Good morning, and welcome to the LifeSpeak Q4 and Fiscal 2021 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press Star and the number one on your telephone keypad. If you'd like to withdraw your question, press Star two. At this time, I would like to turn the call over to Michael McKenna, Chief Financial Officer of LifeSpeak. Please go ahead, sir. Thank you, operator, and welcome to the LifeSpeak Q4 and Fiscal 2021 Results Conference Call. 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, and business prospects and opportunities. Such statements are made as of this 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 earlier today for additional information. I'd like to now turn the call over to Nolan Bederman, LifeSpeak's Executive Chairman, for opening remarks. Nolan? Thanks, Mike, and good morning, everyone. We really appreciate you attending our call. 2021 was a truly transformative year for LifeSpeak. Not only did we increase our revenue by 130% year-over-year, but we materially scaled and diversified our business through highly strategic M&A. We broadened our geographic presence and deepened our management team, all in the short time following our IPO on the Toronto Stock Exchange in July of 2021. Over the eight months since becoming publicly listed, we've been working around the clock. As many of you will already know, we've successfully closed four accretive, synergistic, and complementary acquisitions, including LIFT session, ALAViDA, and Torchlight in the Q4, and subsequent to quarter end, our acquisition of Wellbeats. Each acquisition met our highly disciplined criteria, which include a strong strategic product fit to broaden our SaaS-based offering, a complementary client base to promote cross-selling, a broadened geographic presence to further our global diversification, deep bench of unique talent, and a financial profile capable of producing profitable growth. While still in the early innings, of course, the integration of these businesses is progressing according to plan. Our customer base is expanding globally, we are enhancing and augmenting our service offering, and we are adding to what we believe is already a world-class team of employees and managers. As we've discussed with many of you previously, the foundation for all of these developments is our B2B SaaS-based mental health and total well-being platform. Our high levels of engagement with corporate clients allow us to position LifeSpeak as the front door for digital mental health and total well-being education, and it allows us to synergistically add highly complementary components to better serve our growing client base, which provide a significant amount of added value for these corporate clients. We believe we are extremely well-positioned to continue our profitable growth in both the near and the long term. Once again, we'd like to thank you for joining the call today, and we look forward to educating you more about our business and our progress. Now, I'd like to turn the call over to Michael Held, LifeSpeak's founder and CEO, for some remarks. Thanks so much, Nolan. We're very pleased to be with you today to review the 2021 operational and financial results, as well as several recent and exciting developments for LifeSpeak. LifeSpeak's SaaS-based mental health and total well-being education and engagement platform continues to experience significant growth, supported by consistent long-term market trends, including increasing corporate spending on mental health and total well-being, digitalization of health solutions, growth in micro-learning content as a means of well-being education, and increasing corporate spend on remote access tools. Our high-value holistic mental health and total well-being solution, coupled with targeted strategic M&A, are driving scale in our business at a very rapid pace. As evidence, I'm pleased to report that. Our fiscal 2021 revenue increased to CAD 23.3 million from CAD 10.1 million in fiscal 2020, an increase of 131%. Our fiscal 2021 adjusted EBITDA increased to CAD 6.6 million from CAD 3.2 million in fiscal 2020, an increase of 105%. We reported annual recurring revenue of CAD 35.5 million as of December 31, 2021, an increase of 98% over the same date in 2020. Our client count increased by 98% to 422 clients as of December 31, 2021, compared to 213 as of December 31, 2020, and prior to the addition of Wellbeats. Examples of client wins within our enterprise customer segment included Banner Health, Bruce Power, and NewYork-Presbyterian Hospital. On our embedded customer segment, we added Safe Harbor Health and Unum join as significant client additions during our Q4. In addition, we also finalized a very significant program for LIFT with the AARP subsequent to quarter end. In addition to continuing to add a strong set of new customers, we have further diversified and strengthened our business during the reporting period with successful acquisitions. We are very pleased with the outcomes of our growth strategy for 2021. We are even more excited for the future when we include Wellbeats, our largest acquisition to date, a highly complementary physical wellbeing platform based in Minnesota that closed subsequent to year-end. Wellbeats provides us with an extremely well-recognized, market-leading, on-demand physical wellbeing platform, which broadens and deepens our core B2B offering. The connection between mind and body is increasingly recognized as being critical to overall wellbeing. This makes the addition of Wellbeats highly strategic to LifeSpeak's growing portfolio of digital health offerings, complements our existing physical wellbeing platform of additional tools and topic areas, and brings with it a portfolio of over 400 net new clients with strong growth and retention metrics. With the combination of acquisitions made to date and our geographic expansion, our one-of-a-kind platform generates a unique opportunity to cross-sell total wellbeing tools to our 800+ clients and partners around the world and has significantly increased our market presence and geographic diversity. We are thrilled with the quality of assets we have acquired and the team we have assembled, including the fact that all of the founder CEOs of the acquired companies have joined us to take on