Ladies and gentlemen, good morning, and welcome to dentalcorp's fourth quarter and fiscal 2022 results conference call. Please note that all lines have been placed on 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 the star, then the number one on your telephone keypad. If you would like to withdraw your question, press star one once again. At this time, I would like to turn the call over to Mr. Nate Tchaplia, Chief Financial Officer of dentalcorp. Please go ahead, sir. Thank you, operator. Good morning, everyone. Welcome to the dentalcorp fourth quarter and fiscal 2022 results conference call. I'm joined here by Graham Rosenberg, our CEO, and Guy Amini, our President. Before we start, we would like to remind you all that all amounts discussed on this call are denominated in Canadian dollars, unless otherwise indicated. Please note that the statements made during this call may include forward-looking statements and information and future-oriented financial information regarding dentalcorp and its business and disclosure regarding possible events, conditions, or results that are based on information currently available to management, which indicate management's expectation of future growth, results of operations, business performance, business prospects, and opportunities. Such statements are made as of the date hereof, and dentalcorp assumes no obligation to update or revise them to reflect events, disclosures, or circumstances except as required by applicable securities laws. Such statements involve significant risks and uncertainties and are not a guarantee of future performance or results. A number of these risks and uncertainties could cause results to differ materially from results discussed today. Given these risks and uncertainties, one should not place undue reliance on these statements and information. Please refer to the forward-looking statements and information and future-oriented financial information section of our public filings. Without limitations, our MD&A and our earnings press release issued today for additional information. For those of you who have dialed into the call, the company has prepared a series of slides to complement our prepared remarks. These slides are available on the investor relations section of our website in the Events and Presentation section. I'll now turn the call over to our Chief Executive Officer, Graham Rosenberg, for opening remarks. Graham. Good morning, everyone. We're pleased to be with you today to review dentalcorp's recent developments, as well as our financial and operating results for the three and 12 months ended December 31st, 2022. For today's call, I'm going to share a number of those developments with you, I will then hand over the call to Nate, who will discuss our financial results in detail. After which, I will provide forward-looking remarks about how our business is trending. On slide three, you will see that dentalcorp works within an industry that is highly recurring essential healthcare services That is cash pay and protected from economic cycles and disintermediation by technologies. Importantly, dental expenditures have experienced strong relative growth during periods of higher than average inflation. Accordingly, in the context of the current macro environment, we believe that dentalcorp's favorable cost structure, high margins, low commodity risk, and minimal capital expenditures provide support for the company's continued delivery of double-digit growth in the CAD 18 billion Canadian dental industry. Our confidence in the business is validated by our fourth quarter results and strong outlook for the first quarter of 2023 and the remainder of the year. On slide four, you will see that we completed the fourth quarter ended December 31, 2022, with approximately CAD 1.3 billion of last twelve months pro forma revenue and CAD 254 million of pro forma adjusted EBITDA, all supported by healthy Same Practice Revenue Growth of 2%. This consistent growth has been made possible by our deep and diverse network of 1,800+ dentists, 2,100+ hygienists, and close to 4,700 auxiliary dental health professionals across the country from coast to coast. Our healthcare professionals continued to deliver the highest standards of care during the reporting period, supporting more than 2 million active patients and managing more than 4.7 million patient visits annually. On slide five, you will see that we continued to leverage our leadership position in the Canadian dental industry by acquiring seven practices in the fourth quarter for a total consideration of CAD 32 million. These practices are expected to generate approximately CAD 5 million in pro forma adjusted EBITDA. We are also encouraged to see in the fourth quarter and so far in the first quarter that practice valuations are beginning to decline in Canada, as we suggested previously, as access to financing tightens for most buyers across the industry. We believe we are well-positioned in this regard as a capitalized partner of choice for independent dentists and can continue to be judicious about the practices we acquire. On slide six, you will see that we have remained disciplined in our multi-pronged