Hello, and welcome to the Exclusive Networks Third Quarter 2023 Update. My name is Caroline, and I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration of the call, your lines will be on listen-only mode. However, you'll have an opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your questions. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand over the call 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' Third Quarter 2023 Earnings Conference Call, which is broadcasted live and will be available on demand on our website. The presentation slides and 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 this document and in particular, the forward-looking statements. 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 Nathalie Bühnemann, our CFO. 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 questions in this session, I am available and happy to take any of your questions following up to the call. I will now pass it over to Jesper for a few reopening remarks and his overview of Q3 2023. Jesper, the floor is yours. Thank you, Hacène, and good morning, everyone on the call. Welcome, and I'm very happy for you joining us here for our sales update for the third quarter of 2023. This quarter was a special moment for us because during the quarter, we celebrated Exclusive Networks anniversary as a listed company over the last two years. I'd like to take a step back and look at the progress that we made, and then why we have been able to build the momentum that we currently are having. In the two years since our IPO, we have managed to meet or exceed our financial guidance, a track record that we are very proud of. With three quarters of 2023 behind us, I'm pleased to say that we remain on track to meet our guidance for 2023. This would result in a growth from EUR 3.3 billion in 2021 to EUR 5.15 billion in 2023, or in other words, a compound annual growth rate of 25% over the same period. Such growth is an excellent performance in any context. I see three main reasons for the significant progress. First, the long-term structural drivers for cybersecurity remain strong and will continue to remain strong going forward. Second, our simple mission to create a safer digital world for all people and organizations. And last but not least, our proven strategy and our strong execution from our teams around the world. Let's take a moment to recap these structural drivers for growth. The first and key driver of market growth is the continued acceleration of breaches due to the accelerating threat landscape. Cyber threats are increasingly complex, and with an interconnected world, these cyber breaches are no longer something that just happens to other companies. In recent months, we've learned about cyberattacks on global leaders like MGM, Johnson Controls, and Clorox in the U.S.. We've also seen 60,000 emails from 10 U.S. State Department accounts that were stolen in July, and more recently, and closer to where we are, the BBC and British Airways in the U.K. were both compromised through a payroll provider. Large-scale breaches like these are the main reason why cybersecurity remains the number one priorities for CIOs around the world. The second driver of demand is adoption of new technologies like generative AI and machine learning. Clearly, as we've said before, it's a double-edged sword. On the one hand, cybersecurity vendors are increasingly leveraging AI within their solutions to help protect customers around the world. On the other hand, however, cyber attackers are using AI to be more effective and even more aggressive. The third driver of demand is greater regulations. During 2023, we've seen an increase in regulations such as the SEC Disclosure Act and the EU Cyber Resilience Act that increases the cybersecurity requirements within the EU. Going forward, we expect to see increasing regulatory scrutiny as governments around the world will try to protect information and critical assets. Clearly, the long-term structural drivers for cybersecurity spending remains intact. However, we continue to operate in a challenging macro environment with persistent inflation and strong labor markets, which forces central banks around the world to keep interest rates high. Such environment causes more deal scrutiny, elongating sales cycles, which in turn means lower visibility for us. Consistent with the second quarter, and after a period of strong orders in 2022, areas like backlog, price increases, and foreign exchange rates are all returning to more normalized levels. This is the backdrop to our solid performance in the third quarter of 2023, which puts us in an excellent position to end the year strongly and deliver on our guidance. Once again, I would like to thank our people for their persistence, their teamwork, and world-class support of our vendors and our partners, and just getting things done in the third quarter.... With that, let's take a look at the highlights for the quarter. In Q3 2023, our gross sales increased by 13% at constant currency, making this our sixth consecutive quarter of more than EUR 1 billion in gross sales. The performance was mainly driven by our largest region, EMEA, which grew 16% at constant currency. Our operating model, combining our cybersecurity specialism with our global scale and local sales, continued to resonate with leading cybersecurity vendors. During 2023, we have increased our serviceable addressable market by $7 billion to now more than $47 billion. This unique model explains the stickiness of our revenue as reflected in our retention rates. Our net vendor retention rate was 122%, and our net customer retention rate was 121%, in line with our standard levels. Through the years, M&A have served the Exclusive Networks very well, and it remains an important accelerator of our growth strategy. During