Hello, this is the Chorus Call Conference Operator. Welcome to the Vecima Networks fourth quarter fiscal 2023 earnings conference call and webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. Analysts and institutional investors who wish to join the question queue, simply press star and one on your touchtone phone. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. Presenting today on behalf of Vecima Networks are Sumit Kumar, President and CEO, and Dale Booth, Chief Financial Officer. Today's call will begin with executive commentary on Vecima's financial and operational performance for the fourth quarter and year-end fiscal 2023 results. Lastly, the call will finish with a question and answer period for analysts and institutional investors. The press release announcing the company's fourth quarter and year-end fiscal 2023 results, as well as a detailed supplemental investor information, are posted on Vecima's website at www.vecima.com under the Investor Relations heading. The highlights provided on this call should be understood in conjunction with the company's audited, condensed annual consolidated financial statements and accompanying notes for the year ended June 30, 2023 and 2022. Certain statements in this conference call and webcast may constitute forward-looking statements with the meaning of applicable securities law. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding management's intentions, belief, or current expectation with respect to market and general economic conditions, future sales and revenue expectations, future costs and operating performance. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include, but are not limited to, the current significant general economic uncertainty and credit and financial market volatility, including the impact of COVID-19 and the distinctive characteristics of Vecima's operations and industry and customer demand that may have a material impact on or constitute risk factors in respect of Vecima's future financial performance, as set forth under the heading "Risk Factors" in the company's Annual Information Form dated September 21st, 2023, a copy of which is available at www.sedar.com. In addition, although the forward-looking statements in this earnings call are based on what management believes are reasonable assumptions, such assumptions may prove to be incorrect. Consequently, attendees should not place undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Vecima disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. At this time, I would like to turn the conference over to Mr. Kumar to proceed with his remarks. Please go ahead. Thank you. Good morning, and welcome, everyone. Thank you for joining us. Fiscal 2023 was another record-breaking year for Vecima as we furthered our position as a leading innovator and essential partner supporting the global widescale migration to distributed access architecture and IPTV. I'll start today with a review of some of the financial and operational highlights of the year. Dale will provide more detail on our financial results, and then I'll return to talk about what lies ahead for Vecima. To begin, I want to impress upon the fact that by every measure, Fiscal 2023 was a remarkable year, teeming with growth, innovation, and performance. All three of our business segments rose sharply over our already exceptional Fiscal 2022 results, and together turned in the best top and bottom line results in Vecima's history. On a full year basis, sales increased 62.4% to CAD 303.4 million. That was after achieving 50.5% year-over-year growth in fiscal 2022, leading to Vecima's sales now being almost 2.5 x what they were just two years ago. We continued to leverage this growth through to the bottom line. Gross profit climbed by nearly 58% to CAD 142 million. Adjusted EBITDA was up 93% to CAD 59.8 million, and adjusted net earnings per share nearly tripled to CAD 1.19 per share from CAD 0.41 last year. Of course, these are all record results for Vecima. Our performance was once again led by our video and broadband solutions segment, and more specifically, by further dramatic growth for our Entra family of products. As we continue to ride the first wave of the global cable industry's widescale migration to distributed access architecture, Entra sales more than doubled from CAD 107.3 million in fiscal 2022 to CAD 222.1 million in fiscal 2023. Entra continues to be our fastest growing product family and represented 73% of fiscal 2023 total sales. To put this into perspective, consider that just three years ago, Entra accounted for just over CAD 5 million, or about 5% of Vecima's consolidated sales. In total, our customer engagements for Entra climbed to 107 during fiscal 2023, up from 91 at the start of the year. And 51 of those customers are now using our Entra cable and fiber access products in their networks. This includes deployments with eight of the top 12 largest cable operators in North America, which provides a strong indicator of Vecima's leadership in the DAA landscape, and our relationships with these customers continued to expand in fiscal 2023. As an example, Charter Communications, one of the world's largest cable operators, chose our new Entra ERM3 solution as one of the backbones of the major DAA rollout it plans to implement in fiscal 2024. We also worked closely with Charter to demonstrate multi-gigabit speed symmetrical DOCSIS 4.0 at various industry events during the year. Subsequent