Good morning, welcome to the LifeSpeak first quarter 2023 results conference. All lines have been placed on mute to prevent any background noise, after the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star and then one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. Before we start, we would like to remind you that all amounts discussed in this call are denominated in Canadian dollars unless otherwise indicated. Please note that statement 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 indicates management's expectation of future growth, results of operation, business performance, and business prospects and opportunities. Such statements are made of this date hereof, 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 the statements and information. Please refer to the forward-looking statements and information and future orientated 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 first quarter 2023 results conference call. The LifeSpeak team continued to win new customers, diversify our revenue base, and further the company's objective of becoming the world's leading digital well-being solution. These operational successes are reflected in our strong first quarter financial results, which our CFO, Mike McKenna, will discuss in greater detail later in the call. We have arrived at this position by realizing a number of years ago that the market was asking for one trusted source that could provide Mental Health, Physical Health, and Caregiving solutions that could effectively address the well-being needs of employers, health plans, and other organizations. For too long, a fragmented market existed that inefficiently addressed these needs or didn't address them at all. Through targeted M&A, we believe we have addressed that need by strategically layering on leading physical well-being, caregiving, and substance abuse tools to our digital mental health education platform. These acquisitions, completed in 2021 and 2022, provide LifeSpeak with a holistic product suite that has allowed us to effectively become a one-stop shop for organizations that require preventative digital education and human expertise to support employees and end users. This holistic approach drove a number of key business development accomplishments during our first quarter. Our number of clients was 990 as at March 31, 2023, an increase of 13% when compared to 873 as at March 31, 2022. Within our core enterprise client base, select client wins in Q1 included, UMB Financial in the U.S., Cenovus Energy in Canada, NYU Langone Health in the U.S., BBA Inc. in Canada, and BP Corporation of America in the U.S. Partnerships and embedded solution client work continued through the first quarter and subsequent to quarter end, with the highlight being the closing of a U.S.-based transaction with MetaKeeper servicing Blue Cross Blue Shield of Massachusetts. During our first quarter, our overall cross-selling initiatives progressed with the successful closing of several cross-sale multi-product opportunities, including with Manitoba Blue Cross and with Health Canada. This success was largely driven by the official and successful launch of the Torchlight product into the Canadian market, an initiative we are very excited about and will continue to update you on in the coming quarter. With these types of projects underway, the company anticipates continued growth going forward, driven by net new clients with multi-product solutions and as the current portfolio of client cross-sell opportunities continue to materialize. We are very excited about the opportunity that lies ahead of us and believe that we are making significant progress on all fronts. I will now pass the call to our Executive Chairman, Nolan Bederman, who will provide some more color on the quarter. Nolan. Thanks, Mike. We remain highly confident in the outlook for our business. We've worked diligently over the past several quarters to integrate the four acquired businesses Michael mentioned into LifeSpeak, have now successfully built one fully unified organization. We've successfully rationalized our costs every quarter since closing our acquisitions through strategic streamlining without compromising the key levers for growth within the business. We've successfully leveraged the relative strengths of each company have been able to pool and share resources and talents to strengthen the company's combined capabilities. The net result is that our customers now have a well-positioned partner with nearly 20 years of experience that can uniquely address whole person well-being through various integrated solutions. Beyond focusing on building a strong platform that can holistically address an individual's needs, we also strengthened our financial position in the first quarter with the announcement of a new investment from BDC Capital, an existing shareholder, comprised of a CAD 15 million non-revolving convertible debenture. We entered into an amended and restated credit agreement with our senior lenders with revised terms that better position us for future growth. Both agreements provide LifeSpeak with additional flexibility and runway to advance our strategy of becoming the world's leading SaaS-based total well-being solution. We're very fortunate to have such supportive partners. We believe that our core business remains fundamentally strong. While we are in a business environment where corporate spending is more measured, all of the long-term macro tailwinds