Good afternoon, and welcome to the Descartes Quarterly Results Call. My name is Brandon, and I'll be your operator for today. I will now turn the call over to Scott Pagan, and you may begin, sir. Thanks, and good afternoon, everyone. Joining me on the call today are Ed Ryan, CEO, and Allan Brett, CFO, and I trust that everyone's received a copy of our financial results press release that was issued earlier today. Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. These forward-looking statements include statements related to our assessment of the current and future impact of the COVID-19 pandemic and Russia-Ukraine conflict on our business and financial condition, Descartes' operating performance, financial results, and condition, Descartes' gross margins and any growth in those gross margins, cash flow and use of cash, our application to commence a normal course issuer bid and potential purchases pursuant to such bid, our business outlook, baseline revenues, baseline operating expenses, and baseline calibration, anticipated and potential revenue losses and gains, anticipated recognition and expensing of specific revenues and expenses, potential acquisitions and acquisition strategy, cost reduction and integration initiatives, and other matters that may constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievement of Descartes to differ materially from the anticipated results, performance, or achievements implied by such forward-looking statements. These factors are outlined in the press release and in the section entitled Certain Factors That May Affect Future Results in documents filed and furnished with the Securities and Exchange Commission, the OSC, and other securities commissions across Canada, including our management's discussion and analysis filed today. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. You're cautioned that such information may not be appropriate for other purposes. We don't undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except as required by law. With that, let me turn the call over to Ed. Hey, great. Thanks, Scott, and welcome everyone to the call. We kicked off the new fiscal year right with record financial results. These were our best results ever across a host of different metrics. I'll hit some highlights for you, but first, let me give you a roadmap for this call. I'll start with highlighting some aspects of our financial results, speak to current business conditions, and identify where we're making investments to grow our business. I'll then hand it over to Allan, who will go over the Q1 financial results and some corporate finance matters in more detail. I'll then come back and provide an update on some corporate matters and how our business is calibrated, and we'll then open it up to the operator to coordinate the Q&A portion of the call. Let's get started by looking at Q1. We had record high revenues of $116.4 million, up 18% from a year ago. Net income was $23.1 million, up 26% from a year ago. Adjusted EBITDA was a record high of $51.2 million, up 23% from a year ago. This was with a $500,000 drag compared to FX rates from a year ago or $300,000 from FX rates last quarter. We generated $44 million in cash from operations or 87% of our adjusted EBITDA. Our adjusted EBITDA as a percentage of revenue was 44%. All of these metrics were ahead of our plans, so a very strong financial quarter for us. At the end of the quarter, we had $211 million in cash and were debt-free with an undrawn $350 million line of credit. We remain well capitalized, cash generating, debt-free, and ready to continue to invest in our business. I'd like to address three areas. One, why we did well this past quarter, two, what the market conditions are that we're operating in right now, and three, where we're making investments. On the 1st point, our focus at Descartes has been on building a consistent, predictable, and sustainable business that is resilient to changes in the market conditions. As I describe some key contributors to our performance last quarter, you're gonna hear some common themes from past conference calls and our previous successes, and that's by design. Key things that helped us grow last quarter include past investments are paying off with sustained organic growth. We continue to see good organic growth in our business year- over- year. We see this as a payoff from the targeted investments we've made in sales and marketing over past quarters. Our biggest change in sales and marketing was growing a group that's now aligned by different pillars of our business and geographically. In the past, we were purely organized and engaging with customers by geography. As we've grown and matured, we've moved to further solution specification to be able to focus on customer-centric engagement that helps customers drive more value from our solutions. Second is real-time visibility contribution. We've been in the visibility business for a long time. It's one of the foundations of the Global Logistics Network. When we started, we were providing purchase order line item visibility from EDI status messages. We've grown with the market to move to real-time visibility, leveraging GPS and other technologies. A few years ago, we joined with MacroPoint to become a leader in the space. Our real-time visibility business continues to grow. We're receiving and tracking more shipments than ever, and our capabilities are expanding across all modes of transportation, including identifying available shipment capacity. The 3rd is strong demand for denied party and sanctioned party screening and tariff changes. We foreshadowed this last quarter, and it happened as expected. With geopolitical conflicts escalating, in particular with the war in the Ukraine, governments around the world have imposed sanctions on particular countries, parties, and commodities. There are enormous financial and economic consequences of violating these sanctions. Businesses need to be more diligent than ever in who they're doing business with, who they're employing, and who they're importing from or exporting to. A good portion of our content business is specifically focused on this, helping businesses scan for compliance with the various sanction lists around the world. Also, with all of the challenges and tariffs because of these geopolitical events, our databases of tariffs and duties have become even more vital for our customers. The fourth is past acquisitions have contributed well. Those who've followed us for some time know that we've taken a consistent, measured approach to adding to our business by way of acquisitions. We