Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the H2O Innovation conference call announcing its Fourth Quarter and Full Year of 2021 Financial Results. [Non-English content]. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. Before turning the meeting over to management, please be advised that this conference call will contain statements that could be forward-looking and subject to a number of risks and uncertainties and could cause actual results to differ materially from those anticipated. I would like to remind everyone that this conference call is being recorded today, September 28th, 2021, at 11:00 A.M. Eastern Time. I will now turn the conference over to your hosts, Messieurs Frédéric Dugré and Marc Blanchet. Please go ahead, gentlemen. All right. Thank you. Good morning, everyone. My name is Marc Blanchet. I'm CFO of H2O Innovation. First, thank you, everyone, for joining this call an hour later. I'd like to excuse ourselves. There was a technical problem at the platform that holds the call, and we had to adjust. Thank you for joining in an hour later. This call will be held in English, but I'll just say a brief word in French to our French audience [Non-English content]. Before we begin, I invite you to download a copy of today's presentation, which can be found on our website at h2oinnovation.com in the section Investors. Frédéric Dugré, President & CEO of H2O, is joining me today for the call, which duration is approximately 30 minutes. During this call, Fred will give an update on the business and will present the highlight of the fiscal year and the fourth quarter end of June 2021. I will be presenting the financial results a bit later. Please take a moment to read the forward-looking statement on page two and the non-IFRS financial measurement on page three of the presentation. Also, I will refer you to some of the schedules which reconciliate the non-adjusted EBITDA metrics. I now hand over the call to Frédéric. Thank you. All right, well, thank you very much, Marc, and thank you for joining the call. Again, as Marc explained, we're truly sorry for technical issues that we have with our teleconference service provider. Anyhow, let's look at our presentation and results. It is today with great pride and excitement that we're presenting you our annual and fourth quarter results. While going through this lasting pandemic, I would say that we did a remarkable job and would like to first thank our amazing team for their hard work, their commitment, their sense of care, and extreme resilience. Otherwise, we wouldn't be there today. In total, it is 720 employees in Canada, U.S., U.K., Spain, and Chile that continue to go above and beyond and they continue to embrace our company's culture and values in a remarkable way. Thank you very much. The COVID crisis was possibly the ultimate test of our company's culture and business model. During the last fiscal year, we validated the robustness of our business model and have ensured the continuity of operations and the delivery of productive services to hundreds of customers around the world. Even though we had to play defense more than offense during the last fiscal year, we are presenting you our best year-end results with record high revenues, adjusted EBITDA, and net earnings. In addition, we have improved significantly our financial position. We're also pleased with the progress done with respect to the three-year strategic plan. We remain very well aligned with our targets that we have disclosed at the last AGM. As we did last year, we're planning to update our rolling three-year plan and present our first ESG report at our next annual general meeting of shareholders in early December 2021. The last fiscal year was also rich in M&A activities as we completed two acquisitions, one to extend our O&M presence in Texas and one in Spain to complement our specialty chemicals and service offering. Thanks to these new acquisitions and our constant focus to retain our customers and capture sales synergies, 87% of our revenues are recurring by nature. It obviously adds a lot to our financial predictability and robustness of our business model. Lastly, I have no choice but to recall this incredible industry recognition that we received in the last fiscal year, Water Company of the Year at the GWI Global Water Awards. We couldn't be prouder of this team achievement. Moving to page five, let's have a look at the highlights of our water technologies and service business development. Looking at these little pictograms, we can see the evolution of the WTS activity compared to the last year and the previous quarter. Clearly, our engineering team is busier than ever with now 34 projects compared to 17 in June 2020 and 32 at the end of March 2021. It's just a matter of time before seeing these projects moving from the engineering to the fabrication phase, where usually we recognize most of the revenues. Progressively, we're also observing a ramp-up in the fabrication and assembly phase. Indeed, there are seven new projects under phase compared to the previous year, and three more compared to the third quarter in March 21st, 2021. There are 11 projects under commissioning phase, six less than last year and even with the previous quarter. There's no significant change to report regarding the piloting activity. Our strategy to focus on industrial type of customers continues to pay off. As previously announced, we are currently working on the fabrication and assembly of a water treatment project dedicated to the largest electric vehicle manufacturing company in the U.S. This initial focus has allowed us to diversify and replenish the backlog with 26 industrial-related projects and 74% dedicated to municipal customers. This diversification strategy, combined to our strong focus on aftermarket service sales initiated following the last year reorganization, allowed us to improve significantly our EBITDA performance for the WTS business pillar. Looking at the overall business activity, sales backlog, and pipelines of new opportunities, we believe the WTS business pillar is at an inflection point for growth. On top of that, the expected investment by the American government in the new water and wastewater infrastructures should also contribute to accelerate our growth in the coming years. Moving to slide number six. During the last fiscal year, many things have been achieved commercially and on a technological basis. We