Good morning, welcome to the LifeSpeak fourth quarter 2022 results conference call. All lines have been placed on mute to prevent any background noise, after the speaker's remarks, there'll be a question and answer session. If you would like to ask a question during this time, simply press * followed by 1 on your telephone keypad. If you would like to withdraw your question, please press * followed by 2. 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 the date hereof, and LifeSpeak assumes no obligation to update or revise them to reflect events, disclosures, or circumstances except as required by applicable security 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 the company's public filings, which include, without limitation, LifeSpeak's MD&A and its earnings press release issued today for additional information. At this time, I would like to turn the call over to Michael Held, Chief Executive Officer of LifeSpeak. Please go ahead, sir. Thank you, operator, welcome to the LifeSpeak fourth quarter 2022 results conference call. I'm pleased to report that in the fourth quarter, the LifeSpeak team continued to diversify our business, advance product integration, cross-sell products, sign new clients, and advance our strategy of becoming the world's leading digital well-being solution. Despite the overall challenges in the global economy, we have managed to build a company that's more diverse than ever. We now have more than 1,000 clients, the majority of which are outside of Canada, resulting in a diversified revenue base. We are also demonstrating the power of our platform by leveraging a number of new paths to winning new customers and by highlighting our multiple components to sell more to existing customers. Importantly, as our ARR grows, we are demonstrating our efficiency and scalability with strong EBITDA margins. For years, we've worked diligently to build the world's leading digital well-being solution with the goal of servicing the world's leading employers and health plans and with a unique ability to engage employees in important and sensitive matters. Over the past several quarters, we have taken our core digital mental health education platform and strategically layered on leading physical well-being, caregiving, and substance abuse tools. These core capabilities, which are directly responsive to client requirements, have allowed us to build our engagement platform to be able to address a more holistic suite of employee needs. Through targeted acquisitions, we have been able to decisively identify, acquire, and retain these leading capabilities, talented teams, and deep rosters of corporate clients. We believe that our core business is fundamentally strong. In the face of broader economic pressures and the corresponding impacts on individuals, a corporate focus on employee wellbeing and the resulting improvements in retention culture and productivity remains critical. This market need continues to help us increase our scale and diversification, both in terms of our geographic presence and our client base. While we are in a macro business environment where corporate spending is more measured, we continue to be in a work cycle where companies are finding retention and hiring very challenging. Feedback from our clients indicate that our services can incentivize current employees to stay and new employees to join. The value we provide for our clients is reflected in the number of business development accomplishments we achieved during our fourth quarter. Our number of clients increased to 1,002 clients as at December 31, 2022, compared to 422 as at December 31, 2021. Within our core enterprise client base, select client wins in Q4 included BJ's Wholesale Club, Inc. in the U.S., CHC Wellbeing, Inc. in the U.S., and NFP Corporate Services LLC in the U.S. Partnerships and embedded solution client additions continued through the fourth quarter with the launch of new embedded partnerships with CVS and WebMD. After quarter end, LifeSpeak launched several additional significant enterprise clients, including UMB Financial in the U.S., Novus Energy in Canada, NYU Langone Health in the U.S., BBA Inc. in Canada, and BP Corporation of America in the U.S. During our fourth quarter, our overall cross-selling initiatives progressed with the successful closing of several cross-sale multi-product opportunities, including Manitoba Blue Cross, BC Hydro, and NYU Langone. The company anticipates cross-sale growth going forward as net new clients are added with multi-product solutions and as the current portfolio of client cross-sell opportunities continue to materialize. Overall, I believe that we are making significant progress on all fronts. We've worked extremely hard to bring all our teams and their client bases together. We are seeing many instances of a tangible affirmation of our strategy. As an example, subsequent to quarter end, we signed a significant cross-sell caregiving agreement with a Canadian client. What's notable about this deal is that this type of service originally had come in agreement with a U.S. client. We were able to identify a similar need in Canada because we had the market knowledge and ability stemming from our work in the US, and