Welcome to the Think Research Inc third quarter fiscal 2021 investor conference call. Today's call will provide information and commentary on financial results for the three months ended on September 30th, 2021. We will hear from Sachin Aggarwal, CEO of Think, and Jae Cornelssen, Think's Chief Financial Officer. Following these remarks, Sachin and Jay will take questions from analysts. If you have questions following the call, you can reach Think at investor@thinkresearch.com. This call is being recorded, and we expect that the recording will be available on Think's website within 72 hours. We remind you that today's remarks will include forward-looking statements that are subject to important risk and uncertainties. For more information on these risks and uncertainties, please see the reader advisory at the bottom of Think's news release, which is on their website and on SEDAR. The company's actual performance could differ materially from these statements. We'll begin with Think Research CEO, Sachin Aggarwal. Sachin. Good morning, everyone, and thanks for joining us today for our review of third quarter results for fiscal 2021. As a reminder, this is our third reporting quarter as a public company. Think Research is a global software as a service or a SaaS company, and we deliver the latest in clinical knowledge to the bedside so that clinicians, which are doctors, nurses, and pharmacists, practice the latest in up-to-date medicine. We earn revenue by capturing, gathering, and presenting critical health knowledge in healthcare facilities in eight countries, making us an essential data service for clinicians everywhere. Most of the folks on this call use Bloomberg every day. It's a critical platform for you that consolidates massive amounts of data, which allows you to make better, faster decisions. This is exactly what Think Research is becoming to an increasingly significant number of clinicians. We are to healthcare what Bloomberg is to investors. Including our recent acquisitions, our audience of clinicians has expanded to more than 300,000 doctors, nurses, and pharmacists across now more than 13,000 facilities in eight countries that rely on our data services. We are focused on continuing to expand our data solutions to add more actionable content to that clinical knowledge chain. Think is aggressively heading towards this vision by making highly strategic acquisitions. The BioPharma acquisition we completed in September makes Think a very meaningful contract research organization. What this does is it allows us to monetize our audience of more than 300,000 clinicians for critical research in partnership with the pharmaceutical sector. This data helps us to fulfill the clinical knowledge life cycle that forms the basis of our increasingly essential data service for clinicians. Subsequent to quarter-end, we also acquired a company called Pharmapod, which operates a SaaS electronic data capture solution that reports medication errors to improve patient safety and simplify pharmacy reporting. Pharmapod services more than 9,000 pharmacies throughout Canada, the United States, the U.K., Ireland, and Australia. This includes more than 7,400 pharmacies, retail pharmacies in Canada, which represents 65% of all Canadian retail pharmacies. We believe that the extension of our services into pharmacies helps to attain our goal of making Think SaaS data solutions more essential to healthcare providers in general, and specifically, current Think clinicians, everywhere. Importantly, this acquisition adds tens of thousands of pharmacists to our growing clinical audience. Once again, that is now more than 300,000 strong. We're also becoming very proficient at integrating and gaining synergies from our acquisitions. Year to date, we have been able to extract nearly CAD 6 million of cost synergies from previous acquisitions that we've integrated. Approximately half of that was achieved in Q3, and the other half has been achieved now in Q4. The partial Q3 results from the BioPharma business does not include any meaningful integration or synergies. As we've stated previously, a key value of the acquisition and the reason why we were able to acquire it at approximately 1x revenue is because Think Research has the capacity to digitally transform BioPharma's research programs. This will dramatically improve capacity, extract more synergies, and deliver profitability for BioPharma. We report solid revenue results for the quarter, although they were impacted by some repeated research study panels at BioPharma, which was operating without the benefit of integration. We also signed a major multi-year CAD 5.2 million contract with the Government of Ontario, for which we began recognizing revenue subsequent to quarter end, which would have materially benefited performance for Q3. Notwithstanding this deal, together with some others that are coming along very nicely, give us the confidence to maintain previous guidance. On October 28th, we announced that Think appointed former Ontario Health Minister Dr. Eric Hoskins as the Chair of the company's board of directors. Dr. Hoskins is a public health expert with more than 30 years experience in healthcare and public policy, as well as economic development and international trade. He joined Think's board in January and has already provided very valuable guidance for management as we continue on our quest to become the essential data service for