Good morning and welcome to Dentalcorp's fourth quarter and full year 2023 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 key, then the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. At this time, I'd like to turn the call over to Mr. Nate Tchaplia, Chief Financial Officer of Dentalcorp. Please go ahead, sir. Thank you, operator, and good morning, everyone. Welcome to the Dentalcorp fourth quarter and fiscal 2023 results conference call. I'm joined here by Graham Rosenberg, our CEO. Before we start, we would like to remind you that all amounts disclosed and 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 the date hereof, and Dentalcorp assumes no obligation to update or revise them to reflect events, disclosures, or circumstances except as otherwise required by applicable securities law. 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 limitation, 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 and the events and presentations section. I will now turn the call over to our Chief Executive Officer, Graham Rosenberg, for opening remarks. Graham. Thanks, Nate. 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 31, 2023. For today's call, I'm going to share a number of those developments with you, and I will then hand the call over to Nate, who will discuss our financial results in detail, after which I will provide some forward-looking remarks about how our business is trending. As a reminder, Dentalcorp operates in a highly recurring essential healthcare industry that is cash-pay, resilient through economic cycles, and insulated from disintermediation by technologies. More importantly, Dentalcorp expenditures have experienced strong relative growth during periods of higher-than-average inflation. Accordingly, and in the context of the current macro environment, we believe that Dentalcorp's favorable cost structure, high margins, low commodity risk, and negligible capital expenditures provide support for the company's continued delivery of balanced double-digit growth in the CAD 22 billion Canadian dental industry. Our confidence in the business is supported by our fourth quarter and full year results, which met our expectations and provide a constructive outlook for the coming year. I am very pleased with our results for this quarter, for which our base business results were modestly ahead of expectations and included strong practice-level performance underpinned by strong patient volumes with acquisitions that met our expectations for the full year. On slide three, you will see that this performance has been made possible by our deep and diverse network of nearly 10,000 healthcare practitioners across the country. Our teams continue to deliver the highest standards of care during the reporting period, supporting more than 2.1 million active patients and managing over 5.1 million patient visits annually. You'll see that we completed the fourth quarter end of December 31, 2023, with approximately CAD 1.5 billion of last 12 months pro forma revenue and CAD 274 million of pro forma Adjusted EBITDA. On the next slide, you will see that we continued with our balanced approach to drive sustained double-digit growth, and we intend to continue growing our business organically through creative mergers and acquisitions and by driving overall business efficiencies and operating leverage over the medium to long term. This is a program that we've meticulously built over the last decade, and we believe we are able to thrive in any economic climate. With respect to M&A, we acquired 12 practices in the fourth quarter for a total consideration of CAD 65 million. These practices are expected to generate CAD 9.3 million in pro forma Adjusted EBITDA after rent. We are also encouraged to see that practice valuations continue to decline, down 6% in the fourth quarter 2023 over the same period last year and 27% lower in the full year 2023 compared to 2022, all driven by the tightening of access to financing opportunities for many buyers across the industry. We remain the best positioned and capitalized player in the market as the partner of choice for independent dentists and will continue to be disciplined about the practices we acquire. Moving to slide five, you can see that our business continues to convert a high percentage of EBITDA into Free Cash Flow. Without acquisitions, our business has the potential to drive our leverage down by a quarter to a half turn per annum to the mid to high ones over the medium term. On the next slide, you can see a comparison of valuation and Free Cash Flow yields versus our peers. Since our IPO, we have seen a decline of over 10x in our enterprise value to LTM EBITDA trading multiple compared to our Canadian consolidated network consolidated peer group of 3.3x and our healthcare peer group across North America of just under 6x. At the same time, we are currently trading at a 10.4% Free Cash Flow yield compared to our Canadian consolidated peer group of only 3.2% yield and our healthcare peer group of only a 4% yield. On slide seven, I am pleased to report that our business delivered robust growth with revenue of CAD 362.2 million in the fourth quarter of 2023, up 9.4% over the same period in 2022, and Adjusted EBITDA of CAD 65.8 million, up 8.6% over the same quarter last year, with Adjusted EBITDA margins coming in at 