Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Dialogue Health Technologies web conference to discuss results for the second quarter of 2021. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session for research analysts only. Instructions will be provided for you at that time. Listeners are reminded that portions of today's call may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on Dialogue's risks and uncertainties related to these forward-looking statements, please refer to the company's MD&A, dated August 10, 2021, and the final long form prospectus date of March 23, 2021, both of which are posted on SEDAR. Our operating and financial results will be presented this morning by Cherif Habib, Co-Founder and Chief Executive Officer, and by Navaid Mansuri, Chief Financial Officer. Cherif, you may begin your presentation. Thanks, Jean-Marc. Good morning, everyone, and thank you for joining us today. We are proud to continue our positive momentum and report another strong quarter. Our teams are executing well on our strategy, and we are very pleased with the traction we are seeing with our integrated health platform. Every day, we hear heartfelt testimonials from members who love the ease of use of our technology, the time savings we have provided them, and most of all, the quality of care and white glove service they are receiving with each interaction with our multidisciplinary care team. To kick things off, I would like to remind everyone of our three pillars of growth. Number one, increasing our market share by winning new customers. We will continue to acquire new customers through all of our distribution channels. Now with four services in our IHP, we have a unique proposition to offer our customers. Concurrently, we want to increase the penetration of additional services within our existing customer base. Number two, continue to develop and launch new services that our customers want and need. By developing new services that fit seamlessly within our platform, we will be able to not only attract additional customers, but increase our share of wallet with our existing customers. On top of that, we expect that our retention, satisfaction, and unit economics will increase with customers who adopt this IHP. Number three, entering new market beyond Canada and Germany, where IHP can get traction. To complement our organic growth across these three pillars, we will execute on strategic M&A by acquiring relationships, technology, service capabilities, or entry into new geographies. Looking at Q2, we continued to move forward on these three pillars we just talked about. We ended the quarter with CAD 70 million ARR and nearly 1.5 million members. We saw more customers signing up to multiple services, pushing the attach rate higher to 1.10. These factors, in addition to the acquisition of Optima, led to top-line growth of 53% compared to the second quarter of 2020, reaching CAD 16.7 million. This growth in revenue is especially impressive given that we were lapping a very strong Q2 last year, in which we recognized a one-time revenue from Sun Life. This was in the context of them offering the Lumino Health Virtual Care service powered by Dialogue to all their customers for a limited time to better cope with the start of the pandemic. The impact of that event was a positive outlier, not only for our revenue last year, but also for our gross profit and gross margin. Navaid will be discussing our financial performance in more detail in a few minutes and will provide further insights into this. Now, before I get deeper into our execution, I'd like to take a moment to discuss some thoughts on what future we see for virtual care in a post-pandemic world. While the COVID-19 crisis certainly brought more awareness to virtual care in general and accelerated adoption by a number of years for many, it is important to highlight that we are not seeing a drop in interest as the economy progresses towards a full reopening. On the contrary, employers are more keen than ever to provide their employees with the right tools to stay healthy, to be efficient, and to ultimately maintain a good balance and quality in their lives. This has been particularly true as the pandemic has caused many to reassess their priorities with health, both physical and mental, taking on a greater importance. You may have heard about the great resignation of 2021 phenomenon, so employers are very much worried about retention, and virtual care is becoming table stakes. Employers who do not have virtual care as part of their benefits will not be as competitive in a difficult labor market. All of this to say is that we do not expect to return to the old way of doing things in healthcare. In fact, I would like to take this opportunity to point out to a recent survey in Quebec that was sponsored by the Federation of Quebec Chambers of Commerce, in which 87% of Quebecers would like their employer, insurer, or other organization to offer telehealth access to their employees or members. A similar percentage of Quebecers would like the government to continue to permit access to complementary and privately funded telehealth service. These feelings are not limited to people in Quebec but extend to the majority of Canadians. According to a report by Environics Research, 82% of working Canadians agree that their employer should provide access to virtual healthcare, and a survey from RBC Insurance highlights that 67% of working Canadians would consult virtually with a mental health practitioner. Lastly, we know through satisfaction surveys with physicians that 85% of them are happy with their experience in delivering healthcare virtually. With all of that in mind, it is our view that Dialogue is certainly well-positioned to help improve the delivery of healthcare going forward. I will take the next few minutes to dive deeper into the land and expand pillar of our plan, as we are particularly pleased with the traction we are seeing on that front. This has been due in large part to the efforts deployed by our go-to-market team to build awareness of our different services and by our product and tech teams who made the user experience as frictionless as possible. As customers become more familiar with the benefits of our integrated health platform, we anticipate to see further improvements in our attach rate. Looking at our Q2 successes, several of our new client wins were full suite clients, as was the case in Q1. In fact, 44% of new sign-ups in the quarter did so for two or more services. I will now take you through a few of these wins to provide context on our progress. Following a highly competitive RFP, we were selected by a leading packaging manufacturer to provide our full suite of services. This is primary care, EAP, and mental health for approximately 5,000 members. Our customer was originally looking at only primary care but saw the value of our IHP and opted for