Thank you very much everybody for attending. I appreciate the crowd today. I will spend probably about 15-20 minutes maybe on just a bit of an overview in terms of where we have been and where we are going. Then hopefully we will have five to seven minutes for Q&A. Then some of you, I think I will be meeting with over the course of the next couple of days. My name is Chris Dobbin, Founder of Nova Leap Health Corp. I founded the company about a decade ago. As a matter of fact, I think we just passed the 10-year mark on operations about a month ago. We are still a very young company. We operate across two countries, in Canada and the U.S. We have about 1,200 staff now. I will get into some of the financial stuff. We have 42% insider ownership, and we are in what is called the non-medical home care space. We are not in a facility space. We do not own nursing homes or independent living or assisted living. This is a service-based business with limited to no CapEx. For the last decade, we have been providing what we consider to be non-medical home care. About 75% of our clients live with dementia at different stages. That has been our focus for the last decade, and that will certainly remain a focus going forward. Many of you may have heard the acronym ADL, activities of daily living. We would provide personal care, physician visits, some light housekeeping, some meal prep, transportation errands, mobility, that type of thing. Really think about you have mom or dad, you are home to see them. You recognize that maybe things are not as they used to be, and you think they need support in the home, and that is the type of care that we have been providing for the last decade. Earlier this year, we expanded into two additional complementary lines of business. One was called care management, which we did in the U.S., in Massachusetts. I can talk about that a little bit further. The second was palliative care within Nova Scotia. Those two businesses are startup divisions for us. They are, at this point in time, insignificant in terms of financials. But I can speak a little bit more about where we are headed with those in a little bit. Within Canada, we operate in Nova Scotia. Within the U.S., we operate across nine states. We have pretty decent concentration within New England. We are as far south as Florida, far west as Dallas, Texas, and Oklahoma area. We are in what is considered to be the private pay space, and so we bill our clients on an hourly basis. It is out of pocket to the folks we provide service to in their home or their adult children will pay. That is about 85% of our business. The other 15% would be Veterans Affairs, and that is both Canada and the U.S. We do accept long-term care insurance, but it is really less than 1% of our total overall revenue. For those that have invested in different healthcare-oriented companies, particularly in the U.S. where you see Medicare, Medicaid reimbursement, we are not impacted by that. Again, private pay and VA. I know that, again, some of the issues with collections around Medicare, Medicaid, just to give you a sense of our accounts receivable collection, we report that every year, and the lowest amount of AR we have ever collected is 99.4%. So we have very little by way of bad debts. The last six years, we have averaged a collection rate of 99.69%. Our AR gets collected. If you see it on your balance sheet, rest assured that we will be collecting it. I will spend a couple of minutes just on our financials. On the left-hand side, left to right, you will see annual numbers. The darker shaded area is the trailing 12 months up to Q2, so that was our June 30th. We report in a calendar year end. On the far right-hand side, in that little box, I guess you will call it, a darker shaded area, those are the numbers we actually produced in Q2. What you are starting to see is a company that is growing in a couple different ways, and I will spend a little bit more time on a slide here in a second. We are showing organic growth, we are showing M&A, and we are showing that our earnings or EBITDA is growing at a much faster pace than our revenue. The operating leverage is starting to take effect, and I will spend a little bit of time on that in a second. Q2 was the first time in our company's history where we exceeded 10% consolidated adjusted EBITDA margin. I have said publicly for a number of years, matter of fact, I even said it at the conference here last year, that my belief was that as we approach $40 million U.S. of revenue, that we should be very close to 10% adjusted EBITDA margin on a consolidated basis. You can see that we are trending as a Q2 north of $36 million U.S. So we did achieve that probably, quite frankly, a little bit earlier than what I anticipated. For those of you who want to go back and listen to presentation from last year and see what I said, you can hopefully gain a little bit of the confidence that we are on track based on what I told the audience here a year ago. I get asked about TAM and market size. I cannot remember what the market size is. Honestly, it does not matter to me. This is a growing demographic. I think everybody that has looked into the healthcare space has seen that in the U.S. there are 10,000 or 11,000 or 12,000 people that turn age of 65 every day in the U.S. We are such a small company, TAM to me is irrelevant at this point. We have an aging demographic. There is a runway here that exists for the next 40 years before the demographic starts to sort of peter off. I think everybody understands that, so I am not going to spend a whole lot of time on that. I will spend more time on this slide. These are the ways in which we are growing and which we plan to grow in the coming years. I will spend a little bit of time on organic growth. We've devoted quite a bit of resources over the last couple of years to organic growth, and we've seen significant progress. For those of you that do deep dives into MD&As and the financial statements, you can kind of calculate these numbers yourself. For Q2 2025 to Q2 2026, year over year, Q2 over Q2, organic growth for us was 10.7%. Fairly significant growth for us in the home care space. From January 1 to June 30, for the first six months of this year, it was 9%. The investments that we've been making in different initiatives across both countries really have produced some meaningful organic growth for us. I think there's a lot of room for us to continue making investments beyond what we've already made. Number two on there is