we were able to leverage that experience successfully in Canada. I will now pass the call to Mike McKenna, who will walk us through our detailed financials, following which we will provide some closing remarks before we turn it over for questions. Mike. Thank you, Michael. We believe our fourth quarter financials continue to demonstrate the strength and diversity of our business. We're happy to share the results with you today. Our revenue for Q4 increased by 101% to CAD 13.8 million, up from CAD 6.8 million in the fourth quarter of 2021. Our ARR, or annual recurring revenue, is now CAD 52.8 million, a 49% increase compared to the fourth quarter of 2021. Of our CAD 52.8 million in ARR, approximately CAD 43.9 million came from our 983 enterprise clients, while the remaining CAD 8.9 million came from the embedded and other recurring revenue-based customer and products. With respect to the geographic diversification of our business, consistent with the third quarter of 2023, approximately 65% of our ARR originated from markets outside of Canada. We report our ARR on a constant currency basis and using a $1.30 rate. Given our exposure to the U.S., dollar and the movement above that $1.30 rate for consistent quarters, we do think it is helpful to note that if we were to adjust to the prevailing rate at the end of the quarter, our ARR would be approximately $54.2 million as at December 31, 2022. As our enterprise client segment has grown, increasing by approximately 20% year-over-year, it is important to note that no client has accounted for more than 3% of our ARR as of December 31, 2022, continuing to highlight the strong diversification of the new platform. Both our Q4 financial press release and the Q4 MD&A will provide further detail on the ARR profile. Moving on to adjusted EBITDA. Our commitment to operational efficiencies has provided the company with a strong adjusted EBITDA of CAD 4.8 million in Q4. This is an increase of approximately CAD 2 million over the third quarter of 2022. While the 35% adjusted EBITDA margin for the quarter is particularly strong, we do anticipate that margin will decline modestly through early 2023, as Q4 does include some adjustments that are one-time in nature. As part of our 2022 quarterly financial results announcements, we identified cost rationalization of approximately CAD 3.3 million in Q1, and subsequently in Q2, we revised this amount to be approximately CAD 6.8 million. Following the continued implementation of the program through Q3 and Q4, we are pleased to announce that we achieved a total annualized cost savings of over CAD 9.7 million through 2022. More importantly, the cost savings are now being seen in the operating results through a very consistent quarter-to-quarter cash operating expense profile, which has been contributing to a strong increase in our EBITDA margin through 2022. On to net income and net loss. The net loss for the quarter amounted to CAD 24.5 million. This is obviously a significant increase when compared to Q4 of 2021. The net loss in the quarter and for the annual period was largely driven by a write-down of goodwill. The uncertain economic environment and consistently rising interest rates has put pressure on valuation of companies in our sector and with similar operating profiles. In addition, there was a significant decline in the company's share price from December 31st, 2021, which other companies in our industry also experienced in 2022. This resulted in the carrying value being greater than its current market enterprise value as of December 31st, 2022. Due to these conditions, and with operating segment results falling somewhat short of previous estimates, and with an outlook that is less robust overall, a non-cash goodwill impairment charge of CAD 26.5 million was recorded. Moving on to KPIs. In addition to the previously mentioned metrics, we closely track other KPIs. These include gross profit margin. Our gross profit for the fourth quarter of 2022 increased to CAD 12.9 million, resulting in a gross margin of 92%, which is about 1% higher when compared to Q3 of 2022. Net dollar retention. NDR provides a consolidated measure by which we can monitor the% of ARR retained from existing clients. As it was in Q1, Q2, and Q3 of 2022, the consolidated NDR remains significantly affected by the reduction in ARR from one large embedded solutions client in early 2022 and higher than normal enterprise client churn, in particular at Wellbeats. Consolidated NDR will reflect that impact until Q2 of 2023. With that in mind, our NDR was 76% as of December 31st, 2022 on a consolidated basis, consistent with our Q3 consolidated NDR of 77.5%. To provide better insight into the underlying performance of our portfolio, NDR for our enterprise clients was 94% as of December 31st, 2022, which we believe demonstrates the overall strength of the underlying enterprise customer portfolio that we have built, continue to maintain, and grow. logo retention rate. Logo retention rate, which is also measured on an LTM basis, was 86%. This is slightly lower than the 87% reported at Q3. Of note, though, average enterprise clients ARR added in Q4 was again higher than ARR of the customers churning from the platform. This