Good morning, ladies and gentlemen, and welcome to the Think Research Corporation fourth quarter 2022 financial results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded today, Monday, May 1, 2023. I would now like to turn the conference over to Sachin Aggarwal, CEO. Please go ahead, sir. Thank you, operator, and good day to everyone who's joining us this morning. Also joining me on the call today is our CFO, John Hayes, who's gonna review the financial results in more detail after I discuss some operational achievements during the fourth quarter and the full fiscal year 2022. I'm very proud to say that Q4 was a record for us in terms of both revenue and adjusted EBITDA. Based on recent announcements, our sales pipeline, our growing number of deployments, and the market demand for our solutions, we are confident that we're just getting started. It's a very exciting time for the team at Think. Before I go into our operational results, I just wanna briefly review who we are and what we're trying to accomplish. Think Research is an industry leader in delivering knowledge-based digital health software and data solutions. Our evidence-based healthcare solutions support clinical decision-making processes, improve access to services, and help to standardize care in order to facilitate better healthcare outcomes. Our focused mission is to become, for clinicians, an essential data and solutions service that organizes the world's health knowledge so everyone can get the best care. The company gathers and manages data and information to develop and then deliver evidence-based solutions globally to customers, which typically includes enterprise clients, hospitals, health regions, healthcare professionals, right up to and including provincial or state governments. The company has gathered a significant amount of data by building its repository of knowledge through its digital solutions platform and group of companies. With this data, we strive to be more essential to our clients and their clinicians every day, and this is reflected in our recent performance. Think's data and software division licenses its solutions to around 14,200 facilities for more than 320,000 primary care, acute care, and long-term care doctors, nurses, and pharmacists that rely on the software, content, and data that we provide to support their practices. About 80% of our revenue is either recurring or reoccurring, driven by an increasing level of SaaS licensing, especially over the past few quarters. The company collects and manages pharmaceutical and clinical trials data in its clinical research division. Over 3 million patients and residents annually receive better care due to the essential data that Think produces, manages, and delivers. Think also operates a clinical services division, which is a network of digital-first primary care and medical clinics providing private pay elective surgeries. As we stated in our third quarter conference call, the company's clinical research division was a key driver for revenue performance in Q4. While the clinical data and software division also showed strong results in the fourth quarter, we are most excited about the contract announcements that we made subsequent to quarter end. In February and March, we made announcements regarding a 5-year, CAD 8 million per year SaaS agreement. We consider this deal to be a lighthouse partnership that should unlock a significant market for us. Again, we believe that we have just left the starting blocks in this line of business. The only line of business that suffered a year-over-year decline in revenue is clinical services. We acted quickly to solve some staffing issues and are comfortable that performance should recover over the next few quarters. Management is also exceptionally pleased that the CAD 11.3 million of cost synergies gained from integrating the four acquisitions made in the previous year are beginning to show up more prominently in our margins. With the exception of continuously monitoring for more efficiencies, which is of course normal course, we believe that we're at a comfortable baseline. As we sign more SaaS agreements and continuously leverage our data repositories and technology platforms, we expect to gain more earnings leverage from our revenue growth over time. Before I hand it over to John to discuss our financial performance in more detail, I wanna go briefly beyond the cost synergies for a few moments. With the acquisitions, we gained access to both technology and talent. Starting mid-year of 2022, we began to really understand and begin to leverage both the market synergies and the solution synergies that we gained. Combined with our objective to become more essential, we leveraged our talent and technology to deliver a SaaS-based Digital Front Door or DFD solution to the market, as well as a new SaaS-based learning management system or LMS. These are being delivered to clients right now and will be key solutions for future growth and earnings leverage. After signing Moderna in Q2, we won a significant add-on contracts to that contract in Q3, along with more add-ons in Q4, making it the single largest education client for the company. Our LMS platform helps to scale faster and deliver better solutions to this market with better margins. In our software and data division, the eReferrals program continues to deliver significant user and usage growth for us. During the fourth quarter, we attained the 1 million referrals benchmark. eReferrals help to establish Think Research as an increasingly essential software and data provider in the province of Ontario, and it also helped us to better imagine our Digital Front Door solution. DFD formed the basis of our single largest SaaS contract so