Good morning, ladies and gentlemen, and welcome to the Stingray Group Inc Q2 2024 results conference call. At this time, all lines are in a 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 zero for the operator. This call is being recorded on Wednesday November 8t h, 2023. I would now like to turn the conference over to Mr. Mathieu Péloquin. Thank you. Please go ahead. Thank you. Merci beaucoup, et bon matin à tous. Thank you for joining us for Stingray's conference call for its second quarter results for fiscal 2024, ended September 30, 2023. Today, Eric Boyko, President and CEO, Co-founder, and Jean-Pierre Trahan, CFO, will be presenting Stingray's operational and financial highlights. Our press release reporting Stingray's second quarter results for fiscal 2024 was issued yesterday after the market closed. Our press release, MD&A, and financial statements for the quarter are available on our website at stingray.com, as well on SEDAR. I will now give you 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 operations and performance are subject to risk 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 6th, 2023, 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. Also, 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. Finally, let me remind you that all amounts on this call are expressed in Canadian dollars, unless otherwise indicated. With that, let me turn the call over to Eric. Merci, Mathieu. Good morning, everyone, and welcome to our second quarter conference call for fiscal 2024. Stingray delivered solid second quarter results with organic growth of 7.1% year-over-year in broadcast and recurring commercial music revenues, resulting in an adjusted EBITDA of CAD 29.5 million, or an increase of 9.2% compared to last year. Our retail media and FAST channels performed exceptionally well, delivering on the strength of 34.9% year-over-year revenue growth from our retail media advertising business and our FAST channels, along with healthy contribution of our in-car entertainment segment. Seizing multiple opportunities, we believe we will hit double-digit revenue growth for the foreseeable future. Our retail audio advertising network in the US and Canada continue to grow, and strong contribution from pharmaceutical and packaged goods advertisers. We expect to grow our retailer footprint and provide more scale to the advertising network. During the quarter, we already added Home Depot, the first hardware store chain in our Canadian retail ad network, connecting this brand with highly qualified consumers during their in-store shopping journey. As a result, we are on track and still maintaining to achieve 40% revenue growth in retail media advertising for this fiscal year. In terms of free ad-supported streaming TV channels, 18 new Stingray channels appeared on Samsung TV Plus in the U.S. last month. This extended partnership is expected to quadruple listening hours of our audio and video products on the Samsung platform, highlighting our commitment to deliver top-tier music content to a broader audience and drive assets monetization to new heights. Last week, we announced the debut of ZenLIFE on VIZIO free streaming service, WatchFree and Samsung, which marks Stingray's entry into the wellness space for FAST channels in the U.S. ZenLIFE offers a rich music collection spanning various genres, such as spa, zen, healing, and meditation. In short, this new FAST channel provides viewers with a uniquely immersed journey towards tranquility and serenity, which we need a lot at Stingray, while Stingray broadens its scopes outside of its traditional entertainment. Turning to in-car entertainment, the beta launch of Stingray Karaoke application in 300,000 BYD car is scheduled for mid-December, with an over-the-air system update due late January. We're addressing a fraction of BYD's total car fleet in Europe and Latin America. With this initial launch, we are highly optimistic to expand our footprint with the world's leading manufacturer of new energy vehicles. Already, our team is working on version 2.0. As for SVOD segment, revenues were slightly down in the second quarter as we continue transitioning towards the B2B-centric partners, which large install customer base. The end result is that this business is more profitable in terms of EBITDA generated and sustainable for years to come. Finally, after completing a rigorous RFP process, we're proud to announce that we have renewed and expanded our commercial background music and digital signage service with Bank of Montreal, BMO, for commercial locations in Canada and an additional period up to five years. In addition, Stingray will now proudly service BMO commercial locations in the United States, including Harris Bank and Bank of the