Good afternoon, ladies and gentlemen and welcome to Copperleaf's Third Quarter Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for analysts. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, November 11, 2021. Your hosts today are Judi Hess, Chief Executive Officer of Copperleaf, and Chris Allen, the Chief Financial Officer. Before we begin, I am required to provide the following statement respecting forward-looking information on behalf of the speakers that follow. Listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements except as required by law. You can read about these risks and uncertainties in regulatory filings that were filed earlier today. Also, the commentary today will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to, and not a substitute for, IFRS financial measures. Reconciliations between the two can be found in the company's regulatory documents, which are available on sedar.com or on our website. In addition, commentary today will include key performance indicators that help evaluate the business, measure performance, identify trends affecting the business, formulate business plans, and make strategic decisions. Such key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. With that, I'd like to turn the call over to Judi Hess. Hello, can you hear me? Good afternoon and thank you for joining us today. Now before I start, I would like to acknowledge that this is Remembrance Day, and we would like to acknowledge the courage and sacrifice of those who served their country and their families. Today we are thrilled to be hosting our inaugural earnings call as a public company. I would like to start by thanking everyone who has made our public listing such a seamless and successful process, including the entire Copperleaf team and the board, our syndicate, and our new investors for their confidence in Copperleaf. As we embark on this new chapter as a public company, some things will change, of course, but our vision, passion, and culture will remain at the forefront of everything we do. This afternoon we released our third quarter results, which demonstrated strong progress. We delivered a 52% year-over-year growth in annual recurring revenue, 50% growth in our revenue backlog, and a 125% net revenue retention rate. We ended Q3 with CAD 33.2 million in ARR, which is a strong leading indicator of how the company is performing. This success speaks to the significant value we have been providing for more than 10 years and the growing need for what we do here at Copperleaf. Given this is our first earnings call, I wanted to take a few moments to provide a high-level snapshot of what we do, how we differentiate, and how we plan to grow. For more than a decade, Copperleaf has been helping organizations allocate their resources, time, and funds towards the most valuable areas of their businesses to optimize their performance. Now, when I joined Copperleaf in 2009, there were about 30 employees, and we had one client. Today, we have a global team of more than 350 employees, over 60 clients in more than 20 countries, and we manage $2.3 trillion in assets. At Copperleaf, we provide a centralized, intelligent environment for agile decision-making. It starts with our unique Copperleaf Value Framework, which encapsulates all the knowledge required to evaluate investments and put it all on a common economic scale for both financial and non-financial measures. Our product suite consists of Copperleaf Portfolio, which maximizes and manages the value of your investment portfolios, Copperleaf Assets that determines the sustainment requirements of your installed base, and Copperleaf Value, which manages and governs your value framework and models. After working with our clients over 10 years, we have created a collection by and across industries of over 260 proven value models. These out-of-the-box models save time and cost for our clients and guide them immediately to the best practices used worldwide for their industry. Our Copperleaf Decision Analytics solution has extensive capabilities beyond optimization. From rapid scenario planning, sensitivity analysis, and workflow management in Copperleaf Portfolio, predictive analytics and intelligent bundling in Copperleaf Assets, and the low-code/no-code approach to value framework creation and governance of Copperleaf Value. Now, one of the most frequent questions we were asked during our IPO process was, why go public now? Well, it's a simple question that reveals so much about our company, our industry, and what we think Copperleaf can become. We believe that we are at an inflection point in our $12 billion market based on multiple external forces. These tailwinds include the increased availability of data, the acceleration of the digital transformation, the baby boomer brain drain, ESG, the energy transition, the uncertainty brought about by climate change and global infrastructure spending, and of course, new regulations. These forces are increasing the complexity of the planning process and the need to adapt decisions quickly as things change, driving the adoption of our solutions. Copperleaf has a deep competitive moat that we have built over the last decade. The Copperleaf value model library and the knowledge it encapsulates is coveted by our clients, prospects, and competitors. Our community drives a network effect for both capturing knowledge and data, which can be monetized. The Copperleaf experience is a true differentiator and is powered by our culture. It delivers lasting partnerships with our clients and has earned us a 100% client retention rate. I truly believe that Copperleaf is uniquely positioned for success, and our public listing brings a number of