 Hello everyone, welcome back to Investor Intel. Today we are very privileged to be speaking with Frederic Dugray of H2O Innovation, a company that has been at it a really long time in the success. Every success you have has been hard earned. Tell us about today's press release. Well, I mean, we're really, really delighted to announce these annual results that were actually from the June 30 fiscal year just ended. They are really the reflect of hard work as you mentioned, I mean 20 years in making, but also a combination of the right business model. We're presenting 13% growth into our revenues, significant improvement into our adjusted EBITDA, net earnings into the fourth quarter, so a lot of good things. And positive cash flow. Yes, that's right. Positive cash flow, strengthening our balance sheet, opening up opportunities for O&M. I have this fight with an accountant friend of mine all the time who thinks the balance sheet matters. Just tell me about the top two-thirds of your P&L and you have that. Well, the business model is very unique because 85% of our sales rely on recurrent revenues and things we have put together over the years. So specialty products and consumables we're selling to water waste water treatment plant and operation and maintenance that we're doing. So very predictable business model, very unique and good cash flow generation coming from this activity. Right, and you said roughly 85% of your revenue is recurring, which means it's predictable and you've probably strengthened yourself against the vagaries imposed by COVID. For sure. I mean in the fourth quarter, so between March 31st and June 30th, this was probably where the COVID crisis started to hit everyone. We have been fortunate enough not only to be in the right space, being in the water space because people will continue to drink water and flush their toilet, but having the right business model allowed us to navigate through this crisis in a remarkable way. Well, congratulations to you because it's been impressive to watch a cash flow of over $12 million for the fiscal year. Good for you. Part of that's been driven by some of your acquisitions. Yes. Have they been fully integrated yet? We're working on a process of completing integration. Sorry, we have been obviously slowed down a little bit by the COVID because of restriction to travel, but the acquisition was completed in November 2019 for the acquisition of a specialty chemical company, Bayes in UK. So far, we have 65% completion into the integration roadmap and still know we're starting to see good synergies into our business activity. So this is quite encouraging. Do you have any acquisitions lined up? Something you'd like to hunt? Well, we do have definitely targets. We completed one in July 1st, so for the new fiscal year, just on a verge of starting the new fiscal year, we completed the acquisition of a small O&M talking company, Bayes in Texas, and we do have other similar targets as well spread out into United States and elsewhere. Nice. And if you have 85% of your revenues recurring, you must have a backlog of orders. Yeah, we do. I mean, the backlog itself is $125 million when we finished a year on June 30th. The backlog is combining. Say that number again. $125 million. That's a good number. It is a good number. It is a really good number. So it adds, as you said, predictability to our business, obviously give us visibility for the coming quarters. And again, it did not happen overnight because there was a lot of hard work and equity sweat, but hey, we pull it off. What should we expect for the quarter ahead? Well, I mean, there's one thing for sure is that we're seeing, you know, the project business bounce back from, I would say, a slowdown in the previous year. We have right side this portion of the business. We trimmed some costs out of this business. And now we just announced in August, six new projects totaling $17.8 million. So now we're seeing upper trends again in the project group. So we're just going to see that in the coming year and the coming quarter also continue to grow into our specialty products and O&M, obviously. So overall, we're going to continue on a positive friend that we showed in the previous year. So when I see a company like H2O Innovation growing the way it is and crossing the hundred million mark, that automatically sets me up to wonder who's going to take you out. Is it going to be one of the large engineering firms? Will it be one of the larger utilities? What are your thoughts? Well, I mean, we have seen in the past a lot of takeovers happening, you know, from either larger strategic players. So obviously, the water industry is a trillion dollar business. So there's a lot of interest and appetite, mostly coming from European companies and Asian companies. Lately, there was a lot of takeover by Japanese company, for example, coming in the United States and North America to establish themselves. Or it can be also private equity family funds. This is something also that is gaining more and more popularity in Europe. I mean, they like European like the space, like the water space, because it's there for the long run. So it could be an option. What I'd like to do is check in with you three months from now when you report your next quarter. And we'll see how you're doing. Excuse me. Definitely. I look forward to it. So trading is HEO on the venture exchange. We've been blessed to have Frederick Dugray of H2O Innovation here today. I thank you for your time. Investor Intel says bye. Thank you, Peter.