Good morning, ladies and gentlemen, and welcome to the Deveron Corp. fourth quarter and fiscal year 2022 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question and answer session for analysts only. If at any time during this call you require any assistance, please press star zero for the operator. This call is being recorded today, Friday, 28th April 2023. I would now like to turn the conference over to Philip Lincoln. Please go ahead. Thank you, operator. As we conduct this call, various statements that we make about future expectations, plans and prospects contain forward-looking information. Certain material assumptions were applied in making these conclusions and forecasts. Therefore, actual results could differ materially from those contained in our forward-looking information. Additional information about these factors and assumptions are contained in our current annual report, MD&A, and Annual Information Form filed with the Canadian Securities Administrators. Joining us today are Mr. David MacMillan, President and CEO, and Mr. Craig Hogan, VP of Finance. I will now turn the call over to Dave for opening comments before we start into the call. Dave? Thanks, Phil. Good morning, everyone, and thank you for joining Deveron's fiscal year 2022 annual audited and Q4 results earnings call. Before we begin discussing Deveron's results and the company's outlook for 2023, I'd like to take a moment to discuss how Deveron has executed on the market opportunity in 2022, our current market share, and our growth strategies for 2023. The agriculture industry is changing. More growers are using higher fidelity data to make their input decisions. Large agricultural enterprise is looking to soil data to better understand their market, and outside stakeholders are looking to utilize soil data to benchmark ESG initiatives, better understand their agricultural business models. According to the International Plant Nutrition Institute, 12 million soil samples were tested annually in North America in 2021. This number has been growing at a compounded annual growth rate of 8% over the last 15 years. Over the last 24 months, through our M&A and organic growth initiatives, we've been able to acquire roughly 10% of the North American soil testing market, which we feel positions us to continue to professionalize, standardize, and bring technological innovation that will empower our customers. Deveron had a record Q4 with revenue growth of 237% and positive adjusted EBITDA. This was supported by market share gains through the acquisitions of 3 soil labs, as well as strong organic growth driven by new enterprise sales. Q4 saw increased gross margins due to the integration of these lab assets, achieving 77%, up from 71% year-over-year. For the full year, sales grew 236% year-over-year, with the company having strong line of sight to continued growth in fiscal 2023. A highlight of fiscal 2022 was our successful acquisition strategy, totaling CAD 29.7 million in annualized revenue and CAD 12.3 million in adjusted EBITDA. We grew our lab testing capacity substantially, becoming a leader in Canada and expanding the platform in the U.S. We continue to believe that the key to our business success incorporates lab testing with our growing field services division, offering our customers a complete end-to-end solution for agricultural soils. Deveron has started to see the early sign of success in cross-selling lab analysis and soil sampling, which we believe will compound further in 2023. I would briefly like to touch on a deeper review of Q4 and the 2022 results and some trends we think are interesting surrounding our business. Deveron saw triple-digit growth in the company's data insight services in Q4 and fiscal year 22, driven by our laboratory expansion. Much of the data insight growth came from the partial recognition of Deveron's largest acquisition to date, A&L Canada Laboratories. With the scale at A&L and the sizable expansion of the facility, we are now in a position to double our capacity and support our bundling sales strategy of getting more samples from the field into our lab ecosystem. On the company's data collection side, sales grew at a steady pace of 37% and 46% for the quarter and year respectively. This is part of story of the tailwinds driving our business, more testing to make better and unbiased decisions, and a growing focus on environmental practices in agriculture, while also a testament to our growing regional sales team and their empowering local influence with our customers closer to the farm gate. Deveron looks to have a watershed year in 2023. With our expanded team, facilities and capacity, we believe Deveron will make a meaningful and positive impact in the North American market. As Deveron enters our next phase of growth, we look to drive more soil throughput into our lab facilities. We continue to be active evaluating opportunities for synergistic growth and to increase lab testing capacity in the US and Canada. Ultimately, we believe that this is a large and fragmented market that can benefit significantly from standardization of process and organization to allow for scalable solutions when it comes to soil testing. Our 2022 results were historic and our best metrics to date. We do believe it's really just starting to illustrate the value of the platform we are building. With that, I'd like to hand it over to Craig Hogan, our VP of Finance, to speak more directly to our results. Craig? Thank you, David MacMillan, hello, everyone. Today I'll be focusing on four main topics during our conversation. First, I'll provide an overview