benefits to the company. From a strategic standpoint, this listing provides us with the maximum flexibility in how we scale up going forward and places us on the strongest possible financial footing. In a nutshell, we will be ideally positioned to continue to disrupt the market. I would now like to briefly touch on a number of the key highlights that occurred during the third quarter. We are making continued progress in vertical expansion. At the end of Q3, the water vertical officially became a core sector at Copperleaf alongside energy, with transportation starting to gain global traction in our emerging verticals. To date, three verticals are now in core, four in emergent, and five remain classed as frontier. Our market development team continues to support regions to drive emergent segment penetration. We are increasing our investment in our market development team to pursue lead clients in our high-priority frontier segments in 2022. We continue to invest in our platform, and in Q3 we released version 21.3 of our product suite, which among many new features, includes a new costing option to generate more accurate estimates using parameterized models. Better cost estimation results in better decisions, and customer feedback has been very positive on our expanded feature set and the new application experience that we delivered. ESG continues to be a strong driver of new business. External stakeholders, including traditionally financially oriented investors, are advocating for corporations to look beyond economic targets and consider ESG factors. Our ESG-enabled solutions empower our clients to move from aspirational goals to operational plans. Market traction for ESG and the energy transition continues to build and has influenced half of our new 2021 deals as of the end of Q3 and is expanding our global pipeline. Our alliance ecosystem is gaining traction as partners are building their Copperleaf practice areas with an increase in active partner pursuits during calendar 2021. Partners are bringing more strategic opportunities to Copperleaf, and in some cases, have helped to reduce sales cycle times. The Copperleaf community is engaged and building, with 1/3 of our clients participating in client-led innovation with Copperleaf Labs in Q3. This quarter, the focus in labs included enhanced visualization discovery, asset modeling, and machine learning initiatives. With the capital raised from our IPO, we are in an excellent position to execute on our multifaceted growth strategy, which includes pursuing an aggressive client acquisition strategy focused on our traditional core markets. Continue to expand geographically and across new infrastructure sectors. Investing in R&D to maintain our technology leadership position and uncovering new product opportunities that leverage AI, ML, cloud, and the next-generation technologies. Continuing to develop our vibrant community and expand our thought leadership position to accelerate the adoption of our solutions. Investing to expand our alliance ecosystem and deliver more value to our clients. These investments, along with strong industry tailwinds, will help us to expand our addressable market and continue our strong growth momentum. I will now turn the call over to Chris to review our third quarter financial results in more detail. Thank you. Excellent. Thanks, Judi, and good afternoon, everyone. We are pleased to report that our third quarter results delivered strong progress across our financial metrics. Revenue for the quarter was CAD 16.8 million, an increase of 55% from the prior year. This total was comprised of subscription revenue of CAD 8.2 million, professional services of CAD 7.9 million, and perpetual software licenses of CAD 0.7 million. Gross profit for the third quarter was CAD 12.9 million, a 67% increase from CAD 7.7 million the prior year, which represents a gross margin of 77%. The year-over-year growth mainly reflects an increase in revenue, a continuation of successful remote services delivery, resulting in lower travel expenses, as well as an improvement in utilization. Looking at our other key metrics, our annual recurring revenue was CAD 33.2 million, an increase of CAD 11.4 million or 52% year-over-year. This important measure provides insight into our ability to generate predictable earnings in future years and is driven fairly equally by both the acquisition of new clients and the expanded usage of our solution by existing clients. The expansion within our client base and our strong renewal history is further illustrated by our net revenue retention rate of 125%. At quarter end, our revenue backlog grew 50% to CAD 79.1 million compared to CAD 52.6 million as of September 30, 2020. We had Adjusted EBITDA loss of CAD 1.4 million for the quarter compared to a loss of CAD 2 million in Q3 2020. We had a net loss of CAD 3.3 million or CAD 0.20 per share compared to a net loss of CAD 2.8 million or CAD 0.19 per share in Q3 2020. Moving on to cash flow. Our Q3 cash outflows from operations during the period was CAD 1.5 million compared to cash inflows of CAD 3.1 million in the same period last year. We finished the quarter with CAD 12.2 million in cash compared to CAD 15.9 million in cash at the end of fiscal 2020. However, subsequent to quarter end, we completed our IPO for net proceeds of CAD 151.5 million, which places us in a strong financial position to build on our advantage and capture a greater share of the decision analytics market, which is still in the early stages of a long-term growth cycle. Today, some of the world's largest and most respected organizations trust Copperleaf to guide their investment decisions. We've built a strong global brand, and we intend to