Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Quorum Information Technologies Q2 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'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. Maury Marks, President and Chief Executive Officer, you may begin. Thank you, Chris. Good morning, and thank you for attending Quorum Information Technologies' Q2 2022 quarterly results conference call and concurrent webcast. Joining me in the call today is our Chief Financial Officer, Marilyn Bown. Quorum is a North American SaaS software and services company providing essential enterprise solutions that automotive dealerships and original equipment manufacturers, or OEMs, rely on for their operations. Our dealership clients rely on our software for their entire operations. A combination of purposeful product investment and four strategic acquisitions in the last five years has given Quorum a uniquely integrated product suite of twelve essential software solutions used in whole or in part by 1,459 dealership customers across North America. Our latest acquisition in April 2022 was Accessible Accessories, which represents 688 rooftops, of which 423 were new to Quorum. Now, at least one of Quorum's software solutions is installed in 42% of the franchised automotive dealerships in Canada, compared to 13% five years ago. Over the last five years, Quorum has added 1,043 unique rooftops through acquisition and organic growth, and consequently, many customers only leverage one out of our 12 solutions. The result is that Quorum now has a CAD 55 million annual SaaS revenue cross-selling opportunity across its existing customer base. That is a 2 times growth opportunity based on Quorum's Q2 2022 CAD 28 million annual SaaS revenue run rate just within our current customer base. The last two years have been spent integrating our acquisitions into Quorum, building integration between our core ERP product, our XSELLERATOR DMS, and our other 11 products, six of which were acquired. The last of this work will be completed in Q3 2022, when we will have full integration not only amongst the products themselves, but an integrated go-to-market approach whereby our sales and marketing and account management teams are harmonized and fully incentivized to drive cross-sells. Having integrated all four strategic acquisitions into a single Quorum team, we will be able to leverage the power and focus of our one Quorum team to accelerate our strategic plan. In other words, by Q4 2022, we will be in a position to aggressively pursue this CAD 55 million higher-margin cross-selling opportunity. Marilyn will now review our financial results in more detail, and I will follow with some additional comments on our strategy. After our prepared remarks, we will open the floor to your questions. Marilyn, please go ahead. Thank you, Maury, and 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 supply chain risks 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, please refer to our annual MD&A dated December 31, 2021 on the SEDAR website. Total revenues hit another high mark for Quorum in Q2 2022, coming in at CAD 9.8 million, which is an 8% increase over CAD 9.1 million in Q2 2021. Looking at our two recurring revenue streams in Q2 2022, SaaS and BDC revenues came in at their highest in Quorum's history at CAD 7 million and CAD 2.7 million, compared to CAD 6.4 million and CAD 2.4 million, an increase of 9% and 12% over Q2 2021, respectively. The SaaS revenue increase is due to a combination of inorganic and organic growth. CAD 0.37 million or 6% of the CAD 0.6 million increase is attributable to inorganic growth, with the remaining CAD 0.23 million or 3% being attributable to organic growth. Inorganic growth is a net result of the Accessible acquisition and the wind down of the Autovance division. BDC's highest revenue quarter in history is attributable to the continued growth of the core BDC offering and the strategic partnership with AutoCanada. Recurring revenue in Q2 2022 remained at 98% of our total revenue. SaaS revenue again represented 71% of our total revenue, and our recurring BDC services revenue represented 27% of our total revenue. The recurring services revenue is from our BDC, a centralized call center that our clients rely on primarily to generate and manage service appointments. Our total gross margin increased by 18% to CAD 4.7 million compared to CAD 4 million in the same quarter last year. Gross margin expanded year-over-year by 4 percentage points to 48% of total revenue in Q2 2022, as compared to 44% of total revenue in Q2 2021. SaaS gross margin increased by 3 percentage points to 68% as compared to 65% in Q2 2021, and BDC gross margin increased by 2 percentage points to 15% as compared to 13% in Q2 2021. The increase in gross margin and gross margin percentage is primarily due to an increase in SaaS revenue and BDC revenue without a corresponding increase in cost, as well as an increase in operational efficiencies for both SaaS and BDC cost structures as compared to Q2 2021. Gross margins are lower in our BDC than in our SaaS revenue stream, but BDC is an important service as it acts as a lead generator for selling our higher margin SaaS software. As mentioned in past calls, every CAD 1 of BDC revenue generates an additional CAD 0.37 of SaaS software revenue. Adjusted EBITDA for Q2 2022 increased by CAD 0.3 million to CAD 1.4 million compared to CAD 1.1 million for Q2 2021. Adjusted cash income for Q2 2022 also increased by CAD 0.3 million to CAD 0.7 million, compared to CAD 0.4 million in Q2 2021. Capitalized salaries and overhead