Hello, and welcome to Exclusive Networks' Q3 2022 update conference call. My name is Priscilla, and I'll be your coordinator for today's event. Please note this call is being recorded, and your lines will be on listen only. However, you will have the opportunity to ask questions at the end during the Q&A session. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand you over to your host, Mr. Hacène Boumendjel, Head of Investor Relations, to begin today's conference. Thank you. Thank you. Good morning, everyone, and welcome to Exclusive Networks' Q3 2022 conference call, which is broadcast live and will be available on demand on our website. The presentation slides and current 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 this document and in particular, the forward-looking statement. I invite all participants to read this. Today's call is scheduled to last about 60 minutes, and I'd like to introduce our key speakers this morning, Jesper Trolle, CEO of Exclusive Networks, and Pierre Boccon-Liaudet, CFO, as well as Laurence Galland, Chief People Officer. The presentation will last about 30 minutes and 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 will now pass it over to Jesper for his opening remarks and his overview of the third quarter results. Jesper, the floor is yours. Thank you, Hacène, and welcome everyone to our Q3 2022 trading update. As this is our first update since the one-year anniversary of our successful IPO, I want to take a moment to briefly recap our journey so far as a public company. Since day one, we have been steadfast in our mission to become the global specialist for cybersecurity solutions and services, helping to enable the transition to a totally trusted digital world. We have kept focused on scaling our brand equity, industry reputation, and market awareness as we transcend beyond our traditional IT security stronghold and into more business-oriented environments, increasing our global reach and influence to a broader audience. Our global partnership with the International Chamber of Commerce and our alliance with the Cyber Security Coalition in Belgium are just two examples of this. We stayed resolute in maximizing and capitalizing on our unique position at the epicenter of a rapidly expanding cybersecurity ecosystem, where we continue to be the catalyst for growth for our vendors and our partners, helping them to scale their reach, accelerate their go-to-market momentum, increase sales, and drive real business value. We remained relentless in expanding our market opportunity through our existing partner expansion and new vendor acquisition strategy. We have added more than 2,200 new channel partners to our ecosystem, acquired 13 new vendors, and signed 24 expansion agreements with existing vendors. This has all resulted in an additional serviceable addressable market opportunity of EUR 9 billion since the time of our IPO. We continued our commitment to investing in our people, attracting, nurturing, and growing our talented teams around the world, helping them develop and equipping them with the skills and capabilities needed to support their own personal growth and the future growth of our business. This continues to remain a top priority. We took the lead in addressing the global cyber talent shortage through industry-led partnerships with NightDragon and ThriveDX, and in collaboration with educational institutions such as Cal Poly in the U.S. and Guardia and Oteria in France. We also enhanced our own capabilities through the Exclusive Training Center, with comprehensive range of courses delivered to an estimated 12,000 professionals trained during the first nine months of 2022. Above all, we remained unwavering in the execution of our growth strategy, consistently demonstrating our ability to achieve success even against a backdrop of challenging headwinds caused by global supply chain issues, geopolitical unrest, economic uncertainty, and a global cyber talent shortage. Despite these factors, we consistently delivered strong financial results, continued to outperform the market, delivered robust top-line growth, delivered excellent profitability, and generated record cash conversion while substantially reducing our debt position. These exceptional results and outstanding performance clearly validate our unique business model and our proven growth strategy, demonstrating both our relevance and resilience as a business. As the CEO of Exclusive Networks, I am extremely proud of these achievements, none of which would have been possible without the hard work and the commitment of our global teams, and I would like to thank each and every one of them for their continued dedication and support. With that, let's now take a look at our performance for the Q3 of 2022. Before we look at the main financial highlights, I thought I wanted to share with you some context around the key market drivers we are witnessing during the quarter that have contributed to our Q3 performance. Clearly, demand for cybersecurity has remained very strong despite growing macroeconomic pressures and uncertainties. CISOs are being challenged