Thank you for standing by. My name is Cheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the Quorum Information Technologies Inc. Q1 2022 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. Maury Marks, President and CEO, you may begin your conference. Thank you, Cheryl. Good morning, and thank you for attending Quorum Information Technologies Q1 2022 Quarterly Results Conference Call and Concurrent Webcast. Joining me on the call today is our Chief Financial Officer, Marilyn Bown. Quorum is a SaaS software and services company that provides essential software to vehicle dealerships and original equipment manufacturers, or OEMs, throughout North America. Our clients rely on our software for their entire dealership operations, including vehicle sales and service. With the closing of the acquisition of Accessible Accessories subsequent to the end of the quarter, at least one of our software solutions is now deployed to 1,462 franchise dealerships across the continent. In Canada, at least one of our solutions are in 42% of the franchise dealerships nationally. Since 2016, we have added 1,137 rooftops to our base, with 945 of those rooftops added through acquisition. For Q1 2022, we posted record quarterly revenue of CAD 9.3 million, an increase of 9% over Q1 2021. The 9% increase in revenue on a more modest 3% rooftop count growth again demonstrates that our focused cross-selling activities are delivering results. We measure cross-selling based on our monthly recurring revenue per rooftop or MARPU. This quarter, our SaaS MARPU was CAD 2,124, an increase of 5% from CAD 2,013 reported in Q1 last year. This implies that our current annual SaaS recurring revenue per rooftop is CAD 25,488. Recurring revenue in Q1 2022 again amounted to 90% of our total revenue. SaaS revenue represented 71% of our total revenue, and recurring services revenue represented 27% of our total revenue. The recurring services revenue is from our BDC, a centralized call center that our customers rely on primarily to generate and manage service appointments. The gross margin for our SaaS recurring revenue jumped to 67%, while the gross margin for BDC was 12%. Although the gross margins are thinner than in our SaaS revenue stream, BDC is an important service because it acts as a lead generator for selling our higher margin SaaS software. Every CAD 1 of BDC revenue generates an additional CAD 0.37 of SaaS software revenue. We are pleased that organic growth in our SaaS software business continued through Q1 2022, and we look forward to building on that growth. Marilyn will now review our financial results in a little more detail, and I will follow with some additional comments on our growth strategy and operational highlights from Q1 2022. After our prepared remarks, we will open the floor to your questions. Marilyn, please go ahead. Thank you, Maury. Hello, everyone. Thank you for being here with us today. I would like to remind everyone that certain statements in this presentation and on our call are forward-looking in nature. These include statements involving known and unknown risks, such as the continued risk related to COVID-19, uncertainties and other factors outside of management's control that could cause actual results to differ materially from those expressed in the forward-looking statements. Quorum does not assume any responsibility for the accuracy and completeness of the forward-looking statements and does not undertake any obligations to publicly revise these forward-looking statements to reflect subsequent events or circumstances. For additional information on possible risks, including risks related to COVID-19, please refer to our annual MD&A dated December 31st, 2021 on the SEDAR website. We are happy to report that we again saw our quarterly revenue figures increase and set another record for Quorum. As Maury mentioned, total revenue for Q1 2022 was CAD 9.3 million, a 9% increase compared to CAD 8.6 million in Q1 2021. Looking at our two recurring revenue streams, Q1 2022 was again the highest SaaS and BDC revenue quarter in the corporation's history. SaaS and BDC revenue increased by 9% and 14%, respectively, over Q1 2021. SaaS revenue annual run rate based on Q1 2022 performance is CAD 26.5 million, compared to CAD 24.4 million in Q1 2021. BDC revenue annual run rate based on Q1 2022 is CAD 10 million, compared to CAD 8.8 million in Q1 2021. Total recurring revenue represents 98% of total revenue and equates to an annual run rate of CAD 36.5 million, compared to CAD 33.2 million for the same quarter last year. Gross margin increased by 17% to CAD 4.4 million, compared to CAD 3.8 million reported in the same quarter last year. Gross margin expanded to 47% of revenue in Q1 2022, as compared to 44% of revenue in Q1 2021. SaaS gross margin increased to 67% as compared to 65% in Q1 2021. BDC gross margin increased to 12% in Q1 2022 as compared to 10% in Q1 2021. Adjusted EBITDA for Q1 2022 decreased by 32% to CAD 0.9 million as compared to Q1 2021. The decrease in Adjusted EBITDA is primarily due to additional growth-related