Good day, and thank you for standing by, and welcome to the Haivision first quarter 2022 earnings release. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Mr. Mirko Wicha. Sir, please go ahead. Thank you, Mel. Good afternoon, everyone. Thank you for joining us once again, and I'm thrilled to be back to discuss this time our Q1 fiscal year 2022 results. As demonstrated by the results we just announced earlier today, I mean, demand for our products remains strong, and our business fundamentals have never been stronger. Now let me just start with the amazing Q1 revenue results of $28.3 million, which exceeded all previous quarters and actually represents a 23.3% growth over the previous Q1 of 2021. Now, I also want to remind everyone that this time last year, we had an unbelievable record-breaking Q1 and also the previous Q1 before that. To grow another 23.3% over that quarter is an amazing back-to-back impressive financial result as we continue to deliver on our promise to increase top-line growth and build operational efficiency into our long-term business model. Now, we also delivered our 33rd, and you heard that right, 33rd consecutive quarter of positive adjusted EBITDA. Not too shabby, right? When you look around the tech world and see many companies that still haven't made any money. All I can say is I'm very, very happy to finally see the market favoring companies that are actually profitable, that are fundamentally strong business models, and don't spend crazy money just to get top line growth at the expense of huge losses. That's not Haivision and never has been. As you can imagine, we are very proud of our results and our strong business. Now, let me briefly discuss a few key highlights. Number one, I'm absolutely thrilled that we have signed an agreement to acquire Aviwest SAS in France. This is our second strategic and impactful acquisition since the IPO, which is expected to close by the end of this month. Now, Aviwest is a phenomenal addition to the Haivision portfolio. It enables us to be the only provider and vendor to deliver ultra-low latency wired and wireless streaming technology. This is huge. I mean, Haivision will be looked upon to help solve the most complex and difficult contribution streaming and remote production solutions in the industry. Now we do expect a very quick global sales integration upon the closing. I mean, customers are already excited to see how our products will integrate and provide an unparalleled portfolio of products under one roof. In fact, we already share many accounts where they use Haivision for their land-based and wired needs and actually I, Aviwest for the remote, mobile or cellular bonded systems when 4G or 5G is necessary. We see this as an amazing opportunity to strengthen our global customer presence. Now, in addition, we also have accounts that use other 4G and 5G solutions, and we'll now have the opportunity to get their solution from a single vendor. We see a massive cross-selling opportunity worldwide into each other's accounts. In fact, we've already heard from many of our large broadcast accounts wanting to see and test the Aviwest technology. Now, I'm also very excited on our ability to scale this business globally and to increase our footprint, not only in broadcast, but also to take these 5G IP bonding solutions into defense, government, and the first responder market. I mean, the urgent need for real-time, low latency remote communication is growing. You know, we can now be the single source of supply into all these markets. The Aviwest acquisition is extremely synergistic in all key areas of sales, geographic expansion, technological synergies, and helping to solve our customers' challenges. And this new combination will continue to fuel our growth well into the future. Although we're also holding a very special webinar broadcast tomorrow at 9 A.M. Eastern Time, which will actually feature Ronan, the CTO and a founder of Haivision-Aviwest, together with Mahmoud, the CTO of Haivision. They'll be discussing the importance of these technologies and the vision going forward. You can register for this webinar on our website at haivision.com. I would highly encourage that. Secondly, we have also decided to rename CineMassive to Haivision MCS, which stands for Mission Critical Systems, to better reflect our strategic focus on the government, defense, enterprise, and public safety verticals. You know, we believe our combined strength and clear focus in these markets will propel Haivision into an industry powerhouse globally. Now, thirdly, our advanced cloud and self-serve SaaS video distribution platform, Haivision Connect, continues to receive very positive feedback from our house of worship and faith clients. I'm thrilled to report that we now have 97 clients using Haivision Connect as part of our transition to this new SaaS platform, including some of the largest multi-campus ministries in the United States. Now, as mentioned previously, which is only about six weeks ago in our Q1 and end of 2021 earnings release, we continue transitioning all of our faith clients to this new innovative platform. Now, the next major step is for our full release of the advanced VOD features that everyone has been anticipating. It's been a major development effort and represents the last step to enable all the key accounts to transition their entire workflow to Connect. We expect this to begin shortly after the busy Easter holidays, as you can imagine. Now, our innovative cloud-based video streaming routing technology, the Haivision Hub, now has about 32 active clients as we are about to introduce our new appliance attachment features end of this month. As I mentioned about six weeks ago, these new features will enable full management and device control of Haivision endpoints, such as our Makito encoders and the Haivision gateway, giving users powerful control of ultra-low latency cloud routing of video security from anywhere to anywhere globally. The Haivision Hub is evolving into a powerful video routing and element management platform for all of our devices. This is very, very exciting for our long-term SaaS growth. In fact, our flagship encoder, the Makito, added some new important features that enhance remote workflows with full support for SMPTE 2110, which is for all IP-based broadcast workflows. I mean, this combined with its renowned ultra-low latency continues to make the Makito the gold standard for everything remote in broadcast. I would say finally, our percentage of international revenue has decreased last quarter to now represent about 20.7% of our global revenue. This is mainly due to the addition of the heavily U.S.