West branches for the same period, up to five years. Across North America, this represents almost 2,000 locations that will receive both our commercial background music and digital signage service. Although altogether, revenues for our broadcasting and commercial music business increased 10.9% to CAD 49.9 million in the second quarter of 2024, while radio revenues remain stable year-over-year at CAD 32.7 million, as we continue outperforming the industry. I would like to add the announcement of a partnership agreement with Air Canada. As you know, we also service Air Canada. Last week, that we provide passengers with enhanced entertainment experience on their flights worldwide. To sum up, we're moving we're moving steam ahead with our, our growth initiatives to maximize revenues on a long-term basis. We're talking about moderate investment in high margin, high-growth sectors. We, and we anticipate the trickling effect on the bottom line will be substantial, given that we're leveraging many businesses with 90% and above gross margin as we keep growing our revenue base. A final word about our capital allocation. Our number 1 priority remains debt reduction, as we would like to reduce our net debt to pro forma adjusted EBITDA to the sweet spot between 2.5 and three times. We remain confident of bringing it down to close to 3 by the end of December, this quarter, and closer and closer to below 2.8 at the end of the year. During the second quarter, we were required to make a payment of CAD 6.8 million to CRTC for tangible benefits, related to past radio acquisitions. This hindered our ability to reduce our debt level in the quarter. Jean-Pierre will provide more explanation about our capital allocation and free cash flow over the next few quarters. So with this, very positive, very happy with the quarter, and I'll pass you to our friend, JP. Thank you, Eric. Good morning, everyone. Revenues reached CAD 82.5 million in the second quarter of fiscal 2024, up 6.2% from CAD 77.6 million in Q2 2023. The increase was largely due to higher retail media advertising sales, to a positive foreign exchange impact, and enhanced equipment and installation sales related to digital signage. Revenues in Canada improved 2.5% to CAD 48.4 million in the second quarter of 2024. The growth reflects enhanced equipment and installation sales related to digital signage, increase in store commercials revenues, as well as a greater revenues from retail media advertising. Revenues in the United States grew 17.5% year-over-year to CAD 21.6 million in Q2 2024, on the strength of increased sales from retail media advertising. Revenues in other countries rose 3.8% to CAD 12.5 million in the most recent quarter. The increase can primarily be attributed to a positive foreign exchange impact. Looking at our performance by a business segment, broadcasting and commercial music revenues increased 10.9% to CAD 49.8 million in the second quarter of 2024. The growth was primarily driven by higher retail media advertising sales, enhanced E&L related to digital signage, and a positive foreign exchange impact. Radio revenues, meanwhile, remained stable year-over-year at CAD 32.7 million in Q2 2024, as higher local and digital advertising sales were offset by lower national airtime revenues. In terms of profitability, consolidated adjusted EBITDA improved 9.2% to CAD 29.5 million in the second quarter of 2024, from CAD 27 million in Q2 2023. Adjusted EBITDA margin reached 35.8% in Q2 2024, compared to 34.8% in the same period in 2023. The growth in adjusted EBITDA and adjusted EBITDA margin was mainly driven by higher revenues year over year. Of note, our operating expenses for the second quarter should be the run rate going forward, as our cost-cutting initiatives implemented last year have come full circle on an annual basis. By business segment, broadcasting and commercial music, adjusted EBITDA increased 17.5% to CAD 19.9 million in the second quarter of 2024. The year-over-year increase was mainly due to an improved gross margin on higher revenues. Adjusted EBITDA for our radio segment declined 2.8% year over year to CAD 11 million in the second quarter of 2024. The decrease can be attributed to a slight revenue decline, combined with higher music regulatory fees. In terms of corporate adjusted EBITDA, which represents 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 the quarter. Stingray reported a net income of CAD 9.4 million or CAD 0.14 per diluted share in the second quarter of 2024, compared to CAD 3.3 million or CAD 0.05 per diluted share in Q2 2023. The increase was mainly driven by a gain on the fair value of derivative financial instruments, better operating result, and a foreign exchange gain.... These factors were