Good afternoon, ladies and gentlemen, and welcome to the Boardwalktech Software Corporation second quarter 2024 earnings call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, November 29th, 2023. I would now like to turn the conference over to Graham Farrell. Please go ahead. Thank you, operator. Good afternoon, and welcome everyone to Boardwalktech's quarterly conference call. This call will cover Boardwalktech's financial and operating results for the second quarter of fiscal 2024, period ended September 30, 2023. Following our prepared remarks, we will open the conference call to a question-and-answer session. Our call today will be led by Boardwalktech's President and Chief Executive Officer, Andy Duncan, along with the company's Chief Financial Officer, Charlie Glavin. Before we begin with our formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ significantly from those projected or suggested in any forward-looking statements due to a variety of factors, which are discussed in detail in our regulatory filings. Today, we issued our second quarter fiscal 2024 financial results, a copy of which is available in the investor relations section on our website, www.boardwalktech.com, and posted on SEDAR. I'd like to remind everyone that today's call is being recorded on Wednesday, November 29, 2023. I will now turn the call over to President and Chief Executive Officer, Boardwalktech, Andy Duncan. Please go ahead, Andy. Thank you, Graham. I'd like to welcome everyone to Boardwalktech's quarterly earnings call to discuss the company's financial results for the second quarter of fiscal 2024, ended September 30, 2023. After experiencing a breakout year of growth in fiscal 2023, Boardwalktech continues to make progress to return to that level of growth as we enter into our next phase of expansion from both new product offerings and sales efforts. To date, fiscal 2024 has been driven by strategic teaming agreements and new product launches. Our recently announced teaming agreements with Hexaware and LTIMindtree have provided Boardwalktech with two large and highly specialized sales and professional services teams, with a focus on accelerating new business with our Velocity product within the banking and financial services sector. As for new products, we continue to roll out initial engagements for our new Unity Central offering to augment our existing industry-leading digital ledger platform, which together provide a holistic supply chain and information management solution for large enterprises. The company garnered a lot of attention with this product after we jointly presented its functionality in May with Meta at Gartner's Supply Chain Symposium. Our announcement on Monday of the expansion and full license with a Fortune 50 company will certainly help drive more interest for this product and solution. This deal may have taken longer to close than originally expected, but we believe the longer-term impact to growth and earnings have and will be worth the wait, not just for this one deal, but tangential ones as well. Our pipeline is already growing with regard to new potential opportunities for the Unity Central product, which also has increased interest in our Digital Ledger product, both in the enterprise supply chain space. The sales pipeline remains robust, and we have not lost any prospective customers once they get into the later stages. However, challenging market headwinds and internal customer issues, such as the year of efficiency efforts with large multinational organizations and financial institutions, have caused delays to take longer to close deals. We believe these factors and delays are not so much related to the sales cycle of a customer choosing our product per se, but more customer-centric delays, be it layoffs or bureaucracy. As CEO, it's very frustrating to have license agreements out for signature and be forced to wait on issues that are out of our control. However, the reason to be optimistic is that these delays are after customers have chosen us, and these data management challenges that are facing these customers and the industry are not going to exist for just one to two years, but are decades-long market opportunities that Boardwalktech solutions can enable customers to resolve. Our team has developed a strategic marketing plan that outlines and supports these three large, fertile, addressable markets and how Boardwalktech's approach and focus on these target markets can enable $50 million of potential revenue from each in five years, which we are glad to discuss in more detail. Two other important points to note. First, our land and expand strategy continues to roll out as existing commercial relationships are expanding.... The second is the company continues to make progress toward profitability as our Q2 numbers reflect, both in terms of a 47% improvement on adjusted EBITDA and positive cash inflows from operations for the third time in the last six quarters. I will now pass the call over to our CFO, Charlie Glavin, who will provide more details on this, and then we look forward to taking your questions after his prepared remarks. Charlie, please go ahead. Thanks, Andy. Before I begin, I want to take a moment to remind our listeners that all figures reported on today's call are in U.S. dollars, and that our fiscal year ends March 