continue making investments to support future growth. These investments continue to drive new client acquisition and existing client expansions, increasing our annual recurring revenue and demonstrating the power of our land and expand model. With that, I will turn it back to the operator and open up the call for questions. Thank you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. Should you wish to withdraw your question, you may do so by pressing star followed by two. If you're using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you do have any questions. Your first question will be from Thanos Moschopoulos at BMO. Please go ahead. Hi, good afternoon, and congrats on the recent IPO. Thank you. Maybe to start off with, yeah, thanks. M aybe to start off with, given that it's a quarterly call, I'll ask some quarterly questions. If we look at just the incremental quarterly growth, you know, can you give us a flavor in terms of, you know, maybe new customer wins, like the types of deals you signed, more geared towards net new or more geared towards upsell this quarter? Any nuance there would be appreciated. Hi, Thanos. Thanks. So in terms of new deals, as we've mentioned before, we don't disclose individual deals. W hen we look at that, like, sort of with that said, we were deselected in a number of new client deals, and we definitely have a strong growing pipeline for new client acquisition. I would say that this quarter, in terms of the deals we closed, we're skewed more towards our existing clients. Okay. If we just talk about how the pipeline's evolved, the flavor of the pipeline, sort of over the last maybe three or four months, anything you'd call out there? I mean, you alluded to the fact that you're maybe seeing more from some of the newer verticals, but anything else to call out there? Yeah, I would say that over the last three or four months, our pipeline has strengthened, t hat's what I see. I mean, obviously based on these global tailwinds and the things that I discussed in the message earlier. As well, I would call out our partner ecosystem, which I did call out just earlier, but that has really been something that has really started to really move in the last three or four months, I would say, and actually this year, but also even more in the last three or four months as our partners that we've built so far and are working with have expanded, you know, what they're doing with Copperleaf and the practices and building those practices. I really see that as a big aspect of what we see going forward. That's been exciting as well. I did mention the other verticals. Of course, our core is very strong. Water is becoming a new core segment. We've definitely seen a lot more water in that pipeline as we've built that out. As we go forward, I think that the new frontier segments will add to the pipeline as well. We've seen that definitely in the last three or four months as well. We're highly focused on our core, of course, and expanding in the geographies that we have as well. I think our brand has really been growing and that's impacted the pipeline as well. Great. Are implementations still being done primarily remotely, or is some of the travel starting to ramp back up? In terms of implementation, they are all still being done remotely. I mean, they're all over the world, and every country has some kind of different COVID experience at this exact moment, as I'm sure you're aware, as we all are aware. That has been very successful. We've proven even in the most skeptical accounts that we have been able to do remote delivery very successfully. Great. Maybe last one for me is just now that you have the IPO proceeds, what are your immediate term priorities from a sales and marketing perspective? I mean, you talked about some of your longer term priorities, but just kind of over the next three months, what are you most focused on as far as deploying some of those proceeds to ramp up the go-to-market? Yeah. In terms of the go-to-market, I would say, you know, there's many things, but I would say, you know, really focused on account executives, you know, strategic account management, customer success management, to really drive and build out that team. Because as we mentioned many times, I'm sure you're aware, we do have longer sales cycles, and we need to make sure that we bring these new people in and start, you know, being able to educate them. That is also around improving our sales enablement process, so we can bring people on and get new sales resources up and be able to prosecute this exciting pipeline that we have as soon as we possibly can. That is where in that area our focus will be. Okay. Great. I'll pass the line. Thanks. Thank you. Your next question will be from Gavin Fairweather at Cormark. Please go ahead. Oh, hi there. Good afternoon. Good afternoon. You talked about in your prepared remarks how ESG had influenced, you know, over half the new logos that you've brought on this year. I guess just following on the COP26 conference in Glasgow, I guess I'm curious for your perspective on, you know, any announcements coming out of the conference that pertain to your verticals that maybe, you know, caught your attention as something to watch over the next couple years. Yeah. Well, I think that, you know, we're still waiting for the end of the conference. I think there's two days left, and what will happen. Some of the things that really caught my attention was the finance. If you look at all the investment that is going into, like the huge investment, I think, what did Mark Carney say? I can't remember, like $130 trillion or whatever it was, around the world had signed on. Is that the right number? I think that's