Good morning, everyone, and thank you for joining us in the room today at CES and online. I just wanted to start off with a quick Safe Harbor Statement, and the clicker is not working. Okay, Safe Harbor Statement, sorry. Okay, if everyone wants to have a quick look at this, you've seen it before, it's going to be online. Just remember, these are forward-looking statements. Okay, so I will now pass it off to John Giamatteo, our CEO. Thanks. Thank Thank you, Martha. Well, good morning. Welcome, everybody, here to Vegas, here in the room. Thanks for taking some time out of your busy week to hear a little bit about our updated story on the company and the progress and the direction that we're going. And everybody online, thank you guys for all tuning in. It's a great way to kick off the year. I'm joined here by some of our leadership team on the QNX side of the business. You're going to hear from Grant Courville and Justin Moon, who's kind of the brain trust of the technology and where the direction of the company's going from a QNX perspective. And of course, our CFO, Tim Foote, is with us as well. So we'll go through a comprehensive update on the company and the progress that we're making along the way. Real quickly, I don't think I need to get into this too much, but an iconic Canadian company headquartered out of Waterloo, Canada. Our global footprint is over 20 countries around the world that we operate in, 1,700 employees. A lot of that is based in Canada and Waterloo, and Ottawa is probably two-thirds of our employees is based right there in our Canadian heritage. This year, we're on pace to exceed $530 million worth of revenue, really in a transitional year as we shifted from a cyber to a more secure comms-focused part of the business. We've been able to hold the top line and really generate some better leverage in the overall business model. The company today is really focused on three fundamental businesses: the QNX business, which is kind of our growth engine of the company. We're going to double-click on that in a lot more detail today about the market, our leadership, our competitive moat, where we think it's going, and how this is going to generate a tremendous amount of growth and excitement for the company. The secure comms business has gone through a major transformation as we pivoted from cyber to secure comms. This is a rock-solid business, stable business, generates predictable revenue, predictable profit, and predictable cash, which enables us to invest in the growth engine of the business from a QNX perspective. So we're really not going to touch too much on secure comms today, but just know that's a financial kind of engine that helps us feed the investment that's required to drive the QNX business forward, and finally, our licensing, long heritage, a lot of patents. We have a lot of different business models that we monetize, thousands and thousands of intellectual property that has generated over our long and strong 40-year history as a company. So those are the three divisions. That's kind of how we manage the business and really kind of position the company for growth in the future. One of the things we're super proud about, the progress that we've made over the past 18 months, is not only that we've stabilized revenue and actually now pivoting towards growth, is the overall underlying fundamentals of the company: seven consecutive quarters of improving our net income profitability, with the last three actually breaking into net income positive. That's a long journey with something that required a lot of heavy lifting and a lot of different things that went on with the company. But now we believe we're at a sustainable, profitable position for the company long-term as we invest for growth, particularly with QNX. From an operating cash perspective, the balance sheet is shored up. We went from a place where we were burning cash not too long ago to a place where we see we have sustainable cash generation quarter over quarter, maybe with the exception of one seasonal quarter based on just kind of the nature of the business. So overall, think about it: three businesses. We've stabilized it on the top line. We're pivoting for growth. We'll talk more about that in the future. But the overall fundamentals of the profitability of the company is something that we're excited about. We're going to talk a little bit more now about QNX in particular, the market that we see in front of us, the expanding market that we are going after. To kind of kick things off, I'd like to welcome to the stage Grant Courville from the QNX leadership team to take you through that. Grant. There you go. Let me get out of your way. Okay. Thanks very much. So before I dive into the presentation, I'm going to talk a bit about trends. I'm going to talk a bit about the opportunity, which is super exciting. But first, let me thank you for everybody who's here in person because navigating CES with over 100,000 people descending on Las Vegas all at the same time is no easy task. And thank you for everybody online as well for joining because we are super jazzed, very excited about what we're going to share with you today. And also, if you have time for the people that are here, what we're showing on the show floor. So a little bit of where I'm from. So I'm responsible for product strategy and strategic alliances at QNX. I have a long history with QNX. I joined