generally are buying houses that are right in our neighborhood and complement our existing business. If we combine with a business that's not yet at our desired profit level, we take very quick steps to get it there using Descartes' resources and experience to help the business thrive. It's no surprise when a business positively contributes to our growth post-acquisition. That's our plan. This past quarter was our Q1 with NetCHB in our business, a company I described to you in detail on our last call. They're a very good complement to our existing solutions for freight forwarder and customs brokers. The business has really hit the ground running, and we've already had some combined successes, so we're happy to see their contribution in the quarter. That's how last quarter went. It went very well. We performed well and bought some businesses. Things continue to change quickly in the global market, though. We've built a resilient business that, in the past, has grown through some very challenging business environments. However, we need to be prudent and cautious when things are changing. Generally, the things impacting the supply chain and logistics markets right now fall into two categories. The first is conflict and geopolitical issues, and the second is economic issues. On the conflict and geopolitical front, there are three main things we're monitoring for their impact on logistics and supply chains. One, the war in Ukraine. Two, Brexit. Three, China COVID lockdowns. The war in Ukraine has caused sanctions and retaliatory actions from countries around the world, even those not directly involved in the conflict. As I mentioned, businesses in our space are having to be extra diligent to screen all relationships and shipments for compliance with the myriad of sanctions and restrictions out there. Also, changes in tariffs and duties have made sourcing from or shipping to Russia expensive and/or prohibitive. Businesses have had to restructure critical supply relationships to continue operations. Shipments to and from ports in Ukraine and Russia have become very dangerous or blockaded, causing virtually all major carriers in all modes of transportation to travel alternative routes that are sometimes lengthier and more expensive. Recently, we're seeing Russia shutting off supply and energy commodities to neighboring countries, causing disruptions in those supply chains. The war has had a wide-ranging impact on virtually everyone's supply chain. The biggest overall impact has been on energy and commodity markets. These are generally supplied by cables, pipelines, or bulk commodity carriers, usually ocean vessels. Not much of Descartes' business is in this supply and logistics space, so we haven't seen a big impact on shipment volumes in our business. However, we've seen an impact from our customers increasing screening for sanctions and/or using technology to look at alternative supply and logistics strategies that bypass the region. Inside our own company, we have a limited number of individual contractors in the region helping us. We're fortunate that they're all safe, and we've been trying to do what we can to support them and their families. The second geopolitical item I flagged was Brexit, specifically issues relating to Ireland. The island of Ireland is divided into the south, which is part of the EU, and the north, which is part of the UK and therefore not a part of the EU. A key part of the UK Brexit separation from the EU was establishing a protocol that would avoid having to put an enforced land border between Northern Ireland and Ireland, as that type of separation has been a source of prior trouble and conflict for many years. Rather than have checks on goods going from Northern Ireland to Ireland, the Northern Ireland Protocol established filings, declarations, tariffs, duties, and checks on goods entering Northern Ireland from Great Britain in accordance with EU standards. We've been helping many businesses with their filings and declarations for goods going into Northern Ireland. It's been a good business for us over the past year or so. Recently, elections were held in Northern Ireland where, for the first time in history, the political party with a focus on reunifying North and South Ireland won the most seats in the Northern Ireland government. This party is supportive of the existing Northern Ireland Protocol. However, some of the other political parties needed to form a government are not as supportive. All that's to say we'll be continuing to monitor for our customers the continued viability of the Northern Ireland Protocol and whether additional filing and documentation changes will be required by our customers as they continue to adapt to Brexit. The 3rd geopolitical item we're monitoring are the COVID lockdowns in China. China has taken an aggressive zero COVID approach, which has resulted in many businesses in China being shut down while they deal with the outbreaks. This includes manufacturers, distributors, ports, and logistics operations. With China being a major source of manufactured goods and components, this has had a big impact on the supply chains of Western companies. We've heard of parts and component shortages in many industries, including the auto and electronics industry, resulting in manufacturing slowdown. Over the past years, Western companies have had to be very agile to meet supply chain challenges. In response to these China COVID lockdowns, many have sought alternative suppliers in neighboring countries or in parts of China not impacted by the lockdowns. We've seen it to be a challenge for businesses, but not a fatal choke point. On the logistics front, prior to the lockdowns, ports and carriers were dealing with backlogs and sparse capacity to move goods. With these China COVID lockdowns, we're seeing many of the clogs in the logistics infrastructure work themselves out, with wait times at US seaports coming way down and prices starting to come down with increased capacity. To date, we've continued to see steady shipment volumes from Asia Pacific. Things seem to now be opening back up right now in China. In the meantime, we'll continue to monitor the situation for any potential impact on future shipment volumes. Those are some of the major conflict and geopolitical issues impacting supply chain and logistics. There are also some economic issues impacting our space, many of which are connected in some ways to these events. The 1st, inflation. We've seen very high inflation rates in various economies. This has caused price increases, which then has businesses looking at