Taking a closer look at our quarterly demand study (MOAR), we are seeing a subtle trend emerging. Late last year, the results were indicating a higher percent of AV products being procured directly from manufacturers. The peak of this was in Q4 of 2021, when respondents indicated about 29% of purchases being made direct. This has tailed down to around 25% now. At the same time the percent coming from integrators has risen from 16% to almost 20%. Clearly this is a small move and can somewhat be accounted for by margin of error, but in a large market like pro AV this can equate to many billions in revenue across the globe. Some of this makes intuitive sense as well, given that supply chains were severely constrained early in the pandemic and companies felt a sense of urgency to adapt quickly, leading to perhaps greater tendency to buy direct. The types of products purchased may also have been less in need of integration support and so were conducive to direct purchase. At the same time, integrators had faced staffing cuts during the periods of low revenue and so were more limited in their ability to take on projects. This has shifted over the past year, helping bring revenues back to the integration community. Our AV Business index supports this theory as we continue to see strong indications of growth within the AV provider base. As noted in other posts, this demand is likely to carry the industry for a while and may help stave off some recession impacts early next year. Time will tell!