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Powering the Modern Connected World with Security Made for People

From our CEO

We have faced a particularly difficult second quarter, notably as Covid-19 continues to impact BtoB spending and much of our business is located in regions hit particularly hard by the pandemic. Despite tight controls on spending, the disappointing revenue slowdown impacted our profitability in the first half of 2021, when looking at profitabilty net of the positive NFC patent licensing program impact. The core value of our offerings remains intact, but the deeper impact of the pandemic has showed us we need to adapt faster. Recent customer trends and the behaviour pattern of our historical customer base continue to shift, with an accelerated swing towards mobile use, streaming media, OTT entertainment consumption and Cloud-based systems, in a context where our clients face more stringent controls on costs. Consequently, we need to respond more quickly to those changes and accelerate our own transformation into a provider of more flexible and recurring offerings that better serve the content protection needs of today. Our shift to a subscription-based business, including through SaaS offerings, needs to be more radical, even if this will affect short-term recognition of revenues. Stepping up this transformation towards a more recurring revenue model will also require a sharper commercial approach. I have asked Asaf Ashkenazi, in addition to his current responsibilities as chief operating officer, to redesign and lead the commercial organization to respond to this pressing need. We remain committed to providing shareholder value and we will do so thanks to our unique positioning. This ongoing shift to a recurring revenue model stands as an opportunity to significantly expand the combined use of our core technologies and subscription-based services that offer unmatched security, speed, scalability and efficiency. While this will impact the recognition of revenue for the rest of 2021 and in 2022, it puts us, in the mid-term, on the right path towards an improved ability to generate recurring revenues and sound profitability.

July 2021

Amedeo D'Angelo

Amedeo D'Angelo

Chairman and CEO

H1 2021 earnings

July 29, 2021 

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October 20, 2021

Q3 2021 revenue

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