continue to drive market need and continue to support increased scale and diversification, both in terms of our geographic presence and our client base. We're taking advantage of this period to further enhance and strengthen our operations and go-to-market teams and believe we are very well positioned to win. While we have a lot to accomplish through 2023 and beyond, we're confident that we have the team and product in place at LifeSpeak to help the company continue to grow and lead the industry. We're keenly focused on the disciplined execution of our strategy and are looking forward to demonstrating the efficacy and efficiency of our integrated platform as we update you on our progress in the coming weeks and months. I'll now turn the call over to Mike McKenna, who will walk us through our detailed financials. Mike? Thank you, Nolan. We continue to believe our quarterly financial results demonstrate the underlying strength and diversity of our business, and I'm thankful for the opportunity to share these results with you today. Our revenue for Q1 2023 increased by 54% to CAD 13.4 million. That's up from CAD 8.7 million in the first quarter of 2022. Annual recurring revenue, or ARR, is now CAD 53.3 million. This is a 4% increase compared to the first quarter of 2022 and highlights the moderate growth expected for the quarter, as discussed on our Q4 conference call. ARR for the first quarter was very positively impacted by the addition of a multitude of new enterprise clients as well as some expansion within our existing client base. Of our CAD 53.3 million of ARR, approximately CAD 44.6 million came from our 972 enterprise clients. With respect to our continued geographic diversification, approximately 66% of this ARR now originates from markets outside of Canada. For quarterly comparative purposes, we report ARR on a constant currency basis and use a CAD 1.3 to U.S. dollar exchange rate to calculate this ARR. Given our exposure to the U.S. dollar and the movement in currency and exchange rates over the past number of quarters, we think it is also helpful to note that if we were to adjust for the strength of the U.S. dollar, our ARR would have been approximately CAD 54.7 million as at March 31st, 2023. Importantly, this ARR base continues to be very well diversified, and no customer accounted for more than 5% of ARR as of March 31st, 2023. While overall ARR has grown approximately 4.4% year-over-year, it is very important to note that our enterprise ARR base has grown by approximately 14% during the same time period. Both our Q1 financial results press release and the Q1 MD&A provide further detail on the enterprise and embedded solutions breakdown for the quarter on a historical and pro forma comparative basis. Moving on to adjusted EBITDA. Our commitment to operational efficiencies provided the company with a strong adjusted EBITDA of CAD 3.7 million in the quarter. This is an increase of approximately CAD 3.3 million over the first quarter of 2022. The 27.5% adjust... Excuse me. The 27.5% adjusted EBITDA margin for the quarter is very strong when considering the macroeconomic operating environment. As I noted on the Q4 call, the Q1 margin was to be lower than the reported metric as at Q4, which included a number of one-time add-backs paired with some one-time revenue that was recognized during Q4. Overall, we are very pleased with the continued strength of our EBITDA margin, which is a very important metric for the business. The 27.5% for the quarter is well in line with a focus on 30% or greater for the fiscal year. It highlights clearly that the dedicated efforts to operating the business with efficiencies following our period of acquisitions is working very well. We have a baseline operating expense profile that is established, being managed consistently, and has the business positioned to scale. As part of our continued focus on operational efficiencies, we are pleased to announce that during the quarter, we realized approximately $1.4 million of additional annualized synergies. This brings the total annualized cost synergies realized since we announced our plan to rationalize costs following acquisitions to approximately $11.1 million. Moving on to net income or net loss for the quarter. There was a small net loss for Q1, which amounted to approximately $354,000. This is significantly less than the Q1 of 2022 net loss of $16.2 million. This is largely due to the absence of costs associated with acquisitions, but does highlight that the continued cost rationalization efforts and growth of the top line are positively impacting the income statement. In addition to the previously mentioned metrics, we closely track other key performance indicators to help us evaluate the strength of the business. These include gross profit margin. Our gross profit margin for the first quarter of 2023, excuse me, our gross profit for the first quarter of 2023 increased to CAD 12.1 million. This resulted in a gross margin of 90%. This is 5% higher when compared to Q1 of 2022. Net dollar retention rate. NDR provides a consolidated measure by which we can monitor the percentage of ARR retained from our existing clients. As it was in 2022, consolidated NDR remained affected by the reduction in ARR from one large enterprise, sorry, embedded solutions client and higher than normal churn following the acquisition of Wellbeats. Consolidated NDR will reflect the impact of the loss of large embedded solutions