Good morning, everyone. Thank you for standing by and welcome to Dialogue Health Technologies web conference to discuss results for the third quarter of 2022. At this time, all participants are in a listen-only mode. Following the presentation, we'll conduct a question and answer session for research analysts only. The 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 November 14th, 2022, and the annual information form dated March 22nd, 2022, both of which are posted on SEDAR. Nos résultats opérationnels et financiers seront présentés ce matin par Cherif, président, directeur général, et par Navaid Mansuri, chef de la direction financière. Our operating and financial results will be presented this morning by Cherif, Chief Executive Officer, and by Navaid Mansuri, Chief Financial Officer. With that, let's begin. Cherif, please go ahead. Merci, Jean-Marc. Bonjour à tous. Thank you for joining us today. Dialogue achieved a strong performance in the third quarter that exceeded our expectations, and this was driven by solid execution across the board. Revenue grew 37% year-over-year to CAD 23.6 million, better than the end of our guidance range. We improved our gross margin significantly and demonstrated strong cost discipline, resulting in another sequential improvement in our Adjusted EBITDA. We continued to deliver on our long-term plan during the third quarter. We added nearly CAD 6 million in ARR, more than offsetting the loss of a customer in our legacy Optima business, as previously announced. Despite this setback, our ARR increased a robust 30% year-over-year to CAD 97.8 million. Our core digital business in Canada, the Dialogue Integrated Health Platform, or IHP, performed even better. In this segment, ARR and revenue are higher 51% and 52% respectively on a year-over-year basis. Notably, these growth rates were entirely organic, underscoring our ability to build new services and to successfully integrate them in our IHP. Providing quality care and exceptional member experience are top priorities at Dialogue. I'm very pleased to see a number of key metrics running in the right direction. A solid retention rate, low member churn in our all-important mid-market and enterprise segments, an increasing attach rate, and a higher percentage of members with two or more services. All of these are clear indicators our customers really like what we're doing. Lastly, we ended the quarter with CAD 59 million in cash. We will continue reducing our burn rate in the coming quarters, and we believe that it's extremely important to have a strong balance sheet during a period of turbulence. Despite the evolving economic environment, employment remains healthy in Canada, and organizations continue to invest in their employee benefits and support. At the same time, we're maintaining our focus on improving member experience, delivering better health and wellness outcomes, and raising the bar for quality of care. During the third quarter, we made meaningful progress towards our strategy, including four key areas that I wanna highlight in today's discussion. First, we continue to grow rapidly and see strong demand for all our services. As a reminder, Dialogue launched its innovative IHP in January 2021. During the first year, we invested heavily to build customer awareness and promote our approach to drive better outcomes. We're seeing solid gains in 2022, as year-to-date revenues from our core IHP business in Canada grew 55% year-over-year. We also entered the fourth quarter with our highest ever pipeline for the IHP. Dialogue is now widely recognized as more than a primary care provider. We address mental health challenges through a broad range of services and can develop preventative solutions with our wellness program. Second, we remain committed to profitability. We reached a new step function for gross margin over the last two quarters, and we're working hard to further enhance our profile through technology and process improvements. I'd like to highlight the change in mindset that we've all been undergoing at Dialogue. From a growth at all cost mentality, we're now looking to be more efficient and sustainable in every aspect of our business. We've also been disciplined on costs, keeping our operating expenses in check without sacrificing our growth. This will continue throughout 2023. Third, we're developing our partnerships. Sun Life and Canada Life now carry our three main services on their respective platforms. We also recently signed distribution agreements with Sterling Capital Brokers, Canada's largest independent benefits consultant, and with myHSA, a large employee benefits platform. Looking forward, we're building a solid pipeline of partnership opportunities and expect to have more announcements in 2023. Fourth, we're strengthening our IHP. We continue to look for new services to bolster our offering. We're currently evaluating several opportunities to launch commercially in the second half of 2023. Without giving away too much, I'll briefly mention two of these. The first is a reimagined approach to mental health training aimed at improving engagement and fostering mentally healthy workplaces. The second is a tech-enabled solution to support a full return to work built around rehab services. We are partnering with customers to influence the design of our next generation of services and expect to begin building any new service in the first quarter of 2023. On November 1st, Dialogue became the first virtual care company to receive the Accreditation Canada Primer award, which recognizes us for our high level of quality and safety of care. The year-long accreditation process benchmarks our company practices against the highest standards of excellence. Through multiple