increasingly important roles in executing on the opportunities set before us. We are eager to capitalize on this compelling opportunity and believe that our financial results demonstrate that we are making significant progress towards this goal. I'll now pass the call back to Mike McKenna, who will walk us through our detailed financials, following which I will make some closing remarks before we turn it over for questions. Mike. Thank you, Michael. We believe our 2021 results demonstrate the strength of our business, and we are excited to share these results with you today. As Michael mentioned, we are also very enthusiastic about our four recent acquisitions. In addition to discussing our quarterly and annual comparative financial results, I will also aim to provide everyone with additional information on the pro forma business, with the objective of continuing to provide a detailed understanding of our new combined businesses. First, to touch on our 2021 results. Revenue for Q4 2021 increased to over CAD 6.8 million, a 115% increase when compared to the same period for 2020. For the year, revenue increased by 131% to CAD 23.3 million. Our annual recurring revenue grew in Q4 by 48% to CAD 35.5 million, or by 98% when compared to the same period in 2020. Adjusted EBITDA reached over CAD 0.9 million for the quarter, a slight decrease quarter-over-quarter. However, our overall adjusted EBITDA grew by 105% to over CAD 6.6 million for 2021. Net loss for Q4 amounted to CAD 6.9 million, primarily due to the cost incurred in relation to our recent acquisitions and share-based compensation costs, which are related to special one-time grants in conjunction with the creation of a new omnibus incentive plan at the time of the IPO and the accounting treatment for shares issued in conjunction with acquisitions. Our adjusted net income for fiscal 2021 was CAD 5.7 million, which is an increase of 92% year-over-year. Our total client base in 2021 grew to 422 clients. This includes new clients added with the acquisition of LIFT, ALAViDA, and Torchlight and represents a 56% increase quarter-over-quarter and a 98% increase versus the same period in 2020. Each of our acquisitions to date are making important contributions to our consolidated business. We are excited to continue to integrate them into our product offering while generating cross-sell opportunities within our broad client base. In addition to the acquisition strategy, we have also taken a full review on the cost structure of the business units and platform and have identified approximately CAD 1.9 million in cost synergies from the LIFT, ALAViDA, and Torchlight acquisitions. For the quarter, we recognized approximately CAD 0.4 million of these synergies. Overall, we have made great strides across the entire business since our IPO in July 2021, significantly enhancing our scale, adding adjacencies, diversifying our geographic presence, all while being mindful and attentive to our profitability metrics. With the inclusion of Wellbeats, and as at December 31, 2021, our pro forma ARR equates to CAD 54.7 million, compared to CAD 21 million at the time of the IPO, an increase of approximately 165%. Our total number of clients now exceeds 800. This compares to 228 at the time of the IPO, an increase of over 250%. Of the CAD 54.7 million in ARR, 52% of the business now comes from U.S.-based and international clients. This compares to approximately 8% at the time of the IPO. Overall, this is quite a transformation of our business in a six-month period. Our business has grown rapidly, and we believe that our platform is more compelling than ever, given the significant scale we have created and the profitable nature of our overall business. In addition to the previously announced metrics, we do closely track other key performance indicators to help us evaluate the strength of our business and to better understand our corporate development and progress. These include gross margin. Gross margin for the Q4 of 2021 was 87%, compared to 88% in the Q4 of 2020. Gross margin ended fiscal 2021 at 90%, directly in line with the metric in 2020. Net dollar retention rate. NDR provides a consolidated measure by which we can monitor the percentage of ARR retained to our existing clients. This number grew to 112% as at December 31, 2021. This is an increase from 102% at the end of Q3 2021 and is primarily due to our ability to continue to upsell products and service our clients and the growth within our embedded clients due to the land and expand nature of product rollouts. Logo retention rate. Logo retention rate provides a consolidated measure by which we can monitor the percentage of enterprise clients retained during each period. Logo retention for the 12 months ended December 31, 2021 was 95%. This is the same as our Q3 2021 logo retention rate and continues to demonstrate our ability to retain clients, as well as the resilience and long-term importance of our platform. Now moving on to the pipeline. During the Q4 and subsequent quarter end, as Michael mentioned, we are pleased with the success in signing new enterprise and embedded clients and continue to see positive momentum within both go-to-market strategies. We launched new partnerships with Safe Harbor Health and Unum in Q4, bringing the total embedded clients to 14 at the end of fiscal 2021. Subsequent quarter end, LIFT session launched an exciting partnership with the AARP, the U.S.'s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to make accessible the LIFT platform to AARP's 38 million members. This is a very exciting opportunity for LIFT and LifeSpeak more generally, as it continues to demonstrate the success and opportunity within the embedded solutions model. On the enterprise side, at the end of the quarter, LifeSpeak had a total of 408 enterprise clients, and now we have over 800 when adjusting for the Wellbeats acquisition. Finally, in regard to our capital structure, following the Wellbeats acquisition, as you may recall from the transaction announcement, we believe that we have structured a very attractive financing package for the acquisition of Wellbeats. With the previously announced and closed concurrent private placement, we continue to maintain a healthy capital structure with flexibility to