Good afternoon, welcome to Copperleaf's second quarter 2023 results conference call. At this time, all lines are in listen-only mode. Following the presentation, 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 today, Thursday, August the 3rd, 2023. Your hosts for today are Paul Sakrzewski, Chief Executive Officer of Copperleaf, and Chris Allen, the company's 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. 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 Paul Sakrzewski. Please go ahead, sir. Thank you very much. Good afternoon, everyone. Thanks for joining us to discuss Copperleaf's second quarter performance. I am very excited to share an update of progress in 2023 and some of what we're looking forward to for the future. On today's call, I'll make opening remarks before passing it over to Chris to provide a detailed review of the financial results. Following our prepared remarks, we'll open the call to questions. Firstly, a review of our second quarter results. In the April to June quarter, Copperleaf delivered 26% growth in annual recurring revenue and 23% growth in subscription revenue, demonstrating continued momentum in the context of our ongoing transition to SaaS. We also continued to grow our client roster with the addition of several strategically important new clients. In the second quarter, Copperleaf welcomed Società Gasdotti Italia, or SGI, Italy's second-largest gas transmission operator, as our first client in Italy. Copperleaf Asset will enable SGI to create optimal asset strategies, incorporating both financial and non-financial metrics in a streamlined investment decision-making process to maximize value while minimizing risk. This in line with its corporate objectives. Additionally, Copperleaf also secured our first client in Ireland and our first oil and gas client in Europe, validating our strategic investment in these geographic regions and our planful approach to introducing Copperleaf solutions to new industries. Additionally, in Q2, San Diego Gas & Electric, SDG&E, announced their decision to roll out Copperleaf's decision analytics solution to their entire enterprise. SDG&E began working with Copperleaf in 2020 to support asset investment planning decisions for its electric transmission and distribution businesses. With this expansion, SDG&E will implement Copperleaf Portfolio and Copperleaf Value across its electric generation, gas transmission, and gas distribution lines of business, as well as their facilities and IT functions. The SDG&E enterprise-wide rollout is a perfect example of how Copperleaf starts generating value for a client in one line of business, which then becomes known as a center of excellence in value-based decision making and then progressively expands across the enterprise. I'm very proud of the progress we've made as a team in the first half of the year, generating good growth despite continuing uncertain macroeconomic conditions in most of our markets. We continue to see temporary headwinds like enhanced client sign-up requirements, limited client resources, and RFP delays, which we expect to continue through the second half. Our focus is on improve, continuing to improve execution while charting our path back to profitability. I emerged from Q2 with a renewed conviction that we have the right operating model, the right leadership, and the right strategy to drive long-term growth. Face-to-face client engagements continued to accelerate in Q2. In May, the Copperleaf community gathered in Vancouver for our 2023 Copperleaf Global Summit, the first since 2019. We were delighted at the successful return of our marquee event, which exceeded expectations, attracting clients and partners from around the world who attended the event to share their asset management journeys and their Copperleaf success stories. The Copperleaf community continues to grow in diversity, with the continuous addition of new clients from around the world in an increasingly diverse range of industries. The 2023 summit provided an incredible forum for some of the world's leading industry organizations to share information and learn from each other's progress. The emerging need to incorporate ESG measures into the decision process is a common discussion point, and in particular, climate resilience was a recurring theme at the summit across all industries. As part of this discussion, the regulatory landscape was also front and center, as regulators are asking for more investment in climate resilience and greater transparency on the outcome, risk, reliability, environmental, and social impacts from proposed portfolios of investments. Partners were also a key feature of the 2023 summit, and we saw a step change in the number of partners in attendance and also the active participation of partners in the client case study presentations. This highlights both the progress we've made with the build of our partner ecosystem and the importance of properly engaging with our clients' trusted advisors when it comes to introducing our innovative new products into their established digitized landscape. Partners are a key plank of our global scaling strategy. We've been gratified to see concrete progress resulting from the focus and resources we've recently dedicated to building our ecosystem. In March, we announced that we signed an Endorsed Apps agreement with SAP. In June, we achieved Premium Certification status. We're now live on the SAP Store with Copper, Copperleaf Portfolio for SAP. This is the official trigger for joint go-to-market activities with SAP, which have now started in earnest. Copperleaf