evaluations and on-site visits, Accreditation Canada examined Dialogue's governance, leadership, risk management, medication management measures, and quality of care. I'm very proud of this achievement, and this accreditation speaks to the dedication of our teams who work to relentlessly ensure the highest possible standard of care every single day. Thanks to our IHP, we continue to offer multiple solutions to our customers. Whether they're looking to improve employee benefits with primary care, to offer better mental health support, or to modernize their EAP, Dialogue can help them achieve their health and wellness objectives. In the third quarter, we added more than 320 new customers, and 65% of these signed up for two or more services. This performance also marks a sixth consecutive quarter with that metric above 50%. Our key strategic decision, a first in Canada, to develop a fully integrated platform and to add more services and value over time, is clearly paying off. We continue to grow our relationship with post-secondary schools, including several of the country's largest universities, signing 31 new deals and adding more than 200,000 members in that segment. In addition to mental health support, many schools have started adding primary care, demonstrating, once again, the benefits of our integrated services. On the expansion front, a leading distributor of automotive parts with our primary care service added Mental Health+, also switched from our competitor's EAP to ours for their 4,000 employees. In another example, a national furniture re-retailer and virtual EAP customer added our new wellness program for their 1,000 employees to encourage them to develop healthy lifestyle habits. From a competitive standpoint, we continue to fare well in head-to-head situations and look to translate our mid-market success to the enterprise segment, where we see a growing number of opportunities. We'll continue to emphasize our service integration and seamless platform, as this remains one of the top reasons why our customers love and choose Dialogue. We entered the fourth quarter with a record pipeline, up 53% year-over-year and 10% since the end of the second quarter. Looking at our key opportunities, three of these relate to organizations with more than 40,000 members, while another six relate to organizations that range between 10,000 and 40,000 members. Our attach rate continued to improve, rising to 1.53 at the end of the third quarter, compared to 1.52 last quarter and 1.11 in the third quarter last year. Excluding Tictrac, whose members only have access to wellness service, the attach rate would have increased to 1.59. 30% of our direct members are now subscribed to two or more services, compared to 24% last quarter and 17% in the third quarter of last year. At the end of September, we completed the full commercial launch of Wellness in Canada. With four services on the IHP, we see a longer runway to cross-sell more services over time to customers and to further enhance our partnerships with insurers. I'll now provide an overview of what's left to migrate at Optima. Of the original ARR at the time of acquisition two years ago, 45% has either migrated to our IHP or churned. 16% relates to approximately 80 EAP customers that have a likelihood of migration. This means they've either begun to transfer or have indicated they plan to do so. A further 18% relates to a single EAP customer that is under contract until the end of 2023. This customer is planning an RFP next year to evaluate all available options, including Dialogue's virtual EAP. The remaining 21% relates to rehabilitation and disability management services. We view this segment as having growth potential. As mentioned, we are currently working on digitizing these services to strengthen our IHP. Going forward, we'll de-emphasize this part of the business in our discussions. We'll instead focus on our IHP, which not only represents more than 80% of the overall ARR, but it is also growing at a much faster rate than the rest of our business. I also want to provide an update on our wellness. Sorry, my cough. The acquisition of Tictrac is a tale of two cities. Our early traction with wellness in Canada has been very encouraging. We delivered on target a full commercial launch at the end of the third quarter. We signed an additional 6 new agreements and are having positive discussions with many interested customers. We also presented the program to our insurance partners and look forward to exploring the addition of wellness to their partners. On October second, Sterling Capital Brokers, Canada's largest independent benefits consultant, partnered with Dialogue to offer our wellness program to its customers. As for the existing wellness pipeline in our international markets, it has performed below our initial expectations and has been slower to convert. When we signed the agreement to acquire Tictrac back in April, we saw a pipeline that was heavily weighted towards large global insurers. We're aware of the complexity in dealing with such agreements. This is why we structured the deal accordingly. We're still confident in our ability to derive solid value from this acquisition. We're working through the existing challenges and focusing the business towards a B2B model that's more aligned with our strategy in Canada. We see significant potential for wellness in Tictrac's existing markets and we are investing in our go-to-market team to better address the opportunity while reducing the use of cash in the remaining operations. Wellness ARR increased slightly in the third quarter, offset in part by foreign currency headwinds. We're in the process of reevaluating our international pipeline and partnerships and will likely