Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Magnet Forensics 2022 Third Quarter Results Conference Call. At this time, all participants are in listen-only mode. Following the presentation, we'll conduct a question-and-answer session. Instructions will be provided for you at that time for questions. If anyone has difficulty hearing the conference, you may press star zero for operator assistance at any time. Listeners are reminded that portions of today's discussion contain forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology, such as plan, target, expect, estimate, forecast, strategy, intent, believe, or variations of such words or phrases. In addition, any statement that refers to expectation, intentions, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not a source of fact, but instead represent management's current expectations, estimates, and projections regarding future events or circumstances. Any such statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected in the forward-looking information. For more information on the company risks and uncertainties related to the forward-looking information, please refer to the factors described in the summary of factors affecting our performance section of the company's MD&A for the three months ending September 30, 2022, and in the risk factors section of the company's annual information form dated March 9, 2022, posted on SEDAR. Although the company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there remain other risk factors not presently known to the company or that the company presently believes are not material, but could also cause actual results or future events to differ materially from those expressed in such forward-looking information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date hereof. The forward-looking information referenced in today's discussion represents the company's expectations as of today's date and is subject to change without obligation to update any forward-looking information, except as required under applicable securities laws. The company reports its fiscal financial results under IFRS, and all values are U.S. dollars unless stated otherwise. This morning's call is being recorded on Wednesday, November 9th, 2022, at 8:00 A.M. Eastern Time. I would now like to turn the call over to Mr. Adam Belsher, Chief Executive Officer of Magnet Forensics. Please go ahead, sir. Good morning, and thank you for joining us today. This morning, we released our 2022 third quarter results, which you can find on our website at magnetforensics.com. It was a strong Q3. Revenue was up 41% to CAD 25 million compared to the same period last year. ARR was up 50% to CAD 80.9 million at the end of Q3 compared to the same point last year. ARR is an important metric that we monitor to assess how the company is performing. Adjusted EBITDA was CAD 5.9 million in Q3, up 25% from last year, representing margin of 23% in the quarter. With this morning's results, we are raising our revenue and adjusted EBITDA guidance for the remainder of the year to reflect the performance year-to-date and what we are seeing in our pipeline. Our confidence in our ability to continue to consistently grow across both our top and bottom line is supported by multiple tailwinds that are benefiting the cybersecurity sector today, coupled with our team's ability to execute on our strategy. Cybersecurity is taking on an increasing level of importance as cyberattacks increase in both frequency and sophistication. The war in the Ukraine and the situation in Taiwan are heightening the threat level. Experts believe Western economies are already facing a cyber war from multiple nation-state actors and criminal organizations. Adding to this threat level are an increased attack service from the hybrid work environment and work-from-anywhere approaches that have expanded widely through the pandemic. We are seeing increased regulation and new requirements for critical infrastructure and public companies to notify regulators of cyberattacks in the U.S., Europe, and parts of Asia like India and Australia. Cybersecurity and incident response are increasingly top of mind with executive teams and board members. With the frequency, variety, and impact of cyber threats today, 100% breach prevention isn't possible. Instead, organizations are focusing on cyber resiliency. As a result, security budgets are being prioritized as we enter a period of potential economic instability. Security budgets are growing as a percentage of the overall IT spend. The scarcity of talent means the public sector and private enterprise are searching for technology solutions that leverage existing resources through the use of automation, analytics, the cloud, and intuitive workflow solutions that enable non-technical personnel to contribute it in a risk-managed way. These tailwinds play to our strengths at Magnet Forensics. In the enterprise market, we are seeing broad-based adoption across multiple verticals beyond the highly regulated markets like financial services and utilities. In North America, new customer wins during the quarter included a major airline, a major chemicals company, an insurance company, an electric vehicle maker, as well as technology and data center companies. In Europe, new account wins include a multinational mining company, a national financial services institution, an international news organization, a leading medical device company, as well as technology companies focused on aerospace, telecommunications, and a manufacturer of