the right number. I'm not sure. I'm just remembering from reading an article. When you look at all the financial assets and the investment that financial entities are going to make in the future, both from an equity and a debt perspective, they have signed on to help drive this. That gets the attention of companies like nothing else, I would say. That really helps to drive that forward. It's kind of like Larry Fink. It's exactly like the Larry Fink quote in terms of, I wanna be able to see that you disclose plans to how you're going to achieve net zero, and that really drives people to systems like Copperleaf, where we can really help them get these plans in place and be agile around looking at different scenarios and trading those scenarios off, and as well be able to do business as usual. I did notice that as something that was really quite significant from my perspective, because money talks. I think that, you know, we are a financial investment system in these clients to understand how to, you know, deliver the values that you're looking for. If that gets to the boardroom level, which in our clients it certainly has, I think that's critical. I do think that it does. Like, I know there's a lot of things going on around COP26, and we're following it very carefully. National Grid is a main sponsor and one of our key clients at Copperleaf, and they've really been driving this really well. It's great to have these aspirational goals, but now you need to translate them into operational plans. You know, it just creates that dialogue in the world in these companies and really focuses people. I think anything in this area helps us. I think that the world is getting more serious about this in boardrooms, and therefore solutions like Copperleaf become more critical. I wonder if that sense of urgency, you know, helps on the sales cycle. I'm just kind of thinking out loud, but it can't hurt. Exactly. It definitely doesn't hurt. The other thing where there's a sense of urgency, there's obviously how are you going to reach these goals? People do not have systems to help them do this. I mean, it's again an Excel exercise that someone's doing somewhere in an organization, and they can use Copperleaf to do that. That's what our clients are doing. You can imagine a lot of our clients are energy clients, right? These are electricity companies delivering these critical infrastructure services around the world, and they are one of the key companies that need to drive these goals going forward, and they have a real serious part to play in it all, s o that also drives that sense of urgency, especially for them. Beyond just getting to your goals, there's also a lot of climate resilience that needs to be put in place, and that's what we do in our systems as well. Imagine you're hardening assets and you need to understand what, you know, fire risk mitigation you need to put in place. Things of this nature and what money you need to spend on that versus other things. You know, I would say climate resilience is another thing that is very urgent. People see it all the time, right? It's in the news, right? We understand that the climate is changing, and we need to build in resilience because, you know, we're not taking carbon out of the atmosphere right now, in any significant way. It's a big challenge. Things are just increasing, and that's another aspect of our system, let alone business as usual, climate resilience, and of course, net zero goals. How are you going to get there? Show me. That's very helpful, your perspective there. Maybe just shifting gears t he press release talked about, you know, pipeline momentum in the transportation vertical. You've obviously got a great reference client, you know, in that space, but as far as I know, just the one client. Maybe you can, you know, talk a little bit more about what you're seeing in that vertical, a little bit more color on, you know, the demand drivers and how the pipeline is shaping up there? Yeah. Well, I think there's a number of demand drivers here, definitely investment in infrastructure around the world, right? You're seeing that. Well, you just saw that, I think, the U.S. passed their infrastructure bill, I don't know, was it this week? I don't know. It was supposed to be passed for many days, but I think it just passed. You know, you see that, you know, there is a lot of aging infrastructure in roads and highways, in rail networks. There's a lot of focus around transit. Even though transit has taken a hit during COVID, people see this as part of the green way forward. I don't know if you know, in Vancouver, but regardless of the lower ridership that we've had with COVID, money is going in to extend our SkyTrain line or our subway line, depending on how you think of it. You know, money is going into these areas, and we're seeing that drive come back. With some lead clients, we are now expanding in transportation, definitely in our pipeline. We've been selected in yet another account, which we're not revealing right now, but it will come to pass into the future that we will reveal that. W e now have all of our regions have pipelines that includes transportation. You know, that's very exciting for us. I mean, you need to have those beachhead accounts, which we do, b ut, you know, we'll need to grow from there. It'll take some time, but I'm very excited and it's very exciting and satisfying to see that the Copperleaf system, you know, having grown up in energy and now in water, is clearly transferable to a transportation paradigm as well. You know, that's what we said before. We see all these infrastructure. It's an agnostic system from that perspective. It's great to get those proof points, and so