, continues to give us a strong USP in what can only be characterized as a very fragmented market. Our position within the cybersecurity ecosystem gives us access to the world's leading cybersecurity vendors and partners across our global footprint. Our proven ability to continuously grow our serviceable addressable market by successfully executing on the elements of our flywheel gives us plenty of runway for growth in 2023 and beyond. With that, I thank you all for your attention. I will now hand it over to Azin to open up for the Q&A session. Azin? Thank you, Jesper. Thank you everyone for your attention. I hope you enjoyed the presentation. Let's now open the Q&A session. I think we already have question on the call. Thank you. As a brief reminder, to ask a question today, please signal by pressing star one on your telephone keypad. Our first question comes from Joseph George of J.P. Morgan. Please go ahead. Yes. Hi, everyone, and thank you very much for taking my questions. I have three, please, if you don't mind. Firstly, through Q4 and now Q1, what trends have you seen with regards to contract duration? Secondly, what trends have you seen recently with regards to product mix? Have you seen a shift towards prioritizing mission-critical products or has mix remained stable? Thirdly, could you just please give us a little bit more color on any macro headwinds that you're seeing? Your guidance obviously implies relative strength similar to Palo Alto and Fortinet, but some other vendors have flagged a bit of end market softness due to the macro. Any color on the macro headwinds you're seeing, please. Thank you. Thank you for the question, Joe, welcome to the call, first of all, let me try and answer all three of them. In terms of trends from Q4 - Q1, we haven't really seen a big change. The mix we have in our business remains the same. We are seeing that, you know, as also evidenced by some of the vendors, we are seeing that deals take longer to close. It's clear that there are more approval layers inside of organizations that need to sign off, also mission-critical areas like cybersecurity. I think what's most important to note is that we do not see opportunities disappearing out of our pipelines. In terms of macro headwinds, I mean, I think we are at a point where there is a lot of macro uncertainty. We have rising interest rates. We are now entering the second year of the war in Ukraine, and there is generally a lot of tension geopolitically also between areas like the U.S. and China. All of this is sort of putting a bit of a lid on the economy, which means that we have decided to put, you know, a prudent guidance, if you can call a double-digit growth guidance that into our business on the back of a very strong performance last year, which obviously, as we also laid out, was in part driven by some exceptional factors. Thank you. Perfect. Thanks very much. Thank you. Now we come to our next question, which comes from David Vignon of Stifel. Please go ahead. Yes. Hi, everyone, and thanks for taking my questions. I have three. The first is on your net margin. Obviously we saw quite a deterioration in H2 compared to H1. For 2023, you are guiding for stabilization or even a small improvement compared to H2 again. Could you help us understand what would drive that slight improvement and how we should think about the evolution of the net margin going forward? A second question for Jesper. Earlier you mentioned Fortinet, and you did as an example of your services offering, mentioning some services that you are providing, some such as level 1 support globally, training centers or logistics. More generally, could you talk about the penetration rate of your services offering inside your top five or top 20 vendors, and how big of an opportunity it could be for you in the coming years? My third question is on Palo Alto. As I mentioned, that they saw a material increase in demand for software-based firewall. Could you talk about the impact this could have on your P&L as that suppliances, notably in terms of cost sales, if there are any differences in pricing, but also obviously on net margin and adjusted EBIT? Thank you. Thank you. Thank you for the question. I'm gonna try and answer all three again. In terms of net margin, I think Nathalie did a very good job on walking through how we think about profitability and margin rates within our business. We've often talked about the fact that as a company, we are focused on driving net margin euro growth. We know that the net margin rate in our business is a function of the underlying mix in our business. As Nathalie walked through, we have seen a tremendous performance in the Americas region in 2022, and we have also seen a very strong performance in the contribution from big deals inside of our business. I think the point on Americas that Nathalie made really sort of hammers home the point, which is with a growth in sales of 53%, the company in the Americas still managed to grow their EBIT by 62%, showing the operating leverage that we have in our model. Again, just to confirm, as a company, we are focused on growing our absolute net margin EUR numbers. In terms of services, and on the evolution, maybe I should wrap up that. What do we expect for the future? It really depends on how we think about the mix. If you think about the guidance I just gave, we do expect that we are in a more suppressed environment than we were last year. That also entails less big deals proportionally. With less big deals proportionally, even with the growth we expect to continue in the U.S., we believe that we can maintain the margin rate along the range which we have just guided for. In terms of services penetration, I don't have it broken out by top five vendors. What I can tell you is we have a lot of ongoing and parallel discussions with vendors on taking over a growing part of services from their business. For vendors, interestingly enough, services tends to be dilutive to their product business and their PNL, and they are interested in basically offloading a lot of that. We have a lot of ongoing conversations with many of our vendors, not only the top five, about helping them deliver some of those services, considering the scale and global reach that we have built up. We've also talking about services being different across regions. In North America, we do less services proportionally of our business versus our revenue or gross sales, versus a market like APAC, where we are a much larger player for partners who tends to be smaller and vendors who tends to rely more on our needs and capabilities. The way we think about services is more of services as a share of the regional mix in our business versus the share of the individual vendors. Thirdly, on your point on Palo Alto and their growth in software-based firewalls, I don't see this as having an impact on our business. We have a long-standing relationship with Palo Alto. We continue to support their priorities and their strategies and their go-to-market and the objectives they are driving towards. The move to software-based firewalls is still something that, you know, we will focus on with them, and it will continue to go through our business. In fact, today, hardware continues to be a diminishing part of our business across our global portfolio as companies adopt more software-based solutions, more cloud services, and things of that nature. Thank you. Thank you. Thank you. As a brief reminder, to ask a question today, please signal by pressing star one. We will pause for a brief moment. There appears to be... Apologies, we're just getting another question through, which comes from Derric Marcon of Societe Generale. Please go ahead. Good morning. Thank you for taking my question. Good morning, Jesper. Good morning, Nathalie and Azin. Just want to come back on the price increase and like that when you add in 2022, so the 11% that you mentioned during the call. If I recompute with what you said during the first nine months of the year, should be 10% for Q4, how do you see this metric evolving in 2023, please? Thank you. Thank you, Derric. For a moment there, I thought you would give a question to Nathalie. Okay. On the pricing increase, this was something that happened gradually through 2022. We believe that there will be a small impact. We haven't really quantified, but we believe there will be a small impact in the beginning of the year as we get more towards the year where the price increases were fully baked in 2022. In terms of FX, for the full year price increase and FX drove 11% growth out of our 38, so, you know, roughly slightly less than 1/3 of the growth. We believe that we will have a small contribution at the beginning of the year from this still, but the guidance is based on obviously on the full year growth of last year. We are kind of guiding on the top of that price increase. Thank you. Thank you. As there are no further questions at this time, I would like to hand the call back over to you for any additional or closing remarks. Thank you very much, and thank you for the, for the time and for listening to our call. I would just wrap up by saying we are extremely proud of the results that we have put forward today. As I mentioned in the beginning, these results are record-breaking, not just for our gross sales performance, but also for company profitability and free cash flow generation. I would like to use the opportunity to once again thank all of our teams across the world for their hard work and their dedication. They are truly the ones that we can thank for this, for this amazing performance. In terms of FY 2023, we are, you know, we're giving our guidance based on a reflection of how the environment currently is, and we feel confident that we can deliver on this guidance with the multiple roads of growth we have, whether that's new vendors, growing with our existing vendors, adding more customers to our portfolio, as well as continue to drive operational efficiencies within our business and within our model. With that, I wanna thank everyone again and look forward to meeting many of you over the next week and months.