to secure an increasingly distributed enterprise and new hybrid working environments. We are seeing this drive a number of factors, including the transition from traditional virtual private networks to Zero Trust Network Access and the shift to cloud-based delivery models. The threat landscape continues to be volatile. Cyber breaches show no signs of slowing as attacks become more complex and more intense. Major breaches continue to hit the headlines, and only last month's cryptocurrency exchange, Binance, fell victim to a $570 million crypto hack. Despite economic uncertainty and budgetary pressures, cybersecurity spending has remained resilient as CIOs prioritize their investments towards combating the escalating threat of cyberattacks and managing business risks. The global talent crisis continues to impact end customers, which has led to a shortage of cybersecurity skills and resources. To overcome these challenges, organizations are leaning more and more into channel partners to provide expertise, managed services and support packages to augment their own capabilities as they strive to consolidate and harden their cyber defenses. With that, let's take a look at the main financial highlights for Q3. Healthy market demand for cybersecurity continued to fuel very strong growth in the third quarter, with gross sales totaling EUR 1.127 billion, up an impressive 42% year-over-year. This has been largely driven by tremendous organic growth across existing vendors in existing geographies, demonstrating our ability to continually grow market share where we currently operate through our unique market position and the value we bring to our ecosystem. This strong organic growth has been complemented by existing vendor expansions into new geographies, as well as the addition of net new vendors to our portfolio, which has created an additional EUR 1.2 billion in serviceable addressable market opportunity. Through the quarter, we continued to see an uptick in large enterprise deals, especially with our strategic vendors. This has been driven by a deepening relationships and traction with some of our large reseller partners who have had strong performance over the quarter and continues to gain momentum. From a regional perspective, we continue to see solid growth in gross sales across all three operating theaters. Most notably was the performance of our Americas region, which grew by an impressive 66% year-over-year, and for the first time ever exceeded our APAC region in size. This outstanding performance is the result of the focused execution of our growth strategy and the hard work of our teams across the region. I want to commend them all on this fantastic achievement. Our strong EMEA growth continued into Q3, with gross sales reaching EUR 856.9 million, up 43.5% year-over-year. A solid performance across the whole region, which was fueled by continued growth in the enterprise, resulting in some exceptional enterprise deals during the quarter. APAC delivered gross sales of EUR 114.6 million, which represents a growth of 11.2% year-over-year. The business performance was mainly driven by strong activity in Australia that benefited from an accelerated demand. Bookings momentum remained positive for the region. Finally, we are starting to see some slight improvements in the supply chain, which is helping to ease the backlog of orders. Bookings growth, however, continued to outpace gross sales growth in the quarter, which is a positive indicator of continued market demand and building momentum into the year-end. Based on these strong third quarter results, we remain confident in the increased full-year outlook that we presented in September of 2022. As in previous quarters, let's now look at the progress that we have made against our execution pillars in Q3. We continued to attract and transact with new partners in Q3, adding more than 225 net new partners to our rapidly growing ecosystem, which now totals almost 26,000 partners on an annual basis. Sales of SaaS-based cybersecurity solutions via our on-demand subscription platform, X-OD, continues to grow with more than 2.6x more resellers trading on the platform and over 4.8 x more transactions than the same time last year. On the vendor front, we signed expansion agreements with two existing vendors and are in ongoing discussions with another 14. We signed five new vendors in Q3 with a further 10 in the pipeline. As mentioned previously, these combined expansions have increased our serviceable addressable market by EUR 1.2 billion. We have also seen a rapid rise in services opportunities following our expanded agreements with some of our vendors. One such vendor is Netskope, where we recently became an authorized support center. This has led to growing opportunities for professional services that we are addressing through our newly created global solutions teams. Finally, I previously mentioned our focus on addressing the global cyber talent shortage, and I'm glad to announce that in Q3, we finally launched the Exclusive Academy in partnership with Guardia and Oteria Cyber Schools in France. This reinforces our