continues to focus on innovation and extending the common competitive advantages of our solution. During the second quarter, we released version 23.2 of our product suite, which included, among many new features, a material enhancement of our GIS integrations and interoperability, where users can improve their decision making and their storytelling on their asset management plans by directly visualizing their Copperleaf Asset results in Esri ArcGIS systems. This improvement showcases Copperleaf's ability to tame complexity, generate value, and clearly visualize information to aid in more effective, value-based decision making across the enterprise. For the remainder of 2023 and into the future, we expect our growth to be driven by an increasing recognition that Copperleaf is the leading brand in asset investment planning software that makes value-based decision making at scale a practical reality across the enterprise. Sustained industry tailwinds, such as the increasing needs of our clients to practically manage rapidly developing ESG agendas, acceleration of our ability to bring innovation to market in the form of new products and enhanced services, leveraging our investment in sales and marketing, which are demonstrating positive results with increased lead generation and pipeline activity, and the expansion, of course, of our alliance ecosystem, which includes amazing new partners like SAP. In summary, I'm very pleased with our progress and the way that our new operating model is starting to perform. I believe that we're on track to meet our strategic goals. We continue to focus on prudently managing cash and innovating across our whole business with the aim of driving execution in the near to medium term, and at the same time, laying down a sustainable global foundation for future profitable scaling and growth. I'll now turn the call over to Chris to review our financial results in more detail. Thanks, Chris. Excellent. Thanks, Paul. Good afternoon, everyone. We're pleased to report that our second quarter 2023 results continued to deliver growth across our key financial metrics. Revenue for the quarter ended June 30th, 2023, was $18.5 million, a decrease of 10% compared to $20.6 million in the comparative period, but driven primarily by the decrease in perpetual and term-based software revenue as our clients continue to transition to SaaS. Subscription revenue for the second quarter was $11.7 million, an increase of 23% from the prior year, representing 63% of Q2 revenue, as compared to 46% of revenue in Q2, 2022, again, highlighting our continued transition to SaaS. Professional services revenue for the second quarter was $6.7 million, a decrease of 6% compared to $7.1 million in the prior year, and this segment represented 36% of Q2 2023 revenue. Finally, perpetual revenue for the second quarter was $0.1 million, a 97% decrease compared to $4 million in the prior year, and this segment represented only 1% of Q2 2023 revenue. Our annual recurring revenue at June 30th, 2023, was $51.2 million, a 26% increase compared to $40.6 million at June 30th, 2022. As of June 30th, 2023, our net revenue retention rate was 111%, reflecting expansion within our client base and our strong renewal history. This percentage will vary period to period due to the timing of our large expansion contracts within our existing client base and the mix between perpetual and SaaS expansion deals. Revenue backlog was CAD 107.7 million on June 30, 2023, a 16% increase from CAD 93 million as at June 30, 2022. Gross profit was CAD 12.8 million, representing a gross margin of 69%, a 19% decrease from CAD 15.7 million and a gross margin of 76% in Q2 2022. Gross margin decreased temporarily, primarily due to product mix and an increase in partner subcontractor costs for the quarter, plus increased headcount and product support related to our growing client base. As a result of our planned investments to capitalize on the inflection in the decision analytics market, we had an adjusted EBITDA loss of $10.6 million for the quarter, compared to an adjusted EBITDA loss of $5.8 million in the prior year. Net loss for the quarter, ended June 30th, 2023, was $12.6 million, or a loss of $0.18 per share, compared to a net loss of $7.4 million, or a loss of $0.11 per share in the prior year. We finished the quarter with a strong balance sheet, with $62 million in cash equivalents and $75 million in short and long-term investments, placing us in a strong financial position to build on our advantage and further penetrate the investment, planning and decision analytics market. With our strong unit economics, we remain focused on making thoughtful, long-term investments that will drive accelerated growth through 2023 and beyond. As we continue to expand our reach, we're confident that our focus on operational excellence will drive best-in-class margins, expand our leadership position in the growing decision analytics market, and accelerate our path to profitability. That concludes our prepared remarks. I'll now hand the call back over to the operator to open it up for questions. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press star followed by the number 1 on your telephone keypad. If your question has been answered and you would like to withdraw from the queue, please press star followed by the number 2. If you are using a speakerphone, please lift your handset before pressing any keys. One moment, please, for your first question. Your first question will come from Maxim Matushansky at RBC Capital Markets. Please go ahead. Yeah, hi, good evening. I just wanted to touch on the factors you were mentioning in the prepared remarks. In the past, you've talked about kind of a lack of resource constraint in your clients and perhaps a different prioritization of projects. I, I know it'll be idiosyncratic on a case-by-case basis, but have you noticed any signs of that changing? Can you maybe expand on some of the other factors you mentioned this quarter in terms of the enhanced client sign-up requirements and RFC delays? Sure. I'll pick up on that, Max. Thanks for the question. It's continuing on a similar trend to last year. It's not uniform globally. You know, we're now a global company, and I think country by country, we're seeing differences. You know, on the whole, the economies globally don't feel like they're recovering substantially since last year. I think if anything, we're probably getting better at executing under those conditions, and that also is different per region. The enhanced sign-off and the extra process that you go through in the procurement process is more stringent under constrained conditions. That's kind of what that means. You know, we expect that at some point, that will start to free up. At the moment, you know, in, in particular geographies around the world, we're seeing, we're seeing that, that it's still fairly constrained and, and we're still sort of, swimming uphill a little, swimming upriver a little bit in that, in that context. Got it. And just it's great to see the, you know, the new client wins in, in new regions and sort of expanding, you know, in oil and gas as well. I'm wondering how you think about the pace of wins in existing geographies as compared to going into new geographies. I know it's a small sample set, but are you seeing most of your wins come from your established regions, or is it more balanced recently in terms of wins in your core sectors and geographies compared to the new countries, or emergent, verticals? Yeah, it's a good question. I mean, you know, where you've got a bigger installed base, you see more upsell opportunities, and, you know, that's, that's, that's clear. You know, in the new regions, they're all new logo wins, so the, the, the tone of the the, the business in those cases is just a little bit different, but it's probably pretty balanced. You know, we opened up a lot of new geographies, so, you know, we've almost got more new geographies or at least as many new geographies as we have established ones. Purely numerically, I think we're doing pretty well. The good news is that those bets that we've placed down in those new geographies are starting to, to come to fruition. We don't have as many places where we're carrying costs without revenue. We've at least got that first client in many of those new places. Almost, again, by definition, we've got new account executives and new sales resources in those places, and it's great to see them starting to perform. We're starting to get through that, that process where the, the outstanding geographies without revenue are diminishing and the outstanding salespeople without sales are diminishing as well. Everybody's getting runs on the board. That's great. Just final one from me, I'm wondering if you can update us on the go-to-market strategy in terms of being successful in talking to customers regarding a more rapid start implementation of the Copperleaf software. Is that still primarily a marketing tool, or would you expect to see more customers being receptive to that kind of rapid implementation solution? No, that's definitely happening. I mean, we've talked, we've talked a fair bit about the H2O solution for the UK. That's been, that's been very effective. You know, we've got a similar solution for the electric distribution market. We are getting better as well, I think, globally at phasing deals. You know, particularly under constrained conditions, people do want to get started with Copperleaf, but they may not want to do a great big monolithic deal that sees sort of many of those, those implementation phases compressed into one big upfront deal. I think, I think in the context of rapid start for the de minimis solution, that allows smaller companies, particularly, or those that want to dip their toe in the water to get started, we've got packages for that, and, and we're evolving that strategy and the, the idea of phasing deal, diagnosing the part of the Copperleaf suite that, that satisfies the most burning issue with our clients, getting started with that, getting implemented quickly, giving the client that value, and then moving into future phases. We're, we're well down that path as well. There are, there are two slightly nuanced answers to your question there. Okay, thanks for that, Wayne. Your next question will come from Gavin Fairweather at Cormark. Please go ahead. Oh, hey, good afternoon. Maybe just to start on the SAP partnership, can you just speak to, you know, the engagement level of their sales force now that you're kind of live within the marketplace, and they can be comped, you know, for selling Copperleaf? How are you thinking about, you know, the impact of, of that, you know, partnership on sales cycles for, for deals where they're involved? Yeah. So, you know, we're really pleased to be up and running on the SAP Store. That's a big milestone for us. You know, we did forecast that we would be up and running on the Store by the end of Q2, which we thought was a well-buffered timeline. The certification process was pretty in-depth, and we were happy to go through it and come through that with flying colors. It was, it was a serious review of