AGM 2022

Mar 22, 2022

Hello, and welcome to the annual and special meeting of stockholders of Blackline Safety Corp. Please note that today's meeting is being recorded. Following the conclusion of the formal portion of the AGM and shareholder presentation, we will have a question and answer session. You can submit questions or comments at any time by clicking on the Q&A icon. In light of the fact that the time for questions and answers may be limited, please be aware that we may limit questions. It is now my pleasure to turn today's meeting over to Cody Slater, Chairman of the Board and Chief Executive Officer of Blackline Safety Corp. Cody, the floor is yours. Thank you, operator. Good afternoon, everyone, and welcome to the annual and special meeting of Blackline Safety Corp. The meeting will now come to order. My name is Cody Slater, and I am the Chair of the Board and Chief Executive Officer of Blackline. I will act as chair of the meeting. We would like to thank our shareholders and guests for attending today. We decided to host a virtual meeting again this year to allow our shareholders and stakeholders all over the world to attend this meeting virtually and to ensure the health and well-being of our directors, officers, shareholders, and employees in light of COVID-19. Sid Abeytunge of Burnet Duckworth & Palmer will act as Secretary of the meeting and representatives of Computershare Trust Company of Canada, our transfer agent, will act as scrutineer. I have received a declaration from Computershare with respect to the due mailing of the proxy materials and the 2021 audited consolidated financial statements of the company. The reading of the notice of meeting will be dispensed with. In accordance with the bylaws of the company, business may be transacted at the meeting if there are not less than two persons present or representing by proxy, not less than 5% of the shares entitled to be voted at the meeting. The scrutineer's report has now been received, and it shows that there is a quorum of shareholders present at the meeting. I now declare that the meeting is regularly called and properly constituted for the transaction of business. To make the best use of our time, we have pre-arranged with certain persons attending to move and second the resolutions, which we will consider in one motion today and which are set out in the notice of meeting. While all matters to be considered will be put forward by a single motion, shareholders will be entitled to vote on each of the matters separately by electronic ballot. If you have already sent in your proxy, your vote has already been counted, and you do not need to vote at this meeting. Questions in respect of a motion can be submitted electronically on the virtual platform by any registered shareholder or duly appointed proxy holder by following the instructions on the platform. The secretary will assist me in reviewing and responding to any questions. Questions will be answered in relation to each item of business in the order they are received. We ask the questions refer only to the matters set out in the notice of meeting. I now ask the Computershare Trust Company of Canada open the polls for voting. The first item of business is the presentation of the audited consolidated financial statements for the year ended October 31, 2021. Copies of the financial statements are available on Blackline's SEDAR profile and on its website. As noted earlier, to make the best use of our time, I will be asking for a motion to consider and, if thought appropriate, approve each of the remaining items of business set forth in Blackline's notice of annual and special meeting and information circular and proxy statement. However, before doing so, I will speak to the nomination and election of the directors of Blackline. Our bylaws contain advance notice provisions, which provide a procedure to be followed for the nomination of directors at meetings of the shareholders of the company. In accordance with the advance notice provisions, the only individuals entitled to be nominated as directors at this meeting are the persons named as nominees in Blackline's information circular and proxy statement dated February 15, 2022. They are Michael Hayduk, Robert Herdman, Cody Slater, Brad Gilewich, Dr. John Finbow, Cheemin Bo-Linn, and Barbara Holzapfel. Accordingly, subject to the approval of the resolution to fix the number of directors to be elected at seven, each of the foregoing individuals are hereby nominated as directors of Blackline to hold office until the next annual election of directors or until their successors are elected or appointed, subject to the provisions of the Business Corporations Act (Alberta) and the bylaws of the company. I now ask for a motion to approve each of the remaining items of business set forth in Blackline's notice of annual and special meeting and management information circular. Mr. Chair, I move that the number of directors of the corporation to be elected at this meeting be fixed at seven directors. PricewaterhouseCoopers LLP, Chartered Accountants, be appointed auditors of the company until the next annual meeting or until their successors are appointed and that the remuneration of such be fixed by the board of directors and that the ordinary resolution of the shareholders to increase the number of common shares reserved under the employee stock ownership plan, as set forth on page 11 of the company's information circular proxy statement, be approved. I second the motion. If you have not already, please register your votes by selecting either the for or withhold or the for or against buttons next to the applicable