Welcome to Yubico Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to acting CEO, Jerrod Chong, and CFO, Snejana Koleva. Please go ahead. Hi, everyone. Thanks for joining us. We will walk through the agenda, we'll give you our key highlights. I'll hand it over to Snejana to give you the details on the financial details. For those who are joining us and not familiar with Yubico, we are a very innovative cybersecurity organization that continues to innovate and produce products that help companies around the world be phishing resistant and prevent account takeovers. We are very excited to share our report, we do have a good, strong list of our customers around the world. We've been around for more than 20 years, with a very strong direction to continue our global expansion and serve many more customers over the next few years. I want to take a step back and provide an update on how we look at our industry, the trends that we see, and the type of news that we are also part of in terms of cyber activities, both on the positive sides as well as the threat landscape that we see customers and organizations around the world face. With AI being much more powerful with all the new models, we definitely see that the attacks are not just much larger in scale, we see that they are much more sophisticated. Many of you are aware that even these models have known to attack organizations without the control sets that we expect some of them to have. That is just what we know, we know that there is a side that many organizations are faced with that is increasing. The good side of that is that we believe that access to these very powerful models must be protected so that the accounts do not get taken over, the attackers use these very powerful models to attack organizations. We really believe that this trend will continue to happen, we continue to help protect organizations from not having their accounts taken over. The other area that we are very much in tune with the industry is how the post-quantum evolution is happening. A quantum computer would break pretty much all of the existing technology stacks that we use for cryptography. What that means is that you need a technology that is post-quantum ready, we are part of that journey. We will talk a little bit more about that type of innovation as we bring a YubiKey that will have post-quantum capabilities. The other trend that we see is that as we continue to see weaknesses of how the software supply chain is being impacted, governments around the world are doing two things. They want to make sure that any product has been properly reviewed and that these products as well are, as a maturity in how companies build them. We continue to invest in making sure our products are compliant with all the new regulation. We also help set some of these new regulations for the authentication industry, that just gives a disciplined way to build products. We are very much in line with how industry should continue to close these loopholes when they build products so that we don't introduce new risks to companies deploying products in general. The last area that we see is organizations are definitely concerned with identity, digital identity. We see that they are being attacked by all types of different hackers around the world. Mostly because it's much easier and it's much cheaper. What the attackers are focused on is to downgrade the way that the users authenticate to be able to social engineer their way into compromising the user accounts. Rather than just focused on the login to an account, a lot of companies are paying attention to how the users recover or get access back to the account when they have a recovery option. Recovery options are typically very weak, and that's where the attackers are focusing their efforts to compromise the accounts. In the next slide, I wanted to give a highlight on where Yubico has been in the last quarter, but more collectively, what we see are the continued investments for our growth. Product innovation takes center stage in the way that we look at our business. We are very focused with delivering products and innovation that solves our customers' problem, namely in the first half and in Q2, releasing two types of YubiKeys. One focused on the regulated industries, particularly as we've described, companies want to be compliant. We've released our FIPS validated devices, which is relevant in a lot of markets around the world. We've also released a YubiKey that extends capabilities beyond just authentication to being able to perform authorization. Authorization is really important in the concept where it's not just who you are to be able to identify that you can log in, but do you have the right to do something besides just authenticating? Are you the right person that is authorized to access the right system? Authorization plays a very important part of this evolution, particularly in the AI realm where you need to know who you authorize to use what and what agent was authorized to take action on your behalf. From the commercial side, we continue to partner very closely with OpenAI in terms of how they view our technology as part of their defense strategy against account takeovers. As I've mentioned, the goal is to make sure that when you provide the companies with access to the most powerful models, that you can, at