Good morning, welcome to the LifeSpeak second quarter 2023 results conference call. All lines have been placed on mute to prevent any background noise, after the speakers' remarks, there'll be a question and answer session. If you would like to ask a question during this time, simply press Star and then 1 on your telephone keypad. If you would like to withdraw your question, please press Star 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-orientated 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 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-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. Thank you, operator, and welcome everyone to the LifeSpeak second quarter 2023 results conference call. I am pleased to report that our second quarter marked another period of revenue and Adjusted EBITDA growth and increasing Adjusted EBITDA margins, all compared to the prior year period. Our leading physical well-being, caregiving, and substance use tools, coupled with our digital mental health education platform, continue to effectively address the wellbeing needs of employers, health plans, and other organizations on a global basis. Our holistic product suite has helped us evolve into a comprehensive service provider for organizations that need preventative digital education and human expertise to support their employees and end users. With this effective and holistic approach, we were able to accrue new customers in our second quarter, diversify our revenue base, and deliver great value for our existing clients globally. The operational excellence is reflected in a number of important business development achievements during our second quarter. Our total number of clients increased by 8% to 996 as of June 30, 2023, compared to 921 in the same period in 2022, and 990 in the first quarter of 2023. Within our core enterprise client base, select client wins in Q2 included Farm Credit Foundations, Nutrien, and Skillsoft. Channel partnership growth continued through the second quarter, as well as embedded client expansion, with the highlight being the closing of a U.S-based transaction with MediKeeper, servicing Blue Cross Blue Shield of Massachusetts. During our second quarter, our overall cross-selling initiatives progressed with the successful closing of several cross-sale multi-product opportunities, including with Manitoba Blue Cross and Health Canada. The success was supported by the ramp-up of our Torchlight product into the Canadian market and an initiative that continues to gain traction. With these types of developments well 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 increase. Overall, we are very excited about the opportunity that lies ahead of us and believe that we are making significant progress. I will now pass the call to our Executive Chairman, Nolan Bederman, who will provide more color on the quarter. Nolan? Thanks, Mike. We remain highly confident in our prospects for growth. We believe that our core business remains strong, and while we are currently experiencing a business environment in which corporate spending has resulted in longer sales cycles, a strong market need continues to exist for the important services we provide. We have remained laser-focused on enhancing and strengthening our operations and the go-to-market teams, and over the quarter, have completed the repositioning of internal resources for our sales and marketing teams. We believe that the teams are now more focused and efficient and better positioned to build opportunities in the pipeline and ultimately convert that pipeline, given our larger and more diverse suite of products. Importantly, we are very well positioned to capitalize as the environment improves. As an example of this progress, our sales teams are seeing increasingly large customer contract wins in the enterprise segment. This is both in general terms and on specific partnership opportunities. New multi-product sales are creating several opportunities that the company would not have been capable of closing prior to the completion and integration of our targeted M&A. The enterprise pipeline in number of deals and size of partnerships remains robust and continues to grow. We are also working on pathways to leverage artificial intelligence and large language models to further enhance and optimize our vast multimodal content library, which could provide additional opportunities for growth in the future. We're looking forward to demonstrating the value of our integrated platform going forward, and we'll 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. While our second quarter financial results are slightly behind expectations in some area, we believe the results continue to demonstrate the strong foundation of our business, I look forward to sharing those results with you today. Our revenue for Q2 2023 increased by 8% to CAD 13.2 million. That gain of 8% is compared to the same quarter of 2022. ARR, or our Annual Recurring Revenue, increased by 4% to CAD 52.2 million. The gain, again, compared to the same quarter in 2022. Of our CAD 52.2 million in ARR, approximately CAD 44 million came from our 979 enterprise clients, while the remaining CAD 8.2 million came in the embedded and other verticals. With respect to the continued geographic diversification of the business, approximately 67% of ARR now originates from markets outside of Canada. As a reminder, we report ARR on a constant currency basis, and we use a 1.3 CAD to U.S. dollar exchange rate to calculate and compare this ARR. Given our exposure to the U.S. dollar, and as we have done now for a series of quarters, it is helpful to also report this number on a current basis for the reporting period. Using a 1.324 CAD to U.S. dollar exchange rate, the reported rate at the end of