alternative sourcing within their supply chains. We've had to manage this in our own business by adjusting pricing to reflect supply chain costs that have been passed on to us. 2nd, interest rates. Higher interest rates put additional pressure on businesses with leverage, in particular logistics businesses with hard assets. We're also aware of technology peers and creditors with highly leveraged businesses. As I mentioned earlier, Descartes is debt-free, so this is of limited challenge to us right now, and it's potentially an opportunity as highly leveraged private tech businesses could have depressed valuations in the future. The 3rd is currency movements. Global economic and political conflict has caused many currencies to move. For our customers, this can also be driving force to looking for alternative sourcing strategies as low-cost offshore jurisdictions suddenly become much more expensive. As I detailed earlier, our own business faced some FX currency headwinds this quarter compared to a year ago. However, we have some natural hedges in our business that doesn't really have us too exposed to any one particular currency movement. The 4th is fuel costs. Fuel costs are rising. Diesel costs in particular are impacting the trucking industry. This puts pressure on companies to more efficiently use their vehicles and sometimes contributes to broader inflation as fuel costs are passed on. For our business, our routing and scheduling business and transportation management business are specifically designed to reduce miles driven, so fuel cost increases often also increase demand for our solutions in this space. 5th is labor availability. Competition for logistics and supply chain workers remains fierce, with many companies exploring alternative sources for workers. More specifically, there's still ongoing negotiations for the West Coast port workers contract, and while both sides seem committed to a resolution there, a labor disruption there could also contribute to more logistics backlogs and alternative logistics strategies. The 6th is returns to stores and office workplaces. As the world begins to leave lockdowns, it remains to be seen whether the buying patterns of consumers will return to in-store versus the boom that e-commerce purchases have seen over the pandemic. We strongly believe that e-commerce remains a growth area for the future, but probably with more subdued growth rates than seen over the recent past. We continue to see e-commerce as an area of investment for us, and even more so if valuations for companies in this space come down. That's the broader market environment we're in right now. That's certainly a lot going on that impacts supply chain and logistics. As I've said in the past, our business generally does well where things are changing. When our customers are changing sourcing and logistics strategies, they're generally benefiting from our tech, technology to do so. We, like every business out there, need to keep an eye on the broader market impact on global trade for the rest of the year. It's one thing if businesses are finding different ways and strategies to still do what they did before. It's entirely another if the world starts doing less overall. For us, especially coming off our financial performance in recent quarters, we remain committed to profitable growth in our business. Our strategy remains to grow our existing business and look for businesses to combine with, so let me speak to each of those. We've had good recent success with organic growth driven by past investments in sales and marketing. We anticipate continuing those types of investments. Specifically, we'll be continuing investments in the following areas. The 1st is investing in our customer success group. Our specific goals for this group are to increase customer satisfaction, decrease churn, and expand product adoption in our existing customer base. We have a very large customer base of over 20,000 customers. We think we can do great things for our business by serving them better. Two years ago, we didn't even have a dedicated customer success group, so we anticipate this group is something we'll continue to grow out given our early successes. 2nd is investing in our marketing technology. Our marketing activities used to be primarily events, and trade shows. We've invested in various technologies to improve our search engine optimization, enable account-based marketing, and otherwise provide customers and prospects with useful information that lets them know how we can help them with their specific challenges. We've also moved away from one big global in-person user group and have moved to several virtual innovation forums that are focused on our particular Descartes solution sets. The 3rd is investing in build-out of our European team. Historically, this team is exclusively geographically structured. We moved to a structure that's both geographic and solution-focused. We've expanded the team and brought in broader solution experts, enabling customer-centric engagement across our various solution pillars. On the acquisition front, you can see that we remain active. We've completed two acquisitions already this fiscal year. Earlier in the year, we combined with NetCHB, which I mentioned earlier and went into detail on our last results call. More recently, we've also combined with Foxtrot. Foxtrot is an investment that complements our existing routing and scheduling technologies. Specifically, Foxtrot has strength with machine learning capabilities that will help our customers with iterative improvements to their delivery route plans. This was of particular interest to us, given Foxtrot and Descartes have some common customers. Also, Foxtrot's strength in retail food and beverage complements our other previous investments, such as GreenMile, making us, in our mind, the premier solution provider in the food and beverage distribution industry. Welcome to everyone from Foxtrot, and we are excited to be working with you. We're committed to continuing to grow Descartes. These sales and marketing acquisition investments are designed to keep us on that path. We're very excited about where we are now and our future path. To wrap up, we had great Q1 financial results. That was in part because of the past sales and marketing investments paying off, our solution leadership in certain markets, and the contribution of past acquisitions. In the current quarter, there are challenging and changing business conditions caused by geopolitical conflict and economic changes. While we're cautious about how these business conditions will impact the global