Ladies and gentlemen, thank you for standing by, and welcome to the Haivision Systems second quarter fiscal 2022 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. Mirko Wicha, Chairman, CEO, and President, you may begin your conference. Thank you, Josh, and good afternoon, everyone. Thank you for joining us. I'm excited to be back today to discuss our fiscal year 2022 Q2 results. If you notice our results we just posted a little while ago, we announced earlier today demand for our products remains strong and our business fundamentals have never been stronger. Now let me just start with the amazing Q2 revenue results, CAD 29.9 million, which exceeded all previous quarters and represents a 36.8% growth over last year's Q2. I do wanna remind everyone that this time last year we had a very strong Q2 also. To grow 36.8% over that quarter is an amazing back-to-back impressive financial result as we continue to deliver on our promise really to increase top line growth albeit via acquisitions and build operational efficiency into our long-term business model. Now, we also delivered, get this, our 34th consecutive quarter of positive adjusted EBITDA. Now a pretty rock solid performance, right? When you look around the tech world and see many companies in turmoil and ones that still haven't made any money. Us delivering CAD 2.6 million of adjusted EBITDA given all the headwinds in the industry is pretty awesome. Now the current market is pummeling stocks, and we're in a downturn or bear market. I firmly believe that companies that are profitable and have fundamentally strong business models and don't spend crazy money just to get top line growth at the expense of huge losses will always prevail and come out of this stronger. That's exactly the Haivision story and strategy. As you can appreciate, we're very, very proud of our results. Now let me begin actually with refreshing everyone's understanding on who is Haivision or what does Haivision do. I think this is important. Simple. We strive to be the most trusted video network supplier for everything remote, right? I mean, our customers depend on Haivision to provide them with video networks to solve their mission-critical needs. This is what differentiates us from other companies. We know security, compliance, performance, quality, reliability, and we continue to invest in differentiating developments, such as the FedRAMP for the government, the FOCI mitigation for secure facility in Atlanta, compliance and certification testing, all of this to supply secure, and as I like to kind of say, bulletproof or trusted systems for large enterprise government and defense deployments. I mean, this is the future of Haivision: large programmatic, multi-year, multi-site opportunities that will separate Haivision from all other players. I can't think of any competitors in our space that have a similar approach. Like, the world is becoming a more dangerous place. We know that. You know, video plays a huge role in this. I mean, consider, you know, emergency management, ISR, security operations, public safety, cybersecurity. I mean, everyone today needs fully secure systems to deliver and monitor mission-critical video. Our goal is to make the world a safer place. We focus on video networks, video infrastructure, security, and critical collaboration for large global accounts, corporate America and governments worldwide. In fact, you know, they used to say one day, well, nobody gets fired for buying IBM. Well, I think today we can say that nobody gets fired for buying Haivision for their video network needs. Now let me briefly discuss a few key Q2 highlights. Number one, the Aviwest acquisition closed at the beginning of April. Well, it's only 10 weeks ago, right? Aviwest is a phenomenal addition to the Haivision portfolio and enables us to be the only provider and vendor to deliver ultra-low latency wired and wireless streaming technology. This is huge, right? Haivision will be looked upon to help solve the most complex and difficult contribution streaming and remote production solutions in the industry. As I mentioned, it's only been 10 weeks since closing, and our global sales integration is complete. Customers are 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 the land-based and wired needs and Aviwest, you know, for the remote mobile or cellular bonded systems. We see this as an amazing opportunity to strengthen our global customer presence. You know, the Aviwest acquisition is extremely synergistic in all key areas of sales, geographical expansion, technology synergies, and helping to solve our customers' challenges. This new combination will continue to fuel our growth well into the future. In fact, we also demonstrated our companies working together at the NAB Show in April, and all customers applauded us for the synergistic acquisition. We believe it will make a huge difference in providing a single vendor solution for the broadcast market that everyone has been looking for. Number two, in May, we actually also acquired the assets of Dazzl, largely a pre-revenue SaaS platform company for cloud production. Cloud production allows event producers really to mix multiple remote video sources and apply