All participants are in a Listen-O nly 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 May 9, 2022, and the annual information form dated March 22, 2022, 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. Merci, Jean-Marc. Good morning, everyone. Thank you for joining us today. Looking at our key Q1 highlights, we grew our ARR by 38% compared to the same period last year. This translates into CAD 5.3 million in new signings. Our revenue increased 36% year-over-year and was almost all organic in nature. Our KPIs continue to trend in the direction that we want to see. I'm especially proud of having reached the 2 million member milestone. For some perspective, it took Dialogue a little more than four years to add the first 1 million members and a little more than fourth quarters to add a second million. We expect to see our high growth rates maintained as we drive scale in our mental health service and EAP, and as we onboard in the second quarter some large customer wins that we've previously announced. Following our record Q4 in terms of new signatures, the first quarter this year was especially busy with new launches. In the first week of January alone, we onboarded more than 100,000 new members, and we did so while improving our service levels. This speaks to the scale we've achieved and our ability to onboard ever larger clients. In February, we announced that Dialogue's EAP was selected by Scotiabank to help support its Canadian employees and their families. As you know, this represents a major win for us, and it gives us a great case study to talk about when a large customer is thinking of leaving their legacy provider in favor of our modern EAP approach. We continued to build our thought leadership in the industry, publishing a second annual report with Environics Research that revealed Canadians' attitudes on healthcare and virtual care. We also co-sponsored with Sun Life a report on the economic impact of telemedicine on Canada's healthcare system. Key findings from these studies show that Dialogue is building a very relevant service for Canadians who are supportive of virtual care services and overwhelmingly want to see their employers offer these services as benefits. Our ambition to improve healthcare for every person and every organization is as relevant today as it has ever been. As more people return to in-person activities, we are seeing that a virtual approach to health and wellness is here to stay. Our integrated health platform is helping customers and partners seize new opportunities to bolster their employee benefits and to empower members to take charge of their physical and mental health. We continue to manage our business with a long-term perspective, investing in our technology, in our team, and in our capabilities. We are setting ourselves up to support continued growth opportunities ahead, while also ensuring that these will be both sustainable and profitable. We expect a big year for IHP in 2022 as we further scale our rebranded Mental Health Plus service, continue to gain market share with our digital EAP, and of course introduce Tictrac's Wellness Service to our offering now. 61% of wins in the first quarter were for two or more services, which points to the success of our land and expand strategy. This performance marks a 5th consecutive quarter above 50% and demonstrates how our IHP strategy is resonating with customers and seeing strong adoption. This is true also for prospective customers as many look not only at their immediate needs, but also at their long-term roadmap for physical and mental health support. The benefits of our fully integrated solution become immediately clear, at which point our conversations often shift to the deployment of multiple services from our IHP over time. In another notable trend, employers are increasingly unlocking budgets for mental health support and prevention services. Dialogue is well-positioned to respond to this demand. Our recently rebranded Mental Health+ service, which bundles our ICBT with our former stress management and wellbeing offer, provides Dialogue with an additional entry point to an employer's health and wellness spending. We continued to secure more, some solid logo wins in the first quarter. Importantly, consistent with previous quarters, we also continued to fare very well in head-to-head situations, winning the vast majority of the competitive bids in which we participated. Let me give you a few examples of our wins. A leading manufacturer of paper products with 700 employees approached us to discuss our primary care service. The company was so impressed with the holistic nature of our IHP that they decided to also add our mental health solution and EAP, displacing a competitor on the latter. On the expansion front, a long time customer and provider of e-commerce software with more than 1,000 employees in Canada expanded their benefits plan by adding our mental health service to complement their existing primary care offer. Having a large portion of the overall workforce in the United States, they initially sought an international provider. After comparing options, they concluded that Dialogue and our IHP was their best option for Canadian employees. In general, we are seeing services other than primary care create nice optionality in