Morning, ladies and gentlemen, welcome to the Stingray Group Inc. Q3 results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question- and- answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Wednesday, February 8th, 2023. I would now like to turn the conference over to Mathieu Péloquin. Please go ahead. Thank you very much, Momente. Good morning, everyone, and thank you for joining us for Stingray's Q3 Conference Call for the period ending December 31, 2022. Today, Eric Boyko, President, CEO, and Co-founder, as well as Jean-Pierre Trahan, CFO, will be presenting the Stingray financial and operational highlights. Our press release reporting Stingray's Q3 results for fiscal 2023 was issued yesterday after the market closed. Our press release, MD&A, and financial statement for the quarter are available on our investor website at stingray.com, as well as on SEDAR. I will now provide you with the customary caution that today's discussion of the corporation's performance and its future prospects may include forward-looking statements. The corporation's future operation and performance are subject to risks and uncertainties, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's annual information form dated June 7, 2022, which is available on SEDAR. The corporation specifically disclaims any intention or obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Accordingly, you're advised not to place undue reliance on such forward-looking statements. Please be reminded that some of the financial measures discussed over the course of this Conference Call are non-IFRS. Please refer to Stingray's MD&A for a complete definition and reconciliation of such measures to IFRS financial measures. Let me remind you that all amounts on this call are expressed in Canadian dollars unless otherwise indicated. Let me turn the call over to Eric. Okay. Merci, Mathieu. Good morning, everyone, welcome to our Q3 Conference Call for fiscal 2023. Stingray raised its performance in the Q3 by delivering record Adjusted EBITDA of CAD 34.5 million on unprecedented revenues of CAD 89.2 million. The Adjusted EBITDA for the broadcasting commercial music division was up by 54.8%. We achieved this milestone mainly due to the success of our Stingray Advertising offering fueled by the InStore Audio Network acquisition. We are also seeing the benefits of our renewed focus on our key growth initiative and also our streamlined operation. Indeed, in the last 5 months, we have realigned our resources to high-growth areas like Stingray Advertising, which remain mostly immune to the economic downturn based on its large consumer base of grocery stores and pharmacy chains, while trimming down other segments to improve profitability. The end result is that our restructuring efforts, partially offset by strategic investment, have generated a cost saving of approximately CAD 12 million on an annual basis. I guess we will see these numbers really coming more in Q4. Turning to our reporting segments, broadcasting commercial music revenue grew 2.5% to CAD 54.2 million in the Q3 of 2023, primarily driven by InStore Audio Network's acquisition, revenue increase of our key growth initiative, and a positive foreign exchange on the U.S. dollar. Key achievement in this segment in the quarter includes hiring sales resources to further grow our U.S. retail media business, launching free ad-supported TV channel with Amazon Freevee and Samsung TV Plus to increase our presence in the FAST channel space, releasing the Stingray Karaoke app with 100,000 licensed songs on Samsung Smart TVs to elevate our brand exposure worldwide. Finally, introducing our wellness-driven CalmLIFE live streaming service on Comcast and Cox to expand market share in the subscription-based video-on-demand business. In terms of SVOD, our subscriber count rose 16.4% to more than 805,000 subscribers, with B2C revenues increasing by 20%. Total SVOD revenues also increased year-over-year on a net revenue basis, as we opted to reduce unprofitable investment in B2C apps to focus on better margins and lower OpEx with B2B partners with large installed customer base. Moving on to radio, revenues improved by 0.4% to $35.1 million in the Q3 on higher digital sales. This represents a modest growth, we remain pleased with the overall performance and the cash flow-generating business. As the automotive industry gradually resolve its supply chain issues, we anticipate that once again becoming one of our top revenue- generation categories for our radio business. Looking ahead to the Q4, we are optimistic about our multiple growth opportunities despite an uncertain economic environment. Our core need to focus on debt reduction while maintaining investment in key strategic areas. Strong customer traction at the recent Consumer Electronics Show, CES, in Las Vegas, has reinforced our confidence that we have pivoted in the right direction. With market-driven focus on retail media, FAST channels, in-car entertainment, and B2B-driven subscription video on demand. I will now turn the call to Jean-Pierre for a financial