to year-end, we recently announced that Vecima and Charter have entered into a warrant agreement that has the potential to further expand the strong strategic partnership that our two organizations have already built. Subject to achieving significant multi-year purchase targets of products and services, the successful realization of that agreement is expected to align with the accompanying growth of strong shareholder value. Another highlight for Entra in fiscal 2023 was strong growth on the fiber access side of our portfolio, as we supported the supply of substantial rural broadband connectivity capacity last year. As you're probably aware, governments are investing heavily to close the rural-urban divide for high-speed internet access, and Entra products are an integral part of that solution. Now, I want to note that while full year Entra growth was exceptionally strong, we are anticipating a momentary deferment in Entra's momentum at the start of fiscal 2024. This reflects a short-term transition currently underway in the DAA macro environment. Over the past few years, Vecima has been effectively responding to extremely challenging supply chain conditions. These challenges continued through much of fiscal 2023, and we were distinctly successful in helping our customers secure the inventory they needed to support their planned rollout programs. While Vecima's exceptionally strong supply chain management led to fulfillment of customer orders on schedule, in some cases, customer projects, on the other hand, got delayed due to lagging construction, labor, permitting, utility make-ready, and other requirements for these very large-scale network build-outs. As we enter Q1, we're now seeing a measured timing realignment and project cadence, tying to the brief transition where customers are working to catch up on and ramp project rollouts using the inventories we've unlocked for them. That's led to some short-term pushouts in order delivery dates starting in Q1, even as backlog for the out quarters continues to build. I want to emphasize that we expect this to be a relatively transient intermission in what is a much broader wave of DAA adoption and growth. DAA is becoming a multi-billion dollar market as operators worldwide undertake this transformational evolution of broadband access networks. The cable industry is heading into this journey with Vecima widely recognized as a leading DAA technology partner. We're on the cusp of another major wave of growth and extremely well positioned to benefit. Looking now to highlights from our other business segments, our content delivery and storage segment turned impressive performance, with annual sales growing 20.3% to CAD 52.3 million in fiscal 2023. We finished the year on a high note with record Q4 sales performance of CAD 17.1 million, an 85% increase over last year. This drove those strong full-year results. The year's highlights included multiple IPTV expansions with existing customers, along with new customer wins. As we've highlighted before, with respect to the many new IPTV program wins we've achieved over the past few years in CDS, when customers initiate managed IPTV platforms, they typically start by rolling out to just a starting subset of their overall video subscribers. They then have the expectation to gradually migrate the remaining bulk of legacy video subscribers to the next generation video fabric, represented by MediaScale. In fiscal 2023, we saw a significant increase in this type of activity. After attaining the expected success and benefits associated with IPTV, customers drove step ups in migration, expansion, and corresponding capacity purchase increases for MediaScale IPTV. On the innovation front, we continued to advance our MediaScale portfolio with multiple product enhancements, including major new releases in our origin and cache product families, as well as a new MediaScale video platform, enabling operators to refresh old video on demand infrastructure and expand their content libraries while leveraging existing back-office investments and deploying IPTV-ready origins and storage. We also continued to develop our standards-compliant Open Caching solution. As we've mentioned, Open Caching is a significant new development for our service provider and streaming customers because it delivers video that looks and performs better on consumer viewing screens while offering compelling business advantages. We believe Open Caching is the future of video streaming, and we're continuing to lay the groundwork for it in partnership with leading global content and service providers. Finally, in telematics, we continued to build on the segment's profitable recurring revenue contribution as we advanced uptakes for Nero Global Tracking, our growing movable asset tracking platform... In fiscal 2023, we added 58 new asset tracking customers and more than doubled the total number of movable assets we monitor in the year to over 48,000 tags. In every aspect, fiscal 2023 was a powerful year for Vecima, and we ended in a very strong financial position with CAD 83.7 million in working capital and modest long-term debt of CAD 14 million. That was after investing heavily in working capital, R&D and organic growth, and returning cash to our investors in the form of our regular dividends of CAD 0.22 per share. I also want to note that we undertook a realignment of our workforce at the close of fiscal 2023. The changes, which involved about 