semiconductors. In Asia, our new customers include a telecommunications company, a high-tech company, a national financial services institution, a university, as well as multiple cybersecurity providers. Demand within private enterprise is a result of an increase in cybercrimes, including malware and ransomware attacks, identity theft, phishing scams, insider threats, and other cybercrimes pushing corporations into a more defensive posture. We are seeing a trend across private enterprise to move beyond detection and prevention to include digital forensics, incident response, risk mitigation, and cyber resilience. Organizations are choosing to build out their internal investigative capabilities with our AXIOM Cyber offering. We've designed AXIOM Cyber to run in the cloud, which has empowered our customers to do global investigations from anywhere in the world, which is critical in the new work-from-anywhere environment. This enables timely investigations at a lower cost. We lead with AXIOM Cyber, but we are seeing more and more traction in the early days of the launch of AUTOMATE Enterprise solution as customers recognize the benefits of workflow automation to be more proactive with potential compromises and respond more quickly if there is a security incident. We are also seeing Magnet solutions getting greater integration into the broader security ecosystem. As examples, we have been asked to integrate Magnet AUTOMATE Enterprise into a customer's ServiceNow trouble ticketing system. We've also been asked to integrate into a customer's Palo Alto endpoint detection and response platform. In each instance, it's deepening our reach into their enterprise workflow. In addition to our success with corporates, cybersecurity service providers are a significant portion of our private enterprise customer base at approximately 45%. Our Magnet Digital Investigation Suite, or MDIS, offers them opportunities for cost efficiencies through Magnet AUTOMATE Enterprise and rapid incident response to triage endpoints with our Magnet IGNITE solution. We deliver solutions that can help get to the relevant evidence faster to solve the case, close threat vectors, get back online faster, and doing so in a manner that improves customer satisfaction as well as help improve their profit margins. There are two avenues to grow within private enterprise today, new logo wins and expanding our solutions within existing accounts. On the new account front, the focused go-to-market effort we implemented last year and the investments in both the platform and the sales and marketing team during the past two years are beginning to pay dividends. The pace of new account wins within private enterprise is accelerating in the second half of 2022 compared to where it stood at the end of last year. The new solutions we launched, like Magnet AUTOMATE Enterprise and Magnet IGNITE, expand our total addressable market within this category. A Magnet AXIOM Cyber account is worth more than 4x the value of our annual recurring revenue per account from 2021. With our automation and orchestration solutions, it totals more than 16x. We don't expect to deliver the entire product suite to every account, but you can see the impact the broader range of solutions can have as we increase our penetration rate within our existing base and pursue new accounts. It's still early days, but the new logo wins in the private sector are already starting with a higher base of recurring revenue than what we were generating two years ago or even last year. Our private enterprise vertical is growing through both new logo wins and expansion within our existing accounts. On a relative basis, it's growing faster than our public sector vertical, but it's off a smaller install base, so the absolute growth that is coming from the public sector is still larger. We expect continued growth across both segments and over time, our private sector business to represent closer to 50% of our revenue. In the public sector, our primary growth is expanding within our existing base of customers. We already have many of the relevant accounts represented by leading federal, state, and city police agencies around the globe. A key element of our expansion strategy within the public sector is our MDIS offering. Digital forensic specialists are critical to the investigation process today with the prevalence of cybercrime and the importance of digital evidence to investigators. These specialists use a toolkit approach. They might use two or more tools for extraction and another for analysis and reporting. We lead with our AXIOM platform as the consolidated platform where the unstructured data can come together. The data is structured, and analytics are used to understand the critical evidence and then assemble the report. We've designed AXIOM as the primary platform for the workflow of the digital forensic specialist. We're leaders in that category today. What's exciting in the public sector is the opportunity for our MDIS offering to own the workflow beyond the specialists from the investigators and other reviewers, like the prosecution and defense. These stakeholders are a much larger base who aren't specialists and who can benefit from an intuitive digital evidence platform that delivers workflow automation, case management, and digital evidence review. One investigator had a great phrase for it. He said, our platform is designed to unconfuse all the recovered digital evidence for the case officers who are great officers, but they're not digital forensic specialists. In short, it