our cybersecurity and the quality of our software, so it was great to get through that. Now we're up and running, and that's the official launch of joint go-to-market, and the internal SAP processes kick in at that point, and they get triggered. Those things are, those things are ongoing. In direct answer to your question, we, we have been engaged with the global SAP sales force, but well before the before we were up on the SAP Store. We, we have stolen a march on that, and there's good cooperation. Our 3 regions and 3.5, if you considered Latin America as well, are all engaged locally with the local SAP counterparts. They're all planning joint pursuits on specific named accounts. It is worth understanding that that we do have to agree on the accounts between the two companies formally, that we're going after those those businesses together. That that process is starting. You know, the engagement that we've seen so far through participation or Copperleaf participation in some of the SAP events, like the utilities conference in Basel, for example, the Global Utilities event, that was absolutely fantastic. You know, Copperleaf, SAP, are positioning Copperleaf in their presentations. We had SAP representation at our Global Summit. We're starting to engage in, in joint participation in each other's, in each other's events. We're also just in, you know, client work together in different, different parts of the world. We've already submitted a couple of joint, joint proposals to clients, and we do expect that to, that to start to work in our favor. Early days, you know, we've, we've still... You know, even since we signed the agreement, it's only been a quarter. And since we were up and running on the store, it's only been a couple of, or a month or so. It's early days, but the pipeline is starting to expand. We are chasing concrete opportunities, joint pursuits between us and, and those things are accelerating. I'm, I'm excited about the, about the Copperleaf SAP relationship, and I think it's, it's great for them. And it's, and it's, it's fantastic for us to be involved with, with such a player as, as SAP. I will say that just, just the fact that we have been invited as the AIP partner for SAP through the Endorsed Apps process is a, is a huge endorsement of Copperleaf and the value that we bring to clients, and between the two companies, we can bring even more value. Great to hear. Then maybe, just on, you know, the pipeline. In your prepared remarks, you know, you spoke about the sales force investments driving, good pipe. You know, at the risk of being early here in early August, I mean, how are you feeling about the ability to kind of prosecute, you know, a decent number of deals as we kind of move into the busy selling season later in the year? Yeah, I mean, Q3 and Q4, I mean, Q4 particularly is always a, is always a hill to climb. I think we've talked this year about, you know, prolonged deal cycles and how we're a little bit more back-end loaded than usual this year. I think we're in a good position to, to do what we need to do. I mean, numerically, we've got good coverage on the accounts. I think we've got better scrutiny on deal health than we ever have before. We've added a bunch of processes around business and sales operations, which I think are taking us to a, a different level of being able to assess where we are in the accounts and then diagnose what we need to get, to, to, to do to get those things done. Salesforce is maturing, on the... We have pipeline to cover to cover the numbers. All of those things numerically look good. The question now is just time. You know, we need to, we need to get ahead of it, manage time properly, and make sure that we're we're starting to bring through those those deals. You know, as Copperleaf gets bigger, the, you know, the execution challenge just around contracting and doing all the work and having coverage is, you know, becomes more of a challenge. You're not closing one or two or three deals at the end of the year, you're closing, you're, you're closing bigger numbers. So making sure that we've got the right machine in place, and everybody's got the capacity to get that done is, is, is something we're taking, taking seriously and making sure that we have coverage on. But, you know, like I said, it's always a, it's always a hill to climb, and for us, it's lumpy. You know, one deal, one way or the other, makes a material difference to our, our closing result. Flavor of deals, whether it's a SaaS deal or whether one of those perpetual deals that we have forecast goes to, goes to SaaS, makes a big number to a, a big difference to our revenue numbers, obviously. And you've seen that we have had a material move towards, subscription and SaaS this year away from perpetual so far. we'll see how things go, but. that we put in place, as well as headcount, managing headcount very closely. fits with, within your own offering and, how your products might evolve to include that? Thanks a lot. Yeah, thanks, Todd. I mean, it's obviously a rapidly emerging area. It's exciting for us. You know, it presents us with opportunities. You know, as things started to heat up in that space at the end of last year and early this year, we made a decision to embrace generative AI in a careful way, in a planful way. You know, we made it available to everybody at Copperleaf in a very safe and controlled environment, which gives us two things. One is the ability to use it for internal processes so that we're getting the benefit from an operational point of view, from generative AI. The second thing is, we