Thank you operator, and good morning everyone. Welcome to the LifeSpeak third quarter results conference call, our second quarterly results call as a public company, and our first discussion, including the accounting for our IPO. Before we start, we would like to remind you that all amounts discussed on this call are denominated in Canadian dollars unless otherwise indicated. Please note that statements made during this call may include forward-looking statements and information and future-oriented financial information regarding LifeSpeak 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 LifeSpeak 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 the 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. With that, I'll now turn the call over to Nolan Bederman, LifeSpeak's Executive Chairman, for opening remarks. Over to you, Nolan. Thanks, Mike, and welcome, everyone. This truly is an exciting time for us here at LifeSpeak. As Michael Held and Mike McKenna will share with you shortly, Q3 was a pivotal quarter for LifeSpeak in many respects, not to mention taking the company public. We continue to experience an explosive period of expansion driven by both strong organic growth and targeted, disciplined M&A. Our customer base is expanding. New clients are being added in diverse industries around the globe. We're augmenting and enhancing our product offering. We completed two opportunistic, strategic acquisitions, which have allowed us to begin to extend our front-door positioning, expand our client base, and ultimately cross-sell our suite of products. We're adding incredible talent to our already world-class team of employees. We continue to experience extremely low attrition and are adding highly accomplished and talented people around the world on what seems like a daily basis. Each day, we only grow more excited about what the future holds for our business. The foundation of our growth, of course, is our world-class SaaS mental health and total well-being B2B platform. We continue to provide industry-leading digital education, expert advice, and support to individuals, and we're generating real, tangible value for our clients, their employees, and their customers. We believe that our highly differentiated core product anchors us and uniquely positions us to continue our strong growth both in the immediate term and well into the future. On behalf of the company and our management team, I'd like to thank you all for joining today, and we welcome the opportunity to share more about our business. Now I'd like to turn the call over to our founder and CEO, Michael Held. Mike. Hey, thanks so much, Nolan, and good morning, everyone. We are very pleased to be with you today to review our three- and nine-month financial and operational results, as well as recent developments at LifeSpeak. At our core, LifeSpeak is a SaaS-based mental health and total well-being education and engagement platform experiencing significant growth supported by durable long-term market trends, including increasing corporate spending on mental health, digitization of health solutions, growth in micro-learning, and increasing corporate spend on remote access tools. We continue to add world-class clients to our platform and are very pleased with our overall business development efforts through Q3 of 2021. Examples of client wins in the third quarter include, within our enterprise customer segment, R.R. Donnelley in the U.S., McKesson Corporation in Canada, and Canaccord Genuity's international employee base. These wins build upon the previously announced cornerstone clients: LEGO in the U.S., Majorel in Europe, and Celestica International. Within our embedded customer segment, we had a very successful Q3, ending the quarter with 12 signed embedded deals. Our most recently signed deals include Humana in the U.S. and ICAS Digital Health in the U.K., both of which serve as a global footprint and open significant future global opportunities for LifeSpeak. During the quarter, we completed one of the most exciting developments in our company's history: the close of our CAD 125 million IPO on the Toronto Stock Exchange. This took place very early in the quarter, closing on July 6th, and Mike will take you through some of the important financial considerations that impacted our Q3 results shortly. We have not slowed down, and subsequent to quarter end, we further bolstered our industry-leading platform by completing our first and second acquisition in line with our strategy of executing on disciplined acquisition growth. Specifically, on October twelfth, we announced the acquisition of LIFT Digital, a B2B SaaS physical well-being tool, and October fourteenth acquired ALAViDA Health, a B2B substance use disorder education and support platform with a focus on effectively addressing alcohol and drug use. Both LIFT and ALAViDA are excellent examples of the business we sought to acquire using the proceeds of our IPO, and both complement our existing business well, while being additive to the underlying LifeSpeak offering. A key element of these acquisitions is the cross-sell opportunities enabled by the differentiated service offering they provided, and these cross-sell efforts are already well underway. We are pleased that Ragy, the CEO of LIFT, will be taking on the newly created Chief Growth Officer role at LifeSpeak. In addition to the LIFT and ALAViDA teams, the LifeSpeak employee base grew during the quarter with the addition of individuals throughout the sales, marketing, customer support, and technology divisions. Most notably, we added Mark Shodash as VP Sales to lead our U.S. enterprise growth. Mark is a senior sales leader in the online learning and SaaS arena, most recently with Wolters Kluwer. Nancy Mourad is in the UAE as Managing Director of the Gulf region, UAE, Oman, Kuwait, Bahrain, and Qatar. Nancy comes to us following six years at MetLife, where her most recent role was Head of Disease Prevention and Wellbeing. Our ability to attract such high-quality talent reinforces how well we are positioned for global growth. Overall, our effective SaaS-based platform is becoming increasingly well-known and accepted as a means to help individuals cope with the longer-term pressures that we all face coming out of the pandemic, and our quarterly results continue to demonstrate this. I'll now pass the call back to Mike McKenna, who will walk us through our detailed financial results, following which I will provide some closing remarks before we turn it over for questions. Mike