matters. Once the electronic balloting closes, the voting page will disappear, and your votes will automatically be submitted. As there is no further discussion, the polls are now closed. We'll pause a moment while the results are tabulated. I have been advised by the scrutineer that each of the matters considered today has been approved by the requisite majorities. I direct that the scrutineer's report be annexed to the minutes of this meeting as a schedule. Given that the business to which this meeting was convened has now been concluded, I declare that the formal portion of the meeting is now terminated. We will now proceed to the corporate presentation, after which there will be time for questions. You can submit questions or comments at any time by clicking the Q&A icon. In light of the fact that the time for questions and answers may be limited, please be aware that we may limit questions. As I said, we'd like to now just move on to the presentation, which you should see on your screen. We wanna talk a little bit about 2022 here, and we wanna talk a little bit about the what's happening in the current year and what we see going forward. This has been a period of lots of change for lots of companies. As I said, we'll be looking a little bit at the forward of the company, a little bit at the past. When I talk about that change, when you look at Blackline as a shareholder, you've seen all kinds of changes we'll talk about today. One thing that hasn't changed is the core of what the company's about, and that's our purpose, to ensure every worker has the confidence to get the job done and return home safe at the end of the day. In fact, there are people out there in the world today who are going home to their families solely because of what we do here at Blackline. That's backed up by our vision to transform enterprise workplaces through connected safety technology, and that's really about the data, visibility, and information we can provide to our customers. If you look at the world today, the industrial world is undergoing a digital transformation, and connectivity is what's driving that digital transformation. In Blackline, it's fair to say, when you look at that employee-centric data and that employee-centric connectivity, we are driving that transformation. It's one of the core reasons why our customers continue to adopt our products and continue to adopt our services as we continue to grow into these markets. If we look a little bit at some of the corporate highlights from 2021, have to start off with our revenue number, of course, CAD 54.3 million, a 42% increase over the prior year. 59% increase of growth year-over-year outside of Canada. Keep in mind, those numbers came with the company still undergoing two quarters of the year during COVID, during Omicron, lack of access to customers, lack of access to markets, still significant growth year-on-year. Another significant item for the company is we graduated to the Toronto Stock Exchange. In context of an acquisition, we acquired a small company called Wearable Technologies out of the United Kingdom. Really, this is a development program investing to gain access to a new market for us, what we think is a very significant market, what we call industrial and construction markets. Think about things like railroads, ports, construction sites, where you have large volumes of workers in large, complex environments where the kinds of data we provide can add real value. That's what we're doing under the banner of Wearable Technologies. Something we'll talk a lot more about towards the end of this fiscal year as we get closer to the product launch mid-next year. We strengthened our balance sheet by closing an unused CAD 50 million credit facility with National Bank. I think it's interesting to point out on that credit facility that this is actually driven off of our annual recurring revenue. It's really something only a SaaS-type business could actually access that kind of financing. Currently totally unused. We also issued shares through a bought deal prospectus. The proceeds of just over CAD 37 million. We published our first ever environmental sustainability and governance report. That really, you know, is key from a lot of our customer standpoints who are looking for that from the company. Internally in the company, it's helping us drive direction of where we're going as a company, as part of the world we live in. I think it's even more interesting to look at some of our customers out there, again, going down that ESG journey. When you look at their ESG reports, you'll see their employees wearing our products. It's the G7, the EXO, it's the services we provide, that visibility, their workforce, that safety. They're helping drive their own ESG. Speaking of driving, we've been investing heavily in our revenue engine. This is really how we get in front of customers, how we generate new opportunities in markets. This is an area where pre-COVID, we were really quite small. Geographic distribution, customer penetration. Over the period of time, we've grown in all these different areas. The first one here is RSMs or regional sales managers. These are the feet on the ground that actually get in front of the customer, demonstrate the product, walk them through the process. They're the ones that land those major orders for us in all those different markets. In that area, we grew 100% up to 60 people, including 5 in totally new countries, so totally new market opportunities for us. Distribution's a key aspect. Our channel partners, and we both refined our distribution structure and expanded it. It's a little over 200 now, up 