Thank you for standing by. This is the conference operator. Welcome to the Tribe Property Technologies Q4 and full year 2022 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 for analysts to ask questions. To join the question queue, you may press * then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing * then 0. I would now like to turn the conference over to Shobana Williams, Vice President, Investor Relations. Please go ahead. Thank you. Good afternoon, everyone. Thank you for all joining us today. On our call today, we have Tribe CEO Joseph Nakhla and our CFO Jim Defer. Today, after market close, Tribe issued a news release announcing our financial results for our Q4 and year-end of 2022. This release is available on Tribe's website under the Investor tab and is filed on SEDAR profile. Before we begin, I would like to remind you that our discussion will include forward-looking statements that are based on management's current views and assumptions. That this discussion is qualified in its entirety by the cautionary note regarding forward-looking statements that is appended to our news release. Please review our press release and Tribe's reports filed on SEDAR for various factors that could cause actual results to differ materially from the projections. In addition, reconciliations between any non-IFRS measures to their closest reported IFRS measures are included in our earnings release to the Canadian Securities Administrators. Please note that all financial information is provided in Canadian dollars unless otherwise noted. Following prepared remarks by Joseph and Jim, we will conduct a Q&A session during which questions will be taken from analysts. With that, I would like to turn the call over to Jim, who will review our Q4 and year-end financial results. Jim, please go ahead. Thank you, Shobana, and good afternoon, everyone. Despite the market challenges, Tribe once again delivered strong financial performance in the Q4 and in fiscal 2022. We delivered a strong comparative quarter revenue growth. Q4 2022 revenue was a record CAD 4.75 million, an increase of 18.8% compared to the CAD 3.99 million reported in Q4 of 2021. Gross margin for Q4 was CAD 1.81 million, or 38%, compared to CAD 1.76 million, sorry, or 44.2% in the Q4 of 2021. Adjusted EBITDA for Q4 was an outflow of CAD 2.09 million compared to an outflow of CAD 1.53 million in the Q4 of 2021. In terms of fiscal 2022 highlights, annual revenue was a record CAD 17.81 million, an increase of 13% compared to the CAD 15.83 million for the year ended December 31st, 2021. Gross profit in 2022 was CAD 6.93 million, 38.9%, a decrease from CAD 7.51 million, 47.4% in 2021. The decrease in gross profit was a result of the addition of service delivery personnel in advance of new property management contracts that were delayed due to supply chain issues of our customers and the inefficiencies associated with the transition of acquisitions. Adjusted EBITDA is a measure we feel more accurately reflects the company's cash flows. For the year, it was an outflow of CAD 8.18 million, compared with an outflow of CAD 4.16 million in 2021. The company has increased costs associated with being a public company and continues to invest in building out its technology platforms and its people to better prepare for anticipated organic and acquired growth. Please refer to the company's discussion of operations in its MD&A filed on SEDAR in our press release of today for further details on how we calculate adjusted EBITDA. Q4 business highlights are as follows. In Q4, we launched our digital marketplace, Tribe Home Market, for our communities, which is accessible through our proprietary platform, Tribe Home. Our digital marketplace leverages group buying power to provide deals on services and products such as insurance and groceries, curated for geography and building type. During Q4, we also partnered with EnerSavings Solutions Inc. To offer custom energy saving solutions such as EV charging stations, HVAC solutions, and LED lighting to our buildings across the country. Just after the quarter ended, we completed the acquisition of a portfolio of strata property management assets from PCI Warranties and Management in British Columbia on January 5, 2023. This acquisition further strengthens Tribe's property management services across the greater Vancouver region of British Columbia. We also in Q4 announced the nationwide deployment of a product VendorPM to support Tribe managed communities across Canada. As Tribe continues to digitize property management services across the country. Finally, in the quarter, we were recognized and awarded as one of the fastest-growing technology companies in Canada and in North America as measured by the 2022 Deloitte Technology Fast 50 and the 2022 Deloitte Technology Fast 500 programs. As of today, we have 21,207,516 common shares outstanding. Please refer to our updated corporate presentation on our website for further details regarding our capitalization. Joseph, I'd like to now pass this call over to you. Thank you, Jim. Good afternoon, everyone, or good evening. We've had a great year, and I'm happy to walk you through some of the key areas and key achievements our staff and our team have been able to accomplish in 2022. I'll quickly start by reminding some of you who are new to our company what it is that we really do. We are a one-stop shop alternative to traditional property management. Essentially any residential community in Canada now, regardless of the footprint size and presence, whether it's a rental community and/or a condo corporation or strata, as we call it in Western Canada, can choose to have a traditional property management company manage its affairs or it can choose our company that has a tech-backed services solution. We digitize the community. We look at every single 1 of the thousands of affairs of the corporation or the building and actually ensure that our technology does the heavy lifting, supporting our wonderful staff that is doing the work required to ensure that these communities are taken care of. This includes tools and technologies associated with a homeowner accessibility to their new condo or information about it, manuals or deficiencies and warranty items as well as things such as digital transactions with any of our partners that we bring in for people to purchase products and services associated with their home or their living needs. This also includes the