primarily offset by our higher income tax expense. Adjusted net income totaled CAD 14.6 million, or CAD 0.21 per diluted share in Q2 2024, compared to CAD 10.8 million, or CAD 0.15 per diluted share in the same period of 2023. The increase can mainly be attributed to the better operating results and a greater foreign exchange gain, partially offset by our higher income tax expense. Turning to liquidity and capital resources. Cash flow generated from operating activities totaled CAD 19.1 million in Q2 2024, compared to CAD 18.4 million in Q2 2023. The year-over-year improvement was mainly due to better operating results as a positive foreign exchange impact, partially offset by a greater negative net change in non-cash operating item. Adjusted free cash flow amounted to CAD 15.6 million in Q2 2024, compared to CAD 15 million in the same period of 2023. The increase was mainly related to better operating results, partially offset by a higher interest expense and more income tax paid. From a balance sheet standpoint, Stingray had cash and cash equivalents of CAD 9.7 million at the end of the second quarter, subordinated debt of CAD 25.6 million, and credit facilities of CAD 374.6 million, of which approximately CAD 51.5 million was available. Total net debt at the quarter end stood at CAD 390.5 million, or 3.19 times pro forma adjusted EBITDA. Net debt increased CAD 2.5 million, sequentially, mainly because we paid CAD 6.8 million in tangible benefits to the CRTC during the second quarter. This payment affected our ability to lower our debt level. We have two payments totaling CAD 8.8 million left over for the next 24 months to complete our payment schedule related to the past radio acquisition. Nevertheless, our net debt pro forma Adjusted EBITDA ratio still improved significantly from 3.28 times in Q1 2024, on the strength of increased Adjusted EBITDA over the last 12 months. As Eric mentioned earlier, our number one capital allocation priority is to reduce our debt level and, in the process, bring our financial leverage below 3 times during the current year. This ends my presentation. I will now turn the call back to Eric. Okay, merci, JP. This concludes our prepared remarks. At this point, Jean-Pierre and I will be pleased to answer any questions you may have. Merci tout le monde. 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 one on your telephone keypad. You will hear a three-tone prompt acknowledging your request. Questions will be taken in the order received, and should you wish to cancel the request, please press the star followed by the two. If you are using the speakerphone, please leave your handset before pressing any keys. One moment, please, for your first question. Your first question comes on the line of Adam Shine from National Bank. Please go ahead. Good morning. Thank you. Eric, when, when you say the double-digit revs growth for the foreseeable future, are you referring to just broadcasting and commercial music or consolidated revenues, total revenues? Yeah, good question, Adam. You're right. It's one of the things we discussed at the board, so we always keep it for broadcast and commercial. But I think that in the future, with the business growing much, much bigger than radio, we're probably gonna use it consolidated. But for now, you're right, it's only for broadcast and commercial. Okay, thanks for that. You know, just in terms of the comment about 40%, retail media revs growth for fiscal 2024, I mean, you were pretty clear back on the Q1 call that there was a bit of a timing issue around Q1, obviously, a resuscitation in Q2. So are we looking for, you know, a rather meaningful ramp over the next couple of quarters? Because how do we get to that 40% for the year? Yeah. Q3, we're already at 40, almost 45 days into it, and we're gonna be well above 60%, this quarter, and we have a good chance to even double last year. So we're really heading in October, November, December, very strong with signed POs. So very happy with that on the retail media side. And also, the FAST channels, to our surprise, we launched, you know, we had one channel with Samsung that was generating, you know, about CAD 200,000 of EBITDA. Now, we launched 20 channels. We expect those sales to quadruple. So you add the FAST channels, you add the VIZIO, you add Samsung, you add retail media. Everything in the Stingray advertising bucket is growing by large money, by large influx. So I think very confident to surplus nicely the 40% for the year, and this quarter is looking just, you know, we're... Everything is looking green. Just two quick questions on margin. I mean, JP alluded to the fact that you've lapped the cost cutting savings from a year ago. Are there more restructuring savings to be pursued? And