Okay. Welcome everyone to Tobii's quarter three 2022 earnings call. Joining me today are Magdalena Andersson, our CFO, and Henrik Eskilsson, who runs investor relations for Tobii. We will be taking questions right after this presentation, if you have any questions, please feel free to start posting them right now. As usual, what I will do in terms of the presentation is first provide some background on the company to set the context for our quarterly earnings. Okay. Let me first start by talking about Tobii and the history of the company. Tobii started its journey more than 20 years ago as a Swedish startup, and in the last two decades, we have celebrated many milestones as we built our position as the world leader in eye tracking. In the last year, we have, of course, refocused our ambition and expanded our intention to deliver technologies that understand human attention and intent. We believe that we are in a new field of technology that we call attention computing. What does it take to deliver attention computing? It starts very much from the hardware that enables us to get high-quality images of a user's face or their eyes. We, of course, as Tobii, deliver, in many cases, optimized hardware. Over the last several years, we also work with off-the-shelf hardware that enables us to get the right images of people's faces and eyes to process signals from them. Once we have that hardware platform, we are able to go and deliver what we call core signals that are derived by processing images of users' faces. As a company, we started, of course, with the signal we called eye tracking or gaze. In the last two decades, we've expanded beyond that to deliver signals like eye openness, head position, facial landmarks, facial ID, et cetera. We also deliver a set of signals we call attention signals. These are signals that are derived by combining and processing these core signals, and they give a better idea of a user's intention or attention. This, for example, can include things like understanding where a user is looking, what we call a fixation, or their level of cognitive load or stress. We can even tell if a user is drowsy. Ultimately, of course, the power of attention computing is when it's translated into user value. What we see with attention computing is that enables more innovative devices. It enables a user to experience more immersive experiences. Fundamentally, it can unlock transformational insights for research or for business. Now, when we consider where attention computing is being harnessed, we think the opportunities for attention computing are potentially limitless. What we see as of now is six key market verticals where we see increased adoption and experimentation. These markets are in gaming, in the automotive segment, in healthcare, in education and training, in extended reality, which covers virtual and augmented reality, as well as in behavioral studies and user research. We approach these six markets in two main ways, two reporting segments that we call products and solutions and integrations. The products and solutions business is a vertical business where we are typically delivering a full solution for a customer to use. The integration business is more of a horizontal offering, where our customers take the solutions from Tobii and build them into their own solutions that they take to the marketplace. These two segments have quite different business dynamics. We expect, of course, that both of these segments will demonstrate growth, but we expect that the products and solutions business will be more smooth in terms of changes in growth, in terms of changes in margin, but we also believe that the products and solutions business is more susceptible to macroeconomic downturns. We've seen that with the pandemic in 2020, but we've also talked about that in the context of our Q2 2022 results. The integration business is much more customer-dependent at this point in time. We see the performance in this segment being more lumpy as customers launch or end of life products. We think, of course, that at this point, this offers the opportunity for disruptive growth. If you measure this business over a longer period of time, we will see more stable dynamics in the business, and we continue to see strong growth here from a gross margin perspective as well. Let me shift gears now and talk a little bit about Q3 2022. From a quarter three perspective, we actually delivered an all-time high for Q3 revenue, and it was our seventh consecutive quarter of organic year-on-year growth. From an organic growth perspective, we delivered only 3%, which is lower than our expectations for our business. Like last quarter, the performance is quite different when you consider the two reporting segments, products and solutions versus integrations. On the products and solutions side, the weakness that we started to see in Q2, which we saw as macroeconomic challenges, have actually deepened a little bit in Q3, specifically related to customers that are enterprise customers of Tobii. We've seen in many cases that these customers are canceling and delaying orders, and that has been a drag on the overall business. There has been a balancing effect on the products and solutions side, specifically with our direct-to-consumer gaming peripheral business. This business had its highest ever quarter in Q3 2022, and it has been a balancing effect to the weakness that we've seen in enterprise. In total, the products and solutions reporting segment had a organic decline of 6% for Q3 2022. Now, if you consider the integration segment, the integration segment had another strong quarter. It grew organically 30% year-on-year. Again, we continue to see this business both show growth