we're really excited about that. Great. Maybe just on the financials, the big services number this quarter, a couple of questions on that. Can we view that as a leading indicator to subscription revenue growth? Secondly, are you starting to bump up on capacity with your existing services team? Sure. I'll take that one, Gavin. Hi. Services revenue, yes, it was big in Q3. That was, you know, a focused effort of ours coming off a pretty strong first half of bookings. We had a clear mandate and focus on services delivery, which we executed very well on. You know, I wouldn't say that that's necessarily gonna translate into the same revenue numbers for next year in services. Again, it was a buildup of great bookings in first half that then got executed. Great. Just on the capacity or like? Yeah, excellent gross margins. We have great utilization and, yeah, no issues with capacity. Great. I'll pass the line. Thanks so much. Thanks, Gavin. Thank you. Your next question will be from Robert Young at Canaccord. Please go ahead. Hi, good evening. I'd like to start on the pipeline comment around as I remember, I think that 83% of the pipeline that you described was related to new logo, and I think you said that it leaned heavily this quarter towards existing. I was wondering, is there anything seasonal about this quarter? Is there anything special, maybe just to try and understand that dynamic? I would say we do get a little bit of seasonality in the third quarter at times. It doesn't always happen for every year, for sure. A lot of times the third quarter would be like, I don't know what I would call it, the quietest quarter because it's summer in the Northern Hemisphere. You know, that a lot of our clients, the majority of our clients do exist in the Northern Hemisphere right now. That can impact things. Usually on the seasonality, the fourth quarter is always our biggest quarter. You know, when you look at that, you see a bit of that dynamic. In terms of, you know, I wouldn't go. I would just say that it really is kind of like a mix and a timing thing, depending on what you know drops by September 30 in this particular case. A lot of our clients are kind of oriented around their fiscal year-ends, and that's why we have the most fiscal year-ends at the end of the year. That's kind of where why that fourth quarter happens. I would just say it's mix, timing, and you know it can vary. Okay, that's helpful. I think you noted to Thanos that you're not providing customer unit data. In the last year, I think new logos were very heavily weighted towards the second half. I'm curious, I guess that means that typically new logos might normally be very weighted into Q4. Is that a good way to think about it? Yeah. I think that's a good way to think about it because, as I said, that's usually, you know, the fiscal year-end of our clients, and they kind of focus themselves on that. Okay. Another thing I was wondering if you could provide an update on, if possible. As you look forward into maybe even 2022, if you're willing, do you still see the same type of mix of opportunities as SaaS or has any of the you know. Your view, I think it said maybe as much as 75% of new logo win in 2022 could be SaaS, and I was wondering if that has changed at all based on what you've seen? Yeah, no, it hasn't changed. I would say we are seeing an acceleration there, even in regions that we thought would be a bit more conservative. Yes y ou know, I think people are understanding that this is a great model, both for them, and it's actually a great model for us. We see that acceleration, and it will continue in 2022. You know, we'll have to see that mix in the end, but that is the direction it's going and that is what we see. Okay, great. Thanks. Maybe one last question. On big events like COP26 and others, do you normally see a bump in inbound leads when a big event like that? Like, outside of your sales development, do you see a bump in interest that comes in from companies that you might not otherwise have been targeting? Yeah. Well, I can tell you one thing, that we have seen a huge increase on website traffic at Copperleaf. Now, it's hard for me to separate COP26 from the IPO in a way, right? When we look at this, we see a lot more inbound. I can tell you it's correlated, yes, to COP26, also correlated to the IPO. You know, I would say that I don't know if you've been following any of our marketing campaigns, but we have a big marketing campaign around COP26. You know, I mentioned on the previous call, I think it was Thanos or whatever, but just that National Grid, which is one of our key clients, and also they have also invested in Copperleaf as part of that. They are a key sponsor in COP26. You know, for example, I did an interview with their chief technology and innovation officer. You know, we've just been doing a lot of marketing around COP26, because it's so critical to us. I think it's really given us a lead in the brand and the ESG space right now. That marketing campaign continues for, I think it's the next month, continuing to follow up on that and everything. You know, there's correlation and causation. It's hard to split it all apart. We definitely see a real uptick right now, in Copperleaf, in interest in Copperleaf. Great. Well, congratulations on your first quarter, and glad to hear that the IPO has had some positive impact on your business development. I'll pass it on. Thanks. Thanks, Rob. Thank you. As a reminder, ladies and gentlemen, if you wish to ask a question, please press star followed by one on your touchtone phone. Your next question will be from Bhavan Suri at William Blair. Please go ahead. Thanks for taking my question, Judi, Chris, and congrats. Let