all of our services. Of note, this is also our largest EAP win to date, which shows the meaningful runway we have with that service. Another example of a multi-service win, this leader in talent acquisition and management chose our full suite for its 2,000 members. We had been in talks with that customer for several years, but it was the development of the IHP that clinched the deal, further proving the value of having multiple services under one roof. For the following two examples, I want to point out how we can collaborate efficiently with our strategic distribution partners to drive a positive outcome for all parties. A global financial services provider with 2,100 members chose to add the Lumino Health Virtual Care platform to its benefits package with Sun Life. We worked closely with our partner to present the merits of the program, which led to our mutual success. We can also talk about a similar example and outcome through our collaboration with Canada Life, where a global digital entertainment leader added the Consult+ by Dialogue platform for its 2,500 members. Perhaps one final example, a provider of logistics services that was a customer of Optima moved over from their traditional EAP to the Dialogue EAP option, and then added our primary care service to their 800 members. This is a good way to look at some of the synergies we can expect in the future from our addition of Optima. Looking at this from another vantage point, we can see a nice increase in our attach rate from 1.04 at the end of Q2 last year to 1.10 this year. This is especially impressive since our current attach rate of 1.1 is applied to nearly 1.5 million members versus 1.04 with just under 800 members last year. While still early days, we are seeing very important indicators that our IHP strategy is winning mind share with our customers. From a cumulative standpoint, we now have 19% of our members from direct customers signed up to two or more services versus 16% in Q1 at the end of March and 10% at the end of Q2 last year. As well, 8% of these members have signed up to three services, up from 5% in Q1. Without looking too far into distance, we think that addition of iCBT has the potential of being well-received by our customers, as it will allow us to offer options across the full spectrum of mental health resources. Before we get into iCBT, I'd like to talk about some of the things we did to improve the current experience for our members and customers. Dialogue is a tech-enabled healthcare business. Our mission is to improve health and wellbeing by using technology to deliver excellent care. Our product and tech team is the best in the business, and investments in these areas are core to what we do. Every day, we improve our platform to further delight our members and to be an even better to our customers. Many of these improvements are under the hood to allow our care team to be even more efficient and to continue bending the cost curve of healthcare. It is all part of our commitment to continuous improvement through technology. Sometimes these are big foundational projects, like completely integrating the Botfront conversational technology that we acquired into our stack, or completely re-platforming our mobile applications to gain massive performance improvements. Sometimes these are smaller products like improving calendar management, but with big upside, like reducing missed appointments by 70%, which in turn increases provider utilization and improves our unit economics. We are obsessively focused on our member and customer experience. Their feedback shapes our roadmap, and this has paid off handsomely in terms of NPS satisfaction and retention. Technology will always be a core differentiator for Dialogue. The next slide isn't new. We've shown this to you before, but it's an important one, so we'll bring it up once again to set up our discussion on iCBT. The pandemic has only aggravated what was already a difficult situation with regards to the rise in mental health issues. The good news is that employers are focusing more and more their efforts on finding ways to address this challenge and provide solutions for their people. That is why we have worked hard to complement our existing mental health offer that relies on our therapists with an iCBT offer that is self-led and provides more flexibility for users. In looking at the overall landscape, we have observed a number of gaps with existing mental health solutions. Many people feel stigmatized around mental health or prefer to address their issues on their own without a therapist. When they finally decide to take the step of speaking with a therapist, these meetings may not necessarily be at the most convenient times. Additionally, there could be limitations to the frequency of sessions, typically capped by the employer or insurer. This is why we're adding an iCBT solution to lower the cost of therapy and make it accessible to even more people. We will be able to offer options to employers that cover all parts of the cost spectrum while giving their employees a choice in how to address their needs. Perhaps first, let's start with a quick discussion on what is iCBT, and then we can move to provide some background on how our partnership with e-hub Health came together. iCBT stands for Internet-based Cognitive Behavioral Therapy. Cognitive Behavioral Therapy is the gold standard, clinically proven form of mental health therapy. It involves members engaging in mental exercises to challenge their unhelpful beliefs and teach them new behaviors to more effectively address the specific challenges they're facing in their lives. iCBT is a way to learn and practice these CBT exercises digitally, like an online learning program, rather than using therapists. A key benefit is that it's available online 24/7, whenever a member wants to do it. They can work on their issues autonomously without having to speak with someone else, which helps overcome the stigma of needing and asking for help. Members can track their progress to see how they improved. Finally, this modality can reach many more people given its cost-effectiveness. This desire to broaden our mental health offering led us to look for solutions all over the world. We were blown away by a small team in Australia, which has been pioneering work on iCBT for nearly two decades. e-hub Health delivers online self-health programs to improve mental health and wellbeing, and was developed at the Australian National University by preeminent professors, clinicians, and globally recognized mental health experts. The suite of programs in the e-hub portfolio includes moodgym, which targets the reduction of depression and anxiety symptoms, e-couch, which includes targeted programs for depression, anxiety, worry, and social anxiety, and Mental Health Guru, a module-based online training program proven to increase knowledge and reduce stigma surrounding