commitment to solving one of, if not the biggest challenge facing the global cybersecurity market today, and it builds on our previous initiatives and partnerships with Cal Poly in the U.S. as well as NightDragon and ThriveDX. I would now like to introduce Laurence Galland, Exclusive Networks' Chief People Officer, who is with us today. I have asked Laurence to present the work we are doing around Exclusive Academy. Laurence, over to you. Thank you, Jesper, and hi, everybody. As Jesper has mentioned on previous calls, one of the biggest challenges in cybersecurity is the ongoing global cyber skills and talent gap, with an estimated 3.5 million unfulfilled roles. As a tangible and concrete step towards addressing this alarming problem, we are proud to announce that we have recently launched the Exclusive Academy, a global initiative to recruit, train, and retain the next generation of cyber experts to stay on the cutting edge of cyber technology. With only 15% of cybersecurity professionals in the world attaining their position through cybersecurity trainings, there is a clear need to increase this number, which we plan to do with this academy through a combination of practical field experience and theoretical but specialized trainings, culminating in high-level qualification as part of our three-year program. To effectively defend organizations against rising cyberattacks, the global security workforce needs to grow by 65%. This is a massive challenge and one we are fully committed to addressing. The initial Exclusive Academy pilot phase was launched last month in France in partnership with Guardia Cybersecurity School and Oteria Cyber School, two dedicated French cyber schools with a focus on technical profiles. The goal is to recruit students in the first year with a selection process focused on inclusivity to ensure greater diversity within the cybersecurity industry. We are today extremely proud of this initiative and the role that Exclusive is playing in addressing the current cyber talent crisis and growing the cybersecurity defenders of tomorrow. Thank you, Laurence, for that overview and for driving such an important initiative for the combined cybersecurity industry. With that, let's take a look at the key highlights from our vendor portfolio. In the third quarter, we saw continued benefits from our land and expand strategy with existing vendors and with the signing of two extension contracts. As we have discussed many times before, our vendor portfolio strategy serves as a key component in our overall growth strategy and in our ability to constantly grow and capture a larger and larger part of our serviceable addressable market. In EMEA, we signed a contract expansion with Axonius to cover France and Israel, while in APAC, we expanded our partnership with Mimecast into Hong Kong, Singapore, and Malaysia as the latest phase in a strategic global rollout with them. In addition to these expansion contracts, we added five vendors to our leading portfolio of cybersecurity innovators in Q3, including global contracts with Cymulate and ThriveDX, and a regional agreement with Claroty across APAC. These new and extended agreements have created an additional EUR 1.2 billion in serviceable addressable market opportunity moving forward, which means that today our serviceable addressable market stands at over EUR 74 billion, up from EUR 38 billion at the end of 2021. Looking at the top cybersecurity sectors, I'm proud to announce that in Q3, we continued our trend of outgrowing the market, demonstrating that we have the right portfolio of technologies in the right market and segments, and this at the right time. Our Q3 sales were fairly balanced across network security, endpoint, data security, cloud security, and vulnerability management. SASE adoption is gaining traction with work from home, shift to cloud, and even people not wanting to go into the data centers and instead opting for software and SaaS form factors. As I mentioned before, the slight easing of the supply chain have helped with more hardware shipments that's driving a strong performance within the network security segment. Identity, SASE, and cloud security all are repeatedly seen as continue to be strong focus areas for CISOs, along with app modernization or DevOps, which is supporting the strong demand for app security. Our success in gaining market share in these segments is a testament to our ongoing vendor selection process, our partner recruitment, development, and enablement capabilities, and the ability to identify end user challenges that's leading to market opportunities. Now moving on to our cloud business. I'm pleased to announce that we have reached an annual run rate of EUR 1 billion for our cloud-based gross sales. This is a fantastic achievement, and cloud-based gross sales now represents 25% of our total gross sales. As I've mentioned before, cloud continues to be a strong market driver for cybersecurity spending, both as a catalyst for digital transformation and IT modernization, but also as a delivery model of choice for today's cloud-based security and SaaS offerings. Our