need to reset expectations. We'll provide more details on wellness in the new year. As for the product, we rolled out several improvements. We introduced new challenges, new content and insights, dynamic notifications to encourage engagement, and more importantly, a new healthy habits feature. This feature recommends activities to support specific wellness goals, and it is integrated with Dialogue's clinical services. That means collections can recommend content and preventative habits to members as they move through their health and wellness journey. I'll now let Navaid discuss our financial results in more detail. Merci, Cherif. Bonjour à tous. Thank you for joining us today. Our annual recurring and reoccurring revenue, or ARR, continues to grow at a strong pace. During the third quarter, we added nearly CAD 6 million in ARR in our core IHP business. This was partially offset by the loss of a customer at our legacy Optima business, as well as the impact of foreign currency translation. The net effect on overall ARR was an increase of CAD 0.7 million to CAD 97.8 million, up 30% year-over-year. ARR in our core IHP business in Canada increased by 51% compared to the third quarter last year, all of which was organic. We continue to make solid gains with our mental health service and virtual EAP and signed several new agreements for our new wellness program. Since the start of this year, 58% of new ARR came from non-primary care services, in line with our goal of approximately 60% for the full year. We're very pleased to see all our services contributing to our gains so far this year and the diversification of our revenue mix. We reached 2.7 million members at the end of the third quarter, representing 54% growth year-over-year. Excluding acquisitions, organic growth was strong at 39% year-over-year. Compared to the second quarter, we added nearly 320,000 new members, representing a 13% sequential increase. Member service units, or MSUs, rose 112% year-over-year to 4.2 million from approximately 2 million at the end of the third quarter last year. This significant increase is a result of Dialogue's land and expand strategy, which continues to drive multi-service sales among new customers while cross-selling existing customers, complemented by the acquisition of Tictrac. We continue to see strong customer stickiness. Churn remained low during the third quarter in our mid-market and enterprise segments at less than 2,800 members and remained well below internal expectations in our small business segment. We recorded an average monthly net retention rate of 101% in the third quarter. As a reminder, the average monthly NRR does not capture the compounding effect of growth over a measured period. We believe the better approach, and one that will be more comparable with other publicly traded subscription models, is to look at a longer timeframe. On a rolling twelve-month basis at the end of Q3, the net retention rate for our direct customers was 117%. We continue to benefit from price increases and minimum contract values, as well as the addition of new services as customer expand their use of Dialogue's IHP. Revenue grew 37% year-over-year to CAD 23.6 million, driven by our land and expand strategy and by our acquisition of Tictrac, offset in part by the impact of foreign exchange translation. The primary care mental health and wellness segment continued to perform well in the third quarter as revenue increased 41% year-over-year to CAD 16.3 million and 34% on an organic basis. The EAP segment generated revenues of CAD 6.1 million in the period, up 27% year-over-year. We continued to gain market share with our virtual EAP, growing that segment by 33% on a sequential basis. Lastly, our occupational health and safety business in Germany saw a steady progression in the third quarter as revenue increased 36% year-over-year to CAD 1.3 million, even as the euro weakened meaningfully in relation to the Canadian dollar. Looking forward to the fourth quarter, we expect to report revenue between CAD 24.5 million and CAD 25 million. This guidance includes a decrease in revenue at Optima due to the customer churn that we have previously spoken about. Even though the agreement officially ends on December 31st, we anticipate a reduction in volume as this customer begins to transition business to its new provider. Our efforts to improve profitability started to gain traction in the second quarter and continued to drive forward in Q3. We recorded a gross margin of 52.2% in the third quarter, up 960 basis points year-over-year. As we discussed last quarter, we have reached a new level for gross margin. We continue to benefit from pricing increases to eligible ISP customers and from the growing scale of our mental health service and virtual EAP. Additionally, our new wellness program contributed a 70-point improvement in gross margin. We continue to work on process efficiencies where possible, and we'll be undergoing continuous improvement through 2023. We view most of these factors as systemic and expect a significant portion of the margin gains to continue in future periods. For the fourth quarter, we expect a gross margin between 51% and 53%. Operating expenses increased 33% year-over-year to CAD 16.3 million in the third quarter, and were flat on a sequential basis despite a full contribution from Tictrac in Q3, compared to only 2 months in Q2. As a percentage of revenue, the operating expense rate was 230 basis points lower year-over-year as we continue to drive operating leverage in our business. As mentioned last quarter, we have slowed down hiring across the company, except for revenue-generating roles and within our member-facing teams. We also realized synergies at Tictrac as we