31, with reported figures based on IFRS standards unless otherwise specified. Additional details can be found in our financial statements and MD&A, as filed on SEDAR. The total revenue as we reported for the second quarter of fiscal 2024 was $1.53 million, versus the $1.48 million revenue we reported last year, and this despite a 21% decline in professional services revenue. More importantly, revenue from new and recurring SaaS licenses grew 10% year-over-year, and for the first six months of the year, that SaaS revenue grew 16% year-over-year. Recurring revenue from SaaS licenses has grown at a 49% CAGR over the last three years, and based on recent customer engagements and announcements, that is a growth rate that we expect to return to once the current headwinds, that Andy alluded to, ease. As much as investors and the company are looking at when we sign our next banking deal, it is important to step back and not overlook the growth from our core land and expand strategy. If you remove our Velocity banking customers, our digital ledger business grew 22% year-over-year on a trailing 12-month basis. But due to slower closing of new deals that Andy alluded to, professional services levels continue to be lower than originally forecasted and expected to continue to fluctuate on a quarter-to-quarter basis. Last quarter, professional services accounted for just 14% of total revenue, as expected to stay around this contribution level going forward. The company defines annualized recurring revenue or ARR, which is a non-IFRS metric, as the annual recurring revenue expected based on license subscriptions and recurring revenue recognized in the recent quarter. ARR at the end of September was $5.7 million, but this does not include any impact from the new license revenue we just announced on Monday or other recently invoiced deals. Gross margin for the second quarter of 2024 was 90.1%, which is comparable to the 90% levels that we reported in both the first quarter of this year and the second quarter of last year. Consistent with our prior guidance, the investors should continue to expect comparable margins to the 90% level we reported going forward. Net loss for the second quarter of fiscal 2024 was $730,000, or a loss of $0.02 per basic and diluted share, which is a 40% improvement versus the $1.2 million loss last year and the $930,000 loss last quarter. Adjusted operating expenses were down $200,000 sequentially and down $300,000 year-over-year as we continued prudent expense management given the limited resources. The point being that we continue to be diligent in our spending, but are not cutting our way to profitability, but growing our way to success. Non-IFRS net loss is defined in our filed MD&A. For the second quarter of fiscal 2024 totaled a loss of $377,000 or $0.01 per basic diluted share, and this is a 46% improvement to the $695,000 non-IFRS loss last year and a 27% sequential improvement versus last quarter. In regard to our comments about improvements towards cash sustainability, our adjusted EBITDA for this quarter was a loss of $359,000, which is a 47% year-over-year improvement from the $683,000 loss in the second quarter of fiscal 2023, and a 30% sequential improvement from the loss of $511,000 last quarter. Longer term, we're relying on growth on recurring license, not professional services, to achieve and sustain the profitability. Also of note, as Andy alluded to, the company finished this second quarter fiscal 2024 with positive cash inflows from operating activities of $175,000. This marks the third quarter of positive cash from operating activities in the last six quarters that we've reported. And while we are not self-sustainable at cash levels yet, we are continuing to make progress and expect to achieve that goal in the forthcoming year. With that said, we do acknowledge that additional resources in sales and marketing would lay the foundation for the upside growth, which Andy alluded to. And with that, I'll turn the call back over to Andy. Thank you, Charlie. We have told our investors that every day our team wakes up looking to increase our ARR by providing new and existing customers with a high ROI solution to address their issues, especially in the supply chain. We have several deals in process of closing, so we look forward to several announcements in the weeks and months to come. As we close those deals, in turn, this will continue to let our numbers do the talking while providing exceptional value to our customers and our investors. Operator, we are now ready to take questions. Thank you. Ladies and gentlemen, we will now conduct a question-and-answer session. If you have a question, please press star on your touchtone phone. If you wish to cancel your request, please press star two. Please ensure to lift the handset if you are using a speakerphone before pressing any keys. One moment for your first question. Your first question comes from Mike Stevens from Echelon Wealth Partners. Your line is now open. Hi, good afternoon, and thanks for taking the time to answer a few questions here. My first question, with regards to your teaming agreements announced recently, just trying to better understand. I know, Andy, you've mentioned in the past how these could be, you know, leading indicators or the timing of which could kind of indicate that