far, and has gained significant pipeline traction across multiple jurisdictions throughout the world as hospital networks everywhere struggle to maintain positive clinical outcomes despite increasing traffic and declining access to qualified staff. Now, I'd like to invite John Hayes, our Chief Financial Officer, to review the financial results in detail for the quarter and year to date. After he reviews the financials, I'm gonna conclude with a bit of an outlook, which offers some thoughts on how we plan to evolve as an essential solutions and data service for clinicians everywhere. Over to you, John. Thanks, Sachin. Today's results, along with all of our risk disclosures, can be found in our MD&A and financial statements, which have been posted to SEDAR earlier today. For more details regarding risks, cautionary notes, and other disclosures on quarterly and full year performance, we encourage you to review these documents. Before I outline our results, I just wanna offer an overall perspective on our financial performance for Q4 of last year, as well as how we're positioned heading into this year and beyond. First up, we do expect organic revenue growth within all of our business lines going forward. While there's a risk of recession in 2023, most of our clients are governments, government agencies, and large pharmaceutical clients, and they have the liquidity to continue to pay for our services. There are some exceptions to that, and that could cause a credit or revenue loss. By and large, these larger clients offer Think some protection from an economic downturn. To complement our expected revenue growth, we believe that the synergies gained over the past 24 months will provide a stable cost base. Although this cost base is gonna grow over time as we get bigger in revenue, we are comfortable that we'll grow at a substantially lower rate than our organic revenue growth. We also believe that the predictability of our revenue is likely to improve as we grow larger because a bigger portion of our revenue will come from data and software, and that should be recurring SaaS revenue. Now let's turn to our total revenue and business line contributions. For Q4 2022, we reported record total revenue of CAD 21.6 million, which is an increase of 13% compared to Q4 of 2021, driven primarily by organic growth. Revenue performance was within the range of our guidance for the quarter. Compared to the third quarter of last year, revenue increased by 18%, driven mostly by sequential growth in clinical research revenue and offset by declines in our clinical services business. Our full year revenue grew to a record CAD 78.6 million, a 64% increase compared to CAD 47.8 million reported last fiscal year. This is primarily due to a full year of revenue contributions from all acquired and integrated lines of businesses, combined with organic growth. Q4 2022 revenues from each of Think's primary business lines were as follows: Our software and data solutions revenue grew by 22% to a record CAD 7.4 million compared to Q4 of 2021. Sachin mentioned a notable new SaaS contract that we announced subsequent to quarter end. We also have a growing pipeline of similar opportunities, we expect solid organic and mostly recurring revenue growth to continue in this line of business over the next several quarters. Our annual recurring revenue or ARR, was calculated at CAD 14.8 million at the end of Q4, and that is derived exclusively from our software and data solutions line of business. With the new CAD 8 million annual SaaS contract coming on stream in Q1 of 2023, we are forecasting material increase in ARR when we report our Q1 results. Clinical research revenue grew by 22% to a record CAD 11.3 million in Q4. We'd like to emphasize again, like we did in our Q3 conference call, that the major contract wins captured during 2022 have also provided visibility into higher revenue for clinical research in 2023. Clinical services revenue declined by 23% to CAD 3 million compared to Q4 last year, partially offsetting the stronger growth in our larger business lines. Sachin mentioned some operational changes to clinical services that we're making that will help this line of business to regain growth momentum, although it may take a couple quarters. Moving on to gross profit, that totaled CAD 10.2 million for Q4 and CAD 37.4 million for the full year 2022. Respectively, these represent increases of 11% and 53% over the comparable periods in 2021. The larger percentage of gross profit growth, difficult to say, for the full year stems from a full year of recognizing revenue from acquired businesses in 2022 compared to 2021, supplemented by organic growth. Now in general, our operations have generated gross margin of between 47% and 48% for the last several quarters, depending on revenue mix between the business lines. Full year gross margin for 2022 is 48%, a decline from 51% in fiscal 2021. The decline in gross margin reflects the change in revenue mix arising from various acquisitions completed in 2021 in general, and the biopharma clinical research operations in particular. We believe we can build on the gross margin level that Think achieved in Q4, thanks to the higher margin software and data services win we announced in Q1 of this year. Although it's a non-IFRS measure, we monitor adjusted EBITDA closely. I'm happy to report that adjusted EBITDA has improved by CAD 2.3 million sequentially to a record CAD 1.6 million, compared to a Q3 loss of CAD 700,000. Year-over-year, adjusted EBITDA in Q4 improved by CAD 1.8 million, compared to a loss of CAD 0.2 million in Q4 of 2021. For the full year 2022, adjusted EBITDA improved by CAD 5.6 million to a loss of CAD 1 million, compared to a CAD 6.6 million