Okay, thank you all for your patience there. As mentioned, this is Adcore's Q1 2024 Earnings Call. We have a very exciting update for you today. Today, your host will be myself, Nick Campbell. I'm the Head of Investor Relations here at Adcore. You'll have Omri Brill, CEO and Founder, and Amit Konforty, CFO. The agenda for today is we'll begin with some forward-looking statements, followed by the CEO opening remarks, and then the CFO financial highlights, and finally, Q&A. If you do have a question that comes up during this call, please feel free to use the Submit a Question feature in Zoom, and we will answer those at the end. So before we begin, these are the forward-looking statements you should be aware of when listening to this call. Please note, these statements that are made today are forward-looking in nature. They may be projections about the business's future performance and plans, but please bear in mind that these statements are inherently uncertain as they are subject to various factors outside the business's control. At this time, I will give you about 30 seconds to a minute to review this statement before we move on, so I'll let you do that now. Okay, and with that, it's time for the call to begin. I will pass the floor to Omri. Omri, the floor is yours. Thank you so much, Nick, and, good morning, everyone. It's my pleasure to discuss today the company results for Q1 2024, and let me start by sharing my presentation. Okay. So all in all, I don't know if you had a chance to view the result already. We issued a PR, and the results are already out there, but I would say that the operational efficiency boost the company gross profit and gross margin for this quarter, and we are, all in all, very happy with the results we've been able to achieve during Q1 2024. Just to discuss some key, key metrics from today's from this quarter report. Top-line revenue were CAD 6.9 million, almost CAD 7 million compared to CAD 6.8 million in the previous year. And that's represent a 1% increase year-on-year. Gross profit increased by 13% to CAD 3.1 million, compared to CAD 2.7 million in the previous year. Gross margin improved as well to 45%, compared to 40% in the previous year. That represent 13% increase in gross margin as well. This is one, if you recall, this is one of the important, like what we call quality KPIs, that we are monitoring. Another quality KPI that we are monitoring is revenue coming from North America, which is an important region for us, and we are happy to report a nice increase of 13% year-on-year in this important region. So good results, both in gross margin and in gross, and so in revenue coming from North America region. All in all, just like to recap and summarize some of the quarter highlights. I would say gross profit grew by 13% year-over-year. We saw a nice increase in gross margin from 40% in the previous year to 45% this year. We saw a strong revenue growth in North America by 30%. We saw a very nice jump in adjusted EBITDA of almost 200%. We had a positive shift in cash flow from a usage of almost CAD 1 million in cash for operation in Q1 2023. We're now flat in Q1 2024. So this means it's a big improvement in net cash flow in this quarter compared to the previous year as well. Client concentration also improved from 56% that we had in the previous year to 42% this year. So I think, like, all in all, a lot of very good metrics across, I would say, almost across the board. Midline, bottom line, balance sheet, all the metrics look very positive for us in this quarter. If you recall in the previous call that we held to summarize 2024, we discussed what should be the company goals or focus areas that we wanna focus in 2024, and we say, A, maintaining a strong balance sheet with focus on increased cash reserve. So we are happy to report the cash reserves remain almost the same, compared to the previous quarter. If you historically compare Q1 to Q4, usually we see a drop in cash reserves, so the fact that we've been able to preserve cash reserves in Q1 compared to Q4 is actually a very strong indicator for us regarding company ability to preserve cash. We discussed keeping the gross margin within the 40%-50% to raise yet again another check with regard to 45%, like what we've been able to achieve, 45% in this quarter. And as I mentioned, that's a 13% year-on-year improvement. We discussed achieving double-digit growth in revenue, gross profit and operational profit. Again, revenue remained more or less, so we saw moderate growth, but both gross profit and operational profit Adjusted EBITDA, we saw a significant improvement, and that's a very solid results for us. We discussed expanding the company marketing, technology and marketing solution offering, and I encourage everybody to visit the company, new website and see all the different, I would say, technology, offerings that we have and the marketing solutions that we have to see that the company is expanding a lot our offering. So all in all, again, very positive quarter for us, and, bear in mind, Q1 historically is the slowest quarter for us in the year, you know, because of seasonality. So the company ability to present a solid quarter in Q1 is a very good indicator for what we believe, 2024 can look like. That's also a good opportunity for us to discuss the company, I would say, four strategic pillar. Again, what we discussed in the previous call as well, just as a quick recap. So the first pillar is technology, and AI is obviously continue to develop our own proprietary technology and making sure that we are embedded and implementing AI solutions throughout our different technology and application, and obviously using AI in our day-to-day operations as well. The second strategic pillar that we discussed is shift the company focus towards enterprise and aggregator. So this is larger type of, let's say, client, that represent bigger opportunity for the company to scale. We discussed focusing on low touch, do-it-yourself type of activity and