Good afternoon, and welcome to Copperleaf's Q2 2022 results conference call. At this time, all lines are in a listen-only mode. Following the call, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, August 10, 2022. Your hosts today are Judi Hess, Chief Executive Officer of Copperleaf, and Chris Allen, Chief Financial Officer. Before we begin, I am required to provide the following statement respecting forward-looking information. During the call today, the company will make forward-looking statements that are based on assumptions and, therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements except as required by law. You can read about these risks and uncertainties in regulatory filings that were filed earlier today. Also, the commentary today will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not a substitute for IFRS financial measures. Reconciliations between the two can be found in the company's regulatory documents, which are available on SEDAR.com or on our website. In addition, commentary today will include key performance indicators that help evaluate the business, measure performance, identify trends affecting the business, formulate business plans, and make strategic decisions. Such key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. With that, I would like to turn the call over to Judi Hess. Please go ahead. Good afternoon, everyone. Joining me today is Chris Allen, Copperleaf's CFO. On today's call, I will make opening remarks before passing the call over to Chris to review the financial results in detail. Following our prepared remarks, we will open the call to questions. Strong tailwinds continued to drive growth in the decision analytics market in the Q2 of 2022. During the quarter, we successfully added new marquee clients, and our existing clients expanded the use of our platform. Against this backdrop, annual recurring revenue increased 26% year-over-year, and subscription revenue grew 21% year-over-year to CAD 9.5 million, demonstrating the strength of Copperleaf solutions and the significant value we provide to our clients. As we have discussed on prior calls, there are multiple tailwinds that are driving our strong backlog and record pipeline, including extreme climate events, a global pandemic, the energy transition, and geopolitical uncertainties. These factors have made the decision-making process even more complex. In this atmosphere, critical infrastructure companies are challenged to safeguard and evolve the resilience of their systems. As a result, operators are executing multipronged strategies, pursuing decarbonization and a zero carbon grid, ramping up renewable resources, protecting assets from climate-related events, defending against cybersecurity threats, as well as continuing to reliably deliver service to their customers. To meet these diverse demands, critical infrastructure owners need a robust decision support solution to help them develop plans that will reduce vulnerability, enable innovation, ensure reliability, deliver on their strategic objectives, meet cost targets, and alleviate resource constraints while remaining agile in the face of continual change. In recent months, the macroeconomic outlook has become more uncertain, with increased geopolitical headwinds, supply chain disruptions, and inflationary pressures. While the end market demand for our solutions remains robust, as critical infrastructure owners continue to make near-term and multi-decade investment decisions, we are not immune to these macro forces. Recently, we have seen reduced IT resources at some client organizations brought on by a tight labor market that have caused some deal delays. In addition, the lingering effect of exclusively building prospect relationships completely remotely has recently been mitigated with the return to in-person meetings and conferences, which provide stronger support to accelerate our sales and business development activities. Both current and prospective clients remain committed to adopting and expanding their use of Copperleaf products, driven by our exceptional solutions that deliver a high return on investment, optimize execution, and enhance risk management. We continue selectively hiring to drive our growth but will allocate capital prudently with ample consideration given to the uncertain economic environment. The progress we have made hiring sales and enablement professionals over the last two quarters. Our increasing partner traction are important investments that will enable us to maintain course to achieve our long-term growth objectives. With a deep pipeline, a strong balance sheet, and marquee reference clients, we continue to expand our leadership position in the emerging decision analytics market. I would now like to briefly touch on a number of recent operating highlights. Our industry-specific solution for the U.K. water market, Copperleaf H2O, continued to roll out in Q2 2022, with our team securing a significant new win at a water client during the quarter. Copperleaf H2O enables water companies to establish a continuous investment planning and management process for the short term, medium term, and the long term. We see tremendous potential for growth in this vertical and are building a base of reference clients who can speak to Copperleaf's expertise in the space. Over a relatively short period of time, Copperleaf has become a dominant player in the U.K. water market with seven clients, and we look to recreate this rapid start success with other industry-specific solutions. Our go-to-market model focuses on leveraging global consulting and services partners who share our vision for exceptional client experiences and a technology-forward consultative approach. Our partner ecosystem enables us to accelerate our expansion to new geographies and sectors while reducing client acquisition costs and sales cycles over