me echo a solid quarter out the gate. That was nice to see. Judi, let's start off at a slightly higher level and think about the comment you made about partners. I'd love to understand where we are in terms of the way you work with partners. Are we at a point where the partners are actively bringing Copperleaf solutions into customers and saying, "Here's the way you can build a value framework and drive either portfolio, the asset product or things like that"? Or is it still somewhat in partnership with the partners, so you still have a sales resource, you still have a pre-sales consultant? I'm trying to figure out when that sort of economic benefit of the partners driving the sales process happens. Help me think through where we are in that sort of cycle or stage. Yeah, right now, we are seeing partners bring us into deals. As a matter of fact, in a number of cases, I kind of mentioned it by saying, you know, there are these strategic digital transitions that partners wanna take their customers through, and part of it is a Copperleaf solution. They are definitely, as you say, talking to clients about that. At the appropriate time in the sales cycle, they bring Copperleaf in because they don't understand the solution the way we do. They actually have access even, in some cases, to demo systems where they can demo to the clients. F undamentally, at a certain point in the sales cycle, they bring us in. I think that some of the advantage we're seeing right now is some of the early pre-work can be done by the partner and then can bring Copperleaf in. From our perspective, the sales cycle starts a little bit later, and we should see advantages from that. I also think that like, we're certainly not at the point where we aren't providing, you know, sales resources as to help drive that sale forward. As our partners grow, you could imagine that they would get better and better and be able to bring us in at appropriate times on all these various opportunities. The other thing is that they are creating practices around Copperleaf, which is very exciting to see in some cases, with these companies. That is something that, you know, we haven't experienced. Like, if you go back five years, we were never experiencing that, ever. Just saying, so. No, it's great, especially when they build sort of a center of competency around it. I guess staying still at sort of a higher level here, you know, when we've talked to customers, the value delivered by Copperleaf is really high. They have billions of dollars in budgets, and the ability to make the right decision at the right time and manage risk is critical. How do you and Chris and team think about pricing as an incremental lever to growth? The customers are realizing significant value leveraging the tools. They're spending billions on assets, but maybe, you know, CAD 1 million or CAD 2 million on Copperleaf. How do you think about understanding or helping us understand the pricing dynamics and potentially ability to charge more over time for the offering given the value delivered? Yeah. That's a really great question. You know, we have been continuously effectively increasing our pricing over time, as we've worked with our clients and we can help them actually see this ROI, and we have more case studies around that ROI. We've continued to do that. You know, I do see that, I'm kind of with you at the high level because I think, you know, maybe that's why we have 100% retention because this is such a great deal to have this Copperleaf solution being able to deliver you all this ROI every year. You know, that will continue to increase. The other thing that we do is, you know, we have a large R&D team. We continue to bring out additional, you know, options, features that they pay, you know, features that they need to pay for in terms of options. We bring out different modules that we can add into that solution as we go forward. You know, we even bring out additional products as well that we can layer onto that on that client as well. This continues to increase the value of that opportunity within these clients. We see that as well. Like, I would love. I think as we build our brand, as we get stronger in the market, you know, we'll be able to command continuing higher prices as we have in the past. I definitely think that we've done that and we will look at that in the future. I think you're right, but you know, there's a time and a place for all of those things. Fair enough. One last one from me and maybe for both of you. As you look at some of the newer verticals, so let's put transportation a little bit on the side and look at, say, oil and gas. Can you give us a sense of what the investment level is on your side from an R&D perspective? Like, how much of the product needs to be customized? T hen from a sales perspective, like how vertically trained, how much domain expertise, how many people do you need to hire to kind of enter a new area and ramp it up? How should we think about what those potential investments for a new area look like, as you think about expanding out of the core? Yeah. No, I think those are great questions. Each time we look and evaluate in our market developments team, a new sector, a new vertical, we look at all those costs and what we think they might be. When you look at the R&D, the key thing, it depends on how similar that sector is to our existing sectors. You know, we already have clients in oil and gas. You know, we're really good at pipelines, and there's a lot of pipelines there. We also have some downstream clients that are already working in that area. In that particular case, I would say the biggest investment, like our system is, you know, can work for that. We need to