on-demand SaaS consumption platform, X-OD, continues to build momentum and gain market relevance. The number of partners trading on the platform is up 164% over the same quarter last year, while at the same time, these partners are becoming more productive, which has led to an increase in the number of transactions on X-OD, growing by close to 400% compared to same quarter last year. We are very pleased with our progress in this segment and cloud technologies, associated services, and cloud delivery models continues to be a strategic focus for Exclusive Networks going forward. With that, I would like to hand it over to Pierre to provide more details on our gross sales and revenue for the quarter. Pierre? Thank you, Jesper, and good morning, everyone. Before we start, some preliminary comments on the difference between our two sales KPIs, gross sales and revenue, also called IFRS revenue. Please refer to the definition presented in the universal reference document. The second methodology comment is on the change that we initiated in the Q2 of 2022, with the elimination of intercompany transactions from the gross sales KPI and the restatement of historical figures. This new definition and the reconciliation of gross sales before and after intercompany elimination are presented in the appendix. This change has no impact on net margin and profitability. Now, let's review our Q3 gross sales key trends. Gross sales in the third quarter of 2022 were EUR 1,127 million, a 42% year-over-year same growth as in our Q2 and at the biggest level of growth over the last three years. In constant currency, gross sales grew by 38%. As Jesper just mentioned, the momentum in cybersecurity industry was extremely strong in the third quarter. Our superior growth in all segments was clear, and we continued the deployment of our five pillars growth strategy with vendor geographical expansion, new vendors, development of services and M&A. Our gross sales benefited this quarter from a price list inflation and a strong US dollar, which were reflected in our sales price. We also benefited from a very dynamic demand for large solutions, defined as greater than EUR 500,000, in particular from large resellers. We started to see some slight improvement on the supply chain front, even if the situation is still tense, and we work relentlessly with our vendors and partners to accommodate their expectation at best. As you can see on the right-hand side, in EMEA, gross sales were EUR 157 million, an increase of 44% year-over-year. This represents the same level of year-over-year growth acceleration in percentage as in the second quarter this year. All regions benefited from the continuous momentum on cybersecurity demand. In general, delivery times were stable compared to the second quarter. We saw a strong increase in the average deal size driven by large resellers performance, USD strengthening and price list inflation. All the strategic recent acquisitions continue to perform well, including Nuaware, Eastern Europe, Ignition Technology, and Sub-Saharan Africa. Overall, another outstanding quarter in Europe, Middle East, Africa with this 44% growth. In Americas, the spectacular growth continued as gross sales reached EUR 155 million in the Q3 of 2022, +66% year-over-year, after a growth of 62% in the Q1 and 46% in the Q2 of 2022. Same as in Q1 and Q2, this growth was partly explained by the US dollar strengthening to the euro, but the growth was still 45% when excluding the currency effect. This growth was driven by both historical vendors such as Fortinet and by the addition to the portfolio of Juniper in Q3, Docker in Q4, and Rapid7 in Q1. The onboarding of new partners, resellers for these vendors was particularly rapid in Q3 2022, leveraging more with growth selling opportunities with also historical vendors. Finally, the backlog continued to increase during the quarter with strong bookings and still some sourcing shipment delays for the Americas. In APAC, gross sales were EUR 115 million at 11% from last year, flat at constant currency. Demand remains sustained as seen in Q2 2022, but discussions were more cautious in APAC related to the rest of the world, and less large deals were signed this quarter. IFRS revenue and IFRS revenue growth for the third quarter are presented in slide 18 in the appendix. IFRS revenue growth was 40%, slightly lower than gross sales growth of 42%, with a slightly higher growth of support and maintenance in the mix. Let's now look at which growth drivers contributed to the 42% year-over-year growth in Q3. Another positive sign of the Q3 performance is that the gross sales growth was mainly generated by pure organic growth. 88% of the growth came from the sales of products and solutions of existing vendors in territories we were already working with them in. This reflects the demand continuously accelerating and the partnering with always a larger base of resellers. In the Q3 of 2022, vendors retention rate came in at 140%, and net customer retention rate came in at 141%, which testifies the engagement of our channel partners on both sides and which is the most attractive way as these sales require less investments. These metrics have always been above 100% for the last three years since we have tracked them. In the third quarter, they are really at high levels, record high levels. 