accelerated the integration of the two tech platforms and consequently reduced the size of the engineering team. While inflationary pressures persist across all our cost lines, we're executing well against these challenges, taking proactive steps to offset them. We're pleased to see that the measures taken last quarter had a global impact on current results. Moving on to Adjusted EBITDA, we recorded a loss of CAD 3.9 million in the third quarter, or -17% of revenue, compared to a loss of CAD 4.8 million and CAD 5.7 million in the second and the first quarters, respectively. We're very pleased with our progress and remain committed and on track to achieve break-even EBITDA by the end of 2023. For the fourth quarter, we expect to maintain this pace of improvement with an EBITDA loss between CAD 2.5 million and CAD 3 million. Looking at our balance sheet, we ended the third quarter with CAD 59 million in cash. I'd like to highlight our strong working capital management, which drove a low cash burn of CAD 2.4 million, well below our Adjusted EBITDA loss. I'd like to also reiterate Cherif's comments on the strength of our balance sheet. Not only is our cash balance more than enough to attain our profitability goals, but it also provides us with optionality for incremental M&A to accelerate our growth, strengthen our platform, and broaden our geographic coverage. Thank you again. We'll now open the floor for questions. Thank you, Navaid. 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 points to address. Lastly, we ask that you please enable your cameras only when you're called upon for your turn. The first question comes from the line of Daniel Rosenberg at Paradigm Capital. Good morning, and thanks for taking my question. My first question is around the burn rate. I was just curious to hear if the trajectory, if there's some puts and takes as we look into 2023. Is it gonna be a smooth process or are there certain quarters or certain timing events that we should consider as we model out what that looks like? Thanks for the question, Daniel. I think when you look at revenues, it's a steady state and gross margin follows that trend. Generally for operating expenses, it's a similar story. The one exception I would highlight is from an inflationary point of view, all of our people costs, for example, when we do salary increases, we do expect a bump in Q1 on our operating expenses. So that's the only anomaly that I can think of. Otherwise, it should be a pretty steady progression on all three metrics. In terms of use of cash, just as a quick follow-up, has your thinking changed at all in terms of the best uses of capital as you have a lot on the balance sheet, you know, just given the market dynamics we're seeing and changes in valuations that we've seen in companies out there? Good morning, Daniel, and welcome to our analyst call. I think this is your first one. We're glad to be covered by Paradigm. Look, I mean, we've previously said that our M&A team, you know, remains very active. We've also said that we weren't seeing interesting valuations in the marketplace. My intuition, and this is starting to change, we're starting to see, you know, expectations and evaluations, kind of, getting to a place that is a little bit more reasonable. Again, our M&A team, our corp dev team is very active. There is a pipeline they're looking at. We have to strike a balance between, you know, A, being opportunistic when we see good opportunities in the market, but B, you know, as we mentioned in our comments, the strength of our balance sheet is something that gives us a lot of comfort in the moment in time we're in. We need to strike a balance between being opportunistic, but also having this very strong balance sheet heading into what we think might be a period of turbulence. You know, as you know, we have very minimal debt, and we wanna keep it that way. Great. Thanks for taking my questions. I'll pass the line. Thank you. Thanks. Thanks, Daniel. The next question comes from Doug Taylor at Canaccord Genuity. Yeah, thank you. Good morning. I'd like to ask a question about the regulatory landscape here in Canada for, you know, public pay models. We've seen changes to reimbursement rates, a couple provinces for virtual care, understanding your private pay, and that doesn't impact you directly. I wanted to ask what the implications are from some of these changes on the ecosystem here and the behavior by employers in Canada, or if there are any other regulatory changes on the horizon that you're monitoring that may impact your outlook. Yeah. Morning, Doug, and thanks for the question. The way to think about regulations in Canada is that we're not dealing with one regulator, right? We are dealing with 13 jurisdictions from a payer point of view, and we're dealing with 13 jurisdictions from a College of Physicians point of view, right? We have, call it 24 jurisdictions that we work with every day. You can't paint a broad stroke and say, "Regulations." You have to think about it in different markets. Our primary objective and our mission is to increase access to healthcare to all Canadians, and we really support and encourage any regulations that do so. I think some of the regulations that you're alluding to in Ontario and others we feel will have a negative effect and will actually decrease access to Canadians. For example, we have over 2 million Ontarians directly and through their families that have access to Dialogue. If there was a regulatory change to curtail that is a net-net loss of access for Ontarians and Canadians. Again, we're working with every regulator in every jurisdiction to make sure that doesn't happen. Now, I think it depends on you know the political situation in every market. There