Hello, and thank you for joining today's call and for your patience. The Limelight Networks Q3 2021 Financial Results Conference Call is happening. My name is Victoria, and I'll be coordinating the call today. If you would like to ask a question during the presentation, you may do so by pressing star one on your telephone keypads. I'll now hand over to your host, Sameet Sinha from Limelight Networks to begin. Sameet, please go ahead. Thank you, operator. Good afternoon. Thank you for joining Limelight's Third Quarter Financial Results Conference Call. This call is being recorded today, November 4, 2021 and will be archived on our website for approximately 10 days. Let me start by quickly covering the safe harbor. We'd like to remind everyone that we will be making forward-looking statements on this call. Forward-looking statements are all statements that are not strictly statements of historical facts, such as our priorities, our expectations, our operational plans, business strategies, secular trends, product and feature functionalities, pro forma results, acquisition activities, and contributions from acquired businesses. Actual results could differ materially from those contemplated by our forward-looking statements, and reported results should not be considered as an indication of future performance. For more information, please refer to the risk factors discussed in our periodic filings, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements except as required by law. Joining me on the call today, Bob Lyons, our President and Chief Executive Officer, and Dan Boncel, our EVP and CFO. Bob will start today's call with a brief discussion of the results and an update on our Improve, Expand and Extend initiative. Dan will then review financial results and guidance. Following that, Bob will use the remainder of the call to discuss aspects of our strategy and corporate initiatives going forward. We will then open the call for Q&A. I will now turn the call over to Bob. Thank you, Sameet, and welcome everyone. As expected, the third quarter marked a reversal from the second quarter for us as we saw strong sequential growth and margin expansion. Revenue for the quarter came in at $55.2 million, up 14% quarter-over-quarter. Cash gross margin was 40%, up more than 7% quarter-over-quarter, and adjusted EBITDA margin was 11%, up from breakeven in the second quarter. Consistent with our previously outlined strategy to regain and grow our competitive position, we have taken meaningful steps to improve the performance and cost of our globally scaled network, expand our client relationships and extend our edge-enabled solutions. These efforts have allowed us to improve our revenue, gross margin, adjusted EBITDA, and free cash flow despite normalization of streaming patterns post-COVID. We remain confident in our ability to continue building on this progress going forward. At our strategy summit in August, we presented a vision for Limelight 2.0 and a plan to execute against it. We are on track to deliver on that plan and remain encouraged with our initial traction and momentum. As a quick reminder, our Improve program is focused on network performance and operating costs. Our Expand program is focused on revenue growth with existing and new clients. Our Extend program is focused on introducing new edge-enabled solutions that increase network utilization, growth, and gross margins. Let me highlight the progress we have made in the third quarter against our Improve, Expand and Extend framework. Under our Improve program, we have remediated the previously discussed network performance issues, and we continue to improve our cost model. Highlights include third-party load balancing and data analytics firm PerfOps has rated Limelight as demonstrating top-rated performance globally in North America, South America and Europe. This is a great achievement, especially when compared to January of this year when we were not listed in the top 20. This is an important proof point of the improvements we are making to our network. We have completed 90% of our $30 million in planned annualized cost savings. We have identified additional opportunities and will continue to pursue these to help fund our planned growth initiatives. In this last quarter, we improved our client sentiment scores by 13 points quarter-over-quarter across our global top 20. Fittingly, our expand program benefits from these operational and cost improvements by supporting the addition of new clients and expanding existing clients. Highlights this quarter include, in the third quarter, we closed two tier one wins. One, a win back of a large software client who left us a couple of years ago, and the second, a large gaming company. We now support the three largest gaming console companies. Both of these clients began to ramp in late third quarter, providing additional momentum into Q4. Previously, we had discussed that two of our top twenty clients had meaningfully reduced our traffic due to performance concerns. Both have begun to return traffic, albeit slower than we would have desired. You may recall that our largest client uses algorithms to allocate traffic based on performance and has been down year-over-year. We did not see the traffic rebound