notably delivered our first SILO, an MBR package plant for wastewater treatment. This first system was delivered to an initial customer in the Midwest. We also expanded our technological offering by securing one project for EDI membranes and one with ceramic membranes, both for industrial customers. These projects will become great references for us and allow us to secure potentially other similar projects where EDI and ceramic membranes will be required. As we're coming out of the COVID crisis, we have resumed attending trade shows in the U.S. in order to interact with customers and accelerate growth. To wrap up on the WTS highlight, we are pleased to see that our focus to grow first the service side of the business according to our three-year strategic plan is really working. We are presenting a year-over-year and organic growth of 12% in the service side of the WTS business pillar. This is a great news since it contributes to increase our recurring sales and thus adds more predictability for our business model. The service sales also improve the average gross margin, as service sales are usually at higher margins than capital equipment products. Let's look at page seven as a performance of our specialty products business pillar. For the fiscal year 2021, it was super busy with multiple synergies captured between our business lines and sustained commercial activity, despite the limitation in traveling. As most of the company, we also had to adjust ourselves to the new reality and conducted multiple virtual conferences with key accounts and distributors. We also completed the acquisition of GMP in Spain, which allowed us to do essentially three things. First, expand our specialty chemicals and lab service offerings to better serve our customers globally. Second, was to support more effectively our existing and new customers in Latin America through our office in Santiago, in Chile. Finally, to grow our sales in the mining sector, also in Latin America. Looking at the chart on the right-hand side, we can observe a constant growth in EBITDA margin improvements we have demonstrated year after year. Measures were taken in this fiscal year to accelerate growth, starting with new hirings in our sales team. Our intention to grow organically our specialty product sales is a priority as it increases recurring revenues at high margin. As presented in our three-year plan, we intend to recruit new distributors, expand product offerings through innovation and licensing, and continue to acquire complementary businesses. Looking at page eight, we can see that we're taking steps according to this growth plan. Earlier this year, we announced a 40% increase of our manufacturing capacity to deal with the expected growth coming from the Maple industry. This is the orange rectangle that you see on the top right picture. Indeed, this growth will be driven by 7 million of new taps, which will be released by the Quebec government in the coming three years. In addition, we want to be able to face the expected growth coming from WTS business, which will also require more manufacturing and assembly capacity in the coming quarters. We also created a new position and hired a veteran in the water industry to help us manage and coordinate the multiple distributors that we have in Latin America. Talking about upcoming growth, we also secured five new international distributors, including one in Brazil. Lastly, I can tell you that the synergies between our various business lines are real and captured every day by our team. A good example is the one between Piedmont and Genesys Chile, who collaborated for the installation of large FRP filter housing in one of the largest desalination plants in Latin America. This collaboration allowed us to not only save on travel and commissioning costs, but also serve our customers with local resources. Let's move to the operation and maintenance business pillar presented at page nine. Fiscal year 2021 was really active and productive, starting with the acquisition of Gulf Utility Service located in Texas. This acquisition allowed us to consolidate our operational base for O&M in the greater Houston area and enabled us to capture synergies. As you can see on the chart on the right-hand side, our O&M revenues for the year increased by 9.2% to reach CAD 70 million, boosted by the acquisition of GUS. Our EBIT margins showed improvement and increased by 15%, partially due to the consolidation and merger of our three O&M brands, resulting into operational efficiencies and cost reductions. Through operational leverage, we are capable to grow our EBIT margins faster than our revenues, which tend to demonstrate the scalability of our O&M business platform. On top of having to deal frequently with hurricanes forming in the Gulf of Mexico, our Texas O&M team had to deal with an unprecedented freezing event which left Texas out in the cold in February 2021. Despite this terrible event, which caused major physical damages on multiple infrastructures, our O&M team did a remarkable job to ensure the continuity of services on water and wastewater utilities that we operate. As you will see on the following slide, highlighting recent commercial wins, we are confident to grow our O&M revenues faster than industry average of 3%-4% per year. Continuing with the operation and maintenance highlights at page 10. Well, in the last fiscal year, the O&M group won four new projects in different and new geographies, being in Florida and Rhode Island. Both of these states represent strategic geographies for potential new O&M contracts in coming years. We also renewed seven existing O&M contracts. By the way, renewing contracts are equally important than winning new ones. Sometimes it requires the same amount of work by our business development team and project managers. At the end of June 2021, our O&M backlog stood at almost CAD 70 million, getting regression, unfortunately, compared to the previous fiscal year. Despite the addition of four new O&M contracts and the renewal of seven, there is an important multi-year O&M project of almost CAD 10 million per year, which is coming up for renewal during our fiscal year 2022. Our business model, which promotes synergies with the other business lines and our high historical renewal rate of 93%, makes us confident in our ability to renew this important and strategic project this year, and consequently replenish significantly our backlog. Let's