Good evening. Welcome to the Converge Technology Solutions Corp Q4 2020 results conference call. Our lines have been put in mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time simply press star then the number one on your telephone keypad. If you would like to withdraw your questions simply press star and the number two. Your main hosts today are Shaun Maine, Chief Executive Officer, and Carl Smith, Chief Financial Officer. Before we begin, I am required to provide the forward-looking statement respecting forward-looking information, which is made on behalf of Converge and all of its representatives that are on this call. All statements made on this call will contain forward-looking information. The actual results could differ materially from a conclusion, forecast, or production in the forward-looking information. Certain material factors or assumptions are applied in drawing a conclusion or making a forecast or a projection as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast, or projection in the forward-looking information and material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are contained in Converge filings with the Canadian provincial securities regulators. Converge does not undertake to update any forward-looking statements. Such statements only speak as of the date made. Today's discussion also refers to adjusted EBITDA, which is a non-IFRS measure and has no standardized meaning. Please refer to the Converge filing on Canadian provincial securities regulators for an explanation and reconciliation to IFRS measures. Thank you. Mr. Shaun Maine, you may begin your conference. Thank you. Good evening, everyone, and thank you for taking the time to participate on today's call. As I will discuss in further detail, the Converge team had a truly transformative year executing on our phase III objectives of cross-sell, integration, acquisitions, and taking steps to strengthen our balance sheet and reduce our interest costs. To do all this in a normal year would be impressive, but to do it all during the pandemic while maintaining over 90% annual adjusted EBITDA growth, as we have done every year we have been in existence, is truly remarkable. I want to begin by expressing my deepest gratitude to our entire family of employees who have remained driven and dedicated throughout these unprecedented times. Furthermore, I would like to pay tribute to the robust relationships Converge has built with industry partners, whose collaboration has allowed us to meet the needs of our valued customers. To the strong and growing list of customers, an impressive number of whom are new to Converge over the past 12 months, and many who have been with us for years, I thank you for the trust you continue to place in us. We're excited to watch your success and to continue to grow with you. In what follows, I will discuss the ways in which Converge has grown successfully, both organically and inorganically over the past year, and will explore the noteworthy achievements our team has secured through their unwavering commitment to the company and to our valued shareholders. Despite pausing on acquisitions during Q2 and Q3 last year due to COVID-19, Converge continued to progress and expand its acquisition pipeline and maintained on pace with our stated goal of four to six acquisitions per year by closing four acquisitions in Q4, increasing the total for 2020 to five acquisitions. We are also off to a strong start for 2021, having closed two acquisitions in Q1. These acquisitions have added more than CAD 300 million in trailing 12 months revenue and added key capabilities in target markets. Unique Digital and Accudata extend Converge's reach into the Texas marketplace, which contains four of the 10 largest cities in the U.S., and adds key networking and security capabilities around Cisco, VMware, Dell, and Palo Alto. CarpeDatum adds key analytics capabilities. Workgroup Connections brings the IBM software and AWS skill sets to our central and western regions, while Vicom builds out the capabilities around identity and trust ecosystems in our Converge Trust platform. As impressive as our growth was through acquisition, it is the organic growth that we experienced in Q4, despite the pandemic, and the activities that are the foundation for future organic growth that I really want to focus on. I have talked previously about how Converge has a unique approach of selling into the mid-market, inviting customers to attend vendor-funded workshops to allow our world-class experts to help them with the latest multi-cloud technologies from Red Hat and VMware. Despite the pandemic, in 2020, Converge led 14 workshops with over 400 clients to show how Ansible and OpenShift can help them utilize a multi-cloud architecture through containers, giving them access to Amazon, Google, and Microsoft public clouds. This approach, and leading with cybersecurity solutions, was instrumental in achieving 71 net new logos in Q4 alone. That is 71 new customers that Converge has never done business with before. This is an astounding number of net new logos for a single