McKenna, over to you. Thank you, Michael. We truly believe our third-quarter financial results continue to demonstrate the strength of our business, and we are excited to share more insight into these results with you today, including further detail on the contribution of our two recent acquisitions. On a standalone basis, our core fundamentals remain strong. Annual recurring revenue, or ARR, has grown by 128% on an LTM basis to over CAD 24 million. Revenue exceeded CAD 5.9 million for the quarter, an increase of 135% over Q3 2020. Adjusted EBITDA grew to CAD 1.6 million for the quarter, an increase of 76% when compared to Q3 2020. The net loss for Q3 did amount to CAD 20 million, but this was largely due to costs incurred in relation to our IPO completed on July 6, 2021. However, to help provide a normalized picture of our financial results, we prepared an adjusted net income for the quarter, which was CAD 1.3 million, an increase of CAD 454,000 over the same period in 2020. Adjusted net income accounts for the non-recurring transaction-related costs that were incurred in the period, and we believe provides a clearer picture of LifeSpeak's financial performance. Lastly, in the quarter, our total client base grew to 270 clients, which was an increase of 42% over the same period in 2020. To provide some further clarity on the contributions of our recent acquisitions and the strength of our growth profile, on a pro forma basis, including LIFT and ALAViDA in the quarterly results, the quarterly revenue equated to CAD 6.8 million, ARR increased to CAD 27.3 million, and our unique overall client count rose to 295. As you remember from our first quarterly call, we also closely track other key performance indicators to help us evaluate the health of our business and to better understand our corporate development and progress. These include gross margin. Our gross margin for the third quarter of 2021 was 90% on an adjusted basis compared to 94% in the third quarter of 2020. The slight decrease in gross profit was primarily due to increases in costs associated with production and content development in the period, including our first content shoot in the U.K., as well as some additional employee compensation-related costs. Adjusted EBITDA margin. The adjusted EBITDA margin for the third quarter was 26% compared to 35% in the third quarter of 2020. The decrease in adjusted EBITDA margin was primarily related to the timing of recognized revenues related to certain of our embedded contract wins and some additional costs associated with being a public company, such as D&O insurance. The adjusted EBITDA margin for the full LTM period remains strong at 35%. Net dollar retention rate. Net dollar retention rate, or NDR, provides a consolidated measure by which we can monitor the percentage of ARR retained from existing clients. The NDR for the 12-month period ending September 30, 2021, was 102%. This is up from 99% for the comparative period in 2020. We expect NDR to increase in the coming quarters as we further integrate the LIFT and ALAViDA products and provide further value-added services to our current enterprise base. Logo retention rate. Our logo retention for the 12 months ended September 30, 2021, was again above 95% and continues to demonstrate the importance of our platform to our customers and their employees. Pipeline. Moving on to an update of the pipeline versus what we had previously disclosed in our IPO process. I'll start with an update on the embedded solutions segment, where we had identified 40 potential client opportunities representing up to CAD 260 million of ARR. As Michael mentioned, we are pleased with our ability to continue to convert embedded deals, including well-established global platforms such as Humana and ICAS. In the third quarter of 2021, our embedded deal count totaled 12, and subsequent to the quarter, we have signed additional partnerships, including one with Safe Harbor Health in the U.S., which again highlights the momentum and opportunity within the segment. We are very pleased with the number of embedded deals we are signing, but would like to reiterate that the financial impact of embedded deals is subject to factors such as partner time to market and ramp in partner production implementation. While we are consistently identifying new and exciting opportunities, our core focus remains on the scale and impact of the opportunities we identified in the pipeline at the time of the IPO. Moving on to enterprise. On the enterprise side, the identified pipeline consisted of more than 250 potential client opportunities, representing an aggregate of up to CAD 20 million in ARR. Due to our global reach and TAM, the size of the pipeline will grow into 2022 as we continue to build our global sales footprint, as evidenced by the key hires Michael referenced. During the twelve-month period, we signed the highest number of clients in an annual period throughout our company's history. We continue to convert high-quality logos from our pipeline and develop the business outside of Canada. With that, I'll now turn it back to Michael Held to provide some closing remarks. Michael? Thanks so much, Mike. We are very excited about our progress to date and the opportunities that lie ahead. We continue to focus on initiatives that we believe will build value for shareholders, including driving growth in our embedded solutions segment, acquiring new enterprise clients, expanding geographically, as well as continuing our proven ability to grow in our native Canadian market, adding adjacent services, and expanding our offerings through additional M&A. None of this is possible without the hard work and dedication of our employees, a team that has grown significantly since our IPO and is aligned and ready to facilitate our global growth plan. We are looking forward to updating you on our progress in the coming weeks and months, and we'll now open up the call to questions. Operator? Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask a question, please ensure your phone is unmuted locally. The first question comes from Paul Treiber from RBC Capital Markets. Paul, your line is now open. Oh, thanks very much, and good morning. I was just hoping, can you bridge the growth in ARR this quarter and the new client wins in the quarter? It seems like some of the customer wins are quite large, and the embedded momentum is strong. So can you just bridge that back to the growth in ARR on a sequential basis, just being up 5% quarter-over-quarter? Hey, it's Nolan. Thanks, Paul. Mike, do you want to take a turn to explain? Yeah. Paul, it's really just largely due to the ramp, right? You know, certainly the deals we're signing on the embedded side are going to start to have far more impact for us in 2022. Some of them do start out small, and we are only able to include, you know, the initial sort of uptake announced in the ARR. I think as we look out to 2022, in fact, we already know that we've got additional contracted revenue, just as it relates to the exact ARR calculation, right? We only calculate what we've actually, you know, invoiced for at the end of the quarter. There's a bit of a lag on some of them in terms of the ramp. That timing is impacting, you know, the overall numbers. As you can see from the numbers and the quality of the companies we're signing, it's pointing very much towards a very strong 2022. In regards to the ramp and the timing, is there anything systemic or common that you're seeing across customers? You know, what factors are involved, or is it just how the timing may occur on a company-by-company basis? I think the answer is that it's really idiosyncratic to the companies. From our standpoint, we deploy and integrate efficiently, and Quickly. We're never the bottleneck. Typically, it's a company's marketing launch of whatever product they're doing. Held, is there anything you want to add to Paul's question there in terms of, have you seen anything that's systematic in delays, or is it really just idiosyncratic as these companies launch the programs in which we're embedded? No, I would agree with that, Nolan. We're seeing, you know, as some of them might take a little bit longer, they're all happening. You know, there's a lot of momentum, and all of the ones that are significant to us are backed by very senior management and C-suite within those organizations. I do think at this stage, as we add more and more, we'll get a bit more of a blend, but at this point, it's just a bit idiosyncratic. In terms of, I mean, that's focused on the new wins. When you look at the embedded wins, or even existing clients, but more focused on embedded, has the ramp of those contracts gone as you've expected or ultimately gotten to where you originally projected the ARR would be over, you know, say, a year or two after launch? I think, Paul, you have to Mike, do you wanna- Oh, McKenna. Sorry, go ahead. Yeah. I think, Paul, you have to look at it really on a case-by-case basis. That's, you know, sort of why we've suggested this to be very much a portfolio approach. There are certain deals within that portfolio that are ahead, on both ramp-up and timing, and there are certain deals that, you know, are behind. Again, as this portfolio grows, you know, the impact of individual deals will be less and less, right, because there'll be a longer list, and it'll even itself out, so to speak. We're not too concerned because I think we see a pretty good horizon for 2022, as we look at the deals that we already have signed, and we know what they're going to impact 2022 like. The other activity, you know, is also very strong, right? I think the key thing is just, you know, getting the portfolio a little bit bigger, and then, you know, the impact of the individual deals on a one-off basis will be smaller. Again, you know, if you went through the whole list, you could pick some that are ahead and some that are slightly behind. That's just kind of how we have to manage this going forward. Okay, and then lastly for me, how do we think about seasonality? I mean, think about Q4 seasonality in terms of new customer wins and ARR related to that. I mean, do you typically see a flurry of new customer wins in Q4, or is there no real seasonality? Again, I'll speak generally to that. Typically, Q3 is our seasonally slowest quarter to add new logos, which is typically the way it's gone. What we've seen with embedded is that it has its own set of seasonality, so I'm really speaking about the enterprise direct business from a historical standpoint. Q4 is definitely where most of the activity is. The technical answer to your question will be how many of the Q4 wins will launch in January of Q1, but that's really the Q4 activity. When we think of how our business goes to market, Q4 is a pretty big period on a seasonally adjusted basis. It's not super skewed like a retail business with Christmas, but definitely of the quarters, Q3 ends up being the least, and Q4 would be the most. Harold, anything you want to add to that, just given the— Yeah. Launch timeframe? Yeah. I would say it's the largest. Q4 is the best quarter for getting approval. When they launch, I know we've just had a few sign on that will launch before year-end. One of the best contracts we've ever had has been approved. I know it's launching in January. So, you know, to your point, Nolan, when they launch and when we get to start, you know, recording from a financial perspective is literally at the whim of "let's get this done before launch, before Christmas, before people go away or when they come back." It's definitely the most activity for certain. Because we're not, like, the largest ticket item out there, we are very well, you know, spread across the year. You know, there's still a lot of budgeting towards year-end, open enrollment, and things that, you know, spark a decision for companies to get more approvals, and we are seeing that. Just one follow-up for me, since you mentioned it. Can you elaborate on the contract that you mentioned, the best contract that you've ever had? Again, I don't want to get in trouble. Do you want to answer that so I don't say anything I'm not allowed to say? I think, you know, I think, Paul, the latter part of your question has pretty good visibility. I like that. That was very fair, Paul, by the way. Mike, Dave walking through that one. I just gotta know. We've got pretty good visibility on some good opportunities on the enterprise side for 2022, and I don't think it's just sort of one contract, frankly. I think if you look at where we're going with enterprise, and especially, you know, with some of the unique opportunities now presenting themselves with the new acquisitions that we've made, the enterprise segment is going to be very strong in 2022. I think it's -- Yes, there's the nice contract out there, but there's a lot of opportunity across the board. I think that's the best way to think about it. Very great. Thanks for taking my questions. Thanks, Paul. Thanks, Paul. Thank you. Our next question comes from Doug Taylor from Canaccord