approach to growth and intend to continue growing our business organically through accretive M&A and by driving overall business efficiencies and operating leverage over the medium to long term. This is a program that we have refined over the past decade and we are able to adapt to any short or longer-term fluctuations in the broader economy. On slide seven, you'll see that our business continues to convert a high percentage of EBITDA into free cash flow and without acquisitions, has the potential to drive our leverage down by a quarter to a half a point per annum to the mid-ones over the medium term. On slide eight, I'm pleased to report that our business again delivered robust growth with fourth quarter 2022 revenue of CAD 331 million, up 21.5% over the same period in 2021, and adjusted EBITDA of almost CAD 61 million, up 21% over the same quarter last year with adjusted EBITDA margins coming in at 18.3%. We are also encouraged that our same practice revenue Growth was approximately 2% for the quarter. The outcome of this was a strong adjusted free cash flow for the year of CAD 125 million, representing a 38% increase over 2021. For the quarter, adjusted free cash flow was approximately CAD 8 million compared to 2022 in the fourth quarter of 2021, primarily due to changes in working capital, which for the year, and which drove the CAD 125 million, 38% increase over 2021 was neutral. With respect to our strategic review process, which we announced in November, the special committee of the board continues to conduct an extensive review and evaluate a number of potential strategic alternatives available to the company. While there can be no assurance that this process will lead to the approval or completion of any transaction, the company does not currently intend to provide any updates with respect to this process unless and until the board of directors approves a specific transaction or otherwise concludes its review of strategic alternatives. I will now pass the call over to Nate, who will walk us through the details of our financial results, and then I will share some closing remarks before we open the call for questions. Nate? Thank you, Graham. We believe that our fourth quarter results demonstrate the strength of our underlying business in a macro environment that is still churning through elevated inflation and escalating interest rates. The results also reflect an early and heavy flu season in Canada, which adversely impacted patient visits and provider availability for the quarter. We've seen our hygiene business return to normal performance thanks to the removal of many regulatory restrictions, largely offsetting the downward pressures from the impact of the flu season. Turning to slide nine, revenue for the three-month period ended December 31, 2022 was CAD 331 million, compared to CAD 273 million for the corresponding period last year, representing an increase of approximately 22%. The increase is attributable to our strong acquisitive and organic growth, including a positive contribution from orthodontics insourcing. As you can see, we reported fourth quarter adjusted EBITDA of approximately CAD 61 million, compared to CAD 50 million in the same quarter last year, and reported fourth quarter adjusted EBITDA margins of 18.3%. Same Practice Revenue Growth was 2%, with adjusted same practice revenue growth of 2.5% over 2021. Looking forward, we continue to be optimistic about our ability to grow the business through acquisitions and organically. With respect to M&A, we completed the acquisition of seven practice locations with CAD 4.9 million of pro forma adjusted EBITDA. Turning to slide 10, you can see that our net leverage and liquidity as of December 31, 2022. On a net debt basis, we were approximately 4.5x levered at the end of the fourth quarter. We ended the quarter with liquidity of CAD 796 million, comprised of CAD 111 million in cash and CAD 685 million in debt capacity under our CAD 1.75 billion senior debt facilities, of which approximately CAD 1.1 billion was drawn at quarter end. Fourth quarter and year-to-date adjusted free cash flow was CAD 8 million and CAD 125 million, respectively, which supports our strong balance sheet. Looking ahead, we believe that we'll have ample financial resources to achieve our growth goals while maintaining a strong balance sheet. We also locked in a significant portion of our debt costs in the fourth quarter. Subsequent to quarter end, we had an additional CAD 300 million of our bank debt. Approximately 75% of our exposure, or CAD 800 million, is now carrying a fixed CDOR rate plus margin for an all-in cost of approximately 6.4%. The other quarter of our senior debt facilities remain on a variable rate. It is important to note that every 100 basis point rate increase on our credit facilities is expected to result in less than a 3% impact on our adjusted free cash flow. Overall, we are very pleased with our fourth quarter 2022 results. We increased organic growth in part through our insourcing efforts, created ongoing operating efficiencies, and closed accretive acquisitions and continued to develop our pipeline. With that, I'll turn the call over