7% of the growth came from vendor expansion, first by onboarding new vendors such as Claroty, Cymulate, and ThriveDX, as Jesper explained to us just before. Second, by extending our relationship with some existing vendors to a wider geographical footprint, such as in the Q3, Axonius in France and Israel, and Mimecast to Hong Kong, Singapore, and Malaysia. The 5% contribution of M&A into the total growth is now limited to the acquisition of Networks Unlimited early December 2021. The gross sales of Ignition Technology are now considered as like for like in the first bucket as the acquisition occurred in early July 2021. This explains the reduction of contribution of M&A to 5% for the first time since IPO. The trend in the Americas and in EMEA was particularly strong. They represented a growing portion of the growth sales of the group in the Q3, respectively 14% and 76%. Year to date, they represent respectively 12% and 77% of the growth sales of the group. In terms of deal size, the share of deals greater than EUR 1 million continued to significantly grow, moving up by 99% from 11% - 16% of the total growth sales. This is obviously the consequence of the successful penetration into large enterprise market and its dynamism, and also the consequence of price list inflation and US dollar strengthening. Year to date, after nine months of activity, growth sales growth accelerated to reach EUR 3.074 billion in the first nine months of 2022, up 37% compared to the same period in 2021. On a reported basis, this is EUR 825 billion addition of growth sales compared to the same period last year. EMEA, the largest region representing 77% of the growth group's sales, is up 38% in line with the global growth, strong in all these markets. The Americas showed a spectacular growth of 58%, representing in the first nine months 12% of group sales and becoming the second theater of Exclusive Networks in sales size. APAC, with a growth of 13%, contributed to 11% of the group's sales of Exclusive Networks. Both America and APAC benefited from favorable forex effects with lower growth when looked at constant currency. I now hand it over to Jesper to conclude with some key takeaways. Thank you, Pierre and Laurence. Let me wrap up this call now by offering a few closing comments. Clearly, the cybersecurity market remains strong despite budgetary pressures that are being caused by economic uncertainties. We see organizations continue to play catch up to secure their rapidly expanded digital infrastructure against the rising tide of cyber threats. CIOs continue to prioritize cybersecurity spend as it remains of strategic importance to global organizations around the world. Exclusive Networks' strong organic growth to date demonstrates the market relevance of our leading cybersecurity portfolio, which, together with our specialist expertise and unique position within the cybersecurity ecosystem, only grows ever more relevant for vendors, partners, and end customers alike. Based on our Q3 results, we remain confident in achieving the increased FY 2022 outlook that we gave back in September of this year. Finally, I will end where we started, which is to thank all of our teams and employees around the world for their hard work and dedication. It is truly them that we can thank for our strong performance to date. Thank you for your time, and I will now hand it back to Hacène to open up for Q&A. Thank you, Jesper. Thank you everyone for your attention. Now we are able to take a question. Okay, Sarah. Thank you, Mr. Hacène Boumendjel. Ladies and gentlemen, as a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. We'll pause for a moment to allow everyone an opportunity to signal for questions. We will now take our first question from David Bignon from Stifel. Please go ahead, sir. Your line is open. Thank you. Good morning, everyone. I have three questions. First is could you give us a bit of details on the level of booking growth that you saw in Q3 and the current state of your backlog? You had disclosed in the previous two quarters that booking growth had outpaced sales growth. Is that still the case? The second question is, several U.S. vendors have indicated dealing with weaker business environments, not only in security but overall impact. Could you give us some color on what you are seeing currently? What could be the magnitude of the year-end budget flush, and how confident are you heading into 2023? The third question is, could you please detail the impact of pricing on your growth during the Q1? Thank you. Thank you, David Bignon. Let me answer question one and two, and then I'll let Pierre Boccon-Liaudet give you the feedback on the dollar rates. We saw also in Q3, similar to what we've seen through Q1 and Q2, that our bookings growth did outstrip our sales growth. Bookings remained above our gross sales numbers for Q3. In line with what we said in the