deals are closer than or somewhat near term. So, do these teaming partners engage or try to push your product at all before these announcements are made, or does it kind of start, you know, once these announcements are made? Or just any color on kind of how the process of those sales cycles went when you've made an announcement like this. Yeah, sure. Mike, thanks, thanks for the question. Most of the time, these teaming agreements are not signed unless there is activity from a bank or financial institution that the teaming partner is interested in working with us on. So are they leading indicators? Yes. We've been frustrated with the length of time that it's taken us to get to kind of the next bank or two, and we think that these additional teaming agreements will certainly help. And there are other teaming agreements that we're in discussions with, or other companies with regard to teaming agreements that we're also in discussion with now. Hey, Mike, I, I've got to chime in something that Andy normally mentions, but I'm not sure if we've discussed with you. Another indication of a leading indicator here and where we could use more resources in training of IT providers. We've uncovered some advertisements for people, IT companies who are trying to advertise, looking for people with Velocity training. We've even encountered a potential teaming partner, who we haven't signed yet, who's already gone out with a video to banks, advertising that they have capabilities in our Velocity product. So, mind you, we're, we're trying to augment our training and make sure that there is true competency-based training. So anybody who claims that they've got Velocity training is, in fact, doing that. So it's another indication that these people are going out, these IT companies are going out and advertising our Velocity product to banks, and that they can be a partner to bring Velocity to those companies. So it's another leading indicator, overall. Now, mind you, you know, once we close the deals with the bank, that's the important thing. But these are other indications where literally there is more demand out there, even ahead, ahead of us, and I would call that a leading indicator as well. Okay. No, that's great. Thanks for that. And moving to your Radiance Control Tower, obviously a kind of long overdue but exciting announcement this week. Any color on... You guys have talked about that sort of return on investment process and report that was being done by this Fortune 50 company. Yeah, so is that something that you can kind of go out with? Does that help the sales pitch to other pipeline candidates? Or maybe any color into that report or process that you've gleaned that you can kind of use- Yeah. - and leverage? Yeah. Absolutely. So, color around this is that the deal took -- everyone knows that we've been talking about this deal for a while. This is a cornerstone deal for us to be able to prove out the ROI and the technology with regard to Unity Central, which we're very bullish about. This particular company that we were working with went through two rounds of layoffs in their effort to, you know, become more efficient. And some of the people that were actually working on validating this and within their internal organization, were part of those layoffs. So we had a lot of kind of start-stops, which was completely out of our control. Now that we've made the official announcement that they've signed the agreement moving forward, several things to note. One is that they were not going to sign the agreement until they had clear ROI, that they could go upstairs and get confirmation or show confirmation to get the contract signed. That has now been completed, and the ROI that we've been able to deliver is measurable and significant. The second thing that I think is important about this deal that cannot be overlooked is that they now have engaged with us in two additional areas within their supply chain.... one on returns management and one on their managing their contract manufacturers. Contract manufacturers is basically on the other side of the supply chain, as opposed to on the demand side. It's on the supply side, and the demand side is where we were working first. Quite exciting to be able to engage with this company on these next two areas, and we certainly have- and they would not have done that unless we were able to prove ROI and also be able to forecast an outstanding ROI on these two new areas that we're gonna go focus on. Now, keep in mind, is that when we talk about areas within a particular large company's supply chain, you know, there's 20 or 30 places where we could go to work on. So this is exciting to see them take the next step on these next two. And yes, we have had a number of companies that have been kind of waiting to not only see the ROI results from this, but also to see the announcement that we made on Monday, confirming this Fortune 50 company moving forward. You know, again, significant that Boardwalk has been able to land a Fortune 50 company that is going to be focusing a lot of good results on their supply chain on our technology. It doesn't happen very often. Takes a while. So we're very enthusiastic about this, Mike. Okay, great. Now, that sounds very promising, obviously, and it's nice to see that come out earlier in the week. A couple of the questions