the company, actually, when they were just getting out of the startup phase. So I've definitely been in the embedded world for a very long time. And just briefly, if you think about where QNX is focused, it's the embedded industry, but more importantly, critical devices. Devices where safety, security, reliability, performance, where things have to work all the time and in a predictable fashion, the most critical devices on the planet. And that spans markets such as automotive, industrial, medical, the emergence of robotics you're seeing now, and whatnot. So where that performance and reliability matters, that's where we add absolutely the most value. And quite frankly, we're the de facto choice for that class of devices for the markets that we target. And I think everybody would agree with that. We sometimes get asked, "Hey, what about the competition? What's our defensive moat?" Well, one of the things I should share that probably doesn't get a lot of airtime is really the culture that we have, the people that we have, the expertise that we have, the processes that we have, the ability to support our customers, not just in what they're building today, but what they're building in the future, and what they have to maintain and support, not just for a few years, but 10 years, 20 years. That's the world we live in. That's how we've wired our company. And we're proven and trusted to deliver that. So it's not just about the software. It's about everything else and how we built the organization and the trust in QNX and BlackBerry that we built over the years. From a performance perspective, 2024, here at CES, actually, we launched our QNX 8.0 product. You may hear QNX SDP 8.0. The big focus there and what we saw coming was this demand for performance at the edge and scale, so take the critical devices, and now they want to put more intelligence at the edge, make more use of the scale with the silicon that's coming out from the various silicon vendors, and so what we did is we had laser focus on QNX 8.0 for performance, scalability, and real-time without compromising safety, security, reliability, and that's exactly what QNX 8.0 is all about, so it was launched in 2024, been adopted by the silicon vendors. Our customers, you're going to start hearing a lot more about QNX 8.0, and the goal there is to future-proof what our customers are building today and what they're going to build in the future. There's no doubt in my mind that the devices, and we're seeing it again across the industries, where the devices are becoming more intelligent and the demand for performance and reliability is increasing. And we're super proud of what you see in the bottom here. The top 10 OEMs have selected QNX technology, 7 of the 7 top Tier 1 s, 24 or 25 EV manufacturers, and just recently announced there's 275 million vehicles on the road today running our technology. Super proud of that. And this is a testament to the trust and proof that our customers have seen from us over the years. And from a financial perspective, of course, we've seen solid double-digit growth over the last five years. And you're going to continue to see that going forward. So let's talk about our serviceable available market, the SAM. So think about our core products. As you can see, our addressable market is growing. We've got solid growth there from an addressable market and, as I shared earlier, solid growth from a revenue perspective. Justin Moon, who will follow me, is going to talk about some of the strategic investments, which, again, are really exciting and in the early stages and whatnot. You can see what happens. All of a sudden, the addressable market that we can target is now 3X. All of these strategic investments are building on our core components. Everything I talked about earlier from a company and organization perspective, technology perspective, we're building on top of that and solving some industry problems that need to be solved. Here, this is something you've probably seen, and I'm hoping you're very aware of, but it's the evolution of the vehicle. And most of the vehicles, and if you look at the chart on the right, most of the vehicles today still deploy a distributed architecture. So think of the 100 ECUs you've heard about or 150 systems in the car. You might not be aware a lot of those systems are little microcontrollers, things that don't even run an operating system. Think of a dome light and door locks and whatnot. But what you're starting to see is the adoption of more advanced compute. And you'll hear terms like zonal controller, central compute, high-performance compute. But even in advance of that, you're starting to see consolidation of systems in the car. Think of the digital cockpit. Today, you're consolidating an instrument cluster, an infotainment, where we're very complementary to Android, where our technology is underpinning all of that. Think of ADAS or consolidated safety systems in the car. That's more in its infancy, the consolidation. But guess what? We've got a number of design wins, and we're winning there as well: safety, security, reliability, and complexity that we know how to tame complexity and help our customers tame complexity. Cameras, smart sensors, same thing. Again, more compute at the edge, more performance at the edge, or in the smart sensor. Guess what? We're winning there as well. So super excited. And everything that we built up