Good morning or good afternoon, depending upon where you're joining us today. We're really excited to be here for Berkshire Grey's Investor Day. My name is Cody Slach, and I will be the moderator today, and I work for Gateway Group. And again, we're really pleased to have you here. So just a quick round of introductions before I pass it over to Tom. We've got John Delaney, founder, CEO, and chairman of Revolution Acceleration Acquisition Corp, the SPAC that we'll be merging with Berkshire Grey. And then we're pleased to have Tom Wagner, founder and CEO of Berkshire Grey, Steve Johnson, COO, and Mark Fidler, CFO. So Tom, over to you. Sure, Cody, thank you. Folks, thank you for taking the time today to spend with us. We're going to share our story with you. We're off to a great week. We on Monday announced a $23 million order for robotic systems that support same-day grocery activity. This is order with app, order online, be fulfilled by robotic systems in order to support that. We also issued on Monday some financial updates. We're excited that our disclosed orders are now at $148 million, up from $114 million disclosed previously. Our backlog is at $95 million, up from the previously disclosed $70 million. And we have approximately 94% of 2021 forecasted revenue under contract. We're in a good state with customers. We have positive momentum. And we're excited about this progress. And we're going to share more with that, more of that with you today. With respect to the transaction with RAAC, and John Delaney will talk a little bit about that, but it's probably worth noting in terms of dates that we expect to close with RAAC next week and to be traded as Berkshire Grey on NASDAQ by the end of the week. We're off to a great week. We're very excited about our progress. Now what I'm going to do is share my screen, and we're going to share some slides with you and tell you a little bit about what we do and a little bit of our story. No, don't worry, I'm not reading you the disclaimers. Okay, when it comes to Berkshire Grey, one of the most important points to get, we automate operations for folks who do e-commerce fulfillment, grocery, retail resupply, package handling logistics, and for 3PLs. This is critical today for folks in these industries. It's because their industries are being disrupted. It's being disrupted by change in consumer expectations. Everybody in these industries is paying close attention to their supply chain. They need to transform in order to win. There's a $280 billion TAM associated with what we do. We'll give you the breakdown on that in a minute. But something to understand, large TAM exists today. It's not a hypothetical future. It exists today. Where we help folks is in their warehouse and supply chain and logistics and operations. Conceptually, many of us think that these things should be highly automated. And when you place an e-commerce order, you know there shouldn't be people involved with that. The reality is those industries and the functions that we're talking about today are highly manual. People touch and handle items many times, 10-15 times, in order for us to get those items at our front doorstep in those boxes or in order for us to order online and pick up at store. Operations are hugely manual. They're hugely manual because the level of technology needed for automation wasn't available until very recently. And with Berkshire Grey, I would actually claim that we are one of the first folks who can do automated picking, automated mobility, and so forth to automate these functions. If you're in these industries, your key challenges today, labor availability, the increasing consumer demands that I referenced, as well as increasing competitive pressure. And where that pressure goes is straight to your supply chain. What we do for our customers is help them to transform their operations with AI-enabled robotics. Everything you see here is ours installed and running at customer locations. And what you're looking at is robotic picking, robots picking up and handling individual items. This is, for instance, a cell phone case or a power supply that you ordered and getting it into an e-commerce box. Or, as we announced yesterday, groceries that you might have ordered and so forth, picking up and handling individual items. This is also robotic movement and mobility. In some cases, it's embodied with the fully mobile robots that we'll talk more about. And in some cases, it's embodied with other forms of robotic movement and mobility. We also orchestrate or coordinate whole systems of these things. So when it comes to a customer solution, the solution is performance. And what it's doing is orchestrating the flow of work between the robots, reasoning about what needs to be done, where, and when, in order to get orders out the door on time, in order to meet truck cut times and so forth. And we'll come back to that solutioning view of what we do as we go today. We call our category Intelligent Enterprise Robotics. This is the combination of AI-based robotic picking, AI-enabled mobility, and system orchestration, the ability to coordinate between those. It includes other attributes and other characteristics like cloud-based analytics. But those are really the three major: picking, mobility, orchestration. The reason we think these are important is it's what you need in order to automate a center today that is pick up and handle individual items, move goods. But it's also what you need in order to automate more fully a warehouse, a distribution center, logistics operation tomorrow. If you go study the problems and go walk the floors with our customers and in these spaces, you will see movement of items and picking of items. We deliberately do these under one roof, and we deliberately build systems that integrate these things for our customers: the Intelligent Enterprise Robotics, picking, mobility, and orchestration. All right, we'll come back and spend more time on that. I actually would like John Delaney to share a little bit about RAAC with you and their perspective on the transaction. Great. Thank you, Tom. And again, good morning or good afternoon to everyone on the call. Again, it's been an exciting week for Berkshire Grey. And we're very excited to have the transaction close next week. So Revolution Acceleration Acquisition Corp, which is a SPAC that I'm the CEO of, is a partnership between myself and Steve Case. Steve and I have known each other for a very long time. He's famous as the founder of AOL, which was the best-performing public company in the '90s. But since then, he's built a very successful venture capital and growth equity firm called Revolution, which is the platform he operates out of. My background is I've really had two careers. My first career was as an entrepreneur and CEO. I started two businesses, took them both public, and ran them successfully as public companies. My first company I started in the early '90s, took it public in 1996, and sold it in 1999 for three times the IPO price. And my second company I started in 2000, took public in 2003, and then ran it until 2011. And each of those companies outperformed their peers by almost any measure. In 2011, I decided to start what was a second career for me, which was in public service. I ran for Congress. I was elected to represent Maryland in the U.S. House of Representatives, where I proudly served for six years or three terms. It was a privilege of a lifetime. While in Congress, I was known as a bipartisan kind of problem solver. I thought that's what our country needed. That led me to run for president. I was one of those 25 Democrats on the stage last cycle. Again, an amazing experience. Didn't end the way I had planned, but I'm very excited to be back in the private sector working on interesting projects like Berkshire Grey. And I'll add that I'll be going on the Board of Directors of Berkshire Grey going forward, which is something I'm very excited about. So the thesis of our SPAC was to acquire a company that was benefiting from one of the many trends in our economy that have been accelerated based on events in the last several years. And there's probably no trend more profound, or there's probably no macro tailwind stronger than the acceleration of the digital economy, which is precisely really what Berkshire Grey plays into. So let me talk a little bit about why we're so excited about this opportunity. And I'm going to tie that into the diligence we did, which was quite extensive, not only in terms of kind of making sure this company was ready to be a public company. Again, I ran two public companies, and so I'm familiar with the demands of the public markets. And we're very comfortable that Tom and his terrific team are ready to handle those demands. We brought in really top-shelf consulting expertise, McKinsey, to help us assess the technology and see how it compares to the many platforms that are going after this space. Again, as Tom said, this is a huge TAM and a massive kind of macro thesis. So there are other companies looking at it. So we did a lot of work on the technology. But what we were mostly focused on was talking to the customers. And I had the opportunity to speak to the key customers of the company and really get a sense of how they think about the business. So why don't I go through that? Tom, if you have the right slide there. So the first thing we wanted to do was really assess the reality of this market opportunity, the TAM, the $280 billion TAM. And I can say from my conversations with the anchor customers, they are all planning on automating their current operations, whether that be the back of their stores, whether that be their fulfillment centers, their distribution centers. And importantly, they're all planning on building new facilities that are fully automated, kind of these black box fulfillment centers where the only people working in them are actually the people taking care of the automated machines that are in the robots that are working in the facilities. And so what's nice about this market opportunity, this market opportunity exists right now in terms of e-commerce fulfillment. And all of the key players in determining whether it's going to be automated are, in fact, deciding to automate it. It's being discussed at the board level. Walmart, one of the