investments in an in-person attendance at the 2022 National Automobile Dealers Association, NADA, convention during Q1 2022. Throughout 2021 and into 2022, Quorum added new hires and made additional investments in technology as part of its One Quorum strategy to improve efficiency, consistency, and scalability of the company. As well, during Q1 2022, Quorum attended the 2022 NADA convention in person at a cost of CAD 0.3 million, a CAD 0.3 million increase as compared to Q1 2021 when the convention was held virtually. Including cash of CAD 5.8 million, total net working capital as of March 31st, 2022 decreased to CAD 6.2 million from CAD 7.6 million as of December 31st, 2021, a decrease of CAD 1.4 million. This is primarily due to the CAD 1.1 million repayment of the BDC Capital loan accrued interest in February 2022. In February 2022, Quorum restructured its credit facility with BDC Capital. The new facility significantly reduced interest rates and extends the maturity dates of the loan. As Maury mentioned earlier, on April 1st, 2022, Quorum completed the acquisition of Accessible Accessories Ltd. Quorum paid CAD 4.5 million in cash with a 10% holdback to be released September 30th, 2022, pursuant to the terms of an earnout structure. The corporation financed the transaction with a combination of cash on hand and its BDC Capital facility. The acquisition added 423 net new rooftops and provides a significant cross-selling growth opportunity for the company. With that, I'd like to pass it back to Maury. Thank you, Marilyn. It was an exciting quarter for us as we not only again achieved positive overall revenue growth, as Marilyn outlined, but we also restructured our credit facility with BDC Capital, completed the acquisition of Accessible Accessories, which was announced on April 1st, 2022, and we attended the first in-person National Automobile Dealers Association, or NADA, convention in two years in Las Vegas. Let me discuss these achievements. Number one, as Marilyn mentioned, the new BDC Capital facility significantly reduces the interest rate and extends the maturity date of the loan. The new facility will allow us more flexibility for future investments or acquisitions as we continue to look to expand both our solutions offering and rooftop count. Number two, during the first quarter, we worked diligently to facilitate the acquisition of Accessible Accessories. A key acquisition for us as it not only adds another dealer solution to our offering, meaning another cross-selling opportunity, but also adds a significant number of additional rooftops to Quorum's customer base. Following this acquisition, we now have at least one Quorum product in 42% of the Canadian franchise dealerships, meaning Quorum now holds a leading position in the Canadian market with substantial profitable growth runway across North America. Additionally, post the Accessible Accessories acquisition, the cross-selling opportunity that we have if a client purchased all of our available solutions for their dealership is CAD 4,747 of MARPU, which is three times our existing MARPU of CAD 1,595, which includes the Accessible Accessories rooftops we acquired. There's an impressive CAD 3,152 per rooftop cross-selling upside potential, a company record. Within our own footprint of franchise dealerships, the total cross-sell potential is approximately CAD 55 million of annual recurring revenue. Number three, after a two-year-long hiatus and with great anticipation, Quorum attended the NADA convention in Las Vegas. We selected a two-part smaller booth at the main entrance to the show, and we were rewarded as we were the first booth the NADA attendees saw as they entered the convention pavilion. The show produced 178 marketing qualified leads and 38 sales qualified leads, which is better than our 2020 show, where we spent another 50% more than the CAD 300,000 we spent this year. The automotive market is presenting interesting opportunities and headwinds. Number one, dealers are compelled to modernize and streamline their operations to better compete in an increasingly digital marketplace. Quorum Information Technologies has the breadth and flexibility that allows our clients to thrive in these conditions. Number two, dealers are experiencing vehicle shortages due to computer chip shortages. Dealerships currently hold an average of 25% of their regular vehicle inventory. As a consequence, our sales-related solutions, which represent 1/3 of our product offering, are currently more challenging to sell to dealerships. Quorum's strategy is to leverage our current rooftop penetration to cross-sell to our current clients and maximize the synergy and value that we can provide to the dealership. Quorum's solutions are designed to provide dealerships with escalating synergy and value as added solutions are deployed to the dealership. We will still grow new rooftops by landing and expanding within dealerships. However, more sales emphasis will be placed on our DMS and service-related solutions that are easier to sell in the current market. This