graphics, right, to create rich, compelling broadcasts for streaming. We were fortunate to acquire this technology, including six great software engineers based in Rennes, France, which is actually close to our new Aviwest office, which is also based in Rennes. The Dazzl team will join Aviwest as we repurpose this technology to really support the Connect platform in the enterprise market going forward. Our advanced cloud and SaaS video distribution platform, Haivision Connect, continues to receive very positive feedback from the house of worship and faith clients. We have now reached 100 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. We have also secured new victories against the competition. A couple of them are, you know, New Life Spokane and Hope Channel International. I mean, this network actually operates globally with 67 Hope Channels worldwide, each providing programs contextualized to the language and culture of their audience. Now, as we continue transitioning all our faith clients to this new innovative platform, we have also recently released 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 workflows to Connect. We expect this to continue until the end of the calendar year. Now, our cloud-based video stream routing technology, the Haivision Hub, now has 45 active clients as we introduce our new appliance attachment features. Now, these new features enable full management and device control of Haivision endpoints such as the Makito encoders, the Haivision Gateway, you know, giving users powerful control of ultra-low latency cloud routing of video securely from anywhere to anywhere globally. We have signed a Fortune 500 enterprise software company, and they use Haivision Hub for distributing video feeds for corporate events, training, and town halls. One of the largest European sports broadcasters is using Hub to manage Makito X4 encoders, which are sent to stadiums or racetracks for contributing streams to the main facility for remote workflows. Haivision Hub cloud routing is also being used to distribute feeds from stadiums, you know, to broadcast rights holders for European soccer league. Now, we've also announced a strategic partnership with Grass Valley, if you haven't seen the announcement earlier. The Grass Valley Media Universe is intended to bring existing and new technologies together in ways that generate new opportunities for Grass Valley customers. You know, Haivision video encoding technology offers the ultimate combination, right, of low latency and stream synchronization required for high-quality live cloud production. Now, Haivision, as a member of the Grass Valley Media Universe Alliance, helps create a digitally connected community that combines the on-premise, hybrid, and public cloud technologies. This also allows new options for producing content in live production environments from wherever Grass Valley customers are working. Finally, our percentage of international revenue has increased in Q2 to represent about 22.6% of our global revenue, mainly due to the addition of the international weighted Aviwest revenue. Now, this will increase going forward as we only recorded one month of Aviwest revenue during Q2. Now, I'd like to maybe discuss some additional selected Q2 sales highlights. Let's talk about broadcast. You know, PGA Tour is using our X4 decoders, you know, to receive multi-viewer feeds from NEP trucks equipped with our Makito X4 encoders at the remote location and feeding back to the production crew located at PGA centralized broadcast facility, allowing for the production of live events without the PGA Tour people having to travel. You know, they have also used the Makito X4 decoders in the field to receive a large number of feeds from their AWS cloud production infrastructure for use in the local production compound or throughout the venue for hospitality needs. In Thailand, the Southeast Asian Games are using Makito X4s for contribution and remote production. In Japan, we got Hulu Japan now using MX4 Makitos for transporting and streaming video content within Japan. A really cool one, the Olympic Broadcasting Services, or known as OBS, has seen a spectacular pickup of SRT used by a major Tokyo broadcast rights holder and 20 broadcast rights holders in Beijing. You know, OBS has set up a thorough test program and investing in equipment and technology to address the fast growth of receiving SRT streams by broadcast rights holders all over the world. In fact, even here closer to home, MEDIAPRO Canada are using us for the Canadian Premier League soccer, using our Makito to do remote productions using our multi-camera synchronization. They are feeding from the trucks at the venue and then backhauling to the master control room where they are producing the feeds for distribution. A&E, another big client, are using our equipment for remote over-the-shoulder workflows. Streams coming out of Avid players are being sent to remote editors for post-production and live studio production review. I'd like to say, you know, the Philadelphia Eagles are using us for remote multi-camera sync for their away game production. They are actually feeding multiple cameras back from away games to the Philadelphia Eagles control