operate our business going forward. With that, I'll turn the call 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 ahead. As we look forward to the remainder of 2022, we are highly confident that our growth will continue as we leverage our leadership position in an industry where organizations are ascribing greater value than ever before to the mental health and total wellbeing of employees. We believe that our deep and diverse customer base demonstrates the efficacy of our business model, and we believe we are only beginning to realize our full potential. The scale we've reached today with over 800+ clients, the pace at which we've grown and the resulting retention rate we achieved all demonstrates that our solution is essential to our clients and their employees. We are looking forward to updating you on our progress in the coming weeks and months, and we'll now open the call to questions. Operator? Thank you. We now begin the Q&A. If you'd like to ask a question, you can press star one on your telephone keypad. Please ensure you are unmuted locally when asking your question. Our first question for today comes from Doug Taylor of Canaccord. Doug, your line is now open. Thank you. Good morning. On previous calls, you talked about a number of, you know, embedded wins that you'd signed but are not yet included in your ARR, as of quarter end or were slated to ramp in the periods ahead. Can I perhaps get you to update us on the progress of the, you know, the rollout of some of these large deployments you've signed with these 14 embedded clients over the past few months and quarters? Thanks, Doug. Thanks for the question. Michael Held, you wanna talk about what we're able to disclose at this point. Well, yeah, Doug, there still are a couple of those opportunities. I mean, even we mentioned the program, for example, with AARP, you know, as an event subsequent to quarter end, like, that's not included in our ARR, nor are a couple that we know that are, you know, sort of slated to launch in short order here. The ARR metric is stuff that only we would've had in progress as of December thirty-first. We have had good success with a couple of deals that started out on the smaller side, in Canada. You know, for example, Industrial Alliance is one that's continued to grow month-over-month over the back half of the year. You also see in terms of the net dollar retention rate being, you know, a little bit higher this quarter. That is due to, in part, to some growth in some of these deals on the embedded side that are ramping up. I think overall, you know, progress remains very positive. There are probably some, you know, larger deals out there that have taken probably a little bit longer to get signed. I think, you know, the pipeline remains strong, in fact, probably stronger than ever. You know, very good consistent opportunity for us to continue to grow this space. You know, we're also seeing some opportunity now with the addition of the broader sort of platform to, you know, enhance some of these embedded deals into 2022 that way as well. Lots of opportunity. Again, consistent methodology, Doug, used on the ARR calculation in the sense that it's only deals that were in progress as of December thirty-first. Okay. That's helpful. Can you speak to how you expect the EBITDA margins, you know, are expected to progress towards your guided ranges from the levels we are seeing here at Q4? Yeah. I think the key point there is that, you know, we've identified quite a significant amount of cost savings that comes just from this initial set of acquisitions. We probably got to those a little bit quicker than we had expected, Doug, and that was largely due to you know, sort of seeing where the margin profile was and just you know, a bit of a cost heavier quarter with absorbing all the businesses. When you think about the quarter itself, obviously, you know, significant projected revenue growth in 2022, and good strong management of the cost base, you know, I think it's largely in line with where we guided. I think it was 28% for the year. We've already identified you know, significant cost savings, more to come, with the Wellbeats business. We're not trying to create a synergy story here. At the same time, you know, it is important that we do manage this cost base to manage towards those guided EBITDA margins. I think when you take the combination of all the factors that I've just outlined, you know, we clearly see a path to that guidance. Okay. Perhaps the last question from me, you know, with the guidance that you provided around the Wellbeats, you know, you've done a lot of acquisitions here that have kind of obscured what the organic growth rate is for the business. I mean, the question is, we look at the ARR growth that you project in your guidance for this year, which works out to roughly 40%-50%, that should be considered a good underlying organic growth rate expectation for your business once we look past the machinations related to M&A. Yeah, I think that's right. I think, you know, we see opportunity for that to probably grow further, you know, when we start talking about things like cross-sell opportunities and the like, Doug. You know, we're seeing good progress on that category. I appreciate that's not specific to just the LifeSpeak business, but the LifeSpeak business and the platform there creates those opportunities. We're certainly, you know, seeing, you know, even further positive momentum on that for 2022. I appreciate the color. I'll pass the line. Thank you. Our next question comes from David George of Baird. David, your line is now open. Good morning, gentlemen. Morning, David. Just looking into just on the back of Doug's question on some of the cost factors in the quarter. It looks like to me, if I had to frame it properly, that it is sort of a timing difference where you guys are investing in G&A and sales and marketing to build out the platform, of course have been extremely busy. If you look in just the sales and marketing line and the G&A line looking out for the full year, are we kind of at the run rate plus Wellbeats and to kind of get into that margin target range of 30%-40%? Kind of a, you know, just drilling down those two-line items in particular. Mike McKenna, you wanna answer that more