the long term. In the near term, we expect some period-to-period variability as we build and mature these alliances. Our alliance ecosystem currently includes strategic partners like Accenture, PwC, Capgemini, Mitsubishi Electric, and Black & Veatch, and we will continue to expand this ecosystem over time. During Q2, Copperleaf added a significant global energy and utility conglomerate headquartered in the United States into the Copperleaf community as a direct result of our partner strategy with Accenture. This win adds multiple companies to the Copperleaf community in the first phase of these implementations. Accenture will lead the deployment of an integrated solution comprised of Copperleaf's Asset Investment Planning and the IBM Maximo Application Suite to deliver improved performance and risk reduction by optimizing asset investment decisions from immediate corrective actions to the long-term investment planning horizon. This creates a model for future opportunities together. In addition, our partner, Black & Veatch, played a leading role in securing a contract with a large American utility, which gained Indiana Utility Regulatory Commission approval for a CAD 2 billion grid modernization investment plan. The plan details how comprehensive investments in proposed transmission, distribution, and economic development projects would deliver financial benefits to clients and the Indiana economy while supporting greater use of renewable energy resources. Using the Copperleaf solution, they were able to reduce the time to approval of this plan by 70% while achieving 100% of the funding request, compared to achieving only 75% of the funding request in the prior filing. We look forward to replicating this work alongside our partners at Black & Veatch to support our clients during the energy transition and the path to a more sustainable future. Our partner strategy is working. As we previously mentioned, over 50% of our bookings were partner influenced in 2021, and we look forward to driving additional business through these channels. One of the benefits of our partner ecosystem is that they can bring us into deals, delivering bigger deals, delivering more client value, and often expedite the process with warm leads. However, in the short term, introducing a partner can sometimes complicate the sales process as there are more parties at the table. We find as these relationships mature, we have seen the sales process improve as we take those lessons learned onto the next opportunity. Copperleaf Labs is another highlight this quarter. We continue to see strong engagement on the client-led discovery to shape our ideas and solutions. In Q2, we collaborated on 36 separate client engagements, which support our strategy of innovating together with the Copperleaf community. Through Copperleaf Labs, we are creating a virtuous loop of information exchange that drives the development of innovative solutions that can deliver increased value to our clients and ensures that we continue to unearth problems that our clients need solved. Innovation is in our DNA at Copperleaf and is driving our future. We continue to uncover new product opportunities by leveraging advanced AI machine learning and the next generation technologies to address real world challenges. We recently released version 22.2 of our product suite, which included more than a dozen new features, including native multi-currency support and new workflow visualization and process automation for reviews and approvals. During this quarter, Copperleaf was granted two patents for our scenario functionality and our asset intervention bundling, which seeks the novelty of the solutions that we are providing and strengthen our intellectual property position. Copperleaf's decision analytics solutions address problems faced by companies across multiple sectors in the global economy. Although we are not immune to the macroeconomic environment, our clients, who are large critical infrastructure owners, provide us with a degree of insulation as they are making both current and multi-decade investment decisions in a more complex environment. We continue to focus our growth in our core market sectors, adding new clients to our install base and increasing the value we can deliver to our clients. We welcome the return to in-person meetings and travel for conferences, business development activities, and sales. We look forward to seeing more clients and partners face to face, which will help accelerate delayed deals and pipeline growth. Copperleaf has a deep competitive moat that we have built over the last decade. The Copperleaf Value Model Library and the knowledge it encapsulates is coveted by our clients, prospects, and competitors. Our community drives a network effect for both capturing knowledge and data. The Copperleaf experience is a true differentiator and is powered by our culture, which is unique. It delivers lasting partnerships with our clients and together with our strong ROI, has earned us 100% client retention rate for those who have implemented our solution. We are the leaders in this emerging decision analytics market and continue to see sustained growth tailwinds in a large untapped market. We currently have the largest sales pipeline that we've had at any point in the company's history, and we are excited about the opportunity ahead of us. I will now turn the call over to Chris to review our Q2 financial results in more detail. Excellent. Thanks, Judi, and good afternoon, everyone. We are pleased to report our Q2 results continued to deliver growth across our key financial metrics. Revenue for the Q2 was CAD 20.6 million, an increase of 23% from CAD 16.7 million in the comparative period, driven by an increase in new clients and the expansion of existing clients. Subscription revenue for the quarter ended June 30, 2022 was CAD 9.5 million, an increase