a very high amount of assurance, ensure that it is actually the right user that is accessing those models. In other news, we continue to expand the support for different operating systems and browsers to make the YubiKey and the standard, the FIDO standard, more easy to use. There's a huge focus on usability. A good security or great security can only be adopted at scale when it's easy to use. From an internal perspective, we continue to make the necessary adjustments for how we view growth in areas that we see huge opportunities. We continue to rebalance our portfolio of resources and investments to areas where we strongly believe are needed to grow the organization, which also means that we would reallocate resources to those areas. That is reflected in some of the adjustments for our reduction in force and to really organize our organization for scale and efficiency. We see some of the results in this quarter or the last quarter. Finally, just to highlight, we continue to want to share details of how we grow, and we are going to have a Capital Markets Day in November. Stay tuned. We look forward to seeing a lot of you there. A summary on top focus verticals that we have invested in and will continue to invest in. You can see a significant growth in the key industries over time. We continue to see this trend be fairly stable. The growth areas in the last quarter has focused on high tech and public sector, and public sector includes the defense industrial base. The reason we see that is part of the evolution of newer threats and these type of organizations want to be ahead of it. Technology include a lot of our organizations investing in AI, they certainly want to get ahead of the cyber attack trends so that they can defend against that. We also continue to expand our relationship with our ecosystem partners, which are also our customers, they also provide a lot of joint integrations for our customers around the world. For example, companies like IBM, for example, companies like Okta, which is our partners that deliver end-to-end capabilities for protecting user identities. Key figures for Q2. Overall, the numbers are in line with the direction that we're going. The investments that we made to really be efficient affected clearly, obviously, our profitability, it does also, when you have a more efficient organization, you also affect our net sales to be able to realize those bookings in the way that we can reflect in the revenue. From a bookings perspective, it is lower compared to last year. Part of that journey for us is to make sure that we built resilience for differences in how companies buy, the buying cycle. What we'll explain a little bit more is how that resilience is showing up if you get to the details. For example, we don't just depend on one or two deals to hit our targets. We are really looking towards making sure resilience means that we have a portfolio of companies that we can sell and make products to in all segments throughout the world in both small, medium, and large. We'll get to the details of that, and I think we're positive in the way that we've made those adjustments to provide resilience and scale to our business. With that, I'll hand it over to Snejana for the details. Thank you, Jerrod. If we take a closer look at the quarter-on-quarter development versus last year, we continue to have somewhat negative impact from the currency, but this impact is starting to subside as the exchange rates are now more similar to what they were at this time last year. Order bookings, organic development, -5%. Net sales perspective, we have 12% organic development. Very positive growth. On EBIT, we continue to have negative impacts from currency at SEK 10 million, but we have also increased quite substantially the EBIT and the profitability as compared to Q2 2025. We have added 12 percentage points to the margin this quarter. From an order size point of view, as Jerrod mentioned, the work on resilience continues, and it is evident in this quarter. The small and mid-size bookings developed very strongly with 18% growth. In Q2 2025, we have had a large multi-year subscription order. In this quarter, we have primarily smaller and mid-sized bookings, but very good growth in this segment. What I would like to mention is that we have a very strong EMEA growth. We are expanding and working very closely with our channel ecosystem, and that is evident in the EMEA growth. YubiKey as a Service, our subscription offering, represented 24% of the total bookings. Let's zoom in on the perpetual first. The perpetual bookings grew with 7%. Again, primarily deals below SEK 3 million. From a revenue perspective, we grew the net sales with 9%, excluding the currency impact. As Jerrod mentioned, public sector remains our largest contributor in the perpetual bookings for this quarter. Part of this is defense, and we also have very strong performance in the high-tech sector. When it comes to YaaS bookings or Yubico as a Service bookings, as I mentioned, we had a very large booking last year with a multi-year subscription contract. This year it is primarily small and mid-size bookings orders, and the growth there is very healthy. From subscription net sales, we continue to see very favorable development, 27% growth versus quarter to last year. That is a reflection of our growing