specifically? I think that's a good way to think of it. You know, in other words. Yeah. The The business scales very well. Go ahead. Well, for sure. I think absolutely, especially on the G&A side, David. I think you know, sales and marketing costs, frankly, in that line, we do hope those increase quarter-over-quarter. Ultimately, that's where the commission gets put, you know. We obviously would see that increasing with the increased sales. But I think from the perspective of people, the footprint, the service offering, you know, frankly, we're very well placed now with what we have. We probably will see some additional savings with integration on the Wellbeats side, just with some potential overlap there as well. We've already talked about that on the announcement call, excuse me. Yeah. I think, David, you're right. Like, we've got to a place where we've invested in the business. The platform is ready and, you know, focused for growth in 2022. Very good. If we can add one color, David. Go ahead. When you think about just to your point, we now have a plainer way to put it is, we have a management team and a employee profile that can support all of this year's growth already. In essence. Got it. On a run rate basis. On a run rate. Wellbeats sort of looking, framing it that way. Correct. Correct. Correct. Yeah. Yeah. Got it. Okay. Then we live in this kind of weird world where we're all going backward, taking masks off, et cetera. Have you seen anything at all in terms of gaps or deferrals as organizations kind of deal with people getting back to work? How would you frame that against your sales pipeline and the trends in enterprise versus embedded utilization, all those sorts of things? Have you seen any blips at all, or potentially is this like so sticky now with enterprises and companies just embracing the physical and mental wellbeing? I'll give you the quick answer and let Michael Held add any color. The way we see it is we've always sold into organizations pre-COVID, let's call it, workplace disruption. The one thing we're definitely seeing in this world is a hybrid return, whatever that means to every individual organization. In almost all cases, there's a component of hybrid. Our model is so democratically available no matter what your call it reinstituting of physical work is, that we haven't seen any negative pressure at all from that. Quite the contrary, I think our solution is so flexible that one of the big advantages is no matter how you choose to re-engage with your workforce, our solution fits all of your employees. Whether you change that in two weeks because some new mask mandate comes or goes, once we're installed in all of our products, we're ubiquitous. I think that's one of the strengths of the product. You know, Michael Held, anything you wanna comment specifically on things you've heard or seen from specific anecdotes even that corroborate that? Yeah. Hey, David. Yeah. Yeah. I mean, the sector is busier than ever. I think part of it with people going back to work is there's the combination of a bit more certainty. You know, life's gonna continue. They're back to business. I think if anything, there was some, as much as we've grown, there's still holes, like what's happening to the world, and now people are back to business. We're getting more meetings. Coupled with that, you know, there's the transition back. There's more anxiety, like, how does it work? How do we keep people safe? How do we keep people calm? Ukraine is certainly not helping anyone's, you know, mental state. So there's a lot of, like I hate to say this, but the world's not getting any less anxious. I think that recognition that, you know, if it's not COVID, then it's Ukraine. If it's not Ukraine, it's something else. I think we're now being purchased in, you know, almost in risk mitigation mode. It's like we don't know what's next, but it will be something and we need something in place. Again, we don't wanna be caught flat-footed when COVID hit and we didn't have anything in place. You know, our experience now is definitely like continued uptick. I'm sure there's some, you know, some strain on some, you know, HR and benefits, but it's kind of lost in the shuffle of kind of the overwhelming uptick. If anything, when we hear it's, you know, just give us another month, not, you know, we need two years kind of thing. So far, you know, all really positive. It's hard with so many things driving so much anxiety. The one thing we've seen, which, you know, we're backing up with these acquisitions is more requests around this mind-body connection. Like, we want people to be physically healthy because it'll help with their mental state. I think and that is certainly helping with the uptick as well. Okay. Last one for me, guys. It's early days. Sorry, Nolan, were you gonna say something too as well? Nope. Go on. Okay. Last one for me. It's early days, but you've cobbled together, you know, quite a good platform here in terms of the ability to cross-sell various things. Is there any sort of cross-sell that you're seeing across the various platforms and geographies? I mean, obviously this, the potential there could be very significant. Maybe just some color there. Sure. We're not yet able to disclose any specifics. What we are seeing and what makes us very happy, David, is it's not one way. We sort of hoped that we would see it this way, and it has definitely emerged that we're seeing clients of each of the different, call it now sub-brands, generate interesting opportunities for others, across the spectrum. It isn't just the case that we can go to our LifeSpeak clients and sell other. We're seeing it always. What really matters to us, and this is I think the core theme, you know, the issue with our one product business before, I wouldn't call it an issue, is if you go in to pitch a client, as we know, and for whatever reason, that isn't the thing they're spending money on. For example, physical wellbeing may be their first move, and mental wellbeing may be their second. There's no way we could in the old world have won that sale. We would've been able to maintain the relationship and come back to them at some period of time in the future and hope that they would broaden their spend. That happened all the time. Now, we