full community digitized, whereby through your phone you can book and manage and get access to documentation, participate in the democracy that is required for this community to be managed by way of voting and polling. We also have an AI platform that allows us to benchmark the performance of each one of those communities based on every single one of their spending line items to see how they're doing compared to other communities similar to them. Overall, we are a licensed property management company across the nation for both rental communities and condo corporations and strata communities, whereby we ensure that these communities with the CAD hundreds of millions of dollars spent annually are on the right side of the Real Estate Act. Quick highlight of Q4. As indicated by Jim, we did hit a new record quarterly revenue for ourselves here at CAD 4.8 million. I'll be breaking down how we make our money, essentially the revenue streams. We're continuing to see very, very big revenue growth. It was 502% that allowed us to exist as a top 50 company in Canada. This is over 3 years, 2018 to 2021. We expanded our M&A funnel. 1 way of our growth, which I'll be breaking down here, is obviously M&A. We are very active. We've done 3 transactions last year. Until end of the year, Q4 was a very busy time for us. We continue to look for property management, traditional property management companies that are healthy, that are accretive to our model. We not only make the acquisition, but we integrate them into our services. We put all of our software and solutions in there, and then we improve the gross margin by way of applying a lot of the things that we've learned from the 11 transactions that we've done to date. We continue to grow our partnerships. Partnerships is our way of bringing in great best-in-class service providers. Some are digital, some are actual physical service providers that leverage the group buying power of our footprint that's currently national with a significant number of residents living in our communities. The growth highlights are obviously our revenue line item, 11 acquisitions to date. In 2022, we did secure 80 management agreements. This would be agreements with either brand new communities or existing communities. And then we also have 22 construction projects that are fully using our Tribe Home Pro. This would be developers that are actually in a project that are using all of our solutions to ensure a completion, using our technology for all their efficiency management and QA for all the different crews that they're working with right through to completion, whereby they hand over the application to the homeowner and manage the full handover inclusive of walkthroughs, warranty items, digital manuals and so on and so forth. Booking the elevator in terms of when the move-in date is. 11 new property developers relationships. This basically means not only did we secure a lot of projects, but these are 11 brand new real estate developers that we did not work with before prior to 2022. These deals or agreements that we do with these developers don't tend to be for 1 project. They tend to be for multiple projects over the next 4 to 5 years. We've also added 18 partners. These are digital partners to be added to our platform, which is Tribe Home, which is the marketplace essentially that we've built that allows every one of our homeowners, based on the geography, to identify local partners of ours that can give them a special deal that leverages the group buying power, where people can actually directly transact with those service providers on our platform. New addressable markets. A new study just came out that updated our previously set of data that was from 2018. I had been telling any of you that would listen that the addressable market I believed was between CAD 100 billion-CAD 110 billion. Well, I'm glad to have been proven right. This is purely on the condo and the rental side. It's CAD 110 billion of property management services in the market in Canada and the US. The key there is to remove the actual real estate transaction, the real estate sale from that number. Actually that number does not include that. Does not include transactions, real estate transactions. It also does not include any work a homeowner does in the 4 walls of their condo or a landlord does in the 4 walls in their unit. This is just really the property management annual spend in North America. It's a tremendous number. This obviously represents approximately, just on the condo alone, 358,000 communities, with residents of 75 million, just on the HOA and condos. On the rental side is an additional 100 million Canadians and Americans that live in rental communities that require management of some sort. Some are self-managed, and some are obviously institutionally managed. The number continues to grow in terms of the what we call assessment, which is with the dollar amounts that are being spent annually. You'll see a smaller number of CAD 2.9 billion of property management software market growth. The reason I bring that up is because we are really at the early stages of our industry to actually take on technology. We see that in many of the acquisitions and the companies that we partner with are just still seeking some, somewhat, many would argue, early stages of digital or digitization of the industry. The opportunity still continues to be greenfield in front of us. We make money through different multiple revenue streams. We categorize them in 3 different areas. 