10% of our workforce, are expected to provide a corresponding reduction in our run rate operating expenses compared to Q4, excluding restructuring costs, stock-based compensation, and other expense in the fourth quarter. For the full year, net of any planned staff additions and other incremental OpEx increases through the year, we expect an 8.5% decrease compared to the fourth quarter OpEx. I want to point out that the staffing reduction was proactively associated with adjustments we've anticipated in the market needs and therefore, predominantly program alignment related. While the downsizing was driven primarily by our go-forward program needs, it also speaks to our continued commitment to efficiency and prudent management as we enter the first half of fiscal 2024. The combination of programmatic OpEx adjustments, robust working capital, and product readiness for new large-scale programs, means we're balanced and very well-positioned to support the significant ongoing growth we see ahead. I'll tell you more about that in just a few minutes. First, though, I'll turn the call over to Dale to provide our financial review. Dale? Thank you, Sumit. For the purposes of this call, we assume that everyone has seen the fourth quarter and fiscal year 2023 results, news release, and MD&A, and our fiscal year 2023 financial statements posted on Vecima's website. I will present the relevant numbers and discussions around overall results, market segments, operational expenses, and the balance sheet. Starting with consolidated sales. For the 3 months ended June thirtieth, 2023, we generated sales of CAD 75.5 million. This was an increase of 26% over the CAD 60 million in Q4 last year, and a 3% decrease from the CAD 78.3 million in Q3 fiscal 2023. The year-over-year increase reflects higher sales from the video and broadband solutions segment, combined with record fourth quarter sales in our content delivery and storage segment. Within the video and broadband solutions segment, for the fourth quarter of fiscal 2023, we generated sales of CAD 57 million. This was up 15% from the CAD 49.4 million in Q4 last year, and 12% lower than the CAD 64.8 million in sales last quarter. Next generation DAA products contributed fourth quarter Entra revenue of CAD 50.7 million, up 27% from the CAD 40 million in Q4 fiscal 2022, but down 19% from the CAD 62.7 million in Q3 fiscal 2023. We anticipate a resurgence of demand momentum in the second half of fiscal 2024 as we begin to launch major DAA rollouts with key customers. In all, Entra DAA platforms are now being sold to 51 operators across six continents. Commercial video product sales were CAD 6.3 million for the quarter, a decrease of 29% from the CAD 8.8 million in Q4 fiscal 2022, but almost three times higher than the CAD 2.1 million generated in Q3 fiscal 2023. The year-over-year change reflects a transition to next generation platforms and the impact of some of our newer DAA-driven commercial video solutions being accounted for as part of the Entra family sales. The quarter-over-quarter improvement reflects stronger than expected TC600E sales in Q4. Content delivery and storage segment sales delivered a record quarter with CAD 17.1 million in Q4 fiscal 2023, an 85% increase from the CAD 9.2 million in the fourth quarter of fiscal 2022, and up 45% compared to the CAD 11.8 million in Q3 of this year. Our record Q4 performance reflects significant IPTV expansion activity with customers, together with strong services revenue. CDS segment sales for Q4 fiscal 2023 included CAD 10.3 million of product sales and CAD 6.8 million in services revenue. As always, we note that quarterly sales variances are typical for the CDS segment. Turning to the Telematics segment, sales in the fourth quarter were CAD 1.4 million, consistent with expectations. This was slightly higher than the CAD 1.3 million generated in the same period last year, but lower than the CAD 1.7 million in Q3 of this year. Consolidated gross margin for the fourth quarter was at 50.5%, with a gross profit of CAD 38.1 million, an increase of 34% from the CAD 28.5 million in Q4 fiscal 2022, and up 12% from last quarter's CAD 34.1 million, above our targeted range of 45%-49%. Gross margin was also up from the 48% achieved in Q4 fiscal 2022, and the 44% last quarter. Improvement in gross margin reflects higher sales and margins in the CDS segment, combined with improved gross margin, offset by lower sales in the Video and Broadband Solutions segment. Video and Broadband Solutions segment gross profit grew 21% to CAD 27.9 million in the fourth quarter of fiscal 2023, from the CAD 23 million in the same period last year, and up 4% from the CAD 26.7 million in gross profit last quarter. Gross profit margin of 49% was slightly higher as compared to 47% in Q4 fiscal 2022, and significantly higher than the Q3 fiscal 2023 gross profit margin of 41%. The year-over-year increase in gross profit reflects higher sales compared with reduced expedite costs in our commercial video products, a large software feature sale for commercial video, and a favorable deferred revenue adjustment resulting from a change in contract terms. Gross profit in the Content Delivery and Storage segment for Q4 fiscal 2023 increased significantly by 99% to CAD 9.2 million, from the CAD 4.6 million in Q4 of fiscal 2022. CDS gross margin of 54% for the quarter was also higher than the 50% gross margin for the same period last year. On a sequential quarterly