takes complicated, unstructured data and structures it in a way that a human can easily review it. Bringing digital forensic evidence to the investigator and other stakeholders beyond the forensic lab personnel is a greenfield opportunity. There's not a Gartner report for this market. Our Magnet REVIEW and our Magnet AUTOMATE platforms are leading the way in creating two new solution categories. We are seeing early traction with AUTOMATE, the combination of growing case backlogs, and the talent shortage create a situation where there aren't enough resources to keep up with the work, which ultimately puts the pursuit of justice at risk. Leveraging technology is a natural solution for law enforcement, but changing the way they work requires patience. Not every agency moves at the same pace. We heard a great anecdote from a major U.S. police force that adopted MDIS. Their initial deployment is with five nodes of our Magnet AUTOMATE platform. The technology has become so entrenched that they've given each processing node a human name. They see them as new team members that work 24/7, never call in sick, and generate consistent output. AUTOMATE enables an agency to work through the backlog of digital evidence to turn it over to the investigators for their review. A great example is our work with the Greater Manchester Police, who is the fourth largest police agency in the U.K. They have seen an incredible increase in the volume of digital evidence year-over-year for the past 10 years. They are rolling out Magnet AUTOMATE as an essential function of all their digital investigations. This decision was based on a one-year pilot program focused on child sexual exploitation cases, where our technology helped them complete cases nine and half hours faster on average. Magnet AUTOMATE enabled them to process digital evidence 55% faster. With that foundation, they are now rolling it out across all case types. Magnet AUTOMATE is addressing a real need of police agencies, and the market interest is strong. What we found through the early product launch is the implementation of AUTOMATE is also opening up opportunities for Magnet REVIEW. As the case backlog is processed more efficiently, the agencies start to appreciate the full benefits a Magnet REVIEW can bring to the investigators from all the new digital evidence that is available. We're at an exciting stage in the adoption cycle. It's still early, but we are seeing the impact MDIS can have for our public safety customers. The opportunity from an expanded user base and an enhanced offering is a tenfold increase to our existing ARR per account from last year. That's a significant increase to our existing total addressable market, and it's working. During the quarter, we grew ARR with the new MDIS offering or an expanded service offering at multiple existing public sector customers. In North America, we won new MDIS accounts, MDIS customers, and expanded ARR at federal and state agencies, including a CAD 580 increase with the Transportation Agency, a CAD 239 increase with the Federal Security Agency, a CAD 379 increase with the State Justice Agency, and a CAD 66 increase with another Federal Security Agency. In Europe, we expanded ARR with several organizations, including a CAD 228 increase with a National Police Agency, a CAD 210 increase with a second National Police Agency, a CAD 169 increase at a State Law Enforcement Agency, and a CAD 49 increase at a Federal Law Agency, to name just a few. In Asia Pacific, the ARR expansion successes included a CAD 700 increase at a National Defense Ministry, a CAD 313 increase at an International Law Enforcement Agency, a CAD 439 increase at a Regional Police Academy. These examples are not exhaustive, but they give you a sense of the breadth of our impact and the geographic reach. We have built a market-leading digital investigation platform. We invested 12 years at a significant level of proprietary knowledge, feedback from accounts, and trial and error. Our artifact library is one of the largest in the sector. It contains the current versions of the most frequently used applications that we all live and use every day, and we possess the library of all the prior versions of those applications. It's an incredibly powerful moat. Replicating that comprehensive coverage would be extremely challenging for anyone. It's that comprehensive coverage that enables our depth of collection across the broadest possible array of devices and data sources. That depth, breadth, and time are the advantages we bring to market as we continue to innovate and extend our lead within the digital investigations market. We believe there is a significant top-line growth ahead of us, which is why we continue to invest in the business in a disciplined manner while at the same time maintaining profitability by monitoring our unit economics and margin profile. Moving forward, we expect to continue to invest in line with our historical ranges, 35%-40% of revenue in sales and marketing and low 30% in R&D. Magnet AXIOM is well known in the market, but AXIOM Cyber, which we launched in Q1 of 2020, and our MDIS offering are still relatively new. Looking across our account base, we've penetrated less than 2% of it with our MDIS offering. That includes automation, case management, and evidence review solutions. We believe that represents a significant opportunity in addition to any new customer wins. During Q3, you can start to see the operating leverage that the business can generate with an adjusted EBITDA margin of 23%. We believe this is