-weighted Haivision MCS or CineMassive revenue. We expect this trend to continue, obviously, as Haivision maintains its leadership in mission-critical real-time operational center deployments. As the Haivision MCS or again, CineMassive business continues to further add to our U.S. growth, it is expected over time to also increase our international business. We believe having a strong international presence is important to maintain Haivision's leadership in the global IP video market. Now, I'd like to just discuss some product, technology, and industry trends for a bit. Now, on the product and technology front, in Q1, we already mentioned we released an important feature in our lineup, right? The support of SMPTE 2110. Now, in contrast to SRT, which enables low latency video over the Internet, 2110 is a new standard for distributing uncompressed video within broadcast facilities over high-performance IP networks. Now, with Haivision products, broadcasters can achieve full IP-based production workflow seamlessly, bridging their internal and external networks in support of remote and decentralized workflows. In fact, the next version of Haivision Hub to be released at the end of this month, as I mentioned, will enable full end-to-end control, connecting all these IP workflows across facilities globally or directly to cloud production resources. The importance of these end-to-end IP workflows cannot be overemphasized. The move to IP is the most important trend in broadcast, as was actually highlighted within the third annual Broadcast IP Transformation Report that we just released. I highly encourage everyone to download the report from our website. In this widely respected report, we actually summarize data from over 650 broadcast professionals. As I mentioned before, the pandemic has accelerated the shift in broadcast and across all markets to embrace approaches that address distributed workforces, decentralized operations, reduced travel, and work from home challenges. In fact, this year's report shows that 65% of broadcasters are in the midst of migration to all IP workflows. Actually, 60% now understand that the future is in hybrid, on-premise, cloud, and remote IP workflows. Now, another important indicator shown in the report is the pervasiveness of SRT. From a live video connectivity perspective, SRT has become the most widely used transport protocol in broadcast. I mean, Haivision, of course, invented SRT and made it freely available as open source back in 2017. Many people have actually asked us, including many who are listening today, "Why did you open source such an in-demand technology? What are the benefits to Haivision?" The answer is very simple: leadership and access. You know, our SRT open source strategy has elevated Haivision as a leading disruptor in broadcast and streaming. We are the beneficiaries of this strategy through several key areas, such as CTO level access at the top clients globally, access to strategic partnerships as developed through the SRT Alliance, our position in supplying the market with solutions that continue to be favored as a gold standard for SRT workflows. I would say finally, fueling our acquisition pipeline. For example, the last three out of four acquisitions we did, which is LightFlow, Teltoo, and now Aviwest, are all acquisitions that started with SRT partnerships. The SRT Alliance formed and managed by Haivision has also just surpassed 550 members and includes support from the world's top public clouds, including Amazon AWS, Microsoft, and Google, the top broadcast solution providers, which include Sony, Panasonic, JVC, and Harmonic, and the top media services organizations like IBM, Comcast, Encompass, Tata Communications, and Telstra. I mean, all of these companies are bringing forward cloud-based and decentralized remote workflows based on Haivision's SRT. I've always respected the saying, you know, lead, follow, or get out of the way. Haivision prefers to lead. You can expect more disruptive open-source leadership in our future. Finally, I would like to highlight a key point from our Broadcast Transformation Report. For the third consecutive year of this report, with 68% of the vote, 5G tops the list of technologies that will most impact broadcasters within the next 5 years." 5G is poised to make high bandwidth, low latency internet access ubiquitous and extend IP-based workflow for any type of live event. I think that in itself should help explain why the Aviwest acquisition is so strategic. So let's talk about the Aviwest impact and influence. In fact, a remarkable achievement for the Aviwest team was just recent, delivering end-to-end latency of less than 200 milliseconds using live 5G transmission during the recent 2022 Winter Games. This was an amazing breakthrough in wireless broadcast. This was made possible by complete understanding of the encoding pipeline and specifically how 5G networks can be taken advantage of, not only for their native increased bandwidth, but also for dramatically reduced latency. I mean, this is the expertise of the Aviwest engineering teams. Now, broadcasters are looking toward a single solution that can deliver the lowest latency video regardless of the network. The Haivision Makitos are excellent for any wired installation, those that are relatively fixed and can be served with fiber cable or an Ethernet drop. The Aviwest transmitters are perfect complement when fixed lines are not available or the mobility or the cameraman is essential. You may have noticed cameramen moving very quietly amongst the curling teams, for example, during the games, right? Each connected wirelessly with little devices, antennas on the back of the broadcast cameras. You know, low latency and synchronized streams are absolutely required to fuel any production environment, whether it be on-site, remote, at home or in the cloud, dedicated to assembling and mixing these feeds for broadcast. I would say that if you watched any of the 2022 Winter Games, the likelihood that what you saw was assisted in some way by Haivision and Aviwest is quite high. Haivision and Aviwest technology used together to deliver ultra-low latency video to production is a clear sign of the value in our combined company going forward. In fact, one last but most recent example of the move to hybrid workflows was actually within the coverage of the PGA TOUR Players Championship