quickly. You know, on the macro challenges front, like, obviously, you know, you've said, you've highlighted, we know that deals are out for execution or signing, and they haven't really materialized. But you've also said in the MD&A today, that since the last earnings report, you've seen a pickup of license agreements in the process of execution. So what are you seeing with that environment? Do you think there's any easing going on, or do you think it's just, you know, pretty stagnant at this point? And kind of any... I know it sounds like it's internal issues going on at these companies. Is this like a budget, like a moving target on budgeting? Are they trying to haggle on pricing or any other kind of color on why these deals aren't getting executed, I guess? Yeah. Again, look, I don't wanna make any excuses, you know, Mike, about this. There's multiple factors that are in play here as to why these things have taken time. The biggest factor is that look at how many companies that we're dealing with, where we're dealing with large enterprises. Like, we're not dealing with a, you know, $100 million revenue company in the Midwest someplace. We're dealing with big enterprises, and many of them have been going through layoffs over the past year, again, in a focus of efficiency. Look at even just Citibank has announced, again, more layoffs. And so a lot of these companies are really reeling, and whenever they, whenever they go through these reorganizations and layoffs, they effectively put any new technology on hold until they figure out who's on first and who's gonna manage it, no matter how big the ROI is. So it's been quite frustrating for us as we've been kind of coming through this process of having contracts out, having proven ROI, having a terrific solution that really can help the enterprise, and having it, you know, be put on hold because they've got, you know, ancillary things that are happening within their organization that that cause the the contractors to you know be delayed. We haven't lost any contracts when we get to this later stage. It's just, "Oh, Andy, you gotta wait until our layoffs are completed, and we figure out who's gonna take responsibility for this," and we get that quite a bit. Is that easy? I think it is. You know, I think they, you know, again, there are a lot of macro issues around, you know, companies being very concerned about, you know, interest rates and many other things in the macroeconomic world. So we, you know, we have to continue to just push hard and drive, trying to get some of these deals closed. And that's, that's what's happening. Is it, is it easing up? I think some of the deals that we're working on, where we've got paper out now for signatures, you know, they're end of the year things that people just kind of want to get, you know, get completed, and which is good for us, and that is showing certainly some promise. Okay. No, that's, that's helpful. And then just the last one might be for Charlie, but you know, obviously, it's great to see the cost structure continually coming down. And you know, you guys are relatively lean, yet executing at the same level. Is this, in terms of going forward, you know, you all say that you could everyone could use more resources, of course, like to kind of invest in growth. How much do you think that this sort of lean structure is, you know, hindering progress? And are there any avenues, debt-wise or other that you could get some reinvestment into growth? Or is it kind of just waiting for that big deal to come in, and then at that point, it's much easier, more room to start investing in growth? Yeah. Can I say yes to all of those, Mike? It is a complicated one because having to answer to so many different parties and being conscious of it when people, you know, are telling us, "You're doing better than your other comparables in the microcap sector," that's not much consolation. We know we can grow further. There's a lot of pots on the back burner in terms of track and trace, where we have a partner set up, but we don't necessarily have the resources to chase it. The training, quite frankly, Mike, you know, in terms of doing the training, we're doing it and we're, I'll say, plodding along, because I think if we add some additional resources, we could get that training up quicker and more efficiently, you know, overall. So it's that balance of being prudent where, you know, with a little bit of growth, you know, equity there, it would definitely work. We, based on our previous experience with debt, we've been a little debt averse, and there's always somebody who's trying to offer non-dilutive financing, which usually ends up being they want another cut of our, you know, from a royalty aspect. So we're trying to play that off, but we are getting to, you know, the point where prudence, you know, from cost cutting, you know, is, I would say, a bit of a hindrance. Like I said, there are markets, and this is one of the things that attracted me to Andy, was Andy was not a CEO who's gonna go chase 10 different markets and do it in a mediocre fashion, but rather focus in on three or four and do it well. That still leaves the others that you could go into. And I can tell you, the pharmaceutical market, there's the food safety market area where we've already done testing and passed testing with