to Graham to provide some closing remarks. Graham? Thanks, Nate. On slide 11, you will see that we remain highly confident about our business prospects going forward. Fiscal 2023 is off to a very strong start, with first quarter revenues expected to grow by 22%-24% over the same period last year, with same practice revenue growth of 7%-8%, driven by price increases, a rebound in patient visit volumes, and reductions in previously imposed regulatory restrictions. During the first quarter, we expect to acquire approximately CAD 4 million-CAD 5 million of pro forma adjusted EBITDA after rent at acquisition multiples that are 15%-20% lower than fiscal 2022 levels. We expect adjusted EBITDA margins to expand over the same period last year, with solid practice level performance offsetting the significant investments we have made in our marketing and talent teams and the upgrades we have made to our core information technology systems. With overall market conditions improving, we expect to again deliver double-digit revenue and adjusted EBITDA growth in fiscal 2023, with corresponding practice margin expansion while generating strong free cash flow and deleveraging of the business. We will continue to execute our disciplined approach to acquisitions, benefiting from decreased valuations of fiscal 2022 levels and expect to deliver strong same practice revenue and same practice EBITDA growth. I'd like to thank you all for taking the time to join our call today. That concludes the formal part of our presentation. I'd like to open the call to questions. Operator. Thank you. I would like to remind everyone in order to ask a question, press star, then the number one on your telephone keypad. We ask that you please limit yourself to one question and one follow-up question, and we will pause for just a moment to compile the Q&A roster. We will take our first question from Michael Cherny with Bank of America. Your line is open. Hi, this is Charlotte on for Mike. Thanks for taking my question. Just wanted to ask about any real-time update you're seeing on patient demand trends following the flu season and any improvement you've seen there in recent weeks, and then how that's impacted the provider side as well? Oh, hey, it's Guy here. I think we saw what we expected to see following the heightened cancellation in Q4, and that often when you do get those heightened moments of cancellation or periods of cancellations, you get a deferral of visits rather than a loss of patients. We did anticipate having a strong rebound. Demand has been quite strong, certainly since Q3, Q4 last year, and that sustained itself into Q1 of this year. You know, we continue to see strong interest in bookings. Our network continues to have strong requests from our patient base to come into the network. Again, not too shocking to see the rebound in visitations this quarter, especially after last. We expect and hope to see that sustain itself through the course of the year. Great. Thank you. Then just, another one. Could you provide a little color on your update, or update on your onboarding initiatives and specifically an update on your Ortho Acceleration Program? We continue to deploy the program across our network. Our rate of new practice onboarding remains consistent with the pace you would have seen last year, and so expectations should be the same for the course of this year. Given the variability in patient visits as a result of both those restrictions and heightened flu season, you will see some ebbs and flows as practices also make sure they prioritize getting patients back in for the routine care, you know, their annual checkups, any sort of more urgent related care that needs to be done given patients weren't able to come in as much as they'd like to last year. So you'll see some variability over the course of, say, months or a quarter. Our expectations are we'll see similar continued deployment of the program across our network with results consistent with prior periods. We will take our next question from Brian Tanquilut with Jefferies. Your line is open. Hey, good morning, guys. Congratulations. I guess, Nate, my first question for you, as I think about, you know, the guidance on acquisition contribution this year, maybe taking a step back and looking at what the M&A environment looks like. I know you said that valuations are starting to come down, but just curious what deal flow looks like and, you know, maybe interest level that you're seeing from more medium-sized assets to sell at this point. Thanks for the question, Brian. As far as the pipeline, it continues to remain strong and robust, consistent with really what we saw throughout 2022. What I can say as it relates to the valuation environment, as we're seeing the interest rates digest themselves through the market, and really the individual dentist who is trying to buy a practice and working with their local professional lending group, they're now being asked to put in equity. When they're running the math, they're not able to make it work as far as the debt carrying cost. Really that individual dentist is the number one buyer for dental practices across the country. Albeit we may