We'll be sharing forward-looking statements today, so you can refer to all of that on our website. We report everything in U.S. dollars, just so you know. Anything we talk about is probably in U.S. dollars. Softchoice, think about us as the intersection between the largest technology companies in the world and the customer who needs to buy that technology. So if you're a technology company, you're trying to reach hundreds of thousands of customers across North America. You don't have the sales reach to be able to do that, and you don't have the services capabilities to make sure that when they do buy your product, that they actually use it. When you're the customer side of things, you're overwhelmed. There are hundreds and thousands of different software titles out there, and all of them are telling you that they are the best solution for your needs. Not to mention the hyperscalers and the cloud platforms that you don't exactly know how to use and how to leverage for your environment, and so you need somebody that can help you. And certainly, in the Fortune 50, Fortune 500, you can call an Accenture, a Deloitte, or who, you know, PwC, whoever you want to call to come in and do that. But the reality is, for most customers, that's not a viable option. They need somebody to help them make sense of this complexity. So the role that we play is that we can actually help them with the selection as well as the services to consult, implement, and then manage that environment. So Softchoice would make money from the services that we do, but also from the customer buying that product through us, where we would earn some sort of a resale margin on that. And so, as you said, we are North America's leading software and cloud IT solution provider. So when you look at it, it's around $2.2 billion in gross sales, $320-ish million in gross profit, across 5,000 customers and 2,100 team members. But what makes us really unique in North America is our business mix. So 80% of our business now is software, cloud, and services, which creates a very different go-to-market approach than many others. And trust me, I understand when you talk about our industry, we all use the same words. We all talk about cloud, we all talk about software, we all talk about AI. But I think the difference when you look at it is 80%-- when you think of 80%, 80% of our business being software and cloud, we approach customers with a very different go-to-market value proposition than many of our competitors whose businesses are the inverse. They're still 70%, 80%, some even 90% hardware transactions, where you're trying to sell a big capital equipment to a customer instead of talking about the ongoing consumption that they're gonna be having. And so when we go to market, we've got the technical certifications to create that really sticky customer relationship, because when you're in a software and cloud conversation, you're meeting each week, each month, each quarter. Okay, how many users did I buy this for? How many are actually using it? What features are they using? What can I turn on? What's new? What needs to be patched?" It's a really sticky relationship that gets created. And so what you see at Softchoice is our average tenure then, with our customers, is now about 10 years. And our revenue retention rate, year after year, runs between 100% and 105% because those customers really trust us to help them with their environment. And that translates then to a really amazing economic model for us, where we've been able to drive double-digit bottom line EBITDA growth, but we also generate a significant amount of cash flow. So we generated last year $100 million of cash from operating activities, and since our IPO, which is just less than three years ago, we've returned $385 million to shareholders because of the cash flow that the business generates. So we're looking at a really an industry with a lot of great tailwinds right now, and we think we're differentiated in the way that we go to market with our software cloud focus and then generate an amazing return for shareholders. We'll launch into a fireside. If anybody does have any questions, just raise your hand and we'll get to them. I want to start out on AI. I know you're not surprised by that. You recently, back in April, announced a new strategic partnership framework with Microsoft around cloud, digital workplace, AI, security, including Copilot. So can you talk a little bit about that Microsoft relationship, the new strategic framework, and kind of how you've seen the uptake of Copilot since the launch? Sure. Yeah, so Microsoft's our largest partner. We have an over 30-year history with Microsoft, so we're very happy that they're doing so well in the marketplace, in cloud and in AI. And we actually think that they're really well-positioned to be a leader in AI because they, in my opinion, had a really smart strategy where they spent no money actually building a large language model. They outsourced that to OpenAI, and they built all of these amazing tools for organizations to actually implement the AI model in their environment. So they've got the security, the governance, the data integration layers, all of this stuff that they built into this package. And so we've been working very closely with them, as we said, as you