clinicians everywhere. As Chair, we plan to tap his expertise and leadership even more. Welcome, Eric. Now, with that, I would like to introduce Jae Cornelssen, our Chief Financial Officer, to review our financial results for the quarter. Passing it over, Jae. Thanks, Sachin, and good morning, everyone. I will now comment on our financial performance for the third quarter of fiscal year 2021, which ended on September 30th, 2021. We achieved revenue of CAD 10.1 million and CAD 28.7 million for the three and nine months ended September 30th, 2021 respectively. Revenue increased by 153% compared to CAD 4 million reported in Q3 2020. Year-to-date revenue increased by 110% compared to CAD 13.6 million reported for the previous nine months in 2020. The third quarter results, as Sachin mentioned, include approximately 20 days of revenue recognized from the BioPharma acquisition, which closed on September 10th, 2021. Year-to-date revenue includes contributions from three acquisitions completed during the time frame, MDBriefCase and Clinic 360, which closed on January 29th, 2021, and the BioPharma acquisition, which closed on September 10th, 2021. Combined, these acquisitions contributed CAD 13.4 million or 47% of the CAD 28.7 million reported for the first nine-month year-to-date of 2021. Pro forma revenue for year-to-date was CAD 57.1 million. This is the total revenue from all sources, assuming all businesses were combined as of January 1, 2021. Businesses acquired during the past nine months contributed 73% of total pro forma revenue. We are citing these values to provide context to the scale and construction of revenue streams exiting the quarter. Following the end of our Q4, we will start to provide more detailed segmented revenue for the business. The results of Q3 2021 were negatively affected by the effects of COVID-19, leading to an impact on revenue, gross profit, and EBITDA. Due to spikes in the COVID-19 variants during the time period, some revenue trajectories were negatively affected due to cancellations and no-shows of clinical procedures and studies. In particular, this impacted BioPharma, which derives its revenue from research studies that require minimum patient enrollment. Due to enrollee cancellations, certain studies had to be redone, which also resulted in lower margins. Adjusted EBITDA loss was CAD 3.4 million and CAD 6.4 million for the three and nine months ended September 30, 2021 respectively, compared to CAD 0.6 million of EBITDA and a CAD 2.1 million loss, respectively, for the same periods in the prior year. Net income loss was CAD 10.8 million and CAD 21.4 million for the three and nine months ended September 30th, 2021 respectively, compared to net income loss of CAD 0.3 million and CAD 5 million, respectively, for the same periods in the prior year. For both periods, the decrease in net income was primarily due to higher expenses related to acquisitions, higher expenses to support continued business growth, higher non-cash stock-based compensation, and amortization on acquired intangibles, partially offset by higher revenue. Now, switching to our balance sheet. As at September 30th, 2021, Think had CAD 6 million of cash and cash equivalents on the balance sheet. On September 10th, 2021, the company replaced the existing credit facility with a new credit facility with the Bank of Nova Scotia. The new credit facility includes a CAD 22 million revolving credit facility, a CAD 6 million revolving acquisition facility, and a CAD 10 million uncommitted accordion that can be allocated to either facility at the company's discretion. The new credit facility represents a two-year committed agreement that expires on September 10th, 2023, with an option to extend by an additional year at the lender's discretion. In connection with the closing of the acquisition of BioPharma, we also completed a non-brokered private placement of approximately 6.4 million shares issued at a price of CAD 2.20 per common share for aggregate gross proceeds of approximately CAD 14.1 million. We used CAD 12.9 million net proceeds of the offering, net of finder fees and other offering-related costs to fund a portion of the cash consideration for the acquisition of BioPharma, as well as integration and other transaction costs. We used approximately CAD 20 million of cash along with CAD 18 million of equity for the initial consideration of CAD 38 million, including working capital adjustments to acquire 100% of BioPharma. As part of the acquisition, we must also pay deferred consideration of CAD 3.25 million, due in six and twelve months' time, payable in cash or shares at our discretion. We believe we have sufficient cash on our balance sheet and access to available credit to support our current organic growth objectives. Now, I would like to turn the call back to Sachin for his final thoughts prior to opening it up for questions. All right. Thank you, Jae. As Jae mentioned in his remarks, our clinics and BioPharma were impacted by COVID-19 over the summer. Subsequent to quarter end, the COVID-19 impact has receded, and we've regained momentum in sales for all of our lines of business. So much so that we are reconfirming our original guidance range for fiscal 2022 of CAD 90 million-CAD 100 million of revenue and CAD 7 million-CAD 10 million of adjusted EBITDA on a pro forma basis. We also remain on target to complete the integration and digital transformation of BioPharma, which