remain relatively consistent over the same period. Including cash of CAD 5.2 million, total net working capital as of June 30, 2022 decreased to CAD 5.7 million from CAD 7.6 million at December 31, 2021, a decrease of CAD 1.9 million. This decrease is primarily due to the CAD 1.1 million repayment of accrued interest on the BDC Capital loan facility in February 2022 and the CAD 0.5 million of contingent consideration related to the acquisition of Accessible Accessories. On February 8, 2022, Quorum restructured its credit facility with BDC Capital Inc. The original loan was replaced with a mezzanine loan and a new proposed cash flow loan. The new facility reduces interest rates from a fixed rate of 11.7 to a variable rate calculated as BDC Capital's floating rate, which moves in conjunction with the Bank of Canada's overnight rate plus 3% and extends the maturity date from January 15, 2025 to March 15, 2027. As at June 30, 2022, the interest rate on the mezzanine loan was 9.3%. The cash flow loan is expected to be in place by the end of Q3 2022. Once the cash flow loan is in place, we plan to move approximately two-thirds of the mezzanine loan to the cash flow loan, which will result in lower interest expense. As we announced earlier on April 1, 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 30, 2022, pursuant to the terms of an earn-out structure. The corporation financed the transaction with a combination of cash on hand and its BDC Capital facility. With that, I'd like to pass it back to Maury. Thank you, Marilyn. Quorum experienced continued positive revenue growth in both of its recurring revenue streams as dealerships maintain their spend on software products focused on their service and maintenance-related revenues. Our completion of the Accessible Accessories acquisition at the start of the second quarter, which is a company providing a digital retailing solution that provides web-based accessories websites to the Canadian automotive industry, was the fourth acquisition for Quorum in the past five years. As mentioned earlier in this call, by Q4, we should be in a position to aggressively pursue our CAD 55 million high margin cross-selling opportunity. We are focused on three key areas which provide the best path for Quorum for continued SaaS growth and margin expansion. The areas are, number one, our CAD 55 million cross-selling opportunity. The tactics to more aggressively pursue our cross-selling opportunity include, one, harmonizing sales and account management teams, which allows us to better leverage our account management team and their relationships with our customers to generate more leads for products. Two, focusing more of our marketing efforts on cross-selling lead generation. Three, utilizing our recent Salesforce deployment to enable sales and marketing teams to be more metrics-driven. Four, leveraging Quorum solutions from our diverse product suite, which are designed to provide customers with improved efficiency through integration at a lower cost than competing solutions that are typically already part of the monthly dealership spend. It should be noted the average customer currently spends CAD 1,600 at Quorum. For context, a monthly revenue increase of CAD 120 per customer equates to a 7.5% annual SaaS revenue growth for Quorum, delivering higher gross margin product sales while reflecting lower customer acquisition costs or CAC. The second key area is new customer growth. Our streamlined strategy for new customer growth is by landing and expanding at new dealerships with a focus on initially selling high-demand vehicle service-related solutions, which are easier to sell in a market where dealerships typically have 1/3 of their regular vehicle inventory due to supply chain shortages. As a note, most of our products are DMS-agnostic, meaning we can land with a smaller product and then expand with the goal of moving that customer to our full DMS product. Our third key area is gross and operating margins. Our strategy to utilize our large dealer base to cross-sell will allow us to grow more profitably than in the past when we spent more on new dealer acquisitions. Cross-selling requires less upfront marketing, more focused and efficient sales activity, and less expensive new implementations. Thus, we are engaging in a more balanced approach between growth and profitability. We expect to see gross and operating leverage to be gained from a few sources. Number one, as mentioned, cross-sale of products generally comes at higher gross margins. Number two, ongoing cost efficiencies from a more streamlined strategy and a better company-wide cost management. Number three, company-wide price optimization strategy for key products priced below market along with contractual price escalators. Quorum's successful history of organic growth and accretive M&A has led us to its position as a leading automotive SaaS platform in Canada with substantial growth runway across North America. Quorum continues to work hard to provide a product and services strategy that resonates with dealerships. 