mental health within organizations. e-hub also provides additional modules such as the gambling self-health program, which are offered through partners such as the Centre for Addiction and Mental Health in Toronto. Moodgym is one of the most researched online mental health programs globally, with over 25 randomized controlled trials which have been conducted and published. As a pioneer in the field of mental health research and iCBT, e-hub serves as a pillar for governments, universities, insurance providers, and individuals who are seeking to address mental health challenges. In Australia, e-hub has an exclusive contract with the Department of Health to provide free iCBT to the entire Australian population. Similarly, in Germany, e-hub has partnered with AOK, the largest social health insurance company in the country, to offer moodgym coverage for free to its 20 million+ members. Research members in other countries such as Canada, the U.S., and the U.K., and Switzerland pay for access to e-hub's clinical trials and data. A few of e-hub's research and hospital partnerships include the University of Alberta, the University of Michigan, UCLA, and the Cambridge Health Alliance, a Harvard Medical School affiliate. The e-hub acquisition rounds Dialogue's end-to-end approach to mental health care and creates a differentiated offering, which is unparalleled in the Canadian market. Dialogue's iCBT program will be fully embedded within the integrated health platform. Unlike other mental health providers which offer a disjointed patient experience, Dialogue's iCBT offer is directly promoted, accessible, and integrated with our other services. This promotes whole person health. The clinical quality of the program is unmatched with an evidence-based research approach that has been clinically proven to deliver best-in-class outcomes worldwide. We're really excited to incorporate e-hub's world-class research and iCBT programs into Dialogue's IHP in order to launch a stepped care mental health approach that addresses the full continuum of care. That completes our operational update. I'll now pass the mic to Navaid to take us through the detailed financials. Thanks, Cherif. Good morning, everyone. Thank you for attending the call this morning. To begin, I want to really bring home the point that our teams did a fantastic job in Q2, as we had set some ambitious internal targets, and we were successful at exceeding them while continuing to execute on our growth plans. Our member count grew to nearly 1.5 million year-over-year, adding close to 690,000 people on our platform for a 91% increase compared to Q2 last year. Compared to Q1, we saw a sequential increase of 185,000 members, or nearly 15%. Importantly, this growth came from both the addition of new direct members as well as from our strategic distribution partners. In particular, I want to reiterate Cherif's comments on the increasing collaboration between Dialogue and its largest insurance partners. As the work we have been doing together to promote our virtual care services is setting up the table nicely to bring both higher penetration within their existing customer base and also a higher attach rate by cross-selling additional services. As usual, member figures do not include dependents who also have access to our services, nor do they include our Optima customers until they are migrated to the IHP. For the second quarter, our revenue grew by 53% year-over-year to CAD 16.7 million. This marked another high watermark for our top line on a quarterly basis as we continue to get traction with our IHP. As we had mentioned earlier, we recognized some one-time revenues in Q2 last year from Sun Life's limited-time free trial, which makes the 53% growth appear lower compared to our pace in previous quarters. Excluding the one-time increase last year, our growth in Q2 was well in the triple digits, driven by organic growth and by the addition of Optima. While we are not adjusting results for the one-time bump last year, we expect to return to higher growth rates in the second half of the year, maintaining a steady pace of growth on a quarter-over-quarter basis. On a more granular basis, primary care and mental health grew nicely when taking into consideration the one-time revenues last year. Our EAP, which was launched in Q4 of 2020, generated revenues of CAD 5.6 million in Q2, which includes revenues from both our virtual EAP service as well as the Optima acquisition. This performance in EAP also marks a sequential increase of approximately 4% from Q1, and we expect the pace to accelerate in the second half as we are seeing good traction with new and existing customers, as demonstrated by our higher attach rate and the new sign-ups in Q2 taking on two or more services. Lastly, our OHS business in Germany continued its growth, and we recorded nearly CAD 800,000 in revenues from that business in Q2. Our annual recurring and reoccurring revenue grew 96% year-over-year to CAD 70 million at the end of Q2. We are very pleased with this nearly doubling of ARR and the visibility it provides us into our business. As Cherif mentioned, we had a number of important new wins in the quarter, many of which are signing up to two or more services, and we continue to see solid traction from our existing customers who are finding our mental health and EAP services attractive. With the addition of iCBT to our IHP, we expect further gains in ARR over the long term as our teams build awareness and demonstrate the benefits and complementarity of iCBT with our other services. Our gross margin for Q2 came in at 41.5%. While this is a meaningful decline on a year-over-year basis due to Optima's lower margin profile, the gross margin was stable when compared to Q1. In fact, excluding Optima, our gross margins were in excess of 50%. We remain comfortable at this level as it allows us to strike a healthy balance between unit economics and delivering the service levels our customers expect and deserve. This measured approach also allows us to build trust with our customers and members and ensures that we can quickly respond to consultation requests and follow-ups as required. Over the long run, we expect that it will help us grow our market share and expand the number of services that our customers take on. Given the impact the Optima acquisition has had on our margins, I want to give an update on our integration. The migration started in Q1 as we began educating existing Optima customers about the benefits of our virtual platform. Those activities have started gaining traction, and we saw momentum building during the second quarter and going into Q3. We are on track with our objective to migrate the smaller Optima customers to the virtual platform by the end of the year. As expected, the larger customers will take a little bit longer. In addition, we saw higher utilization at Optima in Q2, and as a result, we had to