of our financial results. Secondly, I'll discuss our gross margin and EBITDA margin highlights. Third, I'll discuss our balance sheet. Finally, I will touch on the non-controlling interest or NCI put obligation. Now turning to our results. Deveron was able to deliver record quarterly and annual revenue numbers of CAD 15.1 million and CAD 28.9 million, respectively. Achieving 237% year-over-year growth in the quarter and 236% compared to fiscal year 2021. Our data insight revenue increased to CAD 11.1 million for the quarter, up from CAD 1.5 million due to our recent acquisitions in the lab space. Data collection revenue was strong in Q4, recording CAD 4 million, up from CAD 2.9 million in 2021. Q4 adjusted EBITDA was a CAD 4.8 million profit versus an IFRS net income of CAD 3.9 million. The company's adjusted EBITDA for the year was a CAD 827,000 loss versus a net loss of CAD eight and a half million. Gross profit and adjusted EBITDA margins improved in Q4, achieving 77% gross margin and 31.8% adjusted EBITDA margin on the quarter. This was driven by integration of three lab testing businesses. data collection margins were 70%, down slightly from Q4 2021, and this was due to increased costs in ramping our field teams for a seasonally strong fourth quarter. Also during 2022, we did align certain costs from collections within our cost of services. Formerly, we were reporting those in operating costs in 2021, and this better reflects our margins. The company ended the year with CAD 5.8 million of cash compared to CAD 6.9 million in 2021. The company had current assets of CAD 14 million on hand, up from CAD 10 million last year. As we made significant CapEx investments in 2022, expanding our lab network, vehicle fleet, and soil testing equipment. Finally, Deveron reported a CAD 3 million gain on the income statement entitled Change in NCI Put Obligation. The A&L share purchase agreement contains a put/call option to purchase the remaining 33% of A&L shares within the next three to five years. This obligation was recorded as a CAD 13 million liability under IFRS as of 20th May 2022. On 31st December 2022, this liability was valued at CAD 10 million, resulting in a CAD 10 million gain on the income statement, entitled Change in Non-Controlling Interest Put Obligation. This gain was excluded from EBITDA this quarter as a non-cash gain that will continue to be evaluated on a quarterly basis. With that summary, I'll hand the call back to David, who can conclude before we open the call for questions. David? Thank you, Craig. The fourth quarter continues to be a hallmark quarter for the company as we continued our trend of significant growth. We believe that we have found a strong product market fit and that this space continues to be ready for further consolidation, standardization, and process improvement. Phil, let's open the call for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star one. Should you want to withdraw your question, please press star two. Your questions will be pulled in the order they are received. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Steve Hansen from Raymond James. Please go ahead. I'm just hoping you could talk about the strategy to drive utilization in the lab business a little bit harder. Dave, I know you've got a few things underway, but if you think about A&L as being one of the core assets today, and we've seen some of the capacity additions that have been there. You know, how do you envision growing that utilization rate and pushing more soil through the lab ultimately? Thanks, Steve. That's a great question and one that is core to our strategy. I think it's a little bit, as we've maybe discussed in the past, a lot of it comes down to your relationships locally. Such a core part of our business from the very beginning has been having this rural labor force where we're out at the farm gate shaking hands with growers, ag retail, a variety of our customers. I think not being afraid to get your hands dirty and have this boots-on-the-ground network is really helping drive throughput. The more that we can expand our network and collect and win our customers on service, the more we can start having conversations with them about the value of using this complete end-to-end solution. It's not just about a conversation of, "Hey, we're out collecting your soil. We may as well test it for you." It's a bit of the why of testing with us makes sense. I think if you look at all of the IT that we have in Canada, that we can start to distribute down through our U.S. network around, you know, aggregate soil testing levels and how best to compare soil tests to what agronomically is happening on the field. All of this becomes a really unique value proposition for our customers, which I think makes us a natural partner to again, continue to look at as a logistics service solution, a testing partner, but also then, great, what do I do with this data? I think that continued sort of cycle or flywheel of more collection leads to more testing, which leads to better, value add output and support, leads to then us becoming a natural collection partner, and the cycle continues, is a really strong way, I think, to drive capacity. As we mentioned on the call, we have significant amount of investments that have been made over the last twelve months to increase our throughput. Now it really is just a conversation of continuing to get out there, regionally and speak with all of our customers on the opportunity of that end-to-end solution. That's great. That's super helpful. Just as a follow on but related question as it relates to some