1 is our software and service recurring revenue. This is our sticky revenue. We call that the MRR business. The monthly recurring revenue is essentially us giving our communities a flat rate per home in terms of CAD per month, what we charge, and that includes all of our software platforms. The 2nd bucket is our transactional revenue. This is once we are managing a community, the homeowners and the community councils are, i.e., the HOAs or the condo corporation interfaces with our platform and requires to do different things. Those transactions, think of them as in-app transactions, really are separated from the monthly recurring revenue. Those transactions, there's literally hundreds of them, can vary depending on the time of the market, the busyness of the market in terms of the real estate, how active it is. For example, if you need to sell your condo, you need to interface with our platform, download historical data and get some forms. If the real estate transactions are slowing down or have slowed down as we've seen in the last 2 quarters in the market, then, you know, we'll have less transactions there. However, when there's rental activities and we, you know, a landlord is using our platform to help them find a tenant, we make a percentage, and we do have fees associated with activity of bringing in a new tenant in there. Really, the market varies slightly slight seasonality that exists in those markets based on the activities in the city. The 3rd bucket, which is our youngest, yet, arguably most exciting bucket, by way of gross margin, is our ability to allow our homeowners or, and our buildings that we manage to interface directly with service providers that are selling a really interesting product and services directly and actually transact directly with them on the platform. We disclose and we generate revenue. The revenue profile there varies. Sometimes it's transactional, so we'll make a percentage of the transaction. Again, we'll disclose to the homeowner. Sometimes it's recurring. Sometimes it's a loss leader, meaning it's a small revenue stream for us. However, we do think it's a really great value for our homeowners and the buildings that we manage. Summarizing where we are in terms of our revenue, as indicated earlier, and you'll see in our press release, you'll see that we've achieved CAD 17.8 million in revenue this year, which is again, a record for our organization. On the right-hand side, you'll see an important graph and an important KPI that we manage, which is how much revenue we generate per building or per customer of ours. You'll see in the last quarter, we were able to pull up our revenue per customer. That's very traditional for us. You'll see, first of all, it's a record for us. We've never been there. More importantly, you'll see it's also a bit of a lift from the quarter before. The function there is essentially is that when we make acquisitions, we often purchase Contracts that are generating less revenue per customer than we originally have. There's multitudes of reasons behind that. However, once we take on these relationships and we actually deploy our technology, illustrate what I would argue is the much higher touch and a greater level of service, the resulting opportunity there allows us to generate more revenue per customer. In addition, we do not win business on price. We do not attempt to be the lower cost option in the market. Despite what a lot of people think of that strategy, it has served us well, and you'll see our Q4 numbers in terms of lead generation and revenue. It's simply because we do not feel that there's a need from a price elasticity to be at a low price, whereby we cannot resource a community properly and manage and service it properly. Most people do not know that less than 10% of your maintenance fees when you live in a condo corporation tend to go towards the property management contract. What that really means is 90% of your maintenance fees need to be managed and handled properly. You know, if you can go and get the lowest service provider at a much lower price perhaps than Tribe, but they really don't do a great job with the 90% of the monthly budget, then that's a problem. There's lack of transparency and issues associated with that. This is one of the main reasons why I've been harping from day 1 that I do believe service will prevail here. The quality of service, transparency, digitization, the ability for people to get answers to their questions with accessibility to a lot of data and information at their fingertips through our application is gonna be the winner in this space, and the data proves that. From an M&A point of view, we continue to be very, very active. Again, we only announce deals that are closed. We do not announce MOUs or LOIs or activities in that, in that space. We are very active. You know, it's no surprise that a lot of our activities in that space are around traditional property management companies that we look to acquire. We put our enhanced, hardened IT infrastructure in there. We digitize all the service delivery and the assets and the building. We improve the profit margins by way of, you know, ensuring that the service delivery is at a high level, but also, there's a larger, number of portfolios that can be managed through our accounting system. Then obviously we rebrand if this is a new market for us. We rebrand the existing company that we purchased. If it's a new market for us geographically, we actually go from essentially ensuring that that brand is known to essentially go on the offense in terms of letting everybody in that market know that there's a new provider here that just acquired an existing company. We have a longer list of services that we can offer, and we start generating leads in that market and start winning market share there. We wake up every morning thinking of 2 main things. Both are associated in terms from a growth point of view. Obviously, taking care of our customers and ensuring we deliver wonderful service for them. That's proven by our very small number of monthly and annual churn. In terms of growth, we really wanna increase the number of homes that are leveraging our technology and service, and we wanna add more and more of the ability for people to transact with us and actually be able to purchase different products and services that are actually available on our platform. That function really works this way. I spoke about from an M&A point of view, our activities there. This is the numbers for our Q4 in terms of our ability to generate leads. We continue to increase the number of leads. You'll see here our national campaigns are yielding us a large number of leads, with a very, very active 440 leads that we have in leads with via community seeking our service. We've never ever, I'm so proud to say, we've never come close to hitting a win percentage of 50%, which means 50% of when we actually offer a proposal to manage a community, we actually are winning that business. This is, you know, traditionally was between 25%-30%, and I was incredibly proud of that because again, we are never in a deal due to price. The fact that we were actually able to improve that number to 50% in Q4 is just a massive kudos to our team and our reputation in the market. You also see our cost per lead continues to come down. Again, a lead is a community that comes to us and it allows us to qualify