Good day. My name is Ellie, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Quorum Information Technologies first quarter 2024, 2024 results and conference call. Please note that all lines have been placed on mute to prevent any background noise. I'd now like to hand over to the President and CEO, Maury Marks. You may now begin the conference. Thank you, Ellie. Hello, everybody, and thank you for attending Quorum Information Technologies Q1 2024 results conference call and concurrent webcast today. Joining me is our Chief Financial Officer, Marilyn Bown. Quorum is a North American software and services company providing essential enterprise solutions that automotive dealerships and original equipment manufacturers, or OEMs, rely on for their operations. Through a combination of purposeful product investment and 5 strategic acquisitions in the last 6 years, Quorum now has a uniquely integrated product suite of 13 essential software solutions that are used in whole or in part by 1,417 dealership customers across North America. Today, at least one of Quorum's software solutions is installed in 40% of the franchise automotive dealerships in Canada. Dealerships typically use software from 25 different categories, and Quorum has 13 of the 25 most common categories of software that dealerships utilize. As a result, Quorum is well-positioned to develop, partner, or acquire products for the remaining 12 categories. Dealerships typically start with a single product from Quorum's product suite and experience increased synergy and value as additional Quorum solutions are deployed to their dealerships. Many of Quorum's customers only leverage one solution out of our 13 available solutions. That means we have a CAD 54 million annual SaaS revenue cross-selling opportunity, which is approximately two times our CAD 29 million SaaS annual recurring revenue run rate, and that is just within our current customer base. Beginning in 2023 and continuing into 2024, Quorum has been focused on a more profitable growth strategy, emphasizing both cross-selling to existing customers and better company-wide cost management. This is a pivot from our past focus on growth through product development and new dealership acquisitions. Under our profitable growth strategy, we continue to pursue new dealership customers. However, we are focused on initially selling smaller, easier-to-sell products to a new dealership and then expanding our revenue by selling additional products to that dealership. Keeping in mind that most of Quorum's product suite is DMS and OEM-agnostic, meaning that our products can be sold to more of the available market. In Q1 2024, year-over-year total revenue and SaaS growth were a moderate 2%, as we focused on implementing our cross-selling initiatives. Compared to Q4 2024, total revenue increased by 1% and SaaS revenue by 3%, with BDC revenue declining by 3% due to staffing shortages that Marilyn will explain in more detail. Our focus on cross-selling gained momentum in Q1 2024, as we grew our monthly recurring revenue per dealership to CAD 1,693 across 1,417 customers, up from CAD 1,634 across 1,433 customers in Q1 2023. The customers' rooftops very moderate 1% decline is primarily due to Quorum's profitable growth strategy, which emphasizes cross-selling over new dealership acquisitions. Turning to profitability, our company-wide cost management enabled us to deliver a record CAD 2.1 million in Adjusted EBITDA, an increase of 61% from Q1 2023. This also translated into strong Adjusted Cash Income of CAD 1.7 million, up from 189% in Q1 2023. Marilyn will now review our Q1 2024 financial results in more detail, and I will follow up with some additional comments. After our prepared remarks, we'll open the floor to your questions. Marilyn, please go ahead. Thank you, Maury, and hello, everybody. Thank you for being here with us today. I would like to remind everyone that certain statements in this presentation are forward-looking in nature. These future statements involve the known and unknown risks, 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 is not assuming responsibility for the accuracy and completeness of the forward-looking statements and does not undertake any obligation 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, 2023, on the SEDAR+.ca website. As we have mentioned, in Q1 2024, Quorum continued with its focus on balanced, profitable growth with a company-wide commitment to cost management. Adjusted EBITDA increased by 61% to CAD 2.1 million, compared to CAD 1.3 million in Q1 2023. Adjusted EBITDA margin increased to 21%, compared to 13% in Q1 2023. This was the second consecutive quarter in which we posted our highest quarterly