room, and they are then switching and producing all the content of their pre and post-game shows that are being sent to YouTube and Facebook and the Eagles website and mobile apps. Very pretty robust broadcast business there. Now within our enterprise government defense verticals, you know, Haivision, or as we say, Haivision MCS, that we renamed CineMassive, if you recall, has been at the heart of organizations addressing the growing threats related to cybersecurity and security in general. Now, there are many systems involved in a comprehensive cybersecurity plan, all that must meet an organization's strict system security governance. These systems span monitoring and alerts related networks, firewalls, databases, communications, and even extend to simple physical security. Now, the Haivision MCS solution manages the aggregation and presentation of any source, so that decision-makers can make complex environments and react to unforeseen events that may shake the foundation of the organization. Now, this quarter, we've established or extended multi-site deployments of our mission-critical solutions at some of the world's most important organizations, including additional global operation centers for Facebook or Meta, and adding the Sydney Security Operations Center for Salesforce. I mean, these are significant multinational accounts for Haivision. You know, we continue to install our Haivision Media Platform and Makito Edge devices into new sites and expanding sites in the U.S. Department of State embassies in Manila, London, San Salvador, and Nairobi. We installed a very large emergency operations center for the U.S. Department of Energy, Los Alamos National Laboratory. Actually, a pretty exciting win was a significant multi-year, multi-site programmatic opportunity with the ALERT Wildfire Emergency Operations Center in Sacramento. They actually provide fire watch cameras and tools and information coordination between many states like Colorado, Utah, Nevada, Idaho, Oregon, Washington, and California for wildfire response. Haivision MCS has been selected as the operation center platform, and will be rolling out new regional op centers, about 14 regions over the next several years. I mean, this really shows the strategic importance of the acquisition of CineMassive and the programmatic nature of the business to fuel much higher growth. In fact, we also installed a major operations center at the Philadelphia Office of Emergency Management. I mean, this continues our strength in Philadelphia public safety, right? They actually coordinate the emergency response across multiple agencies in Philadelphia and surrounding counties. This adds to our success with multiple op centers for the Philadelphia Police Department and the Delaware Valley Intelligence Center. We also expanded actually our installations within our key customers, SpaceX, Blue Origin. I mean, they both depend on performance, quality, and reliability of our Makito X4 Edge devices to do their work on pretty cool accounts. Now, just before I pass it to Dan, our CFO, for a more detailed analysis on our second quarter results, I would like to reiterate that significant headwinds still exist, which do affect business and growth. I mean, the world continues to deal with an unprecedented supply chain and component shortage, and now the added cost of labor is making it difficult to hire or retain people. Now, we also see a return to travel and trade shows and increasing costs as our vendors increase their costs to us. This is expected to continue well into 2023, and we are building contingencies into our business model going forward. Understanding that these are significant pressures to profitability levels, our teams are working hard to mitigate these. These issues are not without a cost to the business. Dan will speak to this in more detail. In summary, we have delivered, as promised, two strategic acquisitions in the first 17 months since going public with another small technology pickup for remote cloud production. We'll continue to focus on the integration of these acquisitions and prioritize a plan for operational efficiencies. We've increased our headcount significantly, and need to absorb all the people, the products, and synergies before embarking on any new acquisitions in the near term. We will reevaluate additional opportunities sometime in fiscal 2023. Right now, it's all about integration, execution to deliver a platform for growth and prepare for a very strong fiscal 2023. I could not be prouder of the Haivision team and what we have accomplished since the IPO. It's truly been an amazing ride since becoming a public company, which has exceeded our expectations thus far. Finally, I just wanna thank all of our investors and analysts and shareholders on the line today for their continued support of Haivision and look forward to speaking with many of you shortly. Dan, I'll pass it to you. Thank you, Mirko. Let's get into the numbers. Revenue for the second quarter of fiscal 2022 was CAD 29.9 million, representing an increase of CAD 8 million or 36.8% from the same period in the prior year. Revenue for the six months ended April 30th was CAD 58.2 million, representing an increase of