again highlights the opportunities within the enterprise segment. Looking ahead to 2023. In 2022, we provided guidance to help stakeholders better understand our business after our IPO, which was followed by a robust period of M&A. Given that we do not foresee any significant M&A opportunities, especially in early 2023, and we see opportunity to continue to build the growth profile of the business on more than a quarterly basis, or even with just a one-year view in mind, we prefer to have the flexibility to make decisions for our business to drive growth and strong returns, even if the payback period is beyond next quarter or even the fiscal year. For 2023, the company has chosen not to provide formal guidance, and instead will happily provide directional disclosure around the company's current quarterly expectations. Based on the company's current sales pipeline visibility and the continued execution of our business strategy, we anticipate moderate growth in revenue, adjusted EBITDA, and ARR for the first quarter of 2023 when compared to these results for the fourth quarter of 2022. On to the pipeline. With respect to an update on the pipeline, we continue to add widely recognizable names to our client portfolio. As Michael noted earlier, our momentum in customer wins continues to accelerate across North America. An important trend that we are seeing in the enterprise segment is the opportunity for increased size of customer contract wins. This continues both in general terms and on specific partnership opportunities where new and multi-product sales are creating several opportunities that the company would not have been capable of attaining historically. We are now able to pursue much larger enterprise deals due to the strength of the platform and the multi-product approach. The enterprise pipeline, both in number of deals and size of partnership, remains strong. On to capital structure. With respect to our capital structure, this is an element of our business that we continually monitor to ensure it can support the growth-oriented nature of the business we are building. We are pleased to report that as disclosed earlier today, in conjunction with our financial results, we have entered into an agreement with Beedie Capital for a non-revolving term convertible loan of $15 million, which pays 2% cash interest in 2023. Beedie has been a long-term and supportive partner to our business, and we are excited to have their further involvement as we set forth on a path of a strong future for LifeSpeak. We have also in conjunction with this entered into an amended senior credit facility. Under the amended credit facility, the company will not have amortization payments through 2023 and has reduced our 2024 obligations to amounts that can be easily managed by cash flow from operations. Furthermore, the company has also reached an agreement with Wellbeats' selling shareholder representatives that has resulted in a very material reduction of the contingent consideration potentially payable from that acquisition. These prudent financial transactions, combined with our highly efficient and predictable cost base, will materially decrease the previous burden on the company's cash flows as we look forward to 2023 and 2024. With that, I'll now turn the call over to Nolan Bederman, LifeSpeak's Executive Chairman, for closing remarks. Nolan? Thanks, Mike. Overall, we remain optimistic about the outlook for our business. LifeSpeak has grown rapidly, and we are more diversified than ever before. We are profitable on an adjusted basis, and we believe that our platform is extremely compelling to our clients. We believe that our deep and diverse customer base improves the relevancy and strength of our business, and that the scale we have reached today with more than a thousand clients and the retention rates which we achieve validate our convictions that our platform of solutions are essential to our clients and to their employees. We're looking forward to demonstrating the power of our integrated platform as we update you on our progress in the coming weeks and months. We'll now open the call to questions. Operator? Thank you. If you would like to ask a question today, please press * followed by one on your telephone keypad. If you choose to withdraw your question, please press * followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. We ask you please limit yourselves to two questions. Our first question today goes to Doug Taylor of Canaccord. Doug, please go ahead. Line is open. Yeah, thank you. Good morning. As you said, you've foregone annual guidance for the upcoming year, which I think we can all appreciate. Perhaps I'll get you to speak to, you know, what a reasonable growth objective would be amid the current market conditions and as you know, you're clearly balancing, you know, investing for growth with the need to show profitability to service your obligations. Hey, good morning, Doug. It's Mike. Thanks for joining the call and for the question. Look, I think if we look at ARR and we can continue to grow at the rate that we did this year and even increase that, which we're obviously that's our objective, right? You know, it sets up the business to continue to do exactly