that just finished yesterday right after the weather delays upset the event held at TPC Sawgrass outside Jacksonville, Florida. You know, both PGA TOUR Entertainment and NBC Sports relied on Haivision to assist with their cloud production and remote production challenges, respectively. The hybrid workflow approach is today's reality. Now, let's discuss a few selected Q1 sales highlights, and I broke it down by different markets. Let's talk about within our enterprise and cybersecurity verticals. You know, Haivision and now Haivision MCS, right, which was CineMassive, has been at the heart of organizations addressing the growing threats related to cybersecurity. You know, there are many systems involved in a comprehensive cybersecurity plan, all that must meet an organization's strict system security governance. You know, these systems span monitoring alerts related networks, firewalls, databases, communications, and even extend to simple physical security. The Haivision MCS solution manages the aggregation and presentation of any source so that decision-makers can manage complex environments and react to unforeseen events that may shake the foundation of their organizations. You know, this quarter we have established or extended multi-site deployments of our mission-critical solutions to some of the world's most important organizations, including Facebook or now Meta, Salesforce, and Pfizer. You know, we have also expanded a recent deployment of Walmart for their video infrastructure within the conference training center. These are some pretty big names. Now within our defense vertical, we have secured yet another significant phase towards supplying the U.S. Navy with additional IP video infrastructure, a retrofit program that we have been involved with for many years and part of our ongoing programmatic business. You know, Q1 also saw a number of design-in wins for our MX1 rugged encoder in both manned and unmanned aerial vehicles, helicopters and planes, domestically in the U.S. and internationally. Now, these long-term wins are critical in building our programmatic business even further. Now, one key observation to note is that we are seeing a shift of the U.S. government purchasing schedules affecting long-term programmatic business. You know, it seems to be kind of moving back to the pre-COVID days on what we witnessed in the previous administration days, you know, where emphasis was always placed on September year-end budget spending. Because the last two, three years, we kind of saw a move to split these budgets between the April, May, and September, October time frames, which kind of smoothed out our quarterly revenue makeup. you know, we now seem to be going back to the old spending patterns, and that's kind of moving our government and programmatic business revenue more back to our traditional Q4, which ends October thirty-first. A little bit to talk about house of worship or faith vertical. You know, our Connect SaaS platform continues to be positively received within the market, and our focus sales team in this area has not only continued to transition the installed base, but it's also secured some significant victories against the competition. You know, a couple good examples, you know, Meadowbrook Church and Life Church in Florida, New Life Church in California, and Victory World Church in Georgia have all signed on with Connect in absolute head-to-head competitive battles. Very proud of those. In fact, Joe Hayes, actually, the media director of Redemption Church in South Carolina, explains the value of Haivision Connect beautifully. He says, "Haivision has always stepped up to the plate. The team understands our challenges and is always able to help provide a solution. We absolutely love Haivision solutions. They've always been able to deliver an excellent quality, robust product for us, which means I always have a peace of mind on a Saturday night. I don't have to worry about Sunday morning and whether the world is gonna be able to watch. I just know that I can rely on Haivision technology." Robert Cuyar, the IT Director of Redemption Church, added, "Now Haivision Connect is so simple to use and is providing us significant savings on our bandwidth use, which is a great added benefit. Now this makes it both a reliable and affordable option for churches with smaller budgets or limited access to high-speed internet. Not only is Connect helping us save time and bandwidth, but it has also helped us to reduce the number of systems we use. An all-in-one comprehensive live streaming solution. Haivision Connect is helping us to save money. Very nice quotes. Let's talk finally a little bit about the broadcast vertical. You know, in addition to supporting the PGA and NBC Sports I highlighted earlier, Haivision continues to expand its presence in broadcast, a key market segment that is being seriously augmented with the Aviwest acquisition. In fact, in Japan, NHK, one of the world's cornerstone and largest broadcasters, is now using Haivision Makitos specifically to address the remote challenges associated with the winter and summer games. Texas Star and OnSama TV are collaborating by using Makito and SRT to deliver 24/7 news and current affairs channels through Etisalat in the UAE and other IPTV platforms globally. Closer to home, in the rapidly expanding esports market, Fan Controlled Football is now streaming to Twitch and DAZN, or The Zone, some people call it, using Haivision. Now before I pass it to Dan, our CFO, for a more detailed analysis on our first quarter results, I would like to also mention that headwinds in 2022 absolutely do exist, which could affect business and growth. I mentioned that last time, and I will continue to mention it. You know, the world is still dealing with an unprecedented supply chain and component shortage like we've never seen before. I believe this will continue well into 2023, especially with the unfortunate recent developments in Ukraine. Our teams are working hard to mitigate any supply chain issues, and we are deploying cash and increasing inventories to maintain our business flow. I do expect things may begin to ease during the second half of 2023, so we're in this for a while longer. Now, the good news is that our supply chain team has done an excellent job in mitigating these pains thus far, and it's focused like a laser beam on addressing anything that comes our way. But understand that costs are up, delivery times are longer, and the challenges are there. I'm sure Dan will speak to this in a little