but also demonstrate lumpiness. We continue to expect that there will be strong variations in the growth, if we zoom out and take a longer-term horizon on how this business is progressing, we think that we will see trends that are more stable. If we consider the integrations business from a year-to-date perspective, we are now up 44% organic growth year-on-year. Again, we continue to see strong trends here that we are building the foundation for long-term success in this business. When we consider Q3 as a whole and the macroeconomic challenges we're facing and the overall impact for growth as Tobii, we have taken some actions on the OpEx side to reduce OpEx from our current run rate to ensure that we will meet our previously communicated financial goals for 2023, which specifically is that we intend to be EBIT profitable for Q4 2023. Let me talk about some of the significant events in the quarter. One of the very notable ones is our continued collaboration with Sony. Sony has announced their PlayStation VR2. They announced that earlier this year, and they continue to take strong positive steps as part of their overall launch process. Notable for us, as we go into this announcement, is that they have been public with their launch date for the PS VR2, which is going to be February 22nd, 2023. I'm going to talk a little bit more about Sony as highlights for the quarter at the end of this presentation. In addition to the momentum we're building on VR with Sony, we've also seen strong momentum from our side on our automotive driver monitoring solutions offerings. In Q3, we had our first public demonstration of this solution at an event called InCabin in Brussels. Again, I'll give more context about that at the end of the presentation. In addition to these two things, we also saw increased momentum around our overall attention computing offering as we expand our portfolio beyond just eye-tracking. A strong example of this is our collaboration with Samsung to bring our drowsiness detection capabilities into the Galaxy smartwatch. This particular collaboration uses our capabilities to measure drowsiness using heart rate signals. It's an expansion from what we have from eye-tracking, but again, very much consistent with our ambition around attention computing. Finally, from a significant event perspective, we had eight new design wins in the quarter, one of them for a medical diagnostic device, seven of them for gaming and productivity solutions with PC OEMs. We've also seen our momentum in the healthcare space continue to build, with two of our customers getting FDA clearances in Q3. With that, I'd like to turn it over to Magdalena to talk about the financials. Magdalena? Thank you, Anand. Yes, as Anand already mentioned, we had an organic growth of 3% in this quarter. It is a positive figure, which is good. However, it is not up to our expectations. We expected a higher growth for this year, but we do see that the macro situation is affecting us negatively, especially within the product and solutions segment. Year to date, our organic growth was 13%, mainly driven by the integration segment. Gross margins continue to trend up and improved 3 percentage points, up to 74% in this quarter, and year to date, the gross margin was 75%, an improvement with 5 percentage points. We were SEK 36 million EBIT negative this quarter, equaling a margin of -20%. This is up somewhat from last year's SEK 42 million, or -28%. We are not satisfied with taking only these small incremental steps towards profitability. Hence, we are now implementing reductions in our OpEx run rate to secure that we will reach our target to become profitable during 2023, despite the dramatically changed business environment, and we are expecting that we will break through to profitability in Q4 2023. Thank you. Sorry. Looking into our segments. Product and solutions had an organic growth of -6%. We experienced declines in sales of research instruments and software to enterprise customers in all our regions. We are not seeing that we are losing more tenders than normal to competition, but it's rather that we see postponements of orders and customers refraining from making the purchases right now. On a positive note, our gaming device, Eye Tracker 5, continued its strong performance and had an all-time high revenue this quarter. Year-to-date, the organic growth for the segment was 3%. Gross margin was relatively flat year-on-year, but lower than longer-term history in this quarter. This is a reflection of both a quite strong gross margin pressure from component and freight costs in combination with a shift in product mix. Going over to the integration segments. Here the growth continued. We saw an exceptional 99% organic growth in Q2, now followed by 30% in this quarter. As we have mentioned before, depending on milestone payments and larger payments of license revenues, it is to be expected that this segment will exhibit large fluctuations in growth rates in its early days And for the first nine months now in 2022, we have delivered an organic growth of 44% in the segment. Gross margin came in at a high 90% compared to last year's 81%, thanks to the relatively higher proportion of software versus hardware. Over to the balance sheet and cash flow. We now have an equity of SEK 748 million and an equity ratio of 72%. Our free cash flow during this quarter was SEK -64 million, and this cash flow was negatively affected by SEK 37 million repayment of COVID-related tax reliefs, without which the free cash flow would have been SEK -27 million instead. With that, we ended the quarter with SEK 263 million in cash and cash equivalents. With that, back to you, Anand. Thank you very much, Magdalena. Now