customers until Q2 of 2023. With that in mind, our NDR was 87% as at March 31st, 2023 on a consolidated basis. This is approximately 5% higher when compared to our Q1 2022 consolidated NDR of 82% and 11% higher than our consolidated Q4 2022 NDR. To provide better insight into the underlying performance of the portfolio, the NDR for our enterprise clients was 93% as at March 31st, 2023. This again demonstrates the continued strength of the underlying enterprise customer portfolio that we have built and continue to maintain. While overall churn has been higher than originally anticipated over the last 12 months, operationally, we are very focused on seeing strong progress. Operationally, excuse me, we are focused on this and seeing strong progress in our customer retention strategy. Logo retention rate. Logo retention, which is measured on an LTM basis, was 83%, which as I noted in my earlier comment regarding logo churn has been higher than we would typically expect over the last 12 months. Of note, however, in Q1, our average enterprise client ARR added was higher than the ARR of the customers churning from the platform, showing the continued strength and growth opportunities within the enterprise segment. This is a theme that I have consistently mentioned on previous quarterly calls and continues to contribute to our overall ARR growth. Moving on to the outlook for Q2 of 2023. Similar to the outlook provided on our Q4 call and based on the company's current pipeline visibility and the continued execution of our business strategy, we continue to anticipate moderate growth in revenue, adjusted EBITDA, and ARR through the second quarter of 2023, similar to the first quarter of 2023. An important trend we are seeing in the enterprise segment is the opportunity for increased size of customer contract wins. This is both in general terms and on specific partnership opportunities where new multi-product sales are creating several opportunities that the company would not have been capable of attaining historically. We are now positioned to pursue much larger enterprise deals due to the strength of the platform and multi-product approach. The enterprise pipeline, both in number of deals and size of partnerships, remains strong and continues to grow. Moving on to capital structure. With respect to our capital structure, this is an element of the business that we continually monitor to ensure it can support the growth-oriented nature of the business. As discussed on our previous quarterly results call, at the end of Q1, we entered into an agreement with BDC Capital for a non-revolving convertible debenture, CAD 15 million. Importantly, this carries a 2% cash interest payable rate in 2023, which helps to lower our overall interest costs for the balance of the year. BDC has been a long-term supporter of our business, and we are excited to have further involvement with them as we continue to chart a path of strong future growth for LifeSpeak. To provide some further detail on the amended senior credit facility, under this amended agreement, the company will have minimal amortization payments in 2023, totaling just CAD 1 million through the balance of the year. We have also reduced 2024 obligations to amounts that can be easily managed by cash flow from operations. We have also reached an agreement with the Wellbeats selling shareholders, which has resulted in a very material reduction of the potential contingent consideration payable from the Wellbeats transaction, settling the earn-out at a payment of approximately $1.3 million. 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 through 2023 and 2024. I would like to thank everyone for their participation on the call today, and we will now open the call to questions. Operator? Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, please press star followed by one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question, and please do ensure you unmute locally. Our first question today comes from the line of Doug Taylor from Canaccord. Please go ahead, Doug. Your line is now open. Yeah. Thank you. Good morning. I'd like to ask a question about the composition of your enterprise customer base. I mean, you still are seeing some churn with smaller customers as you migrate to higher, or larger and more sizable enterprise customers. Can you give us maybe a view into the proportion of your customer base that's still in that category of, you know, smaller, potentially more at risk, so that we can get a sense of when your overall gross metrics might turn more firmly positive to reflect the strong enterprise pipeline you just spoke about in your prepared remarks? Hi, Doug. Good morning. It's Mike here. You know, in terms of getting, you know, too far into the specifics, the actual percentage, look, there is still a portion of the customer base that is, you know, if you wanna call it sort of $10,000 ARR or less. I wouldn't consider all of that customer base, you know, frankly, to be at risk either. You know, I think that's important, right? Yes, there's been a bit of a trend. We've identified this trend, you know, over the past few quarters. Also identifying the offset to that trend, you know, with the focus on larger customers and in effect, you know, significant number of wins on the larger customer side, you know, sort of to offset the loss. You know, I think, you know, is this a trend that we can still, you know, sort of potentially see, you know, some