Q3, we announced the acquisition of Ingecom in Southern Europe, and we'll talk more about them a little later. All in all, Q3 was another solid quarter with good strategic progress in spite of a challenging macro backdrop. I briefly mentioned how we have grown our addressable market opportunity in 2023. During the third quarter, we signed an expansion contract with four of our existing vendors, taking Thales to APAC, Mimecast to France, Proofpoint to Africa, and Ruckus to the U.K.. As you may remember, we already announced the addition of Thales in EMEA during the first quarter, in North America during the second quarter, and this move now completes the geographical coverage with the APAC region as the last one. We are proud to be partnering with these strong and long-standing vendors, and we are very grateful for the trust they are placing in us. We also welcome two new innovative vendors to our portfolio in the third quarter. Arqit, a leader in quantum safe encryption, and Sandvine, who focus on application and network intelligence. Pick the example of Arqit. Its symmetric key agreement platform enables end customers to simplify and strengthen their encryption, and move from a complex public key infrastructure and the need to trust third parties, to a platform designed for the cloud and a world of connected devices. We are thrilled to partner with Arqit in North America and complete our offer with their groundbreaking technology within our trusted high-performance technology ecosystem. The acquisition of Ingecom is expanding existing vendor contracts into Southern Europe, with examples such as Forcepoint, Cymulate, and Varonis. And in addition, it's bringing us new, exciting vendors such as Delinea and Bitdefender into our portfolio. With that, let's move on to our cloud business. This remains a key growth driver for us as cloud security and cloud delivery models continue to accelerate as preferred routes to market. You've heard from me before that we look at our cloud business through three distinct lenses. The first is the cloud security technology segment. The second is cloud as a route to market through dedicated MSPs or hyperscaler platforms. The third is the way that organizations consume cybersecurity and, more broadly, IT. Our cloud-based business continues to outgrow the rest of our business, and in Q3, the cloud-based portion of our business made up one-third of our total gross sales. The rapid transition of workloads to the cloud is an ongoing trend for organizations globally. In simple terms, this creates more openings for cyberattacks. This is driving strong adoption of cloud-based security solutions, where we have key relationships with leading vendors such as Palo Alto Networks, Fortinet, and Netskope. Cloud consumption models are driving an increase in our recurring revenues and creates opportunities for our solution design services, as well as last-mile post-sale services such as implementation, support, and training. We also continue to see good momentum within our on-demand consumption platform, X-OD. During the third quarter, the number of partners trading on X-OD grew by 46% year-on-year. In addition, we see each partner continuing to do more business with us, as detailed on the right side of this chart, with an 82% increase in number of transactions on the platform year-on-year. When you compare our performance to the broader cybersecurity market, Exclusive Networks continue to outperform the market due to the strength and breadth of our market-leading portfolio. Today, we partner with market leaders, innovators, and disruptors who cover every major segment of the cybersecurity market. This chart shows the main cybersecurity segments and underline our momentum in almost every segment, with growth rates well ahead of market growth rates. This performance is a testament to our model, our specialist partner ecosystem, and the significant end-user install base that we have built over the last 20 years. As our vendors continue to innovate and building out their platform capabilities, either organically or through M&A, it gives us and our partners a unique opportunity to go back into their customer base and expand the conversation across new use cases and adjacent cybersecurity areas. I mentioned earlier on Ingecom in the introduction. M&A, as I said, remains an important part of our strategy. It underpins and accelerates our growth. We do have a healthy pipeline of M&A opportunities that we can pursue, thanks to our robust balance sheet, the low leverage that we have obtained, and the strong cash generation that we have within our business. As I mentioned, we announced the acquisition of Ingecom during the third quarter. Ingecom is a Spanish-headquartered, value-added distributor, focusing on emerging and disruptive cyber technologies, with gross sales of EUR 38 million in 2022. Ingecom operates in Iberia and Italy, where its highly skilled team of around 50 people will help expand Ignition and their capabilities into Southern Europe. This acquisition is a good example of our razor focus on strengthening our portfolio of emerging cybersecurity innovators, so we can remain the reference go-to-market engine for emerging vendor technologies. Ingecom's management team will remain with the business and continue the strategic development of the company under the leadership of Ignition. With that, I would like to pass it over to Nathalie Bühnemann for a financial update. Thank you, Jesper, and good morning, everyone. I'm very glad to report that Exclusive Networks has maintained a strong performance during Q3 2023, with 13% growth at constant currency and 9% reported. It was an impressive achievement, given the current challenging macro environment. Let's now start with a quick overview of the performance in Q3 2023, before I