said, and we did launch this strategic framework, which was basically a joint investment program with Microsoft, where they're investing in us, and we're co-investing in building out their capabilities. So what that means is they're investing in time and energy into helping us upskill our resources. They're also investing resources to help us hire ahead of the demand so that we can build capabilities in-house to help customers with AI and security in areas like that. But they're also investing in joint go-to-market with us. So they're making very few of these bets on key strategic partners like Softchoice, where they say: "Hey, we want you to be a preferred partner." So we're doing a lot of local market events with their sales team. We've had their head of global mid-market sales come and join us at our customer Copilot event. So we're doing a lot of those kinds of events to drive interest and demand for Copilot in the market. The second half of your question was around: What are we seeing in Copilot? I'll tell you, it's the highest demand we've ever seen out of the gate for talking about it. There's a lot of tire kicking right now. The reality is, it's not simple to actually turn on. You have to understand what those use cases are. You have to make sure that you've got the security in place, that you've got your data set up properly. And so those are all the things that we're doing to help customers. And early days, I think we're off to a really good start. So important to remember. This is actually really, really new. I know we've been talking about AI for 15 months really now. Microsoft just launched Copilot in November, but really, they just launched it in February. Yeah. 'Cause in November, it was, you had a 300-seat minimum, and you couldn't actually buy it through the cloud service provider partner program. So February, they reduced the minimum to zero, and now anybody can sell it. So it's really only been three months that it's been, let's say, generally available. In those three months, we were the first partner in North America to actually transact a Copilot on CSP transaction, and we're a leader in Copilot assessment submissions to Microsoft, which means we're driving the lead motions to actually generate the demand that Microsoft wants. So I, I—it's a slow build, I would say, Stephanie. All right. Don't put it in my 2024 forecast. Don't put it in yet. No. We're still saying it's probably next year where we'll start to really feel the impact, but I hope I'm wrong 'cause there's a lot of interest right away. Okay, interesting. You know, along with that, you also launched an AI solutions team earlier in 2024. Can you talk a little bit about the team and the services that customers are looking for from Softchoice as they look to kind of do that kick-tire kicking and look to figure out how to implement AI within the organization? Sure. So we separated our team into two. So we've got a workplace AI team and a cloud AI team. The workplace AI team, we're really building it around Copilot, and that model that we just talked about. Yeah. So we've got to have people who can make sure that we do the integrations and the data set up, the security posture. We had one customer who turned on Copilot by themselves and had to, on a Friday, and had to turn it off on a Monday. B ecause they didn't set up the right security posture, and employees were accessing files that they shouldn't have had access to. So setting up the security right is important. But then it's a lot of the consulting and adoption and change management services that we have to really understand those use cases, to sit down with someone like you and say: "Well, what do you need to do in your job? How might Copilot actually supplement your work? How might it help you read reports faster and summarize them? How might it help you take what you've already written and create a summary so that next time you write about Softchoice, you only have to edit the last 10% instead of writing it all from scratch? Those are the use cases that we have to do, and we say, "Okay, well, great. What do you need to do to set that up?" Well, we need to link it to your repository of past information because we want to make sure it's written like Stephanie would write it, and so we got to do that kind of integration work. And so that work around workplace AI is a lot of what we're focused on right now. Cloud AI then is the second half, where we say: What else do you need to do? Are there things that Copilot can't do that you would want to have access to? Would you want to create a custom way to scrape publicly available information to provide you with different insights on your research? That's the kind of thing that you'd build with one of the large language models built into the hyperscaler platform. So this is an area where we think we've got a great strength because we're one of the top partners. We talk a lot about Microsoft and Copilot as a strategy there, but on the hyperscaler side, we're also one of Amazon and Google's largest partners across North America, and we're very strategic with both of them as well, and they've got investment programs and Softchoice as well around AI. So we can help a customer actually understand which model is better, 'cause I think sometimes we think, well, they're