prepared remarks and also what we've seen in Q1 and Q2. In terms of the backlog, it remains all-time high. As I did mention on the call, we have seen some improvement in certain product categories across some vendors. It is not what I would call a broad-based supply chain easing. There are still some products that are very hard to get, switches, APs and products of that nature. There are some other products from some vendors that have actually seen a bit of easing. It's not a broad-based improvement. To your second question on trends in the market, in Q3, we saw still a very strong momentum. We had some very significant enterprise deals. Good performance in the enterprise segment and also in customers buying more across, I would say, platform vendors. We remain confident for the rest of the year. In terms of budget flush, I think you were alluding to, this is not really a big concept in cybersecurity. Cybersecurity is a critical need, and therefore, it's not about getting a good deal at the end of the year to maybe flush a budget. We don't really and haven't really historically not really seen this. Then I'll let Pierre answer for the currency effect. Yeah. On price inflation, we have two aspects, the price list increase in dollars and then the dollar effect on our pricing and other currencies. We saw in Q3 a 3% price inflation from the price list in local currency from the vendors overall, our portfolio of products, which is in the same range of what we saw in Q1 and Q2. It was 3% in Q1 and 5% in Q2. On the other side, the impact of US dollars on our pricing has been increased as the US dollar has strengthened. This is an additional 8%-12% in Q3 of USD inflation. Overall in Q3, we have a combined effect of price list inflation and US dollar inflation of 15% on our sales, which is higher than what we had in Q1, 7%, and in Q2, 12%. Perfect. Thank you. Thank Thank you very much. Thank you. We'll now move on to next participant, Mr. Ben Castillo-Bernaus from Exane BNP Paribas. Please go ahead, sir. Your line is open. Thanks very much. Thanks for my question. Can I just ask on the large deal momentum, slide 13 that you highlight? Looks like really good momentum in the kind of EUR 1 million plus and EUR 500,000+. Is that just a function of market demand, or is it something you're specifically doing in targeting and executing on those? Just, we should be looking to Q4. In the past, I think sequential growth from Q3 into Q4 has been around 30% or above. Is there any reason why that would be materially different in nature this year if Q3 was perhaps a little stronger? Any color on the Q4 outlook would be helpful. Thank you. Thank you, Ben. On the large deals, the momentum we are seeing is really driven by the market, I would say, and by the vendor portfolio we have. You know, it's supported by a couple of things. Obviously, one thing is the increase that Pierre just went through in pricing that push up the average price of every deal, including the big ones, both from a US dollar to euro or whatever the local currency is, and also the price list increases. Secondly, we do have a couple of vendors that are offering a holistic platform approach to cybersecurity, and there is a trend that some end customers are looking to consolidate more spend on fewer vendors, to also combat the cybersecurity skills shortage that we have gone through today. Those are some of the key drivers of the increase in large deals. I think the last piece maybe alluding to that is, you know, cybersecurity continues to grow and grow as a priority for spending. Customers are doing more and more digital transformation, and that leads to more cybersecurity spend. All in all, that's sort of also a supporting factor. In terms of your question on sequential growth, you know, I'll answer it a little bit differently, which is, you know, we feel good about the outlook for the full year and getting to the guidance that we presented in September. We have guided for above EUR 4.2 billion of gross sales. Getting to the gross sales number we feel is achievable. Where we really are focused as a company is to make sure that we deliver on our net margin range and our EBITDA range. Where the gross sales, I think is clear to everyone now on the call after, you know, a year of experience with our business, is really a function of the composition of the deal mix, the regional mix, and the vendor mix within our portfolio. What we are driving towards and try to control is the net margin range that we have given and the EBITDA range that we have given. Helpful. Thank you. Thank you. Thank you. We'll now move on to our next participant, Alistair Nolan from Morgan Stanley. Please go ahead, sir. Your line is open. Morning. Thanks for taking my question. I think a couple of mine have already been asked. Maybe just on wage inflation, kind of what you're seeing currently, what the market is looking like and how you're thinking about the development of wage inflation into next year. You've obviously launched the academy to kind of solve for some of the shortages in the industry, but just keen to hear how you're thinking that