be the single largest buyer of dental practices, it's still very much supported by that individual. As that now is becoming a reality, we're seeing valuations normalize to pre-COVID levels, in that 15%-20% range lower than what we experienced in 2022, and again, as you see printed, today in our quarter. We're optimistic, as to driving the volume of acquisitive growth, that we spoke to, at the end of Q3 in that CAD 20 million-CAD 25 million, on an after rent base, EBITDA, and the pipeline, is definitely there to support it. I appreciate that. I guess as I think about rate increases, or potential rate increases, what are you seeing in terms of the provinces, approving recommendations for rate adjustments for 2023 and 2024 maybe as well? Just to make sure we're answering the question. You're saying rate increases as it relates to fee guides, the dental rates? Yeah. Yeah, that's right. Yeah. Yeah. What's your question specifically around the provinces? What rate growth are we seeing the fee guide going up by for 2023? For 2023? Yes. Yeah. Just to level set those on the call, within each province, primarily the dental boards, whether it's the associations or some semblance of dental professionals will on an annual basis produce what are called fee guides. The province or government bodies themselves don't have a purview on this. It is sort of industry set by the dental representatives within each province. Those have all been released and have been set for the year. If you look at the mix of services within our network, which is probably fairly representative of the mix of services of an average general dentistry clinic, the price increase, again, depending on where you are in the country and depending on specifics around your volume composition or your mix composition are in around 6%-7%. Got it. Thank you. We'll take our next question from Stephen MacLeod with BMO Capital Markets. Your line is open. Thank you. Good evening. Morning, guys. Wanted to talk a little bit about leverage and wondering if you can provide any updates if it's changed at all, just your de-leveraging targets on an annual basis in terms of net debt to EBITDA? Thanks for the question, Stephen. As we look to the medium term, our leverage targets are still in the high twos to low threes. As we look through to the balance of the year, a de-leveraging pace of roughly a quarter to half a turn by the end of 2023. Okay. That's, that's great. Thank you for that. Then maybe just on the, on the fundamentals, I was just wondering if you could give a little bit of color around, sort of what you're seeing, in terms of, like same practice revenue growth. I know you called it a very strong number for Q1. I'm just wondering if there's anything unusual in there outside of, outside of just a rebound in patient visits from what was a slower Q4. It's Guy here. Yeah, I don't know if you wanna call it unusual. Again, I think there was a portion of pent-up demand from Q4, given just the rampant flu season. You've got a whole bunch of patients who otherwise would have come in in the quarter that didn't. You obviously saw some of that in Q1. I think beyond that, it looks and feels more like a normal operating environment for the first time since COVID. Beyond that, again, I think we're seeing continued sustained demand. That's not surprising given the nature of dentistry. Plus, when you combine, call it a more normalized environment as it relates to both COVID and regulatory restrictions, as a result thereof, the nature of demand obviously seems in line with our expectations. The other thing that, you know, we can point to as a driver of the strong start to the year is, if you recall, we made significant investments over the last year, particularly around our core infrastructure, including on the marketing side. It's a really sophisticated marketing engine that drives patient acquisition, where we significantly invested in that engine last year. Obviously in the back half of the year, you're seeing the dividends being paid with your typical patients booking an appointment that takes some time for them to get into the system. We're seeing the benefit of those investments that we made in the back half of last year show their or bear their fruit in the first half or at least the start of this year. That's great. Thank you. We'll take our next question from Doug Miehm with RBC Capital Markets. Your line is open. Thanks very much. Nate, with respect to the margins, we have prices increasing 6%-7%. I'm just curious on the cost side of your business and what the impact you see for margins throughout 2023, not necessarily as specific to Q1. Just to come back to the price, and obviously the list prices again, that are shown by the provinces as we look to it from an internal perspective, from a pricing, the way that we look at it is in that 4% plus range. You have to look at it from an overall mix perspective, which again, as you overlay the volumes, is what is driving our strong Q1. From an inflationary period, again, the pricing that we receive is always a year late, right? It looks to the inflationary environment, driven from the prior year. As we look into quarter, and the