a level more in line to what we can deliver on a sustainable basis. To sum it up, we see continued top-line growth supported by strong macro tailwinds, growing momentum for our MDIS offering, which leads to a larger addressable market across both the public sector and private enterprise. We're delivering on that while maintaining and growing our profitability. Those are the ingredients for long-term success. With that, I'll turn it over to Peter to outline the financial impact that it's having on our business. Thank you, Adam, and good morning, everyone. Total revenue was CAD 25 million in Q3, an increase of CAD 7.2 million or 41% compared to the same period in 2021. Our continued strong performance was a result of our new customer acquisitions and our land and expand strategy, where we win new accounts and expand within our customer base. We delivered strong growth across all of our major revenue streams. Software license revenue was CAD 7.7 million, an increase of CAD 3 million or 63%. Software maintenance and support revenue was CAD 14.5 million, an increase of CAD 3.9 million or 36%. Professional services revenue was CAD 2.8 million, an increase of CAD 400,000 or 15%, each compared to the same period in 2021. Total recurring revenue was CAD 21.8 million in the quarter, representing 87% of total revenue. This is an increase from 82% in the same quarter in 2021. The growth in recurring revenue is in line with our expectations as we see more customers adopt term licenses of our products. Adjusted EBITDA was CAD 5.9 million in Q3, an increase of CAD 1.2 million compared to the same period in 2021. The improvement is primarily due to operating leverage being generated in the business where our investments made in our research and development and our sales and marketing teams over the last year have driven strong top-line revenue growth. Our adjusted EBITDA margin profile was 23% in Q3 compared to 26% in the same period in 2021. As Adam mentioned, the margin profile in Q3 is more reflective of what we believe the business can deliver compared to the first half of the year. The comparative 2021 margin, while higher, was bolstered by reduced expenses due to limited travel and marketing programs as a result of COVID-19 restrictions. We have demonstrated a track record of positive cash flows on an annual basis, which has been a key factor for our growth. For Q3, we reported cash provided by operating activities of CAD 7.2 million, compared to CAD 6.7 million in the same period in 2021, primarily driven by higher revenue and bookings, as well as timing of payments and receipt of cash. We expect to continue to generate positive cash flows from operations on an annual basis, and this demonstrates our ability to both invest ahead for future growth and still maintain meaningful profitability. As of September 30, 2022, cash and cash equivalents stood at CAD 122.3 million, compared to CAD 118.1 million at the end of fiscal 2021. We are closely monitoring the macroeconomic environment with rising interest rates and inflationary pressures. We are prioritizing our investments to ensure we deliver against our plan. Based on our performance in the year-to-date period and what we are seeing in the market today, we are updating our outlook for fiscal 2022 with this morning's announcements. We have increased our expected revenue for fiscal 2022 to a range of CAD 96 million-CAD 98 million, moving the range up CAD 3.5 million at the top and bottom end, which represents growth of approximately 37%-39% in fiscal 2022 compared to fiscal 2021. We have increased our expected adjusted EBITDA for the full year of 2022 to a range of CAD 16 million-CAD 19 million, which represents a margin of 17%-19% for the year. As Adam mentioned earlier, we believe we can continue to deliver top line growth and that capacity exists within the business to deliver improved EBITDA margin performance in 2023 and beyond, compared to fiscal 2022. In the current uncertain macroeconomic environment, we will continue to be disciplined, striking an appropriate balance between revenue growth and further investment in the business with a continued focus on unit economics to ensure we're growing in a sustainable fashion. Thank you again to everyone for participating in today's call. With that, I'll pass it back to Adam. Thanks, Peter. We are passionate about assisting public safety agencies in the pursuit of justice and the support of victims. Our work supporting private enterprises to safeguard their corporate assets and reduce organizational risk is equally important for us. Cybersecurity is an evolving and fast-growing market. It's becoming more important in the face of constantly evolving threat landscape. We are committed to continuing to scale our business so shareholders can benefit from the full potential of our innovative platform and market leading position. We appreciate the trust that you have shown in us, and I look forward to updating you further on our progress during our Q4 call in the new year. With that, I'll turn it back to the operator to open up the call for questions. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. If you'd like to withdraw your request, please press star followed by two. If you're using a speakerphone, please lift your handset before pressing any keys. Your first question comes from Doug Taylor from Canaccord Genuity. Your line is open. Yes, thank you. Good morning, and congratulations on another set of stellar results. You made the comment in your prepared remarks about building momentum into 2023, which I'll take as an invitation to speak about the model for next year. With 50% ARR growth heading into, you know, that year at this point and accelerating, you know, what should we think about? Is there anything preventing you from delivering another year of the kind of revenue growth that you've delivered so far here in 2022? Yeah. Thanks, Doug. I mean, hey, what we're seeing as I outlined in my prepared remarks is accelerating momentum in the business, right? Both on the private sector as we see with, you know, just the general threat landscape increasing, and more companies realizing that, you know, there's no such thing as preventing a breach 100% of the time. Digital forensics and incident response has become a really important part of their cybersecurity toolkit, if you will. That's. You know, we see that accelerating in our business, and certainly, the macro trends would support that. In the public sector, similar type of kind of momentum where these agencies are just dealing with such an overwhelming amount of data, with the backdrop of not enough people, the talent shortage. They're really looking for different ways of working and how do they leverage things like automation, and empowering more people within an agency to actually review that digital evidence. Those trends from our perspective, you know, are strong, and they're gonna continue to go into next year and beyond, frankly. I mean, if I could just, you know, maybe pin you to more of a quantitative answer. The market currently is looking for a little under 30% growth. You've got a higher proportion of your revenue coming from recurring revenue and a higher ARR growth at this point than you had last year. You know, why wouldn't that translate, or is there any reason why that wouldn't translate into a comparable top-line growth performance? Yeah. The numbers that we've consistently spoke about is like 30%+ on the revenue growth, and then that's something that we're comfortable with for next year. Then as we close out the year and then get into next year, you know, Q4 results, then we'll certainly provide some more color around range. For now, you know, we're happy with the 30%+ on the revenue growth. Okay. You speak about, you know, and we can see the benefits of these investments you made kinda earlier this year, driving the strong top-line metrics. How should we think about you measuring your pace of hiring and balancing, you know, ongoing top-line growth with, you know, demonstrating operating leverage as you move into 2023? I'm trying to balance the comments you made about Q3 being more representative of the margin profile you expect to produce with, you know, the spend on sales and marketing and R&D that you mentioned. Can you help me with that? Yeah. I mean, the last couple of years, you know, 2020 and 2021, there was a lot of investment, you know, across the company, both in R&D, sales, and marketing, you know, building out the teams to pursue the opportunity. You know, we're going through our planning right now for next year. Yeah, we're gonna be hiring certainly less people than we have in the last couple of years, but there's key parts in the business. You know, we are a growth company, so we gotta continue to invest in key areas around new product development or maturing our current products. You know, quite a bit of headcount they're gonna be adding in R&D just to support that. Generally we'll be at lower levels than we have in the past couple of years. On the adjusted EBITDA margin, yeah, we do believe that this quarter is more representative as a percentage, from a percentage perspective that will be for next year. Hopefully that gives you a bit of color. It does. I'll pass the line. Thank you. Your next question comes from the line of Thanos Moschopoulos from BMO Capital Markets. Your line is open. Hi, good morning. Adam, could you speak to the ramp of recent sales hires? I mean, you obviously did a lot of hiring over the last few months and so as we look at your stellar results, is it a function of the existing sales guys knocking it out of the park, or are you seeing maybe a quicker ramp than expected on some of the new hires? Yeah, I'd say it's a couple of things. I mean, we've got like the macro stuff is certainly working in our favor. Yeah, you know, we spent in 2020 and 2021, you know, we hired quite a few in sales and we also introduced an inside sales team, which have been really great at in terms of especially on new logo growth in getting that, you know, foot in the door with those new accounts. I would say, you know, it's really a combination of both. It's the hiring that we did in 2020, 2021, like the new folks are starting to deliver now, but the people that have been here, you know, longer are, you know, continuing to sell and selling MDIS and, you know, they have deeper relationships with their customers. You know, one of the other things, just being able to get out in front of customers. Obviously COVID, we couldn't do that. It was very limited. We're spending a lot more time in the field with our customers, which is important when you're selling a solution and trying to get them to think about a new way of working. That's been. You know, we do quite a few customer workshops and events and, you know, one-on-one calls with meetings with customers. That's really starting to pay off, is just that, you know, that touch with customers face-to-face. Great. As you look at the strength in private sector, I mean, I know that your existing private sector revenue is more weighted towards