use disproportionately more external resources to meet that demand, which put further pressure on our Optima margins. As we migrate these customers to our virtual EAP, we expect to see a gradual improvement in our consolidated gross margin with more meaningful impacts as the larger customers migrate beyond 2021. We remain comfortable at these current levels, which are within our targeted range. Over time, we expect to drive margin gains through a shift in product mix as we introduce new services with higher margin profiles, as well as through investments in technology and the development of more efficient processes. Moving on to Adjusted EBITDA, we recorded a loss in Q2 of CAD 5.6 million, compared to a loss of CAD 2.2 million in the same period last year. We continue to pursue a disciplined growth strategy, and while the wider loss may not appear to tell that story, it's important to provide more insight into the factors that drove that result. In addition to the one-time increase in revenues that we received from Sun Life last year, which also boosted our bottom line meaningfully, we also had to scale the business throughout the pandemic to support the rapid increase in demand for our IHP. We started incurring public company costs in Q2 that were not present in Q2 of last year or even in Q1 of this year. When comparing sequentially, we are able to better appreciate the stable growth and the discipline our teams continue to demonstrate. With Adjusted EBITDA somewhat flat compared to a loss of CAD 5 million in Q1, despite the incremental cost of being a publicly traded entity. Looking at our results on a year-to-date basis allows us to see the progress we've made in terms of operating leverage as we recorded an Adjusted EBITDA margin of -34% versus -61% for the first half of 2020. Before I close, a quick note on our cash balance, which stands at CAD 117 million. We believe we're in great financial position and remain on the lookout for M&A opportunities that will integrate well within our existing platform. We will not acquire assets at any cost. In the meantime, we will continue to spend in support of our growth to launch and promote recent and new services like EAP and iCBT and to innovate our technology further. We expect that our top line will grow at a faster pace than our operating expense lines, as we remain disciplined in our growth. We remain focused on achieving breakeven EBITDA in 2023. We'll keep you posted if that changes. To close, I want to say that the future remains bright. We are staying the course and making the right investments in our business to set us up for long-term success. Thank you again. I'll now turn it back to Cherif. Thank you, Navaid. I want to take this opportunity to thank our entire team for how hard they're working and for the passion they bring to Dialogue every day. We'll now open the floor to any questions. Thank you, Cherif. To ask a question, please raise your hand using the menu items in your Zoom interface. As a reminder and to provide an opportunity for everyone to participate, we ask that you please limit yourself to one question and one follow-up. You may rejoin the queue should you have any additional questions. Lastly, we ask that you please enable your cameras only when you are called upon for your questions. The first question comes from the line of David Newman at Desjardins Securities. Thanks, guys. I guess, first of all, I see strong momentum here overall and the investment you're making in iCBT, et cetera, and looks like to me like growth could really begin to accelerate here, especially as you've had difficult comps here. Looking out, maybe discuss how you think how things could progress versus when you first had our analyst meeting for the IPO, and more importantly, how things may have changed in terms of investment into iCBT. M ental health has really obviously become very important for organizations and maybe just cost ahead of revenues, how that could play out in terms of the forecast. You want to start, Cherif, or you want me to go? Yeah, I'll start and I think you can take the second half, Navaid. Morning, David. Thanks for the question. Look, first of all, obviously, we're not providing guidance. Having said that, I think that the models that we've discussed with the various analysts at the IPO are still very much relevant. We don't foresee any changes, whether positive or negative, to these discussions we've had a few months ago. iCBT, maybe just to give some clarity there. iCBT is a very low price service. In virtue of that, it won't have a material impact on our revenues going forward because the PMPMs that we would be charging are very low. However, the reason that iCBT is so strategic, is again, in terms of helping us with win rates, and helping us with retention. We always prefer that an employer or a corporate client centralizes all of their services with us. When they add iCBT with us, again, even if it's not a huge revenue driver, it has so many other positive impacts on the business, and that's not to mention the positive impacts that it has on the member and the customer. My only caution here is to kind of temper the idea that iCBT would be priced as the same as primary care, for example, and not extrapolate in that way. Having said that, we believe that strategically, it's going to be a very important tool in our toolkit. Yeah, David, I would add. Just, sorry to interject, but does that build up on the fact that now when you're going in to see customers, forget about iCBT on its own, but now that you can densify the number of products and services that you have, you can win more all-encompassing kind of contracts with your customers, and that could be additive outside of iCBT? Exactly. That's a great way to put what I was trying to say. Yes. Okay. Navaid, maybe you to. Yeah, just to add on that. iCBT, when we started with the IPO process and even in Q1, iCBT was always part of our plans for 2021. Yeah. What I would add to what Cherif has stated, in Q2, as we did in Q1, we're executing on our plan. We're delivering on the internal targets that we had set for ourselves. That's the priority for the second half of the year, is to continue executing on the plan that we had shared with all of you earlier this year. Okay, my second question, just on terms of the cost structure on OpEx in particular. You had some investments, obviously, in OpEx, sales, marketing, G&A, things like that, product development, everything else. It was your first quarter out of the blocks, with public company costs and things like that, I understand. Did you say first profitability would be 2023? Is this going to be the sticky kind of level that we're at in terms of the OpEx and that we should see operating leverage in the model slowly transition? Maybe just kind of a path forward, I guess. What we had previously communicated, David, was at the time of IPO is that we were on a