Thank you for standing by. This is the conference operator. Welcome to the Sylogist First Quarter Thank you for standing by. This is the conference operator. Welcome to the Sylogist First Quarter Thank you for standing by. This is the conference operator. Welcome to the Sylogist First Quarter 2025 Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one, on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would like now to turn the conference over to Alex Balca, Corporate Development with Sylogist. Please go ahead. Thank you, Alan, and good morning. Joining me to discuss Sylogist first quarter 2025 results are Bill Wood, Sylogist President and Chief Executive Officer, alongside Sujeet Kini, Chief Financial Officer. This call is being recorded live at 8:30 A.M. Eastern Time on May 15th, 2025. I'd like to remind everyone that our Q1 2025 press release, MD&A financial statements, and accompanying notes have been issued and are available for download on SEDAR+. Please note that some of the statements made on the call today may be forward-looking. Actual events or results may differ materially from those expressed or implied, and Sylogist disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The complete Safe Harbor statement is available in both our MD&A press release as well as on sylogist.com. We encourage our investors to read it in its entirety. Additionally, we are reporting our financial results in accordance with IFRS accounting standards or IFRS. Today, we may also make reference to and discuss non-IFRS performance measures, which should be viewed as supplemental. We have included in our MD&A the definitions of non-IFRS performance and more. All dollars on this call are in CAD. In remarks, following that, Sujeet will provide a detailed review of our Q1 financial performance. Bill will then return to conclude with closing comments, at which time we'll open the line for Q&A. With that, Bill. Thank you, Alex. Good morning or good afternoon, everyone, and thank you for joining us. We're pleased to share that Q1 2025 was strong in terms of value creation aspects of the business we're hyper-focused on. Our results clearly reflect the continued success of our transition to an ARR-driven enterprise, as nearly 67% of our total revenue is recurring, marking a significant milestone. Our strategy and execution is delivering results. We have an engaged and expanded partner channel, three best-in-class fully SaaS platforms in market, a loyal customer community driving strong net revenue retention, and increasing traction in our strategic markets. This quarter's performance further validates our long-term value creation strategy. Let me take a minute to walk you through a few key highlights from the quarter. Bookings grew over 150% year- over- year. We were by new logo wins and strong upsell and cross-sell performance. Notably, 79% of our Total Contract Value or TCV bookings came from our Sylogist Gov sector, and the Texas Office of the Attorney General award for our Sylogist Gov Victim Services Suite solution is the largest contract in the company's history and further confirms the opportunity we see ahead in the Sylogist Gov sector at the state, provincial, and local level. Our competitive position is also strengthening. Our overall win rate exceeded 50%, reflecting the power of our targeted displacement strategy and the strength of our vertically specialized fully SaaS offerings. In partner attached deals, our win rate was over 70%, which confirms the success we're seeing with our partner community leading deal sourcing, RFP responses, and closing, with our internal team supporting their sales motions and empowering their project delivery teams in our Sylogist Gov and Sylogist Mission market segments. We're also seeing material, more balanced pipeline growth across our three core segments, Sylogist Mission, and in Gov. Our bookings pipeline is up 42% year- over- year, setting the stage for continued SaaS ARR growth as we move through 2025 and beyond. We did see some turbulence and impact in the quarter due to the new U.S. administration's policies, specifically in our existing customer non-governmental organizations or NGO segment. Due to DOGE cutbacks, we lost approximately CAD 1 million in ARR from Legacy customers that lost their funding. However, other than the narrow NGO segment, we have not seen any material impact to the segments of the nonprofit, Ed, or Gov sectors we target, except for an initial slowdown in new logo deal decision-making early in the quarter, which we now see returning to normal cadence. Overall, we see the administration shift of dollars and decision-making from the federal level to the state and local level as potentially having a beneficial impact to us, and we do not expect the announced tariffs will have any direct impact on us whatsoever. As we shared for several quarters now, a central pillar of our go-forward strategy is our partner