then just related to margin, as you gear up for the joint sales arrangement with Mood Media into the new year, are there particular investments that we should be thinking about that you know could have a bit of an effect on margin? Thanks. Yeah. So, no real plan of cost cutting. But one thing. I think Stingray is one of the most advanced companies in Canada in terms of using AI. So AI makes us a lot more productive, and we're able to launch many new products. So when we talk about ZenLIFE, we launched HolidayScape. We're just much more effective with content and delivery. So the good news is, we'll be able to expand ourselves without expanding the team and our cost. So we're very happy about that. So, and like we mentioned on the, on, on our speech today, when we talk about FAST channels, FAST channels have, because the revenues are net, all these products are 90% gross margin. So we should expect that our EBITDA margin will continue going up on the broadcast side. So we did 40% this quarter, but we can expect that with the more we sell these products, the more that will increase our margin. In terms of Mood, the deal with Mood is a cross-selling agreement, so far we did CAD 2 million of cross-sell, so it's a good start. Not a huge number, and we got to get better at it. But for sure, the relationship is, I think we'll see more results in the future quarters, but so far it's been limited, and there's no cost. The beauty about this agreement, there's no cost. It's really a collaboration agreement, and I think we're gonna see some success in the next few quarters. Great. Thanks for that, Eric. Have a good day. Thanks, Adam. Thank you. And your next question comes from the line of Aravinda Galappatthige from Canaccord Genuity. Please go ahead. Good morning. Thanks for taking my questions. Eric, you referred to sort of this trend you see on the retail side. You know, it is notable that the subscription component of BCM is also sort of sequentially strengthening. I was wondering if you can talk to those components. We know that in-car is obviously ramping, but any kind of indication out as to how the SVOD and the legacy piece have trended, because we continue to see that subscription line within BCM also grow. Just to make sure, BCM for you stands for? Broadcast commercial. Oh, broadcast. Broadcast commercial. Yeah. So, all of the advertising segment, like I mentioned before to Adam, we feel very comfortable with our 40% goal for this year, and I think right now we're very well positioned with the actual sales that we have, so that we're happy. For SVOD, we're making the pivot from B2C to B2B. The B2C market, with the end of COVID, I would say that most of our competitors are calling us to try to do a strategic deal. It's been very difficult, so we did the pivot. But, every time we lose, a subscriber at CAD 15, because we... It's at gross, and then we pay Apple 30%, we replace it with a subscriber at CAD 5 with an Amazon or Comcast. So for sure, the pivot doesn't help us in the transition, but, you know, the investment on the B2B side is minimal compared to on the B2C side, we were spending, you know, you know, multiple millions of dollars in user acquisition. So I think it's the right move we did, but and the pivot will affect not our subscribers, but the sales for the next few quarters. The good news is, with Amazon, we're gonna be launching in another 10-20 countries, and also we're adding the ZenLIFE product as a SVOD. So that will also be a new product, a bit like we're doing on the FAST. So, I think we'll continue to see the growth, and we still maintain our goal to reach 1 million subscribers, but it's gonna be most probably, almost, most of it will be B2B. Great, thank you. And just, a quick follow-up on the margins. On the retail media side, I know that there's a kind of a mix there of some rev share agreements as well as some fixed cost agreements. Can you give us an idea of what the dynamics are? I mean, what kind of margin impact we should expect as retail- Yeah ... media ramps up at the pace that you are referring to? Thanks. I think we should expect the same margins, roughly, that we have in the commercial business, so margins of about 40%. So in your guidance or in your report, that's what you should measure. Great. Thank you. I'll pass on. The margins, again, on the FAST channels are much higher because... You know, if we do $1 of sales, we only include the net revenues after the rev share with Samsung and LG. So, on the FAST channels, the margins are much higher, more like 90%. Understood. Thank you. Thank you, sir. Thank you. Your next question comes from the line of Drew McReynolds from RBC. Please go ahead. Yeah, thanks very much. Good morning. I was late hopping on, but