are some markets that are a little bit tougher than others for us. The nice thing about our model is it is very resilient. As you know, we have a multidisciplinary model, contrary to some of our competitors. It's not a physician-only model. This means that we're able to balance the load between the different practitioners that provide the service. Depending on the regulatory and payment changes, we're able to serve them through the multidisciplinary team. Once again, our primary objective is to increase access to all Canadians. We believe that Dialogue brings in new capacity and new financing into the system without, you know, asking the government for a single dollar, which is great. We're gonna continue working with all the regulators to make sure this continues happening. That's great color. Thank you for that. Then just one question for Navaid here. You made great progress on the gross margin front. Seems like there's more to do there still. Just wondering if you'd speak to your expectations of what kind of gross margin level are required for you to hit to get to that break even EBITDA and cash flow level by the end of next year. Thank you. Thanks for the question, Doug. I would say, in terms of gross margin, as we've talked about for the past two quarters, we believe we've reached a new level and for 2023, we expect to be operating in the same range. Yes, there will be marginal improvements as we continue to look for areas of efficiency, but a significant improvement in gross margin is not where we're banking on to drive the profitability. It will come from revenue, maintaining our gross margin at current levels, maybe a slight improvement, and then continue to drive operating leverage as we have over the past couple of quarters. Those are the three ingredients that are gonna get us to break even. As you can see, we're well on track and getting traction, quarter after quarter. That's clear. Thank you. Thanks, Doug. The next question is from Chelsea Stellick at iA Capital Markets. Good morning. Thanks for taking my questions. My first one is just, could you just give us a little bit more color on the guidance for Q4? I read that, you know, you had some new contracts that were signed but not launched during the quarter, and therefore, you know, their value isn't reflected in this quarter's revenues. Do these contracts hit by Q4, and sort of is anything offsetting them? Morning, Chelsea. The guidance we provided on revenue, particularly, which is what your question is at the midpoint of the guidance would reflect year-over-year growth of about 31%. That's very much in line with our ARR growth in Q3, which was around 30%. That's sort of how it's being derived. The demand for our services is, as Cherif talked about it, still quite high, and we've entered Q4 with a record high pipeline. There is generally, as we've talked about in the past, depending on the size of the customer, between a 30- and 90-day lag in new customer signings and they get onboarded. A lot of what we sign in Q4 will get onboarded in Q1. The other thing to keep in mind for Q4 is what I talked about in my opening remarks around Optima. Even though the customer who is not renewing the contract ends on December thirty-first, we do anticipate a little bit of a reduction there as they start the migration to their new provider through the balance of Q4. Perfect. Thank you. Just one more from me. I recognize that you can't give us too much detail, but as you're looking to strengthen your IHP, could you just give us, you know, any additional color on the rehab and disability management services that you're exploring? You know, what are you seeing in terms of demand, I guess? Morning, Chelsea. Yeah, I'll answer that one with pleasure. As we mentioned in the prepared remarks, when we acquired Optima, there was a sizable part of their business in the disability management and rehab space, and that demand, we've seen a lot of interest and growth. You know, when you talk to employers and insurers today, and you ask them like, "What are your top issues," mental health is a big one. As a result, when people have mental health issues, and they take short-term or long-term disability, then disability management and rehab become a very important cost center for these folks. We believe that there hasn't been a lot of innovation in that field in the last decade or so. We think there's a really interesting opportunity to digitize and innovate in rehab and DM. We think there's an extremely exciting opportunity to integrate it into the IHP, because again, you know, if you think about our continuum, from prevention with our wellness products, to treatment and diagnostics with our primary care and mental health products, and then all the way to, you know, people leaving work and then helping them return to work. We think that having all of that in one place, again, in one app, is something that's never been done, and we're excited to be the first people to bring this innovation together. Thank you. That sounds very exciting. That's it from me. Thank you. Thanks, Chelsea. The next question is from Scott Fletcher at CIBC. Thanks. Good morning. I wanted to ask a question on the investments in sort of in the new IHP initiatives. Will those investments sort of see R&D as a percentage of revenue tick up in Q1 of next year when they start, or do you expect to sort of keep that impact flat even as you invest in more developing the product further? Yeah. I could take that. No, we don't expect an uptick because, you know, just at a high level, you can imagine that some of the teams, for example, that have integrated wellness and developed all the new wellness features that are now essentially done and will be in, you know, in a