53% from the prior year, again, giving us that better access to the global market. Another thing from Blackline standpoint is what we call client success. If you think about that, it's onboarding a new customer, training the new customer, deploying the product. In our case, because of that recurring revenue model, it's a continuing relationship with that customer. It's those people who ensure that our renewal rate is as high as it is. In fact, most of our customers renew for increased value. That's what's driving that 103% customer retention rates that you see that we'll talk about. It's those people growing from 4 to 26 who are helping drive that into the future. Talk about our global reach. We've opened 3 new offices, France, Texas, and the UAE, really doubling our office footprint. You know, really I'd like to talk about each of those a little bit differently because there's a different logic behind each of these. If you think about France, this is the European market, always a market, but becoming more and more significant for us. It became key for us to have an actual location in Europe after Brexit that made it untenable to support our customers from Colchester in the United Kingdom. That was the logic behind the French office, and it's really what's driving our growth in those markets over the last period of time, and will be even more so into the future. Texas, great market for us. Texas is, you know, key from the client's chemical, petrochemical. Having an office there makes a lot of sense, but we're gonna touch on this in the context of that other system. The last digit here, the rental, a totally new revenue base, really the center for that rental operation. The UAE, that whole Middle Eastern market space is a very valuable market for us. It's one that's very complicated to enter, lots of different regulations and requirements, and one of them sort of that tops it all off is actually having a physical presence there. UAE is going to be a major market for our G6 as we launch that product towards the end of this year. We'll chat a little bit more about that as we go forward. Lastly, as I mentioned here, we invested into a new market channel for us, a new revenue-generating channel, which is our rental division. About CAD 1 million worth of hardware went into that division, and that's really setting up. We're talking about G7s, we're talking about EXOs. This is for construction sites, plant turnarounds. Great market, you see great growth. It's service-based, so similar margins to our whole service suite of offerings. I'd add one more thing to that rental side, and it's really also our customers. A lot of these things, if you think about chemical refinery, they may be in a cycle where they won't be buying the gas detection for two or three years. These rentals happen on a fairly regular basis, so it allows us to get in front of customers that we couldn't get in front of otherwise, get them exposed to our products and services and turn them into. It's really a sales channel for us as well as a revenue-generating channel. Next, if you think about the company itself and the people behind it, strengthening the bench. We talked about this last year. We were really looking to strengthen our board in the context of software as a service and technology. We brought on two key new board members last year, Cheemin Bo-Linn, background in IBM and that technology field. Barbara Holzapfel, VP at Microsoft. Again, recurring service revenue, software as a service. It's really strengthened the board enabling them to, you know, help as we look to channels to grow and where they can connect through next timeline. Some of the management team, last year we added two new people. You'll see some very familiar faces there for shareholders who've been with us for a while. The two new faces, Christine Gillies, our Chief Marketing Officer. Prior to this was something that we actually outsourced. We had a third-party company that did all of our marketing materials, sort of an inbound thing, looking at web, looking at some trade shows, that kind of stuff. What Christine's building is an engine outbound leads, so that it's us reaching out to those customers, tuning our messaging through different industries, different verticals, different geographies, different markets, and really giving the tools to that, our growing RSM and distribution network to accelerate our growth into the future. To help us launch new products, which we'll touch on a little bit later. Brian Sweeney, our Chief Technology Officer. Really, we wanted to find someone to be that CTO role for the company that had that strong strength in that software as a service, that cloud-connected world, really. Brian comes from an amazing background in context of Blue, Amazon, Microsoft. It's really key today, when you think about that software side, to have the right people who can actually get, you know, attract the right teams, attract the right technologies, understand where to drive that. That's really been what Brian's brought to the table in the last period of time. Talking about our customers, again, that's something where, as we talk about our growth, obviously our customer reach is expanding. I think it's interesting to look at some of this because most of the customers here you see in the context of the logos that we've seen before. All of these companies, whether it be a Shell, Suncor or, you know, Danone, etc., these are all customers that we onboarded some period of time ago, but we continue to expand our penetration within those customers. We continue to operate at new facilities, expand the products, expand the services. Looking