recall that our O&M backlog doesn't include evergreen projects from the MUD business in Texas. On a positive side, we started our new fiscal year with an addition of a four-year O&M contract for the city of Laurel in Mississippi. This project only allowed us to add CAD 10.4 million to our backlog, which stood at CAD 83.2 million as of July 20, 2021. Looking at the chart at the bottom, we see that continuous efforts are spent to retain our existing customers and add new ones. Moving to slide number 11, we see that despite the fact that we had to deal with the COVID pandemic, imposing travel restrictions and limiting business development activities, we continue to strive for growth and profitability improvements. Even though we have to play more defense in order to face the unknown and the adversity of the global sanitary crisis, I'm really proud of our progression. Not only we have preserved our customers, but we also completed two acquisitions in a challenging business environment. As a result, we are showing a year-over-year growth of 8% and a five-year compound annual growth rate of 23%. In parallel, we have significantly transformed our profitability profile in the last five years. Over the last fiscal year, our adjusted EBITDA improved by almost 17% and reached CAD 14.6 million, or the equivalent of 10% of our revenues. In the last five years, the adjusted EBITDA progressed by 38% every year on a compound annual basis. Thanks to the multiple synergies that we have between our various business lines, our discipline in integrating the acquired company, our focus in capturing projects at high margins, and our high customer retention, we have improved significantly our financial performance and predictability. Moving to slide 12, we are showing how the level of recurring revenues by each area has evolved over the previous financial period. The strategic decision to focus in growing recurring sales and customer retention have allowed us to significantly de-risk the business and improve our gross margin and adjusted EBITDA. For our fiscal year 2021, the recurring revenues represented 87% of our consolidated revenues, driven by the acquisition that we have completed, including two in the last fiscal year only. Going through the pandemic, we validated the robustness and resilience of our business model and our high levels of recurring revenues allowed us to navigate that ease with greater predictability. I will now pass it on to Marc Blanchet, our CFO, who will review and discuss the financial performance of the last fiscal year. Thank you, Fred. Let's look at the financial highlights for 2021. I refer you to slide 14. I said it in previous calls, H2O Innovation is a business we have to look at on a 12-month basis. I'll put more focus on the yearly financial results than on the fourth quarter. I have to say that we're very proud to print our annual report for the first time in our history, a net earning and a double-digit EBITDA. We also want to highlight that we're very close to having net cash position on our balance sheet with only half a million of net debt. We look at our revenue, we're reporting revenues of CAD 144.3 million compared to CAD 133.6 million for the previous fiscal year. It's an increase of 8% compared to the previous fiscal year. Assuming a constant USD foreign exchange rate during this fiscal year, the consolidated revenue increase would have been 11.2% instead of 8%. Frédéric Dugré explained earlier, this increase is mainly coming from the acquisition of Genesys, GUS and GMP, as well as their organic growth. The gross profit margin ratio increased to 27.7% compared to 26.9% last year. This increase is explained by a greater portion of revenue coming from specialty products. Sales of service, and from service activity of WTS, which comes with higher gross profit margin. The M&A also contributed to improve this margin by capturing operational efficiencies following the merger of the three entities of operation and maintenance. If you remember, we merged Hays, UP and GUS in January 1st. The adjusted EBITDA improved by 17% compared to the last year and reached a new high of CAD 14.6 million, representing 10.1% of overall revenue. We're reporting CAD 3.1 million compared to a loss of CAD 4.2 million last year. This net earnings is explained by higher level of revenue, the improvement of the gross profit margin while maintaining the SG&A at the same level as last year. Last year's loss was explained by a significant charge related to impairment and more acquisition, integration, restructuring, and finance costs, which we didn't have this year. Now let's move to page 15. I'll go over each business pillar by business pillar over the next three slides. The first one is WTS, so Water Technology Services. WTS financial performance for fiscal 2021 improved significantly compared to the previous year. On August 24th last year, so in 2020, we announced a restructuring. The objective of that restructuring was to focus on the quality of the revenue. We have succeeded with our objective. Even though revenue for WTS in 2021 increased only by CAD 1.1 million, the profitability increased by CAD 1.5 million. This improvement is explained by the focus to increase revenue coming from service activities and focus on projects that are coming with higher gross profit margin and recurring revenues. This strategy paid off since we have increased the gross profit margin of WTS from 20.1% last year to 22% this year, and improved the EBITDA from CAD 1.6 million last year to CAD 3.1 million this year. It's close to 100% improvement of the profitability of this business pillar. For the fourth quarter, revenue and EBIT were pretty similar than last year. Revenues stood at CAD 7.1 million compared to CAD 7 million last year, and EBIT for both years was at CAD 600,000. On June 30, 2021, the backlog of WTS stood at CAD 32.5 million compared to CAD 30.9 million last year. The backlog is well-balanced between industrial and municipal projects. As Fred explained earlier, it is about 26% industrial, 74% municipal. The pipeline is also very rich in opportunity. The recent infrastructure plan adopted by the new U.S. administration will allow the financing of many projects that we have in our pipeline. Though it may generate many opportunities, we intend to remain disciplined in preserving a decent gross profit margin and focusing on customers that can generate recurring revenue rather than