strategy is Quorum's best path to profitable growth. Quorum continues to work hard to provide a product and services strategy that resonates with dealer groups across North America. We are only able to achieve this with our amazing employees that are the driving force behind our strong results and their continued innovation, which ensures Quorum has a product suite and services offering prepared for the future of automotive. Operator, I'd now like to open the conference to any questions from our audience. To ask a question, please press star one on your telephone keypad. Your first question is from Graham Smith of Cormark Securities. Please go ahead. Your line is open. Hi, there. Thanks for taking my question. You bet. The first question I had was with regards to the MARPU expansion that you're seeing. I was hoping you could share any color you had on whether that's coming primarily from cross-sell and how you're looking at pricing as another lever for growing MARPU. Yeah. The MARPU expansion is from cross-selling. For us, right, we're continually looking to improve upon that cross-sell as I outlined sort of in our initial opening comments. In fact, we're leveraging a number of different ways in the organization to try to increase the cross-sell. I'll just maybe outline a couple of quick ones for you. We're increasing the synergy between our sales team and our account management team, so we're harmonizing those groups to really try to work together as tightly as a team. We're redeploying some of our development spend to integrate our products even tighter and our reporting solutions. There's a few things we're doing to really try and improve the velocity of our cross-sell. When it comes to price increases, once again, we're looking across our entire product suite and we are doing price increases. We're careful with regard to price increases across our dealerships, making sure that we're not increasing churn when we're doing those. We're cautious about that and then also ensuring that we maximize the opportunity. Great. Yeah, that's great color there. Just on the R&D comment that you had there. Yeah is it safe to assume that the uptick in the R&D expense that we're seeing are primarily for improved integration between products, or is this upcoming new products that you're working on? Yeah, it's a combination of both. In some cases, we're improving integration. In other cases, we're working on new solutions. We've spent a lot of time and effort on our DealerMine Sales CRM solution as an example. We've built out a new mobile application, and we believe that not only will that help us with sales of our DealerMine Service CRM solution, but it'll also help us with cross-sell sales. That's a more brand-new product that'll help us with new rooftops and cross-sell. Of course, we continue to be very committed to manufacturers and building out new integrations, and we're seeing manufacturers come out with more certifications across beyond just the DMS, across things, areas like sales CRM, service CRM, service lane, so on and so forth, and we continue to build out integration with our OEM partners. Gotcha. Okay. That makes sense. I just had a final question on the number of rooftops that you have in the U.S. Over the past couple of quarters, we've seen that move down a little bit, and I was just wondering if you could provide any color there and kind of what your expectations are on that slide. Yeah, happy to provide some color. In the U.S. marketplace, we're seeing increased competition, which it shouldn't be a surprise to anybody. The U.S. is a more competitive environment. We have been working to broaden our account management model. Our account management model, we have coverage across most of our customer base, but there are some customers in the U.S. that we don't have coverage across, so we're working really quickly to try and put account management in place across all of our U.S. customers. What we find when we don't have account management is a couple of things. One is we find that we just can raise the satisfaction level with account management. We can also get a broader footprint of our products into those stores, which raises the customer sat level as well. We have a plan to really make sure we're looking after existing customers. Longer term, we are gonna deploy more resources into the U.S. We are gonna make more investments in the U.S. and grow. We'll primarily be growing in Q3 and Q4 and focused initially on our DealerMine brand, with growth in the U.S., but then later on our DMS as well. Gotcha. Yeah, that's great color. That's all I had. I'll pass the line. Right on. Thanks. There are no further questions at this time. I will now turn the call over to Maury Marks for closing remarks. All right. Well, appreciate everybody's interest in Quorum and continued support, and we look forward to continuing to deliver growth and especially profitable growth. We look forward to talking to everybody next quarter. Thanks. This concludes today's conference call. Thank you for your participation. You may now disconnect.