the reporting period, our ARR is approximately $52.8 million as at June 30, 2023. As mentioned, on a constant currency basis, ARR has grown by approximately 4% year-over-year, and enterprise ARR has grown by approximately 7%. We continue to maintain a very diverse customer base, with no single customer accounting for more than 5% of ARR as of June 30, 2023. Both our Q2 financial results press release and the Q2 MD&A provide further detail on the results of the quarter and in comparison to previous periods. Moving on to Adjusted EBITDA. Our continued commitment to operational efficiencies and cost rationalization provided the company with a strong Adjusted EBITDA of $3.3 million, which on a dollar basis, is an increase of approximately 38% over the second quarter of 2022. Adjusted EBITDA for the margin-- Sorry, Adjusted EBITDA margin for the quarter was 25%, which continues to be very strong, especially when considering the macroeconomic operating environment. Our Adjusted EBITDA margin increased to 25% this quarter from 20% in Q2 2022, again, dedicated to our efforts of operating the business with efficiency and the strong commitment to cost rationalization. As part of our continued focus on operational efficiencies, during Q2 of 2023, we have further enacted approximately CAD 1.3 million of additional annual synergies. This brings the total amount of annualized cost synergies realized since we announced our plan to rationalize costs following our acquisitions to approximately CAD 12.4 million. Moving on to net income and net loss. For the second quarter of 2023, our net loss was CAD 6.3 million, compared to a net loss of CAD 6 million in the same quarter in 2022. This is largely due to accounting impacts of foreign exchange on non-cash items, offset by a decrease in our share-based compensation expense. In addition to the previously mentioned metrics, we also closely track other key performance indicators to help us evaluate the strength of our business, and these include gross profit margin. Our gross profit margin for the second quarter was 91%. This is consistent with the same period in 2022 and up from 90% in Q1 of 2023. On a dollar basis, gross profit for the second quarter of 2023 was CAD 11.9 million. Consolidated net dollar retention, or NDR, provides a consolidated measure by which we can monitor the percentage of ARR retained from existing clients. NDR for Q2 of 2023 was 89%, compared to 76% in Q2, 2022. With the large increase, largely. Sorry, with the increase largely due to the reference period, no longer being affected by the loss of the large embedded solutions customer that previously discontinued our partnership and has been discussed. Logo Retention Rate. Logo Retention, which is measured on an LTM basis, was 82%, which is approximately 7% lower than reported at Q2 of 2022. Logo Retention and the minimization of churn is a significant focus for the operating team. While logo loss remains an issue, an important trend that we continue to see in the enterprise segment is the opportunity to replace lost Logos with customers of increased size and breadth. This is a trend that we have noted for multiple consecutive quarters and does continue. Moving on to working capital and capital structure. With respect to our working capital and capital structure, as of June 30, 2023, the company was required to present our borrowings as current on the statement of financial position, in accordance with the requirements of IAS 1, given a challenge in meeting a monthly ARR test for the month of June. The company was in compliance with lending covenants, but did need an amendment for the ARR test. Subsequent to June 30, 2023, the company and the lenders entered into an amending agreement that removed the requirement to test the covenant, the covenant for the month of June 2023 and July 2023. At no time was there an event of default as defined within the loan agreements, either on the convertible term loan or in the agreement with the senior lenders, and the issue was only in reference to a June ARR test. Had the company not been required to present all borrowings as current in accordance with IAS 1, the entire outstanding balance of the convertible term loan and approximately CAD 67.8 million of the senior lending facility would have been presented as non-current on the statement of financial position as of June 30th, 2023. If measured at the time of filing of the Q2 2023 financial statement, the debt as outlined would be classified as non-current, excuse me, with only CAD 5.3 million classified as current. Moving on to the outlook for Q3 of 2023. We currently anticipate revenue, ARR, and Adjusted EBITDA margin in the third quarter of 2023 to be generally in line with the results of Q2 2023. Overall, the outlook is slightly stronger in Q4 in terms of revenue growth, we remain committed to operating the business in a fiscally responsible manner as we move forward. It should be noted that the business had positive cash flow from operations in Q2 of 2023, despite the revenue pressures. Cash balance also remained strong, given the decrease from Q1 2023 to Q2 2023 was less than the entirety of the settlement of the Wellbeats contingent consideration, which, as has been previously noted, was done in a means that was very responsible for all stakeholders. With that, I would like to thank everyone for their participation 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 1 on your telephone keypad. If you choose to withdraw a question, please press star followed by 2. When preparing to ask your question, please ensure your phone is unmuted locally. Our first question today goes to Jerome Dubreuil of Desjardins Capital. Jerome, please, your headline is open. Hey, this is Laurent speaking for Jerome. Maybe two quick ones