more detail. Now, I'll just finally add, unfortunately, we've also seen a disruption of business in Russia, given the latest developments in Ukraine, which we spent years of building. You know, export licenses to other countries such as Turkey and Saudi Arabia are also more difficult these days, which we need to consider as we plan for the remainder of 2022 and 2023. Now finally, I would like to add that we are continuing our aggressive focus on acquisitions as part of our M&A strategy since the IPO. You know, we have now delivered two strategic acquisitions in the first 15 months since going public with others in the hopper. We are continuously evaluating additional opportunities to help consolidate this largely fragmented market. Now, I do wanna mention that I could not be prouder of the Haivision team and what we have accomplished since the IPO. It's truly been an amazing first year as a public company, and not only delivering but actually exceeding most of our expectations thus far. Finally, I wanna thank all of our investors and analysts on the line today for their continued support of Haivision. I really look forward to speaking with many of you soon. Dan, the table is yours. Well, thank you, Mirko. Let's get into the numbers. Before we begin, I just want to mention to those on the call that one of CineMassive's key assets, albeit a non-financial asset, is their facility security clearance. We have made progress with the Defense Counterintelligence and Security Agency, commonly referred to as DCSA, on a special security agreement to replace our existing commitment letter. Our initial focus has been to derive sales synergies. The renaming of CineMassive to Haivision MCS represents a significant milestone in that integration. However, it also means that as we continue to integrate Haivision MCS's business into our systems, it is becoming increasingly difficult to identify Haivision MCS revenue and expenses on a standalone basis. With that said, now let's get into the numbers. Revenue for this first quarter of fiscal 2022 was $28.3 million, representing an increase of $5.4 million or 23.3% from the same period in the prior year. As Mirko mentioned, typically our first quarter revenues are less than the fourth quarter revenues that precede it. We saw that in virtually every fiscal year prior to fiscal 2020. With the onset of COVID, we did begin to see more consistency in revenue and a smoothing of our revenues across quarters. Said another way, client purchases were more ratably throughout the year. Although this first quarter represented a 4.7% increase in sequential quarterly growth, we seem to be reverting back to our historical seasonality as governments, broadcasters, and enterprise customers seem to be returning to work. Recurring revenue, which we are now defining as our cloud solutions and maintenance and support, continues to be robust. Recurring revenue was CAD 6.6 million in the quarter and represented just over 23% of this quarter's total revenue. This compares to our recurring revenue in the first quarter of fiscal year 2021, where recurring revenue was only CAD 5.2 million, but still represented just under 23% of first quarter fiscal 2021 total revenue. For this quarter, gross margins were 69.4%, down from recent history. We anticipated a decline in gross margins to accommodate Haivision MCS's business, which historically operated at a lower gross margin than Haivision's traditional business. With that said, we have been incurring higher direct product costs, including higher direct product costs related to the nature of Haivision MCS's products, higher component costs as the global storage, the global shortage in electronic components continues to be a challenge. We've had expediting costs, and we've made investments in subscription trials for customers interested in Haivision Hub and Haivision Connect platforms. We've also seen increases in other costs of sales, including the redesign of products using latest componentry to solidify our supply chains and investments in the new systems to provide a real-time assessment of our supply chain resilience. We've also incurred certain costs for qualifying alternative manufacturers for difficult-to-procure electronic components. I'll touch on supply chain constraints a bit later in my remarks here. As presented, total expenses for the first quarter were CAD 19.8 million, a decrease of CAD 9.1 million when compared to the same period in the prior year. As discussed on previous calls, CAD 14.2 million of those share-based payments were one-time, non-recurring, non-cash expenses resulting from the exercise of options related to our legacy employee stock option plan. Share-based payments related to the LTIP, our current stock option plan, was CAD 0.8 million compared to CAD 0.2 million in the same period in the prior year, due to the timing of the initial public offering and the initial grants of DSUs, RSUs, and options related thereto, and subsequent grants through the year to employees to attract, retain, and motivate. Normalized for these share-based payments, total expenses were only CAD 19 million, an increase of CAD 4.6 million when compared to the same period in the prior year. Compensation-related expenses in aggregate increased by about CAD 2.4 million compared to the same period in the last year. Headcount at quarter end was 338 people compared to 256 people at the end of the first quarter in fiscal year 2021. Haivision MCS added 64 people in August 2021. That's of the total 82-person increase. As a reminder, approximately 75% of our total expenses, excluding share-based payments, is made up of people costs. That's why we focus on headcount numbers. Amortization and depreciation expenses in first quarter 2022 were CAD 1.1 million higher than in the same period in the prior year, as research and development, sales and marketing, and general and administrative expenses included increases in amortization expenses related to the intangibles acquired as part of the Haivision MCS transaction. We also witnessed a half-million CAD increase in travel, the majority of which can be attributed to Haivision MCS's install business. Adjusted EBITDA for the quarter was CAD 2.1 million, a decrease of CAD 1.4 million compared to the same period in the prior year. Now, the CAD 5.4 million increase in revenues contributed to a CAD 2.1 million increase in gross profit. That was offset by the increase in total expenses of CAD 4.6 million, again, excluding those share-based payments. Nevertheless, this