I'm going to talk about a couple of highlights for the quarter that really speak to how we are building our long-term success for the company. The first of these is actually related to our automotive driver monitoring system business. As I pointed out earlier in this presentation, Q3 was a significant quarter for this business because this was the first opportunity for us to demonstrate our driver monitoring system publicly. This happened at an event called InCabin in Brussels. InCabin is an event where OEMs, tier 1s, and actually other driver monitoring system companies like Xperi and Smart Eye attend and demonstrate their capabilities as well. Tobii was one of the companies that was chosen to speak at this event as we talked about our approach to validating driver monitoring systems. We used the opportunity to make sure that people could see our latest offering in the car that you see pictured behind me. In that one-day event, we had over 70 demos with customers and, in many cases, competitors as well, and the feedback is overwhelmingly positive. Again, we continue to build momentum in the driver monitoring space as we've gone and built our technology capabilities, and we passed these milestones, first being able to demonstrate our technology to customers at our sites, at their sites, now being able to demonstrate these capabilities publicly as well. We continue to believe that we are building the right foundation to be one of the leading companies in driver monitoring systems in the future, and I'm quite encouraged with the progress we've made over the first nine months of the year. The second aspect that I wanted to highlight was actually our momentum in VR. In this space, I want to talk about it in the context of three separate trends. First, about how the VR market itself continues to mature and become more tangible and more real. In fact, just last week, the Chinese government announced that they were designating virtual reality as a key industry in their latest five-year plan. That comes along with an expectation that the government is setting that they want to ship more than 25 million units by the year 2026. If you compare that to where the Chinese makers are at this point in time, they've shipped about a half a million units in the first half of this year. This is a pretty significant commitment. As hopefully all of us understand, a government commitment from a government like China has significant momentum behind it as they can bring the weight of their overall economy to make sure that they meet goals such as this. This, for the VR industry, is super notable because so far, most of the VR headsets that are shipped and actually experienced are mostly in the Western world. Now you have a major market like China also making a commitment to ensure that VR is an important industry for them as well. Again, a clear indication that the VR market continues to mature and there's significant opportunity there. The second aspect is, of course, how does eye-tracking relate to this VR market? What we've seen over this quarter is that more and more brands continue to include eye-tracking as one of the offers that they have in their headset lineup. You can see a pretty broad set of customers that are now offering eye-tracking. This, again, lends credence to our belief that eye-tracking is basically a must-have feature for headsets going forward. It of course starts with brands putting eye-tracking in a few of their SKUs and expanding that footprint, hopefully to cover all of their SKUs going forward. The third aspect is Tobii's position in the space and how are we building leadership from an eye-tracking perspective in the VR industry. Now, all of the headsets that you see on the left that are non-Tobii are actually enterprise headsets. We are the only maker that has consumer headsets that are shipping with eye-tracking. The most notable, of course, of these is the Sony PSVR 2, which will be a mainstream consumer headset that includes eye-tracking. This means that this headset has to have the kind of technology that covers basically the full population, that every single user that uses the headset will be able to experience and enjoy the capabilities that this technology enables. What we've seen so far with the PSVR 2 is actually very positive. Sony over the last quarter has demonstrated their headset to tech reviewers. The feedback has been very positive. The software gaming ecosystem has rallied around this device, and so far there are more than 50 titles that have signed up to support the PSVR 2. Recently, in fact, over the last couple of weeks, we have seen that Sony has actually announced a launch date for this device, which is February 22nd, 2023, with pre-orders starting in November 15th of this year. Once again, we think the VR market overall is a great opportunity for Tobii, and we continue to maintain a very strong presence in this market. As the need for eye-tracking grows, we think we're in a great position to take advantage of this trend. With that, let me summarize the quarter quickly before I open it up for questions. We talked about Q3 overall. Again, Q3 was our highest ever Q3 quarter from a revenue perspective. It was our seventh consecutive quarter of organic growth. But from an organic growth perspective, a 3% result is below our expectations. We see this growth being quite different in our two reporting segments. We've seen weakness on the products and solutions side for the second quarter in a row, as we continue to see the macroeconomic challenges worsen. We've also seen the integration business continue to deliver strong growth. We believe that our work over the past nine months and in Q3 continues to build a strong foundation