year ahead, we're gonna be able to drive pricing and drive growth that is in excess of the inflationary period or the inflationary environment that's before us. From a margin perspective, when taking into consideration the additional investments that we're making in our overall infrastructure, we feel really good about continuing to maintain and slightly expand margins throughout 2023. Okay. Perfect. My second question just has to do with the loans that are, you know, have changed, I think, over the last little while with respect to management. Could you expand on that and just tell us what the implications might be? Sure. It's Graham Rosenberg here. Over the last nine years, Guy and Nate have each played increasingly instrumental roles in the growth and development of the company, and in various roles, including today as Presidents and CFO respectively. The Governance and Comp Committee and the Board have determined it was in the best interest of the company to further align their interests with those of the shareholders for the long term, and restructured some management loans, apropos the d escription in that's set out in more detail in the press release. Okay. Thank you, Graham. We will take our next question from Scott Fletcher with CIBC. Your line is open. Good morning, and thanks for taking the question. In last quarter's results, you've talked about doing between $5 million-$7 million in acquired EBITDA, in Q4 and over the course of 2023. With Q4 at the lower end of that range and the Q1 guide also at the lower end, are there plans to maybe accelerate that in the back half of the year to get to the midpoint of that range or are you comfortable staying at the lower end as the year goes on? I think at this point we're comfortable with the lower end of the range. We'll continue to evaluate both the macro as well as the strategic initiatives and plans for the business and we'll provide updates as necessary. Thanks. Obviously government healthcare funding has been a big topic at the start of the year. I'm just wondering if you're hearing anything, or if you have any insights or updates on the approach to dental funding and if there's any sort of changes on the horizon to what's already been announced. No, we haven't heard anything other than they continue to work on the program. Obviously, you saw its first iteration last year, that was launched in October. Frankly, we didn't see any real impact, one way or the other, including as it relates to so-called incremental volume, which is again what we'd anticipated, that we'll see minimal impact of this program on our network. There's no reason to believe government has changed its intentions, and we haven't heard anything to the otherwise. Okay. Thanks, Guy. All right, I'll leave it there. Thank you. We'll take our next question from Tania Armstrong-Whitworth with Canaccord Genuity. Your line is open. Hi, guys, and thanks so much for taking my questions. firstly, on the guidance provided for Q1, that's 7%-8%. I know the pricing increases that we got across some of the provinces are quite large. I guess how much of that is volume growth versus price growth? it seems like your commentary is mentioning that most of this is around volume growth. Yeah, we did see a significant amount of volume growth, again highlighting, one, the dynamic of Q4's artificially depressed volumes because of the flu season. We did see significant rebound in volume. Again, I'll point to our programs particularly around the investments we made in marketing and technology capability, which drove again, even greater volumes than we would have seen otherwise, which is a testament to the infrastructure that we continue to build out. You know, again, I think if you look at those fee guides produced by the dental boards across each province, there's a real distinction that needs to be drawn between the quoted fee guide increase and what it applies to or what it means when it's applied to your mix of services for your practices. Again, I think the short answer to your question is we saw significant volume uptick in the beginning of the quarter, it continued to be buoyed by price increases which sufficiently offset the inflationary environment. Okay. Thank you. On the impact of flu season in Q4, are you able to quantify it in CAD dollar terms how much you think it removed from your revenue line? Yeah. That's not something that we would for purpose of this call. Again, I can tell you that, from a patient cancellation provider availability dynamic, it wasn't unlike what we saw in January of last year, for a shorter period of time. Again, we saw a pronounced change in patient behaviors. I think normally during what would normally be a flu season in terms of its spread, you would have still seen patients coming in or providers saying, I'll go to work, not feeling well. I think given the change in behavior, post-pandemic or at least as a result of pandemic, if people have the sniffles, they stay home, and unfortunately, a lot of people had the sniffles in Q4. We had significant uptick in cancellation rates, significant absence of provider availability, and I think that's a big driver of what we saw in