just growing the bottom line. If we move to page 16, specialty products. Specialty products had a very good year. We acquired GMP in February 2021. We integrated all our chemical product lines, which are Genesys and PWT into one division or one brand. Maple had a strong year, Piedmont has had a slower year than last year. Specialty products also faced many challenges coming from supply chain and logistic complexity. Overall, we're pretty happy to report that revenue increased by 9.3% and EBIT increased by 11% compared to last year. The EBIT and revenue would have been higher if it had not been for the increase of the raw material price, the raw material price of transport, and many delays in delivery, which resulted in postponing the recognition of revenue and reduction of gross profit margin. Specialty products is a business based on export of products to our distributors. Some of our products are manufactured in our facility in Canada, California, and in the U.K., and others are manufactured at our suppliers' facilities that are based in China, Tunisia, and Spain. You're probably all aware of the international logistics that has been very messy for the past few months, which is impacting cost of freight, cost of raw materials, and it's causing important delays in deliveries of goods. This logistics and supply chain situation impacted our business since we had to absorb cost increase before being able to review our price list. We will adjust this going forward, the last quarter of gross profit margin was impacted by some of these cost increases. Our revenue were also impacted by the delays caused by transport. What used to take two weeks to deliver can now take up to two to three months. We're seeing the recognition of our revenue being postponed in time due to those delays. Revenue for 2021 stood at CAD 43.9 compared to CAD 40.2 last year. The CAD 3.7 million increase of revenue is explained by the acquisition of GMP, which generated CAD 3 million for five months, the full year contribution of Genesys, which generated CAD 3.5 million for 4.5 months, organic growth in Maple, offset by unfavorable U.S. foreign exchange rate. It impacted the revenues by $800,000. Overall cost increase of raw material and freight, which impacted the gross profit margin and delayed some revenue recognition, as I just explained, and reduction of sales for Piedmont products compared to last year. Last year, fourth quarter and 2021 first quarter, Piedmont had very strong quarters, very strong deliveries, this year we didn't see that. It impacted the division. The increase of EBIT is explained by the increase of revenue, savings on traveling due to COVID, an improvement of the gross profit margin, which stood at 44.2% for the year compared to 42.9% last year. This variation of gross profit margin is mainly due to the business mix within the business pillar, with higher level of revenue coming from chemicals, unfortunately compensated by increase of cost of raw material. For the fourth quarter, revenues stood at CAD 10.3 million compared to CAD 11.7 million for the same quarter last year, representing a decrease of CAD 1.4 million or 11.8%, which also impacted negatively the EBIT by CAD 200,000. This decrease is due to the logistic and supply chain situation as I just explained. Operations and Maintenance now at slide 17. Operations and Maintenance is a division that has been impacted the most by the negative foreign exchange rate. The impact for this year is CAD 3.1 million in revenue and CAD 6.9 million on the backlog. Despite this unfavorable FX exchange impact, revenue increased by 9.2%, and the EBIT increased by 15.1%. Revenue for 2021 stood at CAD 70 million compared to CAD 64.1 million last year, representing an increase of CAD 5.9 million. GUS acquisition, which was completed on July 1st, contributed for the whole year at CAD 5.9 million, so 9%. Organic growth contributed to CAD 3.1 million or 5%, which growth was completely offset, unfortunately, by the FX rate. At a constant FX rate, growth would have been 14%. The improvement of EBIT is due to operational efficiency gain from the merger of the three O&M affiliate, which has been effective since January 1st, and also due to some travel savings due to COVID. Revenue for the fourth quarter stood at CAD 17.8 compared to CAD 17.3 last year, representing an increase of CAD half a million or 3%. This increase is due to GUS for CAD half a million, as well as organic growth of CAD 1.1 million offset by FX rate impact, which impacted the quarter for CAD 2.1 million. The decrease in EBIT between Q4 of 2020 and Q4 2021 is explained by an efficiency gain in O&M project in Q4 last year, which resulted in exceptionally high EBIT on 2020. At the year-end, O&M backlog stood at CAD 69.8 compared to CAD 90.6 at the same time last year. This decrease of CAD 20 million from CAD 28 million would have been CAD 13.9 assuming a constant U.S. exchange rate. The amount of the backlog at year-end doesn't include the contract of the city of Laurel that Fred talked about, which has a total of CAD 10.4 million for four years since it was only announced in July 2020. It will appear in the next quarter. This decrease of the backlog is explained by some contracts approaching to their renewal date, creating important fluctuation on the O&M backlog. As Fred touched earlier, O&M long-term contract has typical duration of three to five years. They have different anniversary dates for renewal. This decrease is boosted by the renewal of three long-term contracts with existing customers. Certainly, we've had a very high renewal rate of 93% for the last five years. Therefore, we believe that we are well-positioned to replenish the backlog in the coming 12 months. It's also important to note that Hays and GUS O&M contracts are not included in this backlog since most of these contracts are with municipal utility districts and are usually category. Now let's look at the Q4 more specifically. At page 18, we present on the left the variation in revenue by business line if the exchange rate would have been constant between Q4 2020 and Q4 2021. At the rate last year, it was at 1.3856 for the average of Q4 last year, and this year the rate is at 1.2281. Secondly, in the gray box on the right is the impact of the exchange rate between those two quarters, just for this Q4 2021. Revenue for Q4 2021 decreased by $775,000 compared to the same quarter last year. This decrease is