company's customers, used the word automation more on their last earnings call than they did revenues. So it's clearly top of mind of all these companies and they have very specific plans to automate their fulfillment capabilities. Clearly, Amazon is driving that. You know, Amazon bought a company in 2012, Kiva Systems, which had mobile robot technology. Their technology, in our judgment, isn't as advanced as what Berkshire Grey has. But they've invested tens of billions of dollars. In many ways, the Berkshire Grey systems are indispensable, in our opinion, for these other anchor customers that Berkshire Grey services to compete against Amazon. So if they want to go to where Amazon is going, which is 100,000 SKUs, same-day delivery, they're going to have to automate. And in our opinion, you can't do that unless you go through the Berkshire Grey systems. So that was the first point, which is the market is, in fact, real. It's here today. And the key decision makers are making it happen. The second thing that came out of our diligence was the company's technology is, in fact, best in class. And as Tom talked about, the company has multiple kind of components of technology. They have robots that pick things, which are probably the most differentiated in the market. They have robots that sort. They have robots that move things around the floor. It's all orchestrated with proprietary software and artificial intelligence. And it was clear from all the customers, including some of these customers have senior robotics people who we had access to, that Berkshire Grey's tech is the best. And some of the companies actually did competitions where they took Berkshire Grey's robots and they compared it to all the other robots. And one of the customers shared with us the results of that, which is they tested these robotics companies against 50,000 SKUs. And Berkshire Grey's success rate was 85%. And the second was 45%. And 85% is really high because some items you can't pick and sort in an automated way, you know, canoes and stuff like that. So best-in-class technology, big market opportunity. But in many ways, what was most encouraging from these customer calls is how they think about the business. They think about Berkshire Grey as a solution provider. And that's very different than the way they think about the other competitors. They think about the other competitors as providing a component piece of technology, right, that they then have to integrate. Whereas with Berkshire Grey, they view them as someone who is already integrating all the technology and solving a problem. And the problem is either around cost or labor availability or other bottlenecks or efficiencies that exist or inefficiencies that exist in the fulfillment operation. And that point of them being a solution provider came through clearly in all of the calls. In fact, as an example of this, two customers said to me, unprompted by me, that they would like Berkshire Grey, for example, to take their current technology, which is solving certain problems for them, and extend it to another problem that's a big problem for them. And what was interesting is each of these companies named the same problem. And so that was very encouraging to us because the way we look at this business is there will be several big winners in warehouse automation. We believe, of course, that Berkshire Grey will be the big winner of those winners, but there'll likely be several. And so Berkshire Grey can be viewed as kind of a go-to partner for automating this aspect of the customer's business. Not only can they take their current capabilities, which we will believe will grow dramatically in these customers, but they'll be able to add adjacencies. And we're seeing some of that right now. I was just up at the Innovation Center a couple of weeks ago, and Tom and his team are working on some new solutions specifically based on what customers need. So they're going to grow their current solutions, we think, dramatically. They'll be able to add new organic opportunities. And in fact, we think acquisitions will be available to the extent other companies come up with good pieces of technology that can fit into the solution. None of those organic growth opportunities or their acquisitions are in the model. It's just based on taking the current portfolio of solutions and growing it with the anchor customers. So we have tremendous conviction around this business. We think it's going to be a very big and important company. We think they've done a great job getting in with precisely the right customers, the customers you need to get into if you're going to be a big company in this business. They're getting repeat orders from all those customers. And we believe, based on our interactions with the company and the customers, that those orders are going to keep coming in. And this big kind of pipeline, which has literally exploded in the last year, Steve will talk about that, that's just going to continue to convert, like we saw this week, from pipeline to orders to sales. So we think this is a singular opportunity. We're really privileged to be associated with the business. So Tom, I think I'll turn it back to you unless we'll go over the transaction. I think that's pretty self-evident for folks. Great, John. Thank you. We appreciate all of your kind words and your partnership. So today from the company, you're going to hear from me. I'm Tom Wagner. I'm the CEO. I'm a former Chief Technology Officer for iRobot, publicly traded, multi-billion dollar market cap. I'm technical by training. I have my doctorate in artificial intelligence and computer science. In prior lives, I spent time in big companies, small companies, and did four years with the Department of Defense as a technical version of service to country. You're also going to hear from Steve Johnson. Steve, I'm going to brag about you and Mark just for a moment. You'll hear from Steve Johnson. Steve's our COO. Steve is a former hyper-growth executive at Intelex, Hootsuite, and Vidyard, public and private companies valued in the billions. You'll also hear from Mark Fidler, our CFO. Mark spent the last 20 years in technology-oriented high-growth companies and has a broad range of capital markets experience. Okay, so you're going to hear from these two as well. Probably worth noting with respect to Berkshire Grey, sometimes folks will be interested, "Hey, I hadn't heard about you until fairly recently." We were stealthy until Q4 of 2018. The reason we were stealthy is we truthfully didn't have any needs. We were blessed to have very good initial investors, including Vinod Khosla at Khosla Ventures and Peter Barris. We had an excellent technical team, and we were able to continue to hire excellent technical folks. We had great relationships with early anchor customers. What we were doing during that stealth period was busy making technology, learning what it meant to bring a solution forward to market rather than component technologies, and of course, filing patents and building up the business. We came out in Q4 of 2018. We then hired Steve Johnson to help build our go-to-market team and build our pipeline. We'll talk to you about progress there. But that's if you hadn't heard of us until fairly recently. That's why we were getting into position and building technologies. As a company, what we're doing today is helping our customers transform in response to the changes in consumer expectations. When we talk about change in consumer expectations, it really has as much to do with the mobile phone in your pocket as it does the Amazon effect. And it's due in part to us all ordering things from sitting at traffic lights ordering a new toothbrush. Don't do that. By the way, don't do that. But thanks to mobile, our expectations as consumers have gotten tremendously difficult for folks to meet. We want a very large selection of SKUs. We won't take substitutions. 10 years ago, if you were standing in a grocery store or in a retail store, they didn't have exactly what you want. You take a substitution. You don't do that anymore. Okay, we're not tolerant for substitutions. We price shop everything. We think shipping is free. I guarantee you that FedEx will tell you that shipping is not free. We want our goods today. We're grudgingly willing to wait for tomorrow, but we're not going to wait the 30 days. Some of you will remember the 30-days model. Okay, that's not a viable approach. All these changes and expectations put the pressure right on the supply chains of these different companies, of retailers, of e-commerce companies, and so forth. What this means is they need to transform in order to meet our expectations as their customers. They are also busy competing hard with each other and hard with Amazon. You've got Amazon setting the pace in any of the markets that they're in, which includes e-com, general merchandise, and today, grocery. You're competing with that. If you're a brick-and-mortar retailer, the oh, by the way, is when I say things like e-commerce, I really don't just mean conventional e-commerce from a distribution center, logistics company, our front doorstep. I mean e-commerce in the sense of a brick-and-mortar retailer today who's also working toward order online, pick up at store, order online, be delivered to the store, order online, and be shipped to the store. And that'll even be transparent to you. And I would not be surprised if some material percentage of your orders today are being shipped to you from retail locations. So if you're a brick-and-mortar retailer, you're playing it that way to utilize your locations and to get you your goods more quickly and more precisely. As I mentioned, all these demands, the pressure goes to the pictures on the left, which are the supply chain operations. And the answer, if you're in these businesses, you need to automate. Automation enables you to better meet the demands of today's consumers and to do so in a competitive fashion vis-à-vis your operating profiles and so forth. Now, this is a busy slide. Don't worry, I'm not going to read you the whole slide. When it comes to operational efficiencies, really on this slide, the one box I want to circle is over to the upper right. Our solutions generate an ROI. The ROI is often in the two-to-three years. The reason the ROI is