more regular maintenance cadence will now be transferred to some of these new products. We have a actually pretty amazing product innovation team, and that team is always kind of working on the next step. We don't foresee any material increases in our R&D spend the next couple of quarters. Okay, thanks. That's helpful. The second one for me, just on the construction of the pipeline, you mentioned that it's at record levels. Could you maybe break down where you're seeing some of that strong growth? You know, is it at the enterprise level? Is it, you know, you've seen some good university adds. Just a little more color on the construction there would be helpful. Thanks. Yeah. I would say that the construction of the pipeline really reflects the growth we've had over the last couple of quarters. There's a really nice mix and diversity in size of company, industry, product, and that is something that we're actually very happy with because I think it makes a very resilient and anti-fragile pipeline that really reflects our growth ambitions. There's no pattern that I would point to other than the fact that it really reflects you know where we wanna be. Okay. Thanks for the color. Thank you, Scott. The next question is from Andrew McDowall at National Bank Financial. Hello. Hey, good morning. Thanks for taking my questions. I have a question on the ARR and then a follow-up on that. I was wondering if you can talk a little bit about that 18% of the Optima ARR that's going to RFP. In terms of, is it what kind of options are they evaluating? Is it only virtual, or is it in person as well? If you can share maybe in terms of what type of customer is this one. Sounds good. Good morning, Andrew. We barely hear you, but I think I got the gist of the question. I'll try to answer it, and if it's not the right one, you can point me in the right direction. What I heard is the 18% customer, what kind of options they're evaluating for their RFP. If that's the right question, then the answer is, they, this is a pretty traditional employer, and they are, you know, they've indicated that in-person will be a very important characteristic that they're looking for. As you know, Optima is an in-person service. Dialogue does not have an in-person service. This will be, you know, part of the discussion. Hopefully we try to, you know. Hopefully we succeed in convincing them that our virtual EAP is the way to go. As a reminder, the reason we think that virtual is so much superior is that we're able to promise and actually guarantee a 24-hour SLA on our mental health services, and this is in contrast to 10-15 days with in-person. The data and the evidence clearly shows that faster time to care leads to much better health outcomes. I mean, this is kind of, like, logical, but the scientific evidence also demonstrates that. This is why we're investing and pushing so much the modern virtual EAP, and we hope that more customers, you know, follow us on that journey. Now we don't hear you at all, Andre. What about now? Yeah, that works. Okay. Okay, great. Yeah. Thanks for the color, Cherif. Are you able to put any dollar amounts on that, 18% approx? I mean, Optima is part of our EAP segment, and we haven't disclosed that number separately, so it's not something that we've disclosed. Fair enough. My follow-up on this one is that if you can talk a little bit in terms of, as you mentioned, the RFP and that you're gonna win there. What are you seeing there in terms of when you're bidding for RFPs, in terms of the competition, in terms of what your potential clients are looking for? Any kind of changes, let's say, that you can point to that have happened in the last 12 months? No. I mean, I think it's been pretty steady. You know, in the RFP world, there's a lot of copy-paste, right? What often happens is these are existing RFPs that you know, companies you know, that used it five years ago for their current provider. They'll you know, use the same RFP, maybe change a couple of things. There's a lot of, I mean, we see the same RFPs over and over again, so there's really no new trends that I would point to. The only thing that I would say is that there is more and more emphasis on wellness and return to work. As I was, you know, getting to Chelsea's questions, these are kind of like the only two things that I could point to. Otherwise, the RFPs are very similar, you know, from one to the other. Great color. Thank you. Thanks, Andre. Thanks, Andre. The next question is from Adam Buckham at Scotiabank. Good morning. Thanks for taking my questions. The first one I have is on the enterprise segment. Now, over the last year, you guys made sort of two concerted efforts to, one, increase the size of customer you're looking at, and then two, you've added additional services. I'm just wondering, on a contract size basis, if you can provide some color on, you know, how that's trended throughout this year. Um- Comparing like contract signed last year, for instance, versus this year, like how much higher would they be, for instance? It doesn't have to be exact, but maybe some color would be great. I would say in terms of overall volume, as we focused over the past few quarters on that segment more and more, overall volume and the proportion of those customers that take up our platform has increased significantly, and Cherif provided some stats in his opening remarks in terms of number of customers with over 10,000 members. Like we obviously announced a couple of big ones, including Scotiabank earlier this year. As Cherif mentioned, we have a number of those in the pipeline more than we've had historically just because we've been focused on that segment a little bit more over the past several quarters. Okay. Morning, Adam. If