network, which enables scalable growth and faster market penetration. We've made significant progress in partner activation over the last year in Sylogist Gov and Sylogist Mission. Again, we don't yet engage partners in Sylogist Ed or the SylogistGov VSS subsector. Those are direct in terms of sales and project delivery. With those sector exclusions in mind and combining the primary Sylogist Gov sector with Sylogist Mission, nearly 45% of the bookings were partner attached in the quarter, which bodes well for future margin expansion and leverage. It's important for us to remind everyone that to ensure the success of our partner community, we've continued to maintain our internal delivery team and have expanded our partner enablement team. While this temporarily compresses gross margins, given we're still absorbing costs but handing off the project service revenue to partners, this is a planned and a strategic investment phase. As partners ramp and take on project delivery themselves, we expect to see a natural shift in our cost structure. This will allow us to focus even more on high-margin SaaS growth with increasing scalability and profitability. It's important to share that we see operating leverage increasing in the back half of 2025 and continuing to strengthen going forward as we planned. We continue to drive healthy SaaS metrics. SaaS ARR grew 15% year- over- year to CAD 31.4 million. SaaS net revenue retention remains strong at 108%, demonstrating customer satisfaction, advocacy, and wallet expansion. Both are solid indicators of durable growth and long-term customer value. With that, I'll turn it over to Sujeet to walk you through our financial results for the quarter in a little more detail. Sujeet. Thank you both. Good morning and good afternoon, everybody. Before diving into the numbers, and like I had done last quarter, I'd like to quickly remind you that we divested of our managed IT services division in Q2 2024. Therefore, to provide a clearer comparison, all year-over-year financial comparisons exclude the impact of that divestiture. Our Q1 results reinforce our successful transition to a SaaS-driven enterprise with a strong focus on high-margin SaaS revenue and ARR growth. Q1 revenue was CAD 16.3 million, up 3% year- over- year, and SaaS subscription revenue grew at 15%. This offset by declines in maintenance and support related to the DOGE-related cutbacks that Bill alluded to earlier. SaaS revenue now represents 71% of recurring revenue, up from 65% last year. Total ARR grew 6% year- over- year to CAD 44.3 million, with SaaS ARR up 15% to CAD 31.4 million. SaaS NRR continues to remain strong at 108%. On the gross margin front, Q1 gross margin grew at—sorry—on the gross margin front, Q1 gross margin at 59% improved compared to Q1 fiscal 2024 at 59%. This is primarily due to higher levels of SaaS recurring revenue. On the expenses front, G&A increased CAD 0.5 million in Q1 to CAD 3.1 million at 19% of revenue versus 16% last year. The increases here are primarily due to third-party expenses, including professional fees and slightly higher payroll compensation costs. Sales and marketing expenses in Q1 rose to CAD 2.1 million, or 13%. That is 13% of revenues versus 9% last year. This reflecting an anticipated increase in spending on quarter-bearing sales headcount, with our sales and marketing headcount growing to 30—that is 30 from 26—as well as increased programmatic marketing spend. Gross R&D spend for Q1 was CAD 2.8 million at 17% of revenue versus 15% last year. This increase is primarily related to higher third-party costs. At a net R&D spend level, R&D spend was CAD 1.8 million—an increase of CAD 0.8 million—of which approximately CAD 500,000 was due to lower levels of eligible capitalized development spend in the current quarter, and this in turn being attributable to the maturing of all of our three SaaS platforms. I will state that we expect this trend to continue. On the adjusted EBITDA front, Q1 adjusted EBITDA was CAD 2.6 million at 16.1% margin versus 27.4% last year. Our adjusted EBITDA margin was primarily impacted by the lower levels of capitalized development costs that I just mentioned earlier and higher sales and marketing expenditures in the current quarter. Finally, we ended Q1 with CAD 10.5 million in cash, this being consistent with our expectations. With that, I'll hand it back to you, Bill. Bill? Thanks, Sujeet. With all three of our leading SaaS platforms now in market, a growing and productive partner ecosystem, strong customer advocacy, and real traction from our targeted competitor displacement strategy, we're in a strong position to deliver increasingly scalable, profitable, and repeatable growth. Thanks to our exceptional team, fully SaaS best-in-class solutions, and a customer-first mindset, our investments are delivering. We've laid a strong foundation for increasing recurring revenue, growing free cash flow, and expanding