over the decades is leading us to this level of success. And as a real example of the SDV progression, and I think we'd all agree that the adoption of the true ultimate software-defined vehicles is maybe taking a little more time than we all thought. But if you think about the announcement that was made yesterday by BMW, which we're incredibly proud of, that's building on our long-term BMW relationship and something we announced in 2021. But what they announced is they've selected QNX for their new generation of vehicles called Neue Klasse, which is going to have four high-performance compute systems. They call them Super Brains. And those compute systems have 20 times the performance capability, the compute capability, than any of their vehicles on the road today. Think about that: 20 times. Incredible. And guess which software and which company that they're trusting to help them get there. It's QNX and BlackBerry. So we are so proud. And if you want to think about an innovative automaker, obviously, BMW, absolutely. And there's a real-world example of a software-defined vehicle. And they are absolutely abstracting the hardware in the vehicle from the software. And as this chart shows, the complexity. These systems are getting much more complex. And Justin will talk about that in a bit as well. They're getting much more complex. And again, they're trusting our technology. They're trusting our people. They're trusting our company to help them get there and tame that and be able to build out that software-defined vehicle. So thank you, BMW. We are absolutely thrilled and proud to be working with such an innovative automaker. Now, before I leave this slide, here's another very, very interesting thing. You see the number of vehicles that are going to be shipped over time. The interesting thing there is the number of systems in the car is going to grow by 3X in terms of the number of systems that we can run on. And that'll be everything from these domain controllers that I talked about to more of the high- performance where they're adding more compute at the edge, such as smart sensors, so as much as the number of vehicles is growing, you're going to see the growth within the vehicle and the number of systems that we can run on grow even more, and of course and you'll see this from Justin, the software content there as well is going to grow, so again, we're really excited, and you'll see when we talk to people on the show floor, like I said, it's super exciting to talk about this kind of stuff, so lastly for me, and then I'll hand over to Justin, who will talk about our strategic investments that we're making. And by the way, as I mentioned earlier, these strategic investments are building on our core technology, our core components. So as I mentioned earlier, we're pretty much the de facto choice for safe, secure, reliable, high-performance systems across markets, whether it's industrial or robotics or medical, aerospace and defense, where there's complexity, where there's a degree of criticality. That's where we provide a lot of value. And it's understood by the industry, by our partners, by our customers that we're the de facto choice there. And we're, again, something we worked hard to get to and earn that trust and prove to the industry and our customers that we're there for the long term. But that's where we are. And we continue to innovate. It's really important. From a high-performance perspective, I mentioned QNX 8. We can scale from single core to four core, eight core, 16, 32. You might go, "Oh my God, they're going to put 32-core, 64-core systems in embedded?" Yeah, that is happening. Again, it'll be a progression. But what we're doing there is we're future-proofing for our customers. In other words, we can show them we'll get one-to-one linear scalability of performance in QNX 8.0 as the number of cores increase. So more performance linearly will enable that performance linearly. Our previous generation operating system couldn't do that. And that was one of the big things we solved, again, without compromising real-time or safety or security. The other thing as well that we've done from a product strategy perspective, again, a number of years ago, is our software is common between safety and non-safety systems. So if you think about it, that means companies that are trying to adopt more of a platform strategy, in other words, "Hey, I want common platform. I want to reduce my number of vendors," they can use our tech, our technology, our products, our services in safety systems and non-safety systems. Same tools, same programming interfaces, same software. And I don't think I mentioned it, but we've never, ever failed a safety certification. And for anybody that's aware of what's involved there, it's not easy. But again, it's something we know what to do and our customers trust us to do. So again, from a value perspective, this is something we've been providing for decades. And again, we're innovating and building for the future. And I'm very excited to pass the talking stick, as I like to say, over to Justin Moon, who's going to tell you more about some of the innovation that we're building on, the strategic investments that we have that are building on our core technology. So Justin? Thanks, Grant. Hey, everybody. I'm Justin. I'm responsible for that world-class software engineering organization that builds all of those core products