quarter, and a key reason why Converge is the fastest-growing IT service provider in North America, as recognized by Channel Reseller News. Another organic growth tool that our president, Greg Berard, has very successfully introduced to facilitate cross-sell, especially with new acquisitions, is executive briefings. In Q4, our executives, led by Greg, gave 223 executive briefings to customers to help our sales executives showcase the range of Converge offerings and how we can help customers in their cloud journey with analytics, cybersecurity, DevOps, and managed services. In just one of these 223 briefings, five multimillion-dollar projects were identified in new areas from a customer that had done CAD 17 million in business with us already last year. These executive briefings have also accelerated our software growth, which is both profitable and leads to enhanced stickiness with clients. In 2020, we experienced 23% year-on-year IBM software growth, with 43% new license growth, highlighting the need for software security and Cloud Pak solutions. For our new acquisitions in particular, who may not yet be familiar with the breadth of Converge's offerings, these executive briefings are an incredible engine for organic growth and cross-sell. Converge has also put together 17 technical assessments, which are also key for enabling cross-selling. This is where our pre-sales engineers take paid engagements to provide a roadmap to our clients for solutions around multi-cloud, software asset management, analytics, and security. In Q4, we delivered 75 of these technical assessments, and these, along with the executive briefings and workshops, have given us a backlog where our pre-sales request tool is showing over 3,000 requests from our sales team on new cross-selling opportunities. This bodes extremely well for Converge's organic growth in 2021. A key element of our acquisition strategy has been prioritizing acquisition candidates by their mid-market customer base in specific sectors, which has shown to be very important in the context of COVID-19, where customer diversification and a focus on resilient industries has been important factors in our success. For the 12 months ended December 31st, 22% of Converge's revenue came from the financial sector, 20% from government and state, local, and education, or the SLED sector, 18% from technology, 13% from healthcare, and 9% from manufacturing. To further exemplify the diversity of Converge's primarily mid-market customer base, during 2020, 141 of our customers purchased at least a million of our products and services, and our top 10 customers make up approximately 20% of our year-to-date revenue. As impressive as our acquisitions, organic growth, and cross-sell has been, the ability to integrate 10 U.S. back offices and our two Canadian back offices during lockdown with people working remotely has been truly remarkable. In addition to removing CAD 20 million of costs, there is now a platform and process for integration, meaning that all subsequent North American acquisitions can be integrated with the first 12 months of being acquired. In addition to dramatically strengthening our balance sheet with a series of equity raises, Q4 also saw the company transition to a CAD 140 million ABL, or lending facility, with a syndicate of Canadian banks, having an interest rate of between 2.5% and 3%. This occurred in addition to paying out our standing debentures and convertible debenture, generating approximately over CAD 8 million in annualized interest savings. Touching upon recurring revenue, this remains a key metric of our success and is generally led by our cloud services. In Q4 2020, our gross annual recurring revenue was CAD 255.7 million, up 46% from the CAD 175.5 million in Q4 2019. This is made up of CAD 56 million of private cloud and managed services annual recurring revenue, which are typically on three-year contracts and paid monthly. CAD 60 million of gross public cloud annualized recurring revenue, which are typically on three-year contracts and paid monthly. CAD 140 million of gross software subscriptions, which are typically paid annually. Our managed service pipeline continues to grow with over 190 active opportunities we are working to close. We have been winning deals around our broader offerings with a good example being the CAD 1.8 million, five-year managed security deal we won with a large U.S. insurance company in Q4. Also, our TrustBuilder group was greatly enhanced through the December acquisition of Vivvo Application Studios and their Vivvo Trust Platform, combined now called Converge Trust Platform. I would like to thank the team at Prompt and the members of the Gatineau ecosystem working towards establishing a cybersecurity innovation zone there for the support of TrustBuilder, and we are now in discussions with Prompt to include the intellectual property acquired from Vivvo into this work. This is a key development for us because we see verifiable credentials and blockchain as being core to the next generation citizen identity and access management, or CIAM solutions. As the March 