of these new larger enterprise contracts that you've been signing. You know, where do you stand on the ramp-up of some of those? Are they starting to move as expected? There was a cadence of them signed throughout the balance last year. You know, I guess the question is ultimately, are you managing to ramp those up? The second question is, do you have capacity for more? Yeah. I can, I think, address those separately on the ramp up. You know, we know in agriculture that, you know, your word is your bond, and we're very conservative with the idea of going to enterprise and committing to work that we can do. Obviously some of this stuff is very complicated logistically. Like when you are servicing multi-states for a standardized protocol, whether it be for carbon or even fertility, you really have to make sure that you have the ability to do so. I think year 2022 was a really great year of proving our ability to do that. I think we're starting to have great conversations with our customers about our ability to ramp up. I mean, even if you look at in Q1, I think we did have some updates on the carbon side that were quite sizable. I think illustrating again our ability to, you know, take on more service, but also that we're winning more trust within the industry. I think, you know, a core part of this thesis is again, regional market share and support is super important in ag. There's also been this unconsolidated and fragmented space that large companies that have just in general larger aspirations because of their size or their penetration, are coming to us to say, "Hey, I have multi-state, multi-county or multi-country needs. How can we work with you?" We're very focused on that. We think it's a huge opportunity. I think it goes back to what I mentioned in my statements earlier that being a natural company that can professionalize and provide a little bit of technology to help with operational capabilities is going to help visibility for larger companies. You know, we're ramping up there, and we're really focused on making sure that again, we're in all the boardrooms with these big opportunities. With that making sure that we have the logistical expertise, both the field side, as well as the lab side to convert any future sales that we make. Appreciate that. I'll jump back in the queue. Thanks. Great. Thanks, Steve. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Great. Your next question comes from Maxwell Carr from M Partners. Please go ahead. Hi, gentlemen. Good to have you on the line this morning. My question comes with regards to the recently announced private placement. You ended the year with about CAD 5 million in cash. Sorry, let me just look at the balance sheet here. CAD 5.8 million in cash. You have another CAD 5 million in cash. Are you looking to utilize all of this for an acquisition, or are you going to leave yourselves some runway for the coming quarters? Thanks. Thanks, Max. Great question. I think, you know, where we are is remaining flexible. I mean, I think we've been fairly public in the fact that we have a rolling M&A pipeline and that consolidation, whether it be small or large laboratories, is a key part of our thesis. Especially when it comes towards standardizing this process for larger companies and giving, fairly standardized regional scale. It's more about having flexibility. I think though in the press release obviously there was some language around use of proceeds and our focus on that continued consolidation. I think also it's maybe hard to always tell from the trailing 12 months of the company because we're so acquisitive of where we are. I think as you start to look at the fourth quarter, as a better metric of the kind of company's coming performance, you can start maybe modeling out a little bit more our ability to generate cash from operations, as well as having a stronger kind of lens to this consolidated adjusted EBITDA in 2023. I think, yeah, it's all about, you know, remaining flexible. Obviously we've got a growing pipeline that we wanna be able to act on when synergistic and accretive opportunities present themselves. There's also just, you know, some day-to-day opportunities of continued investment growth around supporting enterprise sales growth and, a lot of the things that we're working on in the U.S. market that we wanna continue to be nimble on when the chance presents itself. Perfect. Thanks for answering. I have an additional question. You know, just more of a, I guess, philosophical you could say. You know, as you're, I guess, capturing approximately 11% of the business, as mentioned in your results, do you see like an increased value for the standardization of your datasets? I mean, fundamentally you're building out a very robust amount of data that's gonna be consistently labeled, accurately, and digestible. Do you see this being something that larger customer or larger customers are looking for? Or is it just the nature of the product you're offering that is drawing these larger contracts and customers into the business? It's a great question. It's one that we think about. I think, you know, if we think about the five or ten-year vision of this business, it has many derivatives that come from being a leader in soil space. I think what's created such a unique opportunity is the fact that we have this boots on the ground network that perhaps a lot of pure technology plays or data center businesses just have an inability to be able to consolidate because they don't want to invest in the actual network, which is helping us create, I think, this really unique, unreplicable data set, whether