our business. For instance, in our direct channel and specifically for new customers, six of the top 10 agreements that we've signed this quarter included two or more services. Even more, seven of the top 10 included EAP. Within our existing customer base, the opportunity is equally meaningful. Our top three expansions this quarter were from well-established primary care customers that wanted to add a mental health service to existing primary care offering. This incremental benefit had been on their roadmap, and they viewed our IHP as the most convenient way to proceed. I also want to highlight that we continue to drive new business from post-secondary schools and several trade and labor unions. A sign that modernization of services is on everyone's radar, not just employers. As our pipeline of opportunities, we ended the quarter at a record high, up 60% year-over-year and 3% from last quarter, even as we secured a very large agreement with Scotiabank during the quarter. We continue to see good traction within our mid-market enterprise segment and are having very exciting discussions with customers that are growing in size. While this is reflected in our pipeline, I do want to reiterate, however, that larger customers typically take longer to convert and are a bit less predictable from a timing standpoint. Our attach rate continued to improve, rising to 1.51 at the end of the first quarter compared to 1.50 last quarter and 1.08 in the first quarter last year. This steep year-over-year inflection is primarily due to the addition of ICBT to Canada Life's Consult+ platform. We are benefiting from many direct customer expansions as well, which is evidenced by the rising percentage of direct members that have multiple services. We now count 22% of our members subscribed to two or more services, compared with 21% last year, last quarter, sorry, and 60% in the first quarter of last year. For three services, the penetration stands at 9% compared to 5% in the same period last year. Customers continue to increase their spend with us and cite our integrated offering as a major factor for their decision to choose Dialogue. As we add new services to our platform and enhance our Flywheel, we intend to entrench ourselves even more in our customers' roadmaps as they seek to improve the health and well-being of their employees. I would now like to provide a quick update on our acquisition of Tictrac. We were very pleased to close the transaction on April 10 and have officially welcomed the entire Tictrac team to Dialogue. Adding such an experienced and motivated group to ours is definitely a great way to start a second quarter. I look forward to the growth that we will drive from this combination as we integrate our platforms. Looking ahead to the next two and a half years, we have set up a very detailed and measured integration plan that will ensure success. In the short term, we plan to provide early access to our new wellness program to a select group of customers who are keen to be early adopters of the service. This intermediate step will also allow our go-to-market team to show off the Tictrac platform within our IHP and provide other employers and partners with a preview of what's to come and the benefits that their members can expect. Also, in the short term, we plan to launch a commercial version of our wellness program fully integrated within our IHP. Essentially, this is when the service will be ready for prime time in Canada. In the medium term, we intend to launch a version of our IHP that will be targeting international markets. This will not be a separate product, but rather a bundle of our highly scalable and high margin wellness service and ICBT. Beyond 2023, we plan to launch our integrated international IHP with white label customers, which should provide a great deal of growth in new markets where these partners have far-reaching capabilities. We're really pleased with the excitement that this transaction has generated, as inbound interest has been strong in the few weeks since announcing the deal. Our team is engaging our existing customers and partners and introducing them to the idea of a wellness service to drive prevention and complement our current diagnosis and treatment options. Though we're still at very early stages, we have started to build up the pipeline for wellness quite nicely. As I mentioned on the Tictrac calls, our corporate development team is busier than ever, not only on the Tictrac integration, but also on our pipeline of potential deals. They are continuing to scour the globe for High-Q uality Products run by High- Quality Teams that will complement our IHP for the benefit of our members and customers. While we are eager to enhance our offering even more, we will remain disciplined and measured in our approach like we always have been. I will now let Navaid discuss our financial results in more details. Merci, Cherif. Bonjour à tous. Thank you for joining us today. We kicked off the year with another solid quarter and continued to convert our pipeline into signed agreements at a healthy rate. We ended the first quarter of 2022 with more than CAD 90 million in annual recurring revenue, representing growth of 38% year-over-year and 6% sequentially. 