path to profitability within 24 months, and that's still sort of the target that we've set for ourselves. Yes, we have additional investments to make in all areas of our business, whether it's go-to-market, customer success, our tech and product teams, and G&A to a lesser extent. Those growth rates will be nowhere close to the growth rates that we're expecting on our revenue. In terms of operating leverage and G&A or operating expenses as a percentage of revenue, will continue to shrink over the next few quarters, as our revenue grows faster than those expense lines, and that's the path to profitability that we have set for ourselves in the first half of 2023. Excellent. Thanks, guys. I'll jump back in the queue. Thanks, David. The next question is from Chelsea Stellick at Industrial Alliance. Hi. I just have one or two questions. My first one is, you mentioned that one of your most user-requested features was organizing and consolidating these medical summaries all into one place. If you're able to share some of the other user-requested features, like what they were, and if you are working towards that? Sure. With pleasure. One of the other most requested. That was a really big one. Maybe just to give you context, the way we've organized our user experience is, and the name of the company is Dialogue. The whole idea is that you're having a conversation with a multidisciplinary team, and what happens is that when some of our users, let's say, who have been with us for a number of years, start having 10, 20, 30, 50 consults with us, it becomes a long list of messages. If you're trying to find a prescription or if you're trying to find a care plan, you have to go into each of these messages and scroll up. It's not a problem when you're new to the app and only use it a couple of times, but it becomes an issue when you use the app so many times. One of the most requested features was to consolidate care plans. This is all the advice you're getting from our care team, as well all the prescriptions into a separate place than the conversational list, and that's something that we did in Q2. The other one was around calendar management. We saw an issue with lots of missed appointments because people forgot to put it in the calendar. They put it on the wrong time zone. They didn't put the right link or whatever it is. Now with the calendar integration, as we've mentioned, we've reduced no-shows by over 70%, which is fantastic for the member, because they don't end up have to go back into the queue. It's also fantastic from a unit economics point of view, because we're really increasing provider utilization, because of course, for us, a missed appointment is an expensive cost and reducing that by 70% was really fantastic. Two other places where we've made a lot of progress, we talked about platforming our mobile applications. Not to get into too much nitty-gritty, we were running our Android and our iOS apps on two different platforms. This means that we had two separate teams. The pace of innovation or rolling out features was not always the same because, again, we were working on two platforms. What we've done is we've consolidated everything at once, so every time we release a feature, it's simultaneously released on both platforms. This, again, allows us to improve performance for the user, but it also allows us to reduce technical development costs because we have one team instead of two. Finally, if you're a user of our apps, I'm sure you would have noticed a significant and noticeable improvement in load times and just interaction times. We're talking milliseconds, but these milliseconds add up, and they make a difference in user interface. The last one that I'll mention, and that's something we had talked about in Q1, but we're continuing to improve our AI-driven triage system. While it was fantastic in many ways and helped us keep our costs down and really improve the productivity of our providers, it sometimes was frustrating for the user. They say, "I don't want to answer 25 or 30 questions before I speak to a physician." That's something we've streamlined in a massive way, and we've decreased the triage time from over 10 minutes to a couple of minutes, and this has been an incredible driver of improved satisfaction on NPS. I would say that this handful of projects were the most requested ones and the ones we executed on the last two quarters. Awesome. In terms of metrics on that, from the point of when the person initiates a conversation to when they talk to the physician and the drop-off rate, have you seen a difference in that? You might get to the question five, and at that point, you drop off. Yeah, absolutely. I don't have the data offhand, but anecdotally, I can tell you that cutting the number of questions from an average of 25 to five has done wonders in terms of drop-off rates because you're right that not everybody has the patience to go through a questionnaire. Reducing that number has been just fantastic. It's a reduction in not only number of questions, but also the interface. I don't know, Chelsea, if you used the app recently, but that triage interface has been significantly improved. Now what we're really trying to do is the point of this triage at a high level is to, as fast as possible, decide whether this person can safely be seen virtually, or this person needs to see a physical resource, whether it's an ER or a walk-in clinic or whatever it is. That's really great news because, A, from a safety and compliance and regulatory perspective, we've really improved there. From another place, again, you're not going through a lengthy questionnaire just to be told that you're better off being seen in person. Within seconds you have that answer, and that's been a huge positive for our members. Is it possible to either get that data or start sharing that with the analyst committee? Yeah, we can look it up and share it with you, Chelsea. Perfect. Thank you so much. I'll jump back in the queue because I only have one question. Thanks, Chelsea. The next question comes from Endri Leno at National Bank Financial. Hey, good morning, guys. Thanks for taking my questions. Good progress on the quarter. The question I have is just if you can talk a little bit, even broadly, on the breakdown in new members between direct, non-direct, and transfer from Optima, and what percentage of Optima customers have been transferred to date? I'll take that one, Endri. In terms of the breakdown in members, as you know, sequentially this quarter, we added 185,000 members to the platform. Similar to Q1, it's a mix of, we give a couple of examples, Cherif did in his presentation. We've got members from Sun Life, we've got members from Canada Life. Canada Life continues to onboard its members. As you know, we signed Canada Life in September, Q3 of last year, and they're migrating. Sorry, they're not migrating. They're adding members on a