economy and shipment volumes for the rest of the year, we remain committed to investing in profitable growth for our business through continued sales and marketing investments and business combinations. Once again, thanks to the entire Descartes team for their efforts this past quarter and for the work they're doing right now to help our customers deal with all the change and complexity in the world right now. With that, I'll turn the call over to Allan to go through our Q1 financial results in more detail. Allan? Thanks, Ed. As indicated, I'm gonna walk you through our financial highlights for our Q1, which ended on April 30th. As Ed mentioned, we're pleased to report record quarterly revenues of $116.4 million this quarter, an increase of 18% from revenues of $98.8 million in Q1 last year. While revenue from our recent acquisitions, including NetCHB and Foxtrot, contributed nicely to this growth in revenue from new and existing customers was once again the main driver of growth this quarter when compared to the same quarter last year. In addition, we should mention that there is a decrease in revenue from FX this quarter, as the US dollar was stronger compared to the euro, Canadian dollar, and British pound when compared to the same period last year. This resulted in almost a $2 million negative impact on revenue from Q1 when compared to Q1 of last year. Excluding FX, revenue growth would have been closer to 20% in Q1 over Q1 last year. Consistent with past quarters, our revenue mix in the quarter continued to be very strong, with services revenue increasing 16% to $102.8 million, or 88% of total revenue, compared to $88.3 million in the same quarter last year. Service revenue was also up nicely sequentially, increasing over 3% from Q4 last year. License revenues came in at $2.3 million or 2% of revenue in the quarter, up from license revenues of $1.3 million in the Q1 last year. While professional services and other revenue came in at $11.3 million or 10% of revenue, up 23% from $9.2 million in the same period last year as a result of increased professional service engagements. Gross margin for the Q1 was 76% of revenue, consistent with the Q1 of last year. Operating expenses increased in the Q1. This was primarily related to the impact of recent acquisitions, but also from additional labor-related costs, primarily in the sales, and marketing areas as we continue to invest in our business in those areas. As a result, we continue to see strong adjusted EBITDA growth of 23% to a record of $51.2 million or 44.0% of revenue for the quarter, up from $41.5 million or 42.0% of revenue in the Q1 last year. From a GAAP earnings perspective, net income came in at $23.1 million, up 26% from net income of $18.4 million in the Q1 last year. With these strong operating results, cash flow generated from operations came in at $44.4 million or approximately 87% of adjusted EBITDA in the Q1, up 9% from operating cash flow of $40.9 million in Q1 last year. As Ed mentioned, we are pleased with these operating results in the Q1 as continued organic growth and solid performance from recent acquisitions resulted in an 18% growth in revenue and more importantly, a 23% growth in adjusted EBITDA for the quarter. We turn our attention to the balance sheet. Our cash balances totaled approximately $212 million at the end of April, almost identical to the cash balances of $213 million we had at the end of January, as we used our cash flow from operations to complete both the NetCHB and Foxtrot acquisitions. As a result, we still have over $200 million of cash available, as well as our $350 million operating credit facility to deploy towards future acquisitions. We continue to be well-capitalized to allow us to consider all acquisition opportunities in our market consistent with our business plan. As part of our press release today, we announced that we have filed with the Toronto Stock Exchange, or TSX, a notice of our intention to commence a normal course issuer bid, or NCIB. Details of the application, which is subject to approval by the TSX, are included in today's financial results press release. If the NCIB application is accepted by the TSX, we expect to be permitted to repurchase for cancellation at our discretion during the next 12 months, up to 10% of the public float of Descartes' issued and outstanding common shares. If the NCIB application is accepted by the TSX, any purchases under the NCIB will be conducted in the open market or as otherwise permitted, subject to the terms and limitations applicable to such normal course issuer bid. They will be made through the facilities of the TSX, the Nasdaq, other designated exchanges, or alternative trading systems. If we do make any purchases under the NCIB, we don't know at which prices and what quantities they'll be. However, given the recent volatility that has existed in the public technology company valuations, we thought it prudent to have this type of option available to us if it was an effective use of capital at the time as it is used. At the same time, we should be very clear that we are still very committed to the deployment of capital towards completing acquisitions that will enhance our business. We simply want to have an NCIB structure in place to also be able to explore the use of this capital as appropriate. We should note the following as we look towards the balance of our fiscal 2023 year. After spending approximately $1.6 million in capital additions in the Q1, we expect to incur approximately $3 million-$4 million in additional capital expenditures for the balance of this year. After incurring amortization costs of $15.0 million in Q1, we expect amortization expense will be approximately $42.2 million for the balance of the year, with this figure being subject to adjustment for FX changes and future acquisitions. Our tax rate came in in Q1 at 24.1% of pre-tax income, slightly lower than our statutory tax rate, and this was mainly as a result of a recovery of certain benefits in the United States. Looking to the balance of this year, we currently expect that our tax rate will trend closer to our statutory tax rate, so in the range of 25%-30% of pre-tax income for the next Q3. However, as always, we should add that our tax rate may fluctuate from quarter to quarter from one-time tax items that may arise as we operate internationally across multiple countries. Next, after incurring stock-based compensation expense of $2.8 million in the past quarter, we currently expect stock-based compensation will be approximately $10.9 million for the balance of fiscal 2023, subject to