service offering. Again, scale and efficiency, that's, you know, the main reason behind this strategic decision. And last but not least, is focus on synergies. So making sure the company is doing multiple things in multiple areas. We wanna make sure that we have synergy between the different efforts the company is doing. And again, every new, let's say, ventures that the company is doing, any new developments the company has announced, you need to look whether it's going end-to-end or going in line with these four strategic pillars. If the answer is yes, that means that we are doing something in the right direction. And if the answer is no, then it means something is wrong, and maybe we should look again whether we should do it or not. Another thing that we discussed in the previous quarter is, I would say, some improvement in the stock price. If you look at, let's say, from the bottom that we saw in CAD 0.17 to now, we saw almost 40% increase. Three months at 30% increase, also, also almost 30%, so is six months as well. And all in all, we see a positive trend in the stock price, but we still believe it's fairly, fairly undervalued, and there's still a lot of money to be made in the Adcore stock. That's at least the company point of view. And this point of view is also backed up by the comparable table. So we put peer companies, companies that are within the market, the adtech space like Adcore. And you see, if we're talking about gross profit, for example, that you see, it represent a very high potential of almost more than 700%, compared to the peer, you know, is a potential for the stock to go up. Again, we not only talk about it, we're also doing stuff around it, and the company bought in Q1, 2024, more than 80,000 shares for cancellation. And all in all, in the past two years, we bought more than 4 million shares for cancellation and invested almost CAD 1 million into it. And we believe that once the market gonna see like a more massive uptick within the small cap industry, that Adcore basically can lead this trend. Because, again, we put a lot of effort in order to consolidate of shares, and basically that should enable us to grow more aggressively once the market condition will turn better. Last but not least, we discussed it about it in the previous earnings call as well, is the company's social responsibility. There's a lot of action that we are taking in order to support, you know, evacuated community. Now also soldiers wounded by the war as well, and all of them are, I would say, bike-related and cycling-related, and we encourage everyone to visit the company social responsibility page and also obviously keep an eye on the company's Keep on Riding initiative that are around this important, I would say, goals. So that conclude my remarks for the quarter. Again, all in all, we believe it's a very strong quarter, a very solid quarter, and a very good start for 2024. And now back to you, Nick, and to Amit. Thank you for your comments, Omri. We'll now move to the CFO financial highlights. Amit, the floor is yours. Thank you, Nick, and good morning, everyone. Just one moment. Okay. Before beginning the financial overview, I would like to remind you that the following discussion will include GAAP financial measure as well as non-GAAP results. All amounts will be presented in Canadian dollars. In the first quarter of 2024, we achieved 45% gross margin and have kept on generating positive cash flows, showing our financial resilience and operational strength. Now, let's review in more detail. For the three months ended March 31st, 2024, we delivered revenues of CAD 6.9 million compared to CAD 6.8 million in the same period of 2023, an increase of CAD 0.1 million or 1%. Gross profit was CAD 3.1 million compared to CAD 2.7 million, an increase of CAD 0.4 million, or 13%. Gross margins for the three months ended March 31st, 2024, were 45%, compared to 40% in the same period last year. As for operational expenses, R&D expenses for the quarter were CAD 0.6 million, compared to CAD 0.4 million in the prior year. The main reason for this increase is we started amortizing additional intangible assets in the three months ended March 31st, 2024. SG&A expenses for the quarter were CAD 2.7 million, compared to CAD 2.6 million in the prior year. Operating loss for the three months ended March 31st, 2024, was CAD 0.2 million, compared to CAD 0.3 million in the same period last year. A decrease of CAD 0.1 million or 31%. Net loss for the three months ended March 31st, 2024, was CAD 0.4 million, compared to CAD 0.6 million in the same period last year, a decrease of CAD 0.2 million or 39%. Moving on to total revenues and gross profit. As you can see on the left side of the slide, in Q1, there was a moderate increase in revenues. However, we see a significant 13% increase in gross profit, accompanied by a significant rise in gross margins from 40% - 45%. As for geographical revenue breakdown for Q1 2024, we see a significant growth of 30% year-over-year in North America, which is mainly due to acquiring new clients. APAC revenue saw an 8% year-over-year increase, which is similarly driven by acquiring of new clients. EMEA revenue experienced an 18% decrease, mainly because one client significantly reducing its activity. Despite this setback, we were able to increase revenue levels and even enhance gross profitability. Now, let's discuss about net cash flow from operating activities. In the three months ended March 31st, 2024, we kept on generating cash from operating activity in the amount of CAD 13,000. This is a significant improvement from over CAD 1 million used for operational activity in the same period in 2023. This improvement in cash flow is mainly caused by improved profits and improved collection from clients. In terms of financial position, we had cash and cash equivalents of CAD 8 million as of March 31st, 2024, compared to CAD 8.1 million at December 31st, 2023. Total working capital amounted to CAD 7.5 million, compared