for long-term success, specifically in areas like VR, and with automotive driver monitoring. Again, with the results we've seen in Q3, we are now taking actions to reduce our OpEx to ensure that we can meet our previously communicated goals of being profitable for EBIT in 2023. Specifically, what we are guiding now is that we will be EBIT profitable in Q4 of 2023. With that, I'd like to open it up for questions. Henrik? Thank you, Anand. Analysts, please indicate if you wish to ask a question, and we will let you into the call. For everyone else listening in on the podcast, there is a Q&A function available in the Teams window. Please use that and pose your question. Let me remind you that there is a bit of a time lag on these questions, please post them sooner rather than later. Let me see here if we have any analysts wanting to ask questions. Erik Larsson, let's start with you, from SEB. Yes. Hi. Morning. Morning. I have two questions. First off, on the cost reduction, is there anything you can quantify, in terms of size or anything really, what you're looking into as of now? Maggan? We're not guiding specifically on size. What we are trying to express is that during this year, you have also seen that our cost base has been growing, and we were planning to continue to grow it also going into Q4. For us, that's why we also express it as taking it on the run rate. We are now looking into not growing as fast in Q4 as we first had intended, but rather to take it down going into the next year, that we have not as such a high growth rate, but rather a slight decline. Okay, great. Just another question on the peripheral. My understanding is that Q3 usually is not a big quarter for the eye tracker peripheral. I am just curious what is driving the performance. I guess it is a bit FX in there, but sounds like volumes are there as well. Yeah, absolutely. Volumes are there. Actually, volume is the underlying driver for the performance. Of course, there is some FX benefits as well, but from an organic perspective, we saw a very strong quarter. What we have seen actually on the eye tracker peripheral side over the course of the last year is that we are seeing very strong customer feedback on the value of our solutions into simulation games. One of our big marquee games, of course, that we supported about 2 years ago now, December of 2020, was Star Citizen. That has been a community of gamers that have really enjoyed this peripheral, and they have been, with word of mouth, encouraging their fellow Star Citizen players to go and pick up this device. What we saw at the back half of last year, of course, was that the Microsoft Flight Simulator game also supported the Tobii eye tracker. We are seeing that community also pick up use of this peripheral to go and enjoy their game further. What we see is as these games come in, and the communities see the value we are building, we are starting to see good growth driven from that type of behavior. Okay. It is not a specific game release or so, it is more that the word of mouth and network effects are gradually kicking in more and more, basically. Absolutely. Okay. Yeah. Great. That's all from me. Thank you. Thank you, Erik. Let's move on with Daniel Thorsson from ABG, please. Yes, absolutely. First question on product and solutions. Do you get the feeling that large enterprises reduce short-term investments or also taking a more permanent decision of cutting back those type of activities also in the midterm? Yeah, we certainly don't think it's a permanent situation here. Again, I think you see this kind of behavior in general. Again, in my previous stints in larger companies, as you go through macroeconomic changes, there's of course the first ask to look at what is discretionary, what are things that we can afford to delay? What we're starting to see, first of all, is delays in customers choosing to push out when they invest in some of these areas, specifically to understand their customer behavior. These are things that they typically will end up delaying for some period of time. I think the timing is a question mark. We do believe that these macroeconomic challenges are going to be with us through Q4, certainly, and into 2023 as well. If you think about a pandemic-related corollary, after that ended, we did see some strong bounce back in the business. We are expecting, of course, that as these companies right their ship and deal with the current issues, there's a potential that maybe they have tightened too much, as they see the economic situation start to improve, that they will once again invest in these areas, which we think are quite critical for them to go and improve their products and offerings to satisfy their customers. Yeah, I see. Okay. A follow-up on that one, which you touched upon a little bit here as well. How do you think about product and solution sales development in 2023 when you model your new Q4 EBIT positive guidance for Q4 2023? How do you think about sales development there? I think that we are thinking about growth in that overall reporting segment characterized by two sets of things. One is, of course, if you think of products and solutions, there are three components that are built in. One is the enterprise set of customers. The other ones are university customers that are doing more scientific research. The third is our gaming peripheral business. Each of these has a slightly different dynamic. On the gaming side, I think so far we haven't seen a weakness in that so far. We're of course starting from a smaller base in that portion of the business. On the university research side, we think that government grants by and large are still staying stable, and you could imagine that that may