configure it, but the biggest investment would be just making sure we have the models that are appropriate, so the value models which are effectively plug and play into our product suite. We do have some for oil and gas because we already have clients there. You know, we need to grow those over time, a nd that is something. M aybe oil and gas isn't the best example, but something like, you know, I don't know, roads and highways, we would have to, you know, build those models, and that would be the main R&D investments that we would have, unless there's something really special in that vertical. We haven't really found that this is really special as long as you stay in the types of verticals that are very similar to the ones we already deliver into. On the sales side, we do need to create the materials, I would say the marketing and sales side. We might need to go to different conferences to find those leads. There is an additional expense that we evaluate on the marketing side. In addition, if we're going into a new vertical, we usually you know get input or hire someone on a contract basis that's an expert in that segment, and they work with us until we get our subject matter experts up to speed in that particular area. We haven't really gotten to the point at the highest level where we have a sales force segmented by vertical. Our sales force is focused on our core segments, and then our market development team is supporting emerging. We don't wanna, you know, pollute our existing sales force with segments that they don't understand yet. Yeah. Yeah. Yeah. Yeah. We want them focused on the core because we have this huge opportunity in the core segments that we have already. There's just huge runway there, but the market development team looks at, we call them emergent or frontier segments, and we do a whole Stage-Gate process on those and try and really understand how similar are they. We do discovery on those segments to try and understand is this worth it at this point, and how would we attack it? It might be that we just pilot that in one region because we might have a lead client that's, you know, knocking on our door saying, "I really want a Copperleaf system," you know, kind of thing. Then we pilot it in that one area to really understand the cost going forward and stuff like that. It's, you know, we're very careful about it. We have a whole Stage-Gate process about it, and we don't want to. You know, if it's not core, our main sales force is not dealing with it because we wouldn't have all the materials, all the value models yet. We wouldn't have all the collateral yet. It wouldn't be up on our website as a. You know, it just goes on and on and on from that perspective. That's what we're focused on, and that's how we prioritize these based on business cases about exactly what you call, you're talking about, how much cost is it? It's different amounts of cost in different verticals in different regions. We evaluate all of that. Great. I appreciate it. Thank you for taking my question. Thank you for the candor and the depth of the answers. That was really helpful. Congrats on your first quarter out. Thank you. Thank you. Your next question will be from Todd Coupland at CIBC. Please go ahead. Good evening, everyone. Nice to talk to you. Just following up on that last question, if I could. Are you able to rank order the top emerging or frontier segments in terms of impact in the next year? What your expectations are for those top sectors in those areas? Yeah. I don't know if I can do it perfectly, to be honest, but emergent sectors are obviously much higher priority for us than frontier sectors. If you think of our frontier sectors, they're kind of in what would I call it? They're just in, you know, we're just evaluating them right now. Right. There's not a lot of resources going into frontier, right? Because it's a little further down the pipeline. I mean, frontier, if it passes the Stage-Gate process, frontier is gonna be like, you know, well beyond, you know, probably be 2023 or farther. You know what I mean? Just because, unless something changes. I mean, I have to be candid that sometimes things just drop in your lap, although that's not the usual. In terms of the emergent sectors, they're the ones that we should see next year. Like an emergent sector, we already have one client in. Like, just to give you the idea, it has to have a minimum of one client, or it's not considered emergent, right? It's like further penetration in emerging, what regions and how do we wanna do that? Next year we should see more penetration. Not huge. Like, it's not like a, you know, acceleration, exponential acceleration, but we should see more deals in emerging sectors, in particular emerging sectors next year, because we have one under our belt, and we're judiciously deciding how to move it to the next one. I hope that gives you a bit of a flavor. That does give me a bit of a flavor. Thank you. I'm just wondering in the emergent sector, is it the competition? Is it Excel or what types of competitors are you seeing there versus in your core segments? We see mostly Excel everywhere, to be honest. Yeah. Yes. It is mostly an Excel word. Yep. Absolutely. Okay. Great. Appreciate the color. Thanks a lot. Thank you. Thank you. There are no further questions at this time. I would like to turn the call over to Judi Hess. Thank you so much. Thank you so much for joining our first quarterly call. We are excited about our ongoing business progress and the tremendous opportunity we have in front of us, and we look forward to providing future updates as the year progresses. Thank you so much for listening. Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.