we believe will help us to realize operating efficiencies, synergies, and also more capacity for scaling within the line of business. The impact of these activities should begin showing up in both revenue trajectories and operating margins in subsequent quarters. Although we have gained nearly CAD 6 million of cost synergies so far, Q3 and Q4, we are continuously and actively seeking additional efficiencies. We believe that our evolving SaaS solutions will continue to deliver on better future margins and cost savings as we scale. Now, I'm gonna spend a few minutes on a further acquisition. We are very excited about expanding our data reach into pharmacies with the acquisition of Pharmapod subsequent to quarter end. Pharmapod's system was designed by pharmacists and consists of a comprehensive suite of electronic data capture tools to help clinicians not only document medication incidents, but also analyze clinical data. This knowledge can be shared within clients, also nationally and internationally, enabling healthcare professionals to put procedures in place to reduce errors at a global level. That data is valuable, not only to existing Pharmapod clients, but also to current and future pharmaceutical clients of Think. We think this acquisition is an excellent strategic fit. Based on the most recent current ACV or annual contract value list for revenue, the acquisition multiple for Pharmapod is approximately 0.4x. The shares issued in respect of this acquisition were issued at a price of CAD 2.25, a premium to the share price at our last round. This is a small but mighty acquisition. This brings me full circle to what I mentioned at the outset of the call. We earn revenue by capturing, gathering, and presenting critical health knowledge in multiple locations throughout health facilities in eight countries, making us an essential data service for clinicians everywhere. Now we're at the bedside in the pharmacy. We are in pharmacies, hospitals, clinics, and long-term care facilities. We're in production and in delivery. The scope and breadth of our knowledge systems is giving us the ability to deliver valuable insights and workflows that have not been available to clinicians until now. We're listening to our users. We're leveraging our own clinics for knowledge design, and we are continuously sourcing more information and knowledge and data so that ultimately we can be to clinicians what Bloomberg is to investors. We're very excited, and our strategy is working. As we've built out our knowledge platform, we continue to be very encouraged by the enthusiastic uptake of many of our solutions. For example, subsequent to quarter end, Think Research was selected by the Ontario Ministry of Health to deploy our SaaS software across the province of Ontario in a new CAD 5 million multi-year agreement to connect patients to health information and to receive guidance throughout their healthcare journey. This is known as a digital front door for healthcare services. A primary reason why we were selected is because we have already built and deployed a successful province-wide footprint of digital referrals for the province. As we execute and scale, we are seeing more of these long-term essential data opportunities emerge, which aligns with our mission to deliver the latest clinical knowledge to clinicians everywhere so that they practice the latest medicine. Jae and I are here to answer your questions. Operator, would you please facilitate the Q&A part of this call? Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that is star one to ask a question. Our first question comes from Rob Goff with Echelon. Thank you and good morning. Good morning, Rob. Morning, Rob. Morning, Jae. My question would be on your 2022 revenue guidance of CAD 90 million-CAD 100 million. Can you talk to visibility you might have on those revenues given the mix of, you know, recurring or highly recurring revenues? Yeah, absolutely. You know, given our, what we've stated as our, pro forma exit, the revenue that we're exiting 2021, the increase in revenue to 2022, we already have a very high degree of visibility as to where that's coming from. As you can imagine in healthcare, particularly enterprise sales and long-term enterprise sales, the sales cycle can be six, 12, 18 months, right? As a consequence, anything for 2022 we've been working on for some time, right? Let me just note two sizable agreements that will contribute a meaningful portion of that revenue growth. One is our digital referrals footprint. That is a province-wide digital referrals footprint here in the province of Ontario. We announced earlier this year that footprint was doubling from half the province to the entire province. Most of that revenue lift actually starts to hit us in 2022, not in 2021, right? That is a multi-million dollar revenue lift, right? Secondly, as you can see, we recently announced the healthcare navigation system contract win, which is the CAD 5 million over five years. We expect that there will be additional lifts to that particular contract, and it will deliver a meaningful portion of that revenue growth. We also have other organic contracts, some of which you will hear about in short order, that will, you will see, will help to deliver that lift. Jae, anything to add? Yeah. Thanks, Sachin. I mean, in addition to what Sachin mentioned, we've converted most of the acquisitions to percentage of completion, so we have, you know, very good visibility as to what the pipeline, what the rev rec looks like in the forward queues. We're very confident in that range that we disclosed for FY 2022. Okay. Maybe just two follow-on questions. In terms of your general seasonality, would Q4 generally represent 30% of your revenues? Perhaps while you're thinking of that, my other question would be on the synergies. You mentioned synergies achieved. Could you talk to where those would start to be realized and flow through to the EBITDA line? Thanks. Yeah, thanks. With respect to the seasonality, there is a bit more in Q4. 