the community based on footprint, size, and it's monthly and annual spend. In overall summary, again, a lot of traditional property management companies will operate based on the model that you're seeing on the left-hand side. There's slight differences between East and West in Canada. However, the blended average is pretty similar. You'll see that traditionally they generate about CAD 20 per month plus CAD 2 operational transaction. Operational transaction is essentially what I referenced earlier of in-app transactions. Once we are managing the building, the way people interface directly with our platform for case of selling or wanting to rent their location or receiving forms or filling out specific documentation, there's a long list of 10's of items that we generate revenue from transactionally. Here's our numbers for 2022. You'll see that we have we on average CAD 31 per home and CAD 4 operational transaction and digital partnerships revenue. The table there speaks to in black the actual numbers that actually we generated, CAD 31 per home a month and CAD 4 a push on transaction. In gray is examples of products and services that we are bringing on board that actually illustrate how we can continue to add more revenue per home depending on our digital marketplace success. Which is a good segue into some of the activities. Again, I will have shared with you, and you'll have seen a press release speaking to the fact that we deployed a marketplace for our Tribe-enabled buildings. Essentially, that is a marketplace that is very focused on hyperlocal or in some cases, national service providers, whereby you as a homeowner are qualified to interface to leverage a special offer available to you. We continue to invest into that platform, and we launched essentially a 2.0 version of it. We went from pilot to a real full system. That engine that we pushed out in Q3 last year has been up and running now. It's being pushed in all of our communities, and we're starting to do more aggressive, essentially knowledge, and awareness programs in our buildings. What's best about or what's best known about our platform now is the fact that it is smart enough to recognize that you may have pets or you have kids or where your geography is or whether you qualify for some of the offers based on the area that you're in, if you're a rental building versus a condo building. That was the big investment was made. I would say I highlight that as the biggest investment was made in 2022. Here's some examples in Q4 of the partners that we brought on board. For those that have been following us, you'll see that we've added, continue to give an update on a, on a, what I believe is a, is a wonderful partnership and a wonderful way of illustrating the power of our marketplace. Again, 60% of condos in Canada are not insured or under-insured. I'm talking, referencing specifically the home itself, not necessarily the building. All buildings are insured. I'm talking specifically the condo insurance for the home itself. You'll see here there is a partnership we've got with APOLLO, which is 1 of 3 different insurance providers that we work with, whereby APOLLO allows people to purchase directly condo insurance from our platform by us passing on, with your permission as a homeowner, some information to allow them to give the homeowner a policy pricing and a quote. We again had 47% conversion rate. It's a tremendous number and illustrates the power of this. You also see that we've done an interesting partnership with EnerSavings. It's our 1 st step and foray into really building a group of services and products for our homeowners and in many cases our building to lower the carbon footprint in terms of energy spend. We've got quite a bit of interest from our communities. It's a bit of a longer deployment simply because for the sake of something as basic as LED conversions in a community, once they sign up, it takes time for, of course, to replace all the LED systems or replace all the lighting systems in the common areas with LED and then obviously start generating revenue share with the building based on the savings there. We've got quite a bit of interest in many of our products. We've already signed some deals with a number of our buildings with some of these products and services. You'll see us be very, very active in this. You'll also see us be very active in areas like the EV charging, which is a massive problem in Western Canada right now, that actually has some elegant solutions that we've identified, that we're working on from an engineering point of view. You'll see a lot more activities of this in 2023. As mentioned earlier, our cap table has not changed really much in 2022. The biggest activities obviously was the large raise that we did early in January of 2022. Still very strong institutional and insider ownership of our organization. We continue through the tough markets that we're in right now, we continue to identify areas to get our name and our story out in front of more and more retail buying. Overall, maybe I'll end on a couple of different thoughts. You know, from our M&A funnel, we are seeking more and more transformational types of transactions, and we're seeing quite a bit of appetite in the market for those types of transactions. I will say geographically look for us to be more active in the Ontario market. We really like the GTA market, and we think we're underrepresented there. The data shows the interest of communities in that market, of a product and set similar to ours. We have a large number of developers in the GTA, in the Greater Toronto market, whereby we think we have an opportunity to go out there and provide them with management services as well. Look for us to be active in that market there. 