at some of the new and interesting logos, I think in the last little while, I'll touch on just a few of them. Welsh Water, we've talked before about that water, wastewater treatment market in the United Kingdom. Welsh is our latest win in that space. We've won every contract that's been let there over the last few years. We see that continuing. There's another couple of contracts being let over the next year, and we see no reason why we won't be again the product of choice in that market as we go forward. NiSource is an interesting example of a similar kind of thing, but in the utilities market. You know, it was about 4.5 years ago, we landed... Four years ago, we landed our first water, wastewater customer, and it was really a learning process to understand exactly what that customer wants, how to market in there. Similar, I'd say, in respect to the utilities markets in the United States. NiSource was our first really core major customer in there, large scale, major deployment and sort of the blueprint going forward for that market space. I'd also touch on with NiSource, it's a customer that's put on every one of our services. It utilized what Krishna talked, two-way voice, operating systems, everything. They're a premier customer for us, and that's a premier market to grow in the North American space. BAE Systems is the British Aerospace. This is really a submarine and maintenance and manufacturing. Really, they're our single largest customer for our products. It's been a great experience with us for them, and really a great introduction of a new product into what's a totally new market for us. There's, again, more opportunity to grow both with BAE, but with another similar shipbuilding, ship manufacturing kind of markets around the globe. FedEx in North America, we think about all the FedEx trucks running around the globe, but this is really their aircraft maintenance people. FedEx operates, I think it's the fifth-largest air fleet in the world. Those people are dealing with hazardous chemicals, jet fuel. They're using our VOC monitors, one of our newer products for newer sensors for the G7. Looking on the other side, you've got things like the pharmaceutical world. GlaxoSmithKline is an excellent customer with a worldwide footprint, so it's starting off in one region, but just moving from region to region with GSK. An interesting side note on that pharmaceuticals market is actually Pfizer. You know, at the beginning of the distribution of vaccines, when the Pfizer vaccine was first being distributed, we were talking about requirements to store that at minus 70 degrees. So inside our trucks and vehicles that were delivering these vaccines to first responders and to you know, hospitals around North America, you had carbon dioxide cooling systems, dry ice, basically, and they utilized our EXO again to monitor for the safety of the vaccines and of the people transporting those at the beginning of the rollout of the vaccines through the pandemic. Tyson, one of our larger deployments in that food manufacturing space. Again, great growth opportunity for the company as we go forward. Currently, we protect over 100,000 people in over 60 countries around the globe. Looking at sort of what's driving, you know, the numbers behind those kinds of things. Taking a look at it, 2021 is a snapshot in revenue growth. If you look at hardware, 93% up year-over-year. What we'll see as we go through the presentation a little bit further is really all that acceleration's happening in these last few quarters as we get out of COVID. But a really strong growth in the hardware. Service, again, growing as well too. That will follow the hardware always. A really interesting point, I think, to look at, you know, revenue up 42%, but I want to highlight now more and more that, software as a service side of the business. If you look at that annual recurring revenue, this is really the sort of velocity we're coming out of the year-end with our recurring revenue. Think about it like the monthly revenue at the end of the year multiplied by 12. That's up 25%, over CAD 29 million. Since we're past a quarter here, if we look at trailing twelve months based on our Q1 of 2022, you can see a similar kind of story, but an acceleration in that hardware growth. You're going to see that as we move through the quarters here, getting further and further away from those COVID-impacted quarters. Revenue up 48%. Again, that product driving, service driving total revenue. I think it's interesting to look at that ARR, now up 32% year-over-year, and really up 10% quarter-over-quarter. That's starting to see that kind of growth we'd really like to see, really all that growth driven by that hardware-enabled SaaS model. We've talked about this before, how sort of CAD 1 of G7 hardware sales can generate CAD 4 in recurring service revenue. It's like a 5-year cycle 'cause that's about the life of the product. We've, you know, dollar retention is really key in this kind of a space. Talked about that before with our customer success groups driving 100%+ dollar retention. I really think this is not the right way to look at the business we're in. You know, that's looking at the sale itself. I think it's better to look at really the lifetime margin that that sale generates from our hardware-enabled SaaS model. If you look at that, you see a very different story. You know, CAD 131 of hardware margin is generated from that hardware sale. CAD 1,400 of margin is generated from the service side. That really speaks to the strength of that service margin and that recurring model because that's the thing that, you know, continues to grow as