annual recurring revenue. The annual recurring revenue bridge, if we compare year-to-date, it has grown 12%, and the growth comes primarily from expansions of our current base. These are customers that either expand with more licenses, or they might be upgrading also to a higher tier of subscription. But we also have new contracts that also drive growth. What we are very proud is that our non-renewal rate or churn rate is quite low for the industry. Gross retention rate is 98%, and the net retention rate is actually 107%, driven by the expansions of our customer base. When it comes to profitability, both gross profit and EBIT performed very strongly. In both metrics, the net sales have a high impact. Even in gross profit, we do have a portion of fixed costs for the teams that work with our supply chain and logistics, a strong sales quarter also supports a strong gross profit margin. The gross profit of 80% is within the guided range, on the higher end of the guided range. From an EBIT perspective, we see the impact, of course, of the cost savings program, and the net sales, the good quarter of net sales. We have reported SEK 79 million of EBIT and 14.4%. The cash flow for the quarter. Strong cash flow from operating activities before working capital changes, of course, driven by the high profitability. We had a negative development in working capital that was primarily driven by higher current receivables, again, driven by net sales, while the inventory actually continues to decrease and had a positive impact on the cash flow. The investing activities, SEK 19 million. The majority of that is related to capitalized development costs for our R&D activities. Financing activities is primarily lease obligations. A bit weaker cash flow for the period of SEK 29 million, primarily due to the change in working capital. But we remain with a very healthy and strong cash position of SEK 1.02 billion. With that, I'll give the word to Jerrod to summarize. We are driving towards the key areas that we've set out to do since we've communicated to the market earlier this year and also from the last investor day, really focusing on the strategic pillars, we call them. The first three of them are very much about product innovation and product execution. We continue to really focus on driving that really hard so that we deliver the next generation products that will help protect organization from the next generation threats. That's the way that we look at it. With that, we have the things we care about, which is the hardware. We care about the hardware. We care about the services that make organizations around adopt the hardware as quickly and effectively as possible. That's in the number two pillar and where we're going for the number three pillar, which is really focusing on not just that hardware, but focusing on the user using that hardware, which is really protecting the user using the hardware, so that if they need a recovery solution, if they need to, what we consider re-enroll because of new things and new threats, they can safely identify themselves to be able to reuse and get access to the systems they need to get to. Thinking about resilient organization. Those are the services that we want to bring to the table to help the organization be resilient as whatever new threats comes to the organization to protect the individual user, particularly, obviously, the digital user identities as they navigate the new digital world. The last two pillars are really about driving towards this should be consistent throughout the world, where we continue to expand both our sales operations, but also our fulfillment operations so that we can get to customers around the world. Finally, we must focus on making it easy to experience working with Yubico and experience using the technology, the way to simplify, to make sure that usability is top of mind, to make sure that we take care our customers in a very holistic way. Those are the key focus areas. We'll certainly dive into all the details when we get to our Capital Markets Day, so I look forward to seeing many of you there while we provide a very deep dive in all these five areas. With that, I think we're going to open it up for questions and answers. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Simon Granath from ABG. Please go ahead. Hi, Jerrod and Snejana, thank you for the presentation. Many of your peers have seen a significant share price surge in light of the MITRE moments, some talk about this giving them imminent sales tailwinds, while others anticipate the narrative to yield better effects midterm. How would you describe the impact on Yubico so far? Have you seen any changes in demand over the past few months that is trickling into orders, or is this so far only at awareness stage? That's my first question, then I have a follow-up. Thank you. In terms of the cyber landscape, we are part of the cyber landscape. We are part of how organizations use technology to both defend and increase productivity. In this particular case, with the MITRE scenario, which is about how do we equip defenders with the best technology to defend the organization. We're certainly part of that. Whether it translate into exactly how things are aligned with the other cyber companies. From our perspective, a lot of the cyber companies themselves use our