the Defense Logistics Agency in the United States, where we'd be qualified, but do we have the resources to go commercialize it? And quite frankly, we don't. We don't have all the resources. And that's a little bit of a high-class problem, but it doesn't help us in terms of not being frustrated, which Andy mentioned. It is a little frustrating, you know, overall, and we need that snowball, you know, to pick up. So, I always tell, you know, the employees, you know, get a little... I'm a little bit bipolar. I'm going to push back on costs, but give me a reason to spend. Give me a higher ROI to spend. I've only got so many arrows in the quiver, you know, at this point. But yeah, we could definitely be growing a lot quicker than we were if we had available, mostly, marketing and sales resources, not in the R&D. I just wanna be clear on that. This is not a matter of having to develop a new product or fill in the gap. This is a matter of tapping into fertile markets. Right. No. Okay, thanks again for all your insights, guys, and all the best. Cheers. Thanks. Thanks, Mike. Thank you. Ladies and gentlemen, as a reminder, should you have any questions, please press star followed by the number one. Your next question comes from Ed Sollbach, from Spartan. The line is now open. Good day, guys. Congrats on the Fortune 50 company. Thank you, Ed. You talked about, you know, that you're optimistic growth is gonna resume after the headwinds subside. I think I heard that correct. What, so when, when do these headwinds subside? Like, do you have any visibility there in terms of, you know, when you get back on that growth course? Yeah. Again, we're focused on... Ed, I think it's important for people to understand, you know, we kind of feel like we're doing this with one hand tied behind our back. So the growth is, I think, certainly gonna pick up. But I think it also can't be overlooked, that we are also watching expenses and, you know, the positive movement with regard to that over this past quarter and over the past few quarters has been, I think, significant. You know, as Charlie said, could we grow if we had additional sales and marketing resources? Absolutely. And so we're threading the needle, if you will, in trying to make sure that we're controlling costs, but also growing the company at a rate that it would be, you know, acceptable and we're still not satisfied. When will these headwinds, you know, begin to lighten up a little bit? I think we're starting to see some movement there. And again, we do have, you know, contracts out for signature, and we're grinding through them. And I'm hoping that we're gonna be able to get there. And yeah, start to see growth like we had, you know, a year ago. Yeah, Ed, I, I would concur with Andy. I think if anybody's looked through the 1990s, remembers the rolling recession, then this is kind of the reverse of that. We're starting to see the release, which is why we felt comfortable enough saying, you know, look for announcements over the next, you know, several weeks and several months. But the one thing we learned is, we're not gonna preannounce, you know, anything at this point. And that was the biggest, biggest, you know, factor, was there were, there were a lot of customers who wanted to move forward, but they were also experiencing things internally. That aspect, I think, you know, has eased by indication of what I've-... got on my desk, or Andy and I have on our desk right now, as far as pending, what to sign, finalizing last deals, it is better than, say, August, definitely, you know, from that standpoint. But it's not across the board. There's still some headwinds in a couple of other areas, which has been a little surprising. But again, to the point is, we haven't lost the customers. And to Mike Stevens, you know, point, for the most part, it's not people coming back and renegotiating overall. I think it's, and I'll use this reference to PwC, we had a survey out last beginning of the year saying there was 86% of supply chain executives who didn't see proof of investments that are in there. I think what we're seeing is people doing a belt and suspenders more than anything else. So they agree, they see the value, they're hearing the value from referrals. And remember, a lot of our customers are coming in from referrals of other existing customers. I think people are just double-checking the belt and suspenders, and that's really, you know, a little frustrating for us. But we, you know, to Andy's point, we haven't lost anybody who's actually engaged with us and, you know, begun the negotiation or done a proof of concept. Once we get them there, they see the value and they move forward, but the closing is just taking a little bit longer. Okay, well, that's-- Yeah, I mean, I want to say that's great that you are controlling expenses, because that's very important always. And, and yeah, certainly if, you know, you had a big announcement this week, if you get a couple more in the next, Yeah ... couple of months or before year-end, then, yeah, I mean, you just extrapolate that there's gonna be growth just from that alone, right? Yeah. The other point we really wanted to make in terms of stressing is, yeah, of course, we want to sign the next bank, but we don't want all the focus to be there. Our, you know, bread and butter digital ledger, you