will come together for next year. Sure. Thanks. Thanks, Alistair. You know, I'm gonna answer wage inflation similar to what we did last on our last call, which is wage inflation is not really a new concept in the world of cybersecurity. We are living in a part of the segment of the market that has a constant lack of people, hence why we have launched initiatives like Exclusive Academy. We deal with this on an ongoing yearly basis. Obviously this year we have also inflationary pressures, and we are dealing with this and managing this on a country by country basis, because as we all know, inflation is not the same across the world. We are taking this into consideration as we plan for the years ahead of us. The academy is not really an answer short term to the talent shortage. We feel it's incumbent upon us as a company in this ecosystem to, you know, step into the ring and do our part for good here. I hope that we will see some of our ecosystem partners and vendors also chip in and raise similar initiatives so that together we can attract more talent and skills into the cybersecurity market. As I remind everyone on the call that about 95% of breaches actually happens with a human mistake. Getting more talent in and raising the level of awareness and skill sets in the cybersecurity sector is absolutely critical for the health of the sector. Thank you. Great. Thank you. Thank you. We'll now move on to our next participant, Ross Jobber from Citi. Please go ahead, sir. Your line is open. Good morning. Thank you very much. Two questions if I may. The first one is on your reseller community. You're in a very unique position to give us some color, if you'd be so kind. I'm interested to know what kind of trends you're seeing in the resellers. I think from your statement, I got the impression that your larger resellers are perhaps buying more from you, like for like, than the smaller resellers. Maybe the larger resellers are doing better. Given your position in EMEA, you know, any color on that would be interesting from a country perspective. Are you seeing any countries particularly strong or particularly weak? You know, public or private sector, anything like that would be interesting, more color on resellers. The second question is, I'm just wondering whether or not, as you go forward, your margin, to be clear, as a percentage, not as an absolute number, but could your margin come under increasing pressure more than expected just by virtue of the fact that obviously America's growing so quickly, and I'm wondering whether America might be a lower margin in percentage terms opportunity. Also the number of large deals you're doing, which I would imagine are certainly lower margin in percentage terms. Thanks. Thank you, Ross. On the resellers or the partners, because we have more than just resellers, right? I like to say we have three types of customers: global system integrators, resellers, and managed service providers. If I look at them like that, we see larger and larger cybersecurity projects going towards the global system integrators. These are obviously companies that are very entrenched with the big sort of global 2000 customers. As a natural extension of digital transformation projects, cybersecurity is becoming a part of that and hence why they become more and more a chosen route to market for these types of large cybersecurity opportunities. We still see a lot of partners in the more traditional, sort of local regional space. By the way, by the numbers, when you look at our 26,000 partners, those are by far the largest proportion of our partners. These tends to be local or regional players that are only active in one or a couple of markets. They do well as well, and particularly the ones that have built up really strong practices around cybersecurity. There are still some partners out there that have not today a cybersecurity practice, and some of those will struggle to compete against the knowledgeable partners in the marketplace. The last group are the managed service providers. We see managed service providers gaining a lot of traction, and they are also by the numbers the largest category of customers we have on our SaaS consumption platform, X-OD. The reason why this segment is growing is because they are selling a service to customers. If you think about a customer that don't have capabilities and skill sets in-house, and frankly are giving up a little bit of staying up to date on the cybersecurity market and what needs, they more and more often choose to buy a service where it's a fully sort of end-to-end delivered service with products and the associated services that are delivered by what we call the managed security service providers. To your second question on margin percent. Yes, there is the margin percent will probably, you know, or is sort of slightly compressing over time. But it's a function of mix. As we have said and explained many times, of course, we pay a lot of attention to the margin percent in our business, but given it's a function of the mix of our business, the one metric we truly look at is the EBIT or net margin ratio. As we