challenges with, you know, through the next couple quarters? You know, potentially. I think, you know, there's a number of things we're doing operationally. I think that, you know, we've got, you know, just different level of focus on, you know, trying to ensure that, you know, that we can manage the trend better as well. I think overall, you know, we should be generally through, you know, the vast majority of this. You know, again, without getting into too much specifics of like, you know, it's X number of customers, you know, I think we're generally speaking, you know, pushing forward, you know, with the objective that this, you know, is something that sort of, you know, runs its course here in the next couple quarters. Maybe if we step back from that then and just say, given, you know, your pipeline dynamics that you talked about and what you see as, you know, the churn, you know, hurdles over the next two quarters, should we be expecting a gross inflection point starting in Q2, Q3 from, you know, perhaps the, you know, the pace that we saw in Q1? Yeah, I think Q3, right? I think, you know, I think Q2, and I, you know, I sort of mentioned it there in the prepared remarks, it's gonna be very similar to Q1, right? You know, with some moderate growth. You know, and I think certainly, you know, the trends that we're seeing, you know, support, you know, that to be further supplemented in Q3 and Q4. I think, you know, the outlook for the rest of the year, I think remains strong in the sense that, you know, we're certainly seeing some, you know, some significant opportunities, you know, on the sales side within the pipeline. I, but I think, you know, you know, sort of back half of Q2 into Q3, that's probably, you know, a little bit more without getting too precise on timing, Doug, but I think that's, that's the view I think, you know, overall. Okay. Then against that, I mean, you continue to layer on these additional, you know, synergies or cost reductions here in the first quarter. I mean, I think I asked this question last quarter, do you still believe that there's more that you can do on this front as you kind of chart your, you know, course back to in the north of 30% EBITDA margins? Yeah. Look, I think at this stage, Doug, the real uptick in EBITDA margin is gonna come from top-line growth. As I mentioned, you know, we feel like we've got a very consistent and very well-managed cost base. In fact, if you look at the, you know, the just the total G&A and sales and marketing costs, you know, through in Q3 of last year into Q1 of this year, you know, they're pretty consistent, almost very close to the same number, right? There's some things that have moved around a little bit on the income statement just from an accounting perspective, which frankly impacted the gross margin a little bit in this quarter. I would say overall, like we're pretty consistent with, you know, can there be a, you know, is there a little bit more potentially? I don't think we wanna keep sort of having that as the dependent factor for driving EBITDA margin. Again, I think we're very happy and with the consistency of the cost base and what the current company dynamic, you know, employee base has us set up for from a gross perspective. The uptick's really gonna come at the top line. Okay. Thanks. I'll pass the line. Thank you. The next question today comes from the line of Paul Treiber from RBC Capital Markets. Paul, please go ahead. Your line is now open. Thanks very much. Good morning. Just wanted to speak about the macro environment. I mean, you did mention, you know, that you're seeing some changes there. Can you speak to, you know, how that may be impacting or not your pipeline or sales cycles or conversion rates? Good morning, Paul. It's Mike. I'll start briefly on this one and then turn it over to my colleagues for a little bit of commentary as well. No, I think generally speaking, you know, the pipeline continues to remain very strong, and we're seeing, again, good consistency on the enterprise side with especially some of these more sizable opportunities that we continue to talk about. Most certainly, you know, the sales cycle has seemingly lengthened. There has been, you know, stuff that seems to be sort of delayed, you know, quarter to quarter, right? That said, you know, we're not hearing a lot of people sort of say, "Hey, you know, we have no interest in the product." It's a little bit more about sort of about timing. We are monitoring this consistently week to week, you know, in terms of, you know, performance metrics within that pipeline, size of the pipeline, conversion rates, et cetera. We're very consistently working through, you know, what the pipeline looks like. You know, I think overall, you know, we're very strong in terms of managing where we're going with that. I think, yes, we are, we are inevitably, you know, seeing a little bit of a delay in terms of decisions being made, which has, you know, which obviously contributes then to the length of the sales cycle overall. I'm not sure, Michael and Nolan, if you have anything else you'd like to add there, but I think that's, you know, certainly a trend, Paul. Again, you know, our ARR is hanging in there pretty consistently well as well. We are adding, you know, pretty significantly to the ARR base as we manage through some of this churn, right? Yeah, Mike. It's Michael. Hey, Paul. You know, we're not seeing nos, we're seeing delays. There's no evidence at