here. In the last few quarters, you've been talking about having opportunities in the caregiving business. Do you have an update on your progression there? Then also, you've been showing strong cost control in the last few quarters. Have investments in content been constant recently? Thank you. Good morning, Laurent. I'll, I'll take the first one, and then I'll pass it over to... Sorry, excuse me. I'll, I'll answer the second question first, and then I'll pass it over to Michael and Nolan to respond to the first question that you answered. The second question, just as it relates to content and the as it relates to the cost cutting. We have been very active in cost rationalization. I think that is evident in the numbers. That said, you can also take a look at that sort of first cost line in the income statement, just as it relates to our, you know, our cost of goods sold, right? That is where we expense the investment in content, and you can see that that's been pretty consistent quarter to quarter, right? There are some, you know, there, there are some inconsistencies maybe from quarter to quarter, you know, with a slight amount of up or down, given, you know, some potential timing of investments in filming and the like. The reality is that's pretty consistent because we wanna still be consistently investing in the platform, despite trying to rationalize costs in other areas. That's a, that's an area we continue to invest in. Okay, maybe over to Mike- for Mike and Nolan for the first one. Oh, sure, sure. This is Michael. Yes, no, we feel incredibly confident with the caregiving opportunities. A lot of time was actually spent, like, Canadianizing, for lack of a better word, the offering to make sure it was relevant for the Canadian market. You know, as we mentioned on the call, we had a extremely large cross-sell into into our largest client up towards $1 million just from that 1 sale. We continue to see, we've, we've had a particular initiative and blitz across our Canadian market, especially to existing clients, to cross-sell Torchlight into it, and we're seeing that pipeline grow significantly. We, we, we do expect to see the pipeline start to convert in the coming quarters. Feel very good about it. It's, it's certainly a very, very timely topic in the market. Particularly in the Canadian market, we don't have competitors, certainly any material competitors in this space, so remain very, very positive on that. Thank you. Thank you. The next question goes to Jeff Martin of Roth MKM. Jeff, please go ahead. Your line is open. Thanks. Good morning, guys. Wanted to drill down on the multiproduct opportunity, in terms of cross-selling. Curious, number one, if you have an ARR figure for multiproduct, and then secondly, just, you know, help us characterize the sale on multiproduct. I assume that's a longer sales cycle. You've been at that for several quarters now. You know, an update on progress there. Secondly, tied to that, in terms of, you know, the, you know, the reference to repositioning of internal resources, where, where is that most concentrated, and what are you specifically doing in terms of, of the, you know, the sales team, in terms of the go-to-market strategy? Jeff, I didn't catch all the first question, but I think you were asking if we're gonna specifically report ARR on multiproduct? Yeah, I was just curious. I mean, not necessarily reporting it, but just curious, you know, how, how significant is the ARR on, on a multiproduct basis with clients, or how many clients have taken on multiproduct at this point? Just some general reference, you know, to give a sense of the magnitude. Yeah. Sure, it's a small% of clients overall of the 1,000. It, it's, it's, it's, it's evolving on a much greater basis in terms of% overall ARR, and happy to follow up with you and just even give you some, some, some, some further guidance on that. You know, it's still evolving, and I think, you know, can turn it over to, to Michael and Nolan for a bit more granularity on the, on, on, on the process and, and where people are focused. It is certainly evolving, I think more so from size and amount of ARR versus necessarily number of customers. That that's okay because the, the contribution, is, is actually pretty significant. I'll, I'll, I'll follow up with some specifics for you. And just in terms of- In terms of... Sorry. Oh, sorry, go ahead. No, go ahead, Mike. Great, Jeff. I can answer just, just on the repositioning. I mean, it's fairly simple. You know, that's the good thing about our business. We're certainly dealing with this macro environment, which has been a challenge, and I think the, the legwork of, you know, bringing five companies together was a lot, but I think we are well, well through that. Tons of focus is really just on three things. You know, our go-to-market strategy is quite simple. We are looking at some longer, term initiatives, you know, relating to health plans that I think we feel are quite promising. Then, then, you know, in the near future, everything is really just on, focusing the messaging and people on employer sales, partners, and what is really new, again, is the cross-selling and upselling. We only had one offering, you know, heading into the IPO, so we didn't have a highly evolved and intuitive and structured team and incentives relating to cross-selling, so we put a ton of time and resources in that regard. We've also spent a ton of time and resources towards just the positioning of our offering and clear messaging and making sure that people understand, no, we're not five separate solutions. It's one solution relating to education, arming people with information to give them agency to look after their health. It's really been about focusing and getting, you know, feet on the ground, and