basis, CDS gross profit was 47% higher than the CAD 6.3 million generated last quarter, and CDS gross margin was slightly higher than the 53% achieved in Q3 fiscal 2023. The year-over-year changes in gross profit and gross margin reflect a higher percentage of high-margin software sales in the product mix, and an increase in sales in the current quarter as compared to in the same period last year. In the Telematics segment, gross profit in the fourth quarter increased to CAD 1 million, with a gross margin of 72%, from CAD 0.9 million in gross profit and 66% gross margin in Q4 fiscal 2022, and gross profit of CAD 1.1 million and 65% gross margin last quarter. The year-over-year improvement in gross margin was mainly the result of lower product costs in the current quarter. Turning to fourth quarter operating expenses, the notable changes year-over-year were as follows: R&D expenses increased to CAD 12.9 million in the current quarter from CAD 11.4 million in Q4 fiscal 2022, primarily reflecting the hiring of additional R&D employees, the amortization of deferred development costs, higher licensing costs, partially offset by increased capitalized development costs. We continue to invest in research and development to support the launch of new products. Until these new products are commercialized, development costs are deferred to future periods. Sales and marketing expenses for the fourth quarter increased to CAD 7.8 million from CAD 6 million in the same period last year. This increase was due to higher staffing costs, as well as increased travel, entertainment, and trade show expenses. G&A expenses increased to CAD 8.0 million in Q4 fiscal 2023, from CAD 6.5 million in Q4 fiscal 2022, primarily reflecting the additional staffing, travel and entertainment, training and development, and contracting costs. Restructuring costs were CAD 1.2 million in Q4 fiscal 2023, compared to nil in Q4 of fiscal 2022. The increase is a result of restructuring activities undertaken in Q4 fiscal 2023 to better align the company's resources with our strategy and outlook. Operating cost savings will occur in fiscal 2024 as a result of this restructuring. Other expenses were CAD 1.6 million in Q4 fiscal 2023, an increase from other income of CAD 0.8 million in Q4 fiscal 2022. This primarily relates to cancellation penalties incurred on supplier contracts that were incurred in fiscal 2023. Total OpEx in Q4 increased to CAD 32.7 million from CAD 24.7 million during the same period last year. This increase primarily reflects higher operating expenses i n the Video and Broadband Solutions segment. Video and Broadband Solutions operating expenses for the quarter increased to CAD 23.8 million from CAD 15.8 million in Q4 fiscal 2022. The CAD 8 million year-over-year increase primarily reflects additional expenses for research and development, sales and marketing, general and administrative activities, and staffing, all related to sales growth. Content delivery and storage operating expenses were CAD 8 million in both Q4 fiscal 2023 and Q4 fiscal 2022. Higher expenditures on research and development and general administrative activities were offset by a one-time impairment charge in the fourth quarter of fiscal 2022. I note the reported R&D expense in a period is typically different than the actual expenditure. That's because certain R&D expenditures are deferred until product commercialization. Adjusting for deferrals, amortization of deferred development costs, and income tax credits, actual R&D investment for the current quarter increased to CAD 15.3 million, or 20% of sales, from CAD 12.7 million, or 21% of sales, in the same period last year. The year-over-year increase reflects higher staffing costs, higher costs for software licensing as our next generation product families move closer to full-scale commercial deployment. In our operating results, we reported an operating income of CAD 5.4 million in Q4 fiscal 2023, as compared to CAD 3.8 million in Q4 fiscal 2022. The CAD 1.6 million dollar increase was primarily due to higher sales in the content delivery and storage segments, partially offset by increased operating expenses in the VBS segment, with higher R&D and staffing aimed at supporting future growth. Adjusted EBITDA grew to CAD 15.1 million this quarter from CAD 11.1 million in the prior year quarter, and up from CAD 11.7 million dollars sequentially. Foreign exchange gain was CAD 1.3 million in Q4 fiscal 2023, as compared to CAD 1.4 million in the prior year period. Net income for the quarter increased to CAD 5.1 million, or CAD 0.21 per share, from a net income of CAD 3.5 million, or CAD 0.16 per share in Q4 fiscal 2022. Overall, a very solid quarter. Turning to the balance sheet. We ended the fourth quarter of fiscal 2023 with CAD 2.3 million in cash, as compared to CAD 12.9 million in the same period last year. Working capital increased to CAD 83.7 million in the current quarter, from CAD 58.6 million in Q4 last year, but decreased from the CAD 91.1 million in Q3 fiscal 2023. We note that working capital balances can also be subject to significant swings from quarter to quarter. Our product shipments are lumpy, reflecting the requirements of our major customers. Other issues, like contracts with greater than 30-day payment terms, also affect working capital, particularly if shipments are back-end weighted for a quarter. Lastly, cash flow provided by operations for the fourth quarter was CAD 4.6 