can actually address whatever it happens to be, that they need now. We're seeing that type of effect as well, which isn't obviously necessarily cross-selling. It can be net new clients. We're seeing it in both areas. We're seeing cross-sell across the platform, and then we're seeing an ability to win business that in the old world, we just wouldn't have won at that time 'cause there was no open buy, so to speak, for us. We're seeing evidence of all of these. We're also seeing it at the small end and in larger organizations. We're sort of seeing it in across the board, is the best way to put it. Excellent. Well, look forward to an exciting 2022. Thanks, guys. Thank you. Nolan, I was. Thanks, David. That it's not just that. Yeah, go ahead. I'm sorry. Go ahead, Michael. Sorry. We're not just seeing it at the enterprise level. We're actually seeing cross-sell activity at the embedded level as well, which ideas I thought would take longer to get those conversations going, but they're not, so. Does that, sorry, does that like in terms of the curve, in terms of getting. I think it was average, your kind of expecting CAD 6 million per embedded. Does that get you up the curve quicker too? Does that actually facilitate an expedited pace? There are two reasons for that. Yes, an expedited pace because they're embedding larger chunks. Also we're seeing as we've discussed, some of our embedded deals have taken a longer time to launch, so we're bringing in- Yeah. New products at that transition time. You know, maybe something's taken two months longer to launch, but now we're talking about launching with other products, so we don't have to restart the whole, you know, top of the process of getting somebody up and running. I think there are two ways in which this is gonna expedite that element. Excellent. Thanks, guys. Thank you. Our next question comes from Paul Treiber of RBC Capital Markets. Paul, your line is now open. No, thanks so much, and good morning. Just wanted to focus on the enterprise clients at the end of 2021. You know, just looking at on an organic basis, you know, what was the number of new enterprise clients that you added on an organic basis in the quarter? Mike McKenna, yeah, sorry, Paul. I was on mute. It was about 25, Paul. Okay, great. Shifting gears. Net dollar retention jumped significantly in the quarter, and it seems like it's this uptick versus the prior trend. Can you just elaborate further on the drivers of that improvement from Q3 to Q4? Also, can you speak like, is it a one-time bump, or do you think it's sustainable at these levels? Yeah, good question, Paul. Obviously higher than we had seen previously. That is related to some upticks and some increased you know ramp up on some of our embedded programs. The embedded contribution was strong and growing. You know, so I think overall, you know, are we gonna always be at that, you know, sort of level? I think that's a lofty goal. I think, you know, generally speaking, as we continue to see ramp, you know, I think we're gonna be able to certainly be at levels higher than we previously were. Part of that comes too with value-added services, right? As we do more cross-sell, as we add some things with LIFT into the LifeSpeak, et cetera, right, we're getting a bit more sort of uptick in terms of some of the upsell opportunities. Okay? That really helps on the client level as well. Will we always be at 112%? Probably, you know, not every quarter. But we're consistently seeing enough growth that we're gonna be able to be obviously surpassing the sort of 102%, 103%, you know, we were at coming out of the gate, right? Okay, that's helpful. You know, looking at your talent base or your employees, you know, obviously with the acquisitions, you've significantly expanded your talent base. It sounds like is it a lower priority now to expand your employee base maybe organically, just given all the talent that you've onboarded through acquisition? You know, how should we think about that through 2022? The way we look at it, and if you think of what we're all facing, you know, you can call it the Great Resignation, but it's one of the biggest challenges organizations faces is both retaining and then finding new talent. We've reported back to you guys, I think, on our strength on retention. What these acquisitions have really allowed us to do was attract both at the senior and in frankly all levels of the organization, really amazing talent in chunks that otherwise it's just very hard to come by. Again, we didn't do the acquisitions for those particular purposes, but it's been an amazing side benefit. We think we've got a fantastic array of folks in this company who can take us to the next level. That's not to say we're not gonna continue to hire selective, growth-oriented people. We absolutely are. But this gave us a real boost in terms of our ability to hire high quality people with very observable track records, kind of on an en masse capacity. It's been incredibly helpful on that score. Just lastly for me, just on acquisitions in general, I mean, obviously you've done four in the last, you know, six months or so. A lot of new people joined the company. You know, there's integration work that needs to be done. How do we think or how should we think about the pace of acquisitions maybe in 2022? I mean, do you expect to continue at that pace, or do you think you take a little bit of a pause here? Not four in six months. That's the best way to put it. No, I think as you said, we have a lot of operational work to do. We've got a lot of organic growth opportunities in front of us. We're always gonna be opportunistic on M&A. I think the best way we characterize it, Paul, and we've been very consistent, is we never viewed ourselves as a roll-up. We think we happened to find four very unique acquisitions opportunistically, and what we decided was work around the clock and get them done because we thought they were transformational. We feel that way sitting here today. We definitely have a strong M&A pipeline, but we are not required to, nor do we feel driven, compelled to do M&A. I think what you'll see is some, you know, a handful of M&A this year. It would be very shocking to us if it's the pace of last year. If that's the case, it's because some