as rapidly as we hoped, but we do continue to see growth. We will continue to optimize our network performance to address their prioritized KPIs with the intent of gaining traffic share faster. With this client, we have signed two new contracts for additional live sport venues and remain an integral strategic partner to them with ongoing discussions on additional initiatives. For the second quarter in a row, 18 of our top 20 customers grew revenues by more than 20% year-over-year. We have closed more than 30 new opportunities in the third quarter, with 10 of those averaging more than $100,000 in annual contract value, and two customers with ACVs of more than $1 million. We are ahead of plan to expand our growth capacity and have grown our sales team by 25%, including a channel leader to help us create more leverage in our sales organization. We saw strong pipeline growth in the quarter and our focus on new logos is paying off with new logo bookings up more than 3x quarter-over-quarter. As highlighted during our strategy session, Edge Extend is a key initiative that helps us extend our network, edge platform, and solutions into a service provider's network and portfolio of offers. This key element of our strategy has outperformed our plans in this third quarter. Onto our Extend program, we are pleased to announce the closing of our acquisition of Layer0. This acquisition is critical to our evolution from a network company to a performance software technology company. Highlights of this acquisition include, we now have the world's first JavaScript configurable CDN that gives developers control over the edge from within their application. Layer0 utilizes server-side rendering, edge caching, and optimizations across the browser, edge, and serverless tiers to guarantee the best performance. All this with self-service provisioning and onboarding. This all supports our ability to deliver a best-in-class edge-enabled AppOps solution designed for the outcome buyer with integrated performance, productivity, and protection. Layer0 also brings us the highly talented applications and product development team who are excited to be building products on our global private edge platform. Ajay Kapur, Layer0's founder, has joined Limelight as Chief Technology Officer and taken technology, product, and operations in his charge. We will be announcing and launching new security and developer solutions in November and December. These solutions, enabled with our world-class edge network, position us to be a compelling competitor in the multi-billion dollar AppOps market. Stay tuned for more exciting news to come on this front. The combination of Limelight's global network and Layer0's edge and application assets have quickly demonstrated value. During the quarter, we had a new logo win with a large mattress retailer, a global travel industry leader tripled the number of sites with us. We renewed the business of a top-ranked U.S. bank and launched a site of a $6 billion retail giant. The pipeline is growing, and we are adding resources to accelerate this momentum. Overall, we are very happy with the progress the team has made in such a short time. That being said, much work remains to be done. We are steadfast in building on our recent progress and remain focused on the significant opportunity in front of us. We are committed to creating unmatched value for our clients, returning value to our shareholders, and building a company culture that inspires our employees. We thank our investors for the continued support and look forward to, together, building a company we can all be proud of. At this time, I will turn the call over to Dan to report third quarter financials. Dan? Thanks, Bob. Revenue for the third quarter was $55.2 million, a growth of 14% from the second quarter of 2021. Layer0 contributed less than $1 million based on the September close date. As Bob noted, we believe the operational improvements implemented over the last several months and the alignment of our client success team with the metrics that matter most to our clients position us well to participate in expanded market share and traffic gains as more and more new content is released. While we have temporary headwinds with a couple of our clients in how fast we ramp traffic back, we are confident the actions we are taking are increasing our ability to grow profitable revenue over the long term. Our top 20 clients accounted for approximately 77% of total third quarter revenue, compared to 79% last year. Cash gross margins expanded to 39.8% from 32.7% in the second quarter due to revenue growth and previously announced cost cuts. Total cash operating expenses were $15.6 million, a decrease of 27% or almost $6 million year-over-year. Restructuring and transition-related costs and acquisition and legal costs totaled $4 million in the third quarter. We have started to realize the savings anticipated from the actions taken in March of this year, as well as improved management of all operating costs. We expect restructuring and transition-related charges to be approximately $1 million for the fourth quarter as we continue to evaluate opportunities to further optimize our performance and cost structure. The aforementioned operational improvements