margins, momentum we expect to accelerate in the second half of 2025 and beyond. For fiscal year 2025, the company aims to achieve SaaS ARR year-over-year growth in the low to mid-20% range, a gross margin of approximately 60%, and an adjusted EBITDA margin in the mid-20% range. With that, thank you again for your continued support and confidence. We're looking forward to what's ahead for Sylogist in 2025 and beyond. With that, let's take some questions. We will now begin the question-and-answer session. To join the question queue, you may press Star, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star, then 2. Our first question today comes from Daniel Rosenberg of Paradigm. Please go ahead. Yeah. Good morning, Bill and Sujeet. My first question was around the channel partner strategy. It was nice to see SaaS growth kind of accelerating this quarter over the last. I was wondering, what are the kind of key learnings that you're seeing as you're working with your channel partners to increasingly leverage that sales function? Hey, good morning, Daniel. Yeah, I appreciate the question because it is important. As I've signaled over the last few quarters, we are seeing our partner community having unique sightlines to cohorts of customers that they are or opportunities that they have that we may not have. They may have installed prior systems for them. They may have an existing relationship with them. They are very in tune with the needs of particular customer, prospective customer sets, as well as how our software fits into those. We're also seeing scenarios where, in certain instances, we have maybe two, sometimes three partners that are bidding our platform as the solution. Both results are leading to a really high win rate in terms of the relationships that they have and the alignment of our platform to something that the communities that we're targeting are anxious for. Okay. Thanks for that. Appreciate the color. Secondly, on the margin profile, there was a bit of investment in the OpEx side of the equation. I was just wondering how you think about further investment in resources and kind of is this a baseline for us or how we should think about the year ahead? Yeah, at a macro level, Daniel, I think that we do not see additional build-in now. As we have said, we have leaned in on our project service bench as well as our partner enablement team. We have added resources in there. To that end, we do feel like our overall count in terms of what we need to do and as well as adding new partners as we go forward is in a good position. We do not see a lot of additional build-out there. We did want to make sure that, as Sujeet highlighted, we had really increased our sales and marketing muscle on that front. We feel that now, with the strengthening of our partner execution in terms of sales efficacy, we do see our existing quota carrying team being built out to what we think will drive good value creation as we expect going forward. Thanks for that. Lastly, for me, you guys secured a large contract win recently, which was great to see. I was wondering if you could speak to the pipeline and is there anything to say about the size of opportunities that you're going after or that you're seeing in market as you look at your sales function? Yeah, on a macro level, as I mentioned in my comments, we do see an acceleration and an expansion and a balanced expansion across our three market segments in our pipeline. That's a really good signal in terms of what bodes for us going ahead when you combine that with our win rate. On the larger award that we received, that subsector of Sylogist Gov, the VSS Suite, is by nature a larger deal because they're statewide agreements. To that end, we are very pleased with the three wins that we had in the quarter: Texas, Massachusetts, and Nevada, and do see continued opportunity for expansion and displacement with our competitor displacement strategy in that segment. The lift of our average deal size is skewed because of that VSS deal magnitude. Overall, we see good cadence and consistency in the deals that we are landing. We generally see the SaaS platforms and the usability of those platforms also with our land and expand with the customer wallet share expansion, where we see customers adding subscriptions as they become acclimated to software and want to empower more users. That is a good signal to us as well. Great. Thanks for taking my questions. I'll pass the line. Our next question comes from Gavin Fairweather of Cormark. Please go ahead. Oh, hey, good morning. Thanks for taking my questions. Maybe just to follow on that Texas contract, can you provide a bit more detail in terms of the implementation revenue that we should be expecting and how we should be thinking about the timelines towards getting it live and starting to recognize the ARR? Sujeet, you want to share that? Good morning, Gavin. Yeah, absolutely. Good morning, Gavin. From