are doing more business in the Americas, it's true it has a downward pressure on the margin percent of gross sales. It does not need to and will not have the same effect on our EBIT-to-trade margin because the cost of delivering that margin in the Americas marketplace is far lower given the scale in that market versus, for instance, Asia-Pacific, where trade margins are higher as a percentage of gross sales, but so is the cost of delivering and hence why the EBIT-to-net margin is not vastly different than what we see in other parts of the world. Understood. Thank you. Thank you. Thank you. We'll now move on to our next participant, which is Alexandre Courtois from Berenberg. Please go ahead. Your line is open. You hear me? Yeah. Hello? Yes, we do. Good morning. My name is Alexandre de Courtois, and I'm a shareholder of the stock. I have four questions, and my questions are relative to the strange valuation of the stocks. The first question, your IPO price one year ago, September 2021 was EUR 20. And despite your very excellent figures, sales, reduction of net debt and earnings, the share price now is around EUR 16, so 20% less. My first question is this one. Do the share IPO price one year ago was too expensive or inaccurate the quotation in Euronext Paris, and it would be better to be listed in New York Nasdaq, where the valuation are definitely better. What is your feeling? The second question about valuation is when I'm looking at Fortinet valuation at $50, the market cap of Fortinet is near $40 billion, so roughly 26 x better than the valuation of Exclusive Networks, so EUR 1.5 billion. Given the Q2 FY 2022 sales that you give this morning, the difference of sales between the two companies are roughly 30 or 40% and not 26 times. How do you explain that incredible difference, even if I understand very well that the operating margin of Fortinet is 20%. The third question to better understand your company is it possible theoretically that one day Exclusive Networks will be bought by Fortinet or by Palo Alto Networks? If not, for what reason? The last question is this one. One month ago, roughly one month ago, a U.S. company, KnowBe4, will be bought by Vista Equity Partners for $4.6 billion for enterprise value in cash. My question is this one. Do some businesses of Exclusive Networks will be similar to those of KnowBe4? Thank you. Okay. This is Pierre Boccon-Liaudet, the CFO of the group. I'll take the first two questions, and then I'll let Jesper answer the two second ones. On the stock price, first of all, we don't really comment on the stock price. The market is the market. Just one comment. You've seen that the market itself has changed the valuation for the last year significantly, and in particular in the U.S. But overall, we don't comment. Then the valuation compared to Fortinet. There are two very big difference, and maybe you have not attended the IPO presentation we made. But Fortinet is a vendor. The activity is in the spectrum of cybersecurity, but their activity as a vendor is a completely different business model. Yes, they have the same, similar sales, but that I would say the only same financial aspect of the model that they share with us. It's based on R&D, it's based on significant cash generation, and it's a pure growth value. Much more investment as well. Also the second non-similarity with Fortinet is the history. Fortinet has been listed for more than 15 years, which is not the case of Exclusive Networks. We hope that time after time, the investors will start to know us better, to know the strength of our financial model, which is very equilibrated between sales growth, profitability, and low capex, high cash generation, low capital intensive. This is what we try to demonstrate. Okay. This is Jesper Trolle. On your third question, frankly, whether Palo Alto Networks or Fortinet would consider acquiring Exclusive Networks, I think the question is, it's a question you need to pose to them and not us. I can't really, you know, comment on this in my place. I think on the fourth question, though, it's an interesting one. KnowBe4. KnowBe4 is a business that has developed a training model to ensure the human part of cybersecurity. To your question, does Exclusive do something similar? Yes, we do. As I mentioned in our prepared remarks, we have year to date trained 12,000 technical professionals across the industry. Training people on technical cybersecurity solutions is a large part of the value we bring in all of the markets that we operate within. There are some similarities to what KnowBe4 do with their focus on the human element of cybersecurity. Thank you. Thank you to you. Thank you. Once again, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. It appears there is no further questions at this time. I'd like to turn the conference back to you, Mr. Hacène, for any additional closing remarks. Thank you all for your attention. Again, I repeat, if you have any follow-up question or any commentary, please, reach out to me directly. Thank you all. Thank you. Thank you. Thank you. Thank you for joining today's call. You may now disconnect.