have a small group of people working on how we incorporate generative AI into our products. Early days on that so far, but, you know, you can, you can easily imagine the use of generative AI to start to help the occasional user, from a natural language interfacing point of view. I think that's probably most likely the first way we'll start to see it used in a concrete way at Copperleaf. Down the track, there are, you know, there are many implications of large language models and generative AI in what we do, you know, which, which we only see as being a positive thing for us. It's a, it's a great tool for productivity internally, and, and, you know, we can certainly see that the functionality of those technologies are gonna be just good for us, helping people to get much more out of the Copperleaf product. Just one follow-up. Does it pose a disruptive risk to the library of your own models, someone coming along and, and, and being able to recreate that for, you know, target big infrastructure companies faster than all the time it took for you guys to build up? How, how, how does it impact something like that? Well, I mean, you, you always have to be, you know, wary of something like this. It's, it's usually, it's, it's usually kind of, positives and negatives or gives and takes. You know, quite honestly, I think the one of the key benefits of our library is that those models are not just clever, they're tested. They're tested in, in battle with, you know, large organizations, with regulatory, bodies. You know, one of the, one of the biggest things about that model library is that you can have confidence that those models in the library have been used, you know, in battle, by big companies, across the world in different regulatory environments. I think that's something you probably can't replace, in a, in a hurry. I think, you know, we've iterated those things over time. You know, as we use them, we improve them. As we see different use cases around the world, we incorporate those use cases into the thinking associated with the models. It's also a combination of the different models. It's one thing having a library of them, but it's another thing bringing them together into a coherent value framework for a specific client and knowing that they're all gonna work well together. Then have the software back up to make sense out of that at scale across the enterprise. It's a combination of different things which, you know, doesn't lend itself to a pure large language model or a, or a generative AI use case. We see it as much more of a tool and an enabling piece of technology than it is so much of a threat to us. All right. Okay. Thanks for the color. Appreciate it. Your next question will come from Stephen MacLeod at BMO Capital Markets. Please go ahead. Hey, guys. Thanks for taking my questions. I just wanna circle back on the pipeline. Are you having any-- Is there any change in the tenor of conversation between, you know, new logos and expansions in this more constrained environment? I'm not 100% sure I understand the question, Stephen. Okay. I guess to re- rephrase it, is it the new logo conversations that are more difficult in this environment, or are there similar difficulties with, say, expansion conversations with existing clients? ... Yeah, look, it's, it's a little bit of both. It's, it's not so much about our solution or what we can bring, it's capital constraints. It's, it's, it's capital and resource constraints on their side. You know, it's, it's obviously easier to talk to our internal to our install base. I mean, they, they are convinced at least of the, you know, not only the value of the solution, but the ease of working with Copperleaf as a company and the, and the previous experiences they've had. They're all constrained is what we're seeing. They're just going through the prioritization process, and we just need to make sure that we're at the top of the top of the prioritization chain. Okay. I think, we're in a better position than we used to be from that point of view, because we've got a pretty good global footprint of people now, so we can be in talking to the clients more often and more consistently and, you know, in their own environment and in their own languages. I think we're in a better position to make sure that we're prioritized, but it's, it's both, you know, it's not so much about Copperleaf or technology, it's more about the resources on their side. Mm-hmm. Okay, that's helpful. going back to the, the SAP partnership, I guess- Mm. in the first few months, are you noticing that you're seeing more opportunities from, clients where maybe you wouldn't have been able to get a foot in the door? Is it just an entirely new set of, opportunities that are being surfaced? Yeah, I mean, our, our principle is that it needs to be incrementally additive. You know, there's no, there's no point in getting SAP to do the work that we could have done ourselves. You know, there's obviously a speed aspect to that, but, you know, we want this to be incremental. You know, with the best will in the world, Copperleaf does not have the same global footprint, global, global coverage, or necessarily the brand recognition power that an SAP does. Obviously, they bring new industries that we haven't yet entered, new geographies coverage that we haven't yet got covered. You know, there's also just that accelerative aspect of being able to, to have a trusted advisor and a larger, a larger technology company like SAP vouching for our solution. Mm-hmm. Okay. It's not, it's not, it's not nothing that our, our products work well