all kind of the same, aren't they? They use the same information. But the reality is, it's not the inputs that makes the models different. It's how you train the model on the inputs. So you've got to course-correct the model when it comes up with a wrong answer, and each large language model is trained a little bit differently, depending on who's doing the training. So, some customers might be better on OpenAI, and some might be better on Google Vertex. And so that's the role that we can play to actually help them understand what's the right model for them, and you maybe even try out a couple of different models. That makes sense. So it sounds like you're staffing up this AI solutions team. How do you think about internally positioning yourself as this kind of AI solutions provider of choice to customers, and talk about the progress you're kind of making it that way? Yeah. Well, I think for us, there's really those three areas that we're gonna help customers. So number one is, like we said, winning with Copilot. Number two is finding out what those other use cases are that they can leverage cloud. But the third and really interesting one that's coming up quickly is every SaaS company is building AI into their application. Now think about it. You're in the shoes of this IT leader, and there's you have probably 200 or 300 different software applications in your environment, and all of them are telling you that their software has this new AI thing that's gonna make your life so much better and easier. And you're sitting there trying to make sense of that, to say: Is this actually good? Is this better than what I would get out of Microsoft or Amazon or Google? Should I use that instead? How do I make sense of all of this? 'Cause everybody, the first sentence in this conversation was around AI. The first sentence in everything in our industry right now is around AI. So everybody's trying to position themselves as an AI leader, and so what we do is we help IT leaders make sense of that. We help them understand what each software title can do and what they could build natively, and what they should just use out-of-the-box functionality for. And so we think we're really well-positioned because we already do that. We play that role already for customers. Because we're so embedded in their software environment, we can help them make sense of that. So we have 8.5 million seats of Copilot, we're relevant in that conversation. We have thousands and thousands of software titles that we manage. So those things are gonna make us really relevant to that IT leader, and it's making us really relevant to the software companies as well because they know that we have access to that kind of customer base and that we've got the expertise to drive the real adoption of their solution. That makes sense. Away from AI, unless there's any AI questions in the room? No. From AI, you've noted a number of growth investments. In addition to AI, you've mentioned software asset management as an area of growth. How should we kind of think about the opportunities outside of AI as you kind of look at the business more broadly? Yeah. We, when we think about it, our business, I mean, the nice thing is we do generate a lot of that free cash flow, and our number one use of cash is reinvesting in organic growth. So we haven't done an acquisition since 2011. It's not part of our strategy. We are very much an organic growth strategy, where we generate really high return on invested capital for our internal investments. And a lot of those internal investments are focused on the strategy that we launched earlier this year, which is, number one, that we need to build a world-class culture. Everything we do is a service to customers in our industry, and so we need to have a great group of people on our team. And when you keep people on our team with higher tenure, guess what? They're more productive, right? They're able to have those better conversations, and so we take a lot of pride in that. We're investing a lot in our leadership development and in our people, and pretty proud of the fact that we were the, the top 10, number nine, Best Large Workplace in Canada this year from Great Place to Work. So really good, good progress we're making on the culture pillar. The second area of investment is around growing the customer base. So we know we've got 5,000 great customers, 10-year tenure, but we need more customers, and so we've put in place incentives this year to drive more customer growth with our sales team. We've also taken people and put them in roles around account acquisition. So as we grow our customer base, certainly that allows us to sell more to them. But if you remember our strategy, it's to add account executives over the years to reach more customers. The more that we win, it actually allows us to create more new territories, so it becomes a virtuous circle where we can add more sellers faster and add more capacity to reach more of the market. So in the last 12 months, we've added 12% more sales executives, and over the last five years, I think it's almost 50% more sales executives. So we're making big investments to grow the customer base and reach more customers. Pillar of the strategy is to deepen that relationship with our SAM, our software, asset management, and