any forfeitures of stock options or share units. Finally, going forward, subject to unusual events and quarterly fluctuations, we expect to continue to see strong cash flow conversion and generally expect free cash flow from operations to be between 85%-95% of our adjusted EBITDA in the quarters ahead. With that, I'll now turn it over to Ed, who will wrap up with some closing comments and our baseline calibrations. Hey, great. Thanks, Allan. Before I hit calibration, I just wanna hit on some other areas of corporate development for Descartes. We were very pleased to release our first ever ESG report in early May. It's posted on our website, and I'd encourage you all to read it and provide us with feedback as we look at our continued progress on ESG matters. The report identifies many areas where we've progressed so far, such as our positive environmental impact, including helping customers reduce carbon emissions, paper use, and fuel consumption. Our role in helping customers meet their own social and governance initiatives, including compliance with economic and trade sanctions. Our commitment and investments in data privacy and security. Our efforts in developing a diverse, capable employee team working in a healthy and rewarding work environment. Our commitment to admirable business conduct and ethics. In addition, we'll be hosting our virtual annual general meeting of shareholders on June 16th at 10 A.M. The materials for the meeting are available on our website and have otherwise been provided to shareholders. Among the matters being considered, we've nominated two additional directors for election at the AGM, bringing the board to 10 directors. If all nominated directors are elected, our board will have diverse representation, with 60% of the directors identifying as female or a visible minority, and 40% of the board being female directors. Now on to calibration. Our business is designed to be predictable and consistent. We believe that stability and reliability are valuable to our customers, employees, and our broader stakeholders. To deliver this consistency, we continue to operate from the following principles. Our long-term plan is for our business to grow adjusted EBITDA 10%-15% annually. We grow through a combination of organic growth and acquisitions. We take a neutral party approach to building and operating solutions on our Global Logistics Network. We don't favor any particular party. We run our business for all supply chain participants, connecting shippers, carriers, logistics service providers, and customs authorities. When we overperform, we try to reinvest that overperformance back in our business. We focus on recurring revenues and establishing relationships with customers for life. We thrive on operating a predictable business that allows us forward visibility to our revenues and investment paybacks. Nothing that's happened in Q1 or that we're seeing right now has had us change our financial and investment plans for this fiscal year, but we're going to be cautious in executing on those plans while we continue to monitor and evaluate the impact on our business and our customers' businesses from the market items I identified earlier. That same caution was kept in mind as we calibrated our business for Q2. In our annual report, we provided a comprehensive description of baseline revenues based on calibration and their limitations. As of May 1st, 2022, using foreign exchange rates of $0.78 to the Canadian dollar, a dollar, a $0.5 To the euro, and a $1.26 to the pound, we estimate that our baseline revenues for the second quarter of 2023 are approximately $103 million, and our baseline operating expenses are approximately $64 million. We consider this to be our baseline calibration of approximately $39 million for the Q2 of 2023, or approximately 38% of our baseline revenues as at May 1st, 2022. Our targeted adjusted EBITDA operating range for our business remains at 38%-43% for fiscal 2023. In Q1, we were at 44% above this range. However, in light of the broader uncertainty in the markets, including in the foreign exchange markets, we're not looking at changing our targeted range, but we'll revisit that in future quarters if we continue to overperform and if the market stabilizes. We're already very hard at work on helping our customers deal with these very complex times. We believe that if we focus on making our customers successful, it's our own best chance at achieving our own goal of being a strong and trusted business, delivering superior results for customers and shareholders. Thanks to everyone for joining us on the call today. As always, we're available to talk to you about our business in whatever manner is most convenient for you. With that, operator, I'll now turn it over to you for the Q&A portion of the call. Thank you, sir. We'll now begin the question-and-answer session. From William Blair, we have Matt Pfau. Please go ahead. Hey, guys. Thanks for taking my questions, and great quarter. Ed, wanted to first ask on the acquisition strategy. When you look at potential targets in your pipeline, have valuation expectations changed at all? Are you seeing a more of a willingness to sell within those targets? I think with our smaller tuck-ins, it's business as usual. I don't think they're as impacted by the, you know, the public markets as maybe the larger acquisition candidates that are maybe deals run by bankers with private equity firms involved. You know, business as usual for us for the normal course acquisitions that we're normally doing. On some of the larger ones, what we've seen so far is what I would expect to see when the public markets turn down, which is that those deals get stalled. You know, they come up with every excuse in the world as to why they're stalling the deal or delaying or, you know, not getting the book out or whatever they wanna say. I think at the end of the day, it boils down to they see what's going on in the public markets, and they're afraid if they go out then right now that they're gonna get a, you know, much lower valuation than they initially told their clients. I think that's why they're in a bit of a hold pattern. This is what we saw in the past, tech downturns as well. We'll see what happens in the coming months. If it continues for any length of time, I'd expect that some of those deals will come out, and they'll come out at a much lower valuation. There's a little bit of a, you know, game going on right now for people to try and figure out what's gonna happen and you know, strategies to whether they go out now or wait, depends on how desperate they are