resulted in a meaningful sequential increase in adjusted EBITDA to $6.1 million from slightly above break even in the second quarter. Cash and marketable securities total $75.6 million, a decrease of $44 million. We paid $31 million for the acquisition of Layer0 and $2.3 million for capital expenditures. The DSO at the end of the quarter was 77 days compared to 47 days at the end of June. The increase in accounts receivable is related to timing of payments received as well as adding Layer0 receivables to our consolidated accounts. We have already collected a significant portion of the receivable balance and anticipate DSO to normalize within our usual range of 50-60 days. On to guidance. Based on forecasts from our larger clients and their view of their content and post-COVID traffic patterns, we believe the range of $60 million-$65 million represents the most likely fourth quarter revenue for Limelight, and we feel it prudent to adjust our full year guidance accordingly. This represents a record revenue quarter for us with a return to organic year-over-year growth. With existing products seeing traction and new products to be launched over the next few months, we are also accelerating investments in rebuilding our sales team on a full year basis, and accordingly are adjusting our guidance as per the following. Revenue from $220 million-$230 million to $215 million-$220 million. Adjusted EBITDA from $20 million-$30 million to $12 million-$15 million. non-GAAP EPS loss range from $0.05-$0.15 to a loss range of $0.12-$0.17. This adjusted guidance aligns to consensus and falls within a range of what we view as highly likely expected outcomes. Our adjustment includes handicapping a few events for timing risks, a more conservative view of traffic ramps, and post-COVID fourth quarter seasonality traffic patterns. Fourth quarter is seasonally the strongest quarter of the year, and we believe this year will be no different. We wanted to be thoughtful in helping the investment community understand the dynamics of the business and capture the variances, especially as our revenue diversification efforts gain traction in the third quarter. On adjusted EBITDA guidance, we are adjusting to reflect our better-than-expected progress in expanding our sales team. Given our improved sales traction, as demonstrated with new logo bookings up 300% in the third quarter, our planned new product launches in November and December, and our success with Edge Extend, we feel it is in our shareholders' best interest to accelerate our growth expansion plans ahead of our offsetting cost-saving initiatives. All of this lays a solid foundation to build on in 2022. A couple of housekeeping items. There is $2.3 million of acquisition-related legal fees in G&A, which is non-recurring in nature and separate from the $1.8 million in restructuring and transition-related expenses. Second, we closed the acquisition of Layer0 in September, and part of their compensation was in stock. So for modeling purposes, you should end the year with 134 million shares outstanding. Based on current assumptions for Layer0's performance-based RSUs, we expect about 141 million shares outstanding at the end of 2022. We continue to expect Layer0 to contribute about $4 million-$5 million to our revenue for the year from its September close, and approximately $20 million in 2022. With that, I will turn the call back to Bob. Thanks, Dan. We are seeing secular growth in our content delivery business, and with Layer0, we are expanding into the application CDN market. With our existing and soon-to-be extended products that leverage the strengths of Limelight and Layer0, we will be a leading provider of edge-enabled SaaS solutions. This comprehensive set of tools for AppOps simplifies operations for the outcome buyers, offering unparalleled performance and integrated security, along with superior unit economics and margins. While we closed the acquisition of Layer0 just a few short weeks back, we are seeing material synergies across both companies. We continue to look for similar assets that make sense as a part of our portfolio and would benefit from our infrastructure. We have an underutilized network with significant capacity that we can put to work for our customers and our shareholders. We have a strong balance sheet and access to capital, and we'll continue to look for assets that will bolster our value proposition and platform. With that, Operator, please open the lines for the question and answer session. Thank you. We'll now move on to the Q&A session. If you'd like to ask a question, please press star followed by one on your telephone keypads now. If you do change your mind, please press star followed by two to withdraw your question. Please ensure that when preparing to ask your question, your telephone is unmuted locally. Our first question comes from Frank Louthan from Raymond James. Frank, please go ahead. Your line is open. Great. Thank you. Just a couple of quick questions. One, talk to us a bit about what you've been working on with the turnaround in the sales force, when you think you can start to see some of that traction? Similarly, when you think Layer0 begins to, you know, gets fully integrated and starts helping with, you know, selling