2023 identify it as the year of efficiencies. We love our footprint. We love the engine that's operating right now, both on the M&A side and on the organic growth side. We also see tremendous opportunities for efficiencies to further strengthen our the company from a profitability point of view. That was always the plan, is to essentially strengthen our footprint nationally and ensure that everybody that needs a service like ours in Canada and beyond can get their hand on our full stack of services. Now we gotta take advantage of our size to drive those efficiencies. Finally, from an industry outlook, I had spent quite a bit of time in our Q3 and Q2 calls explaining some of the challenges a lot of the developers were facing. I'm talking specifically about brand new construction buildings that are completing that we already have contracted. We did not drive, only drove maybe some software licensing revenue from it, but we did not realize full monthly recurring revenues due to the fact that they weren't completed on time or were significantly delayed. That trend continues and continued in Q4, and it started to ease up right before Christmas, which was very untimely, as you can imagine, for anybody to be moving into a brand new condo, considering the logistics and the difficulties of getting things done around that time of the year. I'm pleased to say Q1 and Q2 have been incredibly great. We have a large number of new communities that are closing as we speak, and our hands are full, and that will push right through Q3 and Q4 of this year. We will have a record of brand new construction buildings completing and being added to our platforms and our service in 2023. We're very pleased with that. The real estate transactions market itself, which does not affect us directly other than the transactions associated with people exchanging hands or condos being passed on through our resale market, continues to be a touch soft. You know, everybody on the call will probably be very aware of the interest rates activities that are occurring. I would say that what we're seeing from a condo, a brand new construction point of view, is we're seeing slight slowdown in initial ground break breakthrough. We're seeing some of the developers maybe, you know, waiting a quarter or 2 before they break ground and start incurring the interest on the construction. But the ones that already broke ground, and that would be the overwhelming majority of projects in Canada, are just moving forward with incredible speed. We don't really foresee the effect of that to occur for another 2 to 3 years. I will argue that by the end of this year, by the end of 2023, you'll see those interest rates, and construction loans come more than line to allow a lot of these new construction projects to move on. On the rental side, we're seeing significant movement of counties, cities and governments and provinces approving brand new rental purpose buildings coming into the market to solve some of the housing problems that we're all familiar with. We're getting a ton of interactions with a lot of the institutional landlords that we work with to ensure that we put those budgeted properly and give them, using our data stack, information about what these need to be like 1 bedrooms, 2 bedrooms, 3 bedrooms, whatever the market that they're building in requires. We're seeing quite a bit of activities in there, and I do not see that slowing down at all. If anything, I actually anticipate a really interesting trend that will become more mainstream in terms of telling the story of commercial real estate being converted to residential real estate. It's a loaded thought, but it is something that is being discussed heavily with a lot of commercial retail real estate not being used fully, as you can imagine, due to what we've all learned, post-pandemic and hybrid work models, and that being space that could be potentially used in many cases to solve some of the residential living issues that we've got. The space is incredibly healthy. The company is very healthy. I'm incredibly proud and thankful for all the support we get from our, you know, big shareholders as well as our staff and our executive management team that have done an incredible job navigating the company through not only a pandemic, but also some difficult times with significant number of acquisitions that we've made in the past couple of years. With that being said, I will open it up for any questions. We will now begin the analyst question and answer session. To join the question queue, you may press *, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press * then 2. The 1st question comes from Frédéric Blondeau from Laurentian Bank Securities. Please go ahead. Thank you, and good afternoon. Just in terms of M&A opportunities, Joseph, it looks like you remain active in 2023. How would you currently qualify the appetite from potential vendors to actually transact, and I guess the appetite from these vendors for Tribe's paper? How would you qualify it today, and how does it compare to 2022 or 2021? Yeah, that's a great question. Thanks for that, Fred. I would categorize the appetite is there. The reputation of Tribe, especially when we do transact or at least approach somebody in a market we exist in, is very strong simply because they can see it and it's inevitable that we're our market share in their backyard is essentially continue to grow. That has really helped. I will be honest and direct and say that, in terms of our appetite, I'm talking Tribe's appetite to actually give Tribe paper varies depending on the opportunity. I'll be very specific here. The profile of the entrepreneur is very important for us. If we're looking to go into a market whereby we think it's a tremendous acqui-hire opportunity, we really like the company, we like the DNA, we also like the DNA of the entrepreneur that we're looking to bring on board, we will be willing and wanting to give what we think is an incredibly undervalued paper of the company to that person simply because we can see a direct linear line between improving the company's financials as well that will also be reflected in our stock price. And in some cases, the profile of the seller may not be there. It could be age, it could be desire, and we will structure the deal there. But I will remind everyone that we have 3 currencies. We, you know, we obviously have cash, we have stock, but we also have the currency of senior debt. Despite the interest rates and where they are, we're very fortunate due to our track record to have attracted interest from the, you know, the senior banks to look at our deals and be shoulder to shoulder with us in terms of making some senior debt available to us if needed. We haven't needed it yet, but it's nice to know that it's available for us as we go. Mm-hmm. No, that's totally fair. And then moving on to operations and more specific in terms of the cost structure and ultimately the margins, I guess. What should we be expecting for 2023? Improvements. Q4 was a good step forward towards bringing our gross margins where we would like it to be, which is north of the 40%. We think we can hit