to sell. Got it. Just maybe it'd be helpful if you could sort of frame how you would think about the impact of potential recession on Descartes' business. If we go back to the Great Recession, your business has evolved quite a bit since then, and then, you know, during COVID, there was obviously a drop-off in volumes which had some impact. But if we were to enter a softer macro here, how do you think about the impact on your business and your ability to manage through that? I think we're pretty well positioned for it. I mean, first of all, we're coming into it with a lot of tailwinds right now. The supply chains are still clogged up. China's just in the past, you know, couple days said they're opening back up. That's gonna put more shipments back into the pipeline. You know, I think we're seeing that on our networks, which is good news. You know, if the world turns into a longer global economy, or global downturn, you know, we'll probably start to see it at some point in the future in shipment volumes as well. We don't see it today, but maybe if it continued for a long time or happened and then continued for a long time, we'd certainly start to see it with everyone else. At the same time, you know, last recession, you know, last big recession in 2008, you know, we probably fared a lot better than most, and I expect that might happen even more so this time because we're a much more diverse company now. A lot more products and a lot of different reasons that people buy those products that aren't all driven by individual shipments. You know, we'll see what happens. I don't know any better than anyone else what's gonna happen with the world's economy. I, you know, I like our chances compared to, you know, our competitors and a lot of other companies out there. Maybe most important, you know, if the world takes a downturn and every, you know, company's valuation gets hit, you know, we're not acquirers. You know, when I look back at 2008 and 2009, and I think, you know, how did that look for us? I go, Well, it was painful when we're in it, but at the end of the day, we picked up some of the best acquisitions we've ever gotten at some of the best valuations we've ever gotten during that couple years, you know, while that recession was taking hold and people were coming out of it. You know, in a certain sense, we'd look forward to that environment. Great. Thanks a lot, guys. Appreciate it. Thank you, Matt. From Stephens, we have Justin Long. Please go ahead. Thanks. I wanted to start with a question on organic growth. Allan, any best estimate you could share on organic growth in the quarter, when you adjust for acquisitions and maybe FX as well? Ed, I think on the last call, you talked about the budget baking in 4%-6% organic growth for the full year. Is that still your expectation after what you've seen fiscal year to date? I'll take the 1st part then let Ed talk to the way we build our business plan. Organic growth, as you know, we consolidate the operations of the acquisitions we make, so we don't have a specific number, a detailed number. But roughly speaking, if you look to note three in the financials with the pro forma disclosure with the acquisitions, if you take that note, if you consider the fact there's a currency headwind of just under $2 million, our organic growth I'd estimate it somewhere between 12%-13% in Q1 over Q1 last year. Double-digit organic growth is what we're seeing. To your point on the 4%-6%, the way we build our business plan, Ed, do you wanna comment there? Yeah, sure. Thanks, Justin. You know, we always say around here, we plan for the worst and hope for the best. You know, when we say 4%-6%, that's how we plan to operate our business. When it's higher than that, like it is right now, you know, we're happy about that. You know, the other thing you always hear is that we're gonna take the excess above the 10%-15% growth in EBITDA every year and plow it back into our business to try and help grow future results. You know, I recognize right now we're well above that, and that may continue. If it does, you're gonna see us continue to do the same thing, which is to plow it back into our business and try and make it a better place for the long run for our customers and our shareholders. Okay, great. I guess building on that, you have over $200 million of cash, net cash today. Can you talk about your target for the balance sheet over the next few quarters, let's call it over the remainder of the fiscal year-end, especially in the context of the potential for share buybacks? You know, how are you thinking about targeted leverage by year-end? Well, we'll have to see what happens, right? When we're acquisitive, we buy companies, you know, you never know what we're gonna be able to get, and we'll operate as such, right? I mean, we plan on making a lot of money every quarter and continuing to grow the amount of money that we make every quarter and put it in the bank and use it to make investments. Now, you know, in most cases, I think that investment's gonna be to buy companies as we always have done. We just have to see what happens, you know, what companies come along. You know, you never know how big they're gonna be and how much they're gonna charge or whether we're gonna think that's a good deal. We're evaluating every one to the best of our ability and trying to make, you know, the best decision we can. I think that the same thing applies for the normal course issuer bid, right? You know, we see what's going on in the tech market. We wanted to open up that option for ourselves, you know, in case the market took a downturn, and we always think that that's the best place to put our money. Not to say that we're doing it or not doing it, just to say that we have an option to move quickly if we want to. Understood. I'll leave it there. Thanks for the time. Thank you, Justin. From Wolfe Research, we have Scott Group. Please go ahead. Hey, thanks. Good afternoon. Hey, Scott. Ed, you were talking about maybe a little bit more of a conservative approach with the calibration. It felt like a pretty sort of normal sequential improvement in the calibration. Obviously, the organic growth is still strong. So I just wanna make sure I'm understanding the sort of what you're seeing. Are things actually starting to slow as you see it in your business, or is it something that you just think may happen? You know, and if it's gonna happen, which of the products do you think are most likely to see it? No, I see nothing in our business right now that's slowing down. I read the newspapers and see what people are saying about what