million, as compared to cash flow provided by operations of CAD 10.4 million during the same period last year. The CAD 5.8 million change reflects a CAD 7.3 million decrease in cash flow related to non-cash working capital, partially offset by a CAD 1.5 million increase in operating cash flow. On a final note, in terms of the quarterly dividend, the board of directors approved a quarterly dividend of CAD 0.055 per common share, payable on November sixth, 2023, to shareholders of record as at October thirteenth, 2023. I would like to point out this, that this dividend will be designated as an eligible dividend for Canadian income tax purposes. So just to summarize, another strong quarter with continued sales growth and a solid gross margin and adjusted EBITDA. Now back to Sumit. Thank you, Dale. Now, looking at what lies ahead for Vecima, we see ourselves nearing a major new phase of growth and development, further scaling the business beyond the tripling of sales that we've achieved over the last three years. I want to repeat that. In fiscal 2023, Vecima's sales were more than three times what they were in fiscal 2020. Our adjusted EBITDA this year is three and a quarter times what it was in fiscal 2020, and our adjusted earnings per share have grown by nearly 20 times since fiscal 2020. Around the globe, MSOs are planning significant capital investment to upgrade their broadband and IPTV networks. These are essential investments that address operators' urgent need to expand capacity, respond to increasing competition, and meet customers' expectations for ever-faster internet speeds and enhanced services. As a core broadband supplier to the global industry, with unrivaled DAA and IPTV product portfolios and a very strong market position, we're exceptionally well-positioned to harvest our share of the far-reaching opportunity ahead. In our video and broadband solutions segment, we anticipate the market making its way towards even wider DAA deployment in calendar 2024, as operators roll out their planned network upgrades. We expect this to have significant positive impact on our results in the second half of our fiscal 2024. But I want to again emphasize that in the first half, and particularly in Q1, we'll still be in transition as customers deepen rollout of existing projects using the inventory we helped unlock for them this past year. As I said earlier, we expect this transition to be short-lived. By the second half, we anticipate a resurgence of Entra sales growth momentum as we carry on rolling out major DAA deployments with multiple customers. This should lead to respectable full-year consolidated sales growth in fiscal 2024. More importantly, though, we expect our quarterly run rate to reach new and compelling highs by year-end, with that momentum expected to build into fiscal 2025 and beyond. Turning to our content delivery and storage segment, we anticipate continued expansion and demand for our IPTV solutions, contributing to year-over-year sales gains in the low double digits. Over the longer term, we continue to see higher growth potential. The IPTV and OTT streaming services markets are on pace to significantly expand in the next several years... and they'll depend on reliable and scalable solutions like those provided by our MediaScale portfolio. We're also anticipating continued incremental growth in our telematics segment. In summary, we're tremendously excited about Vecima's prospects. At a time when the industry is moving decisively to DAA and IPTV, Vecima boasts one of the world's most comprehensive DAA portfolios, covering both cable, fiber, and cable access, and we've built some of the industry's best technology that's being adopted by several of the world's largest broadband service providers. So we remain deeply confident in our market position and in Vecima's ability to capture the major opportunities that lie ahead, as we continue to realize the true deployment potential for our leading technologies and break new ground in ultra high speed connectivity, time and again. That concludes our formal comments for today. We'd now be happy to take questions. Operator? We will now begin the question and answers. We will now begin the question and answer session for analysts and institutional investors. To join the question queue, you may press Star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star then two. The first question comes from Steven Li with Raymond James. Please go ahead. Hey, guys. I want to ask you about your fiber rollouts, like the pace of these, rural rollouts. Can you share what you are seeing on the installation front in terms of velocity, even as your customers work down their inventory and slow down their POs? Yeah, you know, and like we said, it's kind of this remaining component of calendar 2023, that we see this continuing digestion phase. You know, as I've been saying, you know, this is the year where those projects are ramping up in the field. You may see, you know, even some commentary from operators indicating that they're accelerating their pace of field deployment, and the fiber access, you know, given that it's funding subsidized, very, very strong ROI metrics. It has a lot of priority. And like I said, you know, we've unlocked inventory to allow for that, you know, whereas the labor, the permitting and the pole access and construction is now catching up. So, you know, we expect a lot of heavy activity on the part of operators this calendar