important to me is it means that there's quantifiable value being produced by the automation and by these solutions for our customers. And they can quantify that value and that the systems and solutions pay back in an expedient time frame. Okay, that's important. Economic value being driven by systems enabling these operational efficiencies. When it comes to the TAM, $280 billion is a relevant number for Berkshire Grey and for the business that we do. This is a global annual number, $280 billion. $230 billion of it is today done manually. It's the picking up and handling of individual items. The fact that we pick up and handle the items, whether it's for filling e-commerce orders or resupplying retail stores or even handling packages, that capability enables this $230 billion. There's another $56 billion that's associated with more traditional material handling equipment spend, e.g., conveyor, racking, shelving. Often with our solutions, we're going in and we're going to replace those with robotic capabilities or other features of our systems. These two together make $280 billion. It's a global annual TAM. Now, what's most important about that to me, there's really two facets of that. One, I don't care what model you use and how you approach it. You don't have to work to make really big numbers. Okay, this is a huge space. It pertains to everything that we buy as consumers, and here, I have some Rain-X on my desk. Okay, well, maybe we'll use that prop later. Everything that we buy as consumers, okay, it pertains to all those operations. The other thing that's really important is the TAM exists today. Okay, this is work that's done today. These are numbers of today. This isn't a business aligned against a hypothetical future. This is a business aligned against work that's done today. The TAM is here. Okay, $280 billion global annual. Across the company, I give myself fair, not perfect marks for this slide. Across the bottom, there's some logos. So really what we're trying to communicate to you is that we have deliberately brought in expertise from centers of excellence across the country, both from industrial places as well as academic places. And we bring the best of all these companies and more beyond those logos into Berkshire Grey. And we did that very deliberately. I'm former iRobot. We're not iRobot 2.0. We're not Cognex 2.0. We're not anything 2.0. We deliberately went and got folks from centers of excellence. The excellence of the company really started. I can even go back to our early investors, with folks like Vinod Khosla, who was shortly followed there by Peter Barris. Excellent investors we've had from early days and have been helpful. None of them, by the way, are selling in this transaction. These folks are all holding, but it's they're holding because we're busy building a very large company. Across the company, we have over 1,000 years of combined experience in robotics. And I truthfully stopped counting after we hit 1,000 years. It seemed irrelevant at that point. 75% of all employees, including our sales folks, have technical degrees. We have around 30 PhDs today. Matt Mason's our Chief Scientist. He's the gentleman up there in the lower middle. Matt is famous as a roboticist, a roboticist, truly a rockstar when it comes to what we do. He's the former director of the Robotics Institute at Carnegie Mellon. And there he toted approximately $80 million a year P&L, which for a university is large. That means that most of the robotics stuff that you saw coming out of Pittsburgh was coming out of Matt's organization. Matt wrote the book on manipulation and picking up items. And that's partly why we went and got him. But most of us learned from Matt's materials. Hey, Steve, I'm waxing long on the technical front with great glee. Could you please take over and talk a little bit about the building of the commercial team and our go-to-market activities, sir? Sure. Thank you, Tom. Great to talk to everybody today, this afternoon, morning, wherever you are. So as noted, we hired a number of GMs for the different verticals. And each of the GMs has an average of 32 years. And the thesis really was, these are huge spaces. We'll talk about that in a few minutes, that we could actually have separate businesses almost from each one of these. So great to have these people on from companies like Microsoft and SharkNinja, etc., that have actually added an awful lot of positive impact for the business. You'll see that in some slides ahead. If you want to go to the next one. Some of you may have seen this slide before. But in 2020, as we rolled out the commercial team, we achieved significant commercial momentum. We don't think anyone else could have really achieved this. There's a couple of reasons. One, the base that has really been built from a tech perspective that Tom just talked about, but also just the perfect tailwinds of e-commerce and the rise of e-commerce and the Amazonization effect. So we went from a pipeline of $100 million-$1.7 billion. Some key milestones, if you look on the right, we achieved significant traction with our customers as we put dedicated teams on those verticals and the anchor accounts, launched a Robot-as-a-Service offering, got our first customer of that, expanded into Europe. We'll talk about that in a few minutes. And then from a tech perspective, we had a couple of major releases last year. We launched a robotic induction system and got our first customer for that, and then launched our next-gen robotic store replenishment system, for which we also got another customer. Next slide. We focused, as I mentioned, on verticals. So these five verticals, we did a bottoms-up assessment to look at the market. Each one of these verticals has the potential to be $1 billion in revenue. So they're huge. They're large. Now, some of them, if you look at our anchor customers, the anchor customers, many of them go across verticals. So it doesn't mean we still don't have a real great need for verticals, but we have general managers on top of every vertical, as well as on our anchor customers. E-commerce, if you look below, is a vertical as well as it goes across the vertical. So we have a general manager that's just focused on that because it's unique and different. Same thing with EMEA. The TAM for EMEA is almost the same size as North America. So that was the first place we started investing. And we have a team in Reading, U.K., if you're familiar with that. Great enterprise tech talent there. So we're really pleased with that. And there's some great pipeline that's been developed. And we'll see a lot from them in the future. APAC is a future region that we'll be launching. The TAM there is, again, also very large. We have one customer, a large customer in Japan. But part of the proceeds from the IPO will be to expand and grow that team as well. All right, next slide. From our anchor customer overview, we're really, really honored with these customers. Fantastic to have Walmart, Target, FedEx, and T.J. Maxx. There's huge upside potential. If you just look at the CapEx spend, there are huge CapEx spends for each one of them. We have dedicated teams on these. The thesis, again, was they're large companies and we want to put the dedication, the focus that they deserve. That's done a number of things. We've got not only orders, but add-on orders. The follow-on orders actually have come through faster. We still see significant penetration ahead. Mark will talk about this a little bit more. Of our five-year pipeline, $1.3 billion of it is coming from these anchor customers. We're super excited about the things that these companies and the deals that we've gotten here. The other part is, as we grow, there'll be a shift from CapEx to recurring revenue, like the Robot-as-a-Service or RaaS, as we call it. Next slide. Just summing up a couple of things. This is a different, a little bit of a different slide from those who've seen the presentation before. The TAM is huge, as Tom talked about. $280 billion TAM. We're really excited about that. We've also achieved a number of additional orders, so the update is going from 114 million orders to date to 148 million orders. We're doing a land and expand, so our existing customers, our plan is to continue to expand at those customers. We're doing that. Also, the backlog has grown from February to now from $70 million to $95 million. 94% of our 2021 forecasted revenues are now under contracts. That's up from 70% when we talked to some of the investors before. We're really excited about this. I'm glad that you're able to be a part of this potentially and look forward to talking more. Thank you, Tom. Thank you. I'm going to talk about technology and give you a little insight into what we do and how these things work. So earlier, I mentioned picking, mobility, and orchestration. And truthfully, when I go picking, I'm not giving it enough service. It's very hard to do technically. We do it very well and can monetize that in service for our customers. When you look at this picture, to the upper left, picking, that's robots picking up and handling individual items. To the upper right, mobility, as well as to the lower left, another form of movement or mobility. Autonomous robots, shuttle robots, and so forth. We incorporate the movement in our systems to amplify what we can do with the picking and to deliver integrated solutions for customers that automate very large paths of work, right? Big chunks of the pie chart, if you think about it that way. Lower right, there's a screen snapshot from our orchestration software. This is software that coordinates the actions across large systems to ensure that the right work is being done by the right robots at the right times in order to hit order times and truck cut times and other constraints. That's what enables us to deliver throughput and so forth for customers that we guarantee. We don't just ship one robot and say that's the performance of the robot. Instead, we might install a system with 500 robots and then make performance guarantees around that system. And this is based on them doing the right work at the right times with the right robot and so on. When it comes to technology, I give myself a B-minus on this chart. So if you look to the far left, it's where the capabilities that we're talking about