the base business and, you know, driving new customer revenue? Thanks. Yeah. Thanks, Frank. I'll start with the latter, as far as integration. It really was a pretty seamless integration. We're almost fully integrated at this point. We, you know, before the deal, we spent a lot of time through the due diligence process, really thinking through that. Most of the acquisition revolves around the product and technology and the engineering side. That largely has been fully integrated. Ajay is, you know, our CTO now, and he's normalized that team and sorted everything out. You pretty much wouldn't even know the difference at this point, if you were here and in the office. As far as building out the sales team, you know, we talked about the fact that we paired sales back earlier in the year, given the lack of productivity and other challenges there. We really had to do two things. We had to one, get more products to sell that we thought would drive the performance, financial performance that we wanted. Then secondarily, we wanted to build that back with a little bit of a different profile than what we'd hired historically. With the augment of Layer0, as well as some of the other things like Edge Extend that we've launched, we have a really nice portfolio of things to sell, and we've been hiring accordingly. We've been averaging for over Q3 about a hire a week for quota-carrying sales reps. The goal is really we decided we were having so much good success with that that we would accelerate that a little bit in this quarter so that we can get the full year run rate of that capacity next year. We're having pretty good success there. All right. Great. Thank you very much. Thank you, Frank. Our next question comes from Jeff Van Rhee from Craig-Hallum. Please go ahead. Great. Thanks. Congrats on the quarter. A couple from you guys. See, just, while you're on Layer0, I mean, I'm interested in the anecdotes that you've seen in the field, heard in the field about your customers' reaction to the AppOps strategy. You know, just any anecdotes that are worth calling out at this point. Yeah. No. Hey, Jeff. How are you? Not a problem at all. We've got plenty of those. I'll give you one, the most recent one. We had a meeting on Monday with a top ten bank who is not a current customer, is a customer of one of our competitors, and was exploring you know, this whole AppOps category that we talked about. We spent a full day with them off-site. We had their CISO, their CTO, and their CIO, and we went through the full strategy. We talked about what they're doing. You know, at the end of the conversation, the feedback was, Wow, we really think this is cool. We can have immediate impact. You know, we went through and we measured their websites as an example, and we found that we can get them to be, you know, Google compliant with performance and speed within 30-60 days, which they weren't today. And secondarily to that. We can really help them with their digital transformation. You know, the outcome from the conversation was, well, we can do some things immediately and have an impact. Obviously over the next few years, as we really transform our digital footprint, we think that this approach that you guys are taking is absolutely the right approach for us. You know, we're obviously excited to continue those types of conversations. That's helpful. On the sales side, you know, it's such a quick pivot here to seeing progress out of the sales team. I mean, new additions and new customers were not common. The overall count was, you know, pretty steadily bleeding off. You know, is that- Yes. Just to be clear, that momentum is primarily at this point in the base business, not the acquired Layer0, or is it? Talk a bit more about just what's changed there, why the success so quickly in terms of new pipeline and new closures. Yeah. I think a couple things. I think one, Layer0 was actually growing pretty rapidly, although albeit small numbers and largely in the U.S. You know, essentially what we've been able to do is take their product, which was very hot and desirable and, you know, build more capacity around that. In some cases where we have like an Asia Pac, our sales team is doing a phenomenal job. Always has, by the way, that's one of the areas we didn't have to touch. They've taken this new product and run with it. In some of the other regions, we have to build out capacity. It's really the combination of in places where we've already had a pretty good process in place. You know, it's a really nice shot in the arm to have this kind of product. In the places where we have, you know, need for more capacity, we're building that and able to do that pretty quickly. It's a little bit of a momentum that they brought in with them, and then us expanding on that momentum going forward. Great. At the strategy day, you talked a lot about the outcome-based buyer, and you did a lot of homework to go find those people and describe who they were, what they were, and that the AppOps- Yeah. You know, sort of targeted offering would be perfect for those people. You know, you know, to what extent have you had the ability to pivot the sales efforts in the pipeline build at those customers? Any feedback on the year of progress there? Yeah. I think