all, in fact, I think the contrary, relating to the tailwinds are all still there of, you know, around Mental Health, microlearning, digital health. Like we're seeing what we wanna see, which is why the pipeline's growing. You know, in this spending, corporate spending environment, people, their budgets are getting delayed. You know, we're coming up to 20 years of LifeSpeak. We've been through this before. We know what it looks like. It's also followed by a bump in our services. You know, we're just doing everything we can to make sure we're well-armed for when that bump happens, when people start, you know, spending more vigorously. There's nothing underlying that's concerning other than, you know, we wish people were spending more than usual instead of less than usual. I think that's where it lies. Okay. Thank you. That's good comments. helpful to understand. Switching gears, looking at embedded clients in the ARR, there was a dip this quarter. I know it's less of a focus now. How do we think about embedded going forward? You know, what, you know, resources are you putting there, or how do we think about it, you know, in the interim here? Thanks, Paul. Mike, again, I think one of the things, you know, with the program there as it relates to the overall embedded solutions, you know, the issue there has never been finding customer opportunities. Really the challenge that we faced has been, you know, time to market ramp-up strategy, right? We certainly have repositioned some internal resources to attempt to get a little bit more, you know, frankly from the deals that we already have. I mean, you know, we've got, you know, 18 deals, you know, there in the works ramping, right? There's a pretty good base, right? It's just really a matter of getting the most from those, right? The counterparties there continue to be consistently very good, very strong health plan-oriented, you know, type type customers. You know, we're also doing a lot of little bit more work internally with some sales resources to try to see, you know, again, if there's additional opportunity in there. I think right now really the focus is on getting the most out of those deals that we have, taking some of those learnings and continuing to develop the strategy. It just has proven to be, you know, a little bit longer tail than we would've hoped or expected. Again, I think the strength of it, again, with the counterparties that we have in that area, you know, the counterparties haven't really changed. They continue to remain, you know, the same strong names that we've mentioned over time with, you know, with a few additions here and there. Again, we want to try to maximize the value of that portfolio going forward. Great. Thanks for taking the questions. Thank you. The next question today comes from the line of Jérome Dubreuil from Desjardins. Please go ahead. Your line is now open. Hey, good morning. Thanks for taking my questions this morning. Just first on the on the cross-sell initiative, just wondering how do you measure the success of that initiative? Do you have internal metrics regarding maybe the attach rates or revenue per user? Just curious to see how you think about the success of the cross-selling. Hey, good morning, Jérome. It's Mike again. I'll start, and then maybe Michael, you can add a little bit with me as well. I think Jérome, the key point really is multi-product, right? You know, there's two ways to look at that, right? The customer base that we have or had previous to the acquisitions that we made, and then, you know, looking at the number of those today that have multi-product as well as just now, you know, the go-to-market strategy, and I think that's really important, right? The go-to-market strategy now can be much different than it was when we put together some of the initial customer base, right? That we can now actually go to market with the multi-product. So it's really twofold. It's not necessarily, Jérome, about down to the individual user level because our contracts, you know, frankly, aren't structured that way, right? It's really about, okay, what can we do within the existing base to add products? Then what can we do with new customers to start from a base, you know, with multi-products? It's really monitoring both of those opportunities within our pipeline. Michael, I'm not sure if you have anything to add on that in terms of, you know, where we are just in terms of go-to-market, you know, even with some of the rebranding and stuff that we've done. I think that's really, you know, a good focal point going forward is it, is really, Jérome, the second part of what I mentioned as it relates to how new customers with multi-products go and contribute to our overall pipeline. I think there are two elements. Obviously, at the end of the day, we're a business, new revenue from cross-selling is the most important. We're seeing a very high uptake on new demos, especially with the caregiving solution, in Canada is a particularly hot topic, we're seeing, you know, it's now we need to convert that pipeline and those demos into new sales. I think the other metric, Jérome, that we'll look at is, you know, the more products we have, the stickier we are with our clients, because we're solving more issues for our clients with one vendor. I think the thing we will measure over the long term is also the reduction in churn that results from us being the one-stop, you know, solution for many of their pressing issues. Right