Genuity. Please, Doug, your line is now open. Yeah, thank you. Good morning, everyone. You mentioned you've got some revenue contracted with some of these embedded contracts that's not yet reflected in your ARR. I wonder if maybe you could generally help us by quantifying some of that contracted growth in the coming years that isn't in the ARR base yet. More generally, what we're trying to do is get a little comfort on the expectations for next year, which right now are for about 100% revenue growth. I know there are a lot of contributing factors, but I guess I just want to more broadly level set here and determine whether that's achievable. McKenna, I mean, I think. Yeah. One of the things we've thought about is, again, this goes to the backlog concept, but Mike, why don't you address that specifically, and we can always follow up. Yeah, look, I think, Doug, our view for 2022 is that those estimates are in line and remain in line. I think, you know, sort of giving specific numbers as to the contracted revenue, I'd say it's a very good base, right? You know, we see really good contribution. You know, in terms of giving you the actual numbers, I'm not sure I'm able to start throwing them out there. I think our view is that, you know, for 2022, our estimates remain in line, and we're tracking well towards a good 2022. Yeah, we've got some increased steam with us now behind a couple of these acquisitions that we've made, which creates some additional opportunity, but I think overall, we're on track. Okay. Well, I want to speak about those acquisitions in a minute, but just to put a finer point on this, you know, there is revenue that's contractual, part of these embedded agreements that is not in your ARR, but you know you will be receiving next year. You've got a pretty conservative view of what your current ARR run rate is. My understanding of that is correct, just to be clear. Yes. Yeah, that is correct. For example, if we know a program is launching on January first, right? The program itself hasn't started, right? But we have visibility. Right. To know that it's going to start, and then, you know, at the end of the next quarter, that can be part of our ARR calculation. Well, I mean, I do appreciate the conservatism in your interpretation of ARR, which is good. Humana sticks out as a particularly notable name. I wonder if I could get you to just talk a little about that agreement and how that works and the rollout there in any more detail, qualitatively or quantitatively. McKenna, do you want to explain what we're allowed to disclose on that one? To the- I think from a financial perspective, you know, we've got good visibility to it having about a 4x impact compared to what it will have this year, into next year. You know, and the quantum of that overall will still be below CAD 1 million, but you can sort of gather where we're going with it from what we've done this year and to where it can build. But I think overall, the program itself is one that has started and is now nicely expanding in different parts of the organization. I think, you know, Mike could probably give a bit of a view on that. Yeah, Mike, just slap me if I'm not allowed to say something. No, it's very exciting. Humana is obviously one of the biggest insurers in the U.S. The part that I'm most excited about is that we were running a six-month program, and they had such incredible usage within two months that they actually came in and said, "This is in one division, it's called The Neighborhoods." It's helping more elderly folks. It's one part of their business, but still a fairly significant contract. After two months, they had such high utilization that they immediately put us into procurement. They said, "We want an MSA, and we want to bring you across, you know, other divisions." You know, where this one division might be under $1 million, they have spot divisions, and the take-up is great, and they are pushing for expansion within their customer base. What I love about it is, you know, this is such a blue-chip name that once you start having that success, high utilization, showing the growth, you know, it's just a hop, skip, and a jump to, you know, many of the other payers. Humana is often looked at as, you know, and others, you know, look to see what they're doing. The program's working great, but I'm more excited about their approach to expansion and what it means for us in the market. Yeah. Great reference customer, no doubt. Let's talk a little bit more about these two tuck-in acquisitions. You were good enough to give us the pro forma contributions, inclusive of the two. I wonder if I could get you to go a step further and perhaps talk about the growth rates that those operations were operating on and whether these are going to be contributing positively to the profitability kind of run rate of the organization as well. Why don't we, Doug, just recap what we bought: directional information. Small companies that have been through the first phase of growth have reached a point where, again, McKenna will speak more specifically, actually on their own power, are past or very close to, in one case, break even, and that's on a standalone basis. I think we've articulated a little bit about how we plan to very carefully integrate these, which is in a very moderate way. The businesses will continue to sell on a standalone basis. What we're going to do is obviously consolidate the back office, which will provide some cost savings. These are not big companies, so those dollars are not huge. What we are also doing, and it's already underway, and we can talk a little bit about it, is a very organized, formalized cross-selling approach that we're leading with those companies. That will add a revenue dimension that they couldn't have had on their own. In certain areas, both of these companies have, as part of what they build, a technology piece and a content piece. We're able to add some pretty significant, let's call it, leverage to the content side, probably on the technology side as well. Generally, we're going to leave the codebases alone. We think they both came into the system with growth rates that looked, you know, certainly on their projections, similar to ours. On a go-forward basis, we see no reason that these two businesses under our auspices wouldn't continue to provide growth rates, certainly at this stage of their size, similar to the business we have. We're going to share more forecasting for cross-selling for next year as part of our bigger plan in the future. I think with respect