18.2%. We were extremely encouraged that same practice revenue growth was 6.7% for the quarter and 6.5% for the year, driven by strong patient visits. In addition, we have completed the vast majority of our planned corporate investments, which help drive strong practice-level performance in both today's business and our recent acquisition cohorts. The outcome was a strong Adjusted Free Cash Flow for the quarter of approximately CAD 33.9 million compared to CAD 30.1 million in the fourth quarter of 2022, despite increased financing costs driven by the historical rate increases we've experienced over the last 24 months, which are now from which we are now protected as 100% of our debt is capped through May 2026. As we look ahead to the full year 2024, we anticipate continued growth with revenues estimated to increase by 9.5%-10.5%, Same Practice Revenue Growth of 4%+, and Adjusted EBITDA margin expansion of 20+ basis points. We are also expecting to complete acquisitions representing pro forma Adjusted EBITDA after rent of approximately CAD 20 million plus in 2024, continuing on our balanced approach to strategic growth. We are expecting Adjusted Free Cash Flow per share growth of 15%-20% as the company continues to self-fund a significant part of our acquisitive growth. As we look to the fourth quarter of 2024, we anticipate revenues to increase by 4.5%-5% of a Q1 2023 and same practice revenue growth of 2%-2.5% as we lap a very strong and robust Q1 2023, which saw record volumes from a rebound in patient volumes due to a heavy flu season at the end of 2022. We expect Adjusted EBITDA margins to remain consistent with those levels we experienced in 2023 during that first quarter. 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. The diversity in our dentist base allowed us to deliver on our quarterly results and demonstrates the strength and predictability of our business. Turning to slide eight, revenue for the three-month period end of December 31, 2023, as Graham mentioned, was CAD 362 million compared to CAD 331 million for the corresponding period last year, representing an increase of approximately 9.4%. The increase is attributable to our strong acquisitive and organic growth, including a positive contribution from the continued strong patient demand. As you can see, we reported fourth quarter Adjusted EBITDA of approximately CAD 65.8 million compared to CAD 60.6 million in the same period last year and reported fourth quarter Adjusted EBITDA margins of 18.2%. Same Practice Revenue Growth was 6.7% over the same period in 2022 and 6.5% on a last 12-month basis. Looking forward, we continue to be confident about our ability to grow the business through acquisitions and organically. Turning to the next slide, you can see that our net leverage and liquidity as of December 31, 2023. On a net debt basis, we are approximately 4.4 times levered at the end of the fourth quarter, consistent with Q3 2023. We ended the fourth quarter 2023 with liquidity of CAD 392 million, comprised of CAD 39 million in cash and CAD 353 million in undrawn debt capacity under our senior debt facilities. Fourth quarter and last 12 months Adjusted Free Cash Flow was CAD 34 million and CAD 127 million, respectively, which supports our strong balance sheet position. On the debt side of the ledger, we increased the hedge portion of our bank debt from 75%-100%. The debt exposure is carrying a fixed CDOR rate plus margin for an all-in cost of 6.65%. Turning to the next slide, you can see our 2024 capital allocation program. We are committed to growing on a self-funded basis using Free Cash Flow and expect little to no debt drawn for our 2024 acquisition strategy. Overall, we're pleased with our fourth quarter 2023 results. We increased organic growth in part through our insourcing efforts, created ongoing operating efficiencies, 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. Turning to slide 11, you will see that we will remain highly confident about our opportunities going forward. Fiscal 2024 is shaping up to be an exciting year for Dentalcorp, and we don't anticipate slowing down thanks to our continued Same Practice Revenue Growth of over 4% plus and our disciplined approach to acquisitions. In tandem with this momentum, we are diligently keeping abreast of the developments related to the Canadian Dental Care Plan. As we prepare for its rollout in May, our team is actively updating our processes and ensuring that our practices are equipped to address patient needs. It's important to note, however, that there are still several unknowns regarding the specifics of the plan and its full impact on the dental sector. We are monitoring these developments closely. We're committed to adapting swiftly to ensure that we continue to provide the highest standard of care to our patients and support to our teams across the country. We believe that our balanced approach to growth to manage in the business will continue to drive sustained double-digit growth in revenue, EBITDA, and Free Cash Flow per share and deleveraging throughout 2024 and beyond. I'd like to thank you all for taking the time to join our call today. This concludes the formal part of our presentation, and I would like to open the call to questions. Operator. Thank you. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. We'll go first to Brian Tanquilut at Jefferies. Good morning. You have Taji Phillips on for Brian. Thank you for taking my question. So maybe first to start with the guidance, obviously we have the footprint for Q1, but maybe if you can talk about the expected cadence of earnings. Obviously, implied in the guidance, there's a step up in margin expansion. I see in the slide deck that you kind of have these three levers played out between labor procurement and technology platforms to help drive that. Maybe if you can talk about the magnitude of each and where you see the most opportunity for upside? Thanks for the question and good morning. Really, what our main driver and focus here on driving operating leverage, and let's talk about really the last 24 months first, which will set the base for what we're to expect in the future. There's two things that really happened over the last two years. One is you had inflationary cost increases that affected multiple areas of the practice. And given the pricing dynamics in the dental industry, the price that is received in one year is always with reference to the inflationary growth in the prior period. So 2022, significant inflation. 2023 received the price to offset some of that inflationary growth. 2023, of course, the inflation, albeit cooled down slightly, we were still in a higher elevated inflationary period than what we would otherwise experience historically. That price hasn't come in until 2024. So as inflation cools down and we continue to benefit from the positive dynamics of the dental industry, at the practice level, all those items that you mentioned, whether it be from the procurement technology as well as labor, all those cost items will allow for expansion of margin at the practice level. However, what we're very excited about as well is over the last 24 months, we've made significant investments in our technology stack with upgrades to our ERP system, our HRIS system, which helps us manage our labor pool of 10,000+ individuals across the country. Those investments now will allow for us to significantly grow the business without any meaningful step-ups. The operating leverage that we're going to be able to drive from our corporate infrastructure is going to be one of the main contributors to the overall margin expansion that we'll experience at the enterprise level. Great. Really appreciate the color, Nate. And then, Graham, maybe a question for you. I know back at our conference, we had talked about the opportunity within orthodontics and implants, right? Maybe just an update on where that stands today. How much of the opportunity have you realized and how much more runway is there to realize there? Yeah, morning. We have significant runway available to us still. Orthodontics, I'd say we have about a third of our practices operating at a reasonable clip in terms of their insourcing agenda. So we've got another two-thirds to go. We're currently running at around CAD 40 million-CAD 50 million of orthodontic revenue out of our GP practices up significantly over the last couple of years since we started the program. So we see a significant upside potential in that regard, at least another CAD 50 million-CAD 80 million plus over the long term. And at the same time, on our implants agenda, which is driven a lot by technology advancements, which are making it easier for general dentists to provide implant technology to their patients as well as an aging population driving demand for more permanent solutions to them losing their teeth, is an opportunity that we have just begun to forge our way forward on with training and development programs for our dentists. And we're at the very early innings of that. So we think that it's an opportunity over the medium to long term that's at least equal to the orthodontic opportunity. So all that early stages, long runway for growth. Thank you. We'll move next to Allen Lutz at Bank of America. Good morning and thanks for taking the questions. One for Nate. Same practice growth was 2.5% in 2022, and then you obviously saw the big step up in 2023 to 6.5%, and now you're talking about 4%+. As we think about the drivers of the step up in 2023, you benefited from a strong flu, and then I think there was a tailwind there from Omicron in 2022 that benefited 2023. As we think about this 4%+ number for 2024, you talk about that as an intermediate term driver. Should we think about 4%+ as kind of the steady state growth outlook for same practice revenue? And then how should we think about the composition of that 4%+ growth between volume and price? Thanks. Hey, good morning. Yes, the 4%+ is the way that we think about it internally from our expectations on a go-forward basis. Really, as the business and the investments we've made in our technology and our playbooks and the maturation of our ability to enhance the training and capabilities of our clinicians across our network, that gives us confidence in that figure on a long-term basis. From a composition perspective, as mentioned in the previous question, if we think about how the pricing dynamics work in the industry, it's been over the last 40+ years. If you draw a line of what CPI is in any one year, the following year, that's really what the price is determined to be. So inflation was roughly caught in that 3% range in 2023. So think