explained by two factors. The decrease of revenue coming from specialty products and the FX rate impact. I already talked about the reduction of the revenue from specialty products, which was caused by freight delay and postponed revenue recognition, combined with treatment product sales that last year were very high. I also talked about the FX rate impact that I got in specialty products and O&M. I think it is relevant to illustrate in this waterfall how the consolidated revenue for Q4 has been impacted. Even with a decrease of revenue in specialty products, revenue with a constant foreign exchange rate would have been at CAD 38.1 million. Foreign exchange impacted the revenue of Q4 by CAD 2.9 million or 7.5% attrition on revenues. In the upcoming quarter, the U.S. CAD FX rate will still be very low when you compare it to last year. Last year's average for Q1 was at 133.19. Today, the average for the first two months, so for July and August, is at 125.45. This is almost CAD 0.08 of difference. As a benchmark, as a metric, every CAD 0.01 of FX is impacting the revenue by about CAD 185,000 and the EBITDA by about CAD 40,000. I mentioned this because in financial models, it's something that you got to pay attention calculating the growth year-over-year. Let's move to page 19, financial position for selected information. Just want to say that the working capital is reconciled in the appendix at slide 28. The working capital increased by CAD 10.3 million during this year. The variation of working capital is mainly due to the exercise of the warrant throughout the year, which increased the cash and made it possible to repay the bank loan since Q3. As for the other working capital items, I won't go over each of them since the variation compared to last year is essentially explained by the acquisition of GUS, GMP, and also the impact on FX rates. We move to Page 20, net debt, you can see how we decreased the net debt since the last six months. During the last two quarter, we reduced the net debt by CAD 13.6 million. On June 30, the net debt stood at half a million dollars compared to CAD 10.5 million last year. This decrease is mainly due to the cash flow generated from our operating activity and the warrants exercised throughout the fiscal year. Contingent consideration also increased from CAD 1.4 million to CAD 6.7. These are payments we are going to make. Those are earn-out payments that are due to sellers following certain acquisition of GUS and GMP if performance milestones are met. The contingent consideration to be paid related to these acquisitions are respectively CAD 800,000 for GUS and CAD 5.9 million for GMP. Cash position was at CAD 15.4 on June 30. The balance sheet puts us in a very good situation to pursue our M&A strategy, which was communicated in our three-year plan since December 2020. Now I'll pass over the call back to Frédéric for conclusion remarks. Well, thank you, Marcus. Among other things, I think that the COVID pandemic highlighted the vital nature and essential services of products. Water is certainly on top of the list with strong fundamentals, as we can see on Page 21. If anything, the water investment thesis became even more compelling. Demand for water is expected to increase by an additional 20%-30% by 2050, pushed by fundamental drivers such as population growth, aging infrastructure, increasing regulations, water scarcity, and aging workforce to operate existing infrastructure. Even the bipartisan stimulus infrastructure bill of CAD 1 trillion, which should include CAD 75 billion for water, won't be enough to do everything that is required. The southern states such as Texas, Arizona, and California, are facing more and more water scarcity problematics, pushing for the construction of multiple new water reuse facilities. Looking at these drivers, I'm more confident than ever that we are in the right sector and that our business model is robust, that our strong membrane separation expertise will enable us to deal with growing problematics related to drinking water quality and demand for water use, and that our synergistic business pillars makes us more unique and financially predictable. Moving to slide 22 for the conclusion and takeaways. Well, as mentioned on the previous slide, the water sector will remain very attractive with sustained investment in the coming years. Over the last five years, we have grown annually the revenues by 23% on a compound basis, boosted by the acquisition and organic growth. Simultaneously, we have strived to grow our adjusted EBITDA by 38% per year on a compound annual basis. Moreover, our book-to-bill ratio remained healthy at two times. Our recurring revenue finance year remained high at 87% compared to 55% five years ago. Obviously, this focus to grow recurring sales first has allowed us to gain financial predictability through the years. The water industry remains very fragmented and attractive for acquisitions. Indeed, in the last five years, we have been able to close five acquisition of specialty product and O&M companies at affordable EBITDA multiple between five to nine times. Last year only, we closed two acquisitions. Our light capital business model allows us to generate continuously free cash flow that we can reinvest in organic growth and/or tuck-in acquisitions that have been presented in our three-year plan. In the recent months, we observed an increase in the multiple paid for water-related companies, suggesting a potential upside for H2O Innovation valuation. On the other hand, we will remain disciplined in the multiples that we're going to pay for potential acquisition targets. Finally, thanks to our continued focus to improve our financial profitability, our financial position is in great condition, where barely no debt as Marc laid out, and thus bringing us the capacity to leverage our balance sheet to conduct acquisitions. Before I turn it back to the operator for the Q&A session, I want to thank our shareholders for their continued trust. I also want to thank our 720 employees for their amazing work during the last year. You stood tall during the global pandemic and showed that our business is robust, which gave me great confidence in our future. I will now turn it back to the operator for the Q&A session. Thank you. Thank you. If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw your question, please press star one again [Non-English content]. We'll pause for just a moment