it's hard really at this stage to track progress other than really the way you do it is it's really how you build your pipeline. That's how you're gonna identify that. We've done a lot of work in understanding exactly how to you know target those customers and build the pipeline and you know create leads and demand gen. We're seeing that our pipeline is growing pretty rapidly. From the best we can tell it's growing at the rate we expect. It's gonna take a couple of quarters for us to see if that translates into higher close rates and you know more productivity from that. The other thing you'll start to see is us, you know, we're refreshing the brand, and you'll see a lot of things are starting probably as soon as next week, things that we'll do to refresh the brand that really kind of, you know, speaks to that kind of customer, you know, messaging, branding, and so forth. I'm pretty confident we're doing all the right things and we're getting the right traction. You know, it's, you know, let's see how the next few quarters pan out and, you know, to put some numbers behind that, but all the leading indicators that we see are supporting our thesis. Yep. One last maybe just a numbers question, Dan. In both Q4 and then out into 2022, the extent you're willing to share just Q4 and 2022, how do we think about gross margins? 2022, can you put any bounds around, you know, some initial thoughts on revenue? Yeah. We won't get into 2022 revenue just quite yet. We're still going through the budgeting process right now, and we'll have an update, you know, once we come out with Q4 numbers. As far as gross margins for Q4, we expect to see continued expansion in our margins sequentially from Q3. You know, we had a really good sequential expansion in margins from Q2 to Q3 of over 700 basis points. We expect at least another 200 basis points from Q3 to Q4. Okay, great. Thanks for the call. Appreciate it. Hey. Hey, Jeff, one more data point I'll give you on the last question in regards to the outcome buyer. Interestingly, we also saw a report come out from Gartner in the last month, and they basically did their own analysis and came to the same claim, which is that over half of the buyers in this market are looking for an outcome type solution. That was a great validation for strategy as well. Mm-hmm. Yeah. Appreciate it. Okay, perfect. Thank you, Jeff, for your question. We will now move on to Eric Martinuzzi from Lake Street. Eric, please go ahead. Yeah, I like the way you pronounce that. I had a question regarding you know just I guess the change in headcount here. If we go back to the March restructuring, we shed 96 employees, and then between the end of June and the end of September, we had 70 employees. Is the bulk of that out with the old sales reps, in with the new sales reps? I don't need to go down you know kind of department by department, but help me understand the 96 gone and the 70 new arrivals. Yeah. You know, the quarter-over-quarter expansion is with the Layer0 folks coming on board. You know, when we did the action in Q1, it was about 96 people that we let go. There was some continued attrition over the next quarter or so, as things kind of settled out. Now in Q3, we're again ramping that back up, not only with the addition of the Layer0 folks, but as well as increasing our sales force again as well. As Bob mentioned, you know, we're hiring at a pace of approximately one person per week over the last couple of months. We feel really good about where we're at with our performance on the CDN side of things, as well as, you know, the expected launch of Layer0 product over the next couple of weeks and where that's going. You know, the folks that are testing that out in beta right now seem very pleased. We're expecting a really good reaction to that once it gets released to the broader market. We're ramping up the sales folks in advance of that. Okay. Just on the guidance that you gave, if I look at that, the full year revision on the revenue side, the midpoint declines by about $7.5 million, and then on the adjusted EBITDA, it's down by about $11.5 million. The revenue, it sounds like, hey, the two large customers didn't come back with the same vigor that we had originally forecast. They are coming back, just not as quickly as we thought. Does that explain the bulk of the $7.5 million? I wanna follow up on the adjusted EBITDA. Yeah, you got that right. I think it, you know, those two customers that we've highlighted in the past, we continue to see a slower ramp than expected, but we're also very encouraged by, you know, 18 of the other top 20 that, you know, are expanding at a very quick rate and quicker than what we've experienced here historically. You know, on one hand, you know, we're going to, and we expect to be a continued strategic partner with those other two, but at the same point, you know, we're happy that we're able to not only diversify our product offering with Layer0 acquisition and some of the other things that we're doing with Edge Extend, but diversify into other customers as well, to decrease the concentration risk that we've had over the years. Yeah, I'll add to that, Eric. I've had a number of conversations with both of those clients and both very strong and bullish on