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. Thank you. As a reminder, if you'd like to ask a question, please press star then one on your telephone keypad. First question is from Gavin Fairweather with Cormark. Your line is open. Oh, hey, Maury. How are you? Gavin, doing well. And you? I'm doing well, thanks. Doing well. I wanted to start out on kind of the cross-sell discussion just to be clear. What are these changes taking place on the sales team? Have you started to put that in motion and trying to get a better understanding of kind of how impactful, you know, some of the harmonization integration of the sales teams could be. How are you feeling about that? Yeah. We started to put some of the changes in place earlier this quarter being Q3. Like I mentioned in the prepared remarks, right? We believe we'll be ready for Q4 to have our teams really working together well. Keep in mind, there's quite a few changes that have to take place to harmonize these two teams. Obviously, we need a compensation plan that works, a variable compensation plan that works well for and keeps everybody working together. It's a team sport for everything that we do. We need common systems, everybody trained on those systems. We need everybody trained across the products, everybody saying the same things when it comes to how we're positioning the products from a sales perspective. There's a lot of pieces that we've been working on that will culminate in us you know being complete with them and our team ready to go in Q3. Or, sorry, in Q4. Now, that isn't to say we're not already cross-selling and harmonizing these teams, but we're just not finished all of the work to get them truly as efficient and as effective as we want them until the end of this quarter. Got it. That makes sense. Then on the Accessible Accessories, you know, deal, you know, understanding that some of the changes on the sales team are kind of still early days, but curious what feedback you're hearing, as you started to speak to those rooftops, and which products you're really gonna be, you know, kind of leaning in on as you look to upsell those rooftops. Right. Yeah. You are correct. It is early days. You know, Gavin, we took a different approach with Accessible Accessories. We put a very structured approach in place for integrating them into our One Quorum model, which I'm really happy it's gone very well for us. Now we have a templated model for how we can integrate companies. When it comes to selling and cross-selling to Accessible customers, probably the primary product that we're gonna be focused on and we'll be able to do this once we complete some integration is between the Autovance Desk product and the Autovance MyDeal product. What we're doing is we're building the accessories capability into our desking tool and into our MyDeal digital retailing tool. If you think about it from a vehicle consumer, if you were on MyDeal and you were working on a transaction online to buy a car, you'll now be able to see when we're finished the integration, all of the accessories that are available for that particular vehicle, accessories with the related pricing. We're pretty excited about having those two products integrated, and we think it'll give a boost in sales to both of those products. Longer term, we're gonna of course have it more tightly integrated into the dealership management system that once again will help with cross-sales as well. Got it. Then you mentioned some, you know, pricing actions on maybe some of your, you know, pieces of software which are below market, and that makes a lot of sense in the inflationary environment. Can you just expand your thinking there? You know, certainly there's a lot of value in your bundle versus some of the competing solutions on the market. Are you thinking about pushing, you know, price more fully on renewal? Maybe just expand on that point there. Yeah. A few thoughts related to it. What we've been doing is going through and looking at the market price of some of our different products that we know are well. I don't wanna say well below market, but below market from a pricing perspective. Then we're considering what our price point should be for selling those particular products going forward. Keeping in mind what you mentioned, the value that we bring from having them integrated. Then we're also taking a look at whether we should be doing a price increase for those across our customer base as well. We're just being very careful and thoughtful as we sort of work through that, but we recognize that, you know, that we do have some products that probably have some upside pricing room. Got it. Just switching gears to the BDC, nice uptick in the gross margins, and revenue this quarter. Do you have kinda line of sight to moving those, you know, towards kind of the high teens, which is I think what you were targeting previously? Yeah. We were always wanting to continue to move our margins up. As we peel back the layers of the onion on the BDC, we find a few more headwinds. That isn't to say that we aren't still committed to continuing to focus to move the margins up. Our team is firmly behind continuing to push margins higher on the BDC side of our business. Maybe lastly, for me, it's been a couple months since the CDK takeout by Brookfield. Curious if you've noticed any change in how they're going to market or any kind of change in how they're dealing with others in the software ecosystem there. Yeah, we haven't really noticed much of a change. At this point in time, we remain sort of diligent and really trying to pay attention to see if we see a change in how they're going to market, especially when we're competing against deals with them. We haven't seen that to date. Okay. I'll pass the line. Thank you. You bet. Again, that's star one to ask a question. The next question is from Gabriel Leung with Beacon Securities. Your line is open. Hey, guys. Thanks for taking my questions, and, congrats on all the progress. You bet. Maury, hey, Maury. Just a question on the profitability side here. EBITDA margin is obviously a nice little sequential lift in