go into more detail. First, let's detail the drivers of the growth in Q3 2023, on slide 11. We have managed to keep a solid momentum of +13% at constant currency, and 9% reported, despite a very high basis of comparison last year. For the record, we grew at 38% at constant currency and 42% reported over the same period last year. The difference between reported and constant currency figures results mainly from U.S. dollar and Turkish lira fluctuations. The 9% reported growth can be split as follows: 11.2% growth were relating to volume growth, 0.8% were driven by positive price increase, and -3% were driven by negative U.S. dollar fluctuations. As a reminder, in Q2 2023, the 12% growth reported was mainly driven by volumes, as U.S. dollar negative impact was offset by positive price increase. Consequently, it implies that growth in volumes in Q3 is similar in, to growth in volumes in Q2. Coming back to the 9% growth in Q3 2023, 5% came from our existing vendors in the geographies we already operate. 3% came from our vendor expansion, either from new geographies or new vendor relationships, and the remaining part came from M&A, reflecting the contribution of the recent acquisition of Ingecom. Let's now move to slide 12, which presents our regional sales. Starting with our largest region in EMEA, we continue to enjoy a robust momentum in this region, reaching EUR 973 million of gross sales in Q3 2023, compared to EUR 857 million of gross sales in Q3 2022, keeping double-digit growth with 14% reported or 16% at constant currency. This strong performance was achieved on the back of a solid execution of local teams in our historical region, even in the context of uncertain macro environment. It's important to highlight the strong performance achieved over the three years in EMEA, with +63% of growth in our more mature market. This is a strong accomplishment and testifies the relevance of our positioning in this region. Moving now to the Americas. In Q3, the region showed a solid performance at constant currency of 9% and remained on a positive trend of +1% reporting, reaching EUR 157 million of gross sales. For the record, the region faced a high basis of comparison, with a reported growth of 66% in Q3 2022. As Jesper said in the introduction, large deals take more time to be completed, and Americas suffered in Q3 2023 from large deals that slipped out of Q3. These deals are now expected to be closed in Q4. Finally, coming to APAC, gross sales went down 5% at constant currency and 14% reported. You can, however, notice the sequential improvement quarter-over-quarter, as for the record, Q2 2023 was down 21% reported. We expect this trend to continue to improve, thanks to the vendor expansion recently signed. Finally, the recent appointment of Andrew Assad as SVP APAC has reinvigorated local management and should contribute to strengthen the business in the midterm perspective. Turning now to the breakdown of our revenue by geography and deal size on Slide 13. The geographical breakdown remains similar to the trend perceived in Q2, with EMEA remaining the largest region for the group at 79% of total growth sales in Q3 2023. America's weight has been impacted by the U.S. dollar fluctuation. On the breakdown by deal size, our large deals have shown a slight decrease in absolute value, but the number of deals above EUR 1 million is still continuously growing. Now moving to slide 14 to present our year-to-date regional sales. Over the first nine months, we managed to post an impressive 19% growth at constant currency, 16% reported, reaching more than EUR 3.5 billion. This performance was achieved on the back of a record performance last year at +34% at constant currency and 37% reported. With this slide, we would like to highlight your attention on two key factors. First, the impressive growth rate over the last two years, even with 2023 suffering from high basis of comparison in 2022. Second, the confirmation of our full year guidance. Despite normalization of demand and uncertainty in our economic macro environment, the growth in sales is consistent with our expectations and the guidance provided to the market. This leads us to the last slide, slide 15, to conclude this presentation with our outlook. On the back of the solid performance realized year to date and aligned with our expectations, we are confident in meeting our full year 2023 guidance, with our adjusted EBIT expected to reach the upper end of the range. Thank you for your attention, and I'll now hand it over to Jesper to conclude with some key takeaways. Thank you, Nathalie. So this was a solid third quarter with a particular strong performance in EMEA, as Nathalie just have gone through. It is to the credit of our teams and our enduring growth drivers that we still remain on track for our guidance in 2023, in spite of the macro backdrop we find ourselves in. As we saw this quarter, we will continue to take advantage of the M&A opportunities we have to accelerate our growth strategy. Stepping back, I'd like to recap on three key themes before we open up to questions. First, cybersecurity remains the top spending priority for CIOs across the world, and we expect that this trend will only continue. Second, our unique model and the value that we offer to our vendors and partners means we are able to keep growing our market opportunities. This is particularly important in a fast-moving, complex cybersecurity landscape. And third, we continue to have multiple growth levers that are all based on long-term structural drivers. This was another solid performance in the third quarter of 2023. A very good result that puts us in an excellent position to close out the year strongly. I remain very excited about the future ahead of us and the opportunities that this represents for Exclusive Networks, our employees, our vendors, our customers, and our shareholders. With that, I want to thank you all for your time today, and I will now pass it over to Hacène to open up for questions. Thank you, everyone. Thank you, Jesper. Thank you everyone, for your attention. And this now leads to the Q&A session. Please, operator, how can you remind everyone how to ask a question? Sure. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. We will take the first question from line, Hugo Paternoster from Kepler Cheuvreux. The line is open now. Please go ahead. Yes, good morning. Can you, can you hear me well? Yep. Morning, Hugo. Morning, Jesper. Morning, Nathalie, and good morning, Hacène. Congrats on those good results. I would have three questions, if I may. The first one is mainly on the macro, macro side. Would it be possible for you to dig a little on the outlook? Maybe to have some insight around what are the discussion with your client at the moment in terms of environment. Also going into 2024, what are the discussion around the budget have started? To be the first question. The second question would be on the situation in APAC. It would be great to have some insight on the situation there, particularly with the arrival of a new manager. What kind of fix do you intend to put in place? Also in terms of recruiting new vendor. Any color would be useful on that. And the last one would be generally speaking, on your pipeline. You mentioned consistent solid pipeline with no project constellation. Is it possible to have some also some color if the pipeline is growing also around the size of the new order? And would it be possible, on your hand, to quantify the amount of the project, which under normal circumstance, circumstances, would have been taken now, let's say, or stated differently, if the environment improve, as you run some analysis on what could be taken rapidly in terms of catch-up investment? That would be it for me. Thank you. Thank you, Hugo. So it sounds like that's all for me. So, let's start with the macro side. So, you know, clearly as we stated in our prepared remarks, the macro environment has not really changed substantially to what we saw in last quarter, or in Q2, I should say. We continue to find ourselves in an environment where cost of capital have gone up. That leads clients to reconsider investment priorities. It leads clients to have more approval layers. That means deals takes longer to close. Sometimes that means deals can get smaller because you look at necessities, meaning, you know, maybe one year as opposed to a two or three or five-year deal. And so all in all, it means that the sales cycles are extending, and that is creating this lack of visibility, as we call it. I don't have a lot of view on budget 2024 discussions. What I would say is that cybersecurity continues to remain the number one spending priority. In fact, now it's followed by AI and thirdly, by cloud. And I believe that everyone expects that cybersecurity will continue to grow faster than the overall IT spend, and therefore make up proportionally a larger and larger part of the of the IT. I think that links nicely into your third question around pipeline. So, we are seeing pipeline is still building. We are seeing new opportunities coming in. I should say, pipeline of opportunities. You know, you kind of talked about new orders, but, but I'm talking about pipeline of opportunities. We see a new project opportunities coming into our pipeline. We see a lot of the existing projects that is taking longer to close, and that is creating this sort of, you know, very significant pipeline where I would say we need more coverage because it takes longer to close it. So when we talk about no project cancellations, what we really are meaning is, we don't see projects that has been in flight for a long- time, that suddenly just disappears. The more normal trend is that some of these projects might end up smaller, or they might get pushed into another month or another, another quarter. But we don't really see projects disappearing out of our pipe, and that's why we keep talking about having a very strong pipeline. And then lastly, to your point on APAC, it is true that we have a new leader, Andrew Assad, joining us, who is a multi-year veteran in the field of cybersecurity distribution. I'm very excited to see him join Exclusive Networks, and I know that he will do great in the region. He will continue the work that Brad Gray had done over the past four years. And we are seeing that, you know, the model we have here is also resonating with vendors. We talked about the addition of Thales, and there is also a lot of ongoing other conversations with vendors that allows us to continue to grow and scale in that region and come back to growth. Thank you. Thank you very much. Very clear. Thank you. We will take the next question from line, Joe George from J.P. Morgan. The line is open now. Please go ahead. Yes, hi. Morning, guys, and thanks very much for taking my question. I've got two questions, please, but both of which are more longer term in nature. So firstly, on the cloud business, it seems like progress here is really strong. I just have a question on the cloud consumption model, so the distribution via MSP or hyperscale platforms. Can you just remind us, please, of the business model here, just generally how the unit economics work? And do you think this model is pretty finalized, or is it still dynamic, still changing? And then my second question would just be on Gen AI, and what sort of impact do you think Gen AI could have on your own operations, particularly just given your high percentage of, of technical staff as a proportion of your employees, you know, do you think this could have a, you know, what sort of impact do you think this could have on, on productivity and