CAD 13.4 million or 29.8% from the same period last year. Obviously, much of the year-over-year growth can be attributed to the acquisitions of Haivision MCS, formerly known as CineMassive Displays, which was completed in August of 2021, and more recently Aviwest in April of 2022. Historically, our traditional business had an interesting seasonal pattern to it. Our first quarter was traditionally our smallest quarter, representing about 20% of our overall revenue. Our fourth quarter, which was commensurate with the U.S. government year-end, was traditionally our largest quarter, representing about 30% of our overall quarter. With the onset of COVID, we did begin to see client purchases become more ratable throughout the year, and we began to see significant purchases in our first quarter. As an example, revenue for first quarter 2021 grew 18.4% when compared to the prior year period. With COVID seemingly behind us, we seem to be reverting back to our historical seasonal patterns. Complicating matters, the seasonal patterns for both Haivision MCS and Aviwest tend to be disproportionately slanted towards the end of the calendar year. As an example, nearly 40% of Aviwest's revenue was realized in the calendar fourth quarter of last year. Thus, I would caution investors from coming to conclusions based on current performance. Our business remains healthy and is expected to continue to grow from these levels. Recurring revenue, which we define as our cloud solutions and maintenance and support, continues to be robust. Recurring revenue was CAD 6.6 million and represented just under 22% of this quarter's total revenue. This compares to our recurring revenue in the same period last year, which was about CAD 5.2 million. It represented just over 24% of second quarter fiscal 2021 total revenues. Obviously, we are disappointed that our recurring revenue isn't growing in concert with our overall revenues, but it speaks to the opportunities before us as we conform our maintenance and support options and offer our cloud solutions to Haivision MCS and Aviwest customers. For this quarter, gross margins were 71.4%, which were an improvement from the 69.4% realized last quarter. Margins are very much in line with expectations given our recent acquisitions. Our supply chain experts have done a phenomenal job ensuring that we can continue to supply our customers with their mission-critical needs. It hasn't been without some additional costs in terms of higher component costs and in some cases, expediting costs. To give you a sense, for this second quarter of fiscal 2022, we incurred approximately $450,000 in additional componentry costs, and on a year-to-date basis, approximately $900,000 in additional componentry costs. Had these incremental component costs not have been incurred, we would likely have been seeing total gross margins to be 1%-2% higher than where they are today. As presented, total expenses for the second quarter were about CAD 21.2 million, an increase of CAD 6.6 million when compared to the same period in the prior year. On a year-to-date basis, total expenses were CAD 41 million, an actual decrease of CAD 2.5 million when compared to the same period in the prior year. As we've discussed on previous calls, in the first half of last year, total expenses included CAD 14.1 million of a non-recurring share-based expense resulting from the exercise of options related to our legacy employee stock option plan. When we normalize for share-based payments, total expenses on a year-to-date basis were CAD 39.5 million, an increase of CAD 11.2 million when compared to the same period last year. As we've said in the past, our cost structure is largely made up of people costs. In fact, approximately 70% of our total expense consists of labor and related benefits. Thus, it shouldn't be a surprise that much of the increase in total expenses is directly related to headcount. At April 30th, 2022, our total headcount was 417 people. That's up 70% from the 245 on staff as of April 30th, 2021. Much of the year-over-year headcount increase is directly the result of recent acquisitions. Haivision MCS added 64 people, while the Aviwest added another 81 people. Further, the acquisitions resulted in us acquiring assets and intangibles that impacted financial performance. Amortization and depreciation expenses this fiscal year were CAD 2.4 million higher than the same period in the prior year. We also incurred CAD 700,000 in transactional expenses during the period related to our acquisitions. Further, we are seeing headwinds that are impacting our labor costs, our travel and marketing expenditures, and the cost of just about everything else. I'll touch on that, the impact of these headwinds in just a few moments. Adjusted EBITDA for the quarter was CAD 2.6 million. Now, that's a decrease of CAD 1 million compared to the same period in the prior year. Adjusted EBITDA for the six months was CAD 4.7 million, a decrease of CAD 2.4 million from the prior year. With the Haivision MCS acquisition and the more recent Aviwest acquisition, we have a lot of initiatives underway. I will touch on where we stand in regards to integrations a bit later. EBITDA margins have compressed a bit in