84% of our net new ARR during the quarter came from non-primary care services. While this result was skewed by our Scotiabank EAP agreement, it certainly starts things on the right foot towards our goal of generating more than 50% of our new ARR from services other than primary care. Primary care remains a big part of our business, features in almost all of our wins, and continues to be the main point of entry for most customers. We surpassed the 2 million member mark during the quarter, growing by 61% year-over-year. Compared to the fourth quarter, we saw an increase of 11% or nearly 200,000 new members. Member service units, or MSUs, rose 126% year-over-year to just under 3.1 million, from approximately 2 million in the first quarter last year. This meaningful increase demonstrates the success of Dialogue's land and expand strategy as we continue to drive multi-service sales among new customers while upselling existing customers. Our net retention rate was 101% in the first quarter as customers increased their spend on our platform. We began increasing prices for many of our customers whose contracts came up for renewal during the quarter, and will continue to do so in future quarters. While these conversations have been very constructive so far, we recognize that some employers can be more sensitive to price increases. As such, we had expected and planned for an increase in our churn levels. We are very pleased to see that our business model has proved to be steady and resilient through this exercise. In the first quarter, we recorded a churn of 4,400 members in our direct mid-market and enterprise customer segments. This result was better than our expectations. Many customers recognize the value that Dialogue brings to their organization, and they continue to see a high rate of return on their investment. With regards to churn, we obviously would love to have none. In some cases, however, churn is healthy. It allows us to focus our resources on more profitable growth and to make sure that all our agreements are priced right. Our revenue grew 36% year-over-year to CAD 20.7 million, driven by our land and expand strategy. Virtually all of this growth is organic, except for a non-material amount related to the acquisition of eHub Health in the second quarter of last year. The primary care and mental health segment continued to perform very well in the period as revenue increased 50% year-over-year to CAD 13.8 million, and 9% compared to the fourth quarter. The EAP segment generated revenue of CAD 5.8 million for the period, up 9% year-over-year. Importantly, our virtual EAP grew 43% on a sequential basis, a very strong trend that is set to accelerate in the second quarter. Lastly, our OHS business in Germany progressed nicely in the first quarter as revenue increased 60% year-over-year to CAD 1.1 million and 8% sequentially. Our gross margin in the first quarter improved by 80 basis points to 42.3% compared to the same period last year. We continued to scale our EAP and mental health service and migrated more of our smaller Optima customers to the Dialogue EAP. Compared to the fourth quarter, our gross margin decreased by 120 basis points. This was in part due to cost inflation, which remains meaningfully higher than CPI. Additionally, we ramped up our capabilities during the last month of the quarter to prepare for the onboarding of a significant number of EAP members on April 1. This increase in cost was necessary to hire and train our practitioners and to ensure that we can provide a great experience to Scotiabank employees from day one. These costs were incurred without the revenue to match. As we progress into the coming quarters, we expect our gross margin to move back higher. More specifically, for the second quarter, we are looking at a minimum to return to Q4 levels, which was 43.5%. We have several upcoming catalysts that support our expectations. First, our EAP and mental health services continue to scale and drive efficiencies in our model. Second, as I mentioned, we began price increases upon renewals of our eligible customer agreements, and these will roll out through the year as contracts renew at various days. Skewed towards Q4, obviously, as that's our strongest quarter. We are not immune to inflationary pressure and are seeing it impact many of our cost lines. While our pricing actions are not a perfect offset, they will help partially mitigate the cost increases, but will take a full 12 months to cycle through all eligible customers. Third, we continue to migrate our Optima customers to the Dialogue EAP, and in addition, we will be consolidating Tictrac into our numbers beginning in the second quarter, effectively accounting for 7 months out of the year in 2022. Gross margin in our primary care segment remains well above 50% and expanded more than 350 basis points on a sequential basis. This further demonstrates the fact the ramp-up in our EAP capabilities was the main factor behind the margin pressure compared to the fourth quarter. Before concluding on gross margin, I'd like to highlight that our Optima business improved for a second consecutive quarter, and we saw a stable gross margin across the period as well as a sequential increase compared to the fourth quarter. We are also implementing price increases at Optima that started in Q1 and will continue through the rest of