4th Angus Reid Institute study performed with AWS recorded, four out of five Canadians view digital access to government services as a priority, and nine out of 10 want taxpayer dollars spent on securing personal information. In normal times, adoption of new technology can be labored since people resist change. With the need for COVID testing verification and COVID passports, technology around CIAM is being introduced, which accelerates Converge's TrustBuilder Platform deployment. Added to this, our existing world-class development AI practice recently built an application to support a home health test, which will allow for people to safely return to work, attend sporting events, get on airplanes, eat at restaurants, and generally go to public places safely. This application uses visual AI, runs in a HIPAA-compliant public cloud, and is deployed using modern DevSecOps. Combining Converge's professional services and analytics capabilities with our TrustBuilder Platform is a powerful combination for solutions in 2021. On that note, I would like to pass the call to our Chief Financial Officer, Carl Smith, to discuss our financials in further detail. Thank you, Shaun. Q4 revenue increased 35% to CAD 289 million compared to CAD 214 million last year. By industry, the breakdown for the quarter was approximately 25% financial sector, 24% government, and SLED 15% technology, and 7% from healthcare. For the 12 months ended December 31st, revenue increased 38% to CAD 949 million from CAD 688 million last year. Our gross profit in Q4 increased 33% to CAD 70.9 million from CAD 53.3 million last year. Our gross profit margin was 24.5% compared to 24.9% last year. For the 12 months ended December 31st, gross profit increased 44% to CAD 233 million from CAD 161 million last year, and our gross profit margin was 24.6% compared to 23.5% last year. SG&A for the three and 12 months ended December 31st was CAD 49.2 million and CAD 177.7 million respectively, increasing from CAD 42.8 million and CAD 133.9 million last year. SG&A increased due to the acquisitions during the fourth quarter, and as Shaun noted earlier, during the year, we removed CAD 20 million of annualized cost savings, and in Q4 of FY 2020, our SG&A was approximately 17% of sales compared to 20% last year. Adjusted EBITDA for the quarter increased over 98% to CAD 23.4 million compared to CAD 11.8 million last year. For the year, our Adjusted EBITDA increased by 91% to CAD 60.5 million, compared to CAD 31.6 million last year. Sequentially in Q4, our finance expense, which is primarily interest expense, decreased to CAD 3.7 million from CAD 5.1 million in Q3. This is a result of the interest savings related to the refinancing of the ABL and the payment of some debt. We would expect further decrease in that in Q1 as the full impact of the savings will be realized. At the end of the fiscal year, our cash balance was CAD 64.8 million, compared to CAD 20.6 million last year, and our borrowings were CAD 139.2 million, compared to CAD 156.7 million last year. On that note, I'll pass it back to you, Shaun. Thanks, Carl. As the momentum of Converge has continued to advance for many of the reasons discussed today, CTS witnessed impressive traction with the investment community throughout 2020. We started the year with a single analyst covering the Converge story as firms and stakeholders awaited our 2019 full year financials. Fast forward to today, and we now have seven analysts covering the company with further eyes and interest in our story. Since last March, the company has raised over CAD 195 million through a series of oversubscribed equity financings ranging from CAD 8.3 million raised last February at CAD 1.30 per share to CAD 86.5 million raised this past January at CAD 4.85 per share. Through these public offerings, the company has added valuable institutional investors to our existing shareholder base while also improving our balance sheet and providing acquisition capital to fuel further growth. In addition to being named an OTCQX Best 50 company, Converge was recognized as a Venture 50 winner for the second year in a row, witnessing a share price increase of 255% and a market cap increase of 525% throughout 2020. While we absolutely appreciate the support the Venture Exchange provided to us as a publicly traded company, our recent graduation to the TSX represents a natural progression for the company to expand our reach across the broader investment community while improving liquidity for our valued shareholders. With this impressive increase in our stock price and market capitalization, I have often had to correct people when they mention to me that our stock price has had a good run, noting it is our earnings that have had a good run, and our stock price is still struggling to keep up. You might have noted that Jennifer Radman of Caldwell Investments identified us as one of her top picks, as featured on BNN two weeks ago. But it is also noteworthy that her two other stock picks were also value plays, Magna and Stelco. I mention this as context to the recent volatility in our share price