Good afternoon, and welcome to Pexip's Second Quarter Presentation. My name is Trond Johannessen, and I am the CEO. Together with me today, I have Øystein Hem, our CFO, and Åsmund Fodstad, our Chief Revenue Officer. Together we'll take you through the highlights of the second quarter and some outlook comments on the future. Before diving into that, let us do a quick recap of what Pexip is all about, what our strategy is, and what makes us unique. Pexip has grown to become a global technology company. We now serve more than 4,000 clients in the private sector and public sector across the globe. These are large companies, large organizations with complex needs for video communication. We do serve them through a network of partners, which enables more efficient scaling and also better connectivity and integration with the rest of the client's IT infrastructure. Since 2011, we have grown our ARR, annual recurring revenue base, to $106 million. We have established Pexip as a leading player within attractive parts of the video communication market. Pexip is built on unique core technology that is underpinned by approximately 50 active patents. It is the combination of transcoding, self-hosting capabilities, and the fact that the technology is built as a platform that makes it unique. It's not a single feature, but this as a package that makes it unique and extremely well-suited for the use cases that we work within. Pexip has taken a focused and differentiated approach to the video communication market. We are not competing with the major video conferencing players like Teams, like Zoom, Google Meet, and Webex. We are rather cooperating with them to enable customized solutions. As an example, we work very closely with Microsoft to enable the best integrations there is with Microsoft Teams. We are approaching a part of the $20 billion video communication conferencing market, where we can have a unique and differentiated position based on our unique technology. The market niches we are approaching make up an annual revenue pool of around $5 billion, and we target to take number one positions in several parts of this market. Our core solution areas are defined as Secure Spaces, Video Innovation, and Connected Spaces. Secure Spaces is when complete privacy and control over data is required. Mostly here we talk about government organizations, governments, large entities that have very specific needs and requirements for the protection of their data. It's the whole thing about where is my data? Where does it go? Can I have complete control over it? We work here, we are proud to see a lot of very, you know, interesting public sector logos on our customer list that trust us to take care of their most critical communication needs. Video Innovation, it's about embedding or customizing a video solution completely for the specific requirements of a niche. Here, we work within four verticals specifically. We work within health, judicial, finance, and retail. We will show you later a very specific custom solution we have made within the judicial sector, which is called Pexip Virtual Courts, which completely digitizes the court process with extreme savings realized for the judicial system. Finally, Connected Spaces. It's where Pexip is coming from. It's a traditional interoperability business where we make sure that organizations that have a diverse set of video conferencing equipment installed can ensure seamless integration between them for the best user experience. Here, we work very closely with Microsoft and Google. Now, with that as background, let's get to the beef of the presentation, the Q2 highlights and the areas of focus. During the quarter, we have reorganized our commercial organization completely. As a result of that, we have realized and committed approximately NOK 200 million in annual savings. In addition, we have clear plans in place for another NOK 100 million in annual savings. This puts us ahead of the plan to be EBITDA neutral for fiscal year 2023, and in the position to be cash positive exiting the first quarter of 2023. Our EBITDA ended at NOK -99 million, adjusted for restructuring costs, and the cash flow ended at -NOK 65 million. ARR was up 14% year-over-year and ended at $106 million, and revenues were up 10%, ending at NOK 195 million for the quarter. The quarter itself, in terms of ARR development, ended up pretty much flat, with an increase of $0.5 million through the quarter, which is in line with the underlying quarter one performance. On the sales side, we see particularly strong underlying momentum in the Secure Spaces and Video Innovation area, as well as the public sector in general. On the product side, we launched Pexip Virtual Courts during the quarter, and we will show you a demonstration of that later. Now, a little bit more about the cost reductions that we have been going through. It is clear that Pexip has been scaled for a higher growth rate than what we have actually realized. This is not a sustainable situation, and we have as a number one priority to bring Pexip back to profitability, to cash positive operations, and to profitable growth. During the quarter, we have reduced our annual run rate salary ex-personnel expenses with approximately NOK 130 million. We have reduced from 571 employees, which was the peak number mid Q2, to 474 active employees today. A reduction of approximately 100 people. In addition, we have identified and committed savings on other cost items such as IT and cost of goods sold and other operating expenses of another NOK 64 million. This gives us about NOK 200 million actual realized and committed savings, and should be able to give us an EBITDA positive operation in 2023. We have also clear plans in place for an additional NOK 100 million cost reduction that we will implement during the coming