might happen in the economy, but we don't have any indication of that in our business at the moment. You know, I don't know what the future's gonna bring, but I think, you know, we're pretty well positioned if things do take a downturn and probably in a good position given our cash and our ability to generate income going forward to take advantage of it if things do turn down, right? To pick up assets at lower prices than we've been asked to pay over the last five or six years. We think, you know, a lot of these private companies are selling for more than they're worth, and that's been frustrating to us. If the economy takes a downturn, we're looking forward to that opportunity. At the same time, I don't see that right now in our business at all. Okay. You guys were helpful with the currency headwind to revenue. Is there a way to think about the currency impact to the bottom line to adjusted EBITDA? Yeah, sure. Scott, it's Allan here. You know, Ed mentioned in his notes that we are fairly naturally hedged in that area. We operate in multiple currencies. When the US dollar is strong to the Canadian dollar, it actually benefits us. It hurts us against the euro and the pound. Those things, when I say that at the EBITDA level, those things tend to offset each other a little bit. That said, we do watch currency. We had just under $2 million impact on the top line, a minor impact on EBITDA. It was a small negative. So we just continue to watch it and make sure that we don't go off that natural hedge too far. Think of it as fairly muted at the EBITDA level. Not immune to it, but fairly muted. Okay. Ed, I know there's already been a couple questions about M&A, but, like, as it stands today with where the stock is, what do you think is more likely, executing on the buyback or doing M&A? Well, I think we're always gonna be acquisitive, or at least for the foreseeable future. We believe the winner in our space is going to consolidate the space and put the assets together in the best way, and we plan on being that guy. I don't have any thoughts at all that it would be a trade-off of one versus the other. We're going to keep acquiring companies, and you know, we'll keep the NCIB out there if we can. If we see an opportunity to do some of that as well and you know, like that investment, we'll do that too. Makes sense. Thank you, guys. Thank you. From Barclays, we have Raimo Lenschow. Please go ahead. Great. Thank you. This is Jeremy on for Raimo. I wanted to ask about NetCHB. You know, as you mentioned, it's the Q1 of contribution. Could you just speak a bit to like how the integration is going overall and maybe some color on how the customs business is trending? Thank you. Thanks, Jeremy. Yeah, no, it's great. It's easier than most for us because they're in the exact same business we're in with the Type 86 filings, you know, we're one and two in the market, and we just came together. You know, that's been great for us. We were able to go out and pick up even more customers, you know, just in a very short period of time here. We have, you know, maybe medium-term plans to be able to consolidate some of the data processing tools around Type 86 filing and save ourselves some money in the long run. We're real pleased with the acquisition. We thought we were gonna be real pleased with it. Like a lot of acquisitions, we're pretty sure it's gonna work, and we were with this one for sure that it's gonna work well before we pull the trigger on it. So far it's proven out to be that and maybe even a little more, so we're happy about it. Awesome. Thank you. Thank you. From Laurentian Bank, we have Nick Agostino. Please go ahead. Yes, sir. Good evening, everybody. I guess just one quick comment just to say, Ed, thanks for the prepared remarks. It certainly provided a lot of color on the business, so appreciate that. My one question is just there's lots of talk about onshoring production as a result of the pandemic. I'm just wondering if that situation were to happen, should we see, I guess, a change in the mix as to how product is transported, maybe, say, more rail and trucking versus shipping or ocean and air? If that were to happen, how does that impact your business vis-à-vis, you know, just maybe the different pricings for each mode of transportation? Would it be positive, negative, neutral? Any color there would be appreciated. Thanks. Thanks, Nick. 1st, I don't know that I completely buy that. You know, I understand it might happen in a few industries, and I understand it's an interesting thing to talk about on the news. But you know, compared to the world shipping volume, I think the products that are gonna be nearshored, so to speak, are you know, a relatively small portion of that. At the same time, just understand that most products get shipped around the world. Their parts get shipped around the world multiple times to ultimately get manufactured somewhere. There's a lot of shipping that goes into making just about everything that we are all looking at right now. I'm looking at a bunch of desk chairs and computers and stuff like that. You're probably all looking at similar stuff. There's a lot of manufacturing and a lot of shipping that goes into that. Once it's made, it has to get shipped all over the world. When I hear that concept of we're gonna make stuff locally and build it, you know, I go, Okay, 1st of all, I don't buy that that's gonna be the bulk of the world's, you know, production. I think it's gonna be a relatively small fraction of it. 2nd, I think there's still gonna be a ton of shipping all over the world to do that. If you move the location of where it's made, you're gonna still have to ship it all over the world, just from a different location. Certainly, when stuff's made closer to, you know, an ultimate, you know, customer, there's the shipping changes for it. There's more truck, and there's less ocean and air. Most products aren't made that way. They're made somewhere, and then they're shipped all over the world. What I do see happening more and more, and I think it's probably gonna happen with a lot more of the world's, you know, products, is that they're gonna be produced in different locations around the world, and not because they're trying to get any closer to the customers, but because they are trying to find cheaper locations to manufacture in. You know, China's becoming more expensive right now. Maybe more importantly, they're gonna try to have a more diverse production capability, right? If you have six plants in China right now, and that's where you produce everything, and a bunch of them are shut down