of 21% from the prior year due to the continued transition towards SaaS. Perpetual and term-based license revenue was CAD 3.9 million for the Q2, compared to CAD 3.5 million in the prior year. This was our first term license, and based on our current pipeline, we don't anticipate term licenses to be a factor going forward. Subscription revenue represented 46% of our Q2 revenue, whereas perpetual and term license revenue represented 19%. These license revenues will vary period to period due to the size and timing of individual deals, in addition to mix as our client base continues to transition towards SaaS. Professional services and other revenue for the quarter was CAD 7.1 million, an increase of 33% from the prior year, and this segment represented 35% of Q2 revenue. Our annual recurring revenue at June 30, 2022 was CAD 40.6 million, a 26% increase compared to CAD 32.3 million at June 30, 2021. As of June 30, 2022, our net revenue retention rate was 107%, and this percentage will vary period to period due to the timing of large expansion contracts within our existing client base and the mix between perpetual and SaaS expansion deals. Revenue backlog grew 9% at quarter end to CAD 93 million, compared to CAD 85.5 million as of June 30, 2021. 2022 is following our traditional Q4 seasonality, and we expect backlog to tick up through the end of the year. Gross profit for the Q2 was CAD 15.7 million, compared to CAD 13.7 million the prior year, representing a gross margin of 76%. The increase in gross profit was primarily due to growth in subscription revenue from the addition of new clients and the expansion of existing clients, offset by a lower mix of perpetual and term licenses and a higher mix of services. Net loss for the quarter was CAD 7.4 million, or a loss of CAD 0.11 per share, compared to a net loss of CAD 1.6 million or a loss of CAD 0.10 per share in Q2 2021. We had an adjusted EBITDA loss of CAD 5.8 million for the quarter, compared to a profit of CAD 1.3 million in Q2 2021. We finished the quarter with CAD 153.2 million in cash, compared to CAD 161.4 million in cash at the end of fiscal 2021, which places us in a strong financial position to build on our advantage and further penetrate the investment planning and decision analytics market. In our experience, the critical infrastructure market is more resilient in a recession than many other sectors. Prior to going public, we responsibly managed our cash reserves through multiple cycles while continuing to invest in our long-term growth strategy. While we continue to see period to period variability that is inherent to our business, we have confidence in our teams and our products and in the growth of our market. Considering our strong unit economics, we remain focused on making thoughtful long-term investments to drive our growth while reducing spend in lower priority areas and charting our path back to profitability. Copperleaf is a leader in a large and expanding market for decision analytics, with significant potential to increase penetration and attract new clients. In short, Copperleaf is uniquely positioned for success. That concludes our prepared remarks. I'll now hand the call back over to the operator and open it up for questions. Thank you. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please slowly press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to withdraw from the question queue, please press star followed by two. If you're using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and slowly press star one now if you have a question. Your first question will be from Dylan Becker at William Blair. Please go ahead. Hey, guys. Nice job, and appreciate you taking the questions here. Maybe to start with, Judi, you touched on kind of the macro backdrop. I understand that the long-term capital planning here might be a little bit less impacted by some of the more near-term dynamics. Given the volatile nature of commodity prices, some of the budgetary belt-tightening that's maybe taking place, how do you think about the platform's ability to unlock that better visibility in decision-making during a time where, again, that seems to be being pushed to the forefront? Yeah. Thanks, Dylan. Great to hear from you. In terms of that, I think that one thing that actually plays to one of Copperleaf's strengths is our ability to manage and help people in cases where resources are even tighter in their businesses. When you look at Copperleaf, one thing we help is we help people understand when they have scarce resources, how to create those plans and how to find the best spending approach in the near term, in the immediate term, in the long term, to be able to meet those requirements. When resources are under compression in terms of not having as much, this is actually a favorable scenario for Copperleaf's planning solution. You can imagine if someone has no constraints whatsoever, which some people believe that they sometimes have no constraints, which I don't actually believe myself. In a more open environment, right? They think, "Oh, well, we don't really need a solution to really figure out exactly what we should be doing and when and how to deliver the highest value for every dollar we're spending." In these types of environments, when you have to make more complex decisions, I think that is something that Copperleaf really excels at. Yeah. Absolutely. It makes total sense, especially again, given the justification of that quantifiable ROI and that that's what the platform can deliver. Seems like a perfect timing scenario. Maybe kind of building off of that too, you've touched on maybe some of. I think you noted the capacity constraints from end customers impacting some of the implementations or deals being slightly elongated. Can you walk us through maybe some of the conversations you're having here, how those customers