loss in fiscal year 2021. The overall improvement reflects the impact of reduced operating expenses and cost of sales achieved under our cost optimization program. For the full year 2022, adjusted EBITDA margin was -1.2% compared to -13.8% for the fiscal year 2021, with improvements attributable to realized cost synergies combined with revenue growth. Now let's take a look at expenses. The growth in general and administrative research and development and sales and marketing expenses for the full year 2022 reflects the impact of higher personnel costs as the company progressed through multiple acquisitions made throughout 2021. Total operating expenses excluding amortization, depreciation, and stock-based compensation, which are mostly non-cash, were CAD 38.3 million in fiscal year 2022, a 24% increase over the comparable expenses of CAD 31 million in the prior year. However, as a percentage of revenue, these operating expenses declined to 49% compared to 65% reported for 2021. Total operating expenses, again, excluding depreciation, amortization, and stock-based compensation for the fourth quarter totaled CAD 8.6 million, compared to CAD 9.3 million reported for the fourth quarter last year. For Q4 2022, these mostly cash expenses as a percentage of revenue was 40% compared to 49% reported for the fourth quarter of 2021. Think's cash on hand declined to CAD 3.4 million on December 31, 2022, compared to CAD 6.3 million at the end of 2021. Think made a number of changes during and subsequent to Q4 2022 to improve liquidity. We drew down an additional CAD 3 million of the CAD 25 million convertible debt facility with Beedie Capital in November. We completed a private placement of CAD 2.5 million worth of common shares at CAD 0.40 a share. You may recall that was a premium to the 20-day VWAP at the time. We also made an early repayment of CAD 1.5 million on our term loan to Scotiabank. At the end of Q1 2023, we extended the term of our debt to Scotiabank, which appears as approximately CAD 21.5 million of the CAD 25 million current liability on our year-end balance sheet, like, by another year. That means that we'll be reporting most of that debt as a long-term liability on future financial statements. With the changes in liquidity that I just mentioned and our expectations for positive adjusted EBITDA performance going forward, management does not currently see a need to raise additional liquidity in the near term. With that, I'll turn the call back to Sachin. Thank you, John. I just want to emphasize once more that our objective is to grow revenue with improving margins by becoming an increasingly essential solutions provider for healthcare clinicians everywhere so that they can deliver the best outcomes for patients. We've effectively optimized most of our operations to deliver on this objective with solid expense leverage going forward. With a major minimum 5-year SaaS contract signed subsequent to quarter end in our data and software line of business and very strong backlog in the clinical research business, we're gaining revenue momentum. Our sales pipelines and backlogs have never been stronger. We're very excited about the visibility that we have for fiscal 2023 and beyond. We're very encouraged that our strategies are paying off. I'd just like to remind investors of what we're focusing on and why we expect to gain more leverage in our model. First, we're adding more users to current licenses by promoting adoption and usage. There's a lot of room for us to increase users and usage of already deployed solutions. As we add more users, those solutions become more essential to those licensees, which gives us pricing power and creates switching barriers. Our new Digital Front Door solutions are solving current challenges for patient access to adequate health services, including primary care and emergency care for health networks and governments. Our learning management systems are being used to fill urgent knowledge and learning gaps through all lines of healthcare delivery, from hospitals to pharmacies, and to help standardize across delivery geographies for our clients. Our connectivity solutions are helping patients get better referrals and practitioners to better manage their practices. Finally, with a user base now exceeding 320,000 clinicians, we believe that direct user licensing could generate entirely new revenue streams. For example, we're now cross-promoting and cross-selling pharmacist education solutions directly to pharmacists that are on our Pharmapod incident management network. Our new product roadmap includes creating entry points so that third parties can leverage our platform to reach these 320,000 clinicians as well. Already, new clinical knowledge customers are paying Think for access to this platform, thereby creating new payment streams for existing technology. You should expect some forthcoming announcements that will really bring this aspect of what we're doing to life. We've also worked really hard over the past few quarters to digitize internal processes and workflows to improve our scalability and to maximize the expense leverage that John outlined in his remarks a few minutes ago. For example, this year we digitized patient onboarding for our clinical research business. This helps to both accelerate and improve the quality of studies. The impact of this should help increase gross margins as well, and also our capacity to onboard more projects. We're digitizing elements of our operations across all business lines, so you should see some announcements of major milestones in this area as well very soon. As we transform into a solutions-based organization focused on essential clinician data, we're excited with our annual growth rates and our path to sustainable profitability. Due to the nature of some of our lines of business, we expect some quarterly variances in performance because of the project work that will show up in our results as delays or accelerations in programs. We're extremely excited about the prospects of Think over the coming quarters as a persistently EBITDA positive high-growth company. This concludes our prepared remarks. I will ask the operator to please open the line for questions. Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you would like to ask a question, please press star followed by the number 1 on your telephone keypad. If your question has been answered and you would like to withdraw from the queue, please press star followed by the number 2. If you are using a speakerphone, please lift your handset before pressing any keys. One moment please for your first question. Your first question will come from Doug Taylor at Canaccord Genuity. Please go ahead. Thank you. Good morning, Sachin, John. The CAD 40 million agreement, 5-year agreement, that you signed a couple months back. If my memory serves, you were expecting a pretty quick ramp up to that sort of CAD 8 million run rate. Can you just provide an update on where you are with the rollout of that contract and how we should expect the cadence of that kind of Q1, Q2? Absolutely. Thanks, Doug, for the question. We do expect to see some of the implementation-related aspects of that contract to be in Q1, and we expect go live and full deployment to occur in the Q2 period. Frankly, for the size of agreement and the size of the engagement overall, this is a remarkably fast deployment for this particular jurisdiction. We will be clear as soon as the jurisdiction is ready as to who it is, and the detailed nature of the deployment, which we expect to be in relatively short order. John, do you have any more particular comments on revenue recognition there? Only that a number of our SaaS solutions were deployed partway through Q1, and so we'll see, you know, full quarter revenue in Q2 and beyond. Of course, the project-related professional services, you know, we got started in Q1, and we're looking forward to those really continuing for the full quarter starting in Q2. My understanding then would be based on what you said, the revenue may be at that sort of run rate in Q1, but the margins, given the mix of revenue between implementation and SaaS, should improve Q2 over Q1 and then hit sort of steady state thereon. Is that, is that a fair understanding? Sorry I wasn't clear. The SaaS-based revenue did not start at the beginning of January. It started later in the quarter, so we would not have had a full revenue run rate even in Q1. Right. Okay. Based on, you know, what you've said about organic growth and, you know, driven by that contract, but also, you know, some of the other opportunities you have ongoing here, and understanding there are some quarterly variations. You said you expect to be EBITDA positive going forward. Should we think of the Q4 numbers that you just put up as, you know, a baseline that you'll be building on top of? You know, could there be some variance around that number? Understanding you're not providing guidance on that number this year. Do you want me to take that one, Sajen? John, go for it. Yeah. It's gonna be lots of variability. You know, we do expect ups and downs as we build in general, you know, upwards. Because of the scale of some of the projects that we do, both in the software and data solutions business and in the clinical research business, there are milestones that, you know, can happen and miss and accelerate and so on. The scale of the projects is they're large relative to our business overall. Expect some bumps up and down. Maybe last question for me. You spoke to this large contract, you know, landmark agreement as kinda potentially being the first, given a pipeline of opportunities of similar size or scope. You know, maybe could I get you to just expand on that opportunity funnel, you know, what it looks like, you know, timing of potential announcements and, you know, any other color there I think would be helpful? Sure. No problem, Doug. The Digital Front Door solution, you may be familiar with this as I think a number of folks on the call are from Ontario. Health811 in the province of Ontario is an example of a Digital Front Door solution. Think is a key part of that particular deployment. The second announcement is also a Digital Front Door solution, also combining our LMS. Essentially what that means is it's a, it's a front door for all the residents of a particular jurisdiction to enter the healthcare system and then to get decanted or to get through in a rapid fashion to the appropriate healthcare service across that jurisdiction for their particular ailment or their particular concern. Right? It really does serve as a way to load balance residents across available health services, which is not something that jurisdictions do very well today. Frankly, with a shortage of doctors and nurses expected, frankly, across this, across this country and across other countries worldwide, given demographic changes that are expected over the next number of years, our Digital Front Door solution, we expect to become really quite essential to these jurisdictions. We're seeing that. Frankly, this is a solution that we had spent a significant R&D on over the course of the pandemic. You can imagine with under emergency circumstances, health systems were not doing systems transformations during COVID. With a return to normal, we are seeing, you know, quite significant demand for our Digital Front Door solution. We do expect, and we have, of course, jurisdictions that are in our pipeline, a