ultimately costs? Thanks. Thank you. Thank you for the question. So, so on the cloud business, the way, the way it's defined is, is basically with the same lens as applied by our vendors. So anything SaaS, SaaS delivered, SaaS models. The way this business is being delivered, is through, a number of different means. Some is done on, on some of our vendors' own platform. We are also partnering with hyperscalers like AWS, where we help to take deals down, over their, marketplace. And then thirdly, we also, as we've mentioned, have X-OD, which is our own consumption-based platform, where customers, predominantly MSPs and MSSPs, can acquire the, the solution and the, and the technologies. In terms of your sort of sub-questions, do I believe that the hyperscaler model is finalized? I think this is still work in progress. You know, I like to say that we add value in three parts along a transaction. We add value in the pre-sales part, where we help sort of originate the solution, defining what's needed, depending on the customer situation, you know, alongside with our partners. Then there is the transactional services, and the third is what I call the sort of last mile post-sale services, such as implementation, support, and training, technical trainings that we talked a lot about in last quarters. When I think about companies like AWS or even Azure, it's true that they can do the middle part of these services, which is the transactional part. We still can stay in the mix with that, but the big opportunity for us is really on the forefront and on the last mile, where we still can leverage all of the technical skill sets that we have in our business to help drive solution design and the ideation phase with the customers. And then finally, as they have procured these solutions, help them implement and support and train them on these technologies. These two parts of our business is very much intact. In terms of generative AI and how do I think about it, you know, I think generative AI offers us a number of opportunities as a business. On one hand, as you laid out, we have a lot of technical staff. They can be complemented with gen AI. Customer service is really what we do. We serve thousands of customers every day on thousands of transactions. And obviously with Gen AI, there is an opportunity for us to do that in an even more efficient manner. And we are having projects across our business, where we are looking at how to adopt that and drive this with also, you know, maybe not Gen AI, but things like robotization and a large degree of automation and integration between systems and different parts of our ecosystem. Thank you. Perfect. Thanks very much. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. We will take the next question from line, Balajee Tirupati from Citi. The line is open now, please go ahead. Thank you. Balajee Tirupati from Citi. Two questions from my side, if I may. Firstly, on growth in North America and appreciating the base comp impact, would you also say the level of spend conservatism is higher in the U.S. when compared to Europe? And have you seen any change in customer behavior over the past few months between U.S. and Europe? And the second question is on the growth in the quarter, which was still double- digit and in line with mid-term targets, and this is in an uncertain environment and over a tough base comp. Would it be fair to say that while visibility is lower at present, the business growth rate has not been impacted by the delayed decision-making by customers? Or do you see when inflection comes in terms of demand and then improvement in customer sentiment, growth could accelerate from where it is at present? Thank you. Thank you, thank you for the question. On North America, I would say it's really a factor of a very high base compare. I think Nathalie did a nice job at laying out the growth we had last year, which was 66% in North America, so the baseline was very high. Obviously, the constant currency growth is close to double digits. We did have a couple of opportunities. We see the same behaviors, by the way, just to answer directly, you know, there's no different behavior in North America versus EMEA. Customers are going through the same scrutiny on deals and opportunities. They take longer to think through whether what they need and if they really need it, and if so, how much? As we noted, we had a couple of significant opportunities that moved across the line, and that we are working hard on and expecting to close this quarter. So, I would say the main reason for North America is really the fact that the growth on the back of last year was quite significant. So, on growth in quarter, I will let maybe Nathalie, you know, give you a point of view, and I can follow up as needed. Thank you, Jesper. If, if your question is to ask if there is any inflection or change in the behavior of our vendors or our customers in Q3 and what we expect for Q4, I would say that there is no change. So meaning that we are still in an uncertain macro environment, and we are still missing of visibility. So there is a clear lack of visibility for Q4 and the year to come. And if you just stated that we have made double growth digits, so maybe we could do better in Q4, et cetera. I cannot say anything except confirming the guidance. There is a big lack of visibility and uncertainty in the environment. So we cannot say that there has been any change in that regard. If you make your math properly, you will see that we need to grow at 9.3% in H2 to make the guidance. Considering that we have grown at 9% reported in Q3, we are comfortable that we will meet our guidance, and this is what we have stated in this presentation. Thank you. Thank you. If I may just have a follow-up on that. The question I had was more around dynamics around the