what you did, right? Ultimately, we are managing for profitability and ensuring that we're meeting the various obligations that we need to. You know, but with that, with the new, you know, agreements that are in place, right, we've also created some opportunity, you know, for reinvesting of some cash flows that are generated from the business. That's gonna help. I think, you know, we got to continue to grow, you know, at a similar clip from an ARR perspective, right? That's gonna ultimately then, as you know, transition into revenue. We've got a very stable cost base now, and I think you can see that, you know, quarter-over-quarter, right? You know, if you think back to, you know, Q2, you know, just as it relates to sales and marketing and G&A, we were sort of at $10.5 million. Those numbers have been in the low $9 million range now, lower than $9 million actually this quarter when you adjust for the various one-time items that were related to year-end. I think that cost base, right, as we think about it going forward, and, you know, you can really think about a very steady and stable cash cost, cash operating cost. You know, I think those things together, you know, should continue to contribute to pretty strong EBITDA margins as well. You spoke to the expectation for Q1, which is, you know, obviously finishing today for slight increases or moderate increases in top and bottom line. I wonder if you could speak to, you know, the amount of business that you've signed, but has not yet been converted or launched or gone live, at this point. I mean, look, without getting into specific numbers, I think it's a good place for Michael and Nolan to also, you know, add some commentary. You know, I think generally we're seeing a pretty good and pretty strong pipeline, and continue to. As Michael noted, there was pretty strong opportunity within a couple of pretty large customers in the first quarter, right? We have been continuing to manage some churn, which we're working through. I think we've got a pretty good view on where that's going and a pretty good handle on it. You know, I think, you know, overall, like, is it gonna be a, you know, huge growth in the quarter? No. That's why we suggested, you know, it will be modest. It will continue to grow again at the ARR line and then that ultimately, you know, have some additional revenue growth opportunities for us. Again, with the cost base being as steady as it is, right? That's where we see, you know, opportunity within the EBITDA margin. Again, I noted that the EBITDA margin, you know, probably, you know, 35% quarter to quarter is probably, you know, a little high to sustain, but, you know, can we think about that, you know, in the lower thirties coming out of the year? Yeah, I think we can, right? That's what we're focused on. Again, you know, with the stable cost base, it's not like we're under-investing in the business. I think we're pretty confident with the group that we've got in terms of sales, and leadership there and revenue generation. You know, environment overall, not without its challenges, but I think, you know, opportunity continues to exist. Part of that is because, you know, the platform now that's been built, you know, and I mentioned that in my remarks, is just set up to go after a much stronger and larger customer base, which I think is really important as it relates to, you know, ARR contribution. Okay. If I could... And Mike- Oh, go ahead. I was just gonna say, you know, as I mentioned, we also added a very large cross-sell opportunity at the end of the month. You know, it is a different environment, but we can see things ticking up, which corresponds to us also retooling and upgrading our sales team, which is looking fabulous. As well, as Mike's mentioned, you know, very significant reseller partners who have launched, who are now building that pipeline. You know, the environment is there, but we're certainly seeing all the green shoots that we're looking for and starting to see tangible results of, you know, ending in a very big agreement at the end of the quarter. Okay. Thank you. I'll get back in the queue. Thank you. The next question goes to Paul Treiber of RBC Capital Markets. Paul, please go ahead. Your line is open. Thanks very much. Good morning. Just a couple questions on free cash flow. You know, how should we think about the free cash flow conversion, you know, heading through 2023? Then also, you know, the convertible debt does, you know, help your near-term liquidity. How do we think about, you know, the various, you know, as you look at the 2023, you know, puts and takes to free cash flow? Good morning, Paul. It's Mike. Thanks for joining the call and for your question. Yeah, I think a couple things as it relates to your question. I mean, really the draw on cash flow will be the dollar line is really the interest cost. A couple things. We've obviously managed some of that with the convertible debt. That's obviously gonna help save, you know, about CAD 200 thousand a quarter on cash interest costs through 2023. That's very important and very helpful. You know, now that we've got a bit more stability within the overall, let's call it, debt side of the capital structure, I think, you