monthly basis over the first 12 months of our contract. There's a significant amount coming from Canada Life. I would say it's pretty evenly split across our insurance channels and our direct channels. Sorry, the second part of your question on Optima. As I mentioned in my presentation, Optima, the migration, we have to educate a lot of these customers who've had the traditional EAP service for many, many years. Educating on the virtual platform, which we started in Q1 of that year, and we're starting to see the traction right now. Actually, we have a plan and a forecast in terms of how many of those customers will migrate by the end of this year. As we had targeted, 100% of the smaller customers, less than 500 employees, will be migrated by the end of this year. The larger customers like the Desjardins and the CCQs and those will take longer as we had expected. Those will go beyond 2021. We're on target to get the smaller ones done by the end of this year. Oh, great. Thank you for that color. One follow-up actually on Optima customers. Is there any traction there, if you can talk a bit in terms of selling them more of the services, sort of the primary care and mental health. What's the traction there and what are you seeing, if you can share any data there? Yeah, we're seeing more and more, as Cherif mentioned. The one example he gave us is, there was one customer who had the virtual EAP with Optima, with, I believe it was 800 employees, and that's just one example. During the conversations where we were trying to migrate them from the Optima EAP to our virtual EAP, during those conversations, we were actually able to get them to take primary care from us as well. That's just one example. We're seeing more and more of that traction, and that's why we're being deliberate in our migration. We're not forcing the migration. We're having these conversations with those Optima customers and handholding them through the migration and taking advantage of those opportunities to cross-sell them additional services as we migrate them. Great. Thanks for the color. I'll jump in the queue. Thank you. Thanks, Endri. The next question is from Justin Ho at RBC Capital Markets. Morning. Thank you very much for taking my question. The first question regarding utilization rates and how they're trending given that the economy's in the midst of reopening, what implication can we expect this to have on margins going forward? Thanks, Justin. Thanks for the question, thanks for being on the call. Our utilization rates have held pretty steady throughout the pandemic and over the last few months have remained steady. I'm speaking largely of primary care, and primary care is where we have the largest scale. With our members now spread across many different customers, many different industries with 1.5 million members, that utilization rate is relatively stable. We're not seeing any significant impact one way or the other, going into the pandemic or coming out of the pandemic. Where we are seeing a little bit more utilization is around the areas of mental health, whether it's part of our stress management well-being service, or our EAP services which have mental health as part of it. That's just the nature as more and more people are suffering through mental health. It's still within our targeted range. That's one area where we're seeing a little bit higher than normal utilization currently. Great. That is helpful. Just another one from me. On the shorter term outlook for membership signings, I think in a prior quarter you mentioned there might be a slowdown during summer holidays. Is that consistent with what you have seen so far this year, and is it something we should continue to expect in future years? Yeah, I mean, our accounting revenue, I just want to clarify, our accounting revenue is, there's no seasonality in that because it's PMPM basis, and that doesn't vary from month- to- month or quarter -to- quarter. That sequentially goes up as we sign on new customers and new members. In terms of new ARR contract signings, because we're dealing with largely B2B customers, there is some seasonality in that where Q1 and Q4 are typically the stronger quarters and the summer months are still good months, but they're not as strong as the other two quarters. Yeah, there is some seasonality in terms of contract signing just because of the B2B sales cycle. But that doesn't necessarily translate into GAAP revenue seasonality. Great. Thank you very much. My pleasure. Thank you, Justin. The next question is from David Kwan at TD Securities. Hi, guys. I saw that Canada Life had indicated they were through their goal, I think, of hitting roughly 500,000 members and dependents. I know they had a minimum in their contract in terms of the onboarding. I was wondering, is that what the minimum was? Is there any color you can provide in terms of the breakdown between kind of paying members versus the dependents? Sorry, I didn't get the last, paid members versus? Yeah, just the dependents. They said, I think there were over 500,000, but they didn't say a breakdown between what number are paying members versus what number are dependents, which obviously they're not getting paid for indirectly. Canada Life, as we said, we signed with them. We announced last year that we've signed with them, and you're right, as we had talked about, they were onboarding those members over a period of 12 months. I would say that that's progressing pretty much exactly on plan. We should be at that minimum number in the next month or so. That's progressing exactly as planned. Now, the number of members that we always report, so the 1.5 million members, which includes the Canada Life members and Sun Life and all of our direct members, that number is always excluding dependents. When you look at the 1.5 million members, that does not include spouses or children that would have eligibility or access to the Dialogue platform. If you take the 1.5 and apply sort of the average Canadian household size of 2.5, 2.6, you'd be north of over 3 million Canadians that have access to our virtual platform. Thanks, Navaid. A follow-up question, as it relates to both, I guess, in particular Canada Life and Sun Life, when we look out maybe beyond Q3, because I think you had mentioned there's still a bit as it relates to Canada Life, but maybe looking at Q4 and beyond, how do you see those two partners rolling out? Is it kind of steady additions that we should be expecting? To what extent you might be able to add on additional services beyond primary care? Yeah. Thanks, David, for the question. On that note, I think you really need to think, again, about our growth pillars, right? The first growth pillar is just increasing the penetration into Canada Life and Sun Life. Today, the number of members that we have with these two carriers is a very small percentage of their overall book. There is an opportunity to