because of COVID restrictions, where do you think you're building your next plant? It's probably not gonna be in China. You know, maybe you're going to the Philippines or Vietnam or somewhere else, some other low-cost jurisdiction, not because you know, you wanna get closer to the consumer, because your product's still not gonna get closer to the consumer. You may wanna find a lower cost jurisdiction to produce in. Maybe even more importantly, you wanna find a more diverse location to produce in, so that if there's a problem in one part of the world or in one country, you're not stuck with your entire production getting shut down. I think that's maybe a you know maybe something that people would focus on more and I think something that's a little closer to reality in what we see in our customer base. Okay. I appreciate that color. I will say, tied to your comment there, I think we saw today Apple announcing production, I think, out of Vietnam, trying to move away a little bit from China. I think they're already echoing your views. Appreciate that, and I'll pass the line. Yeah, my pleasure. In fact, let me just comment on that 'cause, you know, that's the start of this, right? You know, it used to be, in fact, if you listen to past calls of mine, I talk about yo-yos just to pick a silly product example. That's what started in China, you know, 25 years ago, right? The manufacturing network that went there first was the simple stuff, and then people started to get more sophisticated in production in China, and they started to move more and more sophisticated stuff over there to the point where they were manufacturing iPhones there and computer chips and things of that nature. You know, that Apple move we're starting to see, you know, they're doing that in Vietnam. They're probably gonna start to do it in other jurisdictions as well as China becomes more expensive and they try to diversify their production capabilities. Thank you. Sorry, just to add to that, operator, I can take the next question. Thank you. From Canaccord Genuity, we have Robert Young. Please go ahead. Hi. Good evening. I was hoping to ask a little bit about the China shutdowns at the end there. You know, a couple of big ones in Shenzhen and Shanghai kind of across the Q2. I'm sure you're considering part of it in the calibration, but I was wondering if you could just maybe summarize the positive and negative puts and takes around that type of an event. I'm sure there's a lot of companies, your customers are looking at alternate strategies, but then there's volume impact. I'm just trying to get a sense of, you know, as that progresses, how does it impact you? Yeah, I think it impacted our customers because they, you know, some of the products that they wanted to produce, you know, got shut down in China. Now, if you noticed in the paper in the last day or two, they're opening back up right now. I think you know, they're still going to a zero COVID approach, but they're opening things back up, and I think you're gonna start to see in the coming days and weeks those plants start to open back up. We did not see it in our network. You could see the results that we just turned in. They're excellent, you know, as good as we could have hoped for. I think, you know, we didn't see the impact of China having some problems and some shutdowns, one, because it didn't go on for that long. Two, you know, maybe more importantly, there was such a backlog coming into it that, you know, the carriers. Remember, we get paid by the shipment for stuff carriers carry, and they were already full. You know, what it did was probably help buy down some of that backlog that we had out there for months. I think you're gonna see it go right back up right now, and that's what I think, there's gonna be the backlogs will increase if what I'm reading in the newspaper is true. With China opening up and you know, there's still a backlog right now, and with those plants opening back up, there's gonna be a lot more orders going in to fulfill shipments that didn't get ordered, three, four, five weeks ago because the plants were shut down. You know, it's gonna be an interesting dynamic. I don't know exactly what's gonna happen, but you just heard my guess and we'll just have to see. Okay. That's really helpful. Then just then maybe a quick summary of what you're seeing out there in the pricing environment with, you know, your logistics customers. You've said in the past that, I mean, they're doing really well. The pricing environment is very strong for them. Are you still, you know, are they still enjoying that environment? Is it changing? Then I'll pass the line. I think so. I mean, the days you were hearing, what was it like November, December last year, you were hearing, you know, four times the ocean freight. I think it's come down from there. But it's still elevated for sure in all modes, certainly air, ocean, and truck. We don't charge based on their prices, so it doesn't matter to us so much. It's helpful for us when they run healthy and profitable businesses, and I think they continue to do that right now. They're all having a pretty good time of it at the moment because there's only so much capacity, and, you know, that lets them, you know, raise their prices up. When they're in a good position, that usually is helpful to us. Right. More, technology, budget. I think so. I think when people get more money in their pockets, they go, What should I do with that? They, you know, one of the things you can hear us talking about it in our business. You know, one of the things you do with that and say, "Let me invest it to make this a better business in the long run. One of the main places people make investments is in technology. You know, there's not a head of supply chain in the world right now that's not able to walk into a CEO and say, I wanna spend more money to improve our supply chain. You know, that question used to, you know, was answered with like, Get out of my office. You know, here we are five years later, and it's, Sure, whatever you wanna spend. It's, you know, it's a huge problem, and we need to do something about it. You know, that really helps guys like us that sell technology to them, which is seen as one of the most cost-effective ways to make an investment in your supply chain. All right. Well, thanks for taking the questions. Okay. Thank you, Robert. We have no further questions at this time. Great. Thanks, operator. Thanks, everyone. We look forward to reporting back to you on Q2 in September. Otherwise, have a great night. Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.