know, products have been growing at over 20%. And as Andy has, you know, alluded to, we're not gonna make an, you know, announcements for the singles or doubles, but the run starts to get post ups on board, and when you have a couple of quick scores up there, people should take note of it. And, you know, longer term, like with this Fortune 50 company, it was worth the wait. Was it everything that, you know, we originally had been indicated, you know, and projected to investors? Yeah, it took a little bit longer, but it was a one step back or three steps forward. If you took a look at a 12, you know, month period, where we really have to take a look at our decisions, is less in terms of quarter by quarter, especially as a SaaS company, more in terms of what's the impact for this, and is it a prudent deal to keep going on for the returns to the company and to investors over the next 12 to 18 months, it was worth the wait. But it's not to say that we weren't frustrated with the delays, nor was the company itself. Our prime business person, you know, wanted to move forward as well, and he was getting internal headwinds, you know, as well. Okay. And maybe just take a bit of time and outline the opportunities you see ahead in terms of different sectors. Like, I think, I think last year I, I thought, I mean, it seemed to me that there was a lot of opportunity for you in the financial sector. Like, you had some big wins there, and there was hope that there you could follow up with some other, you know, there's so many banks in the world, obviously. But which, which sectors do you are you focusing on, do you see the opportunity in the coming year? Yeah, Ed, so we've got three focus areas, and I'm really making sure that the company stays with this, in these areas of focus. So one is our digital ledger platform. That is, as Charlie stated, we've got over 20% growth. I'm not gonna put press releases out on singles and doubles there. We're continuing to grow that business, and we think that that business is still ripe for growth and, you know, very focused on helping large companies, you know, transition their manual-based Excel processes over into an enterprise system, which is what the digital ledger is. So that's area of growth number one, and we're gonna continue to focus on that. Area of growth number two is certainly in the financial services sector, with, you know, Citibank as our, as our large cornerstone, bank and, and, and financial services company that, is, you know, rolling out, our Velocity solution. And again, we, we think that there's a $50 million opportunity there over the next few years of being able to land, call it, you know, 25 banks at $2 million apiece, to be able to solve this problem of helping them with regard to improved process management and, compliance. And then the third area is on the, the Unity Central side and on our supply chain visibility. Again, if I don't wanna make it sound like we're small, but, you know, little Boardwalk landed a Fortune 50 company where we are running mission-critical processes for them in their supply chain. And that this is different technology than anything that they've seen before. And we think that this opportunity is really ripe. And we actually have existing customers with RFP out right now to transition over to getting them started on the Unity Central platform. And this is, again, stuff that we haven't announced, but you know, it's coming. Again, we think that this is a massive opportunity and one that could even exceed kind of the $50 million revenue mark that we're talking about over the next four or five years, as long as we execute. So those are the three core areas that we're focused on. We call it our you know, it's a three-pronged plan, utilizing existing technology to focus on these opportunities in very specific areas. So again, we're not drifting into pharmaceuticals or anything like that. We're focused on executing right now, and that's what we're gonna do. And Ed, the other thing that I would point out is we're not so arrogant to try and do this alone. I'll give you an example. We've been trying to partner, or we've been in discussions with an RFID partner, 'cause when you take a look at supply chain, particularly upstream, you know, from where Incoterms and other change of ownership occurs, that's a really imperative one. So it's not a point of sale, and we've been talking about that along with with existing customers, what's called MOCRA, which is within the general cosmetic, but that's about active ingredients. And where I'm going with this is, these are natural evolving problems that customers are coming to us with and say, and recognize that our digital ledger technology could help. That's why within financial services, it's not about compliance per se, but about risk management, which, if you think about it, is very similar to supply chain within shipping of goods. Do you have visibility? Is everyone working on the same data? And there's a video by Steve Turk, the head of data management for JP Morgan, which, if anybody gets a chance, go take a look at tech trends from Steve Turk, who, he's basically talking and advocating for something like our digital ledger because it does not exist within the financial services market. And what we've also experienced, you know, from the Gartner conference