be a business that's less impacted by macroeconomic issues. We have still seen in some portions of those markets impacts from the pandemic. For example, in China, we saw that in Q1 and parts of Q2. As the COVID pandemic fully resolves itself, we think that that business actually could be stable and be back to the kinds of growth we've had historically. Of course, the wild card here is very much on the enterprise side and how deep does the macroeconomic situation continue to manifest itself. We are thinking about growth for next year on this reporting segment also. That's very clear. Thanks. The last question on the VR segment here regarding the latest non-Tobii eye-tracking headsets that you mentioned are enterprise headsets. What is really the key reason for OEMs launching an enterprise headset with own eye-checking technology, but not in the consumer segment? Yeah, if I try to parse that question a little bit, let me answer it in a more holistic way. First, as you noted, last quarter, we actually had two headsets launched that were enterprise headsets that don't have Tobii eye tracking, the Pico headset as well as the Meta Quest Pro. Typically, for most technologies, when there's a new technology coming, it is quite normal for these technologies to come in at the most premium spot of your portfolio, something that is at the highest price points, because that's where you can go in and do a little bit more experimentation from a product positioning perspective. That's quite normal for the technology industry in general. What we see is that the fact that these customers are building internal eye-tracking capabilities is actually a testament to how important they think eye tracking is. I think that's quite good for us because it's an indication of their belief that eye tracking is something that's going to be important for their portfolio. At the same time, we believe that our offerings are quite strong. If you look at the features we develop or the population coverage that we can address. Of course, population coverage is critically important when you get into a high-volume headset like a consumer VR HMD. If you think about the features of the headsets that just got launched versus what we offer for the Sony PS VR2 or for the HP Reverb Omnicept Edition, you can see that the features are quite different. Of course, we are addressing a much larger population when you think about the PlayStation VR2. Looking forward, we are working with all of these players in the VR headset market, we actually think that as they expand their eye-tracking capabilities in their portfolio, we think we have a really good chance to compete for their business going forward. Perfect. Thank you. Thank you, Daniel. Let's move on to Mikael Sandsten with Carnegie, please. Okay. Hi, good morning. Hope you can hear me. Yeah, I have a follow-up on the product and solution segment, and specifically the enterprise side. Can you tell us something about, first of all, how large part of the business that is, enterprise customers? Also, what type of customers you're exposed to understand the cyclicality and maybe also comment on the use cases there? Yeah. Let me speak to that. I don't think we're going to guide to specific numbers of what the enterprise is or break down the products and solutions side into that level of detail. Let me talk a little bit about what enterprise means so I can give you some context of who these kinds of customers are. Primarily, our types of devices are used for 2 types of major use cases by companies. One of them is actually for what we would call market research or user experience. People who are trying to understand the user better, to either get feedback on a product they're designing or to go and improve the product itself. The two major types of companies, or three major types of companies that sort of use that kind of technique are either marketing agencies that support companies that are doing packaging design or, for example, companies that have an end-user product, an FMCG kind of company, or even in many cases, a company building an application or an app for your phone, a software application on a PC or an app for your phone. Those are sort of the categories that we would cover under market research and user experience. We have another set of use cases that are around training and assessment, and here we see a pretty broad set of customers as well. It ranges from folks in the automotive industry that are using our technologies for workers in their factories to upskill and reskill them. It also goes into industries like aerospace and defense, et cetera. We have a pretty broad range in some of these areas that we cover under this bucket. Again, I think the dynamics in general are that we are seeing that as they look at the macroeconomic situation they're facing, many of them are making the decision to delay some of these projects or to cancel them temporarily Okay. It sounds like it could maybe be the market research side that is maybe a bit early cyclical that you have primarily these delays or cancellations. Is that? Absolutely. I think that's certainly one of them, but I would also say, if you think about our automotive customer base, which is a large one, where they're using these solutions to understand driver behavior, or as I mentioned, in factories to go and optimize worker reskilling. You have to think about the situation they've been facing since the pandemic. They walked into a pandemic, then there were supply chain issues that have hit automotive customers, and now you could argue they're potentially walking into a situation with consumer confidence that's lowered when rates of borrowing are quite high. That's an industry that you're