services. We've talked a lot about AI services. We've also made significant investments in cloud and data services. Our technical resources are up significantly, and our cloud consumption is up 6.5x in the last five years. So making big progress on cloud services as well. But SAM is kind of the cornerstone of what we do. That software motion is the cornerstone, and we think we've got that real strength there, so we're trying to invest even further behind it. This year, we put a few million dollars of growth CapEx into building out our systems around managing software titles, so the customers can have even more insights around their software environment and make the relationship with Softchoice even stickier and incent them to then put more and more and more software titles under our management. And so that's really our focus on our organic growth, is those three pillars. That makes sense. You mentioned AI or AE headcount was up 12% year-over-year. Maybe you could talk a little bit about that pace of account executive adds in 2024. And how do you think about the length of time it takes for those AEs to get productive and kind of start that virtuous circle you were talking about? Yeah. Yeah, 12% with and I think over the last 18 months, it's nearing 20%. So we were in a bit of a catch-up, to be, to be transparent. When we were coming out of COVID, it was a bit uncertain where the environment was going, and so our AE hiring kind of slowed. And then, as we started to get it out of 2022 into 2023, we saw things stabilizing, and we saw our software and cloud business growing nicely, and so we started to add those AEs again over the last 18-24 months. Prior to the pandemic, we were kind of adding at about 5% a year. So we said, hey, mid-single-digit growth in AEs, mid-single-digit growth in productivity improvements, and that gets us to kind of double-digit growth overall. So that's been our playbook, and that's what we're going to continue to try to do. And the one thing that could change that trajectory is if we really start to grow the customer base faster and allow us to create those territories, which is why we're so laser-focused on that. So we're gonna make those investments and try to grow them. But typically, our return on those AE investments hasn't changed for many, many years. We track it religiously, and typically, they kind of get to, you know, cash flow positive or breakeven at six months. 11-14 months, they start to have a positive return on investment for us. So it's a pretty predictable model for us to continue to add those AEs, and so we, we just continue to focus on making this consistent and not having any more of those years where we have a, "Oh, we're gonna stop this year 'cause we're not sure." We want that consistent flow of new capacity to the market. You mentioned that M&A is not part of the story. Maybe talk a little bit about the decision to focus organically versus going out and acquiring potentially some of the headcount when we think about AI and some of these higher, higher value adds. So maybe just t alk about that briefly. Yeah. I think, when you look at our industry, there has been some consolidation over the last several years, for sure. I think, though, what I'd point to is the fact that what you're seeing, is a lot of the small, local, regional, hardware-oriented resellers that are being consolidated or being acquired. Because the reality is: the hardware industry is under, has been under pressure and will continue to be even under even more pressure over the next several years. I don't think there's any going back on building out massive data centers. I think cloud consumption is only gonna grow in the coming years. I mean, Andy Jassy last week said Amazon believes they're still only at 15% of workloads are in the cloud. There's huge opportunity to continue. So what we're seeing is that hardware consolidation. We're not interested in that kind of an acquisition, though. For us, we want to maintain the fact that we are that software-focused provider. The reality for us is, we believe that when you acquire a hardware VAR, if you did acquire a hardware VAR, you'd be only acquiring the hardware relationship because those companies are already buying the software from someone else. So it's not a very easy transition to say, "Well, we're gonna take a sales rep who knows how to sell hardware to that customer, and all of a sudden, we're gonna have them switch over and sell cloud consumption on a monthly basis. We have not seen evidence that that really works, and so for us, we want to invest in organic growth. Great, but what about AI, and what about areas that you think you could go faster? And for that, I'd say we've got a pretty good track record of growing these organically, and we've got great relationships with our partners, where we're co-investing to build out those capabilities. The problem with acquiring those capabilities in our world is that you're often acquiring a handful of really smart people who can do those services. And the reality is, there's also not a great track record in our industry of keeping those people for very long after you acquire their company. And so really is, are you acquiring IP if that person leaves? Not really. You're kind of making an investment that might have a short-term