review, and, thank you, Jean-Pierre, for a good quarter. Thank you, Eric. Good morning, everyone. Revenues reached a record high of $89.2 million in the Q3 of 2023, up 18.9% from $75 million in Q3 2022. As Eric mentioned, the growth was primarily due to the InStore Audio Network acquisition and a positive foreign exchange impact. In fact, revenues in the United States grew 111% to $26.6 million in Q3 2023. Finally, revenues in other countries remained stable year-over-year at $13.2 million. Looking at our performance by business segment, broadcasting and commercial music revenues rose 35.1% to $54.2 million in the Q3 of 2023. Again, this increase was primarily driven by InStore Audio Network and a positive foreign exchange impact. Radio revenues improved 0.4% year-over-year to CAD 35.1 million in Q3 2023 due to the higher digital revenues. In term of profitability, consolidated Adjusted EBITDA reached a peak of CAD 34.5 million and an Adjusted EBITDA margin of 38.6% in the Q3 of 2023, compared to CAD 28.5 million or 38% Adjusted EBITDA margin, or 35.8% excluding the CEWS subsidies in Q3 2022. The increase in Adjusted EBITDA was primarily due to the acquisition of InStore Audio Network and OpEx efficiencies, partially offset by the Canada Emergency Wage Subsidy in Q3 2022. Should be recall that our Q3 is seasonally strong reporting period, so we're reiterating our Adjusted EBITDA target of 35% for fiscal 2023. By business segment, broadcasting and commercial music Adjusted EBITDA increased 54.8% to CAD 22.6 million in the Q3 of 2023, mainly due to the contribution from InStore Audio Network and OpEx efficiencies. Radio Adjusted EBITDA, meanwhile, was relatively flat year-over-year, excluding the Canadian government subsidies, but decreased 11.5% year-over-year to CAD 13.3 million in the Q3 of 2023 if we account for this incentive. In terms of corporate Adjusted EBITDA, which represent head office operating expenses, less share-based compensation, as well as performance and deferred share unit expenses, it amounted to -CAD 1.4 million in Q3 2023. Stingray reported a net income of CAD 12.9 million or CAD 0.19 per diluted share in Q3 2023, compared to CAD 12.5 million or CAD 0.18 per diluted share in Q3 2022. Adjusted net income total CAD 16.5 million or CAD 0.24 per diluted share in Q3 2023, compared to CAD 17 million or CAD 0.24 per diluted share in the same period of 2022. Turning to liquidity and capital resources, cash flow generated from operating activities amounted to CAD 24.6 million in Q3 2023, compared to CAD 24.8 million in Q2 2022. The decrease can be attributed to a negative change in non-cash operating items and higher restructuring and other costs, partially offset by improved operating results. Adjusted free cash flow total CAD 18.1 million in Q3 2023, compared to CAD 14.7 million in the same period in 2022. The increase was mainly due to improved operating results, partially offset by higher interest paid. From a balance sheet standpoint, Stingray had cash and cash equivalent of CAD 12.3 million at the end of the Q3, sub-debt of CAD 25.5 million, accredited facilities of CAD 366 million, in of which approximately CAD 65 million was available. Total net debt at the quarter end stood at CAD 379 million or 3.34 times profile- adjusted EBITDA. It should be noted that we paid an additional CAD 6 million in tangible benefits during the Q3 and CAD 13.6 million in this fiscal year so far. Finally, we repurchased 341,000 share for a total of CAD 1.6 million under a normal course issuer bid program in the Q3. Going forward, our number one capital allocation priority will be lowering our debt level. This end my presentation for today. I will now turn the call back to Eric. Okay. Again, on behalf of the entire Stingray team, thank you for joining us on this Conference Call. We look forward to speaking with you again following the release of our Q4 results. Have a great day, everyone, and again, thank you for the whole team. I think we're ready for the questions. I think, this is, operator. Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. Should you have a question, please press the star followed by the 1 on your touch- tone phone. You will hear a 3-tone prompt acknowledging your request, and your questions will be pulled in the order they are received. Should you wish to decline from the polling process, please press the star followed by the 2. If you are using a speakerphone, please lift your handset before pressing any keys. 1 moment please, for your first question. Your first question comes from Matthew Lee with Canaccord Genuity. Please go ahead. Hi. Hi, morning guys. Congrats on the good quarter. My first question is in regard to the regulatory change in radio, now allowing networks going upwards of four stations per geography. You know, does that create any opportunities for you to build that business? It just seems like adding assets in Ontario would make a lot of sense given the potential synergies. Yeah, it's, the ruling is a bit more difficult than that. You know, they're really giving us one more radio per city, the