30% would be a bit of a stretch. There is a bit with respect to some of the business lines. In addition to that, just COVID has kind of thrown a wrench in some of the sales cycles with respect to all businesses that people are encountering. Q4 has traditionally been a strong quarter for us in closing leads, as evidenced by the press release of the significant contracts that we've closed that Sachin alluded to. With respect to the synergies and falling to EBITDA, as stated before, within six months, we aim to be at a full run rate of synergies. We've put on the public record the CAD 3 million that we achieved previously, and we've recently achieved the remaining tranche. In addition to that, we're currently still working through the digitalization of BioPharma, which we anticipate will be completed by Q1 of next year, which we've already reiterated as well. We're doing what we said we would do, and we're on track to achieve the synergies related to BioPharma, which should show up partially in Q4, but moreover in the following fiscal year, which will all fall down the line in terms of EBITDA. I would also like to note that I know people look at our OCF. We do have significant acquisition-related costs that are a deduction from our OCF. In the subsequent quarters, there should be a significant increase in our free cash flow as the acquisition-related costs fall off. Of course, until we continue to do more acquisitions, there may be a bit more, but we built out a robust M&A engine at the company as well. Okay. I'll jump back in queue. Yes. Our next question comes from Gavin Fairweather with Cormark. Oh, hey. Good morning. Hi, Gavin. I wanted to start out on BioPharma. In your prepared remarks, you referenced some of the challenges with participants in the trials in Q3 leading to some extra costs. Should we be anticipating any impact of that in the Q4? Maybe you can talk about the gross margin impact. I think that business was normally kinda low thirties gross margin. Can you help us understand the impact on the Q3 there? Yeah. A few things to unpack. There will be a little bit of a hangover from the gross margin compression. We've worked through the majority of those studies that trickled over from Q3 to Q4, so could be a slight hangover there in terms of margin in Q4, but not near as significant as what there was in the Q3s. For the gross margin, most CROs are in kind of the 30% range, and BioPharma is no exception. Yeah, working through it, and then expect to clear that hangover up in Q4. Maybe just sticking on BioPharma. You know, I think that they were running around a CAD 40 million revenue run rate, and I know you kinda discussed your views into 2022 for some of the other pieces of the business. Can you maybe just speak to the visibility that you have for BioPharma, heading into 2022, given kinda the backlog of trials about to kick off? They have a significant backlog, significant sales pipeline. Most of the pharmaceutical companies, I mean, we have really good visibility out for the next six to nine months as to that business line, and we're continually building up the sales pipeline. The advances and related to COVID and being able to get the patients has actually been helpful for the business. As mentioned before, we're very confident in the revenue streams with respect to BioPharma. Okay, I'll pass the line. Thank you. Our next question comes from Chris Thompson with PI Financial. Oh, great. Good morning. Sachin and Jay, maybe just touch on the CAD 5.2 million contract win again. How should we think about the revenue recognition over the five-year period of that deal? It is a SaaS contract. It will be a little bit heavier in the first year and a little tiny bit lighter in the out years. That's just for the initial CAD 5 million, CAD 5.2 million of that particular contract. There is, we expect and we have built in significant opportunities, very significant opportunities for scope expansion. Now, just so folks are really clear as to what this thing is, right? In the province of Ontario, when you're sick or you have a sick family member, you call the telehealth line, the 1-800 line, right? What that does is it currently puts you to a nurse, the nurse does a quick assessment, and it ends up being a quite low value return, clinical return for the patient that's on the line, right? This is what's called the digital front door. The province has been working on this for some time. What this does is it digitizes that entire process. Not only are you able to reach the service in a multimodal fashion. This is through electronic means as well as through telephone. You can also flip right over into an actual clinician virtual visit, right? You can navigate to the entire registry of clinicians which is available within the software. This is a really major piece of it. Think Research