and the volatility in the market generally. Over the past several months, we have seen a number of technology-related growth stocks achieve meteoric share price gains, with many stocks trading at high double-digit multiples of revenue. Some would argue that these multiples are unsustainable in the long run, which might help explain some of the recent market activity. We feel it's important to point out that Converge's multiple, whether based on revenue or adjusted EBITDA, remains orders of magnitude below the multiples of many of these companies, which we believe should position Converge well as investors assess their portfolios. While we don't provide guidance, I can say that I have never been as excited about the prospects for the company as I am today. I remain convinced that the market will ultimately reward the company for continuing to deliver strong growth for the benefit of our shareholders. With that being said, I would like to open the floor to questions, operator. Thank you. Ladies and gentlemen, we now begin the questions and answers session. Should you have any questions, please press star followed by one on your touchtone phone. You will hear three tone prompts acknowledging your request and your question will be considered in the order they are received. Should you wish to decline from the polling process please press star followed by two. If you are using a speaker phone, please set your handset before pressing any keys. One moment for the first question. Thank you. Your first question comes from Robert Young with Canaccord. Robert, please go ahead. Hi. Good evening. Maybe the first place I'll start would be around the product revenue is a little higher than we expected. Would that be driven potentially by a rebound in the economy as vaccine rollout starts at U.S.A. in particular, maybe Texas, in Q1 may be a driver given that's opened up for you? I know that's begun to open up there. Is there some other factor, like acquisitions, that would have driven that line? Thanks, Rob. As we've noted before, in Q4 when vaccines were announced, projects that were pushed off in Q2 and Q3 were brought forward, and there is a mix issue. I'll highlight that Northern Micro had an extremely strong kind of device year as well. It's a combination of pull forward of product. Again, we still have very strong and robust software and services sales. You are correct that there was a stronger hardware component there as well. Is that something that you're seeing continuing as you move into 2021? Some people are under the misnomer that COVID increased IT services sales. Actually, Gartner has last year that the market declined by 3.3%, and they have enterprise software this year growing at 8.5%, hardware by 7%. There is projects that were pushed off that I believe you will see, according to Gartner, into 2021, an increase in both hardware and software from projects that were pushed off, especially during Q2 and Q3. Okay. Then just the disclosure around the private cloud and managed services component of services revenue. I think you said it was CAD 56 million. That's down just a little bit quarter-over-quarter. Is that seasonality, or is there something else that's happening? Yeah. A little bit of transition there. I think you'll see that that's more of an anomaly, and you'll see that that's a key area of growth for us in 2021. Yes, you are correct, but I think you'll see strong growth of that in 2021. Okay, maybe last question before I pass it off. A lot of commentary from IBM talking about embracing the channel more under a new sales strategy. Are you seeing any benefits there? I know IBM is an important partner and channel for you, and so are you seeing that impact your business? I'll pass it on. We are extremely important partner for IBM. In the top six partners, we're the only one that experienced growth in 2020. The initiatives, a lot of the campaigns that we run, I highlighted the Red Hat workshops we run around OpenShift and Ansible. We have a great partnership where they fund that growth, and it's really been recognized that our ability to cross, well, especially software across the channel and these Cloud Paks. The fact that they're moving more to the channel and given how much of our revenue, about a third comes from IBM, that's an extremely powerful driver for our growth. As they split off their two units and really embrace the channel. David LaRose, who runs channels there, talks about how going from basically 15% through the channel up to 60%. Yes, that is definitely a tailwind for us going into 2021. Okay, thanks. Thanks, Rob. Thank you. We have a following question from Suthan Sukumar with Eight Capital. Suthan, please go ahead. Good morning, gents, and congrats on a strong quarter. Thank you. Guys, the first question I had was on the managed services side of the business. It sounds like you guys are seeing some growing traction here, and you have a growing pipeline of business in this segment. With respect to the pipeline, can you touch on what the mix is between kind of existing customers versus net new customers in this pipeline, and