quarters that will put us in a place to be cash flow positive, leaving the first quarter of 2023. In order to realize such significant cost reductions, we needed to change the structure of the organization and the way we work. Historically, we had a very much a functional organization divided into three geographical areas. Now we have seven business units with clear P&L responsibilities, which again are divided into squads by customer type and solution area. This significantly reduces and flattens the organization, reduces the number of layers and flattens the organization to get us closer to the customer. It increases the speed and agility of the whole organization and enables us to better drive growth in the target verticals. It makes it easier to prioritize resource allocation. We can put more resources where we see that we have momentum, and we can reduce where we don't have enough momentum. It also makes it possible to adjust the cost levels on a continuous basis based on the performance on the P&L level in the different squads. Let's move to an overview of the sales performance in the second quarter. We have included some more detail than we have done historically to give you a better picture of the buildup of the aggregate ARR development. On the aggregate level, it was pretty much a flat quarter compared to the first quarter, with $0.5 million increase. Year over year, we had a 14% growth in annual recurring revenues. The main reasons for this relatively soft sales development are related to, of course, competitive dynamics, but also supply chain issues where our customers don't get the hardware they need to be able to install our software and, in addition, a certain overcapacity being installed at the clients because of the ramp-up that was done during the pandemic. To understand this better, let's go one level below the aggregate numbers and look at our different solution areas. Secure Spaces has grown 23% its annual recurring revenue base this year. Video Innovation has grown 11%. In total, these two business areas have increased their ARR by $2.8 million during the second quarter alone. If you compare that to the $0.5 million, which is the aggregate number, you will immediately see that some things has to be reducing here. Connected Spaces is really pretty much flat, and it's been so for three quarters. This is the main reason why we see the soft development on the total aggregate ARR figures. Legacy areas, this is virtual meeting rooms. This is partner fees on smaller revenue sources that we have for different historical reasons. That area is continuing to reduce, and that is as expected and has also been reducing constantly for the last quarters, impacting the aggregate numbers negatively. As you can see, it's a differentiated picture. We have areas here that develop very nicely, and we have areas that impact negatively. Looking at the development across geographies and products, it's also pretty consistent across the board. We have growth in Asia Pacific, we have growth in Americas, and a decline in Europe during the second quarter. Main reason for decline in Europe is that the legacy areas are largely located in Europe. On the product side, we are seeing that the service business is taking a slightly larger portion of the total, compared to the self-hosted software business, but there's nothing dramatic in these figures. Relatively consistent picture. Back to the aggregate level again, the 14% increase in ARR from second quarter last year. You know, the main driver here is new customers coming in. That's about $18 million or 20% increase. We have a positive development on churn, which is now 8.8%, the first time we have it below 9%. The upsell is 4%, which is a lower figure than we would like it to be, but it's likely to be impacted also by a certain overcapacity still being installed in the client base. Net retention ended at 95%. Now, Åsmund will talk a bit about a few customer wins and product launch that we had during the quarter. Åsmund. Thank you, Trond. Let me start with the Connected Spaces and Capgemini. In Connected Spaces, Pexip continues to win large enterprise customers, and we today hold 15% of the Fortune 500 logos as our customers. We win a connected solution or Connected Spaces solution for Capgemini in fierce competition, this time with Cisco. Pexip wins because we offer a better environmental cloud solution than their current setup, and we offer a substantial reduction in cost for them. Do more with less is important to this organization, and they have high consciousness around it. Capgemini buys the Pexip Premium solution, including interop, endpoint registration, and our One-Touch Join to simplify the usage for their employees. In addition, they have added Pexip professional services to ensure that they have a solution that always works. For Capgemini, it's all about simplicity, reliability, sustainability, and a future-proof solution. Therefore, they do choose Pexip. Looking at a different customer from Q2, Region Östergötland. Pexip wins another county in strong competition, this time with Zoom. In fact, we are actually replacing their entire installation with the Region Östergötland. Digitalization in the public sector is very strong. It's a must for these institutions to be able to serve and meet their citizens, not to talk about the enormous savings it represents going digital. Pexip win this customer for three major reasons. Security is of the highest importance for a customer like this. In addition, they want one vendor for their entire video infrastructure, and they are dependent on a unique Microsoft integration, which Pexip represents. In addition, they have chosen to also use the Video Innovation solution for patient-doctor consultations to have equal healthcare coverage to their county citizens. Region