start. Okay, it's with artificial intelligence, software, algorithms, and so on. And the reason I mentioned this, when it comes to robotics, it's easy to get excited by the physicality. You see the movement. You hear the noise. It's automating work. That's great. There is computation running elsewhere, either in the cloud or adjacent to the robot, that's doing all the AI processing that enables these systems to enact the work. It's what drives the capabilities. And when you think about the problem that a robot has, if it's doing e-commerce fulfillment, it has to look into a bin or tote, figure out what's there, figure out where one item starts, another item stops, and so forth. It also has to figure out where to pick an item up, what's a good grasp point. And then once it's figured that out, it has to figure out how to move itself into the bin or tote to get the item, and then to move itself to put the item in the outgoing box or bin. And sometimes that's based on what's in the box already. There's a huge amount of understanding and computation that has to happen. AI subsystems for vision, for sensor processing, for grasp planning, for movement, and so forth enable the capabilities that you see when you watch our systems run. And I'll show you a few videos in a minute. Those algorithms are combined with hardware. The hardware is special where it matters. We have at least 72 patents that have issued through. We have more than 300 patent filings. We make the hardware where it matters. We make the hardware where we need to do so to enable the systems to do the work. This includes things like specialized sensor packages, specialized gripper packages, special sensors. Sometimes there are process patents around what you have to do with the robot in order to sort and handle items. We have also filed patents against our mobile systems. Okay, we make the hardware where it matters. If it doesn't matter, e.g., motors, and if you're in the motors business, you take issue with my statement that I can trade them off, but we buy motors to spec. We don't make our own motors. We make the hardware where it matters, so proprietary AI algorithms, large bodies of software combined with distinguished and differentiated hardware in the middle. The pane then to the far right is those get rolled into standardized product modules. I'll show you some of these. We have 15 plus. Those standardized product modules are then manufactured by contract manufacturers. When we go to build a solution for a customer, we're taking from those standardized product modules, and we're figuring out which modules belong in the customer solution, where they need to be physically, and so forth. It gives the customer a tailored solution to meet their goods, their business flows, and so forth, and builds on our standardized portfolio products, which incorporate the proprietary AI and the proprietary hardware. Now, to help ground all that out, I'm going to show you some videos. This is our RPS Robotic Product Sortation system. Everything you see here is ours. The robot is picking from inventory totes to a shuttle robot who is filling orders by depositing the items that were picked into those outgoing boxes. Now, it's very subtle, but if you watch carefully, you'll see the robot move faster into the tote to get the T-shirts than it is coming out. It's because the system understands the T-shirts and is trying to maintain stability, and it does so by slowing itself down for that item. In this case, the system can tell the items are smaller automatically, switches out its end effector, and keeps picking. That's autonomous. That's not teleoperated. The system just does it. When orders are complete, boxes are ejected. That box will go wait on a queue to get loaded onto a truck. New boxes are fed automatically into the system, and the system just keeps moving. Okay, pick from inventory, sort to location, automatic ejection of filled orders, and automatic incoming of new empty boxes. This is the RPS module. This is one of our standardized modules. This system will look inherently very different to you. This is an MRF, Mobile Robotic Fulfillment solution. Same picking technology. Okay, same picking technology. That's a submodule or subsystem for our systems. In this case, our mobile robots are managing the inventory, managing the orders, bringing the goods to the picking robots who do the picking, then to fill orders. And if you are a retailer who does e-com, this system enables you to, if you want, to use the same underlying inventory to supply stores as well as to fill e-commerce orders. Okay, so that's a bit of a magic trick for people in the industry. But wait, there's more. We, in the last couple of weeks, announced a Gen 2 of our mobile robot. Same capabilities as the one I just showed you, but better. What the Gen 2 can do is handle large items without using bins or trays. It means that, for instance, high-volume SKUs like bottled water, heavy bags of dog food, heavy kitty litter, and so forth can be handled directly by the robots. Customers then don't need to use trays or put items in trays in order for the automation to handle them. The automation can just handle them. These mobile robots also, you can see that they run close together at speed. Okay, good tolerances. We also are able to drive under our storage locations, which means that the entire area is a potential freeway and helps us to have particularly good throughput for some of our operations, and you can see them intermittently handling bins. They still have that capability, but the novel piece is now we can handle the large items directly. Another one, this is an RPSI, Robotic Product Sortation and Identification. This is a package handling system. We have disclosed to a customer with FedEx. What these systems do is sort packages, and if you're in the logistics business, this is what you do all day, every day. Now, I'm deliberately taking this back, and I'm going to hold it here for a minute. Look at the input stream. You see all the bags, boxes. You'll see some mailers in there. That's hard. There's no automation for this input stream today, okay, with the exception of our system. Those small packages are what come out of your e-commerce process, so when you ordered that toothbrush sitting in the traffic light, don't do that, or you ordered a pack of batteries, or you ordered a jacket, it's right here in front of this robot on this input stream. The robot can automatically simulate the items, scan them using our patented scanning technology, and sort them to the right outgoing locations, and again, if you're in these businesses, that is your business. You take it in, you sort it, you move it to the next node, you break it up, you sort it again, they go to different nodes, and you repeat the process. That ability to scan the poly bags is something that we're particularly proud of, and the ability to handle all of these items with one system. It's actually analogous to the e-commerce problem of batch pick or wave pick items and sorting those to your outbound orders. Okay, but it's a special thing that we do. Got one more for you. This is multiple of the RPS systems put together to form a solution for customer. Here, we're orchestrating the flow of the inventory between those robots, right work being done by the right robots at the right times in order to fill the right orders in order to hit all the constraints. You can see the flow of goods. Same picking technology. Okay, that's a subsystem. Robot picking from inventory, filling orders by putting items into the outbound shuttle robot. We are particularly pleased with this installation. This installation was commissioned and went live a bit before COVID. When COVID hit, this customer is a general merchandise customer and grocery customer, which means that they were very, very busy and have been running essentially at peak since last March. When COVID hit, they were able to flow the demand to these systems, and it saved them from adding second shifts in many cases. We were very proud of this. This was commissioned. They were able to flow the COVID-based burst to these systems. I'll let it run just a little bit more. Orders complete, they're ejected, and so forth. I think you get the picture. Within the last month or so, we've also announced a business activity with SoftBank around a highly automated 3PL that they are standing up, and you can go to the press release to refer to their commentary. The reason I have this in here is to illustrate something that we get to ask about, which is we, and when you ask Mark about the financials, we continue to spend on engineering. What we're doing is we have roadmaps of where we want to go, capabilities we want to add. Sometimes that's about possible future new products. Sometimes it's about new capabilities. An advanced capability that we developed for the market in Japan, it's called Careful Placement. It means we reason about the SKUs that we're handling in order to not mar, damage, or even the outer cellophane on these, so here I have a package of ping pong balls just randomly by my desk. This package of ping pong balls has cellophane in it. In the United States, if the cellophane was scratched, we probably would not return the ping pong balls. In some countries, the scratched cellophane is analogous to damaged product, and they will return it. Okay, for Japan, we have specialized AI that reasons in a very detailed fashion about the forces that we apply to these things, and that happens also when we pick them, and it happens when we put the items in the outbound boxes and so forth. The reason I'm mentioning that is that that's an advanced capability that then we can turn around and offer to our other customers as an upgrade for their existing systems, where much of that capability is driven by software. And so we continue to develop more and new. This is a busy chart. Don't worry, I'm not reading it to you. You can study this at your leisure. What we're doing is comparing the capabilities that we have in-house at Berkshire Grey, okay, with, for instance, traditional unit sorters and so forth. The take-home message is we have and continue to develop a very full portfolio of capabilities. We believe, based on understanding of market and so forth, that we are in a particularly unique position