right, that it's not the same as the marketing research agencies, but that particular vertical has been through a fair amount of turbulence over the last year, and that also drives belt-tightening kind of behaviors. Okay, got it. I was thinking about seasonality for products and solutions and integrations in Q4. Is it anything you can say for this year that is important to take away? Yeah. What I think I would say is, again, we do expect the seasonality on products and solutions to continue to play out. Typically, the budget cycles that exist are still there, even if people are tightening belts. There is the end-of-year budget kind of behavior, both from a university research perspective, but also from an enterprise customer base. I think both of those things play out. Of course, Q4 is also the holiday season, if you think about our gaming peripheral. All of those things seasonally should have a strong quarter. If you take out the specific variations on the macro side, we continue to expect that the seasonality will play out that way. On the integration side, it's a little bit different. Again, there, we think that the seasonality patterns aren't as clearly defined. They're very much dependent on customer-to-customer characteristics. I think that there's much less defined seasonality from a Q4 perspective for the integrations business. Okay. I was also thinking about the working capital, why that was negative in Q3. What are the reasons for this? If you can also comment on the tax payments and repayments that you made- Yeah has received. Yeah. We repaid SEK 37 million this month to the tax authorities for COVID-related tax reliefs that we had applied for earlier, and now it was due. We also got, after the quarter, SEK 166 million of renewed reliefs going forward. The SEK 37 million was, of course, part of the negative working capital in this quarter. Also since working capital are moving from quarter to quarter, depending on when people pay their bills and we pay our bills. They will fluctuate from quarter to quarter, slightly up, slightly down. It was nothing specific this quarter, except for the SEK 37 million. Okay, got it. Just to follow up on that, did you get the payment from Sony this quarter? I guess that it was delayed from Q2 to Q3. Yeah. As all our customers, we take our revenue, and then we get paid, and Sony's one of our customers, and they also pay their bills, so yes. Okay, good to hear. Thanks. Thank you, Mikael. Let's move on with some questions from Daniel Jullberg with Handelsbanken. On DMS, are you still expecting a design win in Q4, or has this changed due to the delays highlighted? Again, I think what we've talked about earlier in the year was that, hey, we feel like we need to build a position where we're going to get into a design win this year. I would say the progress we've made over the last nine months is actually very positive. In many cases, stronger than my initial expectations. I also want to caution that specific design win timing is very much dependent on RFQ timing. What we are actively doing now, of course, is to go and showcase our solutions to as many customers as we can to make sure that we are participating in RFQs, which we are doing right now. The award of those RFQs, as well as our ability to talk about them, very much depends on the timing that is set by our customers. What I would say at this point in time is I believe that the progress we're making and have made in automotive is actually more than we expected going into the year. I think we are much better from a technology capability perspective. I think the feedback we're getting from customers is quite strong. Again, I think that this actually is a positive testament to where we're going to be from a long-term perspective. Of course, we are chasing our first design win. That is going to be very important for us to go and build credibility in this market. Thank you. Daniel, on your second question, I cut away some of it because I think it's already been answered earlier in the call. On enterprise customers delaying or canceling orders, is this hampering mostly the near-term 12 months outlook, or do you think it's hurting also the outlook for 2024? Again, I think we are taking the impact, as I mentioned in the earlier question. We are expecting this impact to be there for the rest of the year, certainly, and into 2023. At this point in time, it's hard to call specifically what's going to happen from a 2024 perspective. I think that this macroeconomic environment is something that is a watch item. At least for what we have in 2023, we've taken it into account, and then we'll have to see what plays out from a 2024 and beyond perspective. Finally, when talking about break-even EBIT in Q4 2023, does this mean we should assume break-even EBIT for the full year 2024 as well? Right now, we're not setting any additional goals beyond what we have right now. What we have previously communicated is that we intended to get into EBIT breakeven during 2023. Again, our expectation of being EBIT profitable in Q4 2023, in my view, is in line with that statement. The second goal that we have communicated is that we intend to reach 1.5 billion SEK of revenue in 2025. Again, we continue to stay committed to that goal. The long-term foundation that we're building in areas like VR, et cetera, are sort of the way that we believe that we are going to end up getting there. At this point, we're not going to make any additional goals on what we expect for 2024. Thank you. We have received quite a few questions around the Pico and Meta launch of headsets with their own eye tracking, and I think Anand's answer to Daniel's question covered most of the questions there. Otherwise, if