working with partners to build that pipeline, which we're seeing actively now. It's not, it's not complicated, it's just after, you know, for lack of a better term, a bit of chaos during bringing everyone together. It's really prioritizing and focused on, on those three avenues. Relating to the question about whether the sales are longer for multi-product, I think all sales are longer right now, just due to the environment. We are seeing signs of thawing, which I'm happy to chat, chat about. But in this environment, everything's taking a little longer, so it's a little bit hard to discern. You know, when there's multi solution, sometimes it goes a little faster because they're not trying to see where we fit in the market, if we can actually address three of their needs and not just one. It, you're probably right that overall, they're larger deals, so take a little bit longer, but in other events, I think it might speed things up as we are, you know, one vendor who can answer a bunch of issues and fill a bunch of gaps instead of just one. Great. Then, Mike McKenna, maybe you can answer this one. In terms of the working capital capital structure, will there be a September test for ARR, up against IAS 1? Yeah, and at this stage, you know, we're in good shape for that, Jeff. Everything, as I mentioned in both the script and in the notes to the financials is, is now at current. So we're proceeding, we're proceeding with that. It was a matter of June, we got it rectified, and, you know, looking out, everything will be in order. Is, as I've noted in the, in the notes and, and in my remarks. Thank you. Maybe just to put a finer point on that, Jeff, if we did everything today, as I, as I noted it, it, when, when I, when I was in the prepared remarks, if we did everything today, you know, it would be all classified, you know, as, as, as, as you'd expect, you know, in, in the current, non-current split. Appreciate it. Thank you. The next question goes to Paul Treiber of RBC. Paul, please go ahead, your line is open. Oh, thanks so much. Good morning. Just hoping, can you speak to your, your thoughts on the balance between driving higher cash flow here, you know, versus trying to continue to make new investments to try to drive growth? Hey, Paul, it's Nolan. I, I can- Good morning, Paul. Yeah. Yeah. Mike, you want me to go? Yeah. No, I, I was gonna, I was gonna suggest, turning it over to Nolan, so... Oh, good. Okay, good. I didn't want to interrupt you. Paul, the way we think of that is the answer is yes. We're taking a very measured approach. We think, you know, obviously, we wanna run the most profitable business we can. We, we believe we're also in an environment where there's a limit to how much you could profitably invest in growth, and we think we've got a pretty decent balance. You know, when we think of how we streamline the business, what we've done is really focus on streamlining operations, also looking at process, workflow, how the, how the products fit together, and then certainly redundancies. We really have been, pretty, pretty flexible in terms of building the sales team. We've actually upgraded and increased our capabilities there. This relates to a question we had earlier, having folks who, with more experience selling multi-product, you know, has been a pretty big focus of ours in the first half of the year. We've added some talent to the team there. From our-- as Mike answered before, you know, we're not, we're not curtailing our investment on product spending either, and have a pretty focused roadmap to the future. You know, there's a bunch of different things we can incorporate into our business and features we can incorporate within the teams that we have currently. I think we're trying to strike a pretty balanced approach between having the right growth team and running a super efficient business. Just elaborating a bit more on the efficiencies, you found some this past quarter, with some additional synergies. Can you elaborate on the sales and marketing spend, it's about $3 million a quarter. G&A is $6 million per quarter. Do you see long-term room to slim down G&A spend? Yeah, we do. I mean, I think obviously for us, the business is built to scale, growing revenue is the most dramatic way to increase margin. Certainly as we bring things together, there are more and more opportunities to do that. I think part of what we've tried to do is do that in, in, you know, a sequential approach, so that we ensure that, you know, we, we put the customer first to make sure that the product is always being delivered well, frankly, advance the product and, and sort of continue to be, you know, at the forefront of delivering the right products at the right time. Definitely there are opportunities for further consolidation. I mean, if you think of it, we, we did bring 5 companies together, with 5 different infrastructures. There's, you know, that will, that will continue. I, I think for our view, the, the most dramatic way to increase that is obviously with the, with the increase of sales. Then just lastly, just on the sales side, you know, obviously, you know, M acro is a challenging environment, but you are making the, the sales investments. How do we think about, you know, when, like, like, sales cycles? I mean, when do you sort of see some of these deals coming through? You mentioned Q4 as a pickup. How do we think about 2024? Do you see that momentum that y- you expect Q4 picking up through, through 2024? Hal, do you wanna give your best prognostication without prognosticating? Yeah, I'll predict the economy now. I mean, the, the good or the bad news, you know, I mean, I'm coming into my 20th year, so we've been through this before. Mm-hmm ... a couple of times. It's never fun. The good news is that it