technology, really is about broader adoption of the relevance of the product globally. Not just concentrated in one market. I would say that the way we look at that is There's two areas. The first area is we're part of cyber organizations or cybersecurity portfolio products, we continue to make sure that our technology can be available everywhere in the world, sometimes that poses some challenges, right? We have a physical product. We have to make sure that these physical products make it to the users in all locations around. Sometimes we see that there are logistical things that we got to solve. Part of the conversation was that why do we see a lot of smaller orders and what are the conversations with regards to the larger orders? Because of some of the geopolitics, we have a realization that large organizations, some of them do buy locally to move faster, right? That is part of some of the impact to the physicality of the product, but also because there are geopolitics and terrorists around the world, it changes the buying pattern. That's what we're trying to say. Demand continues to be strong, but how they actually get the technology can sometimes take certain detours. In terms of the second thing that I would say about the cybersecurity is that we also have to work towards activating beyond the Mythos conversation, which is what are the new threats in terms of the, what we call the cryptography, which is about the ways technology's built on top of the fundamental cryptography, and that is related to the quantum computing, right? We think about quantum computing as a next generation of technology that would further accelerate development of all new products around the world because quantum computer can do a lot more things than a, what we consider, classical computer can do. Because of that, this conversation we're having with our customers that are in the leading age, right? We see that they are concerned, the market's concerned, the governments are concerned. It will ultimately translate into customers wanting to get the latest generation of product. There's a lot more buildup that will happen as we continue to push on that new front as well. The long and short of it is we see demand, but we don't always control every single cycle that the organizations are adapting to the new world order of adopting technology. Thank you. That is helpful. On cost levels going forward, you have, of course, recently completed the cost savings program, but demand is now looking to improve with further tailwinds in H2, like the OpenAI mandate that you mentioned in the report. Does that improving backdrop mean that you'll start recruiting again, or do you see enough capacity in the current cost base to capture this growth without adding more headcount? I think we want to have disciplined growth. We don't want to have knee-jerk reactions to everything. What we've done internally is to really focused on where we need to invest. We have a disciplined approach now to think about investments and how we measure return on investments. Some of it will translate into headcounts for sure, but you will see Yubico focusing on areas where it may not always be headcount, right? We will invest. That's the story there, and some of those investments will translate into headcount. That's very clear. Thank you for having my questions. The next question comes from Predrag Savinovic from DNB Carnegie. Please go ahead. Hi, guys. Thank you for taking my questions. I want to dive a little bit deeper in the comment around the post-quantum key, which is quite interesting, and if you could elaborate a bit further. You say you engage with some key stakeholders around this long-term migration strategy and usage, and you say that this has increased as well. What does this mean in practice? Are they translating to any commitments? It sounds very significant to us, but is it significant? It is very significant from a technology evolution perspective for the entire world. We are part of standardizing a lot of the algorithms or implementation of the algorithms into different technology that we created. For example, FIDO. We want to make sure that the FIDO technology, some of you may know, the passkey technology is quantum ready. We are very much part of that. In terms of discussions, yeah, absolutely. We are working with, you can think about the hyperscalers that are certainly concerned with this risk. If you think about what it means, all infrastructure that is provided online in the digital world will be impacted, right? Any type of product services that is online, whether you do compute, whether you do storage, whether you do analysis, whether you do financial transactions, like every system that is digitally bound will be impacted by a quantum computer. The folks that are spending the most time on this area are the folks that have the most digital assets and the most digital presence, and most of them are infrastructure organizations, right? We work with them, and it's not like Yubico can solve everything. We are part of the bigger puzzle. By leading the way, we help bring together these ecosystems to discuss and collaborate at scale. Certainly when those, we consider them integrations happen, then we are at having the front seat to the adoption curve. Thank you. That sounds very interesting. Do you expect large orders to