that Grant just talked about. I'm going to take you on a bit of a journey. We're going to talk about three kind of underlying subjects. Grant talked about things like trust. We're going to talk about growth. We want to talk about how are we accelerating, not necessarily just our journey, but how are we helping our customers accelerate their paths in terms of what does their next generation look like from a software perspective. We're going to talk a little bit about solution and product innovation. What does that mean to us? I'm going to dive a little bit into some of the investments and maybe not so investments. Maybe I have a couple of surprises for you on how we're going to be doing growth and expansion in some of the adjacent markets outside of automotive, and ultimately I also want to talk to you about how we are seeding the future, not next-generation future, but talking about how are we seeding the next decision-makers in the future? How are we helping people in academia? How are we helping the hobbyists? How are we helping the researchers really fundamentally understand the power of our technology? How are we reducing those barriers so that we are actually increasing the level of exposure for all of our technologies? Start with product innovation. Grant mentioned it a couple of times: complexity. Complexity management is one of the largest trends that are happening in automotive from a software perspective or any of those adjacent markets that Grant had mentioned: robotics, industrial control. As we increase the amount of software in a system, the software complexity is going to astronomically increase as well. Complexity is our friend. This is what we do. We absolutely look complexity in the face and say, "We can take this on. We can help you, Mr. or Mrs. Customer. We can get you to the end point from a complexity management perspective." We build those foundational components that allow them to truly focus on their value add. Gone are the days of having to look into the weeds of all of the base layer software and all of those types of things. Historically, we're an operating systems and virtualization company with all of the great things that Grant talked about with respect to SDP 8.0. But we're also expanding that portfolio to look at what does it mean to solve a little bit more for our customers. How can we do a little bit more? The interesting thing is it's not something that we're pushing into the market. It was a pull. We had customers coming to us and say, "QNX, can you do more?" So we answered the call. So I'm going to talk a little bit about what we're doing in that regard. The first was what we announced yesterday: Alloy Kore. Alloy Kore is a joint development effort between QNX and Vector Informatik. You couldn't find two more like-minded companies in the automotive industry, both solid software technology companies. The safety and security cultures matched to a T. It was almost kismet, if you will. It was like the two teams had always been working with each other. We got into the same room. We started whiteboarding. Within eight months, we had first prototypes. Within a year, we had an early access. We did the announcement from a naming perspective. Now we're looking at what does it mean? So what is Alloy Kore really? If you look at the slides today, the software landscape is pretty layered in automotive. You have an operating environment. Then there's going to be some middleware. You're going to have services on top of that. And people are actually building applications on top of those types of things. It's a lot of software layers. So if you think about it as a software developer, the more layers I have to go through to do something, obviously, to take more time. And where is the majority of the money spent when you start building these systems? It's hardware. So we have to make sure that we're giving solutions to our customers so that they can horizontally scale their investments from a hardware and software perspective and also give them the ability to use the hardware to their advantage as opposed to them having to glue a bunch of things together. Really, what this is, it's a reimagination of how you do technology integration. It's a reimagining of how you do safety and security integration. And it also solves some of those more softer side of things from a commercialization and legal perspective. Really, what this is, is a true focus on how we solve industry trends. But the really important thing is this is also how we drive the ASP up. We are delivering more software into the vehicle. We're not talking about adding additional layers here because that adds complexity. What we're saying is we're doing true integration with our partner so that things work in the most performant way: safe, secure, reliable. It's really about reimagining what the software stack looks like in a vehicle. And it's actually just as appropriate in any of the adjacent markets as well. I just have to take a moment and say thank you to our Vector team as well. I mean, I can't say how great it's been from a partnership perspective. Great company. So that was Alloy Kore. Now, you've heard General Embedded. And I know John has talked about GEM in the past. Really, what General Embedded is to us is not something new. We spent lots of time in the General Embedded markets. And you can see at the bottom of this, this is what we talk about when we talk