are maybe prioritizing those internal resources and allocating these assets? It seems like it might be something that's more kind of push and pull timing in nature versus these deals completely falling out of the pipeline. Is that the right way of thinking about it? Yeah, absolutely. That is exactly the case. I can give you like just a couple of examples that come to mind, in this particular case. We were recently, you know, working on a deal. It hasn't closed yet, just saying, and I'm not gonna identify it or anything, but we were working on a deal, just to give you a little bit of a color on this. You know, it was between our project getting the priority because of the limited resources they have in their IT groups and their, you know, organizations, versus a different application. You know, it's our job to make sure that our clients understand we are a priority and what we can do and the ROI we can deliver to these clients, which is so critical. In the end, in this particular case, our project got prioritized over someone else. I feel sorry for the company. Theirs got delayed until, you know, 2023 or beyond. Our project was given that priority. We did a good job there in making sure that the client really understands the ROI and what we can do for their business. That's what we need to continue to do because there are these tight labor market situations with our clients. The other thing that's kind of interesting as well is there was one deal that we've been working on since, you know, in the Q1. We still haven't closed this deal, but the reason why is not because the deal is going away. The problem was that this company would not allow this deal to be let until there was an identified resource that could drive the project from the client side. Just as an example there and a little bit of color, they recently found a resource, thank goodness, and now they're moving ahead to finalize this deal and stuff like that. You can kind of see the different push-pull that's happening. Given the ROI that we can deliver and what we can do in our clients', you know, environment, and especially the environment today, which is so much more complex. You know, there's so many more factors. There's supply chain issues. There's a lot of things happening, and inflationary pressure as well, which is reducing what clients can actually, you know, take on and deliver. We are really, something that is very important to them, and it's our job to make sure that those clients understand that. That's our responsibility, and hopefully we're doing a great job of that as we go forward. There are these tight dynamics. You know, I'm kind of hoping that in the next little while, with some of the announcements, that you're hearing about, you know, reduced hiring plans or even some layoffs in some tech companies, that might help create these resources and reverse this trend in our clients of not having enough resources to do some of the things that they need to do and that they see as very important. Yep, that makes total sense. Appreciate the very thorough and in-depth answer. Thanks, guys, and congrats again. Thanks, Dylan Becker. Thank you. Next question will be from Koji Ikeda at Bank of America. Please go ahead. Oh, hey guys. Thanks for taking the questions. A couple from me today. The first one on the billings, according to our model, billings came in pretty strong, you know, close to 50% year-over-year growth. Just really how to think about the strong billings growth against the slower revenue growth in the quarter. Is there anything specific to call out, maybe deals closing really, really late in the quarter? Or, you know, I noticed the license revenue was pretty great in the quarter. Is that part of the reason why, you know, the billings outperformance or kind of the delta between the billings growth and the revenue growth in the quarter? I'll jump in on that. It has largely to do with the perpetual and term license that you see there in Q2. You'll notice that our, you know, our ARR came up 26%, so we are, you know, seeing good bookings. You know, as we've said since the beginning of the year, 2022 is shaping up to be a pretty typical year in the sense that we will see Q4 seasonality, you know, where we typically see the bulk of our bookings. Got it. Okay. Just one follow-up from me. I was wondering, maybe Judi, if you could comment on what you're seeing out there, maybe from a pipeline or an end market demand or conversations that you're having with customers out there that's giving you confidence, not necessarily for the next six months or 12 months of growth, but the ability to drive, you know, durable 25%, 30%, 35% growth over the medium term. Thanks, guys. Thanks for taking the questions. Okay, great. Thanks, Koji. You know, if you look at. Well, first of all, we see our pipeline growth and even if I look just recently at the top of the funnel, we especially with this return to in-person conferences and things like that has really started to develop better top of the pipeline growth than we've had in the last 12 months, I would say. Even though it's been very good, it's even accelerating further. You know, when we look at that, we look at some of the numbers, we look at the things and the key metrics that we track in our pipeline growth and that future, and we do have the largest pipeline you know we've ever had in the history of the company. We are also seeing all geographies and continue to produce and you know there is definitely traction in all our geographies that we see. I see the partner aspect that I mentioned in my prepared remarks as really something that's really starting to work. We're seeing that across the board with our partners and the interest and what we can do in terms of really making a considerable ROI difference in the businesses of our clients, which is really also a growing demand. When I look