to the contribution of those businesses, that will be accretive over time. It should be accretive from a bottom-line perspective in the near term. McKenna, do you want to add any more color around how we see the growth pace and how we see the contribution? Yeah. I think you hit the growth pace very well. I think from a margin perspective, on the gross margin side, the LIFT businesses have a slightly lower gross margin than LifeSpeak because there's some additional cost of sales there. I think on the ALAViDA side, the gross margin is very much in line with what LifeSpeak would have historically put on the board. LIFT already contributes to the EBITDA line, and we would expect ALAViDA to do the same as we get into 2022. Okay. I appreciate the extra color. I'll pass the line. Thanks, Doug. Thanks, Doug. Thank you. Our next question comes from David Newman from Desjardins. Please, David, your line is now open. Thank you. Hi, guys. How you doing this morning? Hey, David. Hey, David. Good. Thanks for, Hi, David. joining us. Thank you. Just looking at the embedded ARR again, not to beat a dead horse here, but obviously not a straight-line realization to full value. Now that you've kind of got a few, 12 of these in the mix and more to go, you must be getting a greater sense of what that curve looks like for years 1, 2, and 3. Just trying to get the quantum. I mean, you're baking in a forward number that is maybe only 10, 15, 20%, I'm not sure, of the realization of that full value of the contract. What are you thinking there on what we should be sort of building into the model, on that front? McKenna, I'll let you take that one without trying to modify. Yeah. I mean, I think a couple of things. Like, right now today, David, if you think about our enterprise and our embedded business, it's about, on an ARR basis, about 60% of the business ARR, about 60% of our ARR, excuse me, comes from enterprise, right? 40% from embedded. Okay? That held this quarter as well, Mike? Yeah, yeah. The embedded side is starting to become a little bit more so. Okay. Why I say that is because what we talked about at the time of the IPO is that by the time we get to the end of 2022, that mix probably flips. Flips. Right? Yeah. That doesn't mean that enterprise isn't going to grow. Enterprise, in fact, will do a 2x in that time. What we will see is a flip. That will give you some indication of where the contributions are going to come from, right, through next year. Right? Is it going to be exactly 60/40 by the end of 2022? You know, I'm not going to say exactly, but it's going to go in that direction, right? Got it. Okay. Just switching gears over to the two deals. It seems really interesting to me because we're seeing some other players in the space starting to talk about building their own libraries and things like that. I'm not sure if there's going to be convergence in this space at all, but I'm looking at this and your moves into virtual rehab and fitness, and I'm thinking you're moving kind of into the care spectrum. Where do you want to take this? Do you want to sort of backward integrate into care or, I guess, maybe forward integrate into care at some point with actual physicians and healthcare practitioners? What are you thinking strategically? Dave, great question. Let me try to articulate for you where we started and where we think we see this. Our view is, and I don't—again, for those of you who sort of listen to this many times, I'll try to do it a bit differently—we sort of view ourselves, because of our usage and how we get positioned, as this front door. We've kind of made that point probably ad nauseam to everybody. We don't really have or did not have on a native basis things one can do post-learning about whatever happens to the elderly, whether you're talking about elder care, whether you're talking about diabetes, or obviously mental health, which is our biggest focus. What we want to add are digital tools that can allow companies to offer further extensive extensions of help. I think to your point, are we moving into care? I think what we're moving into is self-care. Ultimately, where we see the line stopping is we think the telemedicine companies out there do a great job doing telemedicine, and there are literally hundreds of them around the world. We think EAP does EAP. What we want to do is continue to make all of those things more utilized, but provide the SaaS-based alternative that gives you the bridge or the blend, frankly, between the medical professional, who we don't see ourselves as actually ever employing or working or housing inside our platform, but everything else that goes with that as a complement. I mean, one of the things that you see in mental health in particular is if all of the folks or even a very small portion of people with typical mental disorders actually seek help, we're going to run out of professional medical help in a nanosecond. We don't really have enough of it in the world. So what we want to do is try to provide tools that give leverage to that as opposed to trying to compete in that sphere. I think that's how we see keeping ourselves differentiated. What we thought about both LIFT and ALAViDA at different sides of the spectrum, what LIFT offers is an ability to extend into the physical realm. It's not just an exercise app at all. It is very much a, you know, sort of a physical well-being mindfulness app that is built on a B2B basis, so companies can use it to really help their employees. Sometimes it's on a group basis, sometimes it's individual. What ALAViDA gives us is ultimately the ability to have some very specialized, let's call it loosely ICBT tools, both being very digital. There's going to be a small portion of human engagement in those, just by definition. There's always going to be something. We plan on keeping that incredibly low to the point where if anybody needs a professional, that's where we partner out with the other folks who do that. We think that market is still so massive that there's a million ways to play it. I think for us, the core was SaaS-based tools that allow a user to make improvements in a certain area or get some help short of the actual expert. We think that can be expanded, you know, A, globally, and then B, you know, we also wanted to start, as we sort of said to you, we're sticking to our game plan. The first acquisition was, you know, the first acquisitions were small, close to profitable—as profitable as really you can be at the size of revenue those things are, with great growth and