about General Embedded from a QNX perspective. It's industrial control. It's robotics. It's medical. But what we're saying here is all of these complexity challenges that we've helped our customers solve, all of the trends that we've tried to hit with our customers in terms of our software solutions are absolutely the same in these adjacent markets. When you start tackling the next generation of human interactive robotics, the software stack looks very similar. Sensors are kind of the same. It's still a human interaction. After all, what is a very smart vehicle if not a robot that is actually interacting with a human today? So you can imagine all of the investment that we've done into the automotive industry. And you saw the numbers. Grant showed you the core business is growing. The things that we invested in previously, SDP 8.0, that business is growing. All of that investment that we've done, quote-unquote, "to drive some automotive growth," 100% is the same going into these markets. So we're not talking about having to build all new things to go after these adjacent markets. We've invested in the technology. Now it's about packaging. Now it's about appropriate go-to-market strategies to really go after some of the larger companies. Again, this is not something new. These are not new markets for us. These are adjacent markets for our products. There is some significant growth in a lot of the General Embedded markets that we have today. It's a really, really interesting growth strategy for us. I mean, there's some numbers at the bottom of the slide in terms of the potential addressable for just the industrial robotics industry. $2.7 billion. It's a pretty healthy business. We are looking at what does it mean to take advantage of some of that, right? And how does our technology fit? Lastly, I want to talk about how are we future-proofing, not just from a technology perspective, but how do we future-proof mindshare? We're working with all of the leading OEMs today. We work with a lot of the technology companies that exist from an automotive perspective, from a General Embedded perspective. But as we have the competitive moat and the defensive moat and all the things that we've been talking about in terms of how our technology is protecting our future or how it's driving our growth, we also have to make sure that those that may know nothing about QNX technology or they're still in school, we need to make sure that those next-generation decision-makers fully understand the value of the products that we provide. So if you think about it, this is what QNX Everywhere is. QNX Everywhere is the opportunity for us to completely abolish the barrier to entry to use our products. Our products can be leveraged in non-commercial ways for academia, for research groups within our customers. If you think about it from a proof-of-concept perspective, proof-of-concept teams generally don't have a huge budget. The production teams have all of the budget because that's where the money is made. So they would grab stuff off the shelf, and they would build their proof-of-concept, say, "Hey, yeah, this thing will work." And then they have to spend money and time to move to production. So you can think about the value, the value of being able to leverage production-grade software, even in a proof-of-concept perspective, barrier-free. It's very, very big for our customers. If you think about it from a university perspective, embedded software engineering in universities waned. The interest waned significantly over the last, I'm looking at Grant, probably 10 years. Everything moved to application development and higher-level software. We are driving a new wave of interest. You can think about it. Look at the universities that are up here. These are not small universities. These are very prestigious universities that very much have said, "We absolutely need to have QNX and embedded software as part of our curriculums moving forward." I mean, the numbers don't lie. Over 100 major universities. Look at, we have 5,000 registrants that are doing courses, online courses, the courses that we provide. 6,000 students have attended classes, workshops. Look at the end of the day, over 12,000 licenses are in use as part of this QNX Everywhere platform. Again, we're talking about growth. We're talking about trust here as well. These prestigious universities trust that we are giving them technology that's relevant for the future. And they see it. They're building curriculum around it. Growth, these are the next decision-makers. That is future growth. If we have mindshare today, we will have mindshare tomorrow. We take them on that journey. We support the universities. We make sure we build the labs with the universities so that they understand the true value of what does it mean to leverage QNX technology. With that, I'm going to pass it back to John. John is going to take us home and really, this is why invest in BlackBerry. Terrific. Thank you, guys. Thanks for that update on QNX. It's not often we get the opportunity to kind of take it down to another level with the investment community. So I hope you're getting some benefit out of it. To kind of just bring things together, I want to talk a little bit about why BlackBerry, why we think it's a tremendous opportunity right now to be investing in our great company. BlackBerry, I will tell you, has always been about security, trust, and