this year. Operating expenses increased 28% year-over-year to CAD 14.5 million in the first quarter. As a percentage of revenue, the operating expense rate was 440 basis points lower year-over-year as we continue to drive operating leverage in our business. As we did at the practitioner level, we also ramped up our capabilities in a number of managerial and support roles, which contributed to the increase in operating expenses this quarter. We expect that labor cost inflation will continue for a few more quarters as we cycle through the initial market adjustments that we've made. Lastly, we went public at the end of Q1 last year, so this past quarter also reflected a year-over-year increase in operating expenses related to being a public company. From a sequential perspective, our operating expense rate decreased by 340 basis points. As we onboard some of the larger EAP customers during the second quarter, we expect that this rate will decline more meaningfully. Moving on to adjusted EBITDA, we recorded a loss of CAD 5.7 million in the first quarter, or -28% of revenue, compared to a loss of CAD 5 million in the same period last year or -33% of revenue. As of next quarter, we will begin to cycle our first period as a public company, which should provide more favorable comparisons as both periods will reflect public company costs. We continue to pursue a disciplined growth strategy and are very focused on scaling profitably, aiming to be EBITDA positive by the end of 2023. Before closing, I want to add a quick note around cash balance, which stood at CAD 96 million at the end of the first quarter. When factoring our acquisition of Tictrac, which at its maximum has an approximate cash portion of $40 million, we remain well-positioned to sustain our operation and our path to profitability and to take advantage of additional M&A opportunities. Thank you again. We'll now open the floor for questions. Merci. Thank you, Navaid. To ask a question, please raise your hand using the menu items in your Zoom interface. As a reminder 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 points to address. Lastly, we ask that you please enable your cameras only when you are called upon for your turn. The first question comes from the line of Doug Taylor at Canaccord Genuity. Yeah. Thank you and good morning. Morning. Morning, Doug. I think, you know, last quarter you made the comment you'd like to add roughly the same amount of ARR on an organic basis in absolute dollar terms this year as in the prior year. Is that broad target unchanged on our organic basis before we add in Tictrac to our models here? Yes, correct. That's still the target. Okay. You know, I think we probably all saw, you know, Teladoc Health a couple weeks back speak to slower growth in, I think, mental health and particularly and more broadly, slower purchasing behavior post-pandemic. You don't seem to be signaling, you know, the same with your own pipelines. I wonder, you know, if you'll comment on your own observations about customer behavior at this time and what you might see as, you know, the difference in your models. Yeah, I mean, look, in general, we prefer to focus on our business and not comment on others, but since you asked directly, I'll try to answer it directly as I can. First of all, we are 100% focused on B2B with mostly recurring revenues. Most of the softness in Teladoc's numbers came from their B2C segments. As you know, they made an acquisition of a mental health player in B2C, and a lot of the softness came from that segment. It was also exacerbated by rising performance marketing costs. In our case, that is not a factor at all. Again, we're focused on B2B recurring, and we don't acquire our customers from performance marketing spend. Second point, I'll say that we're very disciplined on M&A. As you know, they've paid 45x forward revenue for Livongo. You know, when you pay such a rich multiple, I think it puts you at risk. Our acquisitions, you know, are nowhere, you know, they're an order of magnitude less than that. I think it gives us much more leeway. Finally, you know, Teladoc has significantly lowered their forward guidance, and while we don't issue guidance, that's another difference. In terms of lengthening sales cycles, it's not a dynamic we've seen. As we go upmarket and as we target larger customers, these customers, as expected, will have a longer sales cycle than a SMB or a mid-market customer. Apples to apples, if you just look within, let's say, the enterprise segment, we have not seen any changes in buying dynamics. The comments they've made about HR departments being too busy is not something that we've seen in our context at all. That's great color. I'll pass the line. Thank you. Thanks, Doug. Thanks, Doug. Thank you, Doug. The next question is from Jerome Dubreuil at Desjardins Capital Markets. Yes, thank you very much. A little question on the macro environment here. A growing concern of potentially a looming recession. I know your business is relatively young, but I wonder if you can comment on your view of the resilience of your operations in a potential recession context. I'll take this one. You know, obviously, the risk of a recession is something that is, you know, we're seeing in the media a lot. I think that the economists can't agree, you