adjusted EBITDA margin on record of 21%. Adjusted cash income, or ACI, increased by CAD 189,000 to CAD 1.7 million, compared to CAD 0.6 million in Q1 2023. ACI margin increased to 17% in Q1 2024, compared to 6% in Q1 2023. Additional highlights of our Q1 2024 results as compared to Q1 2023 are as follows: Total revenue increased by 2% to CAD 10.1 million, compared to CAD 9.9 million in Q1 2023. SaaS revenue increased by 2% to CAD 7.2 million, compared to CAD 7 million in Q1 2023. This increase was due to a combination of backlog installation, more comprehensive price increases, and new customer revenue. Our SaaS annual run rate, based on Q1 2024, is now CAD 28.8 million, an increase over the Q1 2023 SaaS annual run rate of CAD 28.1 million. Our BDC revenue decreased by 9% to CAD 2.5 million, compared to CAD 2.8 million in Q1 2023. The decrease in BDC revenue was due to temporary staffing constraints late in Q1 2024, which we expect to be resolved in Q2 2024, and due to a reduction in BDC customers, which also resulted in improved BDC gross margin. The BDC annual run rate based on Q1 2024 is CAD 10.1 million, compared to CAD 11.1 million based on Q1 2023. Combined, recurring SaaS and BDC revenue in Q1 2024 equates to an annual run rate of CAD 38.8 million and represents 96% of Quorum's revenue. Moving on to our gross margin performance for the latest quarter. In Q1 2024, our gross margin increased by 10% to CAD 5.1 million, compared to CAD 4.6 million in Q1 2023, or 51% of total revenue in Q1 2024 versus 47% in Q1 2023. The increase in gross margin is primarily due to an increase in SaaS revenue, as well as an increase in operational efficiencies for both the SaaS and BDC cost structures as compared to Q1 2023. SaaS gross margin increased to 68%, as compared to 67% in Q1 2023. BDC gross margin increased to 20% in Q1 2024, as compared to 10% in Q1 2023, as Quorum continues to work on multiple initiatives to reduce the BDC cost structure. BDC gross margin did decrease as compared to Q4 2023, due to temporary staffing constraints, which resulted in a temporary decrease in revenue without a corresponding decrease in expenses. As a result of our company-wide commitment to cost management, total operating expenses decreased by 14% to CAD 4.3 million in Q1 2024 from CAD 5 million in Q1 2023. Research and development expenses for Q1 2024 were 8% of revenue, compared to 10% of revenue for Q1 2023. The decrease in research and development costs are due to improved processes and increased operational efficiencies. Sales and marketing expenses for Q1 2024 were 6% of revenue, compared to 9% of revenue for Q1 2023. The decrease in total sales and marketing expenses as a percentage of revenue is primarily attributable to Quorum's focus on increasing customer share of wallet with cross sales of Quorum's products, which results in a more streamlined and cost-effective sales strategy. In Q1 2024, cost savings were also attributable to Quorum attending the annual NADA convention at a cost of CAD 0.1 million, as compared to CAD 0.3 million in Q1 2023. General and administrative expenses for Q1 2024 were 15% of revenue, compared to 18% of revenue in Q1 2023. The decrease in general and administrative expenses in Q1 2024 is primarily attributable to Quorum's focus on better company-wide cost management, which included implementing tighter controls on spending and negotiating better contracts with vendors. Net income in Q1 2024 also increased, up CAD 1.7 million to CAD 1.1 million as compared to Q1 2023. Profitability growth also resulted in an improved balance sheet, with cash and cash equivalents having increased by CAD 0.4 million at March 31, 2024, compared to December 31, 2023, and our total debt having decreased by CAD 0.9 million at March 31, 2024, compared to December 31, 2023. With that, I'd like to pass it back to Maury. In this section, I wanna cover more detail on SaaS and BDC revenue and our improved profitability. Starting with SaaS revenue in Q1 2024, we recorded CAD 7.2 million for the quarter, or CAD 28.8 million in annual SaaS revenue, which was a 3% quarter-over-quarter growth. In 2024, we will continue to focus on delivering as a dealer performance company to drive even higher ROI from our product suite for our dealership customers to increase the value proposition of our products and our SaaS revenue. In 2024, to increase SaaS revenue, we have also several exciting product changes planned as follows: number one, our Desking, Menu, and MyDeal products, which are digital retailing tools for selling vehicles and related products, will soon have select OEMs warranty programs to increase dealerships extended warranty sales. This should increase Q4 sales of our