The Q3 results from the MOAR quarterly study of end user demand are in and the results show a continuation of strong demand for pro AV products and services across the 9 countries under study. The percentage of respondents planning capital improvements dipped slightly in Q3 from 84% to 80%, demonstrating a tendency to stick to plans. Similarly those saying their budgeted spending represents an increase from the same time last year dropped from 65% to 64%, within the margin of error. Last but not least, allocation to AV remained at a high 30%, reflecting a directional emphasis on technology within the reported budgets. As we continue moving through recovery we expect these results to moderate somewhat, particularly in terms of year-over-year comparisons. But for now, the continued growth remains consistent with our other indicator of industry performance, the pro AV business index. Will recessionary threats serve to mute growth going forward? Keep an eye out here on the Xchange as we report back on the latest results.