with respect to being able to automate large bodies of work and fulfillment centers and to be able to build the bridge from today to that highly automated future not so far off for these customers and for their distribution centers. You're welcome to study this at your leisure and compare our capabilities to some of the more conventional material handling equipment providers and other technologies that people might be using. Mark Fidler, sir, could you please take over and give us a financial tour? Sure. Sure. Thanks, Tom. And good afternoon or good morning, everyone. So first, I'd like to just touch on sort of this notion of commercial momentum that we've been talking about. Given that the TAM is enormous, we've said it's a $280 billion TAM, hundreds of billions of dollars, combined with the fact that there's been very little penetration of automation to date and that businesses are really feeling a sense of urgency around the need to innovate in order to compete and that we have the solution that they need in order to compete, we knew that the market was there for us to grab, and we've proven this with the amount of commercial momentum that we've built in such a short period of time. When Steve came on board in late 2019, he really didn't start to get to build out his commercial team until 2020, and that's when we really turned on the commercial engine, per se, and started to grow our pipeline, growing that pipeline from $100 million to $1.7 billion within really just a year. Our plan shows us growing our revenues to over $900 million by 2025. And even at that point, that's still just an overall tiny fraction of the market. And we really intend to grow a lot more. And with $95 million of backlog today, we have very good visibility into our revenue streams for not just this year, but well into next year as well. A couple of points on revenue mix, which will evolve over time. Our anchor customers are expected to generate a substantial amount of revenues over the next few years. And as we continue to build out our commercial team and broaden our customer base over time, that's about half of our revenues will be from new customers by 2025. So that will evolve as we move on through the years here. We also expect that recurring revenue and recurring revenue streams will grow and evolve over time as well. We basically have two pricing models today. We have your traditional CapEx or equipment purchase pricing model where the customer buys the system from us upfront. They make some milestone payments throughout the installation period. There will also be a recurring revenue stream under that pricing model in the form of software maintenance, which they will pay to us annually. The other pricing model that we have, as Steve talked about, which is Robotics as a Service. This is a different pricing model in which we will, we Berkshire Grey, will continue to own the system, and we will maintain the system at the customer's site, and the customer will then pay us an annual fee to use the system for a fixed period of time. That can range anywhere from three years to 10 years. This is a higher margin revenue stream. We have a tremendous amount of interest in it now. We already have customers under contract with RaaS, and we expect this to grow over time. Now, we modestly assume that our recurring revenue streams will grow. By 2025, 5% of our revenue stream will come from recurring revenues under the CapEx model, so these software maintenance fees. Another 5% would be sourced from the RaaS pricing model. A total of 10% of our revenues would be from recurring streams by 2025. We expect we can accelerate that. Over time, that will continue to grow beyond 2025. We go to the next slide. A little bit about our gross margins and just the EBITDA margins, which, again, will expand over time. Scale will be a big part of that. Scale allows us to leverage our overheads. Scale also allows us to tap into the contract manufacturer volume-based pricing. We have an asset-light business model where we utilize contract manufacturers to do all of our manufacturing. So we do not have to build factories. We don't have to use any of our capital to build factories or hire armies of people to support that. We also will continue to invest in engineering programs to continuously reduce the system costs so that our component and unit system costs will decrease over time. So the scale, combined with our engineering programs to reduce our unit systems costs, provides us really good visibility of how to achieve our gross margin targets. Now, 2025 is the year in which we start to approach our run rate operating metrics of about 50% gross margins and 25% Adjusted EBITDA margins. And although we're going to continue to invest in OpEx, we'll do so at a slower pace than our overall revenue growth, which will expand to our improved Adjusted EBITDA margins as well. So going to the next slide. So a few things that provide some upside opportunity to our forecast, and none of this is baked into our plan. But there are some things that, as a result of this transaction, we think we'll be very well positioned to take advantage of. For example, accelerating our recurring and recurring revenue streams. So we can accelerate the investments that we're making in sales and marketing and operations and other infrastructure resources that are needed in order to support our Robotics as a Service pricing model and increasing the software and services scopes to leverage the install base and grow our recurring revenue streams with our install base. Accelerating sales. So Steve talked about accelerating into the APAC region. We have a small team in Europe today, and we can continue to expand that much faster. Inorganic relationships, so strategic partnerships to focus on expanding our go-to-market strategy, as well as potential M&A activity where we can pursue acquisitions and broaden our offerings even further. And then finally, adjacencies. So expanding our product portfolios to beyond the technologies and solutions that we have today, not just to better serve our existing customers and existing markets, but also for new customers and new markets going forward. So none of this is baked into our plan, and all of it would represent upside to our forecast. Tom, back to you. All right. Awesome. Thank you. So a few thoughts, and then we'll take questions. One, TAM is large. TAM is present. Two, and with apologies for any hubris, our technology is good. Our technology is good. We're in a good position due to that. We do picking, we do mobility, and we do system orchestration all under one roof. This is what enables the Intelligent Enterprise Robotics, and we think that's special. Steve talked about commercial momentum, growth in pipeline, and so forth. We mentioned a couple of times the grocery order from Monday, the increase of backlog to $95 million, and that we have 94% of 2021 forecasted revenue under contract, right? So we've talked about momentum. We think the macros around this business are tremendous. We are privileged to be in a position to help our customers. We think our customers are transforming now in the short run, and that we're going to be very busy helping them, and we're very privileged to be in a position to do so. So I think that the timing elements here are also present and good. Okay. With that, I'm going to stop sharing my screen. Cody, I think we will move to questions as you are moderating this process. Yeah. Thank you, Tom. And thanks to the rest of the panelists. So yeah, we're going to use the balance of the time here to take questions from the audience. If you're not familiar in the Zoom platform of how to do that under a webcast, there should be a button at the bottom that says Q&A. Feel free to either type in those questions there, and I will moderate them accordingly, or you can always send me an email. So let me just pause as we get a couple queued up. So first question has to do with yesterday's news announcement: $23 million grocery order noting that we didn't raise guidance for the year. Can we talk about who that order is with? How does grocery relate to general commerce? And how do you think about the guidance, given the fact that your orders seem to be going higher? How does that sort of position you for 2021 and following years? Sure. Mark, I'm going to go ahead and get started, and you're welcome to chime in. So as I said, we're off to a great week, and we're excited about our progress and where we are with customers. The $23 million plus grocery order is for grocery picking. It relates to e-commerce in that in both of these cases, you have to be able to pick up and handle individual items with a robot. And in the grocery case, get it into outgoing bags rather than outgoing boxes. Something that's interesting in the grocery space is, for instance, with these Cape Cod Potato Chips, we don't crack the potato chips, and we don't smash the bag. It's because the systems are intelligent, and they understand when they have it, and they understand how much pressure to apply. So we're able to pick up these things, put them into the bags, and so forth. It's the same underlying technical problem that we solve when we do e-commerce fulfillment, and that's where the Rain-X on my desk might come in. By the way, we can pick this up. The bottle is hard due to the shape. We can pick this up and transfer it as part of the e-com. This is another e-com item that we can actually handle. But the behaviors for the robot are the same. What's important from a business perspective for grocery is that what we're enabling is the app-based online ordering model that so many of us have become familiar with due to the pandemic. I think in our press release, we cited a statistic that's better than 50% of the folks in the United States will, by 2020, be trying the online, the app-based and online-based grocery model. Okay. So folks in the industry see this as a growth area, and it's important that we're playing there and offer systems into that space. With respect to the $23 million and guidance for 2021, we've reaffirmed our 2021 guidance. The $23 million, as is going to be sometimes the case with our order, pertains also to next year as well as this year. Okay. So we didn't raise guidance for this year. We will, Mark, correct me if I'm wrong, we will