Östergötland buys the Pexip solution to standardize on one vendor and for their needs in all three categories, Connected Spaces, Secure Spaces, and Video Innovation. Future opportunity for Pexip with this customer is also expanding their Video Innovation solution with an in-field ambulance technology, including variables and so forth. No other vendor than Pexip can offer such a complete solution to a demanding customer like Region Östergötland. Moving on to public sector. The world has changed, and consciousness around cybersecurity, privacy, where does my data go, mission-critical meetings, and solution both for government and large organizations. New regulations like Schrems II and GDPR underline the strong opportunity that Pexip has in this market. For Secure Spaces, and especially in public sector, Pexip has a strong momentum with our unique technology and solution. These organizations do not make compromises when it comes to privacy and security. As I said, we already have a strong position in this market, but we keep on winning customer by customer, like Region Östergötland that we just spoke about, but also like Ministry of Justice, U.S. Department of Veterans Affairs, Bundeswehr, Forsvaret, NAV, EU Parliament, NASA, and so forth. These logos and wins validates Pexip's unique position and technology for these segments. In fact, public sector has over the last year become a significant investor and spender in digitalization, security, and forward-looking solution to basically serve their citizens. Hence, Pexip continues to develop specialized solutions for these markets, like in Q2 when we launched and released our new virtual courts, which is both a public sector solution and also one of the new initiatives for video innovation. Pexip now have a complete solution for the judicial segment available globally. We have our first three customers using this solution and have a strong pipeline here going forward. Pexip do not change the way these organizations actually work, but instead we improve and make them more efficient. In fact, they eat out of their backlog when it comes to the trials that should have been done. They have trials that they before could not do because witnesses and others were all over the place, and they run trials faster and improve witness protection programs. Imagine the savings in pure dollars, but also for the entire society, by using digital solutions from Pexip. Virtual courts is also a great example of how video has moved from just traditional video meetings to mission-critical solutions for these organizations, where the Pexip video solution is the essential part. Let me demonstrate for you how it works via a video. Till recently, video collaboration had a limited use within court services. When the pandemic hit, judiciaries had to seek out new ways to keep courts in session. This led to an acceleration of video use and the widespread adoption of virtual and hybrid courts. For this purpose, Pexip has created Pexip Virtual Courts, a purpose-built solution for courts to simplify, modernize, and enhance communications and proceedings in virtual courtrooms. Pexip takes privacy and security seriously, and our virtual court solution is no exception. Prior to joining a court session, all participants need to authenticate themselves using the court's selected authentication service before they can enter the virtual lobby. They will remain there until the judge starts the court session. To avoid intimidation and protect the witnesses while in the lobby, we have made sure they don't see or hear other parties. At Pexip, we believe technology should work the way you do. Our virtual court solution adapts to your existing processes and integrates seamlessly with the technology and work tools you already use every day. This includes features that provide a more engaging and true-to-life experience in every virtual courtroom. Features include Raise Hand, where participants can raise their hand to get the attention of the judge. Spotlighting, where the judge can spotlight a participant if they are talking for a period of time, such as a witness taking the stand. Private consultations, where the judge can invite participants to their virtual judge chambers for a private discussion. With Pexip, it's easy to keep track of a busy courtroom schedule. The clerk has a full overview of all courtroom proceedings from their browser-based dashboard and can provide support to participants via chat. Pexip's Virtual Court technology allows participants to easily join from anywhere on the device of their choice. Virtual Courts enable judiciaries to improve the efficiency of their operations, reduce no-shows of witnesses, and improve access to the justice system. Pexip Virtual Courts, enabling true-to-life, security-first virtual court sessions. Thank you so much, Åsmund. My name is Øystein Hem, and I will take you through the financial results. Let me start off by giving you a quick summary of the P&L before we dive into the underlying drivers. Our revenues increased 10% year-on-year to NOK 195 million. Our costs of sale is now at NOK 29 million, or 15% of revenues. Employee benefit expenses increased 37% to NOK 204 million. Which, together with other operating expenses, gives us an EBITDA excluding restructuring costs of -NOK 99 million. Including restructuring costs and depreciation, our net operating loss was NOK 150 million for the quarter. In terms of recognized revenues, our revenues increased 10% from NOK 177 million in Q2 of last year to NOK 195 million this quarter. The increase is driven by the increase in Pexip as a Service, which grew 34% and is now NOK 100 million for Q2. Our self-hosted revenues declined 7% driven by lower software deliveries this quarter compared to Q2 of last year. We should also see in the ARR development, where