the quarter in terms of volumes. Okay. Thank you. Just lastly, I don't know if you can answer this, but in terms of the type of business loans that individual dentists have, to run their practices today, do you know if they're mostly on variable rate loans or on fixed loans and if these interest rate increases are hitting them and maybe propelling them to sell sooner than they otherwise would? That's a great question, Tania, and most are on variable term loans that also do have cash amortization throughout the tenure of those loans. Absolutely, they are being impacted by the current macro, both those that are current owners with leverage as well as those that are looking to acquire new practices. We'll take our next question from Daryl Young with TD Cowen. Your line is open. Hey, good morning, everyone. My question is just around the patient volumes and I guess trends in terms of churn of patients maybe moving from urban offices to suburban offices, and whether you've seen a stabilization of that kind of patient churn as work from home dynamics have started to stabilize. Then second to that, has that movement at all indicated how you plan to attack M&A in the future? Are you maybe targeting more suburban areas than historical? It's news to me that work from home dynamics have stabilized. I think every company I know, there was a headline the other day about RBC moving to more strict requirements for in-office. Obviously, some of the large tech companies in the U.S. are making significant alterations to their company philosophy on work from home. I think there's still a great state of flux on worker, employer, employee behaviors, and that drives sort of where they're spending their time between Monday to Friday. Obviously, as we know, you go to a dentist where you live or work. I'd still say we find ourselves in a state of flux, particularly in the financial district of, say, Toronto, Calgary, you know, even Montreal, areas where we've got, you know, a good mix or good healthy mix of downtown or core practices. We haven't seen a stabilization there quite yet. I think we're seeing, you know, continued flux. I wouldn't say our patient churn rate has drastically increased in any meaningful way as a result. It's more about frequency behaviors that are causing some noise in the overall volume numbers. As it relates to your second question, strategically, again, we've always targeted stable practices in great overall geographies, whether they're sort of core or suburban. We continue to see great opportunities even in suburban practices and those will always sustain themselves and be areas where we can drive continued growth. I don't think it's required us to have a material deviation in overall strategy as it relates to acquisitions. But we are mindful in this environment, at least for now, of practices that are sort of true financial core. If we're not able to have a sustained view or a prolonged view of their own patient base, it does inform how we think about the acquisition opportunity. That's great color. Thanks very much. We'll take our next question from Gary Ho with Desjardins Capital Markets. Your line is open. Good morning. I just have a question on the adjusted free cash flow. It was CAD 7.6 million. Just wondering, you know, if there's any seasonality in that number. I think Q3 was also a little bit light versus kind of the first half of this year. Maybe you can elaborate on that working capital change as well. For the full year basis, the adjusted free cash flow was CAD 125 million, which we're very pleased with, again, given the turbulence both in the COVID environment as well as the macroeconomic environment. As we look quarter-over-quarter and period-over-period, dentistry in general is a flat to potentially negative working capital business. Over the year, the swings in our networking capital were nominal, and the impact of working capital was very minimal on a full year basis. There will be some timing differences quarter-over-quarter and period-over-period, which you see here in Q4. Again, the full year of CAD 125 million is something that, as a management team and the company are very pleased with. Nate, there's no seasonality like first half being higher, second half, et cetera? There is some seasonality, in the quarters with Q2 and Q4. Again, it's minimal. Some of it comes down to, again, timing of operations and timing, of certain events, that occur. Okay. To my second question, slide 12, you provided some additional disclosure on the U.S. market. Maybe for Graham, you know, are you still looking at international expansion, or is that kind of on pause just given the strategic review? I think you'll see us this year focus with rigor on our same store growth and a disciplined approach to acquisitions in the Canadian market. Sorry, same practices. Apologize. Okay, great. Question from Andre Bodo with National Bank. Your line is open. Good morning. It's Andre sitting in for Endri Leno. I was just wondering if you could provide some more color on labor costs and any trends you're seeing over there. We'll start with, again, with the nature of rates in dentistry. You do get a bit of a lag. This year's