investigating employees rather than cyber. As you look at bookings, though, what's that relative weight? Is cyber now representing the majority of new private sector bookings, or is it a fast-growing component with employee investigations still being the lion's share of it? Yeah. I mean, I'd still say the, you know, the number one use case, just given our history is around what we call insider threats. Yeah, employee misconduct, if you will. Fraud, IP theft. That continues to be, you know, I'd say the number one use case. But a fast follow is the cyberattacks, right? Whether that's. You know, it's not as flashy from a media perspective, but there's something called business email compromise, and that's usually how most of these attacks happen. Through a phishing email, they compromise someone's account in a company, and then that's how they, you know, they move within the company and they find out, you know, where the key IP is, and then they encrypt it, and then, you know, they ask for ransom. That business email compromise seems to be a really growing use case for us that customers are, you know, adopting AXIOM Cyber to address, help them investigate that. Great. The last one for me is, as you're selling REVIEW, are those deals generally uncontested, or what are you seeing as far as competition? I mean, are the customers evaluating, you know, the option of bringing in a consulting firm to build something? Are you seeing any of your pure play competitors, or in most cases it's buy REVIEW versus, you know, status quo that they're evaluating? Yeah. I mean, what we see with REVIEW is it's really getting them to think differently about their workflow, right? It's not like we are typically going in and replacing some legacy or incumbent solution. It's really a different way of you know, today they share the digital evidence, you know, on a USB drive or on a DVD, which as you can imagine, passing that back and forth between a forensic specialist and an investigator is not ideal. It's very hard to collaborate and make comments and things like that. So that's how, you know, 99% of these agencies are working with digital evidence, which isn't efficient. It's, you know, there's a lot of risk when you're, you know, passing digital media back and forth and things like that. Really, you know, where we focus on is, hey, the customers that, you know, are ready to think a bit differently about how they share results and how they collaborate on digital evidence. You know, we're not coming up against, I would say, a lot of competition in that because it is a new area, new category that, you know, we're leading in. Great. Thanks, Adam. Congrats on the stellar results, and I'll pass the line. Thanks, Thanos. Your next question comes from John Shao from National Bank of Canada. Your line is open. Hey, thanks for taking my question, and congratulations on strong results. My first question is regarding your new customer wins, especially in the enterprise space. How much of the win has been driven by their switch from the legacy product to Magnet versus, you know, how much of the win was driven by, you know, new customers just establishing their digital forensics practice? Yeah, it's a good question. I don't have like the specific numbers in front of me. My guess is it's probably a good mix of both. You know, we do have customers that may have been using you know a legacy computer forensics tool that just hasn't kept up with the world we live in today. You know, mobile device data, app data, you know, internet-based communication. So there's definitely some of that. On the flip side is we're seeing more organizations that are realizing that, hey, we have to go beyond our endpoint security products and solutions, and how do we deal with some security incident, you know? Whether that's using a third party to help assist with that or it's, you know, building out those capabilities and people internally, it kind of depends on the company. We win in both situations 'cause as I mentioned in my prepared remarks, almost 50% of our private sector customers are service providers. You know, whether we sell to them or directly to the customer, you know, we win in both situations. We're seeing more and more, I would say, even if I compared to a couple of years ago, the majority would have been displacing, you know, incumbents, if you will, in terms of enterprise forensics. Today, that has definitely grown to new customers that are building out these capabilities that, you know, prior hadn't even thought about it just because of the threat landscape, and everything that's kind of happening around cybercrime. Okay, thanks. That's great color. I know it's a bit early here, but I'm just curious about your capital allocation strategy going into 2023. Are there still discussions on M&A front given the pullback in the technology valuation? Do you see any, like, new opportunities there or anything else? Yeah, I mean, we've been, you know, more active probably in the last six months than certainly prior to that. There is a lot of companies we're talking about, you know, talking to, I should say, in terms of potential targets. It does seem like valuations are coming down in the private market, which is always good. You know, it takes time to work through these deals. You know, we've had success with the ones we've done, especially the tuck-in acquisitions. They've been really successful. We're continuing to keep our eye out on other tuck-in type acquisitions that make sense, that strengthen our portfolio. Okay, sounds