will be owning and operating that entire physician and clinician registry. It'll be all available physicians and clinics as well as medical services that are available across the entire province. That will be our intellectual property. That, what is called a service provider directory, will be a key part of this offering. After you identify or you work with the telemedicine to identify the clinician that you may be referred over to, of course that will connect into our digital referrals solution. This is a full end-to-end digital front door, and we are together with our partners, but we are a key core piece of the software that goes into this. Yeah. Yeah. Just to layer on to that a little bit, so it's CAD 5 million approximately, but there's significant expansion available on that contract, so we just press released what the minimum is as well. Excellent. Yeah. The scope, like can you give us an idea of the expansion opportunity? Is it like a 30%, 50%, a 100%? I'm hesitant to give you a, you know, a full optimistic number, but it would be greater ultimately than 100%. Wow. Excellent. Thank you for the color. Just, I don't know, Jae, if you can touch on the HealthCare Plus revenue. I'm not sure if you have that at your fingertips to break out what that revenue was. What I'm really trying to get a handle on is the organic growth and the traditional kinda license fee and implementation segment, if you will. Yeah. Right now we're not formally disclosing it. In our Q4, you can expect more detailed segmented revenue and we'll draw the whole kind of picture there in the Q4s. Okay. Fair enough. Maybe just then on the guidance, I mean, what are your goals for organic growth in those figures? Yeah, sure. I mean, we disclosed previously pro forma of approximately CAD 82 million. Granted, we did give a range. If you take that number and kind of look at the CAD 90 million-CAD 100 million, I mean, we're targeting approximately 15% organic growth, 16%, which would be modest, just given the growth, the organic growth in and GDP growth in the sector that we're operating in. Okay. Fair enough. One more from me, and I'll hop back in the queue. On the MDBriefCase revenue, it looks like it fell sequentially. What happened there, and, you know, what's the outlook for that segment? Yeah. With that business, there's a seasonality. One bucket related to that business, they put on events, CancerLinQ-related online events. That business is rebounding strongly in Q4, but that one does have more seasonality with respect to the revenue streams there. Okay. Thanks for taking my questions, guys. Thanks, Chris. As a reminder, that is star one to ask a question. We'll take our next caller question from David Newman with Desjardins. Good morning, guys. Hey, David. Hey, David. Just on the BioPharma, and going forward in terms of immunizing yourself to a certain degree against COVID impacts, and how do you ensure what protocols are you putting in place to ensure that it's not repeated? I would assume some of the digitization that you're doing in terms of virtual trials should help in that front. Maybe just kind of give us a sense on why this might not reoccur, to the extent that it did. No, bang. That's bang on. When you've got manual processes for reaching your patients, for scheduling your patients and for confirming them and bringing them in, all of that is manual. It's call center operations. It's super old school, right? You're not able to drive any modeling of that population and ensure that you're creating safety margins for yourself. Essentially, and it's probably too much detail, but you run a panel. Let's say, for example, your panel needs to be 40 for the purpose of your pharmaceutical client, sort of like an airplane. You need to get 40 passengers to their destination. You know, you get two that don't show up. All of a sudden you have to run a second panel, right? For just those two patients, right? This is where you get both margin compression and these manual processes result in poor workflow. You digitize that entire process, and you get a simple process that's much lower cost for not only pulling them in, confirming them, reconfirming them, sending reminders. You can also model out if you need some spare patients to be available, you know, booking 42 for your flight of 40, for example, and so on and so forth. There's a great deal to be done here. We're already seeing the early impact of cleaning up some of that process. If you've got 38 people, I imagine out of the 40 and you need to be statistically significant to get the 40. You can use those 38 people again, but you have to double pay them, basically. Well, you actually run the study anyway with the 38, and then you still have to run a second panel with the two. Got it. Right. If you lose those 38, it's that you still have to fill it out. Okay. Very good. On Pharmapod, I thought it was kind of interesting because, you know, it kind of gets you into later stage trials of phase IV, et cetera. I'm kind of putting the puzzle together a little bit, but you got BioPharma kind of phase I, bioequivalent studies. Now you've got Pharmapod, which is a little bit further on the spectrum of clinical studies. Does this mean that eventually you're gonna backfill and look to another sort of CRO in kind of later stage studies? That's a pretty good guess. I'd say that the data out of Pharmapod is extremely valuable for that purpose, for phase IV. It's