the 40, even mid-40s with our gross margin. You will see more aggressive movement towards creating efficiencies with all of our operating businesses. We, you know, we don't bore the street too much with some of the activities that are occurring. We're working on 2 major projects of centralizing all of our accounting service delivery on 1 software platform that would make us the perhaps the only 2nd national player in the country that will be able to generate financial statements for all of our communities and out of 1 central place, which will generate significant efficiencies for the organization. There's also multiple areas of where we're starting to see improvements. You'll hear more about that in the next while here as we go. It's not gone missing on us that this is, as I mentioned in my earlier remarks, this is the year for us to improve our profitability profile. Mm-hmm. No, that's, that makes sense. And then last 1 from me, if I may, Joseph. Just looking at the condo and multifamily development, sector, and you mentioned, it looks like you're pretty confident on the completions, but how about development starts? What's the dynamic today? you know, what, you know, how should we be viewing the starts in 2023? I think 2023, you'll see a slower start profile than we did in the first 6 months of 2022. It's not a surprise and makes sense that, you know, the well-funded developers who, you know, really strong balance sheet, massive track record, and, you know, in some cases have sold, pre-sold a lot of their, you know, inventory are gonna move ahead and continue. They're not gonna be affected. The large, very strong REITs that are, you know, starting new projects are gonna be fine. Those are not gonna be slowed down. I think it's the smaller profile developers that are, you know, may have had a much higher cost associated per square foot in terms of land costs, don't wanna go to the market now and test it to see what their, you know, pre-sales will look like. Those are slowing down. You know, thankfully, we have 100 plus relationships with developers that we work with across the country. So, you know, we have, you know, all the above, different versions of it. What I described, I would say from my point of view, probably will be the trend you're gonna see in 2023. Do you see any risk to Tribe for the H2 of the year in terms of, I guess, in terms of organic growth for you guys or that will be compensated by other segments of your business? Yeah, no, I honestly do not see any concerns from a market cycle, real estate market cycle at all about our business for the next, like, 5 years. I just don't see anything. It's, you know, I still go to sleep with my biggest challenge being, you know, recruiting great property managers. If anything, regulation is illustrating that licensed property managers are more and more needed. As we stand, Ontario is operating, I don't wanna scare anybody, but it's operating with shortage of approximately 1,000 licensed property managers, and BC is operating between 350 to 400 short. So, you know, add the fact that, you know, it's all pointing towards, you know, buildings, communities need tech-backed services whereby they can start doing more and more for themselves instead of everything being, you know, human driven. That is all is really why you saw in Q4 a massive inflection and increase in our closing of deals. You'll see that will continue in 2023. Really, I don't see any concerns at all of our business from, it's a cash business, it's steady business, it's always needed, and you'll see us just accelerate on many activities. That's great. Thank you so much. That's it for me. The next question comes from Kiran Sritharan from Eight Capital. Please go ahead. Hey guys, congratulations on that quarter. Now to start here, I'd like to unpack some of your comments there. Looking at cost optimization for the year, where do you see the most leverage? Also, I guess dovetailing this, like how's the headroom with the current property managers and sales staff, and any broader commentary on hiring plans would be appreciated. Yeah, no, thank you for that. That's great. So one of the specific unique thing you're referencing Kiran obviously, is that we're a slightly unique company in that we put a lot of what a lot of companies treat as G&A. We put that a lot of those items, including our compliance, licensed people and the property accountants and digital services, all of that we put in our cost of goods. Point well taken when you say, you know, how are you gonna impact that? The way we see it, and it's already happening in end of Q1, we started to start a lot of these initiatives. You know, we needed to invest on a couple of fronts. 1 is, you know, when you're a national player, you have to have national compliance. You have to have licensed people that can operate in multiple provinces and guide our younger staff that's coming through, that's doing the management services for us across, you know, the different provinces and the different requirements that's needed there. That infrastructure investment needed to be backfilled with business. You know, 2022 was the year where we, you know, went out, extended our fishing net essentially into all those markets. Now the business in those markets is starting to come in to help us lower our cost of goods there. I was talking earlier about creating 1 centralized accounting service delivery model for us, which is very, very unique and very difficult to do. We've made that massive, both financial investments in terms of software engineering and professional services to integrate these with our platforms themselves. For example, when a building is operating and we generate financial statements for them, these financial statements and all their financial affairs are occurring through or are being managed through third-party software accounting systems. Every time we make an acquisition, you know, these companies tend to be doing that either in spreadsheets and/or a different or in some cases maybe an older version of a software platform. We're taking all the acquisitions we've made, all the buildings that we have on our platforms, and actually centralizing them on 1 platform of accounting systems, interfaces, and integrated directly with our platform that the homeowners and the building managers interface with. That is a massive undertaking. We're weeks away from seeing the results of that. What that will yield us is really