an overall contract perspective, Gavin, basically the overall position from a revenue is it is an integrated contract, essentially what one might call from a revenue recognition perspective, a bundled arrangement. We are working through kind of the machinations of the contract with our auditors. Essentially, our best view on this is that it is primarily ARR revenue that will be recognized through the term of the contract. That is the position. We will keep you posted on the accounting for this, and you will see this in our Q2 results. Essentially, the contract is an integrated project with the bulk of the revenue being recognized essentially largely as ARR. Okay. That's helpful. Maybe you can just discuss kind of your view on the VSS TAM and to what extent there's further RFPs that you're seeing in the market. I mean, great to hear that it wasn't just Texas. There was another kind of couple of wins in the quarter. It seems like there's building momentum. I think it would be helpful just to frame the opportunity for people. Yeah, happy to. As we've mentioned, there is a current existing provider that has the majority of the U.S. market and has had for many, many years that we are having success in displacing with a more contemporary platform and a different approach to how we treat customer data differently, which is we don't touch it. We don't use it in any manner, and we certainly don't aggregate it in terms of other products. That is something that is a differentiator for us in addition to the idea of our platform is far more contemporary. Because these are public awards, they're also public contracts through the state, we do have technology that's enabled us to see what the expiry date of existing agreements with that particular provider. We have good sightline in terms of how we engage with them in advance to make sure that they are aware of us. Certainly now, with our momentum, most states are increasingly aware of us. Within each state, there's oftentimes two, if not three, opportunities for our platform to be utilized by different departments within that. It isn't just a one state and done. For instance, Texas was an existing account for us in another facet of their criminal justice area. Ultimately, this is the second award in that state. It isn't just a one and done. Therefore, 50 states, 50 opportunities. Interesting, we're also seeing some early green shoots of interest in this area within Canada as well as abroad where they have had largely not nearly as sophisticated systems, but they still need in terms of notifications for victims and so on. That bodes well that we do believe that it goes beyond just the U.S. as an opportunity as well downstream. Yeah, that's super helpful. Appreciate that. Maybe also staying in the Gov sector, you talked about the GP, Great Plains sunset in 2028. I'm curious when you're expecting to begin seeing RFPs, begin seeing kind of contracts being awarded. Do you think customers are going to wait until that sunset in 2028, or are you starting to see some movement and activity now? We're starting to see some movement. The partners, as I mentioned, many of them have cohorts of customers that they implemented Great Plains at years back. I do not expect, and certainly our partner community and our marketing motions are helping people to realize waiting may not be in their best interest in terms of opportunity to do it in a smooth and thoughtful and organized manner. Our partners are beating that drum with us. There is an amplification of moving now. It makes sense why it makes sense. We see continuing and expanding Great Plains RFPs coming to us and coming to our partners. Great. And then just lastly from you, it sounds like on the R&D spending side, there are some third-party costs which you've ramped up. Is there some specific projects that you call out, and do those have a fixed timeline where we might see R&D step back down afterwards? Maybe just help us model that line out and point at any projects that you're maybe bringing some external help on. Yeah. I'm glad you asked that, Gavin, because it's important. We had said in Q4 or Q4 last year that we had had some learnings relative to our partner community in our ERP platform where they were looking for kind of more out-of-the-box interconnectivity capability that we had somewhat underestimated how anxious they were to be able to connect our solution to other things as part of a particular installation that our partners undertake. We actually went back in, and it was time-sensitive because we do not want that to lag too long in terms of partner engagement and successful light-up of opportunities. To that end, we did throw resources that we see that project largely coming to completion in the summer timeframe. We see that the bulk up that we had on the R&D and the people side of that has to turn back. The other piece is that, as Sujeet mentioned, we did move costs that were