to CAD 7.6 million at December 31st, 2023, a decrease of CAD 0.1 million or 1%. As for the liability side of the financial position, we can see that the company is still debt-free. Regarding adjusted EBITDA, the quarterly non-GAAP results reflects adjustment for the following items: depreciation and amortization, and share-based payment. For the three months ended March 31st, 2024, adjusted EBITDA was CAD 201,000, compared to CAD 68,000 for the same period in 2023, showing a significant increase of CAD 133,000 or 196%. With that, I will turn the call back to Nick. Thank you, Amit, for those comments. We will now move on to the Q&A session. We have had a number of questions submitted, so let me just see here. We'll begin with the first one. This question is from Ryan. He says: Cost of revenue has dropped year-over-year on the same amount of revenue. What is driving the cost savings? It's a good question. As I mentioned before, the company, starting 2023, put a lot of emphasis on operational efficiency and cost of revenue, like other type of costs, are still cost. So the company ability to save on cost, to be lean on on cost, is across the board, and cost of revenue are no exception in that regard. Thank you, Omri. Another one from Ryan here, is: The North American region has shown strong growth this quarter. Is this expected to continue? The short answer is yes. We put a lot of emphasis on this important market. We recently recruited another salesperson within this market that come with a lot of experience. So literally, the sales force in this specific region grew by 100%. And we continue to put a focus and emphasis on this market. And yeah, we have high expectation of what we can achieve, and we believe we still didn't even really get started yet in this market. So there's still far more potential for the company than what we see right now. Conversely, another question from Ryan. He says: EMEA revenue decreased by about 20%. What's the reason for that, and is it expected to continue? Yeah, so Amit actually have a note regarding this decrease in his remarks. It's mainly still due to slowdown in one of the client activity, top client activity in this specific region. So we might see some challenges with this specific region, but I would say, all in all, we don't see any, I would say, red flag regarding EMEA or any other region. At the end of the day, even if we have some fluctuation, that can be seasonality or maybe some large client, you know, shifting some of his activity, in the end of the day, I would say EMEA is a positive look positive for us, as well as obviously the rest of the region as well. We had a similar incident in APAC, if you remember, in 2022, and we saw a nice rebound in 2023. The company is resilient enough, and we know, you know, like, even if one client, let's say, is scaling down, obviously, there are other clients or new clients that can scale up as well. ... Very good. A question from Robert: What are the steps Adcore is taking to attract institutional investors? It's a very good question. I would say we recently onboard Nick as a full-time IR manager for the company. You know, so the company is obviously looking at investor relationship as, you know, the focus area for us in 2024. And one of Nick, I would say, goals, is obviously introducing the Adcore story to more for more of this institutional investor as well. Obviously, it's gonna be conduct by in-person mini meeting as well as conference that the company can attend, that are relevant for this type of audience and other means as well. But I would say, yeah, investor relationship in general is the focus area for the company in 2024, because we believe the market conditions are actually turning better, and now it's time to be a bit more aggressive again. Obviously, institutional investors are critical for us as well, and we understand that. Very good. Another question from Robert: What is Adcore doing specifically to increase value for investors? And is a CAD 1 billion market cap still a realistic goal for the company? It's a good question. I would say, there's multiple efforts that the company is doing on a daily basis, obviously, to increase the company attractiveness, I would say. I can count some of them. Obviously, we discussed about the operational efficiency and being able to present, you know, positive cash flow, positive operating profit as well. This is something that we believe we've been able to achieve in the previous quarter, this quarter as well. So that remain a focus area for the company. As well, we are entering into introducing a lot of new initiative as well. We mentioned some of them, you know, in the previous calls as well. We are now becoming more and more aggressive in terms of sales, sales capabilities and marketing capabilities, so obviously that will take time to see the full effect of it, but we literally almost double up, our sales sales force, you know, not only in North America, but across the globe. Obviously, marketing is still is yet another focus area for us. We mentioned IR, you know, having Nick as a full-time employee, you know, only focus on IR as part of the Adcore team as well. But I think, like I mentioned before, there's a multiple effort that the company is doing. With regard to one billion, one billion market cap, I know it may sound a bit, you know, like, out of context right now, but trust me, that once the market condition gonna turn better for us, you can see a very nice uptick in the of Adcore, stock. Adcore were trading, we know, is 200, 250 million, million, market cap. I would say three years ago, when we was not as near as good company that we are today, you know? So there's still a potential, and once the market condition gonna turn better, and obviously we can have a new access to capital, then you can see the company can scale up quite, quite fast, and that's the important thing, I guess. Very good. A question from Ahmed: Top line revenue was relatively flat this quarter. Can you give