just on the ad market, Eric, as you kind of look into Q4, you know, obviously, your businesses, you're quite bullish on. Just wondering if, you know, there's anything kind of macro-wise seeping in terms of weakness as we get to the kind of seasonally stronger holiday season. And then secondly, just on the in-car entertainment ramp up, you know, last quarter, you talked a lot about kind of, you know, where you see this segment and this business heading. What should we kind of look for in calendar 2024, in terms of how this particular revenue stream ramps up? Thank you. Okay. Yeah, so yeah, for the FAST channel, like I mentioned to Adam, we expect this quarter to be above 60%, so we're having a great quarter of signed IOs, so we're very excited. All of our segment, retail media Canada, retail media US, and the FAST channel are growing at, like, these high, high double digits, so we're very happy about this quarter. So, no impact. For the car business, you know, we're launching BYD in December, so that's a big one. BYD, we're launching in 400,000 cars. They expect to do 4 million cars a year. And how many cars we're gonna be? We don't know. We're also looking to do mics for them. It's a big agreement. We went to visit BYD at their plant in China. Wow, very impressive! It's like, it's just a very impressive company. So, that and Tesla, and Tesla is growing every month, so it's, that's our our first two big customers. And CES is coming along, and I can tell you that we're speaking and we've met, no, we did, we went to Korea, Japan, and China. We've been to California maybe 6 times. So every big car manufacturer in the world, Toyota, Mitsubishi, Subaru, Volkswagen, Audi, friends at Volvo, you know, every Honda, every car manufacturer in the world, we're in discussion. We're looking at different application. It's gonna be, you know, it's gonna be interesting because all these deals are deals from 8-15 years. So, so it's gonna be an interesting, but, but tough to know. Tough to see if we're gonna be in every car, but for BYD, that should be material for next year. You know, we get a revenue per car, so we'll see the impact of that, and hopefully we'll have more car launches in 2024. So exciting times, but, you know, we gotta show the pudding. Okay, thanks. Thanks for that, Eric. And just so, like, I'm clear, in terms of, like, Stingray services being, you know, installed here, I know it's Stingray Karaoke. Are there other services that are being installed or certainly you're thinking of kind of broadening kind of the service portfolio? Just how are you thinking along those lines? That's a good, very good question. So, A, we're providing karaoke. We're also looking to provide music, a bit like XM, it's like having SiriusXM in every car in the world, so a lot of discussion about that. And the other one that every car manufacturer wants, that we own, is our Calm Radio unit. So you can having a Calm Radio app in your car while you drive. Maybe it would be needed here in Montreal with the traffic and the way people drive, but I think there's a lot of demand, and we'll be launching Calm Radio with BYD as an example. So I think we have these three products, and we're also offering, as you know, we have a trivia division, so we're also launching a trivia, audio trivia in cars. It's really a nice bundle of products that will be included when your car is connected. At the end of the day, the cars will become your next cable operator, if I can say. Interesting. 99% of the listenership in cars is done while you drive. It's not, you know, I think Netflix realized quickly, when you park your car and you charge your electric car, you're not gonna stay in your car and watch Netflix. You're gonna go get a coffee, you're gonna buy something or walk your dog. People don't stay in their car while it's charging. We have a chance as an audio company to be able there when you drive your car, and that's why the karaoke app on Tesla is such a success, because it's in-car driving. Interesting. Okay, thanks. Thanks for that, Eric. Appreciate it. Thanks, Drew. Thank you. Your next question comes on the line of Jérome Dubreuil from Desjardins. Please go ahead. Hey, bon matin, everyone. Thanks for taking my questions. First, glad to hear you're maintaining the 40% guidance. Wondering if in retail media, what are the kind of next steps operationally that you're implementing? You see that, well, you've established a better sales force. Maybe you can provide an update on where we are in terms of audience measurements. So what's next in operational terms? Yeah, you know, the big issue that we have in retail media, and both in the U.S. and Canada, is, you know, we're selling roughly 10%-20% of our inventory. So, we really need to