of price being in approximately around that 3% level. As we look to the additional components, whether it's driving ultimately new patients, expansion of services, and expansion of frequency, that's going to make up an additional 100-150 basis points of growth in any given year. The components really would be price plus 100-150 basis points, which is comprised of additional services, frequency, and volumes. Great. Really appreciate that color. And then just a quick model question around seasonality. The flu is impacting one Q. I get that. Are there any other seasonal dynamics between 2023 and 2024 to call out as we think about the model over the course of 2024? Thanks. Nope. No, no. I think that's exactly it. It's just the flu from last year impacting kind of Q1 here when you think about it in that range. But outside of that, 2023 was representative from a seasonal perspective. Great. Thank you very much. We'll go next to George Doumet at Scotiabank. Yeah, good morning, Graham and Nate. Can you talk a little bit about what trends you're seeing in the labor market when it comes to dentists and hygienists and more generally, how should we think about cost inflation at the practice levels for 2024 versus 2023? Morning. Look, in terms of availability, we're starting to see things move to the positive on the supply side, on the dentists' side of things, as well as the dental assisting side of things with schools catching up in terms of their graduating classes. A lot of programs that we have with those schools are starting to accrue to our benefit. Hygiene continues to be tight. We continue to find ways to collaborate with schools and be creative around how we bring those folks in. I'd say on the cost side, it's in line with where we thought things would be for 2024. We've just put through our price increases in the past couple of weeks. We're not sensing a lot of negative feedback in terms of what we proposed. Things are currently in line with our expectations. But there is still upward pressure on labor costs, which we'll continue. We continue. We expect to continue to experience for the balance of the year, but are able to manage accordingly. Yeah. And just to build on that slightly, what Graham is speaking to primarily around the hygiene side is there's many, many hygienists left the profession in and around the COVID period with the hygiene schools and the accreditation taking, call it anywhere between 2-4 years. So we really are on the tail end now of the replenishment of the hygiene pool across the country. We are seeing time to fill come down significantly. We are seeing sequentially now, as far as hourly wage rates go, hiring at rates that were lower than the peak that was experienced over the last 24 months. I'd say sitting here today, looking back over the last 24 months, we're in a far better position today than we were at any point in the last 24-month period and quite confident of the continued improvement of the labor availability, wage rates, and time to fills in our business. Yeah, thanks for that. And when you look to the pipeline for 2024, how would you expect purchase multiples pacing and perhaps composition of deals to be any different, if at all, to 2023? Yeah, so no real difference. Expectation of really that continued balanced approach to our growth. Focusing on growth being funded through our Free Cash Flow generation in that CAD 20 million-CAD 25 million range of after-rent EBITDA. As it relates to the timing, always very difficult to predict when acquisitions will take place. As you saw, roughly half of our acquisitions for 2023 took place in Q4. So we're very confident that the repeatability and predictability and looking at the pacing of how we did it in 2023 is not going to be too dissimilar. From a valuation perspective, the market continues to look at us as the partner of choice from a valuation perspective in that 7-7.5x range. Really, what we experienced in 2023 is, again, from a modeling perspective, what and how we think about it internally. Okay, if I can just squeeze one quick one in here. I think the longer-term algorithm is to deleverage 0.1 turns per quarter, I guess, just under half a turn a year. Should we expect that pace in 2024? Thanks. Yes. And again, that's going to be driven from an overall total dollar of debt. Our expectation is that will remain consistent, maybe with slight drawdowns, but through acquisition of practices being primarily funded through Free Cash Flow, that'll increase our EBITDA and drive the deleveraging of the business. Great. Thanks for your answers. We'll take our next question from Stephen MacLeod at BMO Capital Markets. Thank you. Good morning, guys. Just a couple of follow-up questions here. Just in terms of just to follow up on the last question about acquisitions, can you give a little bit of color of sort of what you're expecting in Q1 for acquisitions? If we think about roughly the average pacing of the 20 million, break that down across the quarters. Generally speaking, Q2 and Q4 see slightly increased volumes of acquisition closing. So I'd say if you take 60%-65% of acquisitions in Q2, Q4, and then Q1 and Q3 would be caught in that 35% range split evenly. Okay, that's helpful. Thank you. Just thinking about the Canadian dental plan, and I know, Graham, you talked a little bit about it in