you feel like we haven't answered your question, please send an email to us and we will answer them after the call. Moving on, in your opinion, is your DMS solution considerably better than competition, and why do you think so? Yeah. If I answer this question in the way that we talk about it to our customers and sort of what the market is facing, one of the biggest things I think that people need to recognize is that with the legislative mandate coming into the EU and in other markets, the DMS offerings actually have to hit a fundamentally different price point than what they have been hitting so far. Up until now, the DMS products have been in premium car models, and they need to go into every single car model based on what the EU legislation is mandating. That means that there is an opportunity and a disruption that is needed for these systems to get much cheaper from a total cost of ownership perspective. Of course, when we think about how you make DMS cheaper, it comes down to two sets of things. One is, what is the cost of the solution that an OEM has to go and buy in order to go and deliver DMS? That is the hardware that's needed, the camera, the compute, the cost of the algorithms. There, we think that our approach allows an offering that is much more forgiving of lower quality camera. It can also scale to lower cost compute. Again, I think we have the benefit of not having as much legacy to go in and deliver a solution that's more cost competitive from that aspect. The second aspect, of course, is the investment that OEMs and Tier 1s have to make to integrate a solution into a particular DMS design choice. For example, the cameras that make these DMS systems could be in various parts of cars, depending on the car's design. It may have to be on the A-pillar, which is the sort of part of the car that's to the left of a driver. It could be in the center console. It could be in the rear view mirror. Typically, these integrations have been quite expensive as well because each of these algorithms are pretty tightly tuned to the kind of image that they get on a user's face. We believe that our approach is also much more forgiving from the position of where the camera is, which means that the integration programs can be less expensive. We think the combination of these two things, a lower system cost overall and a lower cost integration, I think makes us pretty compelling. Thank you. How should investors like me think about the absence of design wins in gaming laptop hardware integrations? Yeah. I think what we see happening on the gaming side, I think we've been pretty open about this, that this is a journey we've been on for the last seven years, and the first thing that we had to demonstrate was that we had product market fit. I think the success that we have with the Eye Tracker 5 peripheral clearly demonstrates that gamers are willing to buy our solutions for the experiences that they deliver and the specific games that we create value in. Games like "Microsoft Flight Simulator," "Star Citizen," "DCS." We have over 150 games that we support. When we think about how that translates from a PC OEM integration, what we see is in the PC market, it's much easier and much more affordable to go towards software-only solutions. It's easier to design from a time to market perspective. It tends to also be cheaper, and so we've seen our mix move from hardware to software, and we think that that's a trend that will be sustained for us. Thank you. Lastly, as Tobii shareholders, we've seen a lot of headwinds in the past few years with first the COVID pandemic and now macroeconomic setback. Please give us your view of why we should be excited for Tobii in 2023. I think that what I would summarize this is the following. I think if you go back four or five years ago, we've talked about the potential for Tobii to really be a mass market volume type of company, that the technology that we were creating, while it creates tremendous value in pockets of the market, that it would also be applicable on a broad base with very large volumes in consumer electronics. I think over the last several years we've been saying that, hey, we need to wait and see. We're sort of around the corner from when this is actually happening. I would say that where we are in 2023, we are actually at the time where that proof is materializing, and it really starts with something like the Sony PS VR2. This is a headset that's going to ship in millions of units next year, which means that this technology will actually be experienced by people that have never even considered that this capability exists in the marketplace. I think that's a pretty big change for us. Both what's happening in VR and what's happening in automotive, I think they're very positive indications that we are actually delivering on those promises, and it's not something that is in a sort of future state that is unknown in terms of when the timing is going to materialize. I think these are much more deliberate in when these major steps are going to be taken. I think that's why investors should be super excited about where we are. With that, we round off the Q&A from our side. Perfect. Anything? Any last comments or? Well, thank you folks for your time once again. I think that we continue to build a great position for our company on the long term. I hope as you see that despite the macroeconomic challenges that we've seen in Q3, we're taking tangible steps to ensure that we meet our commitments that we've communicated to you previously. I think that we're quite excited about what the future holds, and I can't wait to see what 2024 and 2025 are going to be for Tobii going forward. Thank you very much. Thank you. Thank you.