increase the sales function. We've hired a lot of new people. You know, hiring salespeople takes time, so it's for sure, you know, the training. So we have a lot of capacity to sell more, both in the U.S. and Canada, and the agreement with Mood really helps us on that, but we have to be more aggressive on the sales side. I think, you know, everybody realizes that. Second thing in Canada, in Canada, we're looking to finalize the last two big grocers that we're in final stage, and the two last pharmacies that we don't have. So our goal would be in Canada, that by the end of the year in March, we would have every pharmacy and every grocery store in Canada connected to a retail media, giving us that network, network effect. So those are the two things we need to have right now. And the third one is, you know, we have to evangelize this market. People are used to buying radio, people are used to buying TV, people are used to buy out-of-home. So we're not in one of those buckets, so we know. We're in a bucket that's out-of-home, but in stores, so I think it's working well. A lot of new companies. New advertisers with us, but we have still a lot of work to do. Okay, thanks. The second one is on the third quarter outlook for next quarter. I was looking at my model, and it looks like a tough comp. It was a very good quarter last year at this time. Can you remind us if there was anything special last year in the for the year-on-year comparison for next quarter? Yeah. No, this quarter, again, looks, it looks all green compared to last year. Very positive. I think the consensus that we have in the market is fair, and we feel very comfortable. Also, we not only, you know, not only on the FAST channels, but retail media, but the Tesla and all of our customers are everything looks good, and also a strong quarter in E&L, a lot of deployment. So, I think we'll be very comfortable to meet your consensus, or even try to exceed them. Thank you. Merci, Jérome. Merci. Thank you. Your next question comes from the line of Scott Fletcher from CIBC. Please go ahead. Hi, good morning. I also missed the front end of the call, so apologies if I, if I double up on anything. But, you, Eric, you mentioned getting more aggressive on the, on the retail media sales front. Is there would there be any desire to, to sacrifice any margin in, in order to close, to cut price, to, to sell more, or is that not necessary? It's really just a matter of, of body. So like I said, the retail media margins right now are roughly the same than our broadcast division, around 40% EBITDA margin. And for us, right now, it's hiring the right people, but the sales are so huge. You know, the tickets we get in the US is would be anywhere from $1 million-$3 million a ticket. So if you get the right person with the right advertiser, it just is. But it's again getting it is a new market. Not many people have experienced retail media selling. So you get certain individuals, and they're not used to this market. So there's a lot of work to train, evangelize, and that's that is our biggest challenge. You know, we, we wanna do tuck-ins and all that, but we have- we're only selling 10% of the inventory right now. So we could do 10 times more sales if we would sell all our spots. So in radio, they say, "If you, if you don't sell it, you lose it, because you can't get back that minute." So radio guys do a good job, and we have to get to that level one day, with retail media. So it sounds as if pricing is not the roadblock there, it's really just sourcing the demand to fill that spot, that time. Yes. Sourcing the demand and explaining, you know, again, the buckets is TV, radio, out-of-home, and you have the in-store co-op budget. How do we fit in in those? And so we really have to evangelize this new opportunity. We're getting a lot more sales. The radio team is selling a lot of retail media, so we walk it, we call it from wheels to store. So you'll hear an ad in your car, and then when you get to the store, you'll hear the same ad, knowing that that person was in the car and is going to Metro or Loblaws. So working very hard together to get that connection. So we'll get a buy for radio, and then, then we'll get a buy for retail media. But again, it's, it's a new strategy, and it's l ike I said, we're having a great, incredible growth this year, but we'll need to be more strategy and more salespeople and more customers, and it's all about execution. Okay, thanks. That's really helpful. And then you've mentioned in the past that there's good recurring. The nature of this retail media buys are quite recurring. Is that— are you still seeing that, like, the existing customers are— Yes. or no? 95% of our customers recur. So it's a very... So that would be, you know, the