opportunity. I must say everybody's talking. There'll be a lot of trading in 2023. It's always good when there's a trading market. Everybody was waiting for the radio review to decide what to do. It's gonna be very interesting. I'd say 2023, I'm not talking for us, but I'm talking for the whole market of radio, will be very active. Right now everybody is analyzing their strategy. What we told the board yesterday is we're, you know, we're trying to figure out the different opportunities or not of this buying or selling certain regions. It's right now we're still in the analyzing point. We said the same thing to the board yesterday. We are just analyzing and seeing what also the big players are gonna be doing. Okay, great. Maybe swapping to the music broadcasting side. you know, your digital out-of-home assets seem to be performing very, very well. you've obviously done a very good job of building inventory, but can you maybe talk about the demand you're seeing from advertisers for digital out-of-home? I mean, how quickly do you see that inventory kind of reaching a filled position? Yeah, as you saw, advertising, not only with the retail media, but the advertising also on our FAST channels. We went from CAD 1.4 million last year to CAD 14 million. For sure, you know, adding the retail network was a big plus. I think we're really seeing the trends there. I think for us, the pharmaceutical and the big brands are coming in. We're still in the evangelizing the market. We know we're the biggest audio retailer in the world right now, but also being number one and the first one, you also have to explain the advantage and the studies. We're excited. You know, this year, sales on the retail media are up 50%. I think, you know, we'll see a good growth also for next year. It's a strong year for retail media. Also the FAST channels are growing well. Just a few on the, to benefit all of our key projects of growth, the car business, the FAST, the SVOD, all the stuff that we've been focusing on for the last few years, we're finally seeing the result. You know, last year we were running, the broadcasting commercial was running at CAD 14 million a quarter of EBITDA, and now we've hit CAD 22 million. I think we're very comfortable as management team to say that the broadcast commercial division has hit a point that we're now, we're comfortable with CAD 20 million of EBITDA per quarter. We reached that milestone. I think it's exciting for Stingray. You know, we're looking at, you know, a broadcasting commercial to be around CAD 80 million a year business right now, at a run rate basis. Was that clear, Matthew? All right. All right. That's very helpful. I'll pass the line. Yep, that's great. Thanks. Thanks, Matthew. I love the title, by the way. Your next question comes from Adam Shine with National Bank Financial. He loves the title, by the way. Please go ahead. Okay, thanks. Hi, Eric. Hey, Adam. Hi, how are you? Good. The growth you just stated in terms of retail media, you know, year one with ISAN was obviously a success in terms of, you know, elevating the growth profile. Can you elaborate maybe, you know, just a little bit further in terms of some of the strategy going into year two, if it changes at all in terms of pursuing additional mandates and opportunities in the U.S., to the extent that you can highlight, you know, a range of growth potential for ISAN in 2023 calendar would be great? Maybe just remind us, you know, in terms of how you're pacing in terms of the Canadian retail media business. Thanks. Absolutely. You know, like I said, the retail media growth last year was 50%. In Canada, it's unlimited 'cause we had 0 the year before, it's a Google, whatever return. I think this year again, we're seeing it's gonna be a high double digit, and, you know, more than the 20% because it's a really growing division on both together. If you look at investment, we cut CAD 12 million a cost while investing CAD 3 million in retail media. We've hired a total of close to 4 new person in the team in the U.S., 5 in Canada. We've added 9 new headcounts, just focused on selling the inventory. Right now we're only selling roughly 8%, 10%-20% of the available inventory. I think on TV and radio, I don't think there's another media in the world that when they become to maturity, doesn't sell 100% of their inventory. I think we got a lot of work to do there. Also I wanna say the SVOD, the FAST channels, you know, we've now a lot of the... We launch on Google SVOD, which is very exciting. We have a lot, finally, all of the growth strategy is coming in play. Do you wanna just elaborate a little bit on SVOD? 