innovation. Yep, sorry. I got to get into the screen. Sorry about that. Always been about security, trust, and innovation. And that really is a testament to our portfolio. And you heard a little bit about the QNX elements of the portfolio today, high-performance solutions that underpin safety-critical systems, whether they're autos or whether it's various segments of the GEM market. From a portfolio perspective on the secure comm side, mission-critical encryption technology that powers governments and large enterprises and critical infrastructure providers around the world. Strength of our portfolio is something we believe we have competitive differentiation around and sustainable opportunities for growth. From a robust growth profile, you could see we've got a good kind of backlog of revenue that's going to come through our P&L on the QNX side of the business as we sit at $865 million worth of backlog, up from $460 million back in Q4 2022, so a lot of runway to drive that growth, and that's before some of the dynamics that Justin talked about in terms of going up the stack with Alloy Kore, our partnership with Vector, and really having a broader kind of position in the actual marketplace, so also on the secure comm side, this is much more about QNX today, but on the secure comm side, you'll probably recall our ARR was in steep decline over the last couple of years. In the last 18 months, it's stabilized and even grown a little bit. So when you look at the underpinning financials and the ARR is a long-term indicator of where the revenue is going, $865 million of backlog in QNX, that's why we think we've got an opportunity to pivot for sustainable growth as we go into the next fiscal year. Our enhanced financial profile made a lot of hard work on getting that back to where we need it to be. We're profitable. We're sustainably profitable. We're sustainably generating cash. We are on a Rule of 40 path within the QNX business and probably a Rule of 40 plus, not too long from now, in terms of the momentum that we have going on in that part of the business. As I mentioned, on the secure comm side, rock-solid, stable profitability and cash that's going to continue to contribute to the company. Then finally, our capital allocation progress. I think we've been very, very pragmatic about that as we've kind of strengthened our balance sheet, as we've really positioned ourselves to invest in the future. To date, a lot of our investment has been in organic investments, things like Alloy Kore, things like QNX Everywhere. These are the components that we've been investing from an organic perspective. Now that we've got the wherewithal with a stronger balance sheet, we'll take a look at some other opportunities that might help us accelerate our growth even further. So portfolio, our growth profile, the direction that we're going from a financial perspective, and our overall capital position, we think positions us really well as a company and is a company that investors should be thinking about for long-term growth. We could talk a lot about it, but I've always been a believer that pictures and videos are sometimes better than a thousand words. Why don't I transition to a little video that just kind of brings a lot of what myself and Grant and Justin have been talking and how it brings it to life. QNX is a leader in advanced edge compute with a deep competitive moat built on decades of expertise. We are the trusted partner to the world's top automakers, Tier 1s, and silicon vendors, driving foundational software for high-performance applications. We are at the forefront of a massive secular tailwind, the shift to high-performance, safe, and secure software at the edge. QNX products are built for this transformation, meeting the increasing complexity of next-generation software-defined vehicles. Our growth strategy is twofold and enduring. First, solution diversification. We're moving beyond the RTOS with platform solutions like Alloy Kore and our General Embedded platform, increasing our dollar content per customer. Second, vertical expansion. We are leveraging our clear leadership in automotive to capture the same high-performance shift in medical, industrial, robotics, and more. Lastly, we're expanding the QNX ecosystem through our QNX Everywhere initiative, fostering growth and innovation for developers and businesses. The result is a strong financial profile. QNX is heading towards Rule of 40 status with double-digit top-line growth and significant operating leverage potential. 45 years of proven performance is shaping the future of advanced edge compute, and it starts with QNX. Terrific. Hope we enjoyed that. Brings out a little bit of color to what we're talking about in the future of this business. So with that, I think we're going to queue up here for some Q&A. Martha. We'll do some Q&A. We'll do some Q&A We'll do some Q&A from the room. And then also, if you're online and you want to submit a question through the portal, please go ahead and do so. So we have the presenters here, and we also have Tim Foote, the CFO, joining us for the Q&A. Okay. Anybody in the room have a question? All right. Hi, everyone. William Kerwin, Morningstar. Thank you for the presentation and the booth today. I wanted to ask about China and QNX and just get an update on what your penetration looks like in the Chinese market with those domestic OEMs versus the Western