at that from a durability perspective, we are you know just penetrating some of these markets and you know we have so much runway and greenfield runway left. You know when you really look at what's happening in these clients, they're trying to do these things with spreadsheets. In some cases, they have 80 spreadsheets spread around their organization, and they're trying to understand how they can be more effective doing, you know, taking advantage of digital technology to be able to improve this. I think the Black & Veatch example that I gave, where, you know, you can reduce the planning time that it takes you to get there, you can get the money that you're requesting because we can help you justify in a major way why this is the right scenario and what value it's going to deliver to your organization. All of these things that we start seeing, and even in sectors beyond our current existing, classic, you know, infrastructure sectors, there are other companies that are talking to us and wanting to get involved in what we do and understand it. Even from the ESG perspective, we're still getting that. It's interesting when you look at the ESG perspective, they come in there, start talking to us in these other sectors about ESG, and before you know it, you're starting to talk about business as usual as well. You know, they need help there as well, and that leads you into that entire play for Copperleaf. I think it's really, the long-term, proposal for Copperleaf is just tremendous from my perspective. I continue to see, when interacting with the market, our clients, our existing clients and new prospects and our partners, that this has a very, very sustainable and durable, growth into the future, absolutely for sure. Thanks, Judi. Thanks, guys. Thanks for taking my questions. Thank you. You're welcome. Next question will be from Thanos Moschopoulos at BMO Capital Markets. Please go ahead. Hi, good afternoon. Judi, just to expand on the macro and to clarify a point, other than the dynamic that you mentioned regarding the constrained labor market, is there any other changes you've been seeing in customer behavior in response to the macro or nothing else to call out in terms of a negative sense? We don't see that right now. The biggest thing we do see is this constrained labor market, at least that's affecting us. I mean, they might have other issues. I would say that the, you know, the supply chain is obviously an issue, but that's again, that helps us as well. Even inflationary pressure can help us as well, which it sounds a little bit weird, but, fundamentally, if you think a bit about it, if they can't get their supply chain on time, and they can't get those, you know, those supplies to be able to run the project that they're trying to run, they need to rejig their plan, and they need to be very agile about that. The other thing that one of our clients told me on the supply chain side that is a benefit from Copperleaf's perspective as well, is that they using Copperleaf, they get a better and sooner visibility into the supply chain. That's something that's very important for them to understand and start working on those challenges up front, right? If they can see out in next year or the year after that or in two years, what they need on the supply chain side for long lead items, this is really, really helpful for them and really helps them as well. We see that as well. Of course, inflationary pressure in all businesses is increasing costs, you know, shifting all kinds of things. When we look at those and we look at our clients having to deal with that means that they're in a more constrained environment, which again, plays to Copperleaf's strength. As far as the labor constraints, is that a global phenomenon or is it primarily in North America where you're seeing that amongst your customers? I would say it's global, maybe a little less pronounced in Europe, but it's definitely global. Just, finally, the win that you highlighted with Accenture, would that be your largest win with Accenture to date? Oh, that's a good question, Thanos. It's certainly one of the largest wins with Accenture. Absolutely, for sure. Okay. Very great. I'll let pass the point. Thanks, Judi. Thank you. Next question will be from Gavin Fairweather at Cormark. Please go ahead. Oh, hey, good afternoon. Hi, Gavin. Just on the sales team, you obviously added a ton of resources in kind of late Q4, early Q1. Can you speak to kind of how the onboarding is progressing, how the team's performing and how you're thinking about the path towards, you know, a more normalized sales force productivity? Yeah. We definitely added a lot of sales resources in Q4, Q1, absolutely for sure. Of course, that puts a burden on everyone to bring the organization to bring people up to speed and to make sure that they are getting trained and they can be productive within Copperleaf. That takes a lot of effort from our sales management as well as our other teams on product management, as well as our technical sales team to be able to support sort of new sales executives. What I would say is that we're starting to see some great traction in a number of these team members that we have hired. That continues to deliver, but I must say that it does take a while for someone to get up to speed on Copperleaf and develop those rapport, of course, with relationships with clients. One thing that has really helped us in a major way in the last little while is, you know, previously with the pandemic, everyone has been remote, and even the discussions from a business development perspective and sales perspective have been, you know, kind of Zoom-like environments. Now, we really are seeing at least our clients, and I don't know about beyond our clients, but I do see it in our clients, where they are accepting visits from people and, you know, in-person meetings and we're able