previously sitting in as capitalized back up above the line as part of the natural trend as well, which if you put those kind of in addition to what we had as a pro forma, it kind of puts us where I think many of you had us in terms of fitting from an adjusted EBITDA standpoint because we did move some costs back above the line that maybe you hadn't seen before. Thanks so much. I'll pass the line.. Thanks, Gavin. Our next question comes from Amr Ezzat from Ventum Capital. Please go ahead. Hi, Bill. Hi, Sujeet. Congrats to both of you and the team for the very strong bookings number. From what we can tell from the public documents, it seems like the implementation timeline is quite tight. Are you guys starting to recognize revenues in Q2, or is that a Q3 event? You also mentioned it's being handled internally. Is that fully internally, or are you involving partners in any capacity to help train, I guess, for future scale deployments? Yeah. Bill, sorry. Go ahead, Bill. Good morning, Amr. Thank you for that. I'll jump in now. Yeah, the revenue recognition is tilted toward the summertime in terms of the Q2 and starting more materially in Q3. That is kind of tied to the integrated approach that we're in discussion with KPMG around. We do see the momentum in the back half of the year really starting to blossom. On the question with regard to the resourcing, not a partner per se, however, we're pulling that is going in with their own team. We're actually pulling would-be contractors from partner resources, if you will, and adding them to our team to be able to bulk up to push through. It is largely direct, but we are also developing and expanding our playbook as we think about the future to be able to hand off the motions that lead to success and what's involved. It is mostly through contractor resources that we're bulking up on to be able to deliver in very specific areas that is complementary and synergistic with our bench delivering ourselves for the VSS right now. Understood. The full approximately CAD 15 million is your revenues, and you're not giving up any of these revenues from my understanding. Generally, that's correct. Yeah. There's no margin share or anything in terms of deal that's traditional or that's more common in the rest of our partner arrangements. Yeah, that's spot on. That's fantastic. Yeah. Sorry. Go ahead. Sorry. I'm just going to—yeah, sorry. Amr, I was just going to jump in for the benefit of everybody. The CAD 15 million you quoted is a total contract value. I just wanted that to be clear out there. With the options and so on, though. I understand that. Exactly. Yeah. Thank you. No, no. I understand that. I appreciate that clarification. Then just to clarify, from where you stand currently, we shouldn't expect a lift in project services. I believe that was what you were implying, Sujeet. It's all embedded in ARR and specifically probably SaaS as opposed to maintenance. Yeah. That would be broadly accurate, Amr. Again, we will emphasize that we are in discussions in terms of—I'm just going to throw out the word the complexity of this arrangement from the point of view of revenue recognition. That is broadly an accurate assumption that essentially the way the agreement is structured from a business perspective is that it lends itself to essentially being a bundled arrangement and therefore a larger skewness towards ARR. That would be accurate. Fantastic. Not to take away from all the good news, but I wanted to go back to your NGO-related funding comments, like the headwinds. I missed a number. Did you say CAD 500,000 or CAD 1 million? Number one. Are they now—is that headwind fully reflected in your maintenance and support revenue base for the quarter, or should we expect further erosion as contracts roll off? It was CAD 1 million. A CAD 1 million. Yeah. From the standpoint of the gross amount. Sujeet, do you want to take the last half? Yes, we do not really see this being something that we see more of this going on. Based on the customers' existing NGOs, we see them now with their getting their feet underneath us and understanding if they do still exist, that they are able to go forward in a manner that they have now worked out. We feel that this is not a wait till the next shoe drops kind of a scenario unless something changes with the administration that we are not aware of. Yeah. I'll quickly jump in after Bill on that comment. Supplementally, Amr, what I will add is—thank you for actually asking the question. Basically, the CAD 1 million number that Bill quoted is effectively the ARR impact or is the ARR impact. From a timing perspective, what happened was a lot of these actions happened late February into March. Effectively, one would not, from a numbers perspective, see the fullness of the impact on maintenance and support revenue in March. The fullness of the impact actually plays out in the latter, in the remaining three quarters. From a