year, and that'll make way for ongoing, you know, deliveries from us. Okay, thanks. And Sumit, can you also comment on RDOF in terms of funding? Like, is it still early innings or we passed the halfway point for RDOF? You know, in terms of deployment activity, it is still relatively early innings. You know, some of the operators talk about their overall funding awards and where they see themselves getting to by the end of calendar 2023, and you can interpret from that, you know, how far along they are. You know, I think in the best cases, we think some operators are 20%-30% deployed, you know, some of the largest awardees of the funding. There is a lot of activity yet to come. You know, of course, our particular 10G-EPON remote OLT is aligned for those implementations. You know, as inventory gets consumed and they continue to ramp those projects to leverage that funding, you know, we're excited about what's in store. Meanwhile, you know, in the longer term, larger U.S. government funding program, and that is BEAD, you know, is underway, you know, with distribution to the state administration happening. That, you know, creates another 2x factor on subsidies for rural broadband. Once again, you know, with the aim to, for, you know, at last, finally serve underserved regions of the United States, and, you know, we're happy about what that suggests for long-term continuation prospects for funding-driven fiber to the home deployment with Vecima's technology. Right. So, Sumit, on BEAD, you expect those state funds to become available in 2024. Is that what your customers are telling you? You know, I think they're still working through the regulatory environment there. We know that the NTIA has kind of created their notice of funding on, you know, opportunity states. Some states have responded. There's been some allocations, and now the states have to go through their process, you know, of submitting their deployment plans to capture in the funding, and those will tie to subgrantees with the operators and other carriers. So it, it's going to take, you know, a continued amount of time for that to work through the system. But it's a major program over multiple years. So, you know, we do think that 2024 calendar year will be an exciting year for developments in BEAD. Got it. Thanks. Thanks, Steven. Thanks, Steven. The next question comes from Jim Byrne with Acumen Capital. Please go ahead. Good morning, guys. Good morning, Jim Just a couple from me. You know, with the kind of slowdown here that we've had or you're anticipating, maybe just give us an update on supply chain constraints on your systems and your productive capacity. I know you'd even talked about, you know, maybe even onshoring more of your manufacturing. Maybe just give us an update on your production. Yeah. So, you know, I think, reflecting again on what's happened in the supply chain environment over the last three years, starting with the pandemic, you know, things got extremely constrained, probably peaking in calendar 2022 and starting the process of incremental capacity and relief in calendar 2023. You know, so with respect to the investments we've made, the growth we've had, the strong working capital investment we've made to support our growth and to manage the supply chain, you know, we're positioned quite strongly today in terms of go forward. And, you know, the fact that we're seeing correction in the supplier marketplace, generally speaking, is very helpful as we look at our long-term plans. So, you know, well-positioned, well-situated, you know, working capital war chest. I think there are some remaining isolated and you know still relatively key cases of long lead times that we need to continue to manage effectively, working in partnership with our customers as we have, you know, for some of our newer programs and some of our core silicon that's upcoming from the supply chain. But you know that is all you know well practiced in terms of estimates capability together with our customers to manage those things. So by and large, you know, we have a strong you know war chest to work with in our working capital. We've seen a lot of improvement from the supply chain and we have to continue to work and manage those isolated cases where there's a you know a lagging condition of elevated lead times. Okay, thanks for that, Sumit. And then maybe just looking at the warrant agreement, maybe just give us a little color on how that came about. I know it's something that Charter's done in the past, but maybe just give us an update from what you see as the advantages of the agreement. Okay, Jim. You know, I'm not able to offer too much more than I've already provided in the press releases. You know, we've said the warrants give Charter Communications opportunity to buy up to about 360,000 shares, exercise price of CAD 17.09 per. And they are subject to, you know, vesting in conditions that are based on the achievement of significant multi-year spending targets. You know, we have seen our partnership expand over the last several years, and, you know, we're continuing to together build the 10G cable and fiber access networks, you know, that they plan for the future. So again, you know, we believe that agreement really underscores the growth of the relationship, and we're working on this network evolution strategy together. I think generally speaking now, when we think about a customer approaching a vendor for a warrant agreement, you know, we