together. You know, this isn't just a one plus one thing or a go-to-market play. We, we really do add value to some of the, you know, the, the asset management stack of software, which, you know, SAP has multiple solutions in, and they certainly add value to us. I think over time, we'll, you know, we'll be able to come up with innovative solutions that really extend it. So it's not, it's not just a one plus one equals two. Okay, fantastic. I guess my final question, in your, in the press release, you mentioned, you're executing on a go-to-market strategy and strengthening the global sales force. Could you give us a bit more color on what's involved in that? Is it more investment in processes, or could you conceivably be adding headcount or filling gaps somewhere? Yeah, I mean, it, it goes back to our strategy, I think, where, you know, we, we, we saw an inflection point in the market. This was, this was prior, you know, the, you know, the, the macroeconomic issues that has beset us since we, we IPO'd. We, we certainly, saw an inflection point in the market. We expanded just coverage, just, you know, the ability to ensure that we're not flying in and flying out. Large enterprise- Mm-hmm ... software sales doesn't really get done on that basis, so we've got good local coverage in a lot of places. That took a little bit of time to ramp up, you know, so people don't just arrive at Copperleaf or any enterprise software company and be immediately effective. It always takes time to ramp, and we're, we're getting through that now. But there's additional aspects to this. You know, we've talked a little bit before about our Global Growth Office. In addition to good global account coverage, you also need product specialization, industry specialization, really solid Value Engineering to make sure that we're articulating the value of the Copperleaf solutions in ways that our clients can consume, in ways that are, that are relevant to them and their businesses, specifically. And we need the ecosystem. If you bring those four things to bear, and you've got very good local account coverage, you start to build a matrix approach, and, you know, next generation approach to approaching those clients and covering the market. Once you have that in place, that minimum viable footprint that we've invested in over the past couple of years, you can then add capacity fairly quickly. We have good capacity to prosecute this year, and certainly we can, we can take that capacity and prosecute a good deal of next year. As we see this market starting to recover, as long as we've kept that minimum viable footprint in place, we can accelerate very quickly with the addition of capacity underneath that minimum viable footprint. We've got good leaders in all of those organizations, so you can start to add capacity in underneath. Okay. That's, that's good to hear. That's what the GTM looks like. All right. Yeah, thanks for taking my questions. Thank you. Your next question will come from Robert Young at Canaccord Genuity. Please go ahead. Hi, good evening. How should Hello look at the, the pro serve down year-over-year? Is that just the, the capacity issues on your customer side, or is it some seasonality or vacations, or is it, like, is there any sort of leading indicator there to read into? Hey, Rob, I'll, I'll start with that one. We did enter the year with lower backlog than we would have liked coming out of 2022. The macro, you know, certainly played a, a role there. Just as we've, you know, said in our press release and as we mentioned today on the call, there are resource considerations here as well. Even deals that were booked and implementations that were due to start, they were either slow starts or they're being delayed just due to resource client or client resourcing issues. Okay. Like, is there any opportunity, maybe I'm reading too much into partner, you know, ramp, but is there an opportunity to, to fill in some of those gaps with partners, or is that just way too early to be thinking about that? No, we're, we're, we're working with partners, and, you know, they'll inevitably be part of our, our professional services landscape. You know, largely, we still do things, do these things ourselves. You know, we've had a few things and, you know, you, you're aware of Mitsubishi Electric in Japan. They, they work as a, as a partner implementer. You know, largely we do this ourselves at the moment, but we're introducing more partners into the system, and inevitably they'll start to take up some of that services burden. We'll always maintain a professional services organization internally. We'll probably stream it down to Copperleaf's specific high value-added services, over time, and use that to ensure that, you know, we've got, we've got good scaling, but we're keeping the skills necessary to do high value-added service work, you know, specific to Copperleaf for the clients in a, in a way that we're, we're, and at a quality we're comfortable with. I'll just add on to that, Rob, as well, that, you know, of course, through the rest of the year, we're obviously looking to bring any services forward, whether it's partners or not, you know, more direct services, bring those services forward. Quite honestly, when we look at the, you know, the potential bookings for the year, the services bookings are good. It's just a matter of revenue recognition on those services, right? As Paul was indicating earlier, it is quite a back-end heavy year. Then with these delays, it's just a matter of when those implementations get started and when we can recognize the revenue on