bump, and you're scrambling to try to help them train as many people as they can while you've got them. But I'm not sure that I believe the long-term value is there in making those kinds of acquisitions relative to what we can do organically. I mean, like, our business 6.5x in five years, and our return on invested capital is 40%-50%. S o for us, that's a pretty high hurdle rate that you'd have to beat by making one of these IP-based acquisitions at a still, I think, a really, really high mark, expectation on multiple is what we're seeing from these small business owners. That makes sense. Maybe moving back to your organic business. Your focus has been on becoming a trusted advisor for customers and kind of offering a full stack of IT solutions. Can you talk a bit about the shift in margin and retention as you see customers move towards kind of that trusted advisor, IT solutions, and how you're working on transforming the business to focus on this? Sure. So our approach when we go to market is we want to win that big anchor software cloud contract, 'cause when we do that, it creates relevance. It's one of the bigger spends in the customer's environment. You've got the opportunity to be in there every week, every month, every quarter, talking about that environment. So Microsoft's a great example because that's often one of the biggest contracts in a customer's environment that they, and it's the biggest one usually, that channel partners can play in. When you think about the software world, ERP is usually the biggest, but ERP, SAP, Oracle, they all go direct. They have direct sales forces. Workday or Salesforce.com, but they also came out of SAP and Oracle, so they all have direct sales motions. So that Microsoft contract is the, probably the third largest and the first for where partners can play. So we try to win that, and from there, there's so many capabilities that we can add services on top of. So we might implement some of the Microsoft security features or some of the integration features and do a service, and really change the nature of the relationship with the customer and open up the opportunity to do even more services afterwards. Favorite part of the journey we've been on. I've been with Softchoice for 10 years now, and since 2012, when we were prior, previously a public company, about half of our customers only bought product from us. The other half did some level of services. Today, that number is down to about a third of the customers only buying product from us, and that's often 'cause it's our first motion. When they only buy product from us, they do about $30,000-$31,000 of gross profit, and we retain them at about an 85% rate of retention, on an annual basis. But you add just one service, like, not a lot, just one service, the gross profit more than doubles, and the retention rate starts to get into the low 90s. And as I said, once you get that one service, we want to do more services. When we do more services across the full solution set, the gross profit goes up over 7x. You're talking $230,000+ per year of gross profit, and the retention rate's 98%. So we almost never lose a customer at that point. About a third product only, a third with one service, and a third in that full solution area. So that's the journey that we're trying to be on: win that customer with the anchor software contract, and then start to add the services in until we get them to that true, true, trusted, IT advisor, relationship. That makes sense. You've talked about, a target of returning gross profit growth, maybe switching over to profitability to historical levels, about 7.5% this year. With gross profit growth of 3% in Q1, and I know it is a seasonally weaker quarter for you guys. How do you kind of think about kind of that gross profit trajectory over the course of the year? Yeah, we obviously don't give guidance, but we're pretty confident in saying that we want to move back towards that level because there's a few reasons. I mean, you think about the strength of the underlying business. Our software and cloud business continues to grow. Last year was 13% versus a five-year CAGR of 11, and so we're still growing, we're growing that business even faster and faster. We're also at the point now where we entered last year, where hardware was 28% of our business. With the downturn in hardware and the growth in software, cloud, and services, it's now 20% of our business. So we certainly have the headwind of hardware in the industry, but it's much lower than it was, you know, a year ago. And the other thing about Q1 is it had a bit of an anomaly, and there were a couple of massive software contracts that we won last year. So last year, our growth was around 5% constant currency, but Q1 was mid-teens. Q1's our smallest quarter by sort of absolute volume. So you get a couple of large contracts in the smallest quarter, and it has a disproportionate impact on that. And even with that, we grew software and cloud by 9% in Q1. So if you didn't have those couple of big orders, that 9%'s probably back to 13 or 14, and the 3.5%'s probably back closer to the historical average. And so we think that that anomaly will not persist throughout the year, and we'll have some easier compares on hardware, which is why we think we can get back to that historical level. Okay. So maybe just double down on hardware for a second. About 30%, I think, of your gross profit. How do you- 20% now. Sorry, 20% now. Yeah. Was 30%. 