information as to the reason for the lack of growth? Yeah. So I would say the following: A, if I need to choose between, let's say, almost flat top line revenue and a nice increase in gross profit like we saw in this quarter and vice versa, let's say nice increase in top line revenue, but let's say gross profit will remain flat, then I would choose the first option any given day. Bear in mind that media companies like Adcore, you know, some of the revenue are media buying associated, and basically, so gross profit is a more, I would say, accurate indicator regarding the company ability to generate real growth, and we've been able to do it, you know, during Q1 2024. But I think, like, some of the, I would say, top line revenues that were cut off are part of the, let's say, cost of revenue as well, so they are media-related revenue. And the fact that we don't have them, it's not, I would say, a big deal for the company. Again, in a deal, I would say, quarter, we would like to see double-digit growth across the board, you know? But again, if you need to choose, then this scenario is far better than the other scenario I was mentioned. A question from David: With Adcore's operating cash flow positive or close to it, the need for a large cash reserve on the balance sheet is less critical. What is the plan for the cash that Adcore has? It's a good question. I would say the following: Ah, we achieved, let's say, this type of operational efficiency in the last two quarters or so, so let's wait and see that we can maintain it for, let's say, another one or two quarters before we can become more aggressive. Also, you know, it's very much depend on the market condition as well. Once we see the market is reopened and we can have better access to capital if needed, obviously stock price need to be much higher, then the company can say, "Okay, maybe it's time, you know, to drop the defensive more and become a bit more aggressive." But I think, like, we need to wait a bit before we say, "Okay, it's spring already, and we can, you know, and we can enjoy the sun. Very good. A question from Kieran, industry related here. Can you comment on the potential TikTok ban in the United States, and if or how this could impact Adcore, and more broadly, the advertising market? That's an interesting question. I would say, A, the future is still to... You know, we still need to see the future before it's happened. But I would say, I would say the following: It's not necessarily a bad thing for Adcore, A, because we might have some of our existing partners, you know, that are part of, let's say, the new U.S. TikTok group. So this is one, so we can utilize existing, let's say, existing relationship that we have under the new group. This is one, and B... It will, I guess, it will make the entire market a bit more competitive. A competitive market, you know, between the different channels is actually good news for a company like Adcore that sit in the middle and can enjoy this type of competition. Very good. A question from Natalie is: some of the leading players in the industry, such as DoubleVerify, Shopify, have really tempered their expectations for the remainder of the year. Is this the same for Adcore? Not necessarily. We don't see any indicators today that say that 2024, we need to be a bit more cautious about it. Obviously, 2023 was very positive for us. If you look at, let's say, the uhm numbers we've been able to present, and currently, let's say, especially after the strong start of Q1 2024, we are still optimistic about what we can achieve in 2024. Having said that, we still have a good three quarters into the year, so it's still a bit too early to determine. But I would say, if you ask me today if I'm positive about 2024, and I believe that we can, we can, let's say, copy, copy the results that we, we achieved in 2023, then I say it would be yes. Very good. Another one from Natalie is, CTV is becoming a dominant trend in the digital advertising space. How is Adcore establishing themselves in this area? Actually, that's a very good question. We recently announced an all new division within Adcore, which we call brand awareness division. And under this division, we're gonna offer CTV, we're gonna offer programmatic advertising, we're gonna offer digital outdoor advertising as well. So all of that become a focus area for Adcore. We already have, let's say, an established relationship with leading players within this industry. Some of them can be, let's say, Microsoft Advertising. That's all the entire inventory of, let's say, CTV for Netflix, for example. Other can be players like DV360, owned by Google. So we understand the importance of this, let's say, segment within online advertising. We understand the potential, and we are very active in making sure that we are gonna be a big player in this, let's say, fast-growing segment of online advertising. Very good. Just one final question here is: what marketing initiatives are you taking in North America to help with new client acquisition? Yeah. So that's a good question, and we discussed it a bit. We discussed, you know, onboarding a new salesperson within the North America market, that come with a lot of experience, you know, in this specific market, Canada in specific, but also I would say North America in a broader view. And so that's one initiative the company took. And another initiative is double down on marketing efforts that are related to this specific region, in order, you know, to quarterback and help, you know, the sales initiatives that we are taking. So marketing, let's say, lead the way or quarterbacking, you know, the salesperson, and then obviously the salesperson, you know, take it from there. Very good. Thank you, Omri. That concludes the questions we had for today. If you do have any questions, please feel free to send an email to investors@adcore.com. We thank you for your time and joining, joining the call today. Have a great day, and thank you. Thank you, guys. Thank you.