rates will reflect the inflationary environment we saw last year. That's just how the industry sort of unfolds. You know, again, we're appreciative and encouraged that the rate increases we're able to take this year more than offset the pressures we saw last year. To, you know, to the substance of your question, I'd say, it's still a challenging labor environment, I think, across the board for any industry, healthcare in particular. That said, there are encouraging signs that we can point to internally that give us confidence that this year, will be more manageable than last year, particularly as it relates to timing of those rate increases. Again, two points to take away. One, rate increases that we're able to take in our network that more than offset the inflationary pressures from last year. Two, encouraging signs that the labor market is slowly, but hopefully surely, thawing, if that's the analogy. Great. Thank you. I was wondering if you could comment on the interest of dentists to sell at the lower multiples that you're seeing, and if your pipeline has any specific weightings towards one province over another. As far as the valuations that we're seeing here come through, and again, in Q4 and what we expect to come through in Q1, these valuations are one that the market experienced for a significant period. The increase in valuations that we incurred through 2022 is really driven by a couple of factors. One was the mix of the types of deals that we completed in the early part of the year, weighing more towards the mid-market opportunities and the larger practices. As well as some of the behavior of our market participants, again, in those early couple of quarters. That has subsided, and the valuations reverted back to normal. From a dentist perspective or a vendor perspective, these are normal and expected levels that they expect to transact upon. We're not seeing a significant amount of friction there. As far as it relates to the geographic dispersion of our pipeline, we have a national business development team that's located in every province across the country. They're tasked with, again, building those relationships and maintaining a pipeline of conversations in those local markets. We look to continue to grow in a manner which is consistent with the past, very, very proportional to both the population of dentists across the country as well as the population of Canadians. We'll take our next question from Justin Keywood with Stifel. Your line is open. Good morning. Thanks for taking my call. Just had a question on the newly merged entity. Has there been any change in competitive dynamics there? Do you anticipate any developments in 2023? Thanks. I think as we had intimated when the deal was announced, it's never easy to combine, you know, any two materially sized businesses or even businesses of those two sizes. I think unsurprisingly as expected, what we can tell is they continue to focus on ensuring integration goes successfully, given the significant premium paid for that merger. You know, as far as we can tell from market activity, they're far more focused on successful integration than they are proactively or aggressively seeking new acquisitive opportunities. Thanks. Maybe just a question for Nate. If we can have the net, what the business ended up for Q4. Sorry, you just cut out there for me. What was the question around what the Q4 net debt was? Net debt-to-EBITDA. Yes. It was at 4.5x. Thank you. We have a follow-up question from Stephen MacLeod with BMO Capital Markets. Your line is open. Thank you. I just had a follow-up question. In the past, you've given some distinct color on how many practices are in your Ortho Acceleration Program. Just wondering if you have that number for the end of the year? Yep. It's, 268 practices that are in the program. Great. Thanks, Nate. There are no further questions at this time. I will now turn the call back to Mr. Graham Rosenberg for closing remarks. Well, thanks, operator, and thanks everybody for taking the time. We look forward to reporting on a very strong Q1 and balance of the year. We're finally in a normalized what feels like a normalized operating environment, which gives us pause for optimism. With price increases of, and I want to just specify this and make sure everyone's clear, of roughly 4% plus offsetting inflationary pressures from previous years and volumes returning, including from last year's flu season. More importantly from the significant investments we've made in our technology infrastructure, HRIS, ERP systems, marketing and talent teams, we expect a really strong performance in Q1 with a consequential drop through to practice-level EBITDA. We look forward to reporting those results in Q1 and intend to expand our reporting to provide more detail of practice level performance, and network performance, including at the practice level of our same store and recent acquisitive program and the performance of those acquisitions. Again, strong Q1 coming up and I look forward to speaking to you all in May. Thanks. Ladies and gentlemen, this concludes today's conference call and we thank you for your participation. You may now disconnect.