is, it's not occurring in the supply chain as well. The Digital Ledger and Velocity is effectively a derivative of that, is essentially the same one that can provide that data management, provide the visibility, which does not occur with current solutions right now because they're perpetuating legacy systems right now, not trying to look to the essence and resolve the fundamental problem of data reliability or the tagline is: We don't make your model, we make your model better. Same thing in terms of other opportunities as well, and that's the traction that we're seeing right now, that recognition. Okay, and, so if you look at-- if you think about the three, the three prongs that you're talking about, so the digital ledger is still growing. Is... That's right, 20%? Correct. Correct. You're getting wins there, but they're of smaller scale, so you don't announce them. Is that right? Yes. Combination. We're, we're getting some, but we won't announce small deals. Yeah. Yeah. Okay. So if you -- if I think about your, you know, your revenue run right now, it's about $6-$7 million, I guess, annualized. Which, how, if you think about those three prongs, three, the stool, what would be the breakdown in terms of the revenue now, in terms of the three? Well, that's kind of hard to project, you know, because we just don't know. We're hoping that all three of them catch fire and that we're there with the best solution and we'll execute. Will one of them be bigger and one of them, you know, be in the middle and one be smaller than what we're projecting? It's normally the way that it happens, but I think it's encouraging when you take a look at this and say: We've got three different and unique markets that we're going after with patented technology solutions that's built and validated by companies like, you know, the Fortune 50 company in Menlo Park, along with companies like Citibank and, you know, other companies like Estée Lauder on the digital ledger side. So, you know, this is real, it's happening, and we're gonna put effort across all three of them and continue to push. I think all three are great markets, and we'll, you'll see acceleration. Yeah. Well, no, that- In terms of the breakdown, to your question, so as of today and what we've reported in the year to date, so about a third of our revenue has been coming from the general financial services market right now. The other two thirds is all digital ledger. Unity Central has not yet contributed yet. And just to make sure that we're setting expectation, Unity Central is not gonna be the bigger driver probably over the next couple of quarters. But that's okay because part of that is, as Unity Central is growing from virtually zero to material amounts, we're also getting traction within our digital ledger. And by that, I will... Well, yeah, a customer that we've previously announced, Sekisui, is using our digital ledger, but they're also taking a look at our Unity Central as well. And our head of sales, JP Kuipier, has been mentioning that as he's gone out with Unity Central and people say, "Hey, you guys have the solution for resolving unstructured data within documents, emails, and other signals. Couple that with your digital ledger, that's a holistic solution." And so we're actually getting a symbiotic relationship. Put a different way, when you take a look at surveys coming out of EY, McKinsey and others, 55% of critical data is in spreadsheets. A lot of the other information is in documents. My point being is, you can't do an either/or. We now can present to existing and prospective customers a holistic solution. So going forward, we will probably have a lot of these customers who will be doing both the Digital Ledger and Unity Central, and that is the point I wanna make. So if you're looking for what's, you know, who won that, it's both. This is, you know, Unity Central and Digital Ledger together present a holistic solution. No longer the Henry Ford, "Sure, you can have any color, so long as it's black." We can now go out and say, "Where is your data? Oh, it's in documents or spreadsheets? Yes, we can address that." It's not a matter of trying to fit a square peg in the hole. So going forward, we're not gonna be -- we don't anticipate doing a split between the revenue, overall. And, what I'm saying is, a standalone Unity Central, you know, revenue, it's probably gonna be mixed with a, a Digital Ledger. Why do we know that? Because existing and prospective customers are asking for us. So I'm giving you a picture right now, but going forward, it's both will be driving it. The question is, you know, how do you land it? It – one could be driven by Unity Central first or by Digital Ledger, but do not look at those as being an either/or, and that's the power of our platform. No, that's great that there's a synergy between the two products. And thanks very much, I look forward to you seizing those opportunities on the three-legged stool, so. Great. Thank you, Ed. All right, operator, well, we're at the top of the hour, and I think we'll go ahead and... I'd like to thank everyone for your attendance on the call, and look forward to our next quarterly call, and appreciate everybody's focus and interest on Boardwalktech. So this will conclude the call. Thank you very much. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.