it be through the acquisitions that we've made, or the continued service work that we have from our customer base. There's a few broad insights that, we know are true today, just even looking across our customer base. You know, retailers that have active soil sampling programs and are engaging with their customers on what's going on at the field level from a soil health perspective, they're selling more product, whether it be fertilizer, micronutrients, blends, or advice. It's all a very powerful driver for their core businesses. That in a sense is like by having more access to information, their businesses are gonna grow and inevitably, farmers' results are going to improve. I think it's a really core part of our thesis is that the data is very important. Where, I also believe there's a lot of opportunity is around that aggregation and understanding just broader trends. Like, today, there aren't really any public data sets on what's happening, at county or state levels, from a perspective of nutrient level. There's all these sort of reports that come out from labs that are maybe very specific to certain areas. I think that, a proper data set at scale has a lot of value, both for the grower, but also for more anonymous aggregate insights. You know, we're focused on, at the end of the day, continuing to grow our market share here in 2023. We think it's a, as I mentioned, a fragmented market that has ripe opportunity for consolidation, professionalization, which is gonna lead to more work. Ultimately, that is creating, I think, a very unique data set that, to my knowledge is really Deveron, is one of the only companies, you know, in North America that sort of has a purview to. We're gonna continue to kinda develop that strategy out over the next couple of quarters. In the meantime, I think it ties hand in hand with the fact that as our core business grows, we are going to have more access to unique and unreplicable information. All right. That's all for me. Thanks. Thank you. Your next question comes from Steve Hansen from Raymond James. Please go ahead. Yeah. Thanks, guys. Just, Dave, as we're thinking about the cadence for the first half of the year weather's been a little bit choppy already. In fact it looks like we're gonna have a bit of a late start to the spring. Is there anything in your business that sort of makes you think that things are getting pushed one direction or another and things will ultimately still transpire, of course, but just trying to get a sense for, you know, cadence around regular timing for the season here in the spring? I think, one thing that's been really positive with our growth is just we're starting to eliminate, you know, very centralized geographic exposure. A couple of years ago, it would have been, hey, if weather in a certain region is not helping, then it's a lot more difficult to manage. You know, today our teams down in Texas start working in February. I think you're starting to see a little bit more potential for us to smooth things out. I mean, we're still a seasonal business and welcome to agriculture. I think from a first half versus second half of the year,, whether there's kind of timing around business recognition between Q1, Q2, Q3, Q4, those things are sort of more minute that I have difficulty in being, crystal clear on. I think H1 to H2, I think the trends that we've seen, especially over the last year, will kind of continue from a percentage of when our business happens. There's also some other things that we're working on, just around like lab utilization. You know, so we do a lot of tissue testing, which is sort of an off-seasonal service here in Canada. We're looking at, driving that through our network, down through the U.S., which I think can create some new business lines that again, will add value to just the core sort of fertility sampling business that is highly seasonal. I'm not sure if that completely answers your question, Steve, but it's one way that we're thinking about things that, as the company grows, I think we're less adverse to these, kind of like cyclical weather trends as we get more scale in different geographic regions. No. That's helpful. Thanks. Just lastly is just around the balance sheets and, you've done some recent optimization there. Do you just wanna explain the rationale there again, just clearly so we understand what the process has been, just around that recent step? Yeah. When we acquired A&L, it was based off of an EBITDA multiple for the valuation. When we purchased it, we didn't include the real estate as security against the credit facility. You know, about like last summer, we started working with our group on saying, "Hey, like, there's a mortgage back here that can just help with general interest rates and security." We went forward with putting the building against the credit facility, which, at the end of the day, will probably help with interest payments of about CAD 500,000 a year. It also extends the am out, rather than being, the term loan terms initially. We're getting out to 20 years on a portion of it. I think it's just all great things. At the end of the day, we're gonna have now just under CAD 10 million of real assets, from real estate on the balance sheet as well, which I think continues to build confidence that the company is growing and we've got real estate assets that will continue to provide useful life, for our business as we mature. Okay. That's great. Appreciate the time. Thank you. Ladies and gentlemen, there are no further questions at this time. This concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Thank you.