we have a slight decline in ARR from self-hosted software. Our cost of goods sold is overall in line with the level of Q1, which is now NOK 29 million or 15% of revenues, driven by increased service revenues as well as lower software revenues in Q2. In terms of operating expenses, the main driver for operating expenses for Pexip is salary and personnel expenses. Salary and personnel expenses excluding share option-related costs grew to NOK 195 million for Q2, reflecting a somewhat higher level of employees in Q2 compared to Q1. In addition, we had an impact of increased currency rates to the U.S. dollar, which increased our total cost base approximately NOK 5 million compared to Q1 of this of 2022. Looking at other operating expenses, they are on a fairly similar level as they were in Q1 of this year. They continue to reflect a higher cost related to sales and marketing and travel compared to Q2 of last year. This quarter, we had two larger events for customers, one in the U.S. and one in Europe, driving both travel and sales marketing costs. In Q2, we also had restructuring costs related to parts of the cost benefits that we have realized now going forward. We will start to see the impact of that in terms of the P&L, partly in Q3 and then in Q4 for people and salary and personnel expenses. For other operating expenses, we expect parts of that to come in Q3, but mainly in Q4. Similarly, for the cash flow improvement. The fact that we have been able to execute this cost program on the people side from decision to full execution within Q2 also gives us confidence in both being able to deliver on our promise to be EBITDA positive in Q4 and 2023, as well as the next phase of the cost program that we have in front of us. Looking then at the cash flow for Q2, which is overall negative, -NOK 65 million. The main driver is the negative operating result, which is helped somewhat by an improvement in net working capital. We have a normal investment level of NOK 16 million, which is mainly related to own software development. For Q2, we also had a positive impact of the change in exchange rate, which improved our U.S. dollar denominated currency holdings with NOK 25 million. With a healthy cash balance of NOK 525 million at the end of Q2, together with expected improved cash flow from the cost savings that we now have realized, we are confident that our current cash reserves are sufficient for the journey back to profitability and then cash flow positive operations from Q1 of 2023. With that, I give the word back to you, Trond. Thank you, Øystein. Now let me give you just a quick summary and a few words about the outlook in the quarter that we're already in. Pexip's number one priority has been through this quarter and will be through the following quarters until we are where we need to be to get back to profitability, cash positive operations, and profitable growth. That's what everybody's focusing on. This is what is the prerequisite for a sound, solid, healthy company going forward, and we will get there within the timeframe that we have described. We're doing it by adjusting the cost base to the revenue base, and we will continue to adjust the cost base if the revenue base does not develop according to expectations. We have good underlying momentum within Secure Spaces and Video Innovation. You saw the growth during the second quarter. There is lots of things happening in this area, and we are pretty confident about the development here going forward. Our pipeline in the public sector, Åsmund talked about the public sector initiatives and the logos we have here. Our dedicated solutions within the target verticals of judicial, health, finance, and retail, we have traction. We have attention of the customers. We get the meetings we ask for. We are in a good place and on the path to something very good here, I believe. Within Connected Spaces, we have strategic partnerships with some of the technology giants out there, Microsoft being most notably, I mean, our prime partner within Connected Spaces. This partnership, these partnerships develop positively and will give increased momentum to the Connected Spaces business over the coming quarters. In the very short term, supply chain issues and overcapacity installed in the customer base will impact our sales performance in Connected Spaces. On the aggregate level, the ARR development that we expect in the third quarter of this year is flat to negative. Let me comment on the to negative. It's basically one single customer in the public sector that has lost budget or funding for the program where Pexip is utilized. This happens in the public sector. It happens in many countries, more in some countries than others. It's difficult to impact. This time, Pexip has been negatively affected by this to a value of up to $4.4 million in reduced ARR in the third quarter. It's difficult for us to compensate fully for this by growth in the other areas. That's why we say that it's possible that we will have a negative ARR development during the third quarter. Finally, we are ahead of plan to be EBITDA neutral from Q4 and for the full year of 2023, and we are in a position, or have clear plans and will be cash positive on a run rate basis, leaving the first quarter of 2023. Last point before we go to Q&A, we will present our Q3 report on November 10th and the Q4 report in February. Now, Øystein, you will handle the Q&A part. Thank you, everyone. We are joined by Kristian Spetalen, who will ask his questions first, as well as Oliver Pisani from Carnegie. Kristian, any questions for us? Yes. Can you hear me? Yes, we can. I'll just start with a question on the customer here that you say you will lose in the third quarter. Is this in the Secure Spaces segment? Can you elaborate on anything there? I mean, how do you see the