them, and they just happen to be late this year, so we're not seeing a lot of intra-year revenue. Okay, that's helpful. Again, maybe last question from me, just maybe a little more around SAP. You mentioned that you've been identified as the solution, SAP solution for AIP or asset investment planning, I assume. Like, is that an exclusive arrangement, or are you just the only vendor that they can find, or am I overstating that? No, I mean, it's certainly not an exclusive arrangement, but it's an invitation-only program. They scanned the market, we were the invitee, and we're partnering with them in the AIP space. I don't want to... There, There, there are certainly no guarantees in life, but SAP tends, through this program, to select best of breed and work very closely with that company to ensure that they can provide a full service stack of software without necessarily having to reinvent everything themselves. That's the, that's the tenor of the program. What you were saying in the prepared comments about the Premium Certification and the, the passing this very stringent, code review and the security requirements, is that a higher level than you were expecting when you were talking about getting onto the SAP Store? Like, is that a different certification or a higher level, or is that really what you were tracking towards before? I'll pass the line. Look, I, I don't know that we, we necessarily expected, knew what to expect on the way through that certification process. It was a, it was an external, like a third-party body that does this stuff for SAP. It was extremely stringent. We just went into it with the confidence that we are first-class, enterprise-grade software and that we would pass it. And it was, it was stringent. I'm super proud of the, the, the way that the, the Copperleaf team responded to all of that. We got it done in, in a reportedly record time. It felt like forever for us, but certainly SAP have given us, given us indication that we did pretty well through that process. It certainly didn't cause any, any wholesale changes to the software or any, any cause for concern or, or, or causing us to try and upgrade something to meet the, meet the standard. It was just the certification process. Okay. Well, thanks for taking the questions. I'll pass on. Yep. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star one now. Your next question will come from Dylan Decker at William Blair. Please go ahead. Hey, gentlemen. Maybe, Paul, starting with you on the Copper... I think you guys noted the Copperleaf Summit being held for the first time in a handful of years here, kind of starting to align with the Salesforce maturation. I guess, could you elaborate a bit on what the value of these in-person events can mean as you're starting to build awareness for the broader solution set? Again, I think there was a number of, or a mentioning of the partner attendance as well there, too, and how that's maybe helping you incentivize or, or push them to kind of start building out their own internal practices outside of, again, the, the large SAP relationship currently. That, that last comment, Dylan, was about partners? Correct. Yeah. We get them to build their practices? Partners and customers, right? bringing those- Yeah two together to, and kind of bring awareness to the ecosystem. Yes. Okay. I'll, I'll try and cover, cover the gamut of questions there, and just let me know if I don't hit everything. You know, the, the, the Summit is our marquee event. It brings together everybody into the room, and it is a client user Summit, right? It is about people getting together and talking about their Copperleaf experiences, presenting their personal use cases. It's really centered around clients coming and presenting what they're doing. It's a, it's a platform for them to come together. We have different tracks. We use it as an opportunity to introduce anything new that we've developed, or to test out ideas of things we might like to develop that have either been innovations coming from what we think, or innovations that have been sparked by customer requests. The partners are there, largely in support of clients. So many of these partners are ones that we've actually had, you know, joint implementations or cooperations on with the clients that are in the room. They often come with clients, and like I said, we had multiple presentations or client case presentations this time that were done in conjunction with the partners. We're starting to get to that point where it's a, it's a, you know, kind of a triangular relationship between us, the client, and the trusted advisor. You know, and obviously then you bring in the, the independent software vendors like SAP on the other side of things, and, and it becomes a, it becomes a more complex ecosystem. You know, all of that is very normal for enterprise software. We're not by ourselves at the client's digitized environment. We've got, you know, software on both sides of us, and you've got SIs making sense out of the entire stack and weaving things together in end-to-end solutions. It takes that whole group to be able to provide a proper unified solution to the clients. We, we take away a lot out of those, those discussions. You know, watching our clients talk to each other about similar issues, often across industries and across geographies, really does give us a lot of product for going away and innovating. Our product development group met with a lot of the clients as a, as a separate session to, to test out some ideas with them. You know, it's great. We do have some selected prospects. We