know, we can take some steps to also manage some underlying rates a little bit better, and that probably, again, saves us some dollars on the interest line. You know, if you look back, excuse me, into 2022, you know, we were capitalizing some costs just as it relates to some internally developed software that was finishing up largely on the Wellbeats' side. Those projects are largely complete, Paul. Looking into 2023, be very limited capital expenditures or capital costs. I think, you know, for us, it's all really about development, right? Using the term capital expenditures is, you know, you don't have to go out and build a network or anything like that, as you know. I think there was some capital that we were investing in the business. Those projects are really running off in terms of just, you know, the where the platform is. There's not gonna be a lot of capital expenditures or capitalized costs through 2023, frankly. The conversion really largely will be, you know, a simple EBITDA, you know, less interest, and there won't be much below that. That's really, I think, the way to think about it, Paul, as we look out into 2023. Do you think that's helpful? Just turning to the business, you know, on the enterprise side, you added a number of clients this quarter. You know, what areas are you seeing the most traction with enterprises? Is it more the core, you know, LifeSpeak business, or is it the capabilities that you've added from acquisitions? Yeah. Michael and Nolan, why don't you guys jump in on that one? Paul, it's Nolan. Let me give you a quick overview. It's really across the board. I think what we spent a lot of last year doing was really putting the pieces together in a way that first of all can be sold together. What we're seeing is really each of the core functional products having traction and then cross-selling in multiple ways. You know, again, not to get too in the weeds, but when you have multiple products, you can come up with many, many, many combinations. Part of the work we've been doing is figuring out the highest probability and highest desirability combinations first, so that you don't overwhelm your selling strategy. We're really seeing that come to bear, multi-product. I think on the only comment I'll make on the customer side is the same is true industry-wise. You know, we've always seen a very diversified set of industry customers, and we really continue to see that. There isn't a super concentration in any one given company type, so to speak. We are seeing small and large, and we're seeing, you know, across the board, types of companies. And that's really similar in Canada and the U.S. I think other than industry skews of the countries themselves, I can't really tell you that there's a massive difference. The only thing I would say is the Torchlight business is now officially available to sell in Canada. That was not the case obviously, when we bought it. It It was only a U.S., product. That's, you know, the regional commentary around that is new in Canada. Okay. Then just lastly, just on the logo churn, is that still related to the acquisitions from the smaller customers there just churning off? Do you expect the logo churn through 2023 or at a certain point to sort of run down to a lower level? Hey, Paul, it's Mike again. I'll start. Michael and Nolan can talk about some of the strategic things that we're working on there. I think, you know, absolutely. Look, I mean, you know, there is some churn related to some of the companies from some of the companies that we acquired. It typically has been smaller customers than we've been adding to the platform, right? I think we've mentioned that now 3 quarters in a row, right? The average new customer that we're bringing on from an ARR perspective and size of contract continues to be larger than the average customer that we're losing, which is obviously, you know, that's a strong trend. We continue to see that. Overall, you know, logo number, yes, there are some ones at the lower end, you know, that we that we are losing. I mean, you can frankly make the argument on some of these that the cost of servicing the revenue, you know, isn't frankly. You know, there's a cost of servicing all this revenue, right? Your, your cost to service a larger client is basically the same, right? You know, as we continue to focus on, you know, adding larger names to the platform, I mean, ultimately that, you know, is also something that enhances profitability as well. At the same time, look, you never wanna lose a customer, right? We are very focused on this internally. We do expect, you know, probably certainly through Q2 and Q3 of 2023 for that to stabilize a little bit more and, you know, seeing some good things on the horizon. Maybe I can let Michael and Nolan talk about it a little bit more. In terms of the trends, Paul, like, you know, certainly, you know, as we're looking out into Q2 and Q3, we could see some stabilization there for sure. Great. Thanks. Yeah. Thanks for taking the questions. Mike, it's Michael. I'm happy to add that we have a specific task force of people across functions who are dedicated to this matter as it's very important as we continue to grow. The main reason behind it is to get