return, or do you expect the medium order trend is sustained and that even large customers become more distributed in their purchasing? Even one of your large tech companies, that they don't buy 200,000 keys, but they get 20, and then 20, and then 20 again, which seems to have been the trend recently. Yeah. The trend, I think it's a larger conversation, right? I would consider the larger conversation to be the state of the world. If you collectively look at the state of the world, then if you have protectionistic approaches, then you will see some of that happen. What you will also see is that attacks don't really stop. It just continues to expand. Sometimes there's an inefficiency to buy locally. I can provide a glimpse that different companies have different strategies when that happens. Some may say, "We'll still take the local approach, which is distributed," but some become like, "We can't really do that because of the way that we model risk." They would then anticipate, "I want a central buy." I do think that the macroeconomics actually affects the way that our customers buy. They are customers. At the end of the day, our focus is to grow our business and protect more users. I would say that there are signs that customers are deciding that sometimes distributed buys are not as effective or efficient. We will see that mix change over time, and I think it's really hard to predict really quarter by quarter. Over a long period of time, we will absolutely have large deals. This is just the reality of how, if you look at our way that the companies buy over the last four or five years, it's been like that. There are certain trends of how organizations think about risk, and then how do they make purchasing decisions. I don't want to say when, I don't want to say, because these are large organizations with a lot of risk implications to how they adopt technology, and we're not certainly the only company in this type of scenario. If you look at our trending overall, yeah, large deals are part of our strategy to grow. Okay. Brilliant. Finally, do you have confidence in that this recovery trajectory for the organic growth, as you saw now in the second quarter, can be sustained for the remainder of 2026? As long as we deliver on the products that we've committed to and add the value that we believe that we can achieve, the numbers would follow accordingly. I've said it in the past briefings as well, and presentations, watch for our product announcements because that's the indication of our growth, right? When we add new products that have new capabilities that solve customer problems, we have a very strong base. These customers would invest in Yubico. As long as we do that in a consistent way, in a scalable way, in a quality-driven way, we will absolutely grow. Very good. Thank you so much. The next question comes from Erik Lindholm-Röjestål from SEB. Please go ahead. Yes. Thank you, and good morning, Jerrod and Snejana. Thanks for taking my questions. You mentioned e-commerce as a driver to growth in the report. I mean, has there been any changes in activity from consumers after the announcement of the OpenAI partnership? How much activity do you see from that specific channel, in itself? I'll come back with another question. Thanks. Yeah. Mass market is definitely one of our bright spots as we grow the business for Yubico, and it does two major things. The first thing, it's a fantastic way for our customers to try the product without. It's both efficient because a lot of our customers buy it at the list price, right? It's very beneficial from our perspective. The more important thing about the mass market, it drives awareness because those are things that we can see immediate trends to how the growth are. I would consider mass market not just about the end users. There are a lot of even large enterprises that buy through these mass market channels. We've also launched a retail business, right, in U.S. We are launching it in Europe as well. We want to make the technology available to customers how they want to buy. Because when you get attacked, you really don't sometimes want the inefficiencies to go through a certain process to get a product. You need to get going right away, right, in certain scenarios, or you want to try it out in a certain way. We want to meet the customers where they are. The exciting thing about the mass market itself is it really generates the, I consider it the self-awareness within an industry, because people can talk about it in forums and it's available. What we want to continue to invest, particularly in the mass market, is to make more venues where users can buy easily, low friction, and then help them curate the stories, which means a lot more education and how to set it up and how to use it type of approach, which is self-service. When we get a self-service engine going, I consider it product-led growth here. Once we get into some of these product-led growth capabilities, we will really see that engine actually help significantly also in our enterprise business or our large deals. It's hand in hand. It's not a separate type of motion. We consider it the Yubico motion, in some ways the tip of the spear, our indication of the future of whether there's a market, there's a customer base, there's a certain trending. We get a lot of that feedback from