to do some in-person conferences and things like that. I think people are getting a little tired of the webinars, you know, to some extent. Having that in person can really help to accelerate a deal. I think that this in-person, really in the last quarter, is really helping us and helping the enablement and the training and the traction that our new sales executives and sales teams are being able to manage now, which is really fantastic. I mean, I would've been more pessimistic if we were still stuck in that Zoom world or whatever, you know. Because it's hard for someone to create a relationship over, you know, a web or virtual environment. It's much easier to go and walk the halls and talk to people and go to dinner and, you know, have some real interactions to build those relationships in a stronger way and really get the understanding of that and learn. I think we're seeing a lot more travel, and I think it's a very positive thing. At least that's what we felt. That's great. Just for my follow-up, you know, you've been speaking a bit more and more about pharma and kind of chemical manufacturing as an area where you could expand into. I did see that you're hiring a European account executive for this vertical. Is this kind of on the cusp of becoming emergent? Maybe just speak to this vertical in particular. Well, Gavin, that's what we're hoping. That's what it seems to be. We've been doing some proof of value or proof of concept with companies in these spaces. As you know, on the chemical processing side, we did sell a solution last quarter to Idemitsu Kosan, and that is chemical processing as well as refining. You can see that our solution does have traction in some of these other sectors. The Idemitsu Kosan project is going very well at this time. You know, we expect that to continue to drive the growth in these areas. As well in pharma and some of these other manufacturing processing where we are, our new markets team is talking to a number of these potential clients, and we certainly expect that in the next little while we'll be seeing some of these deals manifest themselves. Appreciate the color. Thank you. Thank you. Next question will be from John Shao at National Bank. Please go ahead. Hey, Judi and Chris, thanks for taking my questions. I just have one related to the FX, given the exposure to the European market. Maybe just help us understand how the FX has impacted your business from the revenue and OpEx perspective. When I think about, you know, your contract with the customer in the European market, is that denominated in USD or in local currency? Yeah, I'll take that one, John. Thanks. We have a couple of currencies for Europe. We accept both in British pounds as well as euros. Really as far as FX goes, recognize that you know, the majority of our clients are buying SaaS, and those are at least, you know, they're typically three to five-year contracts and at least one year purchased upfront. Basically upon purchase with, you know, the currency is locked in for effectively a year. The only thing that could experience some fluctuation beyond that would be services, which is, you know, billed over the implementation. Really, you know, our hedging strategy is. Our biggest resource is headcount, so keeping cash in those foreign currencies to fund those salaries and our operations is what we typically do. We monitor FX rates, so where we have a surplus of funds, we can make gains by converting it to CAD, we'll do so. Yeah, appreciate that color. The other question from me is that maybe just help us understand the revenue trajectory for, let's say, a partner influence deals versus to our typical internally sourced deal. Is it more back-loaded versus a front-loaded with professional services revenue? I can jump in on that one. We see both deals fairly similar as far as, you know, that loading, that allocation. I wouldn't say it's tremendously different whether it's partner influenced or direct. Okay. The last question I think is more to Judi. Just, maybe just help understand where you are today in terms of your hiring plan, let's say compared to two quarters ago. Yeah. In terms of our hiring plan, I think in the previous two quarters, I think we've done a great job of being able to hire and get people in place around the world. We've been pretty successful from my perspective, so I think we're on plan to where we had hoped to be at this point. There might be a few delays in some special areas, but overall, I would say that we are. We've hired to plan so far. Okay. Thanks for the color. I'll pass the line. Thanks, John. Once again, ladies and gentlemen, as a reminder, if you would like to ask a question, please slowly press star followed by one on your touch-tone phone. Your next question will be from Todd Coupland at CIBC. Please go ahead. Good evening, everyone. Good evening. I had a question on the staffing at customer issue that you called out. What has that done to your typical 18-month cycle? Like, how far has that delayed that by? Well, I can jump in on it. Go ahead, Judi. Okay. Go ahead, Chris, if you want. No, go ahead. That's fine. Anyway, I would say that, you know, it has had a bit of a delayed effect, which is what I mentioned. You know, when we look at our typical cycle, we have, you know, we don't have a ton of data points, so, you know, we're trying to extrapolate from the data points that we have. I think that when you look at that across all our deals, it's delaying, but it's not delaying in a huge way. It is specific deals that might move by, let's say, day, weeks or months or quarters depending on the unique situation at those clients' sites. Mm-hmm. It's very specific. Yeah. Mm-hmm. Like we're sitting here now, you know, you're calling out normal seasonality for the year, so a strong Q4. But given this issue, is that subject to this not carrying over and impacting in