'Cause obviously, you know, you did say in the release that it's more of a flattish revenue context, but there is some nuance in regards to, you know, how some of the county works in terms of B2B versus the prior B2C context. Correct? Yeah. That's a good question, I had the same question with the board out there. You know, quickly, when you do a B2C product under accounting rules, let's say you sell at CAD 10, you generate, you put CAD 10 of revenue, and then you put your commission that you have to pay Apple and all that, and you generate net revenues of CAD 5. When we work with a B2B player, they sell it at CAD 10, we record only CAD 5. The more that our product mix is going to B2B, you know, we see technically that gross revenues are flat, if you look under a net revenue basis, they're up. I know it's a bit complex for the, but, maybe I can explain that more in one-on-one, but our net revenues are up compared to last year. Sounds good. Appreciate it. Thanks for that. Thanks, Adam. Your next question comes from Scott Fletcher with CIBC. Please go ahead. Thanks. Good morning. I just wanna ask on the margin levels for the B&C business. I guess you sort of touched on it there, but given that sort of we're seeing what sounds like a seasonally strong quarter, with that sort of nearly 42% margins, is that for the full- year in 2024? Are you thinking north of 35 into sort of like maybe, you know, high 30s? Is that reasonable for 2024? Yeah, absolutely, for sure. With, you know, the big advantage that we're seeing in broadcast and commercial, and I, and I like the B2C or whatever you call it there, that we're thinking about the name because the name is becoming complicated. For broadcast and commercial, we're gonna see higher margins, you know, because of the cost savings. The cost savings are when you do cost savings at CAD 12 million, CAD 12 million in a unit, it really improves EBITDA margin. I'll have to get back to you on, but it's gonna be higher than radio. I, you know, I'll have to get back with a range of where we sit for the next few quarters for next year. Okay. Again, I can reaffirm that man-management now feels comfortable with a CAD 20 million EBITDA per quarter on the broadcast and commercial. We hit that run rate. It's not like we got lucky one quarter, and we're gonna go down by half next quarter. Okay, thanks. I wanted to ask on the contribution of FAST revenue. I know you guys don't disclose the exact amount, but could you sort of provide a ballpark whether that's, you know, relative to the total or relative to even to the SVOD numbers, how much FAST is contributing, sort of? FAST was a bit of a disappointment in terms of rollout. It's been longer and more difficult than we first imagined. This year, we're gonna do about $4 million. It's very immaterial. If you think that we're gonna be doing $320, $350, you know, once we're back, it's less than 1%. Right now, in our models and your models, FAST is not the, is not something that I think will affect the pricing or the EBITDA materially. You know, we're making money, it's growing. It's a nice marketing project to add to all of our consumers to help us get more retail media stores. It's right now, financially, it's not material. Okay, that's really helpful. Thanks. I'll pass it. Thanks, Scott. Your next question comes from Jerome Dubreuil with Desjardins. Please go ahead. Merci. Bonjour tout le monde. Thanks for taking my questions. Two for me. First, in terms of the savings you've achieved this quarter, first of all, congratulations. Since that, I wanna check what were we seeing in the quarter. We're seeing this pro forma EBITDA adjustment of CAD 5 million in the numbers. I wonder how this CAD 5 million compares to the CAD 12 million annualized saving we're seeing. Does that mean we're only seeing 40% of the savings in the quarter? Yeah, if you look at, if in Q3 we're out, we have very little savings 'cause most of our. We started the project of looking at cost our cost alignment in May and June. The good news is, I think, you know, and I think a lot of our investors and our board says we were really one of the first company to start looking, the focus on projects and cost allocation. We're really gonna start seeing some true savings next quarter. Next quarter, you're really gonna be able to see the $3 million in the quarter, because, you know, we finalize our projects at the end of November. In terms of that, I'll have to get back to exact you, because technically speaking, right now, you know, we have $12 million coming forward because we just achieved our project so. Let me get back to you on that specific question, Jerome. Yeah. Thank you. Another one, I don't know if this one would be more for GP, but I wonder, like, if we've seen a positive effect impact in the quarter, I wonder what portion of the costs related to the U.S. business are actually in U.S. dollars, just to try to figure out what's the margin impact from the FX. You know, most of our revenues come from the U.S. more and more, but the cost is limited. It's commission and rights, but it's not that big. We estimate our free cash flow from the U.S. right now to be around $35 million. That's the free cash flow after cars. That's the net inflow of free cash coming from the U.S. If ourselves keep on growing, it's gonna be closer to $45 million-$50 million next year. The impact this quarter was only on EBITDA was $1 million. $1 million EBITDA for this quarter, which is good, but not as. I thought it was gonna be more important. Yeah. But we're