opportunistic thing has befallen us where we happen to find some amazing companies and we just go after them. I think a more moderated pace would be our expectation. Okay. Thank you. I'll pass the line. Thank you. Our next question comes from Gavin Fairweather of Cormark. Gavin, your line is now open. Well, hey, good morning. I wanted to start on the LIFT and AARP partnership. Can you just provide a bit more detail on how that's gonna work in practice? Is the platform gonna be accessible by all 38 million members right away, or will it become kind of accessible to new members joining that association there? Hey, Gavin, it's Mike. I think the best way to think about it is in a staged rollout. You'll see opportunities for that platform to be more, you know, to be accessed through the balance of, you know, 2022. You know, I realize even in my comments on the script there, you know, to think that it's gonna be 38 million members out of the gate. I mean, that was a lofty number. That's their total membership. Obviously, people need to sign up for the platform. They can all access it, okay? There is a trial period, there's a sign-up methodology, et cetera. We will see working with AARP, Rafi and his team at LIFT are working closely with AARP to create a ramp strategy through the balance of the year. We'll see consistent adds to that platform through the course of 2022 and beyond of course. It's not that we would expect, you know, it's not that there's a certain sort of guaranteed number on day one. I mean, it's a phased rollout, which creates opportunity for the program to grow and build through the course of the year. That's helpful. I'll make a note to ask you next quarter. For sure. No, for sure. We should, and that's you know as we get more and more opportunities like that, you know what I mean? It's you know helpful to check back in on it. We're happy to try to provide updates with as much as we're allowed to disclose. That, that's great. Thanks. Just on margins, sometimes you see, you know, companies kind of accrue sales commissions throughout the year, but then require a bit of a kinda pop-up seasonally in Q4 as the annual numbers are finalized. I'm curious if that was a bit of a factor here in your Q4. There was a little bit of that. Enough. I wouldn't call it a significant impact. I mean, I think, you know, largely speaking as it relates to cost, you know, obviously we did absorb some additional costs with the acquisitions, Gavin. You saw we have obviously been, you know, active very quickly to sort of rightsize the cost base, right? There were a couple things, as you rightly pointed out, in terms of some catch up on some positions, but it wouldn't be considered to be a super significant amount. It's the right thought. There always is some catch up at year-ending. That's helpful. Then just on recent M&A, I'm curious kind of what surprised you from the due diligence period to kind of post-close. It sounds like you're having maybe a bit more traction on the conversations with some of your OEM partners with some of the new platforms that you acquired. Maybe you can expand on that and any other kind of surprises that you've identified so far. Sure. I think, again, early days, but I'd say there are two buckets of surprise. The first one you identified, I think we're, you know, and again, we're not providing numbers on this yet because it's too early. The level of interest and ability to seamlessly move from, you know, a discussion of one product to a discussion of another within the client base, we're very pleased with. You know, that was obviously our hope and our belief, and we did a lot of diligence around that. That's a really interesting component. I think the other biggest wildcard and, you know, Michael Held touched on it a little earlier, and I sort of briefly mentioned it, is we knew we were getting good management teams. You know, we assumed that we did diligence around that. you know, quite frankly, the quality of the people, you know, and this goes a little bit to Paul Treiber's question before too, has exceeded what we thought, and has been more culturally similar to our business than we had even hoped. you know, there's always cultural risk. I think frankly, the biggest in these acquisitions is the cultural side. I think we did a pretty good job of vetting that. quite frankly, on top of doing good vetting, I think we've also been fortunate that each company has come to us with some really unique talent, and some very complementary skill sets. We've been, I think, humble enough or smart enough or maybe some combination to take advantage of that and bring those people into the organization in broader roles. That's been a very pleasant surprise for us. Again, wasn't a core thesis to the acquisitions. We always had hoped it. We're very pleasantly surprised. Our team has grown in talent, you know, pretty exponentially, and we feel very good about being able to build a much bigger company, without the need for a lot of new talent. Again, we'll obviously always be on the lookout for talent. Upgrading talent's, a core thesis, but we've been very pleased with that. Great. That's it for me. Thanks so much. Thank you. Our next question comes from Adam Buckham of Scotiabank. Adam, your line is now open. Morning. Thanks for taking my question, guys. You've spoken a decent amount about, you know, the solid KPIs in the quarter, the NDR of 112, logo retention at 95%. You know, both seem to indicate pretty strong underlying demand for the LifeSpeak platform. In terms of 2022 sort of contract renewals, you know, on a consolidated basis, are you guys able to share any color in terms of what you're seeing in terms of current negotiations for those that are set to renew? McKenna, anything that we can add? Well, yeah, I mean, I think, Adam, look, I mean, we're showing every month with renewals that come up that we're being very successful with that, right? So, I think that's from a renewal perspective, you know, that number's been very consistent through our time since we've IPO'd, you know, gets marginally a little bit better every quarter. So, I think overall, the renewals are in good shape. We're seeing pretty good opportunity on the embedded side with, again, deals that, you know, some of these deals that