can you provide an update on the IBM, the iSeries opportunity that you guys have touched on previously? Yeah. The iSeries opportunities are all net new customers. That's not a segment. We were providing a lot of DR capabilities around iSeries, but a lot of the iSeries hosting around Infor with Google tends to be a larger customer base than our traditional base. That is really kind of a net new. As I mentioned, we went and had a session with all of the Google sales reps and engineers around this, as well as the Infor reps. The pipeline is definitely building around the iSeries solution. There is an onboarding lag from when you start an onboarding process to when you go live with revenue, and that can be up to a quarter. You will see a lag, but that is a very strong offering. Alongside with that is the new offerings that we've had around service desk, where we're triaging problems on behalf of our customers, the help desk, as well as then managed network, managed security, and managed end user. As I've talked about in previous calls, we're around 40% gross profit on these offerings. We aim to get that to 50% by the end of this year, and it's a key area of investment for us in 2021. Okay, great. That's helpful. Thanks. The second question I had was on Vivvo. You kind of touched on this a little earlier with respect to Vivvo and some of the progress with integration with the Vivvo Trust Platform. What does go to market look like from here, and what are some of the initial use cases and customers that you can bring to market first with the solution? The traditional use cases have all been around the trust ecosystems around citizens. Citizens ecosystems, we started off with a lot of customer-supplier relationships where government organizations interacting with their suppliers. Really what COVID's done is bring in a whole bunch of new use cases around healthcare, and Vivvo has an install base of customers in Saskatchewan around the healthcare service that makes them really well-suited to be able to quickly deploy them on their platform and then combine that with the Becker-Carroll toolkit. Really, these use cases are really helping us to demonstrate to partners, here's how this works. For us, the channel for the trust platform is really multifold. One is the Converge family, our 300 sellers, and our DevOps group, who's, again, one of the biggest demands out there right now is for apps around COVID testing, COVID solutions, and we've been using some of the visual AI tools to help on testing recognition, and then passing it back to the platform is a wonderful combination. Also, if you look at the other channels such as Bell and Rogers or EY, Deloitte, PwC, these are all channels for both the platform and the toolkit. As our AGM, we'll kind of go through some metrics to gauge that growth. They're much more like a software company, and the services component are really being done by partners, whether that be Converge or be other partners as well. The gross profit around the platform is much higher than our traditional more services, more like the kind of CGI-type service kind of models. These are more like software-type gross profit models that you drive from that and the recurring models for them. Great. Thanks. That's helpful. The last question from me, I guess I want to touch on the M&A outlook. Could you provide some color on what you guys are seeing today in the valuation environment and how that might have changed over the course of the pandemic, and what the impact has been on your pipeline? Has there been any change in the size or profile of the targets that you're looking at now, especially now with your focus also being expanded into the European market? As far as North America goes, we've always said four to six a year. Again, we had a very big backlog that we were working through in Q4, and we're still working through that in Q1 in North America. We can now acquire larger companies that I wouldn't have felt comfortable with, say, in phase one, because they might have dominated our overall portfolio. You can take on, we say companies between CAD 75 million and CAD 200 million. I can take ones at the higher end of that in North America, while still not disrupting our overall company. In Europe, we've stated that starting off in Germany and the UK, in Q2, we'll be looking to buy companies between EUR 75 million and EUR 200 million in Germany, GBP 75 million to GBP 200 million in the UK. It's a little bit different in that when you go to those countries, the first acquisition becomes a platform, then the synergies come after that. We'll be putting our admin in Ireland and our technical resources in Eastern Europe. This is something that until we close the first one, we wanted to do that before we kind of give guidance to, in addition to the four to six in North America, what does that look like in Europe? We've been building up a pipeline since November. They're now actionable. Again, using very similar techniques to the way we've built a pipeline in North America. We've been very successful in doing that in Europe. We should be on track