us. But as you know, it goes faster than it comes back, so we just have to be patient there. That kind of speaks to what I said last quarter. You know, the biggest risk we have is timing, and I think this is a great example of that. It is definitely coming back. It's just not coming back as fast as we would like. On the adjusted EBITDA, obviously, we have the revenue impact, but we also have the headcount impact. Maybe, you know, a better way to ask my original headcount question was with the addition of the new employees. I wanna say Layer0 was around 40-45 employees. Is that to say that the delta would be sales adds? Yeah. It's a little bit higher than that. It's in the 50s. Yeah, but the difference is primarily in sales. You know, in Q3, we had roughly an 85% flow through of that incremental revenue from Q2 to Q3 flow through down to adjusted EBITDA. As we ramp up with the sales folks, you don't get that significant amount of, or percentage of flow through. You know, with our utilization being where it was in the first half of the year in the lower teens and now creeping up into the mid-teens, we still feel that we have an opportunity to increase that utilization, and that will have a significant flow through. Again, like we said, as we add that sales people, those sales folks and ramp that back up, it won't have that 85% flow through, but it will have a significant flow through. Got it. Thanks for taking my questions. Thank you. Thank you, Eric. Our next question comes from James Breen from William Blair. James, please go ahead. Your line is open. Thanks. Just another question sort of around the margins and the guidance, you know, the implied guidance for the full year on EBITDA, the implied number in the fourth quarter, somewhere in that $9 million-$11 million range. Yeah, that would be up another 400 basis points from the EBITDA margin perspective. You know, what gives you confidence in keeping sort of that cost ramp improving, leveraging the cost side improving? You know, as you get to sort of the mid-teens, you know, can you continue to go up from there over the next several quarters as the top line grows? Thanks. Yeah. Oh, go ahead, Bob. Yeah. Let me just frame up the cost savings, and I'll take it back to the conversation we had last quarter. You know, we identified three opportunities around cost savings in the company to run more productively. The first was more around operational, and that's largely the $30 million that we are capturing this year. We think the number actually is at much higher potential, related to how we can improve our architecture and improve the technology overall in our POPS and improve utilization. But that takes a little more time. You've got to make, you know, investments. You've got to put stuff in the field. That's how we get confident that we're gonna continue to see those savings as we go into next year for a number of quarters in the future. It's really identified things that, you know, we have projects focused on. They just take a little bit more time. We actually, in our plan, had initially a slower ramp of salespeople, and almost, you know, in line with those, ability to capture those savings, but we, you know, had the opportunity to get more quality salespeople. We thought that's a, you know, much better answer for next year. So we decided to take advantage of that. Yeah. Thanks for working in that point that, you know, gross margin expansion has continued to be 200 points, you know, quarter-over-quarter. That was gonna be my next point to you. Yeah. Sorry. The gross margin and adjusted EBITDA. Yeah. We do feel confident. Thanks. Yeah. I was gonna say, we do feel confident that the progress we made from last quarter to this quarter, you know, will continue in the next quarter for the same reasons. In fact, the other piece of your question, what gives us confidence in the continued growth, you know, the two Tier One wins that we had in Q3, which, were, you know, we only captured probably about a few weeks to a month of those. Then, of course, Layer0, we only captured about a month of that as well. All three of those things, which are all very material, we get the full benefit of in Q4. The three of those, you know, could range up to, you know, anywhere from $8 million-$10 million in Q4. If, you know, just the EBITDA margins go up, call it 400 basis points sequentially from the third quarter to fourth quarter, about half of that's coming from the gross margin line, and the other half is coming from leveraging G&A, sales and marketing and R&D? I think that's right. Great. Thank you. Thank you. Perfect. Thank you, James. We'll now move on to Colby Synesael from Cowen & Co. Colby, please go ahead. Great, thanks. I was wondering if you could just expand or remind us the potential M&A targets or types of targets to which you're looking. It sounds like you remain pretty active in looking to bolt more things on. Then secondly, as it relates to the new products that you're intending to launch in November and December, how quickly do you think that those could actually start to have an impact in terms of you know, revenue? Yeah. I'll take the first one first, M&A. You know, with a really tight strategy like we have now, we have a very you know clear sense