we talk about in terms of, you know, the sort of more land and expand model, right? Seeing some expansion in those, obviously that helps some of those underlying fundamental metrics. You know, I think overall in terms of the context of anything we're seeing in that area, you know, you pointed it out rightfully, you know, that the underlying fundamentals are strong, and we would expect those to continue into 2022. Once we get rolling with Wellbeats, you know, be even stronger. Okay, great. Thanks. You know, second, just to sort of shift gears here, on sort of the increase in SG&A. Are you able to share anything on how these sort of incremental investments, you know, have increased sort of the broader growth opportunities for LifeSpeak and then, you know, the customer acquisition pipeline that was kind of outlined at the IPO? Yeah, I mean, the best way to put it is just we now have a much deeper bench of senior relationship originators, strategic partnership go-to-market folks and salespeople. So, on that side, you know, a lot of the expenses there. Then on the marketing side, you know, there's a substantially beefed-up expenditure that we have now on marketing. So, in those two areas in particular in the G&A, they're really directly related to, you know, future sales. Mike McKenna, anything you wanna add there? I think that's sort of the best summary. Yeah. Adam, you know, in terms of the IPO, you know, we provided color on both the enterprise pipeline and the embedded pipeline, you know, touched upon that again on the call today. Obviously, the enterprise pipeline looks significantly different now because of the fact that, you know, the enterprise base is much stronger, right? Not only obviously now do we have continued growth of that enterprise base through the multiple product sets that are now part of the platform, right? We talk a lot about this cross-sell opportunity. That's really what's gonna continue to help energize and grow that enterprise platform in 2022. We're just scratching the surface there in terms of opportunity really to harvest that enterprise base, okay? That's important, right? Continued, you know, the embedded pipeline. It continues to be, you know, as strong or stronger than ever. Some of the deals, I think we've rightfully pointed out are timing issues. Some of them have taken a little bit longer to sign, a little bit longer to ramp up in some cases. The pipeline still consistently remains strong, and that's still gonna be a huge driver of the business, in 2022. I think the focus hasn't changed, right? Obviously, enterprise pipeline now looks different because of just the product suite and the fact that, you know, especially once we add Wellbeats, right, we've just got a much larger base to cross-sell into. Okay? On the embedded side, you know, we're continuing to still focus on that as well and grow that, and look forward to some good opportunities, in 2022 there as well. Great. Thanks for the color, guys, and congrats on the quarter. Great. Thank you. As a reminder, if you'd like to ask a question, that's star one on your telephone keypad. Our next question comes from Jeff Martin of Roth Capital Partners. Jeff, your line is now open. Thanks. Good morning, everyone. I wanted to touch on the progress you've made with respect to selling into international and U.S. markets. I believe you made two key hires mid-year last year. Could you provide us an update on the progress that they're making? Michael Held, do you want to provide a little color on just general activity there? I don't know if we can speak specifically to clients. You know, McKenna just slapped me with what I'm allowed to share and not share. You know, I feel great about it. I mean, the Middle East is obviously our newer venture. We've, Mike, I don't know if I'm allowed to share, but we've signed our first contract out of the Middle East this quarter, and that was out of Israel. We have a great pipeline with, you know, Ania Mital, who we've added, is a very senior person. You know, it's a faster pace of ramping up and feels really good in both enterprise and embedded. I think we'll see great success there. In Europe, we've been around, I was gonna say a lot longer. I guess it's still only a year. You know, we've landed a number of embeddeds that are in process of launching. We've been adding clients at a good pace. The person that's been around the longest has a lot of traction that continues to grow. We added two new people at the end of last year. One has already just literally this week inked their first sale. I couldn't feel better. You know, we have a great lead there. There's not as much noise in Europe as there is in North America, and there's even less in the Middle East. You know, if we can move like the wind, I think we can really own those spaces. Feel really good about it. It's interesting, you know, we had one opportunity in the Middle East with an embedded, where when we announced the Wellbeats acquisition, they said, "Oh, we already have traction with them in the U.S." Now we have proof of concept. We're actually seeing in the weirdest and most awesome ways, you know, support from these acquisitions, you know, all the way across the pond. You know, it's still, you know, it's only a year in Europe and a fraction of time in Middle East, but definitely the ramp up feels a lot faster than, you know, it took us a while to get rolling in the U.S. Very exciting. Great. Sounds like big progress there. Wanted to also ask with respect to the embedded pipeline relative to your guidance for 2022. I believe at the time of the IPO, you assumed some larger embedded clients would come in. You know, that's obviously been a longer process than expected. With respect to your 2022 guidance, how are you factoring in embedded wins on an average size basis relative to maybe what you had kind of factored in at the time of the IPO? McKenna, you wanna comment? Yeah. I think the key theme is it's portfolio-based, but Mike, why don't you break that down a little further? I think, Jeff, what we're seeing is that, you know, some of the ones that we're winning are smaller upfront, a little bit with some ramp. I think we've been consistent in that message. We already have a couple indications of, you know, extensions of