also, you know, when you sew it in or we mix it in with some of the data that we're collecting from other parts of our business, we've got a very valuable data set for those phase IV clients. You can, I think we've telegraphed this previously, but we think there's value in being in phase II and III as well because we speak to a very large clinician audience, right? More than 300,000 today. That includes a very large number of specialists. We have an outsized and very powerful ability compared to our peers to be able to recruit patients through those specialists for phase II, III. Of course, we've got very valuable data for phase IV. You wanna bring those clients all the way along that journey and then right into clinician education, right? This is full life cycle. Excellent. Switching gears over to other aspects of the business are being impacted by COVID. I'm thinking like Clinic 360, and you guys sort of flagged, you had sort of 5 years of backlog, I think, in Clinic 360. I mean, people get sick, they need surgeries. It's not foregone revenue, it's just deferred. Any sense on, you know, the backlogs and the level of activity, especially heading into 2022, as part of sort of the organic growth factor you might see? Yeah, that's correct. You don't lose the patient in some of the slowness in the summer, either. Listen, I think you probably saw it with many sectors, particularly service sectors, even outside of healthcare. Everybody just needed a break, right? So after a long period of time, I think we were very quiet August, people on vacation. That included surgeons and physicians, right? It included some of our patients who decided to postpone procedures. That stuff doesn't go away. It just gets back in the queue. We get those folks in October, November, December, and so on and so forth. The backlog overall, listen, you're seeing us. Are we heading into a wave five? You certainly see the number of live cases out there increasing, right? That results in hospitals being on red alert. It results in a further backlog in elective surgeries within the public sector. That results in you know, more patients for Clinic 360, and that ultimately is good for us in that segment. Yeah. Hopefully someday we'll be out of COVID. Someday. Last one from me, guys, just on labor cost inflation. Everybody's sort of pointing out supply chain, you know, just labor cost inflation in general. Are you seeing anything? I guess it more relates to the clinics and surgical center, but are you seeing anything in terms of labor cost inflation? How are you managing that? Yeah, I mean, most of the key people are kind of locked into comp agreements. We're not really encountering it on the physician side. With respect to just general G&A and tech ops and developers, I mean, there is a bit of that occurring at the business. We have a great culture at the company, which serves as a retention tool. We're not experiencing a significant increase in wage costs as a result of the great culture that we built up at the company. Excellent. Thanks, Sachin. Thanks, Jae. We'll see you tomorrow. Yes. We'll take a follow-up question with Rob Goff at Echelon. Thank you again. My question would be to ask if you could give a bit more of a perspective on your acquisition pipeline. Like, clearly, CRO is a priority, but also the pent-up demand within the Clinic 360, might that also be an area to be considered within your pipeline? Today we're focused on really two things. One is increasing our clinician audience, and that is typically gonna be software as a service companies that bring us thousands or tens of thousands of new clinicians. That clinician audience is the thing that you're gonna hear us talk about again and again and again. It'll be one of our key metrics on a go-forward basis, and how are we able to monetize the various segments of that clinician audience. We wanna acquire new audience. We wanna be able to put new types of content through that audience. I'll take you back to the Bloomberg analogy. 10 years ago, you wouldn't have seen derivatives on the platform, right? I mean, there are many, many content types, but that's an example of a new content type that you put through an extremely valuable audience. Similarly, as we grow our audience, we're looking for new content types to be able to put through that audience. That's sort of segment one. Segment two is then how do you monetize that audience for the purpose of clinical research, right? You will see us focus on that research segment as part two, and that will involve going all the way from phase I through to phase IV. We are already the only Canadian public company CRO on the market, and we intend to be the largest CRO on the market over time. You expect us to use that growing audience and be able to monetize it for high-value purposes. In this case, that means clinical research. Yeah. Again, just to add later on to that from kind of a financial perspective, we wanna continue to do accretive acquisitions. Pharmapod was extremely accretive at a 0.4x rev multiple and issuing the equity above our last round. We do have other tools such as the CAD 10 million accordion that we can allocate to either line to help facilitate the acquisitions. Right now, debt is a much lower cost of capital than equity, so prefer to use that mechanism where applicable, but only accretive acquisitions, obviously, is what we're pursuing. Very good. Thanks, guys. We'll take our next question from Chris Thompson with PI Financial. Hey, great. Jae, you mentioned the CAD 10 million accordion. Can you just tell us what the debt covenants are on that and the procedure for you to draw that? 