to compile the Q&A roster. Your first question comes from Michael Glen from Raymond James. Please go ahead. Your line is open. Thanks. Good morning. Fred, maybe just to start, can you just talk a little bit about your strategy to grow the industrial side of the business? Is this something you need to acquire into? Can you grow it organically? Can you use your balance sheet in any way to help grow that side of the business? Well, actually, our strategy is on two things. First, we want to grow it more organically. We believe that we have all the "tools" within the portfolio of products to conduct and capture more industrial customers. I think what is becoming instrumental more and more in our ability to grow that portion of the business is the momentum and the references that we're starting to build. As we are executing more projects and able to show to other industrial customers what we have been doing, enables us to win new projects. We're also starting to see a general tendency about industrial customers adopting more and more water reuse systems on their facility, on their campuses in order to take advantage of, yes, becoming more green following ESG trends, but also making better use of their existing wastewater and turn it into utility water or water that they can reuse for their processes. By doing so, they become less exposed to increase in tariffs, water shortages, and things like that. This is a general trend that we're starting to see more and more, and we have delivered in the last two to three years, multiple projects going on that line. It's a general trend that we're seeing also. We're well-equipped and we'll continue to grow this organically. When you're looking at selling those systems, what's the customer preference? To lease those systems from you and pay you a monthly fee, or do they want to own those systems themselves? What we have seen so far is that they're more looking to own the system themselves. It seems that they're not necessarily ready to let it go. We're starting to see more and more interest towards outsourcing the operation and the service side of it. We'll be coming in, providing the capital equipment, and as part of our unique business model, be able to provide the operation and maintenance that come with it afterwards for long-term service. I think what we're doing right now for a large industrial customers in Virginia on their campus. Okay. On the slide, again, on WTS, when you highlight the engineering projects and then you talk about the movement in the fabrication, historically, what percentage of those projects would migrate from engineering into fabrication? Oh, they will all do. All these projects that you see there, the engineering projects, are projects secured into the backlog that will have to be manufactured. It's just a matter of time before all these 34 projects moving to the fabrication phase. It's just that we have highlighted these four different phases just to show the level of activity, because usually the engineering portion of a project represents from time to time, maybe 5%-15% of the total revenue of a project. As you imagine, when these projects will get out of the engineering phase, when all the drawings, all the submittals will be approved by the customers and we'll start to fabricate, we'll start to order materials, this is where and when we're going to recognize a large portion of revenues. Suggesting that the coming quarters should be pretty busy. That's something that we should see take place over the next, call it, next two quarters or three quarters? Two to three quarters. In general, the current sales pipeline we have, I think it will be pretty sustained for the next 24 months. Okay. That's great. Thanks for taking the questions. Thank you, Michael. Your next question comes from Frederic Tremblay from Desjardins Capital Markets. Please go ahead. Your line is open. Thank you. Good morning, Fred and Marc. Good morning, Frederic. First question from me is on the O&M side. Fred, you mentioned a large customer with an upcoming contract renewal. I just want to confirm, did you say that that customer represented about CAD 10 million annually in terms of revenue? That's right, yes. Canadian. Canadian, okay. Just maybe, can you talk about your, I guess, historical relationship with that customer and sort of what gives you the confidence that H2O will be successful in renewing that mandate? Well, it's a customer that we had for slightly more than 15 years. We're really entrenched with this customer, providing a really large scope of work, going from wastewater, water, and public services. Every year also, we're conducting a customer survey and satisfaction for performance. The rating has been excellent year over year over years and continuing to improve. Obviously, the city has no choice but to go into bidding process to be in line with the legislation. Their intention really is to continue to grow with us and maintain the same level of quality of services they have benefited from the last years. Okay. Yeah, that's great color. Maybe a question for Marc on the freight delays that you saw in specialty products. Are you able to roughly quantify what the revenue impact was from that in Q4? Are you seeing sort of a normalization so far in Q1 of those logistic challenges, or is that still ongoing? Yes, it's not that easy to quantify. The trend of specialty products has been to grow the business around 8%, if you look at the trend over the last few years, 8%-10%. The fact that we weren't able to meet that growth, even though we had GMP during the year, February, that helps to understand a bit the gap. I can't tell you more. I was unable to quantify it because, what's really causing a delay versus what we forecasted. We forecast to deliver, let's say, in mid-June, but then no one comes to take the stock on the dock. Yes, I can quantify it, but it's not enough to disclose it. Unfortunately, I was unable to come up with a number that I'm comfortable to disclose. That's for the first part of your question. Sorry, I cannot be more helpful than that. For the second part, do I expect to see that still? The answer is yes, probably not to that magnitude. There's been an important shift over the last quarter. It shifted to this quarter. The good news is that revenues that we're contemplating to see last quarter have been recognized this quarter. The bad news is we're probably going to have some revenues that we're