quarter now represents our 33rd consecutive quarter of positive adjusted EBITDA. Net loss for the quarter was CAD half a million compared to a net loss of CAD 12.1 million for the same period in the prior year. That's a CAD 11.6 million improvement. As was the case for adjusted EBITDA, share-based payments of CAD 0.8 million represented a decrease of CAD 13.7 million from the prior year. Now, again, CAD 14.2 million was a one-time non-recurring expense related to the IPO. The CAD 5.4 million increase in revenue that I spoke of before again contributed to an increase in gross profit. That was offset by the increase of expenses, much of which was related to the recent acquisition. If we look at the balance sheet, we ended the quarter with cash balances of CAD 24 million. Total assets at year-end were CAD 124 million, an increase of CAD 1.8 million from fiscal 2021 year-end. The increase in assets is largely the result of trade and other receivables, again, related to higher revenue levels, prepaid expenses, some of which are related to the supply chain shortages we've been seeing, and investments in inventory to minimize the risk of revenue disruption. These working capital increases were offset by the CAD 2.8 million decrease in cash in the quarter. Total liabilities at quarter end were CAD 33.4 million, a slight decrease from fiscal 2021 year-end. Note that of our total liabilities, CAD 11.2 million is related to deferred revenue. That's recurring revenue invoiced and yet to be recognized. CAD 8.5 million is related to lease liabilities resulting from the accounting treatment of IFRS 16. In terms of financial liabilities, we remain debt-free. Our CAD 35 million revolving line of credit for general working capital, general corporate requirements, and financing for acquisitions remains completely available, and it includes an accordion feature that allows us to expand the line to as much as CAD 60 million. Obviously, the big news this quarter was the announcement that we signed an agreement to acquire Aviwest. Haivision will acquire 100% of the shares of Aviwest on a cash-free and debt-free basis for cash consideration of about EUR 20.5 million, which is approximately CAD 29.6 million. Obviously, that's gonna be subject to customary adjustments for transactions like this. Obviously, the guidance provided last earnings call did not incorporate the performance of Aviwest. To assist, Aviwest's year-end is December 31. In the 12 months ending December 31st, revenues in terms of euros were about EUR 10.5 million or approximately CAD 15.1 million. Interestingly, about 50% of last year's revenue were in the November-December timeframe or in their first calendar quarter, months that won't be part of our fiscal 2022 results. Gross margin for Aviwest is about 70%. Although facing some supply chain constraints, we believe there are some opportunities for enhancement, margin enhancement. As will be the case with Haivision MCS, it will be unlikely that we will be able to report Aviwest revenues or margins separately as each of our entities cross-sell products to their existing client base. We had a similar experience with our Video Furnace, KulaByte, and CoolSign acquisition. We do expect the acquisition to be modestly accretive in the near term, with opportunities to enhance adjusted EBITDA margins to mid-teens by the end of the calendar year. Mirko mentioned significant headwinds. I wanna touch on that just a bit. Our supply chain teams have done an excellent job in mitigating the sales impact given this worldwide component shortage. They have successfully addressed all the issues for the quarter just passed and the current quarter, and the number of issues remaining for third and fourth quarter seem to be very limited and controllable. However, our successes are not without some real costs to the company. For the last six months, we've been working with our contract manufacturer, as an example, to secure our six-month needs for parts and components. We've had to increase our deposits with our contract manufacturer by approximately $1.3 million, and it will likely go up by a couple of hundred thousand dollars before the process is complete. We've also made an approximate $2.5 million in incremental inventory to secure the high-value, long-lead-time components necessary to keep the revenue line moving. In the past quarter, we did incur at least half a million in additional direct product costs directly related to the worldwide shortage in components. We will likely have to respin certain of our boards to accommodate more available componentry, and new challenges seem to be popping out of the woodwork on a weekly basis. As Mirko suggested, we don't know when we might see our supply chains reverting back to historical levels, but we believe that we will continue to see some level of tightness through the middle of 2023. The good news is that our supply chain experts seem to be on top of this issue. The people side of the equation has also been challenging, and the cost of retention is becoming more significant. There is no doubt that our competitors and other industry participants view our employees with some degree of envy. Now, we reevaluate compensation at the beginning of each fiscal year. That's November 1 for us. A quick back of the envelope calculation suggests that the average increase in salaries have been between 5% and 10% in certain geographies. The cost of certain social charges and fringe benefits are increasing as we enhance our employee programs. Despite all of our attempts, the overall environment to attract and retain employees continues to be a challenge. We've invested in internal recruiters, but we're using third-party recruiters in more circumstances. We believe that these challenges are compounded by the work from home initiative that have diluted the culture we have spent years promoting. Now, a quick note about currency. In the instance when we do provide guidance, we do not really consider the potential impact of foreign exchange gains or losses, as we do not attempt to estimate future movements in foreign currency rates. Now, we have seen currency rates, exchange rates remain relatively static in the last three months, but we don't know where that might go going forward. With that said, we are now ready to take questions. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone keypad. Again, in order to ask a question, you may press star one on your telephone keypad. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Now, the first question comes from the line of Nick Corcoran of Acumen Capital. Your line is now open. You may ask your question. Hi, guys, thanks for taking my questions. Hey, Nick. Just the first question has to do with the programmatic revenue in the quarter. Can you give any indication what that was of the total revenue and how you feel that'll trend through the year? Yeah, you know what? Honestly, we don't usually give a number for what the programmatic business is, and I don't even have it handy. I think the trend, Nick, is that we are seeing definitely a shift, you know, into the typical government year-end, which is end September, and the new year in October both kind of fall into our Q4. Right now, we're actually seeing already that early on, and I expect our Q4 to be much larger than we would have expected before we started the year. If I look back to map what it was two, three years ago, you know, our Q1 was always traditionally the smallest quarter of the year, and Q2 was a little bit bigger. Q3 was a little bit bigger, and then Q4 was the big one. I think that's kind of the way we're going forward this year. You know, and that includes not just programmatic business, that includes government spending. We actually did get some good programmatic business in Q1, but we kinda do that throughout the year anyway. Unfortunately, I've just seen a big shift in the government overall spending, which is an enterprise and defense as well as programmatic businesses. That's helpful. Just moving on to CineMassive, so how is the integration going? The attrition, sorry? I-integration. Oh, integration. Sorry. Dan, do you wanna talk about that a little bit since that's the. Sure. So, yeah, no, for sure. Well, let's say, we're happy with the integration thus far, but it hasn't been without some complications. What I mean by complications is that because they've got this secured facility, we have to work with DCSA on how we integrate these two companies without allowing information to get into the hands of foreign owners. That has slowed the process in terms of back-office integration, but it has not delayed the process in sales integration. For that matter, we have put the teams together in a real significant way. That's part of the reason why we wanted to rename the enterprise Haivision MCS to highlight that it's one singular team that's gonna be selling a full battery of products to each other's respective customer bases. That has worked, and we have already started seeing a number of opportunities that include both Haivision products and CineMassive products on the same bill of materials, so to speak, same invoices. It is working. Great. Then the last question just has to do with how the year is tracking compared to your previous guidance. I believe you had mentioned on your last call that you expect revenue to be up about 35% and EBITDA to be up north of 40%. Well, it's a little bit more of a complicated question because we now have Aviwest in the mix. Obviously, we have an expectation that Aviwest is going to close at the end of March, which means we should see seven months of that revenue added to the existing business. The existing guidance that we gave you, I don't believe there's any, we don't see anything that is changing the existing guidance. I would say that between the existing guidance and what Aviwest brings to the equation, we're probably looking at CAD 130 million or better in this current fiscal year. With the supply chain challenges, do you think there's any headwinds to your previous EBITDA guidance? Well, we're certainly seeing some impact on gross margins as represented by this last quarter's results, but we've been able to mitigate much of it. I think we're halfway through the mitigation in terms of financial cost to the business, maybe more so from a balance sheet standpoint, maybe 75% or 80% from a balance sheet standpoint. We're aware of it, and we're also aware of our need to generate EBITDA. We're not yet changing guidance based on that. Great. That's all for me. Thank you. Thanks, Nick. Thank you. We have the next question comes from the line of Robert Young of Canaccord. Your line is now open. You may ask a question. Hi. Good evening. There was a line in the press release. I just wanted to get some context around it. It said that you expect the acquisition to reach typical levels of adjusted EBITDA contribution. I just wondered if you could put some context around what you mean by that. Is that implying a target profile over time, or and if not, like, what are the typical levels that you'd expect? Well, I guess, that's my line. Let me see if I can add some color to it. You know, we've always said that we believe we can build this business to an EBITDA margin of 20% with some level of scale. Obviously, we're getting scale very quickly given the acquisitions we put in place. I believe that this fiscal year, we're trying to move the EBITDA margins from the 13.3% level thereabout to just under 15%. When I speak about Aviwest, we believe they too can accomplish just under 15% EBITDA margin through synergies and some opportunities that we've already identified. Okay. Okay, thanks. That's good color. Second question. I guess you're not going to break out the contribution of CineMassive given the comments in the prepared comments. Like, can I think of that business as running similar to the CAD 25 million run rate you guys highlighted when you acquired it? Like, should I think of it as running a bit slower, a little bit faster? Any context relevant to that metric? Well, first of all, it was CAD 15 million, not 25, right? Oh, no, no. You said CineMassive. Oh, I thought you said Aviwest. I'm sorry. I thought you meant CineMassive. Sorry if I said Aviwest. Oh, okay. Sorry. No, I'm sorry. It's all you. At this juncture, we're not seeing either one business or one vertical outgrowing the other one at this point. We are pleased with the results of CineMassive. They've not disappointed us, but they're also not outshining our expectations. I would say that collectively speaking, we're all sort of growing in concert. Okay. The reason I was asking that, I was trying to do some back-of-the-envelope math around the gross margins impact. If CineMassive is the biggest driver of the margins impact, if I make that assumption, then I kinda have to get to somewhere between 35%-50% gross margins for that business. Is that about right? Is that good math? 35%-40% gross margin for CineMassive. 