great. I'll pass the line. Thanks. Thanks, John. Your next question comes from Paul Treiber from RBC Capital Markets. Your line is open. Okay. Thanks very much, and good morning. Just wanted to hone in a bit on your comments on cyber and your value proposition there. You know, how important is your ability to provide forensics across, you know, multiple services, so, you know, smartphones and the cloud in addition to PCs? Yeah, it is. I mean, 'cause if you're an enterprise, you know, and you have employee data certainly on things like email, so on your computer, on your endpoint, but also depending on the company, they may have a bring your own device policy, and many companies will put some kind of, you know, mobile device management where they have at least access to the corporate data on a personal device. So mobile is important as well. But the cloud, right? What's, you know, a lot of the data, whether it's, you know, Office 365, SharePoint, et cetera, most of that data is stored in the cloud. So what we see from customers and hear from customers, that they actually wanna have that single pane of glass to look at everything. If they're investigating an employee, for example, they wanna see what data's in the cloud, what's on the, you know, local computer, if they have a mobile device that's connected to the corporate asset. Having that, you know, integrated view to do the investigation is really important. That leads into my next question. Just in terms of digital forensics on mobile devices, you know, the SEC in September fined multiple banks for failing to track electronic communications of their employees on mobile devices. Have you seen a pickup in inbound leads for digital forensics, you know, following that or related to that in any way? Yeah, I haven't seen anything, Paul, that like to specifically attribute it to that, at least in our results or from the sales team so far. Maybe at some point in the future. In terms of foreign exchange, can you call out the impact to Q3 revenue and EBITDA if there was anything material? Then if there's any change in guidance related to foreign exchange. Yeah. From an FX perspective, I mean, our approach from a billing model is that we bill most of our contracts in U.S. dollars. From a revenue perspective, there aren't very many that are underwritten in a currency other than U.S. dollars. We don't see any material impact currently for FX on our top line revenue. Leading into next year, I think we're watching closely what's happening in the foreign exchange markets 'cause obviously markets in Europe are like their purchasing power is reduced. We are looking at the potential for next year of that having a material impact. As of now, as we look at our pipelines and look at demand, currently not a material impact. Okay, thank you. I'll pass the line. Thanks, Paul. Your next question comes from the line of Suthan Sukumar from Stifel. Your line is open. Good morning, gents, and congrats on a strong quarter. My first question here, just wanted to touch on the MDIS suite. It sounds like interest level remains quite high here. Can you speak a little bit about how you're seeing, you know, how attach rates and adoption looks like today for new customers versus your existing base? How has that been evolving really over the past year when you look at both your public sector and the private sector customers? Yeah, sure. Yeah. From an MDIS perspective, which as you know, includes the case management, automation and evidence review, in the public sector, really the pattern that we see and, you know, we've seen it kind of over the last 11 years, is we have to get those accounts first on Magnet AXIOM, right? That's the flagship with the public sector. You know, most of our accounts, I would say almost all of them would have AXIOM in the public sector. That's the first condition. Then if that condition's met, we then will talk to that customer and understand what's more important to them, right? Some of them are really focused on how do they automate, you know, these repetitive processes in the lab. Like, how do they get through processing the devices faster and more efficiently? In that case, you know, a bunch of customers are ready for AUTOMATE. We have other customers that, you know, the priority for them is not necessarily processing the lab, but how do they share the workload, you know, beyond the forensic specialist? How do they get that digital evidence in a web-based format to their investigators, to the detectives, et cetera? I would say all of our MDIS in the public sector are with existing customers, right? They're customers that we built relationships and trust with that wanna do more with us. That's, you know, and that continues to build. The interesting thing is what we're seeing now with customers that adopt either REVIEW or AUTOMATE, but even more on the AUTOMATE side, is once they adopt AUTOMATE, now they have, n ow they get through all the devices faster and get through all the digital evidence, but they need an easier way to then share those results with the broader agency, you know, with the investigators and detectives. That's where Magnet REVIEW comes in. They're very complementary, and what we're seeing is if they adopt one, maybe again, that's the priority automation today, but actually that leads to then a discussion on Magnet REVIEW about how do you then take those results and share them and make them easy to collaborate from the broader agency. In the private sector, you know, AXIOM Cyber really, as we see it, that's the product