Menu product to our existing customers and improve the value proposition for selling to new customers. Number 2, Quorum's Accessible Accessories solution, which is a digital retailing platform for selling vehicle accessories, will have a tire offering in Q3 to help dealerships increase their tire sales. This is an add-on sale to our Accessible Accessories customers that will also help the sale of our complete solution to new dealerships. Number 3, our service CRM solution is receiving new generative AI capability to empower BDC or contact center agents by automating their communications with customers and providing the ability to upsell additional dealership services. This new capability generates more value in our product for our BDC, existing service CRM customers that have their own BDC, and new dealership customers. Number four, we are building a new dashboard and some AI functionality into our Sales CRM tool, which will make the product easier to demo and adopt. Our initial market for Sales CRM is our Service CRM dealership customers that are looking for a single integrated CRM solution. Number five, a project that will be delivered in 2025 is the refactoring of our PowerLane service lane solution to allow it to be DMS agnostic. Our dealership customers are also looking for a single integrated Service CRM and service lane tool to both drive new service appointments and maximize the revenue opportunity from each appointment. Number six, Quorum's DMS will continue to receive multiple new OEM integration certifications with existing OEM partners. We also continue to make significant improvements to our DMS to optimize the application for delivery through the Microsoft Azure cloud platform. Turning to BDC revenue, in Q1 2024, we posted CAD 2.5 million for the quarter, CAD 10 million in annual BDC revenue, which was a 3% decline quarter-over-quarter. We provide BDC services to multiple large North American dealer groups, including AutoCanada, one of the largest dealer groups. In Q1, we are excited to have recently extended our strategic partnership with AutoCanada, and together, we are focused on improving the service and parts revenue our BDC can produce for their dealerships. There is significant market demand for our BDC services. However, our BDC has historically been a 12% gross margin business. As a reminder of the revenue our BDC provides, roughly CAD 3 of BDC revenue generates CAD 1 of high-margin SaaS revenue. Including Q1 2024, I'm happy to announce that our BDC team has been successful in posting three consecutive quarters of 20% or more gross margin. As Marilyn mentioned, in Q1 2024, BDC revenue declined slightly due to temporary staffing shortages, which resolved in May of Q2 2024. This should help improve revenue and gross margin as we incurred additional staff training costs in March and April of 2024. Finally, I wanna discuss our improved profitability for Q1 2024, where we posted over CAD 2.1 million in EBITDA at 21% EBITDA margin and posted a record CAD 1.7 million of ACI at 17% ACI margin. Additionally, our net debt level dropped by CAD 1.4 million, or 20% from CAD 7 million at the end of Q4 2023 to CAD 5.6 million at the end of Q1 2024. Given the macro headwinds with the economy and our BDC capital debt that we incurred to complete our acquisitions, it makes sense that we focus on profitability and improve Quorum's balance sheet to ensure a strong future for the company. This will also provide us with operating flexibility in the future to invest as the economic situation improves. I would like to sincerely thank our employees, whose efforts were instrumental in delivering our Q1 2024 plan and strong quarterly results. Operator, I'd now like to open this conference call to any questions from our audience. Thank you. We are now opening the floor for question and answer session. If you'd like to ask a question, please press star, followed by number one on your telephone keypad. Our first question comes from Graham Smith from Cormark Securities. Your line is now open. Hi, guys. Can you hear me okay? We can, Graham. Okay, perfect. Just on the staffing issue with BDC, when did those start in Q1? Sorry, so when did they start? Yeah. I think I mentioned in my comments. Well, they started even a little bit earlier. They started earlier in the quarter. I mean, March was the month that we really felt the impact, but we... The issue started sort of early February for us, and then built up as the quarter went on. Okay. Thanks so much. And then just on the RPU side, it had a nice lift this quarter, but there's a little bit of churn as well in the rooftops. I'm trying to get an understanding of, you know, how much of that is because of the pricing