35-50, sorry. I think you're way low on that. We've always suggested to you that CineMassive has been between 55%-60% gross margins. They've actually been on the higher end of that in what you know we've been able to see. I'm not exactly sure how your math added to that. Okay. Likely the part that squares that is the impact of supply chain and some of the things you're talking about, some of the gross cost pressures from supply chain. If I were to break the impact on gross margins, say, year-over-year, the 7% difference, would it be about half and half CineMassive and supply chain? Would that be a kind of rough way to think of it? I feel like I'm being put a little bit on the spot here. I think that may be accurate, but I would- Oh, yeah. I would rather get back to you with a more definitive answer if I could. Yeah. Yeah, sure. No problem. Last question for me is just around the expectations for headcount you're gonna add in 2022. I think you said something like 60 you're gonna add in 2022. I'm not sure if that included Aviwest in that number at the time, but the 338 that you gave earlier in the call, like, how much additional headcount are you thinking of, you know, in budget for the rest of the year? Then I'll pass the line to someone else. Well, very good question. Let me see if I can sort of unpack that a tiny bit. Yes. Our original budget, which was absent an Aviwest acquisition, included the addition of 60-some odd people in our budget. Now, there are 2 things that are happening that we are looking at. The first is the ability to attract employees is getting more challenging. We are seeing that people are leaving Haivision for other opportunities a little bit more so than they had in the past. Which means the idea of us being able to get to 66 new hires in this fiscal year seems fairly unlikely, right? We're still playing a little bit of catch up based on the attrition that we're seeing. Now that we have Aviwest on board, and now that the integration with CineMassive has become more apparent and more obvious, we have an opportunity to sort of derive synergies through those acquisitions, and we will probably be rationalizing our new hires couched against what do these other properties bring to the equation, and can we derive synergies thereof. I guess that's a long way of saying that it's unlikely that we're gonna be hiring to our original budget, but we will probably end the year with well over 400 employees from where we are today. Okay. Okay, thanks for taking the questions. Appreciate your answers. Thanks, Robert. Thank you. Next question comes from the line of Kevin Krishnaratne of Desjardins Securities. Your line is now open. You may ask your question. Hey, guys. Good afternoon or good evening, rather. I just had a question on your sort of commentary on Aviwest. It did CAD 50 million for the December period, and I think you mentioned 50% of that came in November, December, which you're not gonna capture, you know, this year. I wanna- Kevin. Is that? Yes. What I said was 50% came from November, December, and first quarter of 2021. Five months made up 50%. The fact that we're closing at the end of March means we're not gonna get the benefit of January, February, March, and we're not gonna get the benefit of November, December because that's outside of our fiscal year. That's the nuance I was trying to get across. Okay. I guess, was there anything in those five months that was a little bit anomalous in a way or outside of the seasonality? I guess I'm trying to frame how to think about the real run rate of the business as I think about 2023, actually. It's a good question. We obviously are learning alongside a lot of people as we go through it. I would tell you November, December experience, where they seem to have a disproportionate amount of revenues in their November, December, that's been there the last two years, and we believe that's part of their overall business. The January, February, March observation is a little bit more, it's not as obvious to us. Thanks for that, Dan. That's helpful. I had a question for you again on Aviwest. Like, it sounds really good. You know, there's a lot of opportunities for cross-sell between your base customers and theirs. I know that 75% of the revenue comes from sort of the media and entertainment sector. I'm just curious as to why that's been the case and why they may not have had a strong business in military. The type of use cases, I think, that could come out of wireless encoders out in the field sounds very well suited for those industries. I'm wondering, do the other competitors out there, are they pretty deeply entrenched in those markets, or is there something, is this something that could be brand new for customers in those verticals? I'm just curious as to the thoughts there. Let me take that one. Kevin, that is a very good question. In fact, you know, there's three, I would say, main competitors to their business, and it's very similar. Like, a lot of the players in that specific market have really focused on two markets, which is broadcast sports and news gathering, right? If you go to LiveU, TVU, and Aviwest, that's predominantly their business. In fact, none of them have really ventured into any of the other markets, with probably the exception of Dejero, actually, is another one, like a smaller Canadian company which have kind of gravitated more to government and networking. Aviwest obviously being the smallest of all of them, right? Really, number one, it's just the biggest focus on broadcast and sports and news gathering. They just didn't have the resources even to venture into the other markets. Not to say it wasn't a potential market, yes, but it was just a matter of resources. I think that's where we bring a massive amount of energy and resources and scale, where we are in all those other markets, that this is a natural fit for us. Interestingly enough, we will be able to be a significant player because even LiveU and TVU, which are the two biggest vendors, are barely touching that space. We see a huge opportunity for us to go into the you know, the first responder market, you know, the blue lights, as we call them, market, not to mention defense, of course, and just pure government. We see that as a big opportunity for us to really differentiate ourselves from the competition. Okay. Yeah. I mean, it sounds like a really good opportunity if those customers are not being served. Is this something that they've been looking for, you know, that you were hearing from those customers in those sort of industries? You know, I'm just thinking the opportunity