you're, you know, beyond what Navaid just shared, if you're interested in a more detailed number, we can look it up and get back to you. Yeah. No, no, for sure. I'll follow up. My second question is kind of along the same lines, but you know, you guys provide some good color on trailing NRR on a 12-month basis. Now, some of that is sort of skewed to some of your larger customers. When you look at the sort of enterprise segment, I'm just wondering if NRR on a trailing 12-month basis has sort of looked very similar to that number, or is it skewed higher or lower? In the enterprise segment, I would say that the NRR is higher. The reason for that, like we, you know, we've had very small churn, but churn nonetheless. When we've implemented some price increases and minimum contract values in the SMB and mid-market segments, and we saw some very limited churn. In the enterprise segments, we've seen, you know, pretty amazing stability, and customers that have been with us now for, you know, some of them for almost the entirety of the life of the company. We've been very encouraged with that. Awesome. Great. Thanks for the color. Thank you, Adam. Thanks, Adam. The next question is from David Kwan at TD Securities. Hey, morning, guys. Just obviously seen some good improvements in the gross margins over the last couple of quarters here. I was just wondering, though, could we see the gross margins move beyond, I guess, the guided range that you have for Q4, that 51%-53% next year? Just given, you know, the price increases you guys are implementing right now will take some time to make their way through the system. Maybe also given, I assume there's going to be a bit of an uplift after the legacy Optima customer loss or maybe are those tailwinds mostly reflected in that Q4 guidance? Good morning, David. Thanks for the question. So, what we're targeting for 2023 is in similar range to where we're at today. All of the points you mentioned are very valid. Mm-hmm. The other thing that's offsetting that is I mean, these are practitioner-led costs, so there will be inflationary increases and salary increases going in Q1 of 2023. That will be an offsetting pressure. The other thing that we wanna emphasize is that yes, profitability is a priority. Revenue growth is our first priority, and we also wanna maintain competitive service levels and deliver on the level of service. We're looking to balance maximum revenue growth or optimum revenue growth by delivering an appropriate service level. We'll make the necessary investments that we need to make there. And then the third driver is gonna be continued cost discipline. In short, to answer your question, we're targeting to be in a similar range to where we are right now. Thanks, Navaid, for that color. On Tictrac, could you provide an update on the key insurance partner and kind of how they're re-rolling out the solution there? Then maybe bigger picture, this helps us relate to modeling, because between the international business and the rollout kind of commencing here in Canada, how should we look to model that Tictrac's revenue? On the first point, the customer we talked about who is transitioning to an API product, so they relaunched the second territory just a few weeks ago in Q4. We'll have a small impact on ARR and recognized revenue. We do expect two more territories to launch in Q1. As you recall, it was a total of six territories. One has been released, two have now been relaunched, and we expect another couple to launch in Q1. On top of that, in Tictrac, we signed an agreement with the insurance partner in the low six figures CAD in Q3. Obviously the foreign exchange has hurt us on ARR as well as recognized revenue. As Cherif mentioned in his notes, we need to reset expectations on Tictrac, and we're reviewing our strategy currently and we'll update and provide a proper update when we report Q4 results. I mean, we structured the deal in a way that shielded us from the slower conversion of the pipeline. We've taken actions on cost to offset that, and we are pivoting to a B2B focused approach aligned with our IHP strategy in Canada. More information to come on that when we report Q4, but we are looking at resetting expectations on Tictrac. Thanks, Navaid. One last question, maybe, Sharif, if you wanna take this one. Just on the competitive nature of the market right now. Curious to get your thoughts on what you're seeing, particularly I guess maybe with TELUS following the LifeWorks acquisition. They had, I guess, an announcement earlier, I think it was this week with Walmart. Just curious to get your thoughts from that standpoint. Yeah. Thank you, David. Good morning. So, I think this is kind of a theme we've addressed the last couple of quarters. You know, the market in Canada is really shaping up as an almost duopoly with TELUS and us in the lead. You know, we're obviously a little bit ahead on primary care, then a little bit ahead on EAP with the acquisition of LifeWorks, you know, big acquisition. TELUS is a formidable competitor to us. But our win rates are still holding up very strong this quarter as in previous quarters. You know, we haven't seen any major shifts in the competitive landscape yet. On Walmart specifically, I think it's important to look a little bit further than the PR, right? LifeWorks was already Walmart's EAP provider. TELUS was already Walmart's primary care provider. TELUS was also powering Walmart's pharmacies. This press release was really a repackaging of an existing situation in an effort to show that there is now some kind of integration between the services. As you know, this is something we've had for two years now. We've been the pioneer, and we're way ahead on that. You know, again, the Walmart is