long as you have, as we say here, you know, 100% logo retention. We've never lost a major logo. In actual revenue retention, we're running at 103%. We'll see that growing as we go forward. Keep in mind when you think about this as you watch the company in the future, that service follows the hardware sale by a couple of quarters. That's the time it takes our customers to move out the devices, retrain, deploy before that service all kicks in. But really key, 91% of the value we generate from a margin standpoint is generated by those services we provide. Now running at that CAD 33 million ARR rate, even without the new, you know, services being added, new customers as we go forward into the year. Talking about years, we've mentioned this a lot, and this was a pretty milestone point for the company. I think 20 quarters of year-over-year revenue growth. That's 5 years of actually not missing a quarter where we grew over the prior year. Lots of numbers you can look at here in different ways. I think it's interesting to look first, though, at that right-hand side with the pie charts. That geographic diversity really being key to us, and the same with the vertical. Go back 5, 6 years, we were really a Canadian company selling products mostly in Western Canada, mostly to the oil and gas patch. Now, you know, Europe is our second-largest market. The United States is the first largest market for us. The rest of the world even that shows as 4%, obviously that's dramatically larger because of the growth over those years, but it's actually started to accelerate. In the last couple of quarters, you're looking at more like an 8% contribution from that rest of world area where we've been investing and putting people on the ground and building distribution channels. Same story on that vertical diversity. We talked about that on the customer slide before. Getting into all those different markets is really building just a better sales channel, better pipeline for us to start enhancing that growth as we come out of COVID here. I think, again, this is under, you know, When you look at this story and you look at this chart and you see that continuous growth, it sort of misses a bit of that real impact of what COVID did to us and to our markets and the challenges the company had to overcome during that period of time. If we look here at the hardware revenue numbers, and these are trailing twelve-month numbers, and you can see what really happened here. Pre-COVID, we launched the G7. We started to really accelerate our hardware. As people got to see the product, we started to build our sales channel. You know, grew up from over 40% up into the 100+% range, and then COVID hit. You know, if you think about it, if you look at those dots on the side, we entered COVID with 129% year-on-year growth. In the middle of COVID, if you look at it, though, we were sitting at -19% in hardware. Even though the company continued to grow, it was because of that layering of service. In fact, we even had to overcome a reduction in our hardware sales, which was really solely caused by our inability to get in front of a customer, inability to do field trials, and from the customer standpoint, their inability to do things like training and deployments. Now we've seen, you know, the world recovering from COVID and Blackline as well too. If we look at the trailing twelve months here, now for product revenue from Q1, it's over 112%. That's with 2 quarters still impacted by COVID, by Omicron. You're going to see the company accelerate back into those similar kinds of numbers that we were pre-COVID over the next couple of quarters in the year. Again, that hardware revenue drives our total revenue. You can see the same sort of a story here, where the total revenue prior to COVID was around 78% growth in our Q1 of 2020. At the center of COVID, at sort of the worst point for us when we were talking about those negative product growth, we actually grew 12%, which I think is a real accolade to the company and to the people who make up the company, that we're able to continue to still grow during that time at a pretty small number. If you look at Q1, trailing twelve was 48% growth. Outside of Canada, it was actually closer to 60%. We're getting back into those high, high double digits. Again, as you see the company continue that acceleration, that the product continuing its growth and that fueling the service, you'll see us accelerate back into those similar kinds of high levels of revenue, as we go through this year and into the next year. Really, that's all focusing around this CAD 4 billion market we've talked about before. I want to take an opportunity to sort of talk in a little more detail about how that market is made up. You know, you can see overall the single biggest contributor is the software as a service, and we talked about that's where our margin's coming. Each one of these product bubbles that are in the center here drive part of that service, from a customer standpoint, from Blackline standpoint. If I look at the bubbles themselves, I think it also tells, you know, a bit of an interesting story. We talk about the G7. This is that multi gas marketplace, worldwide market, CAD 750 million, really very diverse market space. We launched into this around four and a half years ago. When we launched, we could probably address maybe 30% of that market. We had only certain sensors and certain functions on the devices. Over the time, investing in our research and development, we've added multiple sensors, we've added five gases, we've added pumped instruments to that mix. Now we're reaching a point where we're probably in