of where we could accelerate that strategy. Essentially our thesis is that where we can take advantage of our network platform and our edge platform, improve our scale, which you know translates into more gross margin, more EBITDA, we're gonna focus on that. We're gonna particularly focus on probably three areas. The first is security. You know, I have not been shy about saying we need a much stronger security story, and so you'll see some organic things in the next month or two with releases there, but we also would be inquisitive in that area. Secondarily, we think there's a big opportunity in software-based networking, you know, point-to-point networking to take advantage of our latent capacity, so we're inquisitive there. Then third, anywhere we can really drive scale in our business and really take advantage of that scale given our size to have a cost advantage in the market. Those are the three areas we're focused on. As far as the ramps and the releases, the releases that you'll see in November and December, you know, are thematically very similar that. One of the releases, the first one in November, is really focused on. It's a product that's already in production today. It's the Layer0 product, and we have that working with our network, but this is the release that actually ties it together seamlessly, so it's all, you know, all part of the same package, if you will. That's not really anything huge and new. It's really just more of a better version of what we're already doing. Secondarily is some features around, you know, developer tools and some security stuff that we're doing as well, and that you-- we'll see in December and January. I think the ramp for those, yeah, we're already doing it, and that's, you know, that's why we're ramping the salespeople. We're seeing success already, as you saw from the new logo wins, which is, you know, much better than we've had in many quarters. We expect that only to get better as we go forward, given, you know, given the product suite that we have today. I guess to your point since, you know, the November Layer0 product on the Limelight network, the new features in December, since effectively these are, you know, products which you're already selling, your customers are already familiar with what you're doing with those, you're expecting the upsell, if you will, to be, you know, fairly quickly interpreted as a success? Yep. Yeah, exactly. Yeah. We're in the, you know, leading indicators that we're seeing with client conversations, pipeline growth, you know, it all supports that thesis. Okay. Thank you. Mm-hmm. Thank you, Colby. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypads. Our next question comes from Mike Latimore from Northland Capital. Please go ahead. Hi. This is Aditya on behalf of Mike Latimore. Could you tell me how much did your top five customers contribute as a percentage of overall revenue? Yeah. We don't break out the top five. As we mentioned, you know, our top 20 is roughly 77% versus 79% in the year ago quarter. And we do have a couple of customers that are over 10%, and those, as we're required to disclose in our SEC filings, have remained consistent year-over-year. All right. Regarding your 18 of your 20 customers that are growing at a 20% revenue, when do you expect the other two customers to catch up? On what timeframe would you expect the other two customers to grow at 20% revenue as well? Well, what I would say is they both have the potential to grow at that rate for sure. We're anxious to do that. I think in one case, it's largely gonna be contingent on, you know, enough content coming out. They rely heavily on new releases and, you know, there wasn't a lot of content created during the COVID season. That's gonna be a big factor there. They're trying to offset that with live events, but early stages with that. Then the second one is really just us earning their trust back. We're doing a good job doing that. You know, the conversation I had with them was, in fact, the word used was, It's kind of remarkable what you guys have done in six months. Keep up the good work, but, you know, just know that we're gonna be a little bit more patient, coming back with you than we were last time for obvious reasons. We're confident we're doing all the right things. It's just, you know, it's just a matter of building that trust back and continuing to grow. You know, it's hard to have a crystal ball on both of those cases. I'd love to say next year, but, you know, that would be kind of irresponsible to do so. But, you know, definitely, that's what we're shooting for. All right, fine. Thank you. Thank you, Mike. Another reminder, if you'd like to ask a question, please press star followed by one on your telephone keypads. We currently have no further questions. I will now pass over to Bob Lyons for final remarks. Okay. Thank you, Operator, and thank you everyone for joining us today. We look forward to communicating our progress and enhancing our communication with analysts and investors. We will be presenting at several investor conferences in the fourth quarter, and details can be found on the investor relations section of our website. Thank you for joining us today. Thank you, everybody. You may now disconnect your lines.