recent periods due to a number of factors. As I mentioned before, supply chain issues cost us about CAD 900,000 on a year-to-date basis. Transaction costs related to recent acquisitions cost us about CAD 700,000 on a year-to-date basis. We've had increasing labor costs, which are almost impossible to calculate, and we've had increases in travel and marketing spend, which exceeded last year's spend by $800,000 and $500,000, respectively. Nevertheless, this quarter now represents our 34th consecutive quarter of positive adjusted EBITDA. With that said, net loss for the quarter was CAD 400,000, compared to a net income of CAD 1.2 million for the same period last year. In addition to the headwinds issues just discussed, this quarter's net income was impacted by the additional amortization and depreciation expenses that I spoke of a tiny bit earlier. Obviously, these are non-cash expenses, but nevertheless, they have a profound impact on net income. On the other hand, our net loss for the six months was only CAD 800,000, and that's a CAD 10 million improvement from the same period last year. Again, a significant component of the variance is related to that share-based payment. As I mentioned before, we incurred a share-based payment of about CAD 14.1 million related to the legacy employee stock option plan. That represented the culmination of a 14-year program. Normalized for these share-based payments, we did see an increase in overall labor costs related to recent acquisitions and increases in what I'm calling headwind expenses that impacted gross margin and overall costs. As I mentioned before, net income was also impacted by the additional amortization and depreciation expenses related to the acquisitions. Looking at the balance sheet. We ended the quarter with a cash balance of CAD 12.8 million, but much of that was funded through our credit facility, which had CAD 13 million outstanding at the end of the quarter. Obviously, the big news for the quarter was the confirmation of the Aviwest transaction in early April. Haivision acquired 100% of the shares of Aviwest on a cash-free and debt-free basis for cash consideration of EUR 20.5 million. That's approximately CAD 29.6 million. It was subject to customary adjustments. The transaction actually consumed CAD 21.9 million in cash, and we assumed CAD 5.5 million in their term debt. In terms of the term debt, the terms of the term debt vary, and it includes non-interest bearing debt and interest bearing debt up to an interest rate of about 2.71%. Now, in addition, we do have an obligation to pay an additional CAD 2.7 million in two future payments. That assumes Aviwest has no obligations under any indemnities. Total assets at quarter end were CAD 146.1 million, an increase of CAD 23.7 million from fiscal 2021 year end. The increase in assets is largely the result of the Aviwest transaction. We assumed assets of CAD 11.7 million, including inventories, receivables, property, equipment, and right-of-use assets. We also acquired intangibles of CAD 13.3 million and goodwill of CAD 9.7 million. These working capital increases were offset by a CAD 2.8 million decrease in cash in the quarter. Total liabilities at quarter end were CAD 56 million, an increase of CAD 22.4 million from fiscal 2021 year end. Again, the increases in liability is largely the result of the Aviwest transaction. We assumed CAD 5.8 million in liabilities related to trade payables, deferred revenue, deferred taxes and the like. We assumed CAD 5.5 million in term debt, and we assumed CAD 1.4 million in lease liabilities. Let's talk about where we are on integration plans. As we have discussed, one of Haivision MCS's key assets, albeit a non-financial asset, is their facility security clearance. Our commitment at the time of the acquisition was that we wouldn't make any structural changes to the business until such time that we have mitigated all foreign influence. Some of you may be familiar with the term FOCI mitigation. Once we execute a special security agreement or SSA along with several other documents, then we will be in a position to implement more integration changes. All of our documentations have been provided to DCSA, and we await their response. Now, although our commitment was to maintain the status quo until we received formal approval, we have had constant dialogue with DCSA, and they have provided us advanced approval of several of our planned initiatives. Said another way, we have not been sitting still. Nevertheless, we are disappointed that we have yet to exploit all of the synergistic opportunities in front of us, for sure. However, we have focused on key elements of the integration plan, like integrating the sales teams, upgrading the payroll function, migrating Haivision MCS to a common accounting system, and implementing procurement best practices to reduce the order-to-cash cycle time. The good news is that we still have vast opportunities still in front of us. Fortunately, the Aviwest acquisition hasn't had the same government encumbrance. The integration has been less complicated and progress has been swift. Now, after all, we just closed on the transaction about 10 weeks ago, but our sales team have been fully