risk for the customers losing funding? Why do you think they are losing funding? Yes, this customer is within the Secure Spaces. That is all the ARR is counted there. In terms of the risk of this program, I think it's less likely that that will happen to other customers also within the same geography. The reason is sort of both a management change and then a fairly large restructuring on their side, which is more of a one-off event rather than something I see happening at multiple customers. Mm-hmm. They're not switching vendor or anything, are they? No, they are then discontinuing that modernization program and going in a different direction. Mm-hmm. Can I also ask how long this customer has been with you? This customer we signed in September of last year, and then they changed their strategies on the early side of 2022. Also part of the circumstances for why we were vulnerable for that type of change. Yeah. Is this the deal with Visa that you announced last year, perhaps? It could be a large customer that we announced last year. That's obviously clear. Just to build a little bit on that, because you expect some flat to negative ARR development in the third quarter. You will have some. I mean, the new sales are going to come up going forward. Could you elaborate on which areas we will see that growth coming in in the third quarter and perhaps also the fourth? I think, we are seeing that we have positive developments and we are winning new customers every day. I mean, every week we are signing up new accounts and new customers, and there is upsell also in the current customer base. At the same time, there is obviously an element of churn. To have complete, you know, foresight into exactly that, how that's gonna play out is a bit difficult at this stage. We don't have that type of visibility on the detail level. Obviously, as I said earlier, we have momentum. There is positive momentum in the public sector. There is positive momentum within Secure Spaces in general, within Video Innovation. I think that to guide beyond saying that we will be flat to possibly negative is difficult at this stage. Thank you. Then with regards to Connected Spaces, last quarter, you referred to an agreement with a strategic partner that you expect to give $4 million of ARR growth this year. Have you seen any effect of this, and should we expect it in the third or fourth quarter, or what's the latest there? I think we're seeing strong partnership there on the sales side. We've seen the first five customers come through already. It has contributed to the ARR development in Q2 with significantly more potential in Q3 and Q4. Mm-hmm. Seeing early, both successes and, early proof points, but there's still significant opportunity there going forward. Do you have any other opportunities like this in the pipeline as well? We are working very closely with our strategic partners, and I think both on working, coordinated on end customer accounts as well as providing technology is something that we are working with them on. Mm-hmm. Just a bit over on the macro impact there. How do you consider the recession impacting revenues and new sales? I think it can be a. It's a couple of different effects. On the one hand, you know, Pexip contributes to cost reductions in a lot of different places. We do through digitalization. I mean, we looked at the court systems. We work in the health sector. What we deliver reduces costs in general, increases efficiency. It should be something that it will be prioritized to invest in during a recession. The public sector, you know, is a bigger and bigger part of our business. It's of course less exposed to recession effects than the private sector companies. Naturally, in the private sector, in a recession, companies have a tendency to delay investments and reduce spending, and that is an effect that will naturally hit us as well. The exact, you know, balancing of these two effects, it's difficult to predict. Moving on to the cost cuts. You say that you have an additional NOK 100 million of cost savings targets. Could you please elaborate on this with regards to maybe the distribution within the cost line items? I think it's gonna be. We have the plans in place. It's approximately half of it coming from personnel reductions and approximately half of it coming from other reductions in other OpEx, IT systems, operating expenses, general prudency, and so on. Okay, thank you. Then, on my last question, if you're going to be run rate cash positive in the first quarter next year, you should have some excess cash. What do you plan on doing with that? I think as of now, we don't. We will come back to that when we haven't gone to that level of planning. That's, Okay. Thanks a lot. Thank you, Kristian. Thank you, Kristian. Oliver, we'll give the floor to you. All right. Thanks. Yeah, I mean, Kristian stole a couple of my questions, but I think in Q1 you guided for $1.1 million or approximately in delta ARR for Q2, and you're coming in at $0.5 million. Have you seen a further slowdown in the market or in demand since we spoke last time? Sort of, could you perhaps comment on the general demand trend in the market today? I think the answer to your question is no. You know, $500,000 difference in the ARR figure. It's difficult to sort of at that level of granularity guide more exact. It's basically flat. That's kind of what we guided, I believe, and what we ended up with. We see a lot of traction in the market. We don't see a reduction in demand. I wouldn't say that. Some decision processes are slower than we would like them to be, and when you work more and more with public sector customers, you know, the sales cycle becomes even longer, and that's, of course, impacting us on a day-to-day basis. I mean, we have deals that we thought we would sign several months ago