growth that you have still delivered in this uncertain environment. In third quarter, the growth in constant currency was still 13%, which is more in line with the mid-term targets of the business. So I was... The question was, is this growth impacted by the uncertain environment? And if not for the environment, would it be fair to say that the growth going forward, not necessarily in fourth quarter, but when the environment improves, would it be fair to think that the growth rate should improve from the 13% rate it was at in the third quarter this year? Yeah, I think, you know, here's how I would maybe answer it a little bit differently. So, if you go back to what I said in the beginning, cybersecurity and the structural growth drivers around cybersecurity as intact today as they were last year and as they will be next year. We are all adopting more and more technology. We are more and more reliant on IT and access to that data. We do cloud adoptions. There is more regulatory scrutiny, more regulatory legislations coming out. And so clearly the long-term drivers are still strong. You know, the fact that we could show this level of growth in Q3 for me, in constant currency, is a testament to all our teams around the world and the way they execute in what I would characterize as a challenging market. Could we grow faster with better macro environment? Yeah, I think, you know, there is definitely an opportunity with that. The long-term strong growth drivers are intact. We have a great portfolio of vendors and partners, probably the stronger one of any player out there. So I think we have all of the ingredients. Now we just need the macro environment to clear up a little bit, and hopefully, you know, we'll start to see some of that in probably not this quarter, but in subsequent quarters. But I think, you know, I'm not a macro environment expert, so it's a little bit challenging for me to say how it's gonna develop. But hopefully that answers your question. Very helpful. Thank you. Appreciate it. Thank you. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. We will take the next question from line Derric Marcon from SocGen. The line is open now, please go ahead. Good morning, everyone. Thank you for, for taking my question. I've got three, if I may. The, the first one is, on your, relationship with Fortinet. To what extent have you been impacted by this quarter, by the persisting ongoing difficulties of Fortinet in their hardware part of the business, particularly, that happens to be one of your key vendor? Second question, can you quantify the, large deals you mentioned that slipped, in Q3 to Q4, in North America, so the total size of the revenue considered here? And the third question, the traditional question for you, Jasper, your bookings are, are your bookings growing faster than your revenue in Q3, as it was the case in H1? Thank you very much. Thank you, Derric, and, you know, we'll always give you three questions or three answers. So on Fortinet, you know, I'm not here to talk about Fortinet. I'm here to talk about Exclusive. Obviously, everyone have read their earnings. We are a significant part of Fortinet's business, and we are a very long-term partner of them and will continue to be a very trusted and long-term partner of Fortinet. Clearly, when they are reporting, you know, some challenges, it would be safe to assume that it also has an impact on our business. But I also want to remind you, and you know this, Derric, that like when there is growth and like when there is less growth, we are not the only proxy for the growth of our vendors. We don't work with our vendors in all of the territories. We are not the only route to market for them. And in all the territories where we do work with the vendors, we are not the only... in most cases, not the only distributor in market. So we are not, you know, 100% mirror of the individual performance of each of the vendors that we are working with. I still feel very confident and very good about our, our Fortinet business. I think we have a major opportunity of leveraging 20 years of install base that we have built, to now drive the discussion with, with the customers and our partners into areas like SecOps and, and SASE. That is one of the newer areas for Fortinet. I feel very good about, you know, adding more value through our install base and enrich the conversations with the customers we have. In terms of large deals, I can be as concrete as say these were larger deals. I can give you a number of the size of those, but obviously, you know, they fall in the category of what we characterize as large deals. And then thirdly, to your point on bookings, I can't give you an exact number, but what I can say is that our bookings continue to grow year- on- year, which is a good sign of the demand that we are seeing. Thank you. Thank you. This concludes today's question and answer session. I'll hand it back over to your host, Jesper, for closing remarks. Okay. So thank you everyone for the questions. You know, clearly we talked about in the introduction around you know a challenging macro environment, and judging by the questions, this is also where all of the questions are. I'm very proud of the work of our teams and the execution of the field across the globe. I think we have delivered a very strong quarter in what can only be characterized as a challenging environment, and we look forward to you know deliver on our guidance and conclude what can only be described as a challenging year from a macro environment perspective. But all in all, for Exclusive, this is set to be another record year, and we look forward to conclude that and report back to you in the beginning of 2024. Thank you everyone for your questions and your time today. Thank you for joining today's conference. You may now disconnect.