The encryption business looks pretty sick to me. 2H21...

The encryption business looks pretty sick to me.

2H21 maintenance revenue (for the encryption business only) was just $3.9m, down 37% from 1H21 ($6.2m) and down 27% from 2H20 ($5.3m). This is supposed to be sticky, reliable, high-value revenue that underpins the core business, yet it seems there's a lot of customer churn. In each of the last 3 years, 2H maintenance revenue has been higher than 1H, so something has clearly changed.

The chip shortage also bit hard into 2H21 hardware sales. I suspect there's a degree of hope baked into the -10-15% guidance.