believe that it signals strong strategic alignment, faith in the technology and partnership and, you know, an expectation of executing, you know, thorough programs together that highly benefit both organizations. You know, that typically we would see that in the industry when, you know, some robust market share is expected and there is an expectation that there's an opportunity to drive, you know, significant overall shareholder value. So that's all. You know, we're very pleased to have the potential for even more alignment with such a world-leading service provider as Charter is. Great. Thanks, Sumit. And then maybe one for you, Dale. The working capital continues to grow. When should we anticipate some of that release coming back to you here? Is that a Q1 or kind of a back half weighted 2024 event? It'll be more back half loaded as you know, our sales get back into ramping up. You know, as Sumit has said, that war chest is sitting there, and as we increase our sales in the back half of fiscal 2024, we'll see you know, us utilizing that inventory. All right. That's it for me. Thanks, guys. Thanks, Jim. Thanks, Jim. The next question comes from Ryan Koontz with Needham & Company. Please go ahead. Thanks for the question. What if you could kind of step back in the big picture and think a little longer term and maybe well into 2025, and kind of the migration from, you know, DAA and DOCSIS 3.1 toward DOCSIS 4.0, and the bifurcation of standards there versus fiber to home spending. And, you know, how do you, how do you expect kind of the broader cable market to evolve there in terms of, in terms of spending on the various options they have, to move beyond, you know, this first step in DAA? Thanks a lot. Yeah. Thanks, Ryan. I think, you know, like you said, you know, we're leading this first wave of DAA. DAA is, you know, we—Vecima and Gainspeed, both now Vecima, are pioneers and inventors in DAA, and this has been, you know, a decade in the making for the industry. And, you know, the movement is upon us, where DOCSIS 3.1 is being rolled out with DAA at scale today. As you've seen, several operators are leveraging it to allow them to leverage the HFC on the cable access plant to offer leading, you know, nation-leading broadband services, gigabits and beyond. You know, there's going to be a movement towards more symmetrical networks with high split, is the consensus. We have, you know, a lot of runway as DOCSIS 4.0 continues to mature. You know, you've seen that there's even some opportunity to mix DOCSIS 4.0 modems with 3.1 infrastructure and get some benefits and speed that buys you even further runway. As the industry makes preparation for the long-term migration to DOCSIS 4.0, you know, whether that is FDX or 1.8 gigahertz extended spectrum, you know, we see that we can continue to drive leverage of that HFC cable plant to move to symmetrical 10G over time. Meanwhile, of course, you know, fiber is powerful. I talked earlier about how the funding is a very strong motivator for fiber expansion. We do believe that operators will, in greenfield environments, continue to emphasize fiber rollout where they can. I think the marriage of these two things that we've done with the capability to continue to expand on, you know, a supremely competitive service with the cable plant, as well as, you know, pour on the new greenfield, new build with fiber, that positions operators with everything they need to do to maintain this, you know, major market share they enjoy broadband service provision. Makes great sense. Really appreciate the insight, Sumit. Thanks. All right. Thanks, Ryan. Thanks, Ryan. Once again, analysts and institutional investors who would like to ask a question should press Star and one on their touchtone phones. We will pause for a moment as any additional callers may join the queue. The next question comes from Jesse Pytlak with Cormark Securities. Please go ahead. Hey, guys. Just one quick question from me. Customer engagements kind of flat quarter over quarter, and just the growth there has been slowing down. Are you kind of reaching a saturation point here, or is there still a pretty large cohort of cable operators out there that you can engage with? And is this just kind of a temporary slowdown as well? Yeah, I think that, you know, engagement count's been ticking up. I think, you know, over the full year, I don't have the entry point on, on my table here, but, you know, we've ramped that up across the year. Q3 to Q4 is just, you know, point in time stuff, I think, in terms of that and not really a signal of saturation. One of the other factors has been I mean, while we were in the supply chain constraints and, you know, we have these eight more, you know, North American leading operators deploying our products, you know, there was perhaps less opportunity to serve as incremental customers because, you know, we had to put all of our delivery attention to our current customers and our tier ones. You know, so insofar as, you know, those tier one customers are digesting for the time being, that does create opportunity for us to broaden our, you know, exposure to other customers. So we expect that, you know, there is a significant amount of global growth ahead, in the engagement and overall customer accounts still ahead of us. Okay, appreciate it. Okay. Thanks, Jesse. Thanks, Jesse. As there appears to be no further questions, this concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.