the 80%+ range. We still need things like a six gas device to take small portions, and radiation is another sensor that we'll be looking at adding in the future. That's why we continue to invest in our R&D, is to expand that addressable portion of that market that gets us in front of more customers, more opportunities from that enhanced sales base we have. The next core market for us is the EXO. This was a major product launch we did in the middle of COVID. CAD 250 million area monitoring. This is plant construction, turnarounds, perimeter safety monitoring. Again, excellent success of the EXO. Markets have loved the product, loved the technology, the ease of use, the drop and go that the cloud connectivity gives us with the product. I'd still say at this point in time, we're probably only addressing maybe a little over half the market, maybe 150 of that market. There's still different, accessories and add-ons and features we need to add to the EXO. Those will all be rolled out by the end of this year. By the end of the year, we'll be playing in that full market as we're coming into, again, better seasons for that into the fall, et cetera. Look for some real growth on the EXO as we go forward. The last thing I said we're gonna be talking about a little bit more today. We've talked before about the launch of the G6. I wanna give a little bit more visibility of that market today. At a top level, you know, hardware, it's a CAD 225 million, what's called a zero maintenance market space. Much different than the other, as compared to some of the other markets here, but somewhere in the base that it drives, it also is part of that service revenue. If you look at the total market for that world of the zero maintenance products, you're looking at about a CAD 500 million market. You know, I wanted to spend a bit of time today talking about this because this is really the biggest launch for the company, the biggest opportunity base for us since the launch of the G7, which saw that initial big influx in the rate of growth for the company. Talking a little bit about the market itself, this is what's called the zero maintenance market, and I don't think it's wrong to say what we're talking about doing is disrupting this marketplace. It's a large market, around 2 million devices, very narrow. There's only really 3 or 4 gases in this market space, so it's not like one of those complex ones like the G7, where I've got to build a whole suite of products. We'll launch with covering the entire market. It's also a market that is what's really we call it zero maintenance, but it's really a disposable market. These devices get thrown out every 2 years. Half this market basically gets recycled every year. 1 million devices replaced annually. Compare that with the G7, where the device life is about five years, so it takes a long time to cycle through if I purchase product before we've gotten in front of the customer. Really, this market is based around a product BW brought out years ago, and the context of the zero maintenance is just simplicity of use. These are for broad use customers, whether it be large plants, facilities, whether it be construction sites, whether it be fire departments, and I want something really simple and easy to use. The key in the zero maintenance is I don't even have an on/off button. I can't actually turn the device on. It just runs all the time. What the BW device does is it beeps and flashes if it sees gas, and that's all it does. We're going to be launching into that market with the first direct-to-cloud, zero maintenance product, similar kind of thing, where I don't have to turn it off. It has a totally different user experience and totally different value proposition from the customer's end. From the customer's standpoint, the first thing is that regulatory compliance requirements. All gas detection requires somebody to keep record of numbers of times it was pumped, numbers of times it was calibrated, who's using it, when are they using it. All that's complex and expensive to do on a large plant or facility. The G6 automates that all by being cloud-connected. It solves that regulatory compliance basis and saves the customer significant amount of money. On top of that, the G6 has a chance of actually saving somebody's life. Rather than just alerting that individual, like our other products, somebody else knows exactly what that danger is, who it is, where that's happening. Where is a key thing here too, because our devices will be the first device in this space that have geolocation in them. All of a sudden, the data I'm getting, talking about my people, background levels, everything else like that, is going to be enhanced by that geolocated cloud-connected device. Lastly, I think about the ESG as another element of sales here. You're reaching a point when we launched that product, and I say we because it was in my days in BW, we launched the zero maintenance product. We called it zero maintenance because in those days you didn't wanna call something disposable. Today, that's an even a worse word than it was a long time ago. The reality is, 1 million devices every year with lithium-ion batteries, with electronic circuit board sensors in them, are being thrown out every year. With the G6, you'll never have to do that again. Again, significant TAM here for us and really different and addressable because it turns over so quickly. Okay, what I'd like to talk about next is I mentioned this was similar in scale to what the G7 launch was, but I would call the G7 launch a soft launch. When we launched the G7 at its first big trade show, we had no penetration in the market. We