integrated and Aviwest is operating under a common sales management system. Technologies are already being integrated. As announced yesterday, Aviwest's IP video contribution solution supports the SRT protocol, allowing interoperability with the Haivision product portfolio and other SRT-enabled solutions. Our next areas of focus are improving the flexibility of Aviwest's supply chain, porting Aviwest to a common accounting system, and bringing Aviwest products to North America. Now, Mirko mentioned significant headwinds, so I wanna touch on that just a bit. Our supply chain specialists have addressed all issues for the current quarter, and the number of issues for fourth quarter are very limited. However, our successes are not without some real costs to the company. In the past quarter, as mentioned already, we incurred approximately CAD 500,000 in additional direct product costs directly related to the worldwide shortage in components, and on a year-to-date basis, we incurred approximately CAD 900,000 in those additional component costs. To secure our six-month needs for parts and components, we have increased our deposits with our contract manufacturers by approximately CAD 1.5 million. We've also made CAD 2.4 million in component purchases to secure the high-value, long lead time components necessary to keep the revenue line moving. We've also reduced cost of goods sold with the insourcing of mechanical assemblies. We have redesigned certain of our boards to accommodate more available componentry. We have invested in new systems to provide real-time assessments of our supply chain resiliency, and we are constantly qualifying alternate manufacturers for difficult-to-procure electronic components. Like I mentioned, there is little risk in this third and fourth quarter. However, despite all of these initiatives, we recognize that we still have additional work, particularly in securing an acceptable level of safety stock necessary to grow revenues for Aviwest products. We still don't know when we might see our supply chains reverting back to historical levels. Nevertheless, we are beginning to see a degree of stabilization, albeit at a level with unacceptable long lead times and unacceptable high component costs. Nevertheless, the worst appears to be behind us. Those were a lot of words to say that our supply chain experts seem to be well on top of this issue. The people side of the equation continues to be a challenge. Labor costs are continuing to increase. We are in a difficult hiring environment, and retention continues to be a challenge. To give you a sense of the challenge, at the beginning of this fiscal year, Haivision reevaluates compensation, and overall increases at that time averaged over 6%. To further frame the impact, for fiscal 2021, labor was about $40 million. A 6% increase amounts to an additional $2.5 million in added OpEx. Adding to the challenge, the cost of fringe benefits are increasing at an average rate of over 10%. Despite attempts to sweeten our compensation packages, including company incentives to participate in our employee share purchase plan, the overall environment to attract and retain employees remains challenging. Adding to that challenge, we have always believed that our culture was a key contributor to our ability to attract and retain employees. Obviously, the work-from-home environment has complicated matters, and our established culture is being diluted. We have since encouraged our staffs to return to the office two to three days a week. We have not mandated it, but candidly, the idea of returning to the office has made Haivision less compelling in the eyes of some, particularly those people who have been hired in the last two years, who never were the beneficiary of seeing our culture in action. It's definitely a confusing time for employers and employees. However, labor and supply chains are just part of the overall equation. We are yet again seeing an overall change in our business since the pandemic, and things have taken a new form. Our vendors are beginning to pass their higher cost structures on to us, their customers. We have anticipated that travel would be coming back. We knew that nothing really can substitute for face-to-face interaction with our customers or between our colleagues. Further, with two companies to integrate, the need to interact in person has never been more important. We also believe that our experiences with Teams, Zoom, Slack, et cetera, would mitigate some of the need to travel. Well, we couldn't have been more mistaken. For anyone who has booked a trip in the last month or two, the cost of airfares have more than doubled and it's getting more difficult to find a reasonably priced hotel room. In the six months that just passed, as an example, our travel expenses amounted to CAD 900,000, of which CAD 700,000 was unrelated to our professional services practice, which has continued to travel during the pandemic, albeit at reduced levels. This compares to just $100,000 in travel spend in the same period last year. What's more is that we are seeing a real return to trade shows at levels that we had not anticipated. To illustrate, on a year-to-date basis, we had spent CAD 600,000 