know, whether we're going into one or not. You know, for discussion's sake, let's say we were. You know, I think our business is not recession-proof, and I think no business is. The good news is that, you know, we strongly believe that employee health is not a luxury, and we strongly believe that it will not be one of the first places an employer will cut in a downturn. I think, you know, the labor market will remain tight for some time. Companies will always look to attract and retain talent. They will always look to improve productivity and reduce absenteeism, and we think this is true in any market environment. Look, like we've seen a small example at the beginning of the pandemic, if you rewind time and think about March of 2020 and the uncertainty in that market, and how the capital markets reacted, you know, in the midst of that upheaval, companies. We were worried that companies, you know, might have a negative impact on our operations, and it did not. Again, it's not an apples-to-apples comparison, but I think we got a little taste of that at the beginning of the pandemic when the market conditions were very challenging. Just to repeat, you know, time will tell, but I strongly believe that employee health is something that companies are not the first, it's not a place that they're gonna cut first. Great. That's helpful. Merci beaucoup. Merci. Merci, Jerome Dubreuil. The next question is from Endri Leno, National Bank Financial. Hey, good morning. Thanks for taking my question. How you guys doing? The first one for me, there was a slide in the prepared remarks you were talking about, Cherif, in terms of the new wins that you had had in Q1, and it looks like primary health is still leading. So I was wondering whether that is by design, by Dialogue, or whether it's a reflection of the demand on the market, and whether you'd expect any shifts, for example, with the mental health to be leading or EAP rather than primary health. Yeah, it's a good question. I mean, our EAP and mental health growth rates in the last couple of quarters have been extremely strong, and we've been really happy with that. I think the reason that you see that primary care is still leading quite a bit is that there is this perception that primary care is kind of the foundational service on top of which you add other products. I think it's just because, you know, probably the first four years of Dialogue that was, you know, the main service we offered. That dynamic is changing. You know, Scotiabank is just one of many examples of a company that will start their service and, you know, we will over time try to convert other services. More and more, and I think we've cited some of those numbers in the prepared remarks, more and more companies start with a service other than primary care, and more and more companies start with two or more services. That is a dynamic that I think quarter-over-quarter will continue to improve and get stronger. But I think it's just a fact of, you know, we were known for the first four years as a telemedicine provider. You know, we're repeating that in the market that we have the IHP and that the other services are not just add-ons, but they could be standalone services. I think as we undergo that transformation and that transition, you'll see it less and less. Okay. No, that's great. That's great color. Thank you. The next question I have, it's a bit of a two-part, but the first one, if you can talk a bit, you talked about transitioning Scotia on April first. I think you have also Sun Life in Q2. If you can talk a bit about the progress there, as well as how do you expect to onboard the Q1 wins? Have they all been done in Q1, or will there be some in Q2? That's it for me. Thank you. Thank you. You're right. Scotiabank started first of April. The first of April was a Friday, but we gave them access on the Monday of that week. We gave them, you know, kind of four days early access, you know, to make sure that we hit the ground running on Friday in a very strong way. That contributed, you know, to obviously us incurring some expenses ahead of the launch, which is something that, you know, it's an investment on our part just to make sure that everything goes flawlessly with such a important customer. You're right that Sun Life, the EAP, starts a little bit later this year. Look, we don't have control on when a big customer decides to launch. You know, sometimes it's tied to the cancellation of an existing agreement. Sometimes they wanna time it with a renewal of, for example, a group benefits agreement. Sometimes, say, it's a milestone. You know, some companies will say we're offering Dialogue as an anniversary present to our employees. So we really have very little control. You are right that many of the Q1 signatures will only onboard in, you know, Q2 and Q3. We're seeing this. You know, the larger the customer, the more of a distance you see between the signature and the launch. Whereas, you know, sometimes even with an SMB customer, you know, they'll sign on a Friday and launch on a Monday or a Tuesday. Obviously, with an enterprise customer with several thousand or several tens of thousand of employees, that dynamic becomes much more slower. That was two callers. Thank you. Thanks, Endri. Thanks, Endri. Thanks, Endri. The next