 Hello everyone, welcome back to Investor Intel. I'm Peter Clausi and today we're following up on a September 25th interview done with H2O Innovation. Trades as HEO on the venture exchange, Frederick Dugray, welcome back. Good to be back Peter. Now when we talked about September 25th, you set out some pretty audacious goals for Q1. I expressed a little skepticism about whether you'd hit them. It's a litigation lawyer in me, I can't help it. So one of the things you told us was that you predicted a 13% growth in year over year revenue. So in Q1, how are we doing? Well we started the year very strong, strongly with showing revenue growth from previous year at 24% growth. So now we reached 35 million of revenues for the Q1. All right, we'll take that away to start the year. We'll tip that one off then as a yes. 85% of your revenue was recurring and you mentioned that you're hoping to strengthen that, provide more stability to your cash flow and predictability. How did you do? That's still our main focus. So for this quarter we get 90% of our revenues that are now recurred by nature. So it was a little bit more heavy on specialty products and ONM, but still remain for the coming quarters definitely above 80% plus. All right, that's another tick for the yes box then. You said Q1 would see the project business bounce back. How did that go? Yeah, we had good bookings on Q1. We had 18 million dollars of new bookings on Q1. So we are replenishing the backlog for project very nicely. This obviously will influence positively the course of their year. So we still have three quarters to go. So I think this year will have a good year on the project. Now I'm looking at page 7 of your MDA that you put out last week, or is yesterday I think, shows a consolidated backlog of 125 million dollars. Is that 18 in addition to or part of that? It's part of that. Okay. Yes. And we also talked last time about some targeted M&A opportunities. Anything happening there? So we have a great pipeline of the tuckings that we're going after. I mean our focus is to go after two types of M&A acquisitions, either on specialty products or operation and maintenance. So right now we're working on a couple of things and hopefully it's going to develop in the course of the year. So when I look at page 7 of your MDA, your revenues are up, recurring revenues are up, both as an absolute number and a percentage. Your backlog is up, growth profit margins up. It's almost a dream scenario as you go through the M&A. Why are all of these good things happening at this time? Well, I mean there's a couple of things. I mean we continue to focus on improving margins. So there's things that we're doing internally to keep tweaking and improving and gaining on margins. Our business model more and more is proving that yes, we're a reliable business. We are resilient through the COVID-19 pandemic that is going longer than expected because we have strong recurring revenues. And we keep executing. I mean we focus on executing and delivering revenues. And now this translated into even bottom line net earnings, second quarter in the road. And it's not just you saying that. It's not just your M&A saying that. Your competitors are saying that because you've been nominated for water company of the year. Yeah. Well this was such an honor. I mean I created H2O 20 years ago and to be here and receive 20 years after this huge award is a big team victory obviously. It's huge in this recognition. It's like being named best movie picture of the year at the Oscar. I mean you couldn't ask for more. Who awards this? Take this the right way. Is this a real award or is it an industry? It is absolutely a real awards. I mean it's conducted by the GWI agency, so Global Water Intelligence Agency based in UK. So what they do is that they collect intelligence data, that they provide to governments, that they provide to agencies, that they provide to environmental, you know, and the politics and companies like ours. So we establish, you know, market study out of their numbers. They're totally independent and they conduct every year awards for best desalination plans, best company, best water, wastewater. And now we want the best and the largest category, which is water company of the year. And there were against three big competitors out there in this category. There was four other competitors. That's pretty impressive. I was very impressed, too. I was ecstatic. Not at all ecstatic. Oh, by the way, I wore the shirt today in honor of you, because I bought it in La Bed Province the last time I was in Montreal. I know it's just down the road a little. It's not exactly where you are, but it's still for you. Good stuff. What are we expecting Q2 then? Well, we're going to continue on the same on the same direction. I mean, we still focus on on delivering these specialty products. Now the maple season is kicking in as anticipated. I mean, one of our division is pretty busy now with manufacturing and delivering maple equipment for for the start of the business. So this will be impacting nicely Q2 and Q3 project. As I said, now that we have booked new projects is going to to impact positively the second and third and fourth quarter. So yeah, we're just going to cruise along, execute, be opportunistic with stuck ins and keep generating more cash. Nice. So you know, we're going to be doing this again in three months, right? I know it's coming so fast. One quarter of the other is unbelievable. You guys should be really proud of yourselves, though. You're a great Canadian success story. Thank you. We're very proud indeed. I mean, it took 20 years, but here we are. You're like a rock and roll band and overnight success 10 years in the making. That's it. You have you have yourself a wonderful day, Frederick. H2O Innovations Trading is HEO on the Venture Exchange. I'm Peter Clausi. Goodbye from Investor Intel.