now measuring it's all pipeline, new demos, proposals, and we're starting to see good revenue. Again, I strongly believe we'll see a reduction in churn as well as the other initiatives we're doing, but from this aspect alone. Thanks. That's helpful. Just for a bit more color because, one of the KPIs we've been looking at in the past was obviously the number of customers. Has there been maybe a reallocation of the sales force toward, maybe more focus on this cross-sell and maybe the number of customers shouldn't be seen as being as important going forward as. Main question here is really has there been a reallocation of sales force? Jérome, I think that's really important, right? Just in terms of ensuring that we are going after, you know, again, it doesn't all have to be, you know, 100,000 + employee base type customers, right? From a cost of servicing revenue, right? You know, one of the differentiation factors for our business in the market, is just the service level we provide to the customers, following the sale, right? Frankly, if a customer has 500 employees or 5,000 or 10,000 or 20,000, right? They're gonna get the same level of service from us, you know, from an analytics perspective, from a communications perspective, from a promotional perspective, from additional opportunities to access the platform perspective. That sort of contributes to a cost of servicing that revenue, right? The cost of servicing revenue for us. For a 25,000-50,000 customer or frankly, you know, even well beyond is actually the same as the much smaller customers. You know, the trade-off there, you know, frankly, is okay for the business. Look, do we want to have a situation whereby, you know, we're sort of seeing a downtick in total number of customers? Not at all. All that to be said, right? Again, that's why I pointed this trend out for the past, you know, three, four quarters now. If we're adding more higher value ACV customers or multi-product customers, as Michael just spoke about, this actually from a cost of servicing perspective, is actually healthier for the business, and that's why you're seeing, frankly, consistently, if you go back to, you know, all the way back to Q1 of last year, pretty consistent uptick quarter-over-quarter in the EBITDA margin, right? From a service perspective. I think that's important. It is a bit of a trade-off, I think frankly, one we're willing to make, right? Obviously, we understand the importance of cash flow in the business as it relates to, you know, servicing our debt obligations and the like. That I think it's an important trade-off that we're, that we're willing to make. Yeah. No, thanks. Just making sure we're looking at the good KPIs here. Then, lastly. Yeah ... on the synergies, maybe if you can provide a bit more color on where the most recent synergies has come from since you've delivered, I think more than most of us would've thought, initially. Yeah, more color on this would be appreciated. Yeah, look, I think as we get further and further into integration, I mean, we've been able to find some overlapping of duties and some overlapping of functions, right? It's just really just continuing to be, frankly, quite focused on this area, Jérome. At the same time though, I think making sure that we're, you know, we're not overcompensating, you know, from a perspective of trying to drive margin, right? I think, you know, we've been striving, excuse me, to get to, you know, this very much consistent and manageable cost base quarter-over-quarter on a cash operating basis, and ultimately ensuring that the base that we have continues to allow the business to be positioned for scale. I think that's really the most important takeaway from this, right? Are we gonna be, you know, frankly, you know, in the coming quarters, you know, continuing to sort of discuss, you know, synergies? Obviously not as much given that, you know, the vast majority of that, of the timeframe and the integration, you know, we should be through that. I appreciate, you know, your point that we've been able to, you know, achieve more than most would've expected. Again, I think importantly, right, what we've tried to get to is, again, that consistent manageable cost base that still has the business ready and positioned for success, you know, with some of these new initiatives that we've got going on the sales side. Some of... Some additions on the sales team. This business probably from a growth perspective is more well positioned now than it ever has been as well. I think that's important just from a people perspective, that as we're managing this, we're also ensuring that we invest in areas that, it, you know, are gonna allow us to scale going forward. You know, I'm not sure Michael, if you have anything you wanna add there, but I think Jérome, the key thing that from a, sort of, let's call it financial reporting perspective, you know, obviously, you know, in the, in the quarters going forward, you know, we'll have less emphasis on this because, you know, we're very much, you know, well through the majority of this transition. I mean, just Nolan, the only thing I'd add... Yeah. Thank you. ... Michael, Michael, I think it's worth noting on the synergies, is we've been able to, at the same time, increase the quality of our team. We feel really good about that. We've done that in a pretty cost-effective way, but it ties a little bit back to your prior question. You know, we have more salespeople who can sell more products, so that makes your sales force more efficient. There are things like that that we've been able to do that we're pretty pleased with that actually can moderate our cost or maintain our cost, and at the same time strengthen some of our capabilities. It's helpful. Thank you, gentlemen. Thank you. The next question today comes from the line of Justin Keywood from Stifel. Please go ahead, Justin, your line is now open. Hi. Good morning. Thanks for taking my call. Similar line of questioning on the margins, also just how it relates to churn. 