to be there or thereabout. It does take longer to close acquisitions in Europe than it does in North America. There's just more steps to go through, so it's not as straightforward from LOI to close. We can do them in as quick as 45 days in North America, whereas I would say it's probably going to be double the timeframe in Europe. Again, the opportunity is very apparent there. The amount of companies in our sweet spot is, again, there's a tremendous opportunity there. Note that I believe that most of the analysts we've kind of dissuaded from really putting any European acquisitions into the forecast until we closed one. As we do that, we'll be trying to give guidance for, in addition to the four to six in North America, what do we feel we'll be doing in Europe on an ongoing basis. Great. Perfect. Thank you, Shaun. Thanks for my questions, and I'll pass the line. Thanks, Suthan. Thank you. Your next question comes from Daniel Rosenberg with Paradigm Capital. Daniel, please go ahead. Thanks. Nice to see the organic growth in the quarter. I had a question regarding the integration comments you had in your preamble. You mentioned now having a platform to rapidly integrate with M&A. I was wondering, what does the ramp of cross-selling look like? Is that something that you would say the sales force would be fully equipped to start selling managed services at your targeted companies? Is that a three-month ramp, six-month ramp, or that year ramp? What does that look like? It's a day one ramp. Very differently from the integration on the back office side, we've always, from day one, stated that the cross-sell was our priority. The back office integration is something completely separate. This is really some of the beauty that what Greg Berard, our President, has created. The moment we buy a company, we don't expect those sellers and engineers to know the breadth of our portfolio. They have to know enough to identify opportunities so that they can bring in our practice areas, and they can provide the deep expertise. Where our sellers and our engineers have great client knowledge of their environment and their processes, our technical expertise can go in and sell. The mistake a lot of companies have made in trying to train up people to sell solutions is they leave them on an island to do it by themselves. Of course, they're not going to be world experts in Ansible and OpenShift and some of the solutions that we bring to bear, analytics and cybersecurity like Snowflake or Watson. They just won't know those technologies. Our model is they identify them and bring in the experts. That is such a more powerful model to allow you to understand 71 net new logos in one quarter is an astonishing number. This ability to buy companies and immediately be able to use the practice areas to go in and sell to their account things they have never sold before, including managed services. It's a very different model. Again, we talked about how the workshops that we hold, we bring our mid-market customers to us as opposed to going to them, which wouldn't be very efficient. The way we're selling is very different than the textbook model that you would sell to large enterprise, and that's why we're able to cross-sell so effectively. Just one modeling question. You guys are scaling, becoming more profitable. On the taxes, they moved up this quarter. How should we think about modeling your tax exposure for next year? That's a wonderful question for Carl. Carl, all you. Thanks. Yeah, Q4, we had slightly higher taxes, but on a cash taxable basis, we're still around, call it between 12% and maybe as high as 15%, for the next probably year or two. As we go through some of the losses that we've acquired, then we'll probably get up closer to the 21%, which is the U.S. rate, say in year three, year four from now. Okay, thanks for that. That's it for me. Congrats on a good quarter. I'll pass the line. Great, thanks. Thank you very much. Thank you. We have a following question from Nick Agostino with Laurentian Bank. Nick, please go ahead. Yes. Good afternoon. I guess, Shaun, a question for you with regards to, I've seen your MD&A, you guys expecting remote support to continue to be strong in 2021, and I'm just wondering if that narrative is changing or maybe what your observations are in the last month or so as we're seeing some economies open up. I know Texas is a state for you guys where you have exposure. I'm just wondering if you're seeing a change in mix shift as economies open up as to where enterprises are looking to spend their dollars as the pandemic hopefully becomes more of a rear view mirror thing. Yeah. Nick, one of the things that we're seeing is there's definitely a permanent change in the ways that certain companies, and technology companies are leading the way, are viewing work from anywhere. I kind of use the example, Oracle has said they're not renewing any leases worldwide. There's a company, and there are tens of thousands of employees, that all of their infrastructure was built around data centers and intranets and high bandwidth there. Now, for the future, they