number of jurisdictions, Canadian or otherwise, that are in our pipeline for that particular solution. They are hard. Some of them go to RFP, some of them don't. They are hard to pin down the timing for. As you can imagine, contracts of this size require a lot of discovery, a lot of back and forth. We're not giving particular guidance as to when you should expect those, but we are expecting other wins that are sizable in fiscal 2023. I hope that, I hope that gives you a sense of what we're working on. It does. Thank you. I'll pass the line. Your next question comes from Rob Goff at Echelon. Please go ahead. Thank you very much. Congratulations on the quarter. My first question would be perhaps, building on Doug's question. With respect to the CAD 8 million per year SaaS contract, do you see the PSF component on par with the SaaS run rate? Ahead of the SaaS hitting traction, would you see the PSF component being equivalent, albeit at lower margins? You're asking about the ratio, Rob, between the professional services and SaaS? To an extent, yes. We're just sort of looking at if we have a certain traction in Q2, which is SaaS. Would the Q1 PSF component be roughly on par with that Q2? Yeah. Thanks for the question. The answer is no. Their professional services tend to be large in the early stages of deployment and while they always continue, you can imagine something of this size for, you know, populations of 7 figures or larger, they are always tweaking the solutions. They're always adding new endpoints. There's stable long-term professional services revenue. However, that is a much smaller component compared to the SaaS-based revenue in these particular cases, right. I don't think we're providing yet the particular mix that you can expect that it is stable services revenue, but it's significantly smaller than the SaaS portion. Thank you. In terms of your pipeline, could you perhaps give additional color on the SaaS component? I noted in your MD&A you did talk about the international pipeline as well. Yes. Thanks. I would say, and I'm not gonna give a, you know, particular specifics here, 'cause these jurisdictions almost always are request extreme confidentiality until they are ready to announce go live to their residents, right? What I can say is there are multiple Canadian jurisdictions, and there are multiple international jurisdictions that are looking at Digital Front Door. On top of that, Digital Front Door is well-suited to certain types of private sector organizations that are not public in the event that they have a large population base that they themselves serve. There are some of those, smaller number, but some of those in our pipeline, and we do expect that private sector portion to grow. Just for clarity, this is not just our second contract. We have Ontario, we have what's called One Stop Talk, which is children and youth mental health Digital Front Door, also here in the province of Ontario, right? It's, think of Kids Help Phone on digital steroids, right? That is also live here in the province of Ontario as a second Digital Front Door. Of course we have this new jurisdiction, then we've got multiple in the pipeline. Thank you. Particular congratulations on the biopharma results, much greater than we had forecast. Was that something of an anomaly or, and we should be careful and temper our expectations going forward? Yeah. I'll give some comments, and I'll turn it over to John here. We've said now for a couple of quarters that our backlog is getting stronger and stronger and stronger, right? That is, that's true. Continues to be true as of this moment. Just in terms of the general cycle of the clinical research business, right, sponsors need to get their studies. They typically get very assertive and aggressive in the back half of the year to complete their studies before their fiscal year end, which is typically calendar year end, right? Again, there tends to be more study moves from in Q1 and Q2 than in Q3 and Q4, right? That's not to say we don't schedule. We schedule a full roster of studies, but we're at the, a little bit at the whim of our clients who tend to be more flexible in terms of moving their studies. That's often due to supply chain issues, regulatory approvals, so on and so forth, from Q1 and Q2 into Q3 and Q4. That is a normal cycle for the clinical research business, and we do expect to see a little bit of that. That being said, our overall backlog is just so much stronger than it was last year. We expect that to have a positive influence if you look at quarters year-over-year rather than sequentially. Maybe I'll give, turn it over to John to see if you got anything to add there? Yeah, I think you covered it well, Sachin. The only comment I would add is that there are some fixed cost elements in our cost of sales, in the clinical research operations, such that when we do have a big quarter, you know, that drives a higher growth margin and more profitability. Just wanted to point out that additional aspect. That's all. Thank you. That's great. Thank you, guys. Your next question will come from Jerome Dubreuil at Desjardins. Please go ahead. Hey, good morning. Thanks for taking my questions. Congrats on the big SaaS announcement there. First question is on your asset portfolio. Now that the pandemic recovery is mostly done and in pretty much all your business lines, is it a good time maybe to reassess the portfolio of operations that you have and maybe decide on maybe fewer areas of focus or are you happy with your operations at this time? Thanks, Jerome, for the question. Just as a, as a general statement of, we are always looking for ways to maximize shareholder value, and we're doing this on a, on a continuous basis. Of