holy grail. Our goal is to be, we get to the size that we can start doing like the TV group does, you know, we do upfronts. So in the U.S., we are doing upfronts for next year. So in the U.S., you know, with the big pharmas, they'll give us an upfront, you know, in November, December for the whole year. So in the U.S., with some pharmacies and all that, our fill rate is much higher. So we're able to do upfronts because in the U.S., our fill rate goes much higher with certain vectors. So that's exciting. So that would be the holy goal, that we start doing that, and have more visibility for you guys. Okay, that's really interesting. Thank you. Thank you. Your last question comes from the line of Tim Casey from BMO. Please go ahead. Hi, good morning. Just two for me. How should we think about the E&L line, the equipment and labor line? I mean, is that going to drive directly off installation? So, you know, is there a sort of quarterly run rate you can give us or kinda direct us to? The second question, just on debt reduction, you mentioned you had a tangible benefits payment in the quarter, and I think you said there's another CAD 8 million over the next 24 months. Is there, how should... Like, when should we think about those payments dropping? And is there anything else, any other, contingent considerations, any other one-offs in terms of, of payments, which we should think about as we, as we try and project, your debt reduction schedule? Thank you. Oh, okay, thanks. And by the way, Tim, I wanna say thank you for BMO for this great agreement. I know it was, for us, it was, it good for us to be involved with a local bank. So j ust to be, the- I had a lot to do with it, let me tell you. Oh, no, no, no. I even got, I even got a nice email from your CEO, so I was very impressed by that. No, but the BMO deal, we're looking at anywhere, at CAD 500,000 a month of recurring. These are round numbers for... So CAD 6 million a year for 5 years, you got CAD 30 million of recurring. And on the E&L side, anywhere between CAD 5 million-CAD 15 million a year in E&L, it depends. That one is, you know, you got 2,000 locations, and every location that we do signage in is about CAD 50,000 per location. Again, these numbers are round, so it's a very nice agreement for us, so we're happy with that. That for sure will impact the E&L for the next few years. I must say that lately, E&L for us, it's not a big margin EBITDA business, and it's not really recurring. So that's why we never use it in our organic sales, because it goes up and down. But for sure, we could expect E&L to at least grow by at least CAD 10 million a year more. So we were at, you know, we were at CAD 18 million last year, so I think we'll be running between CAD 25 million-CAD 30 million a year in the future. But they're very happy with the recurring part of the content that we provide on financial. So, in terms of debt reduction, first of all, yeah, we have CRTC. We have a payment of roughly CAD 4 million in August 2024, CAD 4 million in August 2025. That's the last payment that we have to pay for the radio acquisition. So we're happy with that. We all of it is paid off, and there's really no more. As you can see, there's no more real we don't have any earn-outs. It's very minimal. So I would put in my models almost zero earn-out coming out, or less than CAD 2 million, not very material. All of the iSend deal that we bought for CAD 60 million was paid off last quarter, so we paid that deal in less than 2 years, so we're happy with that. And the debt EBITDA, like I mentioned before, will be close to three in December and will be well below three by March. We're reimbursing a lot of debt in Q3, Q4, and we're a strong EBITDA, strong margin. And the customers we have pay, they pay in 30 days, so we're not worried about Samsung and Tesla and BMO and all these and all our customers paying. So we're in a good position to really... And next year we expect to be well below 2.5 at the end of next year. So our debt EBITDA ratio is really coming down fast. Thank you. Hey, thank you, Tim, again for the deal. Thank you. Mr. Eric Boyko, there are no further questions at this time. Please proceed. Okay. Hey, on behalf of the entire Stingray team, thank you very much for joining us today on the conference call. I know you guys had a busy day. I know it's a lot of traffic out there, so we look forward to speaking with you again following the release of our third quarter results in February, and we're excited for that board meeting already in advance. So thank you for every analyst to take your time and speak to us today. We appreciate your devotion and attention. Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you all for participating. You may all disconnect.