in trade shows and advertising compared to just CAD 100,000 in the prior year period. We don't see this being mitigated anytime in the future. Quick note about currency. In the instance when we provide guidance, we really do not consider the potential impact of foreign exchange gains or losses as we do not attempt to estimate future movements in foreign currency rates. In terms of expectations for the remainder of the year, we are a B2B provider to enterprises around the world, and certainly our customers have been facing the same headwinds that we have been experiencing. The stock market is in bear territory, and our customers are definitely feeling some pain. Although we've not lost any business to date, we are beginning to hear of projects moving to the right, and there has been some reservation for purchases pending more clarity on the economy. Thus, in the interest of conservativism, we are revising our revenue target for the full year to between CAD 123 million and CAD 127 million, and are expecting our adjusted EBITDA margin to be between 8% and 11% of revenue. There is upside in both the revenue and EBIT side of the equation. Although still a bit early, we have already begun to work on our plans for 2023 and are quite buoyant on the industry and our position within this industry. Thus, we are still forecasting EBITDA in the mid-teens for next year. With that said, we are now ready to take questions. At this time, I would like to remind everyone, if you would like to ask a question, please press star followed by the number one on your telephone keypad. Your first question comes from the line of Robert Young with Canaccord Genuity. Your line is open. Hi, good evening. Maybe first place I'll start at gross margin. You already gave us a lot there, but I think it's suggested that the supply chain or component cost was relatively stable in Q1 and Q2, and you don't see a lot of risk in Q3 and Q4. Is that to say that you think it'll be CAD 450,000 impact each quarter going forward? Or should we expect gross margins around this level? Gross margins are a little stronger than we expected, so should we expect it to improve from here with the you know the integration activities or maybe is this a good level? I would not make the assumption that we're gonna be seeing gross margins improve from here. In fact, I would say that as Aviwest comes on board, we may actually see it come down a little bit because their gross margins are a little bit below what our legacy businesses think. I wanna make sure I am specific about your sort of your preamble here. We incurred additional costs related to componentry in the first quarter and the second quarter. We don't expect that those costs are going to disappear in the third or fourth quarter. In fact, we don't see those costs disappearing until mid-2023 earliest, right? What I was trying to suggest is that whereas every week we were coming across components that were becoming more unavailable, we're not seeing that kind of sentiment. Every week where we used to see long-lead times increasing, we're not seeing that happen anymore either. Things have sort of stabilized, albeit at a long lead time construct and with high additional costs, but we're not seeing it get worse from here. That's great color. Thank you. The second question would be around I think you just at the end of your prepared remarks highlighted, said that there were some indications that you might see some programs delaying. I know last quarter it said that you expected a little weaker government spend from some lumpiness, you know, in some of the programmatic revenue, maybe slower ISR spend. Is that the source of these project delays that you're getting a suggestion of? Or maybe if you could expand on that if that's the case. Yeah, I can expand on that, Robert. What Dan was referring to was actually not the defense or government space. It was more on the commercial enterprise space, addressing the enterprise B2B type of a mode. We're seeing that some of these enterprise clients are starting to feel the pain of the market, and that's what he's referring to. In fact, from the ISR government defense sector, we actually feel pretty bullish for Q3 and Q4, because as we said earlier, remember we did have some stuff pushed from Q1 and Q2, but we also you know, given the recent developments, right, in Ukraine and the NATO expansion has buoyed some of our programs and actually brought some stuff forward as well. We actually feel pretty good about Q3 and Q4, and it is the government year-end on top of that. We're pretty bullish on that. It's really more the commercial enterprise sector that we're a bit concerned right now. Okay, great. That's so relative to last quarter, I guess the government spend you're a little more confident on. I think you also had some concerns about Russia, Ukraine, Saudi, Turkey, a group of companies you thought might be a headwind. Like, is that a little better now, or is that kind of tracking the way you thought? No, pretty much shut down. It's pretty difficult to sell anything to Russia. Turkey or Saudi is getting difficult getting permits. Unfortunately, we've had business development going on. We've got customers in, obviously, in