'Cause I believe it's uncommitted right now. We just have to provide a forecast to the bank and kind of update them on the most recent financials. It's a very friendly credit agreement with standard kind of debt to EBITDA, debt to revenue covenants. You'd be able to draw it now if you submitted your forecast? I think I would be able to, if I submit it to the bank. Again, it also depends on if it's a permitted acquisition, you have to do standard kind of quality of earnings with respect to the bank. We have excellent relationships with the bank. They're happy with the progress we made to date on doing what we say we're gonna do and executing on these acquisitions and realizing synergies. I do think we'd be able to draw on it, but again, depends on the target and who's kind of looking at it from credit at Scotia. I don't think we would have any issues. Okay. Just on the headcount, can you remind us where you were at the end of Q3, where you are today, and where you expect to be at year-end? I think you said you're done in most of your synergistic kinda cuts. We still have a ways to go on the BioPharma synergy. As we mentioned, that was a target of CAD 3 million. We are partway there, but there's still more to come in our Q1 in terms of further synergy. I think we're announcing. We're saying today, year to date, we're almost at CAD 6 million, but with more to come. Sorry, Jae, you wanna take that? Yeah, yeah. Just it's mostly achieved with respect to the headcount, but there's gonna be more to come with respect to the digitization of BioPharma, which will be material synergies again by way of headcount reduction. In addition to that, just, there's also cross-selling opportunities on the rev side that we anticipate realizing that haven't been included in the synergy analysis that we've disclosed on the public record. We've only been putting out kinda hard headcount reduction cost savings. Where are you today and where were you at the end of Q3? Do you have that available? Yeah. Like we said on the public record, we've achieved the CAD 3 million. We're close to having approximately CAD 6 million done, but we're still working on realizing part of that. Chunk also relates to BioPharma that we're working through. Yeah, no, I'm sorry, Jae. I meant the actual number of people. Oh, the number of people. Oh, we haven't disclosed that. I can get back to you guys on that number. We think of it as dollars. Yeah. Got it. Yeah. Okay. I got a couple more quick ones if you don't mind. Just on the gross margin, there was a bit of a drag there. You explained that well. What's your GM assumption in your CAD 7 million-CAD 10 million EBITDA guidance for next year? Yeah. I mean, we haven't put it out there yet on the public record. I think we can talk about that later this quarter. Yeah, we would anticipate gross margins would restore back to the previous kinda levels that we had, albeit lower because of, you know, BioPharma operates at a 30% gross margin, approximately 30% +. Anticipate getting back to higher growth margins, and Q3 was more of just a blip with respect to the studies having to be redone. Okay. Fair enough. Last one, just on the international revenue, it was down sequentially, but still really strong year over year, and I know you had some key, you know, overseas projects over there with some good partners. How do you think about international revenue contribution next year out of a, as like a percentage of your guidance? Overall, it will increase because of our U.S., our U.S. foothold, our strong U.S. foothold now with BioPharma, right? You should expect to see that once you get full contribution from BioPharma. I don't think we put out guidance on international. Yeah. I mean, we have a bit of it in our revenue disclosure. I plan on talking about it more in the Q4 MD&A, so we'll leave it there. We anticipate it being a higher proportion of the revenue going forward, of the ratio. We'll save that we do have the significant wins that we already announced, so that'll help kinda offset the ratio. We anticipate significant growth in our international markets as well. Okay, good stuff. Thanks again, guys. Maybe just, I'll add just a layer on there. Pharmapod, while it is, again, it's a small acquisition, among its clients, and you can imagine given that it's 65% of all Canadian retail pharmacies, you can imagine that covers most of the big chains here in Canada. In the U.S., it also includes some key chains, including one very large one with fulfillment centers across the entire U.S., so that does contribute a meaningful amount, and it has a footprint outside of Canada and the U.S. in addition to that. Okay, thank you. We have no further questions at this time. I'd like to turn the conference back to Sachin Aggarwal for any additional or closing remarks. Listen, thanks, everyone, for listening in. We continue to refine our message. We continue to work extremely hard on delivering on the synergies that we promise. We hope that you continue to stay tuned and follow the Think Research story. Everyone, have a great day, and season's greetings to you and to your family. Thank you. That does conclude today's conference. We thank you for your participation. You may now disconnect.