efficiency creation across all of our platforms in terms of our staffing, in terms of even the digital services that we incur every month. Like imagine taking all your digital transactions from a building and putting them on different systems. Whereas right now we can digitize it all and can actually even allow AI to run, you know, right through all of your payables and receivables and actually have them all automated in terms of going into your platform. We still need, you know, human intervention obviously, but you can do more with less. That's important for us because the goal for us isn't just to. We're not all about cuts or laying off people. Really, the key for us is we wanna actually be able to take on a lot of the business that wants to come to us without having to make higher percentage hiring to bring these buildings on board. Appreciate the color there, Joseph. Moving on, trying to unpack some of the M&A commentary. We have seen consolidation and investment activity by peers in your focus markets. Can you comment on some of the valuations you're seeing in the broader market and also how the competitive dynamics are evolving? For sure. We have seen some bigger transactions that occurred in the Ontario market, FirstService, the one that's most known publicly is FirstService acquisition of Crossbridge, which was a Brookfield Asset Management asset. There is no public disclosure of the considerations for that deal. You know, we have everybody has their own theory, but it certainly would be inappropriate for me to comment on it here. I will tell you from our view, we continue to buy in the profile that we really, really like, especially with entrepreneurs that we wanna ensure that are working with us post-close and allowing them to become a pillar of our organization growing in the markets we're in. We've seen as little as, you know, the, you know, the traditional 0.5, 0.6 and as much as the 1.2x revenue in the traditional space, depending on where you are and what you are in the market and your profitability profile as well. It's a wide net, still reasonable based on your ability or our ability in this case, Tribe's ability to look at a deal early and identify the efficiency opportunities in it. It's not a perfect science yet in the industry simply because we seem to be the most active players in the space. Because of our profile and in terms of now we've created a history of being able to not only purchase these companies but really take good care of the employees and the customers. We seem to be at the table often alone, and that's simply because the entrepreneur and or the seller often is thinking, you know, okay, so I may get a little bit more elsewhere, but, you know, it's the company that's gonna really take care of the customers that I've had for years and take care of my employees. That's awesome. Thanks, Joseph. 1 last question here, and it's more on your product suite outside of Tribe Home. I'm just curious about what the feedback has been so far on the marketplace launch and now that it's across all your customers. Also, how do our efficiency tools tracking there, especially with the recent developments with Tarion and Analytics. Thanks. Yeah, no, that's a great question. Our digital services continues to grow. We've been very active, and again, you know, there's a lot of activities in that space so we don't tend to put press releases about every single one of those partnerships. I think I'll state high level and speak broadly. I think you're gonna see us be very active in allowing our communities to leverage the significant, you know, tens, if not a lot, more like hundreds of millions of CAD that the, that the operating capital that we manage. We're working on a really cool product that allows, you know, when you're a small organization or small corporation and you've got an annual budget of, you know, $600,000, $500,000, you know, you can't really go out there and negotiate with financial institution, you know, a great rate and/or, you know, ability to even generate improvements on that. With an organization like us with a national footprint and managing, you know, for the sake of this conversation, CAD 150 million-CAD 200 million of annual operating capital on behalf of these communities, we can really negotiate great products. We're making some progress and we'll be making some moves in that space that will be significant both for our communities and also for our bottom line. The adoption of many of our products, as I mentioned earlier, like insurance product, has been great. A lot of our infrastructure partnerships have been adopted by buildings that are just not up and running yet, but a lot of the developers and/or strata councils have made commitments to purchase these products and services and add them into their community. That revenue will start showing when these buildings are fully outfitted and or up and running. That's been really active for us. Forgive me, Kieran, what was the second part of your question? Just curious with the efficiency tools and Tarion and how that exacts things? Yeah, thank you. Actually, we are having in 2023, our best year in terms of developers adopting our efficiency tools. We had put a press release earlier, you know, the efficiency tools that we've got for those that are not as clear and aware of what that product does, is developers digitize the whole community before it's built, and they use our platform as the building is going through different phases to manage all of the efficiencies right through to completion when they're doing the walk-through with the homeowner to identify warranty items. It's been one of our pillars, strength as a company, it's been a product that we've deployed with 10's of thousands of communities of homes across Canada. 