and the cross-sell that's coming through, how much of that is just some churn on some lower RPU tops. Any color on that dynamic would be helpful. Yeah, Graham. So, it is a mix from our product suite. I can't say, hey, it's any one particular product. We've had, you know, different brands at different points in time over the last year be slightly heavier churn. We've reacted to that and really tried to shore up that brand and deal with the issues that caused the churn. So it's a bit of a combination of, yeah, a churn across our product suite. You can't pinpoint it to any one particular brand. Okay, and then just on the... Like, I remember last quarter, you mentioned that you'd already started to do some pricing increases, and then, of course, you have this cross-sell strategy that you're now focusing on. So I guess that, in combination, is just that's what's driving RPU? Yeah. So without a doubt, we were more comprehensive in how we did price increases. So yes, without a doubt, that helped RPU. Okay, perfect. I guess there's just one more for me on the churn again. So as you kind of look to focus on cross-sell, driving the ARPU higher, I'm just trying to think, how much, how many declines are you guys kind of expecting to incur in the coming quarters in that, in that rooftop count as you focus on ARPU? Like, any color just on whether that's kind of slowing down, stabilizing, if it's gonna be at a consistent rate where you keep the higher ARPU clients, color would be helpful. Thank you. Yeah. So Graham, I'm not gonna give you a sort of a forward-looking perspective on that. You know, I think that, you know, strategy-wise, that as we mentioned in our prepared comments, right, we've made sort of a decision to really focus on cross-selling and to focus on improved profitability as an organization. I think we've done really well on those two initiatives. Yes, there's been a bit of decline over the last 12 months in our rooftop. We wish we didn't have that as well. And for, you know, for us to probably reverse that particular trend would require more investment on the sales side of things, and, you know, stronger new logo, new dealership pursuits out in the marketplace. You know, we're currently not planning that, and but we are, you know, watching the economy closely and watching dealer sentiment closely, and that may change for us. Yeah, it may change for us very soon. Okay. I just have one more. Can you tell me- Sure. About gross margins? So I remember you guys said the next leg up of that gross margin that could take you from low- to mid-20s, it's gonna be coming from sort of generative AI and implementing that. Maybe just talk a bit about the progress that you're making on that initiative. Yeah. Yeah, so I think for us, when we look at BDC gross margins, I think there's a few things. Generative AI is obviously very exciting and has lots of possibilities. And so but there are other initiatives that we are putting in place to try and continually sort of work on gross margins and improve them. So speaking back to Generative AI, as is the case for many companies, right, this is new work, exciting work to build this into our product suites. And so we've built the, you know, phase one of our generative AI projects, but what we've done—what we also did was build the framework in place so that we can continue to put in, for lack of a better term, plugins into generative AI plugins as we go along, with each of them providing additional value. So some examples of some plugins are one that will provide a BDC agent with selling tips to help them sell additional services through to a dealership customer, but also then tips on how to overcome objections. And then, of course, you know, we'll help them in terms of if there's any written communication versus verbal, you know, help them with that particular communication. That particular piece, we are in pilot with, and so, you know, that's an, that's an exciting one for us. And then we have, as the year unfolds, this particular year unfolds, we have additional planned plugins, once again, for lack of a better word, planned plugins that we plan to roll out. That's great. Thanks. I'll pass the line. Thanks for the questions. Thank you. As of right now, we don't have any pending questions. I'd now like to hand back over to the management for remarks. All right. Well, thanks, everybody, for attending this conference call. We have another one in three months, and then, of course, we'll have our AGM post that. So we appreciate your support, and we look forward to talking to you at our next conference call. Thank you. Thank you for attending today's call. We hope you have a wonderful day. Stay safe, and you may now disconnect.