SaaS models. That's, you know. Now we feel pretty confident in how we've done that. We have a pretty good roadmap and a very good team in terms of, you know, the right types of integration. We'll hopefully extend that positioning as we go forward. Hopefully, that helps. Great start. What about—not that you don't have enough on the go already—but you talked about this growth markets team and sort of non-traditional channels? Yep. With universities, etc. Any movement on that front or any KPIs or models that you can point to? Well, what we can point to is we actually did sign our first two small education clients, and that is sort of testament to that side of the business. We think there's an opportunity in schools, and we've talked about this a little before. We do think there's an opportunity in schools, and really that's colleges and universities application, but it could go, you know, it's a broader array, just that's big enough. We have some tangible evidence that, you know, those are working, so we're going to try to figure out the right expansion path there. We have a whole host of discussions around other types of programs. You know, generically, just to sort of describe it, because we can explore with that group things that otherwise historically might not be payers themselves. There are opportunities, and this exists in the world, and we're in discussions about it. We do not have any of these formally signed yet, so I'll be very careful. Sponsorship-type opportunities where an entity that provides certain services, be they financial or otherwise, wants to sponsor our program within a community that doesn't have the wherewithal to actually, you know, pay for all of it at the beginning. That becomes a really interesting model for us too. That's what that group has expertise in building. Excellent. My last question is more of a housekeeping item, probably for Mike. Regarding your G&A, you had some production development and content costs that looked like a bonus. I'm not sure if that was a one-time expense, but it appears to be. G&A was at CAD 2.2 million. I'm looking at fixed cost absorption and leveraging your fixed costs. What do you think the steady-state G&A might be on an annualized basis? If that bonus was a one-time expense, we should exclude it from the calculation. Yeah. It was quite a quarter, as you could tell from the release and the numbers, obviously with all the stuff that was related to the IPO. There was so much in there. I hope we've done a good job of, you know, the pro formas for everyone. We tried to spend a lot of time to make sure it was clear. No, for sure. I think, David, you're thinking about it correctly, right? I think that 2.2 is a good number. It's an important sort of run rate number as well, right? You know, we've made some more hires, as you can tell, right? Yeah. The cost base is increasing a little bit from a people perspective, right? The reality is, you know, we've got a pretty good margin profile and margin protection based on, you know, where the revenue growth is going to be, right? The revenue growth is going to far outpace any of the costs. I think the number's good. I think maybe it'll be a little bit higher next quarter, just again, as we're adding some more people, right? You know, margins themselves will, you know, continue to roll forward well. I think, you know, if you're thinking about, you know, gross margin, right? The 90% adjusted for the quarter, I think, is a good number to be at. You know, we're absorbing some costs from some of these acquisitions. Again, I noted that the LIFT overall gross margin is a little bit lower. You know, so that may take a quarter or two to work itself out into our numbers, again, with our own revenue growth, right? The ALAViDA gross margin is right where LifeSpeak's has traditionally been. And then, you know, we've got some more people because of the acquisitions as well, right? I think probably a good number maybe just to come back to you with would just be a G&A number on the acquisitions. I think overall, from an EBITDA margin perspective, that 35% LTM EBITDA margin is a pretty good target for next quarter, and where we're going to try to be going forward with growth, obviously into 2022, as the top line ramps, right? Which will far outpace any of our expenses. Excellent. That's very helpful. Keep up the great work, guys. I know it is certainly drawing a lot of interest from other players in the industry from your margin perspective. Great job. Thanks so much, Paul. Thanks, David. Thank you. Our next question comes from Adam Buckham from Scotiabank. Adam, your line is now open. Hey, morning guys. Thanks for taking the questions. I'll try and keep it brief because it's been a long call for you guys, answering stuff here. I guess to start, maybe more broadly on M&A, you know, pretty busy October for you guys with two acquisitions. Are you able to give some high-level commentary around what the pipeline on the M&A front looks like right now and what maybe the cadence could look like on a forward basis for what's in there? Yeah, we definitely can. Yeah, yeah. We got Nolan on, Adam. Please go ahead. Yes. Okay. We definitely can. I think Nolan's having some technical difficulties, so I'll jump in here, and if Nolan gets back on, he can be supportive because he and I sort of, you know, take the lead on the efforts here on this stuff. I think, Adam, we've been pleasantly surprised by a couple of things. The overall activity in the market is very interesting. There's quite a lot of stuff happening. That said, right, we have to be very selective in terms of, you know, what we're looking at and what we're thinking about. We've been very impressed with some of the quality that we're seeing in terms of the opportunities. We certainly still want to remain active as we signaled at the time of the IPO. That hasn't changed. Look, two acquisitions coming as quickly as they did, that's not necessarily going to always be the case, but again, a testament to the quality, right? When we see the quality that we saw and the opportunity there, you know, we had to try to make those work. I think importantly, right, we're going to make sure that we're continuing to monitor opportunities for quality, for fit, for cross-sell opportunities, you know, for platform enhancements. Will there be opportunities for deals to be, you know, even somewhat larger than the first two deals we saw? Yeah, I think, you know, when you think about that too, again, back to the IPO timing and the discussions that we