sell more primary care service to existing Canada Life and Sun Life members in their group business. Right? Another opportunity is to go beyond the group business because as you know, these are insurance carriers that sell other lines of insurance services like health insurance, life insurance, et cetera. There are opportunities, and we're in discussion, nothing is done yet, to kind of go beyond group. The third really interesting opportunity is to sell them mental health and EAP services. When you add up these three things together and you compound them, it just shows you how much more room to go with these two partners. We're only kind of at the beginning of that opportunity. I would say that Canada Life and Sun Life are both absolutely amazing partners. We're very lucky to be working with them and all the other insurance companies. I would also say that insurance companies are longer sales cycles. Sometimes, these discussions take perhaps longer than we would like. I think that is the nature of the business. On the other hand, these are very sticky partnerships, and although sometimes it takes a little bit more longer to roll out, on the other hand, I think these are very, as I said, sticky, loyal, and profitable partnerships, we're very lucky to have them. Perfect. Thanks, guys. Thanks for your questions, David. The next question comes from Nick Agostino at Laurentian Bank Securities. Yes, good morning. I guess a couple of questions on my part. Navaid, can you maybe provide the split between the direct and embedded when it comes to your membership base? I'm not sure if that was in the MD&A. I haven't seen it yet. No, Nick, that's not a split that we currently provide. Except that when you look 12 months ago, or yeah, I guess 12 months ago when we onboarded Sun Life, that was sort of our first embedded deal, and then we started onboarding Canada Life in Q3 of last year. Our growth over the last 12 months has been pretty split across the direct channel and our embedded channel. Even though we don't provide separate breakdowns for our members in terms of the channel split, but we're seeing consistent and significant growth coming from both of those channels. Okay, great. I think recently there was an announcement that you guys made about going after more of the student and the union market. Can you maybe talk about what stage you're at with those discussions, what the plan of attack is to penetrate those markets, maybe what services you think will resonate best, and if there's a pipeline that you've already built? Yeah, sure, Nick. I'll take this one. On the student side One of our major partners, ASEQ, now owned by People Corporation, is a major distributor of health and wellness services to student associations across the country, and we work hand in hand with ASEQ to distribute our products to their schools and student associations. It's a school by school or association by association sales cycle. Although it's big in terms of number of students covered, it's still small in terms of penetration in their book. Again, there's a lot of upside. So far we have only sold primary care services into that channel, but we're in discussion for EAP and mental health. As you can imagine, mental health issues are on the rise in student populations, and because of their cost sensitivity or budget conscious situation, we believe that iCBT will be a very appreciated service. We've had really good discussions there. In terms of unions, our biggest union client is the CCQ. This is the Quebec Construction Union. They are customers of Optima. Again, nothing is done. We have some good conversations about our other products with them. There are other unions. For example, one of the clients we recently signed is the Federation of Quebec Police Officers. That's current and retired SQ officers. We have a few of these unions. I think that's a big opportunity apart from the employer market. What's interesting with those folks is that they often have the retirees as part of the block. That opens up a whole other segment to us that we didn't necessarily have access to through the employers. Then the other advantage is that the members of these unions are often employees of very small companies or even sometimes independent workers that it wouldn't be cost efficient for us to onboard on a piecemeal basis. When you combine them all in a union, it becomes really interesting and it allows us to scale in a big way. Okay, great. I appreciate that color. I guess my last question is, I think in the past, you've indicated that going into the U.S. market was certainly not something that is of high priority for you guys right now. I'm just wondering, when I look at some of your comparables here in Canada, they're looking at the U.S. on a regional basis, maybe tackling more of the mental health and all that stuff. Has your thoughts when it comes to the U.S. market changed at all in the last three, four months since the IPO as far as penetration and timelines? I think it's a really important question, Nick. I think we need to be super clear on that. I wouldn't say that it's not a priority. I would say that, in terms of timing, it wasn't a short-term product for us. It is a priority. The U.S. healthcare market is, as you know, the biggest healthcare market in the world. I think there are lots of opportunities. However, I would say that it's a very competitive market. Some people would say that virtual care is saturated. I think we have to be careful with our market entry, and we have to be very deliberate with which products or which service we enter with. Maybe even if primary care might not be the right one because of the differences between the markets, et cetera, we have EAP, we have mental health, we're looking at other services. I think the U.S. market entry is something that we're looking at it very carefully. It's something that is exciting. It's not a short term, next couple of quarters thing. I think when we discover the right wedge into it or the right acquisition target, we will definitely move with a lot of conviction, when we find the right entry point. Okay, great. That's it for me. Thank you. Thanks, Nick. Thank you, Nick. The next question is from Endri Leno, National Bank Financial. Hey, thanks for the follow-up. Just one more from me. Cherif, you mentioned that you've had some preliminary discussions on the iCBT with the student association. Is there any discussions you might have had with your corporate clients that you are willing to share what the reception is there? There's a second part to that question. Now that e-hub Health is integrated, iCBT is launched, if you can talk a bit about your appetite for any potential acquisitions and what you're seeing out there in terms of targets, and/or multiples. Thanks. Sure. Thanks, Endri. ICBT has only been available since yesterday. I would say that traction in the last 24 hours is not yet