offer thoughts about next year in our coming earnings call. Correct. That's right. Yep. If I could add just, T om, please. Yeah. I mean, I think the way to think about this is the company's projections show over the next several years this becoming a very big and consequential business, and as you see this unfold, and at least my expectations as to how this will unfold, you have a substantial backlog, which are opportunities the company's actively kind of engaged with. Those trends translate to under contract, right, and then they translate into sales, and I just think what you're going to see and what this week is kind of first evidence of is that process happening, so when I talked to one of the customers, they talked about how the system was being installed in one facility. This was back January, February, and they said if that installation goes well, they want to put that same system in 115 facilities. Now, that installation now has occurred, and it's been tested, and the customers reported that it's meeting all expectations. So now what'll happen is then they'll get orders for whatever, four or six new facilities, and then once those get installed, and slowly they'll work through that potential backlog of 115. And so the company is not changing its guidance at this point, but what you're seeing with these new orders is that process occurring. So in many ways, there's decent visibility as to where the projections are going to come from with the company because it's in the backlog, and the vast majority of it are with anchor customers. And those anchor customers' needs are fairly well understood by the company. Great. Thanks, John. So we're going to take our next question here, and it is, the implementation of warehouse automation systems can be labor-resource intensive. Do you plan to handle implementations exclusively or to develop implementation partnerships? The answer is yes. So here, let's, Steve, I'll start, and then I'm going to ask you to expand. Okay. And Mark, you too. On the implementation side, we have a team that does the implementations for us. We call them deployment. They go out. Often, that's scalable because what we're doing is using an outside resource to do some of the physical heavy lifting. And we've continued to invest in those relationships as a scaling model for us to help support the growth that we are experiencing and so on. We also have a partnerships program and have announced, in fact, Steve on Monday, we announced some new partnerships. Would you just like to riff a little bit on partnerships program vis-à-vis the question in general, perhaps? Yeah. Sure thing. It's a great question. So to scale, we're doing a lot of the specific BG things, but we announced three systems integration partners Monday in the financial press release that we did, plus one software application partner. So those are the two partner types we have. Those systems integrators, some of them are global, so they're helping us. We already are working with them on implementations currently. So that's how we're planning on continuing to scale, and there'll be more that'll be some are geo, some are boutique, some are vertical focus, and that will help us as we continue to scale. Hey, Cody, I'd like to just riff on the scale for a minute. Sure. Okay. So there's one part of this is the implementation. The other part of this is how do we scale our ability to make the solutions for our customers. We deliberately and very thoughtfully developed a contract manufacturing and a management process for that. It would have been easier early days to use screwdrivers and put together our own systems in each case and so forth. We instead invested in all of that infrastructure so that we could outsource the manufacturing of these systems, and we could grow without having to do it organically at a high rate by utilizing multiple contract manufacturing partners and so forth. So that's another element of scale. Mark, if you have anything you would like to add, please chime in. And likewise on the install side as well, to Steve's point, we're utilizing not just partnerships, but also other relationships that we have on the folks who can actually turn screwdrivers and hammer away to really tap into their resources both regionally and globally that we need at any given time to handle the amount of project scale that we're talking about here. So it's really leveraging, again, utilizing and making the investments in the areas of technology, sales, and marketing, etc., and not having to spend our money and investments and capital in factories and labor to install systems. Okay. Great. Thank you. I got a question emailed to me that I think is sort of on point just given where we're at today in the market. And that is an ESG angle of the business that you guys are building. How does it play into sort of that ESG theme given automation software and some of the kind of forward-looking technology you guys are looking to commercialize here? Steve or Mark, anybody want to take it? Well, there's a few things that we're doing as a company to focus on ESG. Broadly speaking, in the automation industry, what we're doing is when you look at what a fully automated facility looks like, you're able to significantly reduce the footprint size of the facility and more efficiently use that facility. So you can actually cut down the facility size, cut down energy consumption, etc., etc. So overall, footprint sizes on a go-forward basis become much more efficient. Now, us as a company, there are certain initiatives that we're doing to promote ESG more broadly. We have a Picking with Purpose program, which I'll let Steve or Tom get into more detail around that, where we're actually utilizing our technology center here to fulfill, basically to put together meals for families in need. We're also, as we're now becoming a public company, diversity is becoming a much more focus for us from an employee standpoint, as well as the board of directors with two women joining our board. So these are some of the other initiatives that we've been focusing on from an overall ESG, and we're going to continue to evolve our ESG programs as well. Mark, I'm going to expand on the Picking with Purpose. So Picking with Purpose, what we're doing is automating the creation of food boxes for those in need who typically make use of food banks or food pantries. We take donated food, break it out into care packages or care boxes with our systems. To date, we've sorted over 84,000 pounds of food and created more than 34,000 meals. These meals have gone to City Harvest in New York and the Greater Boston Food Bank. That was a thing that we started during COVID. And what happened during COVID is what you would expect. Volunteerism was down significantly by better than 50%, but the demand on those resources was up by more than 50%. So we initiated the program to step in and help, and we're still doing it, and we're working to make it a persistent activity for us as a company. There's another angle that also we are very kind of excited about from almost a policy perspective, which is that if you look at Berkshire Grey customers, they're all hiring people at incredibly rapid rates. You go one after another. I mean, Amazon is not a customer, but if you look at how much they're hiring, right? And the same thing is true with Walmart and Target and FedEx. The whole e-commerce digital economy world is a massive net hirer of people. And in today's economy, they can't find those people. I mean, obviously, that's a very positive business dynamic in accelerating automation. But the other thing that happens is that a lot of the jobs that these systems that Berkshire Grey installs allows companies to not have people doing certain jobs that they largely don't want to do. In other words, in our conversations with customers, they said that the jobs kind of picking and sorting are the jobs that they can really only get people to do if they promise to give them something else. So what this inherently does in an industry that's growing is it allows companies to gear their workforce towards upskilling people, right, which leads to higher pay and higher standard of living. So to some extent, in an industry that's growing really rapidly, that's going to be a net creator of jobs, which is e-commerce fulfillment, putting in systems that effectively allow the scarce number of employees that you can, in fact, get to move into jobs that have more skill and better pay, we believe leads to more sustainable communities and is very positive as part of the S of ESG. Great. Thanks, John. So I'm going to flip back over to a couple of questions I got via email, and I'm going to stay there on labor. So labor availability has been an especially hot topic in recent months. How is that changing customer discussions around automation? Maybe, John, you kind of answered it, but anybody else have a thought on that? Well, I answered it in a very glancing way by just pointing out that the Berkshire Grey customers have a hard time finding people. I think Tom and the team can talk about how that's translating into an acceleration of interest in the products. Yeah. Across the industry, labor is one of the top three issues that everybody's facing. The pandemic exacerbated that because it also spiked demand in different ways. Even if I go back in time before the start of the pandemic, the question of, "Gee, I want to do all these operations. I need to offer more capabilities because essentially I'm making sure that the right items are in the right places at the right times in the right quantities today to a degree that I have not done previously," right? So net net, there's more that needs to be processed. So everybody in the industry is trying to figure out how to do that in parallel with being unable to hire. And even if they could hire, the operational efficiencies and the costs associated with the labor don't really make the business work very well. And so labor is an issue, has been an issue. And today, you don't have to work at all in order to find companies in our space talking about the labor availability issues. Great. Thanks, Tom. Back to the $23 million order. Can you confirm, was it for a new customer, existing customer, and is that for a single facility/store, or is it across multiple locations? It's