had there. You know, we talked about a sort of step function and making sure that, you know, the first couple of deals were on the smaller side, they fit well, show that we can actually execute well and prove the thesis, and then, you know, we'll start to look at larger opportunities. You know, that plan hasn't changed, and we're continuing to execute on it. We're very pleased with the quality again of some of the assets that we're seeing. Adam, it's Nolan. I somehow got bumped off the call, but I'm back on. One other thing to say, in case Mike didn't say it, is that one of the things that's unique about our positioning is we're substantial enough in this space to be credible, but we're also not so big as to be perceived as being a giant corporate behemoth. What we're finding in a lot of conversations is that we're a really attractive home for businesses that have reached a certain scale, because they can see how the cross-selling works, and they can see that we've got some pretty serious depth on the content and, to a lesser degree, obviously on the technology side. But as we've said, each company will have a bit more uniqueness in their technology. The content knowledge that we have really exacerbates or can increase the quality of anything, you know, in the acquisitions we're looking at. What's been really interesting is, you know, and again, I don't know how much we can say. We don't believe we are the highest payer for either of the things we've acquired so far. Not that you don't have to be competitive in this world, but I think our future growth potential as a combined entity seems to be a real attractant, and it's helping us find really high-quality deals around the world. I think the other thing I'd say is, the other thing we've sort of said we'd stick to, and we are, which is very limiting in digital health, as you guys know, is we like profitable businesses because we like recurring revenue SaaS businesses. We think that when we look at our pipeline, the vast majority—it's not a hundred percent, but the vast majority of things we're seeing—if they aren't profitable, we know we can actually make them profitable, and that gives us a really interesting leg up, too. I mean, we are a high-growth company, but we like actually making money, and we don't want to give that up, you know, in any way. We feel that everything we're seeing fits nicely in that. Our global pipeline depth is, I think I'd say, way better than we had anticipated. Not that we thought it would be bad, but it's really coming together. Again, there's a far cry from saying that we see that in the pipeline and turning it into action, but we're finding some really unique talent and some really interesting cross-sell opportunity components that sort of help bolster the mental health side. It's a great color, as always. So, just one last one for me here, and it's one for Michael. Maybe just thinking more broadly about building the brand that is LifeSpeak: When you think about inbound interest today versus where you guys were, maybe at the IPO or even at the end of 2020, how has that evolved over the last year? Are you seeing a lot more inbound interest since you guys have gone public? Are people more aware of the brand and coming to you because they want to launch a product? Maybe just some high-level commentary around that would be helpful. Yeah. No, I mean, it's really the best. There are a lot of extra nits and gnats in going public that, you know, are maybe a challenge. You know, the upside is most certainly the increased exposure and credibility, including, you know, M&A pipeline talent, but also just clients, both embedded and enterprise. We are definitely getting more inbound, and we're seeing that with the increased pipeline. I think what I find most exciting is that it's global. I think the IPO was very significant in terms of getting inbound. The biggest increase is from, you know, the U.S. and overseas, whereas perhaps before then we were viewed more as Canadian, even though our growth was global. It's also the fact that when we reach out, we have a very active and tenacious workforce, including myself. You know, I've reached out to, just as an example, the largest life insurers in the U.S., and I literally just, again, I don't know what I'm allowed to say or not say, but I reached out to the four largest life insurers and had meetings with them within literally two weeks. They're all, I feel, very good about where they're heading. I don't think that would've happened pre-IPO. I think saying, you know, people are hearing about us more, even just being able to say, you know, we are public, which means we've gone through that vetting process. You're credible. We'll be a good, reliable partner. We're not, you know, we're in a world where tons, you know, almost everyone in our space loses money and goes out of business. We are profitable and funded. Just that reliability makes, you know, we're working with, you know, the world's largest insurers. They don't want to plug us into millions of people and then have us, you know, disappear. I feel like, as of now, that is the bigger thing in terms of when we reach out. We get far more response, and our pipeline is reflecting that globally. We are getting more inbound and certainly investing more in marketing in that regard. It's quite a vague or broad answer, Adam. I don't know if that gets what you're- No, no, it's great. Yeah. You know, I mean, we're seeing what? There's another place we see it, and it actually goes a little bit to David's question before about G&A. One of the reasons our G&A is sort of on a temporary basis up, and you sort of say, how do we leverage into it? Well, what we're seeing, because I think it's partly the IPO, it's also partly we're growing enough that that feeds on itself, is our opportunity to hire really accomplished people that we would never have had the opportunity to hire before is also coming on an inbound basis. We're taking advantage of that. When you think of it from a cost structure standpoint, those are people who we are investing in for future growth. It's not a cost pressure within our business because it costs more to make our product. It's not that. It's an opportunistic view of, "Hey, we have unbelievable people calling us. We should bring them on and see what we can add to our growth." It's funny because it sort of covers both of those questions. It's a large part because people know who we are now. And you know, it really goes back to David's point. We're being a bit opportunistic in