well ahead, identify risks, and address them well in advance. You know, just activities to strengthen communications between us and our clients and the relationships to afford opportunities to better work through when issues do arise or budgetary issues arise. you know, this has been going on for a few months and, you know, my latest call with the group, we're already seeing results in more saved clients, and so, you know, feel very good about the fact that we will have, churn well under control. Okay. That's the last question from me. Thanks for taking the questions. Thanks, Paul. Thank you. The next question goes to Jeff Martin of Roth MKM. Jeff, please go ahead. Your line is open. Thanks. Good morning. Wanted to get a sense of, you know, you mentioned in Q2 2023, you'll lap the logo retention declines that are likely driven by Wellbeats. Just curious if kind of the new steady state expectation once we lap that is in the low to mid-90s, or if you expect that to be significantly different from that. Hey, Jeff. Good morning. It's Mike. Thanks for joining the call and for your question. I think absolutely the target has to be a plus 90% logo retention rate, right? Very important for the business from a stability perspective and from a growth perspective, right? obviously, as we add customers, we wanna make sure we're maintaining the base, especially, you know, as the platform evolves and we see more opportunity for cross-sell, right? We wanna make sure that we've got, you know, that base in a good order. absolutely we wanna be targeting, we wanna be targeting low to mid-90s. It's gonna, you know, take a bit of work to get there, but I think that's the target and we can see a path to getting there. You will see us, you know, chasing down those numbers as we evolve here. You know, I think you're thinking about it the right way. Great. Then, with respect to the sales process, yeah, curious what you're hearing, you know, from your sales team in terms of, you know, kind of feedback from clients, decisions obviously probably getting, you know, pushed out, maybe elevated to higher decision level personnel on the client side. Just curious, you know, what you're hearing from the sales force in terms of pipeline conversion. Yeah, it's a good question. I think, you know, certainly in Q4, we saw more than we would've thought get pushed out into Q1. That was a, you know, familiar situation. It wasn't really sort of, I guess it wasn't like, let's call sort of, you know, need it to a deal size, right? It was sort of across the board, you know, top to bottom things were getting pushed out. That was, you know, I don't want to suggest it to be a surprise. I mean, it evolved as the quarter evolved. You know, some of the deals that we saw get pushed into Q1, you know, were able to be signed in Q1. I think, yes, probably the takeaway there is that decisions are maybe taking a little bit longer, right? Again, the pipeline still remains robust. Good conversations going on. We're adding, you know, certainly some large customers, you know, into the roster. I think you're thinking about it right, Jeff, and we are hearing some of that. You know, our finance team is, you know, on weekly updates with the, with weekly, almost daily updates, depending on the time of the quarter with the sales team and, you know, trying to process some of this real-time information. I think, you know, look, it's evolving. That said, like, and Michael, you know, touched on this in his remarks, like, we're still in a space where like the buyers or the employers are looking, you know, at the product as being, you know, very important, right? Right, we've got an evolving sales process because frankly, you know, we're selling more. We're selling more breadth and depth to what we're offering, right? With some of the larger deals, you know, they can also take a little bit longer just to sort of, you know, get through the decision-making process. All that to be said, while again, the, the process may be, you know, a little bit delayed, we certainly are still seeing very good activity and a lot of, you know, really good conversations in the pipeline. I don't see it as a situation whereby, you know, the, overall, you know, growth profile of, you know, and I'll talk about this just on the ARR, will be that much different for us in 2023 than it may have been in 2022. There are some things that have, you know, moved around in terms of timing. You know, we're also replacing some of those things that moved around with, you know, some larger opportunities, which obviously then enhance the ARR results. Great. One more, if I could. embedded solutions, land and expand, you know, maybe talk about the progress of some of the expansion within the embedded solutions portfolio, you know, as we progressed throughout 2022. I know there were some clients within that group that there was an expectation of some pretty significant expansion, throughout 2022. Maybe you can touch on that. now, going back all the way to the IPO, right? This is certainly an area of the business where we, we certainly expected more opportunity than maybe has come to bear, right? Some of the customer contracts that we have, or some of the partnerships that we've