happy. CAD 1 million EBITDA more, we'll take it. For sure, Stingray right now, we do have a hedging policy that the board has voted on. We are hedging 75% of our cash flow for this year and 50% of next year, because our U.S. sales have become material, where this year we'll achieve $80 million of U.S. sales. Next year, based on growth, we should be closer to $100 million. For sure we have to be. We have very little U.S. OpEx. We have a lot of COGS, a lot of, you know, 'cause we pay our cost of goods sold in U.S. dollars. In terms of employees living in the U.S., it's. It's Montreal, it's Canada. Yeah. In the U.S., we probably only have less than 6-8 employees. Yeah. We're really Canadian-based costs. Okay, great. One last from me- Also generally. Yeah. We don't even have a real office in the U.S. You know, we have presence, but we don't have. Small one. Yeah. We don't have an office in New York or in Miami. Our team is all over the country. Great. Last one regarding retail media. I know you had a lot of, well, a significant amount of hires there to try to sell the inventory and what have you. I wonder what portion of this new sales force was already ready to hit the ground running during the quarter. Are we seeing already a lift from those recent hires, or we should be expecting a more material impact from these hires in the coming quarters? No. Also, yeah, most of these people started in November or mid-November. Good news, we already have one of our already have one person that's already sold a campaign between one, you know, to CAD 6 million this year. It goes fast, so very exciting for the next. The impact, I'm just saying the investment here that I'm looking for, you know, roughly, in our OpEx that we invested this quarter was CAD 1 million. It's roughly the same in Q4. It goes from CAD 0.944 million to CAD 1.093 million per quarter. Great. Merci. Of investments. Is that clear enough or? That's pretty clear. Merci beaucoup. Pretty flat, you know. The CAD 940,000, million. Okay. Merci, Jerome. Your next question comes from Tim Casey with BMO. Please go ahead. Thanks. Good morning. A few from me. Eric, on the B&C advertising, I mean, as reported in the quarter, it went from little less than CAD 2 to about CAD 14 million. Is that all ISAN or is there any other buckets of advertising in there? No, that's it. It's ISAN. What, you know, the name is, we call it Retail Media now. It's ISAN plus what we do in Canada 'cause we're selling Canada so it's U.S. Retail Media, Canada Retail Media, FAST channels. The FAST channels are growing by 87%. The big difference also. But you just- Yeah. You just told us they were immaterial. No. Oh, Okay. Chatter. Oh, I got mixed up. I thought that the question before was FAST. Chatter. It was FAST. Okay. No, no. Sorry. No. Sorry. I thought FAST. I thought he was talking about Chatter. I got mixed up. Sorry about that. The question was, you know, before. No, Scott. No. The FAST channel. No, the FAST channels are growing by 87%. It's really. Well, we'll have to get back to you when I could disclose this more one-on-one with you guys, the analysts, what the numbers are. This is based on a net basis. If we sell with a partner 100,000 a month and we get 50,000, we only report the 50,000 again. The FAST channel also reported on net. That also is going to increase our EBITDA margin and our overall margin because we record on net. I'll get back to you, Tim. Okay. Sorry. Thanks for that question. I got mixed up. Okay. Let's go back. The CAD 2 million-CAD 14 million as reported, that's not just ISAN, there is a meaningful component of FAST channels in that number? Yeah. Let me get back to you to what that number is. Okay. You talked about the continued shifts from direct-to-consumer to B2B, and you mentioned there's some accounting issues. I mean, have you stopped all DTC marketing and operations? Have you turned all those taps off, or are you still tinkering to some degree? No, no. We're really focusing on the products that work well, and we're able to measure a return on investment. Some product on B2C were not working as well, we diminish our user acquisition. We've also stopped investing in certain products because every app is very expensive. An app that does 20,000 a month and another one that does 200,000 a month is the same cost. We focus on focusing on the bigger apps and cutting the smaller apps. By cutting smaller apps, there is less of a focus on B2C. For sure, with the B2B growing so fast, the B2C by nature is becoming less and less material in our business model. Okay, perfect. Two more. One, the CAD 20 million a quarter run rate, is the cost savings already in that number when you say you're comfortable with that CAD 20 million a quarter? Yeah. Yes. Okay. That includes savings. It's starting in Q4, all of the cost savings are gonna be included. The only offset would be that if, you know, if sales are growing so strong in retail media and we need more salespeople, then for sure we'll reallocate our investment towards units that we need, you know. Also if we get a lot of car business