OEMs, and then also how you're kind of observing the dynamic of low-cost competition of those Chinese OEMs coming into Western markets and how that might be pressuring the development timelines for those Western OEMs? I can start and others can join in. If you think about the trends and the needs from an automotive, I'm assuming you're thinking mostly automotive. Yes. That'd be correct. Okay. From an automotive perspective, the needs that they have from a safety, security, reliability perspective remain the same, whether you're building a vehicle in China or you're building a vehicle outside of China. One of the interesting things that we, so where I said earlier we were dominant and winning in digital cockpits, that applies to China as well. Where I said we were winning in these new consolidated ADAS systems, we actually have wins in China for the consolidated ADAS systems and beyond China. The other dynamic that's occurring is where you see a lot of the Chinese OEMs that are looking to export globally. All of a sudden, everything that we do matters even more. So think about the ISO 26262 safety certification. We're certified at the highest level. That's an international standard, and that's pretty much required globally. Think of security standard. There's one called ISO 21434, which applies to 56 countries beyond China. All of a sudden, that applies. So if they want to export their vehicles and have their vehicles be accepted and see success beyond the borders, China, then all of a sudden, everything that we're doing serving the global OEMs 100% applies in China. So I don't know if Justin or. You also mentioned speed, the speed at which they're able to take it from beginning to full SOP. In certain markets, there is more of a proclivity to being okay with a software update to add a feature later because I know it's coming, right? So I don't believe that's necessarily a global mindset that I'm going to buy a car and I'll get features at some point. But I know that it is fairly well accepted in certain markets that that feature will come eventually. I just do a software update in my vehicle as a matter of course, just like me updating my phone. In certain markets, I'm updating my car. Speed, yes, absolutely. They're putting pressure on the global OEMs in terms of speed. But that also speaks to things like Alloy Kore. We want to make sure that we're driving focus. Gone are the days of one single company doing everything from beginning to end. We need to be able to say, "Base layer software, is that really differentiating, or is that something that is really true value to your end customer, whoever that end customer may be, be it a Tier 1, the end customer being the OEM, or an OEM being a vehicle occupant?" Because the OS and how we do diagnostics and all of those types of things, is that really differentiating to you? Should you be looking at that? From a speed and scale perspective, the one thing you can do is adopt a horizontally available platform like Alloy Kore and build and innovate on those focus areas. That actually will reduce that time to market as well. Just to add briefly to what Justin was mentioning, I was actually in China about a month ago. As we all know, China is all about speed. Go fast. If you think about what we're doing with Alloy Kore, we're taming the complexity. We're doing the pre-integration. Guess what? That's going to help and enable exactly what they're trying to do. Go fast. In fact, everybody's trying to accelerate. China is taking it to the next level, if you like, but things like Alloy Kore. So when I was talking to the Tier 1s and OEMs that I was meeting with there, they were incredibly excited about that because, again, that's a level of work that they have to do. And back to what I was saying earlier, safety-certified, security-certified, out of the box. So very, very interesting. And then also on the kind of the low-cost competition of these Chinese OEMs coming into Western markets, are you seeing that accelerate software development timelines for those Western OEMs? Is it pressuring those? What's that dynamic like? Yeah. I mean, the time to market and the whole notion of SDV and whatnot. I mean, yeah, there's pressure to move quicker. But again, the OEMs that we talked to, and I mentioned one of them earlier and the others, no one wants good enough safety. No one wants good enough security. They want trusted, proven, reliable software. Justin made the comparison of vehicle to robotics. Absolutely 100% applies. Two-ton robot that has to deal with an unpredictable environment around it. So again, that comes into play as well. So from a low-cost perspective, sometimes it's like, "Well, does that mean you're going to compromise on that?" No one wants to do that. No one wants to talk about that. And the OEMs and whatnot that we'll deal with definitely do not want to do that. And that's exactly how it should be. I think we could deliver that real quick. Just nobody wants to compromise, but at the same time, we can help them with the speed with things like Alloy Kore and doing more and bringing it together. So that's kind of like our answer to, "Let's be thoughtful. Let's do it the right way, but let's actually do it in a way where we can help them speed their time to market." Yep. Yep. All right. Thanks for that. Anybody else have a question here? Okay. I have a few online, so I'll start with that. Given QNX