course, we focus on maximizing efficient and profitable organic growth. But this also includes examining both M&A in our key areas of focus and divestiture. Our, our management and board considers that on a continuous normal course basis. There's nothing specific I wanna say, but I will say we're always keeping shareholder value top of mind. Yep, fair enough. Thanks. Another one for me. In terms of your Digital Front Door product, in terms of maybe your international opportunity, you know, healthcare is famous for not always being easy to export, you know, different jurisdiction with different rules. What makes you confident that for that specific product, this is something that's relatively easy or not easy, but doable in terms of completing international expansion? Yeah. Thanks for that question, Jerome. Our Digital Front Door solution, what it does is it again, just a little bit of clarity there. It connects the residents of a jurisdiction or the customers of a particular private sector client to the services that they already have deployed across their region. That could be like, you know, primary care doctors, it could be specialists, it could be all sorts of other things, you know, mental health programs, it could be self-service options for patients and so on and so forth. Really what it serves as is a digital connector of residents to services, they're not our services, they're the services of that jurisdiction already, right? It also serves as a load balancer between, you know, particularly in periods of high demand, it helps load balance across the many services that a jurisdiction might have. By its very nature, it's neutral, right, to the actual circumstances of that jurisdiction. I can tell you know, for example, the two projects that we have here in Ontario that are live, they're remarkably different. You know, one is focused on children and youth mental health agencies, and there's, you know, there's a few dozen of those across the province of Ontario. The other one is focused on the many emergency and urgent care services that the whole province has, right? They're just remarkably different deployments of the same technology, right? The fact that we're a neutral layer and highly configurable to those jurisdictions, that's what gives us confidence that this is a good fit. Frankly, we look at the competition, and our solution is just, frankly, much more fully built out than those competitors. Our speed of deployment is pretty remarkable. That's... You know, those aspects give us some confidence that this will be a good fit in other jurisdictions. Yeah, that's good to hear. Thank you for the color. Last one for me. Now that your credit agreement is extended and you do sound like you have a bit more breathing room in terms of your balance sheet or liquidity at least, are there some areas that you wanted to invest in the past and maybe you somewhat paused during that time or some opportunity that you see that now you're in a better position to maybe capture these opportunities now that you have a bit more flexibility in terms of your financing? I mean, there's two aspects to that. Of course, there's organic growth, and we have, you know, we are always optimizing sales and marketing to maximize on potential pipeline. Of course, you know, a bit more flexibility there and long-term stability combined with positive EBITDA give us confidence to really strike out on the organic growth side. I think that's what you're hearing from us today. In terms of M&A, there are interesting opportunities especially in this market. Of course, we continue to examine small, smaller tuck-ins at this time. We have nothing specific to say on that. Great. Thanks for the color. Your next question is a follow-up from Rob Goff at Echelon. Please go ahead. Thank you very much. Preston, could you dive a little bit deeper into the clinics in terms of the staffing challenges and how that's come to be addressed? Thanks. Absolutely, Rob. As we've said previously, the demand for the particular services that we have is quite significant across the province of Ontario and frankly, even beyond. We get customers from quite a significant number of customers from Western Canada as well. So there's enough demand. We did, however, have a loss of a plastic surgeon in the middle of the year last year, so the middle to back half of last year. Also we had the loss of our lead conversion team or members of our lead conversion team, which affected us all the way through Q4. As a consequence, the demand can be there, but if we're not converting them, that's of course a challenge. In, at the end of Q4 and into the start of Q1, we fixed those operational challenges. We've got a really excellent, lead conversion team at this time. We do expect those revenues to recover, into Q2 and Q3 and beyond. Okay. Thank you. There are no other questions at this time. I will turn the conference back to Sachin Aggarwal for any closing remarks. All right. Thank you so much. Thanks to all of you for taking part and for keeping with us for such a long period of time. We genuinely appreciate it. At this, you know, at this point, I hope that we've really shown the benefits of all the cost synergies, cost synergy efforts that we undertook, in 2022. You can see we're getting some quite significant operating leverage, as a consequence, both from the synergies and from the organic growth that we've seen over that time period. You know, we're really excited about what is yet to come. With that, I appreciate you taking part today, and I wish you a good day. Ladies and gentlemen, this does conclude your conference call for this morning. We would like to thank you all for participating and ask you to please disconnect your lines.