deals, then we'll hire more R&D people to service all our customers. It would be where we would hire people because they're generating a high return on investment and a quick return on investment. Okay, perfect. Last one, can you remind us where your targets are now on leverage and when you expect to get there? Absolutely. Our goal is to go down to 2.5. As you know, as analysts, you know, by increasing EBITDA, you got a 3-to-1 advantage there. We continue to see our EBITDA growing. Last year, Q4 was not a very good quarter at CAD 21 million. We're very confident this year that again, that we should have a good quarter. We will again improve our LTM, improve our EBITDA margin, and our focus absolutely right now is to decrease debt. I think that we'll get back with our goals to be down to 2.5, and it's our first priority as a management team and also reaffirmed by the board yesterday. Our number one goal is to bring back our net EBITDA to 2.5. Thank you. Thank you, Tim. Your next question comes from Drew McReynolds with RBC Capital Markets. Please go ahead. Hi, it's Sylvia sitting in for Drew. Just three quick questions today, if I may. First one, what is the contribution of digital advertising to radio revenue? Oh, sorry. What was the question again? yeah. What is the contribution of digital advertising to radio revenue? To radio? Digital, always... I must say the mix is getting more important. We're probably about, I would say, 12% of our sales are coming from digital sales and radio. I think we're doing very well. It's increasing. I think, you know, it's a nice ad that we're doing to the traditional side. Also, the good news also that we don't see in the results is the radio team is selling on the retail media in Canada, those numbers come on the broadcasting and commercial team. We've officially have all of our over 100 salespeople in Canada that sell radio, also selling the radio in the stores. We're really seeing our first synergy. We're starting it slow, we're able, you know... I think Stingray on the radio side has a very strong local sales team. I would even say, I think we have. You know, look at our margins compared to our peers or our EBITDA margin. I think we're the most efficient management and sales team in the country to sell audio ads, and Stingray is a specialist of selling audio ads. Great. Thank you. Second one, is the higher ISAN or retail media contribution in this quarter due to seasonality? If so, should this be recurring in Q3 2024? What should we assume for what is likely a seasonally lower Q4 2023? Yeah. There is seasonality and for sure October, November, December were very strong. There was, you know, it was a very strong quarter. Again, it's not as seasonal as radio, but because this quarter was so strong, I don't think we can expect to be having those numbers for the rest of the year right away. And it's really because we got some huge orders that came in. Hopefully things are looking good. Like I said, we did 50% organic growth last year in retail media. This year we expect a higher organic growth, you know, higher than the 20%, because we're really launching new retailers and we're becoming more and more efficient. Great. Thank you. The last question is just on the audio channels. To what extent is the pressure due to cord- cutting accelerating? How do the headwinds compare between Canada, the U.S., and international? Yeah. The audio channel business for us, so we'll do CAD 350 million. I'm keeping a round number here. Just, we'll do CAD 350 million Stingray. The audio channels represent less than CAD 30 million. It's less than 10% of our sales now. Really, it is the pivot. It's 10% of our sales. Because we're growing the other side of the business so much, it's less and less material. For sure, we're much stronger in Canada. The business in Canada is very stable because we're protected by the regulator, and we're protected because all of our partners are vertically integrated, and we're one of the few independents. Even with the Rogers-Shaw deal, if you look at the conditions, they're protecting even more the independents. I think that we're very well positioned in Canada to maintain our revenues and even in the rest of the world 'cause they're small numbers. In Canada, we're very well protected by our position with the CRTC and the regulator. Great. Thank you. That's helpful. I'll pass the line. Yeah. It's also I did like Drew's title. You can tell Drew I like the title also. There is sunshine in Montreal today. There are no further questions at this time. Eric Boyko, please go ahead. Yeah. Again, thank you very much for that. I appreciate all the analysts. You guys are really supportive of giving us a lot of good guidance and highlights. We're lucky for a small company to have so many of the firms and the banks and you guys personally involved. We really appreciate your time and energy. You guys are great partners. Merci. See you guys there. Bye, everybody. Ladies and gentlemen, this concludes your call for today. We thank you for participating and ask that you please disconnect your lines.