backlog has seen around 20% year-over-year growth, can we expect to grow even higher given the GEM market revenue is ramping up? That's a great question. Obviously, we're not going to give color on the metric. We're going to give that in a few weeks' time when we give our Q4 results. The really interesting thing about the GEM expansion is the level of traction that we've got this fiscal year. When we launched SDP 8.0, I think it's fair to say, guys, that we were expecting it to be largely an auto story at the beginning. But what surprised us is the pace of growth that's coming out of the general embedded markets. And when we look at SDP 8.0 right now, our pipeline is roughly 50/50, where right now our revenue is more 80/20 skew towards automotive. So the fact that GEM is growing so quickly, yeah, we do expect that to become a much bigger part of our backlog going forward. And that will help to accelerate the growth of the backlog. Yeah. Okay. Just a follow-up on that GEM question. Could you help us size the impact of the GEM expansion on overall revenue growth and revenue mix? What percentage of current revenue is attributed to GEM and end markets, and how has this been shifting in recent quarters? Another really good question. Yeah. So if you take a slice like Q4 or Q3 in isolation, roughly it's around about 80/20. Why is that? We've got a big backlog, and that provides a significant amount of the revenue that comes out every quarter. It's based on designs that we've won over previous years. So for that mix to shift for a particular quarter, it's going to take a little bit of time. We'll add new designs. We're adding GEM designs at a faster rate than we ever have in the past. But it's going to take a little bit of time for those to move into production. However, the growth in GEM, I mean, we heard the story from Grant earlier about a lot of runway we've got for growth in automotive. If we can add on top growth in GEM at the rate that we're starting to see now, that just only accelerates the rate of growth that we're going to see for QNX overall. Okay. Thanks. Anybody? Oh, here we go. Hi. It's Paul Treiber from RBC. Previously, you mentioned QNX growth would be driven by more sockets and more layers, and I guess Alloy Kore is an example of one, and then BMW is probably an example of another. Where do you see the most leverage off those? Specifically, Alloy Kore, what magnitude does it expand the TAM for QNX, and then of automotive, like the sockets, is BMW a good example of that, like 4X? Is that typical? Not typical in terms of the performance. Oh, you're talking about the number of high-performance compute systems? Yeah. Yeah. Install-based. Yeah. That's where the auto industry is going. I mean, BMW is arguably the most innovative, one of the most innovative OEMs on the planet. The 20X performance and the four Super Brains, they call them actually, in the car that they're doing is an example of where the industry is going. There's a lot of challenges around that. To your point, what I was trying to share earlier is that there'll be more systems in the car that we can run on that could run our operating system or safety-certified operating system or virtualization or hypervisor technology and whatnot. Justin, when Justin's talking about Alloy Kore, it actually builds on top of that. To your point, as these systems become more driven towards performance and intelligence and whatnot, that's an opportunity for, I'll say, our core products, our core component products, OS and hypervisor, where we're winning today and continue to win. I was mentioning earlier smart sensors and whatnot. And then once Alloy Kore is released, and that's towards the end of this year, then all of a sudden, that's now an opportunity because it's addressing the complexity challenges and the time-to-market challenges, as Justin was sharing earlier. Do you want to share any more on that? No. You're doing great. I think just I'll put it in my own words too. To me, it's like a one-two punch. SDP 8.0 supports the four Super Brains and the 20 times performance. That's all SDP 8.0 powered from an operating perspective. And then Alloy Kore is stitching it together from the kernel to the operating system to the middleware and delivering that in a much more comprehensive fashion. That's kind of on top of the SDP 8.0 opportunity. So we think there's both in there, Paul. I would just add that when we think about Alloy Kore, and I will caveat, we don't have any signed contracts yet because it's still early access. We're not talking like a 5%-10% uplift. We're talking several X uplifts per socket, if you like. So this could be really transformational for us from an ASP perspective. Obviously, we've got to get there. We've got to deliver it. We've got to get it signed and see these vehicles in production. We are talking a significant shift for ASP for QNX and whatnot. Yeah, and there was a press release actually yesterday as well from Mercedes-Benz who are endorsing Alloy Kore. So that's the first public one, and I think, as Justin mentioned, we're talking to many others. But Tim's point is very well taken. It's a multiplier on our revenue, for sure, and I like the one-two punch analogy. Yeah. Perfect. Okay. Thank you. I think we're out of time. So thank you for joining us online. Thank you for joining us in the room. Thanks. Well, thank you. Thank you. Thank you, everybody. Thank you.