your prepared remarks. Obviously, some unknowns out there. But just confirming, would you expect it to be a net positive to the business? And I'm wondering if you can just give a little bit of color as to sort of how you expect that to impact volumes and earnings going forward. Look, the headlines are that we believe it to be net neutral to modestly positive. We have a, I'd say, about 20% of our patients are 65-plus. We don't have the income distributions. Sorry, I apologize, 10%. Are 65-plus. We don't have the income distributions, so that CAD 90,000 headline below which people have coverage, assuming that they don't have employer-sponsored coverage, is unknown. We know the insurance piece, but we don't know their income piece. So we're going to have to navigate through that, but we think that that is a net positive because it's going to cost them less to go to the dentist. And in terms of folks that don't go to the dentist, we see it as a net positive. We're in the midst of managing our volumes and our capacity utilizations, and as we learn more about the plan for which there are still several details unknown, we'll be able to provide more color. Okay. That's great. Thanks, Graham. Then finally, just nice to see an expectation for EBITDA margin improvement in fiscal 2024 leveraging some of those corporate investments. You mentioned in your prepared remarks, you said before too that that investment plan is largely complete. So just confirming, is this something we should expect even beyond 2024? Just all those investments are in place, the infrastructure is built, you're just now leveraging and building on that going forward. Absolutely. I think the way to think about it is we're going to grow the business from a top-line and EBITDA perspective in double digits year in and year out. However, our corporate infrastructure will continue to grow. It's not going to be static. It'll grow, but at more of an inflationary rate. So there's going to be significant leverage on that investment that has been made. Great. Okay. Thanks, guys. Appreciate it. Next, we'll go to Daryl Young at Stifel. Hey, good morning, everyone. First question, just a bit of a clarification around the Free Cash Flow guide. Quite a strong number and appreciate the addition to your guidance. But is that a fully baked number after rent expense, after working capital and all in? It's fully baked after rent. The one comment around working capital is we do report our Adjusted Free Cash Flow without the impact of working capital. Working capital was actually a net benefit of roughly CAD 9 million in cash contribution in 2023. So if you were to include working capital, our figures would actually be even stronger. But it is fully baked for rent without the impact of working capital. Got it. Thanks. And then just second, around the federal dental plan, it's going to complicate the operating environment for the independent dentist. Are you seeing any indications that it could actually be a benefit for your value proposition and increased number of dentists looking to sell? I wouldn't say it's going to be a driver for vendors to make that move. I think it will be a benefit for our network, just given some of the, call it, additional administrative changes that would need to take place, right? There's going to be a learning curve as to how to implement this plan and how to ensure that you're providing the patients the best service and operating the most efficient manner. Given, again, our corporate infrastructure and the teams that we have deployed across the country to support our practices, we do feel very confident in our ability to get our practices up the curve when the time is right to do so and to serve the patient base that ultimately this plan would benefit. Our positioning, our infrastructure, and our teams give us that advantage, but I don't see this having such a negative impact at all where it would drive vendors to start looking to sell their business. Got it. That's good color. Thanks, guys, and congrats on a good finish to the year. Thanks, Darryl. Thank you. Our next question comes from Scott Fletcher at CIBC. Hi, good morning. A clarification question on the guidance. The full year 2024 guide is calling for 9.5%-10.5% revenue growth, which would sort of be equal to the total growth in 2023 at the midpoint, but you have the acquired EBITDA total and same practice sales growth slightly down year-over-year. So is the dynamic there largely just due to the timing of M&A with 2023 being backloaded in terms of M&A, or is there anything else to explain the top line growing at the same rate, but some slightly lower on the M&A and same practice sales? Yeah, there's two things impacting. Obviously, the number that you're multiplying the growth against is larger, right, given the growth that we experienced 2023 over 2022. So that starting point figure is larger. And second to that is you nailed it. The growth, and from an acquisition perspective, was backloaded in 2023. So the contribution to reported revenue and reported EBITDA wasn't as large as obviously the total acquisitive number. But nothing really to discuss other than those two points. Okay, thanks. That helps. Then just a question. It looks like you actually made a repayment on the credit facility in the quarter. It doesn't look like that's in the