2023 so far has been our best year yet in terms of adoption of that. We had announced a full integration with Tarion, which is a fancy way of saying Tarion is obviously Ontario's largest warranty oversight company for any brand-new construction that's occurring. If you bought a condo in Ontario, you know, Tarion is essentially your consumer protection engine. We are fully integrated with them. Developers that use our platform don't need to run in parallel all of the efficiency management through the different systems. It's just entering into our system, and it automatically manages right across the different platforms. It just makes life so much easier for the homeowners and the developers, which has yielded us new relationships with developers in Ontario that we did not have before. Thanks, Joseph. Once again, if you have a question, please press Star then 1. The next question comes from Suthan Sukumar from Stifel. Please go ahead. Good afternoon, gents. Thanks for taking my questions. wanted to touch on organic growth first. you know, I think it was impressive to hear that your win rates have almost doubled since the last update. When you think about your organic growth, when you think about the organic growth that you expect to see this year, how much of that do you expect to be driven, you know, by continued organic community wins versus new builds coming online? I'm just kinda curious, is that strength gonna be skewed over to the organic community side, just given the momentum that you're seeing there, or is it different? That's a great question, Suthan. I had mentioned earlier, and it sounds like you reflected on that comment where I said I think we're gonna be very, very busy in delivering brand-new communities this year. We're anticipating by the end of Q4 of this year to deliver almost 23 new communities that are brand-new construction. I would venture to say that we're gonna probably be in the neighborhood of about 50/50 in terms of number of communities. We tend to generate more revenue per home in new communities just because they're adopting all of our digital services earlier because, you know, you move in, everything is digitized versus an existing community that's coming from a traditional company where they're not accustomed to having an app, and then the adoption rate is slightly slower. I would say revenue-wise, I wouldn't be surprised if it's in the 60/40 coming in favor of brand new construction. Overall, I think we may be in the number of communities will be in that 50/50 range. I don't know you're aware of that, but just to clear it to everybody else, that's outside of any M&A activity. Gotcha. Okay, great. Perfect. Then you know, in the commentary, you talked about, you know, this year being a focus on efficiencies, but Tribe is still an early-stage growth firm. Can you speak a little bit about, you know, what your priorities are for investment going forward? You know, kinda curious to see, you know, how that's changed and how are you thinking now about a timeline to breakeven? Yeah. I mean, it's not a surprise to all of our audience here and anybody in the market that, you know, while growth is always appreciated, and of course, we built this company because we believe we see a direct path to being, you know, I mean, we're ready in terms of footprint, and, you know, we're only 1 of 3 national players now. In terms of size, we're, you know, we're in the top 7, top 8. We also see a direct path to being in that top 2 or 3, in terms of our operations in Canada alone without us making moves in the U.S., although we do have interest in and significant, in identifying significant opportunities there. To go back to your point, we don't necessarily wanna take our foot off the gas in terms of the growth strategy. If anything happened in the last couple of years, as I mentioned earlier, is we've set our footprint to be a national player. We want everybody in the big massive markets in Canada to know that Tribe full stack, Tribe all of our technology, whether you're a developer, whether you're an institutional rental landlord, or whether you're a community that's smaller, that's looking for a good management solution, we are there for you in those big markets. We had to build that infrastructure there, and that was not cheap. What we've done since existing in those markets is actually now we're going on the, I call it the offense of going out there and actually letting, you know, letting our reputation, letting our results and letting our digital solutions speak for themselves to attract a lot of leads for us. We will continue to grow in those markets on the organic side. We're very active. We've never been more active with brand-new construction, as mentioned earlier. We'll continue to be doing that. On the M&A side, we're very selective in which markets we wanna go in. I mean, we have strong presence in British Columbia now, and we're not taking our foot off the gas of opportunities here, but we're certainly really focused on improving our presence in the Ontario area, specifically in the GTA area. You'll see us active there. We're not taking our foot off the gas there, and we really like the assets that are available in that market. As far as profitability is concerned, it's really all we're doing is now it's time for that infrastructure that we've created to be able to add more and more communities and more and more, you know, transactions on the engine without us having to match that with the expansion of our footprint through people. That's really where the opportunity lies for us. You'll see that reflected on our cost of goods, as I mentioned earlier. That's one of the good questions that I think Fred asked earlier. You'll see us make moves towards that, but you'll see activities associated with improvement of gross margin to be more eminent starting, you know, some in Q1 and mainly in Q2 and Q3. Okay. Okay, great. I think that's it for me, guys. I'll pass the line. Thank you. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Joseph Nakhla for any closing remarks. Please go ahead. Well, once again, I wanna thank all of our shareholders and the analysts that have taken interest in covering us and telling our story. you know, amazing growth we've experienced in the last 3 to 4 years is really all underpinned by the fantastic work by our executives and our staff, by great assets and entrepreneurs that have decided to join our company through M&A. As I mentioned earlier, 21 and most of 22 was an infrastructure year. 2023 is really efficiencies year. Still not taking our foot off the gas when it comes to growth. However, you know, leveraging the size that we have nationally will be the biggest opportunity that we see in Q2, 3 and 4, and beyond. Thank you again for taking an interest in our, in our organization. Thanks for following us. This concludes Tribe's Q1 financial results conference call. A replay of this conference will be available until May 1st, 2024, and can be accessed following the instructions provided in the company's press release issued earlier today. Thank you for participating, and have a pleasant day.