just sounds pretty actually really good for you guys. Yeah. Well, you know, a lot of that market was also pretty fragmented. Understand that 5G and 4G and cellular stuff tend to be first picked up by some of these advanced broadcast initiatives, right? Where if you look at some of the government defense work, you know, a lot of it is radio type of stuff, right? There are players doing that kind of a market spin. The 5G is still early. It's still in its infancy in that space, and that's gonna become a growth factor in the future. You know, there's an understandable reason why some of these players haven't been focused on the market. We have been in that market from the wires perspective, and we do have the ins in that market where we can actually literally leverage this wireless stuff very quickly. You know, there's another company called Vislink, right, as well out of the U.S., that have been involved in some of that stuff, where they do have radio technology, point-to-point radio, terrestrial type of stuff. There's absolutely no clear leader or big vendor that's serving those markets with 5G cellular IP bonding technology. I think we could be the guys, right? Gotcha. That's good to hear. Mirko, you sounded pretty excited on the House of Worship business. You talked about some competitive wins there. I just wasn't clear there. Are you willing to talk about maybe who you're coming up against and winning? Is that on encoders or on sort of like media player and connect type, you know, services? Just wanted to get a little bit more of a sense of what you meant by, you know, the competitive wins, where they're coming from and what you're exactly winning there. No, it's definitely not the encoder business. I mean, we are pretty strong already. This is actually head-to-head against some media properties. I don't wanna mention any names, unfortunately. Let's just put it this way. It's one of the main competitors that we've been facing over the years, and we're starting to take some pretty significant deals from them with Connect, which is very nice to see. It's Connect software properties, I mean, period, right? It's our recurring revenue, it's our contractual revenue, and we're getting new names, which is great. Not just existing customer additions. These are actual new names, competitive wins. We seem to be getting more and more every quarter, so pretty excited about it. Gotcha. Okay. Yeah, no, that's good to hear. The last one for me, maybe for Dan, if you could, you've done, you know, a couple of acquisitions now, and I was thinking back to the IPO. There were a few sort of ways that we could think about the business in terms of splits. We sort of had a view that between media, enterprise and government, it was sort of a third, a third, a third. We also had a view at time of IPO that if you looked at your revenue base, about 30% at any, you know, was programmatic. Just wondering, with the different moves that you've made, if you've sort of got a way to think about how those splits may look right now on a pro forma basis. Well, that's a really good question. I think one of the encumbrances that we have is that, we need to spend a little bit more time with the CineMassive folks and, designate what these customers, what vertical these customers are. On the back of an envelope, we always seen them as a 50% government, 50% enterprise kind of provider. But that would have to be validated. We'd have to look at their internal systems to make sure that they're capturing the essence of what that deal might be. Aviwest, we're gonna have a similar challenge, and, they're a little bit more broadcast-centric than the other entities. We're gonna have to look at this in aggregate and come back with a new sort of conclusion as to how you wanna look at this. I guess the programmatic business is probably looking lower than 30%, given the addition of Aviwest, obviously. Programmatic business, I mean, understand that when we look at programmatic business, we look at it. It is a sort of a subjective element to it. Yes, these are customers for which we have visibility going forward, but it's not exactly contracted revenues, per se. We sort of scrubbed our internal databases and said, "Well, this is gonna be recurring each year at this level," so on and so forth, and that's where we came to the 60% number. We have not yet gone down that exercise with Aviwest, nor have we gone down that exercise with CineMassive. We do know that CineMassive has a number of customers, where they've put in security centers and they're repeat customers, per se. That would be akin to our programmatic business. We just haven't had the time yet to get there. Okay. Maybe just the last one. I know you talked about, you know, lingering supply chain issues, and obviously things are unfortunately being a little bit exacerbated now with the, you know, the issues in Europe. Could you talk about, you know, the conversations that you might be having with clients in the European region? Obviously, again, Aviwest is a major presence there. Has there been any shifting in tone or any, you know, pushing out in terms of delays of orders? Just have to ask the question just given, you know, what's happening in the region. Well, I can answer. I just literally was there last week, just came back on Saturday. Haven't really felt any major difference as of yet. Whether that's gonna continue, that's a different story. Definitely we've seen some, as I mentioned in my speech, that was several countries obviously that has created tension. Russia's obvious, but it's also getting more and more difficult in some of the other remoter areas. But in Western Europe, if you want, can say that, and for that matter, even Eastern Europe, we haven't seen anything yet that would make me think that business is changing or slowing down. I mean, I think we don't. At this point it's a week by week, right? Depending on how this nonsense in Ukraine keeps playing out. Gotcha. Okay, guys. Thanks a lot for taking my questions. I'll pass the line. All right. Thanks, Kevin. Thank you. There are no further questions at this time. I would now like to turn the call back over to Mr. Mirko Wicha. Okay. Thank you, operator. Well, I guess this is the end of the call. Everybody, appreciate your time, and thank you for spending the hour with us and look forward to talking to you about next quarter in three months now. Thanks, and we'll see you then. Thank you. This concludes today's conference call. Thank you all for participating. You may now disconnect.