density and de novo. What the results have shown us over the last decade is that the deeper we go in a region, the better off we are. A number of years ago, as we were acquiring these businesses, we were doing so and keeping the local brand because we didn't want to be seen as a large corporate acquirer coming in there and sort of changing what had historically been successful. A couple of years ago, we started changing it to a common brand. In the U.S., we have Nova Leap Home Health as the brand, and in Nova Scotia and Canada, we have Earth Angels. They're different because of trademark. That's the only reason we have two separate brands, but one for each country. What we found is that, again, the deeper or more density we achieved in each geographical area, the more successful we were. We'll continue to make investments in what they call de novos in the U.S. or brand new startup locations. We've done two in the U.S. over the course of the last, roughly 12, 13 months. Lexington has licensed in Kentucky for about 13 months now. We opened that office, and it's going according to plan. In Waltham, Massachusetts, we opened an office this past June. When we open an office, we expect that that office will probably lose money for 18 - 24 months. That will always be a drag on our EBITDA numbers. I want to talk to you about trading losses here for a second because this is how I think about it. Lexington, as an example, I think we probably lost $3,000 last month. It's very close to breakeven. We're talking about one client, maybe two away from being breakeven. When that becomes breakeven and as it starts to earn positive cash flow or EBITDA, we then look to open another new startup. That's the concept that I use about trading losses. We'll take what was a loss, in this example, Lexington, and then we'll create another loss by way of a startup company or startup location. We're able to do that because of the success we've had with scaling our organization and generating a certain amount of cash flow. That's how we think about every year when we budget, we think, "Okay, how much resources do existing locations need? Can we do startup locations? How much capital do we allocate towards those? How much do we allocate towards M&A, and debt repayment, and so on. That concept, I think, of trading losses is how I intuitively sort of think about startup locations. Service expansion, I will say, is similar to that. For example, we launched a care management division this past January. We hired a Vice President to lead that business. That is going well. We expect that will lose money probably for another 12 months, I would expect. We accept that. We know that. That is what we plan for. The reason why we like startup divisions in that case, and the startup locations I talked about, is because the return on invested capital is far superior than what you get in M&A, if done well. If we execute, right. Far superior. It is not close. The M&A gives you cash flow immediately, and so the value creation is immediately, and it is a timing issue. Still attractive returns, just not quite as attractive as the longer de novos. M&A, we will continue to make M&A. We have historically acquired M&A between 3x to 5x EBITDA. That is consistent. Go back throughout our history the last decade. I think in one instance, the highest I can ever remember paying was 6.25x to 6.5x. So about a 15% sort of pre-tax kind of EBITDA return. That was for our most valuable business, which continues to be our most valuable business today, right. Generates significant cash flow for us, over $1 million EBITDA on an annual basis. So it was the right purchase at the right time, and it has worked out really well for us. To give you an example of the consistency of our transactions, the last five deals that we have done, two of them were at 3x EBITDA. One was at 4.5x, which I will talk about here in a second, and two were at 5x. Again, even the last five transactions we have done have been very consistent. The businesses that we acquire are 10-15 years old, historically profitable, non-franchised, in a location we like. It is a very simple playbook, if you will. These companies are very predictable cash flow-wise, like very predictable. So we acquire them, we integrate them, we deploy a common technology. We have a shared services office function with accounting and billing and payroll and so on. Then we invest more money into them to grow them, to get the organic growth that we talked about. Pretty consistent in terms of how we approach M&A. Just as an example, we actually bought a competitor in Halifax, Nova Scotia, and we did so because we like the team. We also like what it brings us in that area in terms of scale because of where we are going, which includes private nursing, which we will be getting into. What you are going to see from Nova Leap going forward is a company that historically has been non-medical, dementia focused, to a company that is going to allow for our clients to move with us across the continuum of care. Non-medical, we are going to have private nursing, so it is higher acuity, palliative care, which is higher acuity end of life, and then the care management, which we have already launched in Massachusetts, which is a bit of a wraparound service. So think care navigation, care advocacy. If you've ever tried to navigate a hospital system or who to see and have trouble, I think many of us have been there, that's the type of service that we offer, which is not as well known in Canada, but certainly is very well known within the U.S. I'll skip that. What do we have for capacity today? We had about $1.4 million on a balance sheet at the end of Q2, about $3 million left, $3 million of our acquisition facility left. That was on a $7 million facility we have with BMO. We have about $1 million of a revolver in place, which we really never touch, which is really for working capital purposes. Our debt to trailing 12 months adjusted EBITDA is 1.36x. Internally, we don't want to go above 3x. That's kind of our internal number that we utilize. We're very comfortable with that, and so we have lots of room there. We generate free cash flow of about $500,000 a quarter. That's about where we are. If you exclude deploying cash towards M&A, just on a normal basis, then free cash flow is roughly $500,000 a quarter. Got some nice colored picture there of management team. This slide's available on our deck. The only new addition to the team there would be Breanne, who we launched our care management