now are work from anywhere. The infrastructure required, the security model, a zero trust model, higher bandwidth in solutions that are in a remote setting, this is not changing. I think the bigger change is the companies that were delaying spend because of uncertainty in the marketplace are now spending. I think there's a dramatic transformation in what was the data center into a multi-cloud kind of environment, much more heavily reliant on VDI or virtual desktops, much more reliant on a new security model. I can't stress high enough how technologies like our trust platform, that this model that you used to rely on, logging into your email for a two-factor authentication with access control lists that existed in this environment, that you were then a trusted user, that doesn't exist in this new world. There has to be a whole new way of thinking about how people interact in the security model. We have a world-class cybersecurity group, and one of the greatest ways that we've been getting new customers is triaging security flaws. You hear about various attacks from whether it be other governments or just new models. There's just a new way that security has to be addressed. I do not see everyone going back to the way it was. I think there's some permanent changes in the marketplace and in the way, especially employers are going to be supporting their employees, and that it'll be much more of a work from anywhere type manner. Definitely, there'll be people back in offices, I completely agree with that. There's a different model that will really be promoted and rolled out. I do not think you're just going to see, oh, flick a switch and you're back to normal. Okay. I appreciate that. Just maybe switching gears to the Accudata transaction. I thought it was interesting, the sizable earn-out and the fact that it's potentially related to recovery in the price of oil. I think that transaction's about a month and a half old on your books. Just in the last month, the price of oil has been fairly, very strong for that matter. Just wondering if you could maybe provide some preliminary observations on that Accudata, if in fact they're starting to see some of their former oil and gas customers come back to them. They are a world-class kind of network provider. Again, a Cisco master security specialist, Palo Alto specialist, and so have really high-end skills. They had about 30%-35% of their business in oil that just kind of really was heavily impacted last year. There is a lag time, though, between prices. The reason prices are so high is because things takes a while to get online. I believe there will be a lag. You're seeing some green shoots there, but definitely not a flick of switch and they're back. I think it'll take a while. I think Q2 is really kind of the time. Traditionally in these companies, Q4 is by far the biggest. Q2 is another significant quarter. I think Q2 is when you'll start to see the results of a sustained price increase if it's maintained, then because of the lag time in developing and opening up capacity, I think you'll be kind of looking into Q2. You're seeing some green shoots now, but you won't see the revenue dramatically change, I think, until the Q2 timeframe for that industry. Okay. Just one last one. Just given the gap between transactions or acquisitions during the course of 2020, are we safe to assume that everything that was done in, say, Q1 or up until Q1 of last year, you've pretty much were able to recoup all the margin benefit from all those transactions, and that when it comes to any further margin lift, we should be looking more so on the, I guess, the last seven you've done, which were late Q4 and early Q1? Remember though, that the lift that we're going to get through cross-sell will not be realized. The lift we get through rebates and the back-office integration, that's absolutely correct. The whole walk from 3% EBITDA up to 6.5%, absolutely that'll be the newer ones because we have integrated all the other ones. We still have to do the new ones. It's the cross-sell that really, the higher gross profit associated with cloud services and managed services, that really will continue to drive on that platform. We've now said in the first 12 months, we'll be able to get those rebates and other synergies from the front and back office synergies of the new ones. You're absolutely correct there. Okay, perfect. Thank you so much. That's it. You're welcome. Thank you. We have a follow-on question from Steven Li with Raymond James. Steven, please go ahead. Hey, guys. A couple of questions from me. Shaun, last year you called out the CAD 20 million integration synergies, which you delivered on. Based on the acquisitions you've made so far, is there an amount of synergies you want to call out going into the new year? Not yet. Again, there will be definitely a significant amount during the year. We haven't finished off getting through our acquisition backlog yet, and now that we have a platform to acquire to, there'll be kind of timings for those. I wouldn't want to call that out yet, but I do think the next question about