Q2. You know, how are you guys as an organization thinking about the progression of EBITDA margins over the next two quarters, particularly as the sort of One Quorum sales team, you know, is introduced to the marketplace? Yeah. We're a lot more diligent now on margin expansion, as I mentioned, sort of in the prepared remarks, right? We really are, you know, in the past, like most technology companies out there, we pursued SaaS revenue growth very aggressively. Now we're balancing that and really trying to make sure that we're being a lot smarter from a profitability perspective and from a margin expansion perspective. For us, you know, there's some natural things that will help with regard to the changes in our strategy with a larger focus on cross-selling, and I mentioned that already. As well, what we're also going through the entire company and really making sure we're optimized as an organization. Of course we would do that as part of One Quorum, but we needed to get everybody assembled under One Quorum before we could start through that process. I think, you know, we're just a lot more diligent about cost optimization as an organization now that we've completed most of the significant pieces related to the One Quorum changes. Gotcha. You know, maybe you can offer some insights into the thinking of a dealer principal nowadays. In your discussions, you know, and the sales pitch, whether it's to a, you know, a new account, a cross-sell, or a displacement, you know, so what are you hearing from the other side as it relates to where they're prioritizing discretionary spend at this point, number one? Number two is, you know, in situations where you do fail to close an opportunity, you know, what is the usual or typical pushback you get from the principal? Right. Okay, I'll try and summarize a lot of different diverse comments that I've gotten from from all my conversations with dealers out there. You know, I'd mentioned before that where we see dealers focused is we see them focused on their if they're going to be buying solutions, we see them tend to be focused on their service and parts operations. Which is good for us because we've got a fairly large footprint of products that can really help them with lead generation in the service and parts organization, and also optimizing those particular operations, and driving efficiencies in. I've said in the past and sort of continue to say that it's challenging to sell dealerships sales related, especially sales related lead generation products, because they've had typically more demand than they've had supply of vehicles. That is starting to change slowly. We're seeing some different dealerships that some different manufacturers that are starting to do a better job of getting more supply of vehicles to the dealerships. We're also starting to see with interest rates going up. You know, some of the edge come off, some of the demand, as well, for vehicles. I think we're going to move into, hopefully in the back half of Q into Q4 and into Q1 and Q2 of 2023, we're going to move into a situation where products like sales CRM and products that help with lead generation for sales are gonna be more in demand for dealerships, which will also bring in more in demand our digital retailing tool, our MyDeal digital retailing tool as well. You know, we're hopeful that the problems get solved on the vehicle inventory side sooner rather than later. It's not a if, it's sort of a when. We're there to work with dealerships to sort of help them as soon as they're ready. I think I answered all of your question, but just maybe remind me if I missed a piece. Yeah, no, that's super insightful. No, thanks for all the feedback there. The last question I had was just around, you know, OEM integration certification has always been a big part of the Quorum, I guess the growth story, the product expansion story, OEM expansion story in the past. I'm curious where things are at on that front now and what the thought process there in terms of adding additional OEMs to the mix. I generally split OEM integration and certification into two different conversations. One is the DMS side, which is what you're referring to, but there's also the non-DMS side, right? The sales CRM, the digital retailing, the service CRM products, the service lane products. We continue to do a lot of work on the non-DMS OEM integration with all of the different OEMs. In fact, that work for us has accelerated over time, especially as our products have become more predominant in the marketplace. On the DMS OEM integration side, we continue to push on the four that we really wanna get completed in the Canadian marketplace. We've gotten confirmation from one that in 2023 we should be able to build integration with them. The other one for us is on hold till much longer than that. Then the two others, in fact, I personally am working with them to try to move them forward to begin to build integration with us. We've tried all kinds of different tactics to move them forward. I remain diligent. Gotcha. No, that's really good insights. That's it for me. Thanks for the feedback and congrats again on the progress. Right on. Thank you. Thanks for the questions. We have no further questions at this time. I'll turn it over to Mr. Marks for any closing remarks. All right. Well, thank you so much for attending today's call. Hopefully, you found our prepared remarks insightful and the answers to the questions insightful as well. We appreciate your support, continued support. Thanks so much, everybody. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.