overwhelming. Joking aside, we've obviously had early discussions since the acquisition and even before, to validate that this is something that we wanted to get into. I would say that there's a high level of interest from student associations, from employers, from insurance partners. I think, at this point, it's really a question of integrating it, completing the integration into our product to offer that seamless experience. As we've said in the past, we're not a collection of different services that work independently. We want everything to work flawlessly on the same app, with the same back end, with the same login, with the same underlying data, with the same care team. That is work that is obviously more difficult. We're not choosing the easy path. Once that integration is done, I think that it provides so much a positive experience for the members and the customers, and it provides so much lock-in so that we're ready to make that investment. From an M&A perspective, I would say that when we went through the IPO, obviously, one of the main reasons, if not the main reason, to go public and have that currency is to execute on an M&A strategy. I would say that, frankly, I was disappointed that some of the things in our pipeline did not materialize. We were excited about them. At the end, most of the time it was valuation, these things didn't materialize. I'm disappointed that some of these things fell through. At the same time, I think that it's really important for us to stay super disciplined. Our investors need to trust that we're good stewards of that capital, that we're going to be very diligent, very disciplined, and we're not going to make acquisitions just to make acquisitions. Again, although I would've loved to have made more announcements and found more targets, I think it's really important to stay disciplined and on track. Like we've said in the past, we're going to make, depending on the size, one or two acquisitions per year. This is not going to be a M&A machine every month. Yeah, we're looking for the right targets, really. Thanks, Endri. We have one last question. We have time just for one last one from David Newman at Desjardins Securities. Just a quick follow-up, guys. Obviously, consolidation in the market is, you can benefit from that as well. If you look at Canada Life and ClaimSecure, that's another 1.25 million individuals on their roster as you sort of densify here. I know it's pretty early days and not immediate, but maybe that could be a benefit for you down the road, as well as perhaps this Quebec teleconsultation directive for public healthcare, but maybe that'll be a bit of a benefit. Maybe just talk about just the upside of those particular news events that came out this quarter. Yeah, with pleasure. When the Canada Life ClaimSecure deal came about, we asked our counterparts at Canada Life, "Is this good news or bad news for Dialogue?" They said this is very good news. We'll see where that lands, but I think, given how good our relationship is with Canada Life, and building on the many successes we've had over the last few years, I think there's a high level of trust. I think that when the right time comes to bring virtual care to ClaimSecure, we will be very well positioned. On the second part of your question, the new directives from Quebec. Just to step back and give a context of why these things happen. Many physicians, as we discussed, took their practice virtually during the pandemic, and they really liked it, right? All of a sudden, people were working from their cottages, doing phone or video consultations, and it was just fantastic. The problem is that some of these rostered patients who had a relationship with their family physicians now couldn't see their physician for some issues. Obviously virtual care, while it's fantastic and while we of course think it's great, doesn't solve everything. In the cases where a patient of a rostered physician needed to be seen in person, and that physician was no longer doing in-person consultation and sent them to the ER, that was an issue for the government, right? Now all of a sudden, the government is paying a fee for service for that first visit that is inconclusive, and then that patient goes to the ER, and then on average, an ER visit is CAD 750. That's obviously not a good place to be for the healthcare system or society or any of us to be. That's why the government is looking for ways to counter that. The good news is that Dialogue is not part of that issue. In fact, we're part of that problem, right? Sorry, we're part of the solution. Excuse me. Solution, yeah. Yeah. We've only sent 1.4% of our patients who consulted a physician to the ER, this issue of doubling up a physician visit with an ER visit and doubling up the cost is not something that we've done. In fact, what we do is ease the pressure of the system, and we found a very convenient other payer that is bearing the cost, which is the employer, which is really one of the innovations of our model, is that now everybody wins. The member is happy, the employer is happy, and the government is incurring less cost. For these reasons, we think that we'll continue to have a really good dialogue and relationship with the different health industries. Do you think that could result in you winning share off the DTC guys, that the actual patient, or obviously the member, will go through the enterprise as opposed to going through a DTC portal? Look, Canadians don't like paying out of pocket for healthcare. I think that's just part of our culture and part of our values. I think that all DTC models that require out-of-pocket pay, I don't think they have a big, bright future. For the ones that use the fee codes, that's fine. Having a fee code for virtual care doesn't change the basic physics that Canada just doesn't have enough physicians for the population we have. The fact that they're online doesn't change that basic math. They still are just pretty much, I think, Cherif, for most provinces, it's still only a temporary code, correct? Exactly. The overwhelming majority of the Canadian population is still living in jurisdiction where there's no fee code or there's a temporary fee code. Excellent. Thank you. Thanks, David. These are all the questions we have for today. Before passing it back to Cherif, I'd like to let investors know, for anyone who would like to meet with our team, we'll be hosting meetings at Canaccord Genuity's 41st Annual Growth Conference tomorrow, as well as CIBC's 20th Annual Eastern Institutional Investor Conference on September 22. Of course, we're also reachable at any time on our IR email address at investors@dialogue.co to answer any questions you may have. Cherif, passing it back to you. Thanks, everyone, for your participation on today's call. We look forward to speaking with you again during our Q3 call in mid-November. Have a nice day, everyone. Thanks, everybody.