20% now. How do you think about, kind of that recovery in that market? Yeah, It's kinda like the economy right now, Stephanie, like where we say, for the last 24 months or six months from it happening. It's the same thing in hardware. We've been talking about this rebound in hardware that's six months away for about 18 or 24 months. I think there's a few things, though, that we need to understand what's gonna happen. You know, the cost of borrowing for capital purchases is a real impediment for many companies, and so as we see interest rates start to come down, hopefully, as the year goes on, hopefully, that increases the ability for companies to invest capital in things like refreshes. But the other part of it is there are some tailwinds that are coming, right? I think we're seeing Windows 11 refresh cycles that are starting to influence customers. If anybody followed the Microsoft Build announcements this week, you know, Satya Nadella cannot stop talking about Copilot-powered PCs this week. That seems to be the theme of the week. And I think it's tied to Windows 11 and the Copilot PCs. I do think there are some nice things that will happen in the next six to 12 months that'll have us feeling good, that customers are gonna start to need those refreshes to happen. But at this point, we're gonna stop hoping that it's six months away, and we're gonna just tell you when it starts to happen. Fair. Fair. We've got time for maybe one more question, if there's anything from the audience. See which one. Oh, you know what? Let's talk about your special dividend last quarter, increased the dividend by 18% year-over-year. Can you give us a little bit of a deeper dive into, you know, not working, not planning on M&A, organic growth, definitely a focus. How do you think about the rest of that strong cash flow you mentioned and the uses for it? Yeah. So, we're not saying no to M&A, I just wanna be clear, but I'd say it's been 13 years, so it's pretty unlikely at this point. But we'll keep our options open and see if there's anything great that comes our way. But what we have said is that we've now released our optimal leverage framework of one to three turns of debt. As we levered up with the special dividend, we were, we're closer to three, 2.8, something like that. Now we'll continue to pay down that debt over time, unless there's a better use of that cash that comes forward. Our priorities are, number one, continuing that organic growth investment. I mean, we're pushing the needle on what the organization has the bandwidth to do, organically. We're gonna keep pushing the envelope on that, because that organic growth is critical to our future growth. The second thing is, we did commit to progressively increasing our dividend, so it was 18%. We've increased it, I think it's 86% since our IPO. So every year, we've increased it almost 20%. We're gonna continue to progressively increase our dividend year after year. And then from there, if there's no other opportunities that come our way that look like a better use of capital, we'll pay down our debt. And, you know, since our IPO, it took us around two years to pay down. We were leveraged about the same rate. We took about two years to pay down that debt, and we were in a position where we were under that one turn, and we were able to do the special dividend. And so I think for us, going forward, if there's no other changes in opportunities out there or uses of capital, then we're gonna continue on that path of organic growth, increase the dividend, and pay down the debt, and potentially look at doing this again in the future. That makes sense. When you kinda think about growth versus profitability, so just EBITDA margins were up about 180 basis, 190 basis points in 2023, just given that business mix plus Project Monarch, how do you think about balancing the two? Well, for us, it's a journey that we're on to balance that. And so what we've said is we are gonna invest organically, but we'll get some natural leverage, operating leverage out of that growth, right? Every incremental dollar of gross profit, we put about $0.40 down to the EBITDA. And so, yes, that'll naturally drag up that EBITDA margin over time. And we've said, "Hey, we're gonna try to invest enough where we're growing the business, we're trying to get to that double-digit growth year after year. But we're also gonna try to drive about a point of margin improvement on the bottom line each year." So it was 10980, 190 basis points last year. If you go back, though, over the last six years, it's about an 8-point improvement. So we went from 20%- 28% now. As you said, last year was about 2 points, and so it's roughly a point a year, and so that's the journey that we're on. Now, this year will be a bit different. This is a bit more of an investment year, coming off of last year and the needs for AI and those sorts of things, so we're not expecting a significant jump this year. But that's the balance that we're operating under, is investing for growth, but also that 100 basis points a year over a five-year period. That makes sense. Thank you very much, Andrew. All right, thank you.