contemplating to see this quarter that will be shifted to the next quarter. There's that first shift that happened. That shift will pursue, but it won't resume into a spike into one quarter. That mess, I think we're into it for two months, from what we read. We also have identified that as one of our main risks for this year. If you look into our MD&A, the main risk for this year is related to freight and supply. If I may add something also, Marc, I think on our end of the customers, they're changing also progressively their behavior with us as a client in the sense that now they're starting to order and place their orders ahead of time, knowing the current challenges they're facing with the freight. They are increasing their minimal order. That's a general trend we're starting to see, what they used to order, let's say, per pallet, now they're ordering it per container, again, to avoid any disruption in their own supply chain. That's on the good news. Still we have, with all of our distributors, clear financial targets that we all have for reaching a specific amount of sales each year. These targets are tied up at the end of our financial period, end of each quarter. They do have a financial incentive themselves to make sure that they can carry and execute their business plan. I think we're not out of the woods. There will still be stress on freight forwarding and international shipments. I think overall, I think the behavior of our customers is changing and evolving in the right direction. Which might be the MD&A thing. Correct. Okay, that's helpful. Lastly from me, can you talk about your acquisition pipeline and sort of what you're seeing in the industry in terms of M&A activity and transaction multiples? Well, we're very active. We have multiple targets that we're currently working on at different stage. I have to say, though, that lately we have seen an increase into the current valuation and multiple paid for water-related companies. I think we're not the only ones who believe that water is a good space to be. There's a lot of private equities and a lot of other parties that are indeed interested by the water space. There was a report that published by Raymond James according to the overall industry that suggests right now that the overall multiple paid for companies now stands between 14x to 17x, 18x the EBITDA lately. There was an increase. On the other end, we want to remain disciplined in the multiple that we're going to pay for. Certainly, we have been able to find out companies that were under the radar and that's our intention at this point, is to stay disciplined, and we believe that there will be somehow adjustments as well, moving forward on these multiple pays. Great. Thanks for taking the question. Thank you. Your next question will come from Colin Healy from Haywood Securities. Please go ahead. Your line is open. Hey, Fred and Marc. Thanks a lot for taking my call. I just wanted to follow up on the specialty products, the increase in cost of raw materials that you talked about. Do you have any color on how quickly you'll be able to pass on those costs to the customers? How many quarters we might see a bit of margin compression due to that effect? Yes. Well, we're taking definitely steps to pass on some of these increases to our customers, and it will happen over a period probably of two quarters or so. On the other hand, the good news with that price increase because on the specialty chemicals, for example, there is a raw material in particular, a phosphate-based product that we use for the making of our chemicals that is increasing tremendously with global shortages and slowdown in production. That could become a terrific advantage for us because of our other specialty product line that we have, being the PWT. The PWT product line relies on green chemistry, and is made of a dendrimer, of a polymer not using phosphate-based product. Not only is it green chemistry because it doesn't come with phosphate, allowing us to avoid this high increase we're currently seeing on the other product line, but also it comes in a form on a super concentrated formula, allowing us to significantly reduce the freight cost because it's concentrated 11 times. Right now, what we're trying to do is to take advantage of this current global situation, with price increases on raw material, shortage and challenges related to logistics and freight costs to push forward these strong and compelling advantages we have with the PWT product line. If we're able to do that, not only will result into pushing further green chemistry to our customers, but will allow us to even capture better margins because it's coming up with high margins. It's a product with high margin. What could be perceived as a threat could become a really nice opportunities for us in the coming quarters, coming years. That's a good mitigation plan that we're trying to put together. Thanks a lot. That's great color. Do you think that the EBITDA margins that you saw in Q4 are kind of sustainable through the first half of 2022, then? Yes. You have to understand there's a business mix aspect to it. Q4 always have very low revenues coming from Maple, and into that business mix, you got Maple, peat moss, and chemicals. The fact that chemicals has higher proportion of revenues boosts the margin up, therefore boosts the EBITDA up. When you got more revenues coming from Maple, even though the rest of the revenues stays up, still that margin can be affected a little bit because of the weight of chemicals into the total business mix. 44%, we're pretty proud of it. It's quite high. I think it's optimistic considering the pressure we have right now, especially on Q1 and Q2 on our supply. The mitigation plan that Fred explained won't happen overnight. It's really something that we're trying to push, but we're asking big companies to switch from a product that they know and they've been using for many years to a new type of product that's well proven. Nevertheless, it's a change in their chemistry. I think it's optimistic to think that on Q1, Q2, we'll be able to maintain that gross profit margin. On the other hand, for the second half of the year, we're looking to in-source one of the product lines for specialty chemicals that we have, in order to increase the margins. Again, as Marc explained, it's not going to happen overnight. We're currently making the investments into our U.K. facility in order to be able to capture these