does end. Our biggest enemy isn't necessarily that all companies are struggling. It's that with uncertainty, everyone goes on pause, if whether they have money or not. What happens is, it thaws a bit, and the companies that make decisions, some will say no, and some will say yes, but we're back in business, and we start to grow. What we are seeing already, Paul, are things around, and they're the telltale signs. We're seeing the benefits consultants taking more meetings, putting together proposals, where if you look at the first half of the year, they were, you know, they, they were dormant. We're seeing small sales breaking through, just because smaller companies, during these times, are the first to be able to move, while some of the larger ones, as the thawing occurs, take a little bit longer. We're seeing a ton of activity, like proposals and pipelines, like a, like an incredible growth in that regard. What we tend to see, like what we would hear in, you know, Q1, for example, Q1 and Q2, was, "You know what? We're not even taking a meeting. We're not even looking. We're not doing anything. Mm-hmm. We're seeing people saying, "Okay, we're ready to have discussions." Not that they'll all convert, but again, a telltale sign. The, the last thing, which is, you know, we're investing a ton in, is with our partnerships. You know, this week, for example, you know, we made 2 sales from some of our key partners, so we're seeing that again. It's on every front, that we're looking for leading indicators, we're seeing it. Do I think the dam will break in the good way for us, you know, in October versus January? I don't know, but I believe it's coming. And, you know, this time, we have, you know, compared to the last time, so went through the recession, we have a much larger sales team with way more to offer, with way better marketing and, way better partners to distribute. You know, we feel good. I think things are changing, and we just need to stay focused and execute to make sure it turns into, you know, sales and cash. But it's coming. Good. Thanks for taking the questions. Thank you. The next question goes to David Kwan of TD Securities. David, please your headline is open. Thank you. Good morning. This is Salman Khan on behalf of David Kwan. Just two questions from my end. You guys spoke of using AI and large language models to optimize your library, but just wondering, could we foresee any possible additional cost savings as you guys potentially deploy AI in your cost base? Yeah, it, it's Nolan. Great question. We're looking at... I'd say one caveat, obviously, you know, we know what we do well. We know what we don't. We're not looking to become, you know, the bleeding edge of AI, but we do see a couple of things. On the product side, obviously, we have a, a very, very, very large, globally relevant, massively broad library of content in multi-mode format. For us to be able to convert that into something that can, progress, and learn, and, and add more value in multiple applications, that's sort of the focus there. On the cost side, we absolutely see, in a few areas, certain cost-saving opportunities, which we're already starting to implement. You know, this goes a little to Paul's question as well earlier. There definitely are workflow things we can improve. You know, I think, I think companies have started to demonstrate that in the marketing side, they can leverage AI to, to streamline some of what they do or make it more impactful. There's a few other areas internally that we're exploring. Certainly, we are looking at it on both sides of the, of the coin in terms of internal cost reduction, but also leverage internally. Whether it's straight up cost reduction or productivity enhancement, it's a little bit of a combination. Obviously, on the product side, you know, the, the things we might be able to do with the vast amount of content and data that we have might really unlock extra value. It'll take a little bit of time to figure that out, in a commercial context, but, you see some pretty interesting opportunities there. No, that's good to hear. Just one more question: As it regards to the, enterprise clients, I was hoping if you could give us some additional color, whether you're seeing any difference between enterprise clients in Canada and versus the U.S, like, where you're seeing more, receptiveness, I guess, whether that's coming more from the U.S. side or the Canadian side, or whether it's uniform, on both sides? Thank you. I will, sorry, I saw my battery was running out on my phone for a second. I'll take that one. I, you-- We, I mean, we see so much more opportunity in the US just due to the size, and, you know, the, the evolution of the market. You know, they've been buying in the well-being space for a longer period of time. You know, some of those conversations are easier because they have a history of seeing the value and investing in it. At the same time, in Canada, you know, we see there's less competition. It's not as crowded a space. We see, you know, I'd say it all balances out to equal opportunity across the two countries. In terms of the conversation with the actual buyer, the, the needs are the same, the buying discussion is the same, what we're solving is the same. We don't see any different from a receptivity of a need. It's more that the markets are slightly different, but both very promising, especially with what we've built since the IPO. Well, that's very helpful. Thank you. Thank you. We have no further questions. I'll now hand back to Nolan for any closing comments. Well, thanks, everybody, for for joining us. We appreciate your time. We know it's a busy season, so thank you again, and look forward to talking to you again soon. Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.