'Cause the gross margin's pretty healthy at 90%, and I'm just wondering if any of the clients that are leaving the platform, is price a consideration at all, or is it individual circumstances of the company? Hey, good morning, Justin. Thanks for, thanks for the question. Look, I think individual circumstance, you know, and frankly price, sometimes those are actually, you know, related, right? We do hear, as it relates to some of the... Well, a lot of customer churn, we do hear, you know, things around budget, right? That is a, you know, a bit of consistent feedback. Again, I think, you know, consistent theme sort of over the last few quarters is that where that budget theme source sort of seems to be a bit more prominent, right? Is in some of the smaller enterprise customers, right? So, you know, I think that's, you know, important is that it's, it... The individual circumstance, you know, or frankly, you know, the budget component piece, you know, they're actually, you know, quite related I think, in we're seeing it more prominently I think in some of the, let's call it smaller enterprise segments. Okay. Just on the geographic breakdown, not sure if I saw that in the release, but Canada versus.US., just general growth trends and how you're seeing those two different markets? Yeah, I don't think the growth trends, Justin, are changing too much. You know, if you were thinking about our business today in Q1, you know, on an ARR basis, about 66% of that coming sort of outside of Canada, that was 64% if you go back to Q3 of last year, right? It's not so much frankly that one's necessarily outpacing the other. I do think there are overall more sizable opportunities obviously as the platform grows and some of these trends that we consistently talk about in terms of going after larger enterprise customers. Naturally, some of those are gonna be in the U.S., right? That's gonna maybe slightly shift some of that mix. You know, I think, you know, generally the pace remains, you know, relatively consistent in both markets. What we are seeing is, you know, potentially in some cases with some of this larger enterprise opportunity, just naturally more of those gonna be in the U.S. I'm not sure Michael or Nolan, if you wanna add anything to that, but I think that's the general trend that we're seeing overall. Yeah, I think that was a good summary. Thank you. Thank you. The next question today comes from the line of Jeff Martin from Roth MKM. Please go ahead, Jeff. Your line is now open. Thanks. Good morning, guys. Wanted to get a sense. I assume you're still measuring engagement with the content. That was a big part of the attraction to the business during the IPO. What are you seeing in terms of engagement trends with the users of, you know, across, you know, physical wellbeing, caregiver support and substance abuse would be helpful. Thanks. Hey, good morning, Jeff. Thanks for joining the call and thanks for the question. I'll start and then Michael and Nolan can add some thoughts to this as well. I think absolutely engagement is something that we're consistently looking at tracking, frankly daily in a lot of cases, right? Just to ensure that, you know, we're on top of trends. I'd say overall engagement is remaining strong. We are working diligently, you know, with our customers, you know, monthly, quarterly, semi-annually, again, depending on customer preference to ensure that, you know, we're actively communicating with their employee base where possible to help manage engagement. I think, you know, you asked specifically about the caregiving business. That's one area where we're really seeing increased opportunity, both engagement-wise, you know, and with the product. Michael mentioned earlier that we've just brought that product to Canada and launched that product specifically in Canada. Frankly, part of that was driven by just the trends that we were seeing from a user engagement perspective, and underlying metrics with that business having previously only been in the U.S. but just with their customer base. I think that's important, and that was a trend that we saw that, you know, sort of helped, you know, make that decision. You know, I think, you know, that's a real key focus for us across the entirety of the platform, and something that we're, you know, again, consistently looking at, day to day, week to week, month to month, to ensure that, you know, we can improve where needed. Great. Then in terms of the cross-sell, what is, maybe if you could characterize in general, I'm sure it's not an easy thing to do, but, you know, what when you're looking at cross-selling, what do clients, what is a common denominator that they're initially looking at, you know, mental wellbeing and then layering in caregiving? Is there a common theme there that seems to be an attractive, you know, in terms of converting pipeline? That's what I'm trying to get at