bringing people on, people whom, if you can find them, you take, even if that's an extra body in a growth area. Yeah. If I could add, we're also acquiring brands through these acquisitions. For us, we have to remain very selective in who we bring on. I think LifeSpeak has a good glow around it. We've worked hard. We're all about quality. While LIFT and ALAViDA might be smaller, quite a bit smaller than we are, they have great brands. So we've received inbound messages saying, "Oh, we know them well. What a great fit." And we've seen it, not just the cross-selling, but further inbound interest in terms of both embedded and enterprise since the acquisition. So far, it's very exciting. Very exciting. That's great to hear. Thanks for the comments, guys. Thanks, Adam. Thank you. The last question comes from Justin Keywood from Stifel. Please, Justin, your line is now open. Hi. Good morning. Thanks for taking my call. I just had a few broader questions. One is, has the selling environment changed recently with employees returning to the office or in a hybrid environment versus primarily working from home over the past 18 months? We're hearing of staffing shortages in the mental health space in general. Is that contributing to any of the pipeline or growth expectations, assuming that some of the other EAP providers are seeing some difficulties in being able to service some mental health needs? A great question, Justin. I mean, Mike, Hal, do you want to talk a little bit more, sort of, in the first part of, are we seeing any impact of the, sort of, let's call it a mixed-use return to work? Because I think it is. Yeah. You're seeing exactly that. Some places have people, some places don't. Why don't you talk about that, and we can get into the second part. Yeah. I can actually answer the second one as well. Perfect. First of all, hi, Justin. I don't want to sound opportunistic, because obviously the world is going through a lot of challenges. Whenever there's more turmoil, activity, and discomfort, it just creates more anxiety, and more people leave, and people need more support. All I can say is I've never seen it remotely as busy as this. One of our top sales folks said they did 30 client presentations over the last seven days. If anything, we're struggling to keep up with the opportunities. Again, I don't want to sound opportunistic about it, but as everyone's trying to return, they're trying to figure out how to provide support all over the place, and we are just one of those things that can address everything because it's not just, you know, mental health. As people are trying to figure out their work arrangements and where they work, they're having more issues with their relationships, their kids, their elder care, and everything that goes along with it. The fact that we have thousands of micro-learnings addressing these specific things makes us very, very valuable, whereas some of the other players trying to address it are very specific or pointed and not necessarily as helpful as we are. We are seeing an increase in business. People are very aware of the Great Resignation. People are leaving like crazy. Anything companies can do to support it is really important. As we know ourselves, and one of the things I'm most proud of that we haven't talked about yet is that, in this Great Resignation throughout 2021, we haven't lost a single person. We walk the walk as well as talking the talk. We are—I don't want to speak—we're partners with a number of wonderful mental health providers, but we are hearing in the market that there are service issues, there are shortages. I don't want to... Again, I don't want to be opportunistic, but the fact that we're SaaS and don't rely on those things—you know, we're getting great, rave reviews of our ability to implement and service our clients where others are having issues. I don't know how long that's going to last, but we are certainly hearing it from clients, and we've seen places where, you know, they're looking to maybe get rid of some offerings and put us in. I don't want to be negative about that. Yeah. I think, and Mike, to add that- Opportunity. It just bolsters our thesis that we want to do everything we can to leverage the, let's call it, employee infrastructure of EAPs and telemedicine. If we can help, we're not really taking away dollars from any of these folks because, to your point, one of the biggest limitations is their ability to get the professionals they need to provide the service. There's just a big gap in the behavioral and mental health world of available help. We're hoping to fill as much of that gap as we can. We don't see that as being necessarily competitive with professionals because there just aren't enough of those folks. When you look at where we see this massive growth with our embedded clients, such as insurers, we're being used as a value-add and differentiator to show customers that we care in between sending bills. It becomes very shaky, I guess, for some of these players to put in mental health services that may or may not receive the service. You don't want to put in a value-add that might cause harm to a customer relationship. Again, the primary is, our education is wonderful, but the fact that they don't have the risk associated with delivery only strengthens our case, and we've seen that. That's helpful context. Thank you for taking my questions. Thanks, Justin. Thank you. We currently have no further questions. I will now hand over to Nolan Bederman for any final remarks. Great. Guys, I just wanted to really thank everybody for taking the time to, you know, dig in, understand our story, listen to this. You know, it's early innings, we understand that, but we really do see things coming together really according to the plan we articulated. It's kind of important to us to try to stick to that. You know, as Mike said, I think we didn't spend enough time on it. We're really proud that not only are we sticking to what we're doing, you know, in a world of huge resignations everywhere, we literally haven't lost one unplanned person in the face of what really amounts to a lot of change for our company. That's just a testament, I think, to how our employees feel about where we're headed. Again, thanks for everyone's support. We appreciate the questions and, you know, we look forward to talking to you all again soon. Thanks for joining. Thank you, everyone. Okay. Thanks a lot. This concludes today's call. Thank you for joining. You may now disconnect your lines and enjoy the rest of your day.