Q4? That seasonality perhaps that you're expecting gets pushed into 2023. How much of a risk factor is that? I think that anything is possible, but we are definitely seeing you know what would I say? I wouldn't say that that's happening everywhere, let's put it that way, in terms of this talent challenge. I would say that in services it is impacting us a bit in terms of delaying services revenues. I don't see it. I do believe that in a Q4 and the last half of the year, we certainly believe strongly that we can you know deliver the deals that we are expecting to deliver from our planning perspective and what we see. I would bring us back again to the in-person nature of talking to our clients that has made quite a bit of a difference. I would bring you back to the one example on prioritization. The key thing is that we need to keep our projects prioritized above other vendors' projects. That's gonna be a very important thing. I think we've been successful at that. I gave you one example where we saw that directly. The client even told us that we were prioritized above this other project and because it was so important. That's our job, to keep those deals in this year. Right. Okay. That sounds good. Thanks for that color. Then on the EBITDA line, you know, you came in, I think, better than what most people were expecting. You're talking about pausing hiring. You more or less put the staff in place now for your growth plans. Is the takeaway message that, you know, expected burn rates could very well come down because of that? Could you just give a little more color on that? Yeah. I'll jump in here. So first of all, we are not pausing hiring. We are still growing throughout the year. We are still in growth mode. You know, really, what the messaging is there is we're always fairly prudent with our investments. We, you know, we took a look across all of our regions and all of our departments and really, you know, scrubbed the head count through the rest of the year to ensure that we can deliver on our 2022 commitments and that we're well-positioned to execute on our 2023 pipeline. As Judi was just mentioning earlier, we did do a good job of hiring, you know, in through the end of Q4, through Q1, through Q2. We have built up, you know, a good amount of head count, and those expenses will run through the rest of the year. We do anticipate adding additional heads throughout the rest of the year. What we have pushed off, you know, is more at the end of the year, so it won't have a tremendous impact on expenses for 2022, in fact. Okay. Appreciate that detail. Two more quick ones for me. There was a reference in a previous question about 50% billings growth, year-over-year, and I don't know if that's right or not, but I was attempting to see that. Can you bridge us to that number if that's actually right? I'll need to go back to my numbers here, and I'll get back to you, Todd. Okay. Thanks. The last question, you know, you called out the lab having a lot of engagement, this quarter. You know, what would you say are the top few priorities that you're seeing that clients would like to see? If you can talk about it or, at least the general areas where innovation is likely to happen. Thanks a lot. Yeah. I obviously don't wanna signal to everyone what we're doing in general, but in a general sense, we see you know, I would say there's an area around reporting to create even more reporting and dashboards and things like that, to really get information out of the system where clients are really engaging, and that's really exciting. We're making sure that we're building those types of things that can really drive that. In addition, we're bringing out another ML application this year, and there's a lot of engagement around that and understanding and making sure that we are able to really deliver value with the ML applications that we're dropping in and the excitement around that. I would just say that in general, you know, we want to make our solution more effective. One thing that's a really big part of our solution, obviously the optimization and all those kinds of things are critical, but, you know, I think scenario comparison is something that is what clients are really looking at. We're really working with them to understand how to better compare scenarios so that they can even get more significant justification of why they're selecting one scenario over another. Those are just a few areas that I can think of off the top of my head to be able to, you know, continue to drive the innovation in our solution going forward. Of course, there are some other applications that we're looking at as well, but overall, I would say that those are, you know, for broad strokes, those are the things that clients are engaging with us. The other thing is on Copperleaf Labs, it's also a bit around, you know, trying to understand how they can use our solution more effectively. Sometimes, that even of course drives additional features and options and modules that they have not purchased yet, as well, because some of the things that we have can solve those problems. When we're working on that engagement in Copperleaf Labs, they can understand better how our solution can deliver needs that they think we need to build, but actually we have those solutions and then that can drive additional, you know, install base increases into the install base. Yeah. I really appreciate that color. Thanks a lot. Thank you. At this time, Ms. Hess, we have no further questions. Please proceed with closing remarks. Thank you very much. First of all, thank you everyone for joining us today. We are excited about our ongoing business progress and the tremendous opportunity that we have in front of us here at Copperleaf, and we look forward to providing future updates as the year progresses. Have a great day. Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.