taken on in that area, just haven't rolled out, you know, as fast as we were potentially, you know, led to believe they may when the partnerships were created. You know, there's various factors that have gone into that, right? But it's certainly an area whereby, you know, growth has been far less robust than we would've hoped or expected. I think we do have some good dedicated resources within the broader, you know, sales and operations team to continue to try to maximize some of those partnerships that we have. I mean, look, there are still some really, really good counterparties within that group, right? And we've mentioned them all the names on various calls through, you know, through the quarter-to-quarter reporting, you know, in 2022. There are some really good counterparties. It's just a really a situation about trying to maximize the opportunities within them. We'll continue to focus on that and continue to try to create opportunities within the partnerships that we have. Probably less focus on in terms of adding, you know, a significant number, a number of new, you know, land and expand type deals quarter over quarter. I mean, there are some, and there are still some of those in the pipeline and certainly conversations going on in those. Obviously the focus, you know, the focus is clear as it relates to enterprise opportunities within enterprise and some larger enterprise opportunities. Those larger enterprise opportunities, right, obviously key because, you know, the ARR starts on day one of the partnership. I think, you know, that's a, you know, a bit of a, you know, I don't want to call it shift in focus, but certainly you know, where we're seeing, you know, the best opportunity to create growth. You know, that said again, we have some excellent partnerships in that embedded side, and we'll continue to try to push those to grow. Thanks, Mike. Thank you. The next question goes to David Kwan of TD Securities. David, please go ahead. Your line is open. Hi, guys. I was curious, you guys obviously made some pretty significant improvements on the cost structure here, just with the cost savings you guys have implemented and identified from the various acquisitions in particular. We've also seen a notable slowdown in the revenue and ARR growth. I was curious to get your thoughts as to how much of an impact you think the cost saving initiatives that you guys have implemented have maybe held back your ability to generate stronger revenue and ARR growth. It's all integration- David. Yeah. Mike, let me give it a go, and then I'll turn it over to you. I think, David, most of our cost-saving exercises have been around consolidation of the operations streamlining and infrastructure. We certainly aren't in any way intentionally cost saving around go-to-market. You guys, you know, we're a direct B2B for the most part business, our, there aren't a ton of synergies in, you know, like a B2C marketing business would have. One of the things that we're doing in consolidation, though, is we're introducing a much more complex sale. That definitely takes some time to retool a sales force, and get the people who are much more focused on multi-product sales versus single product sales. That's definitely been, you know, a little slower of a process, candidly, than we would have liked, but we're making amazing progress there. In that is not where the cost cutting, cost-saving exercises have been focused. We don't think cost is, you know, a big part of that. It's integrating 5 businesses and then retooling the sales approach in a coherent way that customers can really understand. Mike, sorry. Go ahead. Yeah, go ahead. I didn't mean to interrupt you there. Well, I think, David, there's a couple key points just as it relates to this, right? Nolan touched on it a little bit, right? The cost savings have typically tended to come from overlapping functions as it relates to integration, right? Those have not typically tended to be the sales functions. We've continued to try to press forward with sales. We're actually, you know, even through 2023, gonna spend more on marketing to support that sales team and sales pipeline, you know, than we ever have. We've been able to shift some of the cost savings into areas to support the pipeline. I think that's really important, right? The challenge really as it relates to this is we are adding customers at a pretty strong pace, but we're also managing pretty significant churn, right? That's the balance that we're trying to focus on, and that's also where we've continued to dedicate more internal resources, is just on the, you know, account management and customer success management side. I think that's really the focus. There's a number of things to balance there. Again, the cost savings have really come from overlapping functions and overlapping costs. Not necessarily or specific to the sales team. No, that's helpful color, guys. I guess it sounds, you know, because of this multi-product, sale push that, you know, it seems probably sales cycles are longer than what you historically would have seen when you had a lot less to sell. That possibly is another reason why. I think that's a pretty strong takeaway, David, from what we've spoken about