revenue perspective, that dipping of the revenue happens essentially through the rest of the years. There was, I would say, a more diminished impact in Q1. Understood. Just to clarify, this is maintenance and support revenues, right? This is—it's primarily—yeah, it's primarily maintenance and support. Yes, that is accurate. I will add, and I'm sure you picked up on this, Amr, we continue to have a sight line to what we had shared relative to the framework of where we see our flight path for 2025. We maintain that view even with this unforeseen kind of turbulence in Q1 relative to what's led to those cuts affecting our NGO customers. I think it speaks to the strength of our core areas. The NGO space is not an expanding area for us. It's not one of our core markets relative to as we think about growth and material growth going forward. To that end, I think that speaks to the strength of the business as we see it in other areas. Yeah. No, I see your bookings obviously trump what's happening there. No pun intended there. Just one last one. Appreciate the color on OpEx, but I just want to step back again on the R&D number. I do appreciate that the CapEx number is a little lower, but the gross number at CAD 2.8 million for the quarter, 17% of revs. Did I understand correctly when you were answering Gavin's question that this probably stays at the same level through the summer? Yeah. Amr, from a dollar perspective, getting away from the percentages, which is I think your question. Yeah. From a—yeah, exactly. From a dollar run rate perspective, yes, I would say broadly we would stay in that range. We were expecting to see some lightening as we go through the year, but just from an overall dollar headline perspective, we kind of—we'd like to think that it will kind of stay in that range. Fantastic. Okay. Thank you. And congrats again. I'll pass the line. Our next question comes from Doug Taylor from Canaccord Genuity. Please go ahead. Yeah. Thank you. Good morning. I'm going to press a little more on Amr's last line of questioning there. The jump in OpEx lines this quarter, you've noted some temporary third-party resources, but it did sound like a bunch of the expenses related to sales, salaries, moving previously capitalized R&D above the line sound fairly permanent. I guess my question is maybe more broadly, with you reconfirming the objective of mid-20s, keep-it-down margins from the 16% you reported here in Q1. I mean, can you help us just reconcile that? Is that going to be purely a function of more top-line absorbing this cost base? You've got the SaaS ramp ahead of you to support that. Is that a fair characterization? I would say broadly, yes, Doug. That would be a fairly accurate characterization. Essentially, the ramp-up towards stronger margins would be a combination of higher SaaS revenues going into the latter part of the year. Essentially, from a gross margins perspective as well, we do see potential for the gross margins improving, again, as a result of the higher SaaS revenues in the latter part of the year. I would say, yeah, overall, that premise is broadly accurate. Maybe a similar line of questioning. Bill, you just reiterated your flight path. I think you characterized it. Objectives for the year being to get SaaS revenue—sorry, SaaS ARR growth—also into that 20%+ range. I mean, is it fair to say with the Texas win being in your bookings, not yet in your ARR, is it fair to say you've now got pretty strong visibility to that ramp back into that territory based on what you've got now in your bookings? We do. Yeah. I I think all of you at this point understand that it is not an immediate rollover of bookings to ARR. Given the cadence, we largely are comfortable with projects we have in hand, bookings we have in hand, and the sight line for the SaaS ARR acceleration to achieve what we have outlined. I would say, yeah, we feel quite good about our posture as we sit right now, early into Q2 or Q1 as we sit about it. Okay. Thank you for those clarifications. I'll pass the line. The next question comes from Suthan Sukumar from Stifel Canada. Please go ahead. Good morning, gents. For my first question, I wanted to touch on the Texas VSS deal. Can you speak a little bit more about what the initial scope and revenue basis for the initial deployment and what expansions may look like over the duration of the agreement? Good morning, Suthan. We'll speak to what's publicly out there, which is kind of what we just do not parse deals typically more than that. Because this is a public contract, it does speak to what the annual ARR in the contract award represents based on how it is published and how it was drafted by Texas OAG and us. That is over $2 million-$3 million in U.S., so it is almost CAD 2.9 million of ARR on a Canadian basis. Sujeet, please verify that those are generally correct. Yeah. Suthan, good morning. Yeah. As Bill says, those are publicly available