division with at the beginning of this year. Everybody else has been with the company for multiple years. Let's touch upon cap table. Again, 42% insider ownership. We haven't raised equity in over four years now. Early on in our evolution, put this in context, we started the company with half a million dollars of seed capital back in 2016, and so as we were making acquisitions early on, we did issue equity. We had debt available with BMO, which we utilized, but we haven't raised money in over four years. About 87.3 million shares outstanding. Our share price, I think our share price today is $0.48, so market cap 42 million Canadian. There's six of us on the board. Five who are independent. I'm obviously not, as the founder. There's a slide here that talks about just some summary financial information. I have sort of marked down kind of five things that I'd like you to take away, or at least as I think about the business. One, the organic growth that we've sort of chatted about over the course of the last few years is really starting to take shape, and so I've given you those numbers. Obviously, they're available in the MD&A. You sort of calculate the stuff based on the information available. Two, the operating leverage is also starting to show up. I've spoken about that at length over the last two to three years. My expectation that we get to $40 million, and so on. Again, Q2, I think is evidence that we can get there, because we've exceeded 10% adjusted EBITDA for the first time in our history for that quarter. Three, I mentioned our free cash flow. Again, excluding when we deploy cash to M&A, we're generating about $500,000 per quarter. Four, I think we're pretty disciplined with M&A. Again, I've talked about this three to 5x, EBITDA number that we acquire businesses at. Very consistent. Our LOI is the same LOI I've been using for a decade. The same assets or share purchase agreement, same legal teams, same due diligence team, same post-acquisition integration, same. We're a very consistent company. I think between organic growth, the operating leverage, the free cash flow, and a fairly large pipeline of M&A opportunities, to me, I view that as the catalyst for long-term compounding of shareholder value on a per share basis, right? Again, I've spoken about this in the past. We'd be a billion-dollar company or a half a billion dollar company, it doesn't matter to me. What does matter to me is that we're compounding on a per share basis as we deliver good service and think about capital allocation. I'll stop there and happy to take any questions that you have. How do you guys retain people? How do we retain them? Yeah. Hire and retain. Are you talking about office personnel, or the caregivers, or? Caregivers. Yeah. The question is on retaining caregivers. There's been so many studies in our industry relative to caregiver retention, and it usually comes down to a few things. One, are you giving them the hours that they're looking for? Caregivers themselves, some will want full-time hours, some will want as much overtime as they can get. Some want 10 - 15 hours a week. If you keep them within 90%-110% of their ask, that's critical. If you exceed those bands, you have a higher likelihood you would lose those folks. The relationship with their caregiver manager is really important. The matching with the families is really important. As an example, we would not want to put an inexperienced caregiver in with someone that was called a harder case that had dementia, right? That's not a proper fit. Paying them a reasonable amount based on market, and providing them training, and particularly around dementia training and so on. Those are the five top ways in which you keep caregivers. Yep. What's the churn rate? The churn is high. We have a high churn industry. As a matter of fact, we have two types of churns that are very high in our industry. The caregiver churn is high, and it is upwards of 48%-50% in our industry, and the second is the client churn. Let me talk about that just for a second so everybody understands. You can have someone that comes out of hip or knee surgery out of a hospital that needs support. Let us talk about this in the U.S. Medicare may not kick in for 72 hours, but they need support in the home. We can provide that support until Medicare and physio and rehab kicks in. Then maybe they do not need us, or maybe they do for supplemental care above and beyond what is covered by the federal government. But that may be shorter term in nature. We could take a 24/7 case, or end of life on palliative care. Those are shorter term in nature. In addition to caregiver churn, we also have a higher, or just a naturally high churn on clients. That is sort of two flywheels spinning at the same time that you always have to address. We are always hiring, we are always training, and we are always out in the market asking our referral sources for. A common thing, we will call a referral source and say, "Look, we just lost a case because person passed away. We have caregivers looking for hours. Do you have anybody?" That is kind of how it works. How does your caregiver churn compare to the industry? It is pretty consistent, but I would say it varies depending on the market. Some of the more rural areas, I would say, we are probably well above average in some of the larger centers, we may be at average or below. But on a base, I would say it is pretty consistent with market. Yeah. What are the new opportunities that you are looking in these new service expansion? Because I know that in 2027, I think that was the goal, to expand your- Service line expansion? Yeah. The question is, what is our plan for service line expansion? We had the traditional home care, which we have done the last decade. That will continue to be a focus going forward. We launched care management in January of this year. That was in Massachusetts. We launched palliative care in Nova Scotia earlier this year. The private nursing we announced in 2027, and we would launch a private nursing division. The question will become, do we do that by way of M&A or organically? We looked at a couple acquisitions in private nursing, not probably the right fit for what we want, so I suspect that we would do it organically. The two areas we are looking at are Massachusetts and Nova Scotia, because that is where we have the highest amount of density. Other questions? All right. Thank you very much for turning out. Appreciate it.
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