there. Thanks. Yeah. Guys, why don't you, why don't you take a crack at that one- Sure. We can talk. If, if we don't get enough detail, Jeff, we can always follow up. Yeah. Jeff, couple- Mike. Sorry, Mike, go ahead. You know, we very methodically, you know, acquire these companies because these categories, we believe are the main categories of services that our clients are looking for, whether it's caregiving or physical wellbeing or Mental Health. Really when it comes to cross-selling, all of our clients that have one offering are in the market for other offerings. This is, you know, gets back to our thesis that, you know, clients are looking, prospects are looking for one vendor. I don't think there's a trend of, you know, layering. I think we're very consistently seeing, regardless of the solutions that preexist with any of our clients, they're willing to look at and very eager to look at the other offerings. We don't see a trend in that in an ordering. If I were to say one trend we're seeing in particular is that caregiving is an extremely hot topic. You know, I think physical wellbeing is table stake, so there's a lot of opportunity there. Mental Health remains very strong and, you know, it's not going away. But we're seeing particular interest in caregiving, and there isn't the same competitive set in that regard as well. We believe we can very quickly dominate in Canada. There is not the same competitive set in the U.S., where we also have a great position. That's what we're seeing. We're seeing eagerness across the entire portfolio, but a particular trend in caregiving where we're very uniquely set up to succeed. Great. Thank you. Thank you. The next question today comes from the line of Gavin Fairweather from Cormark Securities. Please go ahead, Gavin. Your line is now open. Thanks so much for taking my questions. Just to zoom in on the budgetary discussions, you talked about seeing some constraints there. Curious if you're seeing that kind of across the customer size spectrum, so SMB to enterprise, or if that is more of a SMB factor right now. Hey, Gavin. Good morning. Thanks for joining the call, and thanks for your question. It's Mike. Yeah, I can start. We really are seeing that more on the lower end. I don't necessarily certainly would characterize it sort of as SMB. I think it's important to just to level set in terms of, you know, again, the sort of lower end target range for our customer contracts generally would be, you know, in and around the range of 500 employees, right? You could consider that SMB or less maybe, you know, certainly in the U.S. market. That's sort of the sort of lower end in terms of, you know, where the product, you know, would be ideal and then, you know, moving up the spectrum from there. I think two things, right? One is that lower end of the employee count size is really certainly where we are seeing some of the more budgetary pressure. I think it's also important that that's also helping us sort of understand where we should be allocating sales and partnership resources, right, as we go forward. That, that's also, you know, there's a little bit of repositioning going on, you know, within the team and within, you know, focal points for salespeople, right? To ensure that, you know, also as we're adding customers, you know, we're not necessarily, you know, spending an amount of time there that doesn't create ROI, right? I think that there's, you know, it's important for us to sort of see the trends and then also, you know, adapt to them. Thanks so much. Just secondly for me, I know prior to its acquisition by TELUS, LifeWorks was a pretty important referral partner for you. I think when the deal was announced, you mentioned that you know, maybe this could lead to some upside, you know, for you. Curious how that partnership is going. Are you starting to see better traction? Are they, you know, kind of distracted by the deal still? How is that partnership functioning now that we're kind of six months into the deal? Yeah. Look, I think Michael's best positioned to talk about that. I think, you know, the... It's, it's a good question just in terms of timing. I, you know, overall, it's going well without getting into quantifying too much. Over to you, Michael, on that one. Yeah, sure. There was definitely, they were distracted as they should have been. It was a large acquisition. We are, without getting at this stage into specifics, but there are a number of fronts where we are in increasing our opportunity lens. There's quite a bit going on with the U.S. that we feel very confident about, which is not where we've been succeeding with them in the past. That's excellent. Again, without getting into it, some, you know, evolving discussions around adding product suites to the relationship. They, you know, they continue to be a great partner, seem very engaged, and there's a lot of activity. We're back in business and I think we'll see a lot of good success over the coming year. That's it for me. Thanks so much. Thank you. There are no additional questions waiting at this time. I'd like to pass the call back over to Nolan for any closing remarks. Please go ahead. Thanks everyone. We just wanted to once again say that we appreciate everybody's attention, focus, good questions, and we look forward to continuing to share our progress with you. Thank you all very much. This concludes today's conference call. Thank you all for your participation. You may now disconnect.