capital allocation priorities in 2024. Should we expect sort of is that a one-off in the quarter, or should we expect any repayments? That was just a one-off. We were sitting with some excess cash and obviously looking to minimize all financing expenses. And obviously, we just paid down some debt. As we see opportunities to limit our total debt-carrying costs, we'll do so. And as you saw, we just refinanced again in January, gave back some capacity, which lowered our standby fees and decreased our total finance charges on an annual basis by roughly CAD 2 million+ and locked in our interest expense over the next while until May 26th. So very focused on, again, driving that Free Cash Flow and doing all things possible to optimize our capital structure and spend. Great. Thank you. We'll go next to David Kwan at TD Securities. Hey, guys. Wanted to also get a clarification on the guide, but for Q1, when you talked about the Adjusted EBITDA margin guidance being in line with 2023, are you talking about Q1, 2023, or for the full year? I know we're kind of splitting hairs here, but just want to get a clarification. We're talking about rounding differences, David. It would be on a full-year basis. Okay, perfect. And then, as it relates to the M&A plans, you talked about kind of looking to spend within your Free Cash Flow for this year. Are there any scenarios like if multiples fell below that target range of 7.5x where you might get more aggressive on the M&A front and draw down on your credit facility? I wouldn't say that we would become more aggressive and draw down on our credit facility. I'd say if multiples go down and we continue to support valuations, obviously coming down, as that's going to drive return on invested capital for us, but we would be able to acquire more at lower valuations. Right now, our focus and our strategy is to continue to drive our acquisitive growth funded predominantly from our Free Cash Flow. We're going to stick to that through 2024. Is it the plan going forward then to kind of spend within Free Cash Flow? Because I know I think you talked about historically. Okay. Okay. The last question. Graham, you talked about some unknown details as it relates to the Canadian Dental Care Plan. Could you talk about what some of those key details are that you're unaware of? My understanding is I think pricing is at least expected to be in line with the Non-Insured Health Benefits program, but I don't know what other key things that are still up in the air. Look, in particular, around administration of the plan. Our connection between the intermediary and the administrator for the plan, which is Sun Life. So we just work into some of those details, which are yet unknown. The government's moved quickly with this program. They're a little bit behind in certain areas, in particular around administration. So we're working closely with the various parties to make sure that we're in sync for the long-term program, which is still scheduled to be beginning of May. That's great. Thank you. We'll go next to Gary Ho at Desjardins Capital Markets. Thanks. Good morning, gentlemen. So when I look at your revenue guidance for 2024 and assume you achieve your 18.4% EBITDA margin, that implies a 10%-15% EBITDA growth. But you did provide a 15%-20% Free Cash Flow per share guidance growth. So just wondering, the 5 percentage point delta, how are you able to better convert your EBITDA to Free Cash Flow, or is there some kind of one-time in the prior year of Free Cash Flow we should normalize? Just want your thoughts on the faster Free Cash Flow per share growth versus EBITDA growth? Look, it's a lower number. As we grow our EBITDA, our cost of carrying debt remains the same. Right? In terms of pure dollars. Because our debt number is remaining flat. We're using Free Cash Flow to fund our acquisition activity. So you get leverage or you get a multiplier effect to your Free Cash Flow per share. Okay. Okay. And then my other question is when I look at your Q1 outlook comment, just remind me, do you get all your within your practices when you put through your new fee guide, do all those come through on January 1st? Or are they implemented throughout January and February? Just want to gauge that 2%-2.5% same practice revenue growth. Wondering if you can break down the price versus volume that you've seen so far in Q1. Yeah, that's a good question. So no, not all provinces are implemented January 1. I'd say roughly 30%-35% do begin in February. What I will say is as you come through the holidays and the prices inputted in January, that ultimately doesn't really start probably until the third week of January as well. So I'd say, again, 30%-35% would be from February forward, and that would be call it a midpoint in February implementation. With the call it 65%-70% of the other provinces really happening at the end of January, so really being in place for roughly two-thirds of the quarter. As we stand today, all your practices would have put through the new fee guide then? Yes, as we stand today here in March. March would be called the first month that all the practices will have the increased pricing. Okay. Perfect. Thanks. Those are my two. That does conclude today's question and answer session and today's conference call. Thank you for your participation. You may now disconnect.