across multiple locations. And here's when we get, when we're not disclosing things that pertain to customers. For everybody's benefit, the reason we do that sometimes is that we often have insight into customers' supply chain strategy, and we view that as very much their information to hold. It's our job to provide them with technologies and solutions in support of their mission, and so we typically don't like to disclose things that pertain to people's supply chain strategies or how they're approaching that. I will say that the $23 million is multiple facilities. The other thing I would actually underline is something that we've mentioned in the press release too, which is when we talk about the same-day grocery, and I showed you my potato chips earlier, but I have a potato on my desk, which I'm just dying to hold up, so there's a potato for you. I'm looking for other interesting produce. I have cookies and so forth. I can't reach them, and I can't reach the coffee, so there's more groceries here next to me. But when we talk about those things, what's important is that we can do grocery handling in distribution centers at scale, filling individual orders or resupplying stores. We also can and have systems running in micro-fulfillment operations back of store, which means at a brick-and-mortar location. There's automation helping that brick-and-mortar location to fill those orders, which is actually very important as a retailer because you want your people in the store to pay attention to your customers in the store, and so the automation enables them to focus on the customers that are in the store, but to get that order stream out that's app-based or internet-based and so forth. Gotcha. Thanks, Tom, so next question. How does BG work with existing warehouse management systems? Do you tie in with those existing systems like Manhattan Associates? We do. And Steve, I'll start, and I know you have interest in the software, so if you want to jump in, great. If I get it, I get it. So when it comes to existing WMS systems, folks familiar with the industry will know that there's a multitude of systems, and often they have been slightly baked for a given distribution center or a given customer. We have a set of APIs that we use to interface with existing WMS systems. So for us, that's a very manageable process, and we're able to go in and do the interfacing and stand-up systems in a very timely fashion due to kind of the API approach and the way we define those interfaces for those systems. Steve, is there anything that you would like to add or maybe really? Yeah. Yeah. That's a great answer. Part of our sales cycle is looking at the ecosystem and the systems, the different software that's there, and we integrate with them a lot of different systems, and that's a standard part of our engagement. Okay. Great. Thanks, Steve and Tom. Next one is an interesting one, and that's, "Is there a plan to foray into other industries that deal with heavier objects?" So sort of what's the pipeline beyond some of the products you talked today about, Tom? Sure. So since my finance guy is on the call, I have to do a prelude. It's like, "This is all on modeled upside." So when it comes to heavier items, and we do occasionally get asked about that, the systems and the way to think about it today, of course, I'm just dying to pick up this tote that I have. All right. So here's a tote. Part of what we do is pick up and handle and sort items from within the tote. But a way to think about the size is that a huge volume of dollars moves around things that are of a size that go in a bin or a tote or on a conveyor belt, right? As things get bigger and heavier, there's generally less volume in those things, e.g., even a Dick's Sporting Goods doesn't sell 99% kayaks. They sell a mix of stuff, right? When it comes to heavier items, the software generally doesn't change. We can revise the electromechanicals to pick up and handle heavier and larger items. That would be a business-dependent decision about bridging the technology in that space, but it's a very reasonable thing to do. Again, if we bridged into industries that benefited from that, anything that I'm talking about is unmodeled upside with respect to the financials. Great. Next question from the audience is, "Does BG have a customer or is targeting customers that would require clean room capabilities?" Good question. There's been a, yes. That's right. That's a sufficient and good answer. Okay. Let's see. This is a bit of a longer one. The ability to balance and alternate between productivity and responsiveness is increasingly important in today's same-day, next-day delivery environment. Does your system software include some of these capabilities, or is this something that is generally handled by a system such as the facility WMS? The answer is kind of it depends, right? It depends on how that's going to get enacted. For our systems, we can reason about truck cut times, order must be done by times and temporal constraints, timing constraints, and so if you wanted to flow those in a way that said you were flexible over a span of days, those are things that we could factor in, but whether or not to do that is a customer decision, is a business decision, and it pertains to what their commitment is with respect to those orders. I think if you see growth in that area, then you'll see more customers and more companies in the space wanting to be flexible and be looking for the optimization analysis and so forth, which would involve us because we're going to enact those. We're going to enact the work that pertains to that. Got it. Okay. I know we have a bunch of people on this call, institutional investors, retail investors. I think there's one question out there of what's going to actually happen to RAAC's shares once the transaction closes. So more of sort of a SPAC mechanics question. I don't know, Mark, if you want to take that one, I can certainly take it, but let's give folks an idea of what's going to happen when that deal closes and it switches over to your new ticker. Well, basically, what's going to happen is upon closing, the RAAC's NASDAQ symbol will change to BGRY, right? So then all the shares will be traded under BGRY. And for all intents and purposes, that's really what that's the only change. Great. And then there is a question about what is the current enterprise value of the company. I would just probably say refer to the investor presentation that's filed. There's a pro forma enterprise value of $2.2 billion. We won't know the current enterprise value until the redemption period is complete and the transaction is closed, so stay tuned there, but it's roughly around that valuation. Next question is, "Do you have any cold storage non-ambient installations?" Yeah, so when it comes to cold, the first question I was going to ask is how cold, and folks familiar with the industry will be familiar with things like ambient, chilled, and then when you get into freezing, there's freezing the way most of us think about it, and then there's really frozen for perpetuity kind of degrees of temperature. We can operate in non-ambient environments, and the degree to which we, if you make it really cold, I can make it so that I have to modify the system a little bit in order to do that. Okay? But there's a whole range between ambient and the super cold and so forth that we can operate in those spaces. Great. Next question is around ROI. So what are the factors into your customer's ROI calculation? Steve, I'm happy to get started, or I'm happy to have you just take it, sir, if you would like. Sure. I'm happy to take a quick stab at it, and then you polish it off. How's that? So labor, our ROI model, typically the payback is two to three years. As Tom says many times, he'd like it to be a lot longer than that. But it's heavily on labor, how much labor they're spending, or in many cases, they can't find the people to do the work. And so, supplementing that as well as forecasted future labor as most of these organizations are growing rapidly and continuing to scale and grow that. So that's typically what is looked at. And then there's a few other factors that are tied into that. But Tom, if there's anyone add to that? No. Labor availability, the automation of the work, and then there's some extra capacity calculations. And folks view those differently based on how they feel about peak and how they feel about back to school and how their business flows. I think that's a good list. Actually, Cody, I saw something in my side pane about the big objects question. So it included something about furniture and construction materials. So let me just readdress that if you would. When it comes to the heavier items, we could pick up and handle bigger and heavier items. We have to make the robot workspace bigger, but it's not a heavyweight change, meaning that the software that we have today that does the picking for e-commerce and so forth, we would just apply forward to the bigger stuff. It's electromechanicals. I need to have a bigger or different gripping apparatus. I need to have a bigger workspace and a bigger robot. But those are all manageable things. Still with the footnote that my financial guy would want, which is like, "That's unmodeled upside. We don't have that built into the model." So, all right. Cody, back to you, sir. Yep. Thanks, Tom. So maybe staying with you, we've got a question about you guys talking about AI in your systems. Can you expand upon that? What's in it? How do you think about AI in the future? Sure. That's a really good question. So I'm actually going to start with when I keep saying system orchestration, and we're reasoning about the flows between the robots, if you think about a field with 500 or 1,000 mobile robots and reasoning about the work that has to get done by those, that's a planning and scheduling optimization problem. That's actually a body of AI that is not intuitive but lives in our systems and our technologies. Now I'm going to jump way over to the picking. Okay? When we talk about robotic picking and a robot picking up and handling individual items like my Rain-X here, I'm going to lift back up my bin. So if you're a robot doing that job, you have to look in this bin or tote, figure out where one item starts, another item stops, figure out