that might, you know, come through in this quarter. That's just the way of life in this industry and in this business. Yeah. That makes sense. I mean, you're also citing competition for sort of softer growth. Who's taking market share from you today? Could you just specify, sort of, if there is anything in particular that the Pexip solution might be lacking with respect to competition or so? I think within the Connected Spaces area, I think on the technology side, we are the leading player. In terms of the ability to commercially bundle with other products, Cisco has a advantage over Pexip. I think that's clear. Cisco's been more active competitor over the last quarters than what we saw perhaps in the first half of 2021. I think that's the main driver. That being said, we continue to then sort of strengthen our technology leadership. We've both in March and in June delivered sort of new versions of our software with further sort of improvements on our Teams integration, which are valued by customers. Very clear. While we're on that, in what areas functionally have you mainly cut costs or reduced FTEs now? I assume that's in sales more than in R&D, or am I? Is that correct? We have aimed to protect our engineering capabilities and competencies as much as possible in this stage. It's been the commercial organization, sales organization, marketing organization, channel organization, and also general, you know, support functions that has been the largest part of the reduction so far. Yeah. Makes sense. Finally, are we done with restructuring costs with Q2 or is there potential for more restructuring costs in the coming quarters? I do not expect any restructuring costs for the cost reduction that we have done now. The 200 million that is either then fully executed or committed. For the next phase, it's unclear at this point if that will require any restructuring cost or if that can be done through more sort of natural performance improvements. Okay. Thank you. I think that was, that were all my questions. Thanks. Excellent. Thank you so much, Oliver. We have one question coming in from emails. Let me just get that. Which is, in spite of the disappointing share price at the moment, Pexip appears to continue to win contracts with some of the biggest and most technology-demanding customers in the world. Knowing that those organizations have whole departments of tech analysts, what qualities are these customers typically looking for, and why is Pexip winning these customers? Okay. Åsmund, you can probably join me in answering this. You know, it's about. I talked about the technology and uniqueness of the technology package that we have, the three, you know, characteristics of the technology and what brings it together, that in the use cases where we mainly operate. Yeah. particularly now in the public sector, Secure Spaces, Video Innovation, and of course, when we work with our partners in Connected Spaces, it is something that is differentiated from the others. These are we win in the situations where you cannot or will not use Teams because you have other requirements. It's not meeting your spec. Pexip has something that either supplements or complements exactly what the clients need in this space. I don't know, Åsmund, if you- Well, I think that's a good explanation, and I agree with the question there. You know, when we win, especially Fortune 500, there's large teams that evaluate different kind of technologies within, you know, which technology to go with. We distinguish ourselves versus competition, especially on three things. We basically work with absolutely everything. No one else do that. No matter what kind of technology legacy and so on you have, or different kind of web browsers and so on, no one do that the way that Pexip does it. Then everything that has to do with the security aspects, whether you wanna deploy it on-prem or your own cloud solution and so on, again, Pexip is super unique on that one. comes the flexibility, which we like to call Video Innovation, but that you basically can take the Pexip technology and integrate it with other workflows, whether that is healthcare systems, whether that is your bank, whether it's IKEA who wants to draw kitchens and so on. There as well, Pexip is unique because of our open architecture. Mm. Good. Good. We have a question from Fridtjof Semb Fredricsson at Pareto. You have seen a flat to negative trend within Connected Spaces, which continue in Q3. How confident are you that growth will pick up here again following increased competition from Cisco? And how is the pipeline for Q4 and 2023? You know, just to repeat, it's difficult to be very precise on this. I mean, we have ambitions, we have goals internally that are relatively aggressive when it comes to this. To commit to that or to tell you that the pipeline is very strong, you've heard that before without the numbers being realized. I think, you know, it suffices to say that we are keeping busy. Our sales people are out there every day meeting customers together with our partners, our strategic partners, Microsoft and others. I would be surprised if that didn't gain results, at least in the medium term. Medium term means coming quarters. I agree. No, I agree to that. There's some market dynamics. I think you said as well, Øystein, we're certainly the leader when it comes to the technology side of it. We're working to find our uniquenesses to get a bit Microsoft, to get a bit Google when those are more applicable than Microsoft and so forth. We're fairly confident that we will get results, but as you say, in the medium term. Mm. Good. See, we have also received questions from Øystein Lodgaard at ABG, but I believe those have been covered already. Okay. Okay. With that concludes our Q&A. Thank you all for watching. Thank you very much. Thank you.