try not to overdo it, but we do have prospects come along. Clients, you know, prospective clients who really benefit from seeing those presentations, seeing the live case studies, being able to question the people that have been using the system for quite a while. We're really blessed to have an installed base of clients who are happy to do that and to engage with our prospects and reference for us and help us to help us to solve problems for those people. So it's all of that in a compressed few days, generally in Vancouver, and we haven't had one since 2019. We had a few, We were timid about trying to bring everybody together in Vancouver last year, because we wondered whether we were far enough out of the pandemic. We did a couple of things at the end of last year, geographically, just, just out in the region, thinking that if one got canceled, then you'd, you'd still have the other two-thirds to do. We managed to get all three of those done, there's really nothing like bringing everybody together in Vancouver in May, to talk Copperleaf. It's one of the highlights of our year. Sure. Yeah, I know. That makes total sense. Sounds like a very important, obviously, engine for you guys. Yeah ... you kind of touched on it in the actually, but emphasizing kind of the customer success side, too, again, getting everybody on the same page there. It looks like we're seeing nice traction on the expansion side. Again, how valuable is that in these discussions with those customers of getting a deeper understanding of that strategic roadmap that gives you guys maybe a further sense of pipeline coverage or pipeline visibility, as you think about, again, the ability to expand within that existing base as well? Yeah, it's a, it's a good question, Don. Thanks. It's, you know, our NRR is obviously pretty good when compared to, you know, pretty much any benchmark in the market. You know, we, we, we retain clients, and our clients are happy to keep on the journey with us. Like I said, we're getting, we're getting into a mode of phasing. You know, looking for the first thing, diagnosing really carefully what the, what the, what the first step, the highest valued first step is for our clients. Getting that done, and quickly, so that they get the value faster, and then applying that value against, you know, the rest of the agreed roadmap of rollout, which can be 2, 3, 4, 5 phases of rollout, because most of our clients do need pretty much everything we, we do. Getting that agreement upfront with new clients and, and getting in and talking to our existing clients about having an agreed roadmap and, and forecasting out what their requirements might look like, obviously gives us a lot of predictability around those expansion deals. But it takes dedicated resources, you know? Again, the go-to-market requires client success managers who can walk that line between being focused, you know, in a, in a very white gloves way on ensuring that our clients are getting everything they need, and they're getting to success, and they're using the software, and they're getting value. Also sitting down with them and saying, 'Look, you've got an opportunity to put a roadmap in place to consume more software and articulate the value of that.' They need to, they need to be able to almost get into that trusted advisor status and be able to, be able to sit down with the clients and build out those future roadmaps. I think we've got dedicated resource around that now, and it is, it is having a good effect. Got it. That makes perfect sense. Thanks, Paul. Appreciate it. Thank you. Your next question will come from John Shao at National Bank. Please go ahead. Hey, guys. thanks for taking my question. I, I just wanted to get more understanding on your perpetual license throughout this pressure. You just mentioned that you're-. Sorry, John, I couldn't... We're getting, getting, we're getting one out of every three words. Okay. Is it better now? I think so. Okay. I just wanted to get understanding of the perpetual license revenue. Chris mentioned that was mainly due to the SaaS transition. Is there anything to do with the timing of those deals, given that they can be bumpy sometimes? Yeah. I mean, we had a big Q2 last year. You You can see by the size of the reduction year-over-year, Q2 to Q2. We had a big Q2 from a perpetual license point of view last year. This year, we've had a substantial reduction, and it's, you know, we don't, we don't necessarily get into the exact number of deals, but, you know, it's only a couple of deals that make that swing. Timing is obviously an issue as well. If that deal lands before the 31st of or the 30th of June, it's in the quarter. If it lands on the first of July, it's in the following quarter, you know? Those, those single deals make a material difference to that, that, license performance. Okay, got it. Another question from me is, it's any updates on your customer churn rate, still a minimum at around a 0? Yep. Thankfully, for now. Okay. Thank you. I'll pass the line. There are no further questions, so I will turn the conference back to Paul Sakrzewski for any closing remarks. Yeah. Thank you, everybody. Great questions. We appreciate everyone joining us today. You know, we are super excited about our ongoing business progress and the tremendous opportunity we have in front of us. We look forward to providing future updates, as the year progresses. Thank you. Ladies and gentlemen, this does conclude your conference call for this afternoon. We would like to thank you all for participating and ask you to please disconnect your lines.