product projects that were done in 2021 that will ramp significantly into 2022. We're seeing some good visibility on some of those ramps, which I think is very encouraging. You know, where we probably thought we might have had a couple more sort of sizable day one upfront deals in 2021, the general trend has been a little bit more on the land and expand, right? We're okay with that, right? Because as Nolan mentioned, we certainly continue to manage this like a bit of a portfolio. I think what we've tried to really make sure we factor into 2022 is frankly timing and ramp and, you know, good quarter-over-quarter growth for the deals that we have and, you know, will continue to sign. Doesn't mean there's not another sort of big chunky day one deal out there. There's some of those in the pipeline, right? They're just harder to pinpoint as to what, you know, that exact day is. That's why I think the approach that we've taken to show some ramp within the embedded deals and sign consistently more deals that will ramp over time. I think that's a much more safe and consistent approach for 2022, just based on the trends that we're seeing. Still a very good, strong pipeline. We're very pleased with it. It's just, you know, we're learning a little bit too as to timing and execution and how long things take. Great. I have a question. You know, you launched LifeSpeak 5.0 in January this year. I was just wondering if you wanted to touch on that, you know, how impactful do you anticipate that will be going forward? I mean, I think on a specific basis, we don't forecast anything per se because of it, but what it does is unlocks a whole host of additional features and additional capabilities and a more global, an even more global deployment. I think frankly, it facilitates the growth that we have. I think that's really the best thing to say. You know, we're trying to make the point to folks that we're constantly innovating the platform. We aren't sitting back and relying on any old versions of anything. You know, we'll try to push the envelope in functionality and features and then ultimately, flexibility in terms of what additional products you can have. I think it's worth calling out. I appreciate you mentioning. I think from a specific forecasting standpoint, you know, it's really more of an embedded capability of the business that's required to move forward as opposed to something that we specifically think will generate a specific revenue stream. Great. I appreciate the time. Thanks, Jeff. Thank you. Our final question for today comes from Justin Keywood of Stifel. Justin, your line is now open. Hi. Thanks for taking my call. I was just wondering if there's been any change in the competitive landscape, if you're seeing any new competitors come up. Just trying to understand the guided EBITDA margins because it's quite high for a SaaS company. The question becomes if it makes sense to invest more in growth, you know, versus letting the business optimize with higher margins. Justin, great questions. I think from our standpoint, there's nothing that's particularly new. I mean, as you can imagine and, you know, I mean, we're evidence of it, the industry continues to consolidate. We think that's a theme that obviously all of you guys as investors and as analysts are well aware of. We think we're taking advantage of that in the right way for us. We think that that's just the natural course of the industry, you know, over a long period of time that will continue. There's nothing we've seen that's come up on our radar that's been new per se. You know, we worry about threats and other competitors in the ordinary course. That's sort of status quo. I think with respect to your comment on margin, I mean, look, I think I'll sort of recap, given this, the last question. What we set out to provide, and I mean, we've sort of tried to deliver this message consistently, is a high growth company with lots of really interesting, very strategic M&A opportunities and do that profitably. We are not afraid of investing in any way, shape, or form. We think we can do all that and still maintain a profitable business. You know, whether we get recognized for that in the short term or the long term, you know, we just think it's a better way to run a company. Having said that, wherever we see investment opportunities, we're not afraid of them. You know, I think as you can see from some of the Q4 machinations, we certainly have to, you know, put the businesses into that shape. As we get bigger, the one thing that's a common thread across all the platforms we have and have looked at is we do scale nicely with size. That's just a truism of everything. It's our business and everything we've acquired. We don't feel like we're skimping on any investment. Quite the contrary, we've put a lot of investment in. To your point, if we saw a massive investment that would generate massive returns with high confidence, we would jump on it. We're not afraid of that. We just think we have a pretty good balance and, you know, significant ability to do targeted strategic M&A and the right investment in people, which is really where we, you know, spend a lot of our money. Good to hear. Thank you for taking my call. Thanks. Thanks, Justin. Thank you. We have no further questions, so I'll hand back to Nolan Bederman for any closing remarks. Thanks very much, operator. To everyone, we appreciate your continued support, interest, willingness to dig in, and hopefully we've given you guys some good color. Obviously, we're always available and happy to discuss anything we're able to discuss. You know, just a parting shot, you sort of just said it, you know, a minute ago, but you know, I think our mission is to deliver solid organic growth, really interesting strategic M&A, and do it profitably and keep looking to the long term to build a fantastic company in the space. The world really needs this stuff, especially now, as Michael Held described. The world's not less anxious than it was a year ago, only more. You know, whatever we can do to contribute to that and do so profitably, you know, is our mission. Again, thank you, guys. You know, we'll keep at it and you have access to us whenever you need it. Thank you all for joining today. You may now disconnect. Thank you.