Month after month, we have continued to post about strong demand for AV products and services based on the results of our on-going research. In fact, demand has been so high this year relative to the available supply that a back-log has built up, which we theorize may end up being a buffer for the AV industry if a recession hits early next year. All in all, good news for the channel. But for all of that, another challenge exists for the integrator community in particular -- preserving margins in an environment with rising costs. To be sure, this isn't a new phenomenon as costs are always on the rise to put pressure on margins, particularly in a competitive landscape. The difference this time is the rate of it brought about by inflation in both wages and hardware. According to AVIXA's own channel employment report, U.S. incomes for AV professionals increased by 7% in 2021, with additional increases likely happening this year based on broader job market data. Channel surveys show AV prices rose by a similar amount from the end of the pandemic through March of this year. Though reports beyond that point are mixed, with some categories even seeing declines, overall inflation would suggest some amount of increase is likely to have occurred from March to now. Within this context, one might reasonably expect integrators to feel similar downward pressure, of around 7-8%, on their margins, depending on how much they are able to pass the rising costs through to their customer in the form of rate increases. AVIXA is currently in the process of researching these questions now and will report back soon, so stay tuned!