a repackaging of something that was already there. It's really nothing new when you look beyond the PR. Appreciate it. Thanks, guys. Thanks, David. Thanks, David. Thanks, David. The next question is from Jérome Dubreuil at Desjardins Securities. Thanks for taking my question. The first one is on the university market. You seem to have great success there. We're often talking about how well penetrated is the enterprise market on the EAP front. On the other side of the service, how penetrated is the general university or school market? I couldn't hear super well. How penetrated is the university market? It is actually not penetrated very well at all. We are working with a key partner in the educational market. We've named them before, it's ASEQ. ASEQ has been really successful in the post-secondary market. They have good relationships with the student associations. You know, sometimes it's the student association that is the customer, and sometimes it's the university itself that is a customer. They've been, you know, really successful with both of these call points. I would say that primary care is still in its infancy in that segment. You know, mental health and EAP services are well penetrated, but primary care, there's a lot of runway. Today in mental health and EAP, it's mostly rip and replace from other vendors, whereas primary care, it's mostly you know empty markets that we're getting into. Okay. Hopefully, you can hear me now. Also congrats for the cost control here. Looking to have a bit of comfort on how sustainable that is, and obviously Q4 guidance help on that front. How was the utilization in the quarter versus other seasonally low Q3s? Second, when Tictrac is maybe a bit more ready for full commercialization, do you think possibly sales and marketing could go up, or do you feel your structure is ready to withstand that? Do you want to take utilization, and I can take? Yeah. Just a quick comment on utilization. With now the scale that we have and the number of members that we have, our utilization levels across all of our services are relatively stable. As we've talked about, I mean, it varies based on service. But now as we're heading into Q4, which is seasonally high utilization on primary care, mental health is an area that's seeing continued utilization and stable utilization. The demand for mental health is quite high. But our utilization levels with the scale that we have now is relatively stable, has been for the past few quarters. On the Tictrac side, I think you asked whether we're gonna have to scale our sales and marketing spend. Nothing significant, nothing material. I mean, we believe that with our current team, we can do pretty well in wellness. We've recently hired three or four folks in the London office to help with that, you know, with GTM efforts. On the total cost basis, you know, you're not really gonna notice. Okay. Merci beaucoup. Merci, Jérome. Thanks, Jérome. Thanks, Jérome. We have a follow-up question from Andrew McDowall at National Bank Financial. Hey, thanks for the follow-up. I don't know if you guys can hear. There's a lot of feedback, but. Okay. Oh, that's better. Thanks, Cherif. The question I have is that you talked about a good and a strong pipeline and the M&A team being busy. So, Cherif, can you talk a little bit in terms of what would you consider something that would fit with your strategy, right? Like, in terms of what you're seeing. Sure, you're seeing more wellness, but is that something you wanna continue investing in, given the situation at Tictrac? Or kind of any color on what that M&A pipeline looks like, and what are you more interested in? Yeah. First of all, I'll say that all of the opportunities we're currently looking at are Canadian. This is an important point, and I think we've you know we've been asked in previous quarters about our international strategy. We said that our number one priority is Canada, and that remains the fact today. The second thing I'll say is that, you know, we've talked about mental health training, rehab and DM as future priority areas. Obviously as the team, you know, look at opportunities, these will be, you know, something on their mind. Then thirdly, you know, wherever we can increase scale, even in existing services, I mean, these could be of interest to us. What's happening in the market is a consolidation and a market really that's developing towards a two-player market or a duopoly, and I think that, you know, many subscale businesses will look to be consolidated with, you know, between TELUS and us. We're looking at some of these opportunities that could be interesting. Again, you know, there is sometimes a quite significant gap between what we think an asset is worth and what the owners of that asset think it's worth. We also wanna be, you know, very prudent with our shareholders' money, and we wanna make sure that any deal we make is accretive to our shareholders. You know, I mean, it doesn't have to be accretive on day one, and sometimes you have to take synergies into consideration, but it has to make sense. Okay. That's great color. Thank you, Cherif. Thanks, Andrew. Thank you. Thanks, Andrew. These are all the questions we have for today. For anyone that would like to meet our team, we'll be hosting meetings at the National Bank Financial Technology Conference in Toronto on December 7th. You can also reach us at any time by email at investors@Dialogue.co, and it'll be our pleasure to answer any questions that you have. Cherif, the floor is yours again to conclude today's call. Thank you, and thank you all for your participation on today's call. We look forward to speaking with you again as we release our Q4 results at the end of March. Have a great day, everyone.