question is from Nick Agostino at Laurentian Bank Securities. Yes, good morning, gentlemen. I guess two quick questions on my part. First one, just looking through your MD&A, it looks like you guys made a small investment at the end of February, about CAD 1 million in a company that operates medical clinics. Can you just maybe give some color as to the thought process behind that investment, but more importantly, the fact that it was an investment in a company that has medical clinics? Very, very simple question. Thanks, Nick. The company is called Lotus Medical. Lotus Medical is a tech-enabled operator, startup operator of clinics here in Quebec. The reason we've made this investment is that, as you know, in virtual care, you can't treat everything, right? There's a percentage of cases that will come to our platform that we cannot treat, and as part of our service, we navigate them to other in-person clinics. Pediatrics is one of those cases where, you know, due to the nature of the patients, you obviously can't do as much virtually. Lotus specializes in pediatrics, and the investment allows us to have a corridor of care, whereas when we see a pediatric patient, we're able to book them in person at Lotus in the same day. That is not live yet, but that is where we are going. We just felt that owning a piece of that business was very strategic for us, above and beyond just having a partnership agreement with them. We're very impressed with the team and what they've built, and it allows us to have that corridor of care where you go from a virtual consult to an in-person consult within kind of the same family. That's why we made that investment. As a follow-up to that question, is it possible you make similar type investments and partnerships for that core as, you know, to use that term, across the rest of Canada just to complement where you have other presence? Yeah. Lotus Medical, in their roadmap, you know, they have a pan-Canadian roadmap. Obviously, they're very early in that roadmap, but we will grow with them. You know, if we find other opportunities where, you know, the tech- enablement and the care philosophy is as good as the one we found at Lotus, we might, but it's not really on our radar. This is more of a one-off. Okay. My second question is, I think back in Q3 of last year, you had two new partnerships that you announced. I think one was HR consultancy in Ontario, and the other one was a group benefits provider in Quebec. Any update that you can provide just to discuss contributions that they have made either in Q1 or timing of contributions you expect from those partnerships in 2022? I mean, it's still very early. These are, you know, these are longer sales cycle type of opportunities. So I would say it's still early, but we can update you on that at the next quarter. Okay. That's it for me. Thank you. Thanks, Nick. Thanks. Thank you, Nick. The next question is from David Kwan at TD Securities. Hi, guys. Good morning. Morning. Looking at the slide and presentation on customer wins in Q1, looks like you signed, I guess, one of the ten that you highlighted was for iCBT. Just given the increased need for mental health solutions, given what's gone on over the pandemic and the relatively low price point for iCBT, I'm a bit surprised that I guess there weren't more iCBT wins. Wondering what you would attribute that to. Is it just customers using a competing solution or maybe is there more customer education required? I can't hear you well. It was more ICBT. I think it was ICBT, both ICBT and mental health, I think. David, you're No. There was an echo so strong that we couldn't even make out what you were saying. Oh, sorry, guys. Can you hear me now? Is this better? Same. It's the same. I'll try dialing in then. Okay. If you wanna type your question in the chat. Okay. Sorry about that, David. Yeah, no worries. Okay, the next question is from Adam Buckham at Scotiabank. Morning. Thanks for taking my question, guys. I want to focus or maybe touch on operating costs in the context of cost inflation and your profitability goal. Now, you spoke to the fact that, you know, some cost pressure is gonna be persistent over the coming quarters. You know, in terms of progress towards your goal, are you able to share context on, you know, timing towards improvements in adjusted EBITDA? You know, is it more weighted to year-end and next year, or should we start to see progress over the coming quarters? Thanks, Adam, for the question. You're right. I mean, we've communicated our target is to be EBITDA positive by the end of 2023. The cost pressures and the inflationary pressures obviously make that more challenging. We're taking and accelerating some of our actions to offset that. We've talked about price increases. We've talked about driving up, accelerating some of our investments to drive operating efficiencies, improve our processes. As I mentioned, the price increases will take at least 12 months to cycle through as we cycle through all of our eligible customers. As we sort of move forward, we've increased our cost base because of the inflationary pressures. Progressively over the next few quarters, you'll continue to see improvements. I don't think it'll get worse in terms of EBITDA, but we do expect to see sort of sequential improvement.