numbers. Essentially, what Bill quoted out there was the ARR equivalent of the CAD 15 million that Amr referred to. I mean, I do not know that we want to talk about sort of anything that is not out there in the public domain, but essentially, the way the contract is structured is it is a $10.6 million US dollar arrangement or around a CAD 15 million arrangement, effectively approximately around CAD 3 million of recurring revenue happening from a Canadian dollar perspective on an annualized basis. Okay. Okay. Great. No, that's helpful. For my second question, I just wanted to touch on revenue mix. Could you provide a little bit more color on recent revenue trends in Mission? This was up slightly quarter to quarter, but down year- over- year. Is that largely reflective of the NGO impact that you guys talked about or are there other factors you're trying to think about? I will say generally, we are seeing an expanding posture of our bookings within that segment attributable to more users securing more subscriptions for more users at implementation. The other thing is we're starting to see a build of the thesis, which was we have a better mousetrap when we have an integrated CRM and ERP. In our pipeline and what we've seen in certain deals where we do see opportunities where we are actually getting IP in both areas, which previously we would not have had that in our arsenal because we now have the fully integrated offering once the acquisition was completed of the Mission CRM solution. Overall, I would say the deal size on the mission side, it's hard to peg it quarter to quarter, Suthan. I know you appreciate that because it can be lumpy and one deal can skew it one way or another. I would say on a trend basis, we see the deal sizes to be expanding. Okay. Okay. Great. No, that's helpful. Bill, could you remind us on sort of what progress is with respect to migration of your existing customer base to SaaS? Roughly, what percentage are you at now? Is there really a focused push here to migrate this remaining base, or at this point, is it more about just leaving it to sort of a natural evolution in that customer's lifecycle? Yeah. I think that for the most part, we have not disclosed what that shift is. It has gone as or ahead of plan in terms of what we anticipated on the Legacy to SaaS posture. There is an appetite to move customers. We prefer to have one set of IP out there. We prefer to have the same support to be able to deliver our knowledge base kind of tied to one, our AI that we are building in tied to a platform, SaaS versus Legacy. However, when we get into the 80+% range and so on, there are some portions of that that are maybe going to need to fit to what the customer flight path is for that. I will also remind that there are portions of that that we do not have an upgrade path to a SaaS platform now. We have Legacy customers in our Epic community and other user communities, which we will see and will continue to maintain those platforms in their current posture. They're typically got good margin. They're typically profitable entities for us in sectors of our business. One should not assume that if we're going to have a segment of that maintenance and support, that likely stays as maintenance and support, but ultimately, the rest of the community will continue to march forward in a thoughtful way. That makes sense. Thank you, Bill. Thank you, Sujeet. I'll pass the line. This concludes our question and answer session. I would like to turn the conference back over to Mr. Bill Wood for closing remarks. Yeah. I want to thank you all again for the questions as well as the continued support of Sylogist. I will say that the work that's gone on since I joined has been monumental. I do now see much more clearly the results as we do across the organization, the results of that starting to turn into value creation and real clear value creation as we think about the back half of 2025 and beyond. I've highlighted the pillars for that around our partner thesis, now having three SaaS platforms. I also want to restate that the Sylogist team and management team and the colleagues I work with every day are the best I've ever had the pleasure of working with. In the end, people lead businesses. People make decisions. To that end, I'm very, very proud and humbled by the work that's gone on at Sylogist to create the opportunity for our customers and our investors as we think about the go-forward. I'm very, very humbled by the work that's gone on and ultimately now where we sit in terms of opportunity going forward. A true tip of the cap to the Sylogist team in terms of the go-forward and a sincere thanks to our investor community who has really stayed close to our story and now really see the excitement that I feel lies ahead for Sylogist more fulsomely. Thank you for your time and thank you for your continued support. I appreciate it. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.