really had no RSM network. We had no distribution. We had no real customer base. Now we're going into launch the G6 in a really different world and manner with the work that Christine's done, the work that we've done in building that sales channel and opportunities. We're going in with you know market-based educational white papers that'll help drive that we're the expert in this space. We're starting customer field trials soon. We're gonna be launching the product, officially announcing it in June at the ASSP. That's the second biggest safety show in North America. Initial customer shipments will start in July of this year. In September of this year, a key element will be we'll be showcasing the G6 at the NSC in San Diego. This is the world's largest safety show, and really will be the major kickoff for the product going forward. There's so much more depth behind that to just help with the skill sets, with the training, with everything. For our distribution, our people, there's outreach packages for demand gen, there's media, there's videos on the device and the product, global digital and print campaigns, really all leading up to that major volume shipment starting in October 2022. It's our view, again, not only disrupting but transforming that zero maintenance market through connectivity. Touching on a few of the corporate fundamentals, a lot of this is pretty similar to what it's been in the past. You know, again, zero debt, strong balance sheet, mentioned that new credit facility we have based around our recurring revenue model. If we look, though, at the stock chart, I mean, we're all aware we've seen a drop in the stock in the recent period of time. We're looking at the stock here against the S&P, you know, tech software world, which is the world we live in. What you can really see, I think that's interesting is post-COVID, we've really followed the index. You know, we've basically performed in the same context as the index. The index has had a big drop. We've had a big drop. The index went up, we went up. Pre-COVID, when we were having those really high levels of growth, accelerating the company forward, we were able to consistently outperform the index. What you're seeing is the company now is returning to those high levels of growth. You've seen that in our Q1, you'll see it going, accelerating Q2, Q3, and even more so in Q4 as we launch that G6 product. We see that driving the future opportunity for us to actually get back to outperforming the index into the future. Lastly, talking about the future, I'd like to touch on just a few points here that are a little further afield looking. I mean, the first is, it's the G6, we mentioned that before, but it's worth mentioning again. This is going to be a key driver in the markets that exist today. I think the G6, just because of its capabilities and the things it can do, will actually expand that market beyond its current 2 million space and get us into other industries and other opportunities. The same thing, we talked about WTL at the beginning of this, that Wearable Technologies Limited, and this is the first product we're going to be launching with WTL, is the G5. It's something you'll see us talk a lot more about towards the end of this fiscal year because it's really a 2023 mid-year launch. This is really focused again on those markets, think about ports, think about railroads, think about large construction sites. It's really a productivity offering. The real offering is the productivity enhancing reports that help customers by, you know, given that geolocated visibility of all your workforce, all the operations, it's clear that there's things you can do to help make those companies more efficient, more effective, safer as well too. This will be packaged as a high vis kind of vest and part of the vest. Really the vest is just what's driving the data to allow for those productivity reports to give those customers the values that they're looking for while providing the safety in the field. Again, something you'll talk a lot more about towards the end of the year. Last thing, I just wanna finish on sort of looking at the scope of the company. We talked about the scale of growth of our customer penetration, of our vertical markets, of our distribution, of our RSMs, our marketing strengths, our technology strengths. It really speaks to what we've been doing, which is connecting that industrial world. To date, we've been connecting gas detection. Really there's an option here, an opportunity here, and a demand from our customers to what we call connect the unconnected. On every one of those customer sites, facilities, there's other devices, other technologies that are on there that if they could get that data and particularly get it all in one place, one visibility centered around that worker, there's huge value about that, around that. This is an opportunity for us to look to partner, to look to other kinds of devices, other kinds of technologies to actually dramatically increase the TAM, but putting it through the current funnel that we're building right now and really giving that next stage of growth for Blackline. At this point in time, that ends the presentation. As we mentioned before, the floor is open for questions. We're just gonna pause here for a moment. Mr. Chair, I can advise that no questions have been received from shareholders. All right. Well, again, thank you everybody for your attendance today, and hopefully we'll be looking forward to doing this next year in person. I'll now hand the floor back over to the operator. Thank you. Ladies and gentlemen, this concludes the meeting. You may now disconnect.