the mass market numbers. That's very encouraging, for sure. Right. That's encouraging, as you say. You have spoken about post-quantum readiness at length in this call. I guess it's mainly an eventual feature of the YubiKey Authenticator 6 perhaps. What does the timeline look for an eventual release of the YubiKey Authenticator 6? Stay tuned at Capital Markets Day. All right. I'll be there. Exciting. I guess also on that topic, Anthropic stated that they have found some weaknesses in some of the proposed post-quantum cryptographic algorithms that they think HAWK was the one that they found some weakness in using Mythos. Does this imply any changes to your plans for post-quantum security? How do you think about achieving post-quantum security in a world with advanced AI models? Again, it's double-edged sword. We will use these models for creating better defenses. These models can also be used to also attack. It's always a double-edged sword for very powerful models. It doesn't change the fundamentals of Yubico being the need to deliver a YubiKey with post-quantum capabilities, right? We are committed to that. That's definitely a part of our, I guess I described our pillar one, which is our hardware root of trust. We must deliver that. In terms of what this particular thing means is that when we build products, we're considered crypto-agile. We must be able to implement new crypto standards as it evolves. Nobody can guarantee that any cryptography is safe forever, right? Particularly with these capable models that can break down the cryptography itself. Our goal is to make sure that we work with ecosystem, then if the ecosystem and the standards bodies agree, we are first to implement. That's our commitment. Just like before Mythos, right, we had weaknesses in the previous type of algorithms. The RSA algorithm had weaknesses. When computers become more powerful, they will break everything that was created in the past. This is not a new situation. The difference is that the speed of finding these things are much faster and much more efficient. Then we can also use the same powerful models to create better cryptographic modules as well. I think it works hand in hand. It doesn't change the way that Yubico looks at our future on delivering the most innovative hardware. It does require us to work more efficiently with both Yubico internally, also with our partners around the world. It's just a call to action to work more closely with all the other cyber companies around the world. Great. Just a final question, perhaps. Perpetual bookings looked strong in the quarter. Was most of this shipped already now in Q2, or are you entering the second half here with some order backlog? Thanks. No, not everything was shipped from Q2. We do have some backlog. The good debt sales were, of course, both supported by the good perpetual bookings. We also had backlog from before. We do have some backlog for the coming quarters, or from the coming quarter. Okay, great. Thank you. The next question comes from Thomas Nilsson from Nordea. Please go ahead. Thank you for taking my question. I'm wondering if you can comment on the size and quality of your enterprise sales pipeline today. Are you seeing larger deployments, shorter sales cycles, or higher win rates now as compared with a year ago? From a large opportunities perspective, we always continue to pursue that. I think that hasn't changed since I've been at Yubico. We've always been a focused, we're a passionate organization, very focused to ensure that we have the engagement with the largest companies in the world. That will always be part of it. In terms of your question, is it why now? Where it's going to happen more? As I've described before, buying large amount of technology has a certain cycle. If you look all the way back into 2023 or all the way back to the pandemic, when there's a lag and then there's changes, and then people buy in big amounts. We will continue to see the cycle, and we believe that sometimes the way that we've described it in the bookings doesn't really fully reflect what's happening behind the scenes. Our comment on this is that we haven't changed our go-to-market strategy, necessarily. We haven't changed the way that we approach these large organizations. What typically is happening is that there are different buying cycles that don't lend to how any company report the numbers. Large deals sometimes can happen really fast because of an incident or ecosystem problem, and people want to move very quickly. Sometimes they take a while because they just don't have the same type of urgency. The demand is always there. It's just the buying cycle changes depending on a number of factors here. Part of it is internal, part of it is macroeconomics, part of it is just headline news of attacks. It's a very complicated way that some of these customers buy or make. Complicated way that they make large purchasing decisions. Certainly, it's in our portfolio of companies that have bought, and we believe we'll continue to do this pattern, just not sometimes the time that we want them to buy. Okay. Thank you very much. A final question from me. With regards to the OpenAI collaboration, would you be prepared to state any tangible effects you're seeing on demand for YubiKeys from this? Are there any growth numbers you can share that relate