savings and these improvements in the second half of the year. Right. Thanks a lot, guys. That's great color. I'll return it to the queue. Thanks. Thank you, Colin. Your next question comes from Gabriel Leung from Beacon Securities. Please go ahead. Your line is open. Good morning, and thanks for taking my questions. Fred, with the elevated multiples that you're seeing on the M&A front, I'm curious, does that sort of change how you think about the amount of emphasis you want to place on organic growth versus acquired growth, as it relates to your three-year plan? Number one. Number two is, if there is a shift in emphasis towards more organic growth initiatives, will that have any impact on your current operating expense base? Well, two things. First, we started early this year to make investments according to our three-year plan, according to our new budget. We started to make investments in growing our sales organization. I think in all of our business lines right now, we're taking steps also on pushing for innovation to launch new products, again, to create growth momentum. What we're doing on the side of the acquisition, while yes, it has increased. On the other end, we still believe that there are, out there, a category of companies of certain size that are less exposed or quote unquote, "less attractive to private equities of the world," because they're smaller in size. We think that companies of, let's say, less than CAD 30 million, I'm just trying to draw a line, but maybe CAD 20 million or CAD 40 million, but certain companies in smaller size might be less attractive for M&A transactions in general. Making these multiples more affordable than the other large transactions, where we see a lot of inflation. That's why we want to remain disciplined according to our three-year plan, as we have discussed. Go after these tuck-ins, complements our portfolio of products through these tuck-in complements or footprint for O&M with these tuck-ins. In parallel conduct, as you mentioned, because now we have the capital, we have the cash flow to conduct very aggressively an organic growth plan as well. In terms of, I think your second part of the question was on the SG&A ratio. We intend to maintain it as we did for the last few years below 18%. Gotcha. Thanks for the feedback. Thank you, Gabriel. Your last question will come from Endri Leno from National Bank. Please go ahead. Your line is open. Hi. Good morning. Thanks for taking my questions. Most have been asked. I apologize if I repeat something here, I was dropping off the line a couple of times. The question I have goes back to the supply chain concerns there. From what you're seeing from different companies, it's touching anything from finished products to raw materials. Do you think it might have any impact in terms of even when it comes to product availability? For example, some of your suppliers might not be able to get the raw materials and then in turn provide you with what you need to deliver to your customers, number one. As it relates to that, are there any implications for working capital? Thanks. Thanks. So far, the challenges outside of price that we are observing, it's not necessarily a lack of availability. The product itself is available, but instead of being available, as markets claim, in two to three weeks, it might become something in three months. That's the kind of things that we're seeing on some of our products that we're buying. We're trying to find alternatives or equivalent products to overcome all these shortages or these delays. Like closer. For example, if it needs to be built in Europe, on the European continent or same for America. Could we source ourselves in Mexico instead of China? As Fred said, our suppliers don't have issues with obtaining raw materials. Our raw materials are not like those chips that Ford had the same issue. The problem is really to get the equipment from one place to another. Those are type of equipment we can't put on a plane. Equipment or products we cannot put on a plane. I can tell you one thing, though, that probably puts us in a better mood within the last two years was to create and organize our supply chain department. This is a new support function that did not exist several years ago. Now I can tell you that they're pretty busy these days. It really helps to mitigate different things related to price, related to sourcing, related to delays. Okay. No, great. Thanks. That's great color. On working capital, do you expect any drag there, Marc, or it should be more or less where it has been historically? No, nothing to expect that's unusual outside of the normal growth. Of course, inventory may move with the growth. Same for AR and AP. Maybe on cash, there's still CAD 3.5 million of warrants that have not been exercised yet. The deadline for those warrants is November 14th. Maybe we will see those warrants exercised and cash coming in. It can only be improving the balance sheet. Okay. No, that's great. Thank you. Last question from me. I don't know if you can shed any light here or disclose, but with the backlog going down, but you've won some contracts, right? Like since the end of the Q4. Are you able to provide any number where the backlog currently stands? The backlog as of today, we will September 30. Did you have it, Frédéric? Yeah. Yeah. Well, we updated the backlog for O&M at CAD 83 million, following the announcement of a new contract we just won for Laurel. The project backlog for new equipment, capital equipment. We generally provide an update around end of the quarter, so stay tuned. I mean, we're September 30 this week. Press release will come soon. Yeah, there should be an update soon on that. Okay, sounds good. Will do. Thank you. We're trying to do that on a quarterly basis unless there is a major contract. Last time we provided an update was on July 26th. It was CAD 34.8. Okay, great. Thank you. You're welcome. We have no further questions in queue. I'd like to turn the call back over to the presenters for any closing remarks. Well, thank you very much again for attending the call today. Really proud of our results, year-end results. Look forward to talking to you for the first quarter results, which will be announced in mid-November for the quarter ending September 30th. Thank you very much and stay tuned for more news. Have a good one. Have a good night. Cheers. Bye-bye. This concludes today's conference call. You may now disconnect.