where to grab it, where to pick it up, how to move it, and so forth, all in real time. And you don't know in advance where these items are going to be positioned in the tote, and you don't have perfect models of this pair of socks or this K-Cup thing. You don't know it. You don't have perfect models of these. You have to figure all of that out in response to what you see with your sensors. So the robot, in a very real way, is continuously processing the world, understanding what's there. You can think of it as machine vision meets sensor interpretation meets motion planning meets grasp planning. All of those words are AI subsystems that we have that we've developed that run, and it's what enables us to pick up and handle things that are hard. This thing's top makes it hard, but we can pick it up. Okay? This bottle's top is hard. We can pick it up. The cheese that's going to be eaten after we get off the call. The potato chips, not crushing them is hard. Okay? That takes the intelligence, but you kind of get the idea. There's an awful lot of AI in there, and I said this before, but when you watch a robot, it's really exciting. It moves. It makes noise. What a privilege that I have to close my door to get the noise of the robots out of my office, right? That's a beautiful thing. Those capabilities are coming from AI algorithms and software that are running on a compute stack, married with very special sensors and hardware that enable the robot to understand the world and figure out what it's supposed to do in response to what's presented to it. It's very different than, for instance, if you see robots in automotive. If you see a robot doing a welding a car or a painting a car activity, most of the time, those robots are executing movements that a human engineer gave to the robot in advance. Hey, do this and do this again and do it again. Do it the same way. The robot doesn't really know that the car's there or know the shape of the car. It's not figuring anything out. It's doing something by rote. Our robots don't have any of that data. They have to figure out in response to what they see what to do, and then they have to think while they're doing it, "I'm not going to break the potato chips. I'm going to pick them up." Okay? Huge amounts of AI. Yeah. Go ahead. Is this a situation where, as you have more picking attempts, your capabilities just get better and better because of that AI? Our systems will work out of the box and hit performance metrics out of the box. They learn online as they go, and they get better as they go. But they already hit the metrics out of the box. And that was a, truthfully, it would be hard to have a business where your message is, "Hey, I'm going to be non-performant for two-to-five years while my systems get really good," and then you'll like them. We work out of the box, but we do that. That was probably what we're doing in stealth mode is developing the technologies that enable us to solve these problems and ship a thing that works even while it improves. Gotcha. Okay. Looks like we got two more questions. Again, to the audience, if you have any questions that haven't been answered, just please type them in the Q&A window. So how has COVID impacted your business and its outlook? I know there's a broader e-commerce momentum. I would assume that COVID has certainly accelerated that. But how do you guys think about the lift you've seen due to COVID? All right. Folks, I'll start. If anybody wants to support, that'd be great. So for COVID, it has accelerated the trends that were already in place, right? So it's not that somebody flipped a light switch and suddenly the world realized we had to automate due to COVID. Folks were already working to automate to meet the change in consumer demand and consumer expectations. They already had pressures around labor availability, needing to do more operational efficiencies and so forth. Those already existed. Now, when COVID hit, it exacerbated all of those challenges and accelerated our behaviors as customers, right? And this goes back to that statistic of by 2022, more than 50% of the folks in the U.S. will be using online grocery and so forth. So we have seen an acceleration of those trends, and our customers were already more than alert to the need to change their supply chain operations, and now they're extra. So, Steve, you're welcome to offer, Mark. Oh, that's great. I'd just add to it the rise of the automation effect, as was a driver prior to COVID, still going on. Rise of intelligent robots is another. We're able to do this now. We weren't able to before. So those are big adds. Okay. Gotcha. Let me see. Just filtering through here. I think we captured most of these questions. Maybe one last one. Can you talk about the driving force for BG going through this transaction now? What do these proceeds give you? Why go public via this SPAC transaction? Maybe we can end on that one. Great. We are able to stand for our customers and tell them that we will be independent and that we are here to support them today and into the future We've always had a goal to go public, and we've told customers that we were not looking for a rapid exit and so forth because we want to stand for the customer, tell them we're going to be here with them in the long game. But yeah, there's, of course, capital that comes out of the transaction. John Delaney, sir, pandering to my panel. The John Delaney and RAAC also have a value prop. He and Steve Case have an enormous amount of experience growing successfully publicly traded companies. We're very excited to welcome them to our ecosystem of stakeholders and advisors, which include people like Vinod Khosla and Peter Barris. And so we're very excited by the transaction, and we're very positive on our current position vis-à-vis customers and progress. Yeah. And I would just say, look, the timing is right. I mean, we have a proven technology with an anchor customer base of Walmart, Target, FedEx, and TJX. The tremendous amount of commercial momentum that we've built in a very short period of time, and we're sitting on a $95 million backlog with great visibility into revenue for this year and into next year. So with partners with John Delaney and Steve Case, the timing was right. We've got great partners, and we think it's an excellent outcome for not just us, but for our customers and shareholders as well. So the timing is good. I would also add the customers were, in fact, very excited about the transaction. That was something that, in our calls with them, we obviously were focused on, which is that Berkshire Grey had been in stealth mode for a while working with these customers. Then it came out of stealth mode and was selling. What would the customer's reaction be? I think the point Tom made earlier, I think, is a very, very important point, which is that the customers have a very interesting relationship with Berkshire Grey that's very different than the relationship they have with other vendors, as best I can tell. This would come through consistently, which is they share a lot of information with Berkshire Grey about their plans. Again, that comes back to this notion that they really view them as a partner. One of the customers, for example, said, "We let four companies under the tent in terms of what we're planning on doing." By the way, they added Berkshire Grey did by far the best compared to any of the other companies who had access to this proprietary information. They know they have to do that for Berkshire Grey to be successful at solving their problems, but they're also somewhat uneasy about it because it is very proprietary. And in some ways, I think what Berkshire Grey is getting is kind of this collective intelligence about what the most cutting-edge automation plans are in this industry. And probably they may now, and they certainly will in the future, probably have more insight into this industry than anyone because they're basically hearing it from all these companies, what they're doing. And let's face it, they all have slightly different plans, and they all have slightly different problems. Some of the problems are applicable across all of them, etc. So we actually think that's an asset to Berkshire Grey because pretty soon they'll see every problem that needs to be solved in this warehouse automation world, and things they learn on one customer can be applicable to another. But it's a fine line. And I think the notion that Berkshire Grey will be a standalone independent company and not sold like Kiva was, which I think—and you heard this from some of the customers—there were customers talking to Kiva, and then suddenly the rug got pulled out from under them. And next thing you know, it's owned by Amazon. So I think the customers were very happy about this transaction, number one, because they're very fond of Tom and the team, and I think they were just happy for them that the company's doing so well. But the second thing is I think they're happy for themselves because they're going to have a standalone independent company as a partner, and they can continue to invest the time in this relationship and invest the sharing of this proprietary information in this relationship, knowing that it's going to stay as this independent business. So the feedback from the customers on this transaction, which is something we're all, let's face it, anxious about, was very, very positive. John, thank you. And thank you for your kind words. Cody, I actually - Mark, you did a - I appreciate that you expanded on my capital statement. That's right. The momentum is good. We're in a good position. And right now is the time to accelerate as a company. So that's a really good point. Cody, over to you, sir. Yeah. I think we're wrapped here. I'm not seeing any other questions. I really appreciate all of our attendees spending the time. And of course, thanks to all the panelists. And Tom, I don't know if you want to take us out, but we appreciate your time. Folks, we appreciate that you spent the time with us today. We hope you'll continue to follow us. We are excited and positive on our future, and we're happy that we're going to be here to help our customers to transform their operations, which will continue to support us as consumers. Thank you again for taking the time today. Thank you. Thank you. Yeah.