how do you get from 3%- 6.5% is valid. If you look at that gross profit percentage in the first year after acquisition, we should be able to get them to 6.5% EBITDA margins. Okay, got it. Then maybe for Carl, looks like you consume quite a bit of cash flow this quarter. Is that usually the case for your Q4s, or is there anything you want to call out, Carl? Thanks, Steven. I think we had a bit of an anomaly just in some of the collections on the accounts receivable, just on timing. Typically, working capital for us is a source of funds and consistently a source of funds. In Q4 it wasn't, probably for the first time in a long time. I would expect that to normalize again in Q1. Nothing specific, just a little bit of timing difference that caused a short-term cash use from the working capital. Maybe just to add to that. Steven, do realize that we closed Vivvo on December 31st, and therefore its balance sheet was added to ours on December 31st, before we were able to work through the kind of working capital transition. That balance sheet would've been included as well, just to add to Carl's comments. Okay, got it. We might see a big swing in Q1 then, in working capital. Yeah, I would expect it to normalize again. Okay, perfect. Carl also, I know Shaun gave the recurring revenue, the gross recurring revenue annualized. Do you have the net recurring revenue annualized for Q4? I can get that for you a little bit later on. I just don't have it right in front of me. Okay, I'll follow up with you. Okay, thanks, guys. Yeah. Okay. Thanks, Steven. Thank you. Your next question comes from Anja Soderstrom. Anja, please go ahead. Hi, Shaun and Carl, and thank you for taking my questions and congratulations on a great quarter and year and continued execution. Great. Thank you. A lot of these questions asked already, but I wanted to ask a little bit more about your entering to Europe. Is that included in your CAD 2 billion run rate goal for 2022, or is that going to be added to that? Yeah. Right now, if you look at kind of what we said on the call, that we've kind of added CAD 300 million since the beginning of Q4 in kind of run rate revenue. If you take that on, and then say, we kind of say per year, you can kind of model in CAD 400 million a year is kind of the average in the four to six acquisitions. When you look at the target that we have for Europe, if they're in euro or in sterling, the conversion into Canadian dollars means that if you're buying something, call it EUR 100 million-EUR 150 million or GBP 100 million-GBP 150 million, those numbers go up quite dramatically. If we're to buy a couple in Europe, then that'll definitely increase dramatically the revenue that will be impacted on a run rate basis for 2021. You won't see the full impact of those as we're just getting started in Q2 and you'll have some later on in the year. That will definitely impact the run rate revenue for 2021. Okay, thank you. In terms of acquisitions in North America, are you still looking to expand territories there, or is it more about capabilities? It won't be about capabilities. We feel very good about our capabilities, especially in some of the tuck-in acquisitions we did in Q4. What I've always said is those NFL cities, when you look at that map and I'm not in that NFL city, that's my target. We feel that continuing on four to six a year, we're still not through our backlog, working through our backlog yet, so we'll continue to work through our backlog. Probably take a pause then as we focus in on Europe, and then continue on again. My target is more about customers and cities, cultural as being the first thing that comes to mind. Capabilities, we feel very good about the capabilities we possess in North America. Okay. How should we then think about acquisitions and entering Europe? Would that also then be territories and you will be cross-selling then the capabilities you already built up? Correct. Again, we haven't given any guidance until we close the first acquisition. I think what we'll do is we'll kind of wait to talk a little bit further on the European strategy when we close the first one, because until you close the first one, right now I'm making assumptions on timing, on how long it takes to close, on price and the rest. We feel it'll be better to guide. We have some plans that we're looking to put in place. Again, based on the acquisitions and the geographies, that we'll tweak those plans left and right. We'll feel more comfortable about stating those plans once we've landed the first acquisition. We'll have to defer to those. Okay, thank you. That was all for me. Thanks, Anja. Thank you. There are no further questions at this time. Please proceed. Great. Thank you to everyone for participating on today's call. Whether you've been with us from day one or are new to the story, it has been my pleasure updating you on our strongest year yet. I look forward to updating our shareholders again when we announce our next quarterly call, and thank you for your continued support. Good day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines. Have a great day.