that's helps us go at the new logos, right? It's the wedge product into these enterprise accounts. what we're seeing is similar kind of pattern where they'll adopt AXIOM Cyber, and then that often leads to a conversation around automation. It's like, okay, could you AUTOMATE your response if you have a security incident from your endpoint detection platform? Or can you integrate it in with ServiceNow, which is a popular trouble ticketing. What's been interesting is we're getting more embedded in that workflow, in that enterprise ecosystem, security ecosystem as we get closer with these customers. MDIS is certainly further along, I would say in the public sector. AUTOMATE Enterprise, you know, we just released earlier this year, but it's really resonating with customers in a world where they don't have enough people often to do the work, and they need to leverage technology to help fill some of those gaps. Seems to be working well. Great. Thank you. That's helpful. I wanna touch on the partner ecosystem next. Can you speak a little bit about, you know, what the contribution was from the channel this quarter, and what are some of your priorities for expanding your partner ecosystem going forward? I mean, you know, earlier you talked about some success with integrations within the enterprise. You know, how might that be influencing your strategy going ahead? Yeah. A lot of our partners around the globe, especially in EMEA and Asia, are more reseller partners, so they, you know, they would sell a suite of different cybersecurity or forensics products. You know, we will leverage them because they would have, like, local contracts or have people that would speak the local language where we don't, you know, physically have boots on the ground, if you will. We have a bunch of those reseller partners around the world. We have partners like NICE Public Safety, which are another software vendor in the public safety space that we partnered with. We have some others kind of in the hopper that we're working towards getting them on as partners. Even one of the things that we're working on right now is making sure that we have the APIs in, for example, our Magnet REVIEW product to ensure that we can connect and integrate more easily with some of these other public safety vendors. That's something that we're working on that we're gonna deliver in Q1, which will really put us in a great spot to accelerate some of these partnerships, 'cause the product integration is a big piece of that for customers, right? They want an integrated workflow. They want it streamlined. That'll really start opening up the potential for bringing on more partners. Okay. Great. Are you able to confirm what the contribution to revenue was this quarter from partners and how that might expand as you look ahead? We don't have that. We don't disclose. We don't call out the partnerships separately. Gotcha. Okay. Okay, great. Thanks for taking my questions. I'll pass the line. Thanks. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by one. Your next question comes from Christian Sgro from Eight Capital. Your line is open. Hi, guys. This is Kiran on for Christian. Congratulations on the strong start. Could you talk about changes to pricing models? Are you contemplating pricing in some areas and applicable to all the newer launch? Yeah. We have, you know, most of the licenses we sell now are term. Any new licenses are term, really almost across all our products, which has been, you know, a change over the last few years where, you know, if you rewind three to five years ago, most of the licenses we sold were perpetual, so most of them are now term. That's certainly been a change. You know, we do look at from a pricing perspective every year in terms of price increases, right? What makes sense. That's something that we do. From a consumption-based pricing model, the Magnet IGNITE product is. We charge in a different way. It's not a term license. It's charged per case, right? That's really more consumption-based. In terms of how we look at that, but the other products we have are term-based. This was a strong U.S. government quarter. Have you seen more of your existing from there, or would this trend be. Yeah. No, it's both, right? New customers are buying term, but we're seeing more and more of existing customers in our base move to term as well. It's both. Finally here, congratulations on the new Australian office. Can you talk about Magnet's market positioning there today and the penetration opportunities across both public and private? Would the new logos be more greenfield or displacement in [audio distortion]. Yeah, I mean, we've had customers in Australia for 10 years. We have partners there that service some of those customers. We've been in that market for quite a long time. We recently opened the office and are putting people in the market. I would say the Australian government is getting. They've recently had a pretty big breach with their major telco there. The Australian government is really putting in strong policy and regulation around reporting of cyber attacks and breaches and things like that. We believe that's gonna drive more demand, especially in the private sector, to make sure that they have the solutions to deal with that and report on it to the regulator. I think that's gonna increase over time. You. There are no further questions at this time. I turn the call back over to Mr. Belsher. Great. Thanks, everyone. Have a great day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you disconnect your lines.