to that OpenAI collaboration? No. We don't have any numbers just specifically with that. I'll give you a kind of insight with that. There is a specific package that we have offered with OpenAI, which is very geared towards individuals. Think of an individual that wants to protect their ChatGPT account, which is a little bit different than an enterprise, right? An enterprise has a different set of requirements that they want to protect their employees or maybe their supply chain. What we see is that there's a lot of spillover. What that means is that customers engage us because they want something else besides the default package that was provided, and they want some special thing that is very unique to their enterprise. What the real effect on for this partnership is really create the right focus on security of protecting an organization. Which is the awareness and the relevance and the endorsement. We see that translated into a lot more enterprise conversations about what it means to protect themselves. From an overall perspective, we also see sometimes people buy the products on our other e-commerce platform because the promotion is actually not global. One of the things that we are planning to do is make it more available to users around the world, which will help get it where it needs to go. We've only launched it in the U.S. and in parts of Europe. There's a lot of demand, for example, in Asia, and we actually don't have this type of promotion in those regions. We hope to continue to evolve where we can help customers get it. Again, the short story there is we want to invest in global coverage wherever the users are. Thank you very much. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. We have two written questions. The first one is, well done on the quarter. Please can you remind us of the revenue recognition policies for both subscription and perpetual revenue streams? Yes, of course. When we sell our perpetual, we recognize the revenue at shipment, at delivery. The revenue recognition depends very much on the shipment schedule and delivery schedule. Small orders, typically, we are able, and the customer is able to receive them very in a short time frame when they place the purchase order. When we have large enterprise perpetual order bookings, the shipment schedules might be over several months, depending on the deployment schedule of the customer. When it comes to subscription, the subscription is an obligation over the duration of the contract. When we negotiate a three-year or a five-year duration of a contract, we're reporting the order bookings, the total contract value over this period. When we recognize the revenue, we recognize it over these three or five years. The subscription order bookings and the subscription revenue is very different. We always need to think about that the order bookings is a total contract value, while the subscription net sales is the revenue recognized in the period. I always sort of tend to encourage analysts and investors and people that are interested to look also at our annual recurring revenue for subscription, because this is truly our 12-month forward-looking indicator of how the net sales in subscription is developing. I hope that was clear. There's more. We still keep the last year Investor Day presentation and the material there. There's been quite a comprehensive walkthrough in our revenue recognition policies. Very clear. The next question is, can you say anything about the reception so far of the new products, YubiKey 5.8, and the new FIPS key released in May? The reception is positive from the customers that care about these type of capabilities. The FIPS devices are very focused on our public sector customers or customers serving the public sector. Definitely there's been a lot of movement in terms of continued interest and adoption of the new products there. In terms of the YubiKey 5.8, it's really seeding the ecosystem for new use cases, which is very important for us. YubiKey 5.8 has some new capabilities that it enables developers to build new things. In our perspective, demand will continue to accelerate when the YubiKey works with more things, more use cases, more services. We consider the build phase of our portfolio. Sometimes the keys solve a specific market problem that is needed, but sometimes devices that we release are to seed new use cases, which is solving new problems for the ecosystem, which is what is going to build new pipeline. We always deliver on products that have these type of goals in mind, where one is seeding, one is execution, one is seeding, one is execution, right? It's a bit of that going on. What is very different is that for Yubico this year, it's been a huge velocity, which I've mentioned to a number of you already that that's my goal, to deliver on these products at a higher cadence with a high velocity, with high quality, which is what we're focused on. Because typically we release one YubiKey every two years. The scale of our operations and execution, I believe is moving in the right direction, and if we do that, will continue to translate into business growth. Thank you. There were no more written questions. Thank you everyone for joining us. We look forward to seeing all of you, or if not, most of you, at our Capital Markets Day or our next report. Thank you. Thank you.