some of these regions. I'm talking about Turkey, I'm talking about Saudi specifically. That's been frustrating. I don't see that ending anytime soon just because of what's going on in the world right now. You know, we're hopeful that if the Ukraine thing does settle, I know we got Biden going over to Saudi and trying to, you know, restart the relations. We're hoping that that might help. Being a Canadian company, we seem to still be stuck in the mud with our Canadian government and some of these other governments. It's not just a U.S. issue for us, it's actually a Canadian issue. Okay. Okay. That's great. It sounds like the government piece, like I said, a little better than you thought. Commercial, a little bit worse. Some of this exposure just talking about just now, is that more in the broadcast space? Would that be a good way to summarize it? Exposure meaning... Sorry, these other countries? Like... Yes. No, I think it's in those countries specifically, we've actually done business in all the verticals, right? It's not just the broadcast, right? I think what we're finding in the broadcast is that I think the COVID bubble has, you know, finally slowed down in the market across the board. You know, we've had tremendous pickup in 2020 and 2021. We're starting to see that slow down to a more normal level. I would not be expecting massive growth. The good news is that with Aviwest on top of our solution, all of a sudden, that's gonna mitigate all of that, what we saw in our traditional business, if you know what I mean. Whereas I see our broadcast revenue actually overall increasing, well into next year. Okay. Thanks a lot. That's great color. I'll pass the line. Thanks. As a reminder, if you would like to ask a question at this time, please press star, then the number one on your telephone keypad. Your next question comes from the line of Nick Corcoran with Acumen Capital. Your line is open. Hey, just a couple of questions from me. Just the first is the revised guidance for revenue. It sounds like that's being driven by projects being delayed. Can you give a little more color on why your adjusted EBITDA guidance is lower than what you've given in the past? Well, I think the easy answer is headwinds, right? We're seeing costs increase. We're seeing a return to travel, we're seeing a return to trade shows, and you know, we're still in the process of integrating two companies. We're a little bit disappointed that we haven't been able to get DCSA's approval of our operating plan, and that has sort of delayed some of the big moves that we intended to make. It's gonna take us some time to both integrate CineMassive, Haivision MCS and Haivision and Aviwest to derive the operational efficiencies that we spoke of in the last call. A related question, I understand you're seeing price increases through your supply chain. Are you having any challenges passing those prices on to your customers? Mirko? Yeah. No, it's something. Well, let's put it this way, we haven't done it yet. We are talking about it. We're discussing it. We have rumors that there are some vendors that are looking at it as well. No, we haven't been able to. It's one of those very unpopular things. The good news is that we are getting feedback now that customers would be accepting and understand that the supply chain issues are severe, and it's something that we absolutely plan to seriously consider. We have not yet today changed any of our pricing based on that. We're basically absorbing it. Good. Just the last question from me. You did a small tuck-in acquisition of a few software engineers in the quarter. How many more acquisitions like that do you see? At the moment, we have no plans, honestly. That was actually a very opportunistic. We're very lucky and fortunate to pull that one together with minimal effort and cost. It was just a perfect time. You know, we were at the right place at the right time and happened to also be based in Rennes, so it makes it really easy. We can absorb those engineers in the same office with Aviwest. In fact, they're already there and integrated. I do not expect honestly to look at any other acquisitions in the near-term future. The priority number one right now is we, you know, we need to absorb, we need to integrate, we need to right-size properly, both from a product offering and the people of the company. We absolutely are planning to make sure that we are back in the mid-teens of EBITDA for next year. That's priority number one. We will start looking at, I mean, we're talking to people obviously, but I have no intention of doing any acquisitions for the foreseeable future, right? It's really a 2023 kind of a thought. Those are great colors. Thanks for taking my questions. Yeah. Okay. There are no further questions at this time. I'll turn the call back to Mirko Wicha for closing remarks. Great. Thank you, Josh. Well, thanks, everybody. I hope you enjoyed the update of Q2, and really look forward to the second half, which I believe is going to be a very strong half for Haivision, and I look forward to talking to you at the next earnings update. Thank you, everybody. Bye. This concludes today's conference call. Thank you for joining. You may now disconnect.