today. Okay, that's helpful. I understand, you know, not providing kind of fiscal 2023 guidance and kind of more focused on color around the upcoming quarter. I guess, Mike, you talked about kinda expectations on where margins could play out this year. You know, for SaaS companies, one of the common targets is kind of the Rule of 40. Do you think you could hit the Rule of 40 this year? I guess kind of implying organic growth in at least kind of the mid to high single digits. I think that's a pretty good place to be thinking about it, David. I think actually probably, you know, ARR growth could be even a little bit higher with some of the initiatives that are underway. I think obviously that's a pretty important metric for us to be targeting, and we're working towards that. Again, you know, I think you've obviously, you know, thought through that very well, and you've got a pretty good, you know, handle on, I think, where we can go. Maybe even, you know, a little bit more on the growth side in the ARR if some of these initiatives can come to from a pipeline support perspective. No, that's helpful. Just 2 more questions. You provided, I guess, some general commentary on the Wellbeats earn out, kind of I guess the renegotiation there. Is there anything specific you can provide in terms of, you know, how much of that, you know, what the material reduction is? Is Is that like less than half of the, I think it was $12.5 million that could have been the possible payout there, as well as the timing and the form of the consideration? It's considerably lower than even half, David. The timing will be in Q2. It will be a cash payment, but it'll be minimal in the context of the number that you mentioned. That's helpful. Thanks, Mike. The last one, just the reference in the, in the press release, and you guys talked about a bit on the call in terms of the principal repayments under your senior debt. Is that CAD 1.1 million when we talked kind of about amortization? Is that a principal repayment that I guess that's due in Q4? Yeah ... versus I think it was about CAD seventeen and a half million, I think, under previously. Correct. Yeah, it's $1.1 million for December 31st versus the previous, $17+ million that you mentioned. That's the right way to be thinking about it, yeah. Right. Perfect. Okay, thanks, guys. Thank you. Our final question goes to Gavin Fairweather of Cormark. Gavin, please go ahead. Your line is open. Oh, hey, good morning. Just on revenue versus ARR in Q4, it seemed like there was a bit of a divergence in growth rates. Sequentially, ARR was up, called a couple percent, revenue up 8%. I think FX is a little bit of that, you know, based on how you know, calculate your ARR. Are there any other factors that you would point to there? Hey, Gavin. Good morning. It's Mike. Thanks for joining the call, and thanks for the question. There was a little bit of one-time revenue in nature there. There's a couple contracts that we have on the Wellbeats side that both contribute ARR and then also have some one-time nature to them. Those are with the various aspects of the U.S., military. We've talked about those contracts a little bit before, but that's where there'd be a little bit of contribution there, and those were straight U.S., dollars. You know, there's a little bit of impact as well on the FX rate. Not a significant number by any means overall, but there's a little bit of one-time revenue in the quarter. That's, you know, typical for the contracts of those of those contracts, where from time to time, there is some one-time revenue. We would expect that again in 2023, it's just always hard to pinpoint, so that's why we treat it as one-time in nature, a portion of that contract. Okay, that's helpful. Just on deal sizing. You know, obviously you're embarking on multi-product sales. Curious how kind of, you know, per employee pricing is also trending and where you think those two would net out. Like is the dynamic macro influencing kind of the per employee or per member pricing at all on new deals or renewal? How do you think about, you know, the potential for that netting against multi-product deals? That's it for me. Thank you. I think like the pricing's held in pretty strong. Gavin, we haven't really seen pricing pressure. In fact, we've talked in some cases about, you know, are there opportunities to raise prices. I think, you know, overall pricing has held in pretty strong. Again, we're not seeing too much pushback there, right? There's pushback on timing at different times as it relates to, you know, decision-making and the like, and some things are just getting, you know, moved around time to time for budgetary reasons or cycle reasons. Haven't seen a significant amount of, you know, pushback so far on the PEPM pricing. I don't know, Michael or Noel, if you wanna add anything to that. It's not... That's not been a topic of concern. It's not been a topic of concern. Yeah. Generally speaking, yeah, I think Mike summarized that well. Generally, that's not the determinant of sales. It hasn't. We haven't seen that. Thanks so much. Thank you. We have no further questions. This now concludes today's call. Thank you so much for joining. You may now disconnect your line.