Thank you everyone for joining us. My name is Pardeep Sangha, and I will be the operator for today's call. Welcome to Tribe Property Technologies fiscal second quarter 2026 financial results conference call. This call is being recorded. We will be having a question and answer session at the end of the call. On our call today, we have Tribe CEO, Joseph Nakhla, and the company CFO, Scott Ullrich. I trust that everyone has received a copy of the financial results press release that was issued earlier today. Listeners are also encouraged to download a copy of our financial statements and management discussion analysis from sedarplus.ca. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Forward-looking statements are based on management's current views and assumptions. Please review our press release and Tribe's reports filed on SEDAR+ for various risk factors that could cause actual results to differ materially from our projections. We use such terms as gross profit, gross margin, adjusted EBITDA, and recurring revenue on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definition set out in our management discussion and analysis. In addition, reconciliations between any adjusted EBITDA net income is included in the press release this morning. Please note that all financial information is provided in Canadian dollars unless otherwise noted. With that, I will turn the call over to Tribe CEO, Joseph Nakhla. Go ahead, Joseph. Good morning, everyone, and afternoon for those of you on the other side of the country. It's Joseph Nakhla with you. Thanks for taking an interest and being with us here. A quick highlights for the quarter. We delivered a revenue of about CAD 8.3 million, approximately 3% year-over-year growth, and that was mainly driven by software and service recurring revenue that increased approximately 5% year-over-year. We also hit a milestone, a significant one, of increasing the number of deficiencies and workflows from A to Z, essentially, in a case of a brand-new construction deficiency tracked through our platform. We hit 1.5 million of those through the life cycle of our platform. If you've ever bought a brand-new condo and you did the walkthrough and the developer that you worked with was using our technology, the workflow from the moment it's identified right through to completion runs on our back office, and that is one of our most popular platforms, and that continues to grow. It's currently supporting 100+ developers across Canada. Since the announcement of the quarter, we also announced the appointment of Jerome Samuels to the role of Chief Operating Officer. I do encourage you to go learn more about his background. He comes with 15 years of tremendous experience with Rogers as a vice president there. He oversaw a lot of M&A activities and integrations in the last 15 years of Rogers' foray into the market, both on the cable and essentially cable, wireless, and other product that they take to the market. He has come on to oversee a lot of our activities within digitization, integration of a lot of the acquisitions that we have made, and also delivering on a fantastic new platform called the One Tribe OS. We will be more on that shortly. That being said, I am going to hand it over to our CFO, Scott Ullrich, to drive you and walk you through the financials. Thank you, Joseph. Thank you everyone for attending today. Once again, to somewhat repeat what Joseph mentioned, revenue for Q2 was CAD 8.3 million, and comparing that to Q2 of 2025, which was CAD 8.1 million. We successfully maintained the high revenue levels, pardon me, generated in 2025 with the help of our acquisition of Ace Agencies and DMSI. Of course, additional growth through just increased software and service fees. Our gross profit for Q2 was CAD 3.5 million, compared to CAD 3.4 million last year. Again, a 3% improvement. This increase was due to obviously increased revenues while still maintaining our salary costs. Our gross margin percentage was up slightly to 42%, compared to 41.7% last year. Our adjusted EBITDA reflected a loss of CAD 147,000 for Q2, compared to a loss of approximately CAD 41,000 last year. If we normalize this for some one-time accounting and professional advisory fees, adjusted EBITDA would have actually been near breakeven. Next slide, please. I am very happy to announce that we could continue to make meaningful progress in strengthening our balance sheet and improving cash flow in Q2. Our vendor take-back obligation declined from CAD 1.5 million- CAD 1 million, a CAD 500,000 improvement, 33% year-over-year. There will be an additional CAD 500,000 paid down by the end of our calendar year, December 31. In addition, our interest expense declined 36% year-over-year due to our change of banking relationships. Obviously that further helps improve our cash flow and reducing our financing costs. These improvements, I feel, really strengthen our financial position and enhance our flexibility. We continue executing on our long-term growth strategy. Looking ahead, I feel we are still maintaining a disciplined capital management and continued debt reduction, and working on improving shareholder value. As a reminder, our revenue is segmented into two buckets. We have our recurring revenue. This is comprised of our tech elevated service fees, so our strata, our condo, rental, and commercial management fees. For Q2 2026, recurring revenue accounted for just under 83% of our total revenue, and it was approximately CAD 6.9 million. We also have transactional fees. These are generated revenue from licensing of our proprietary software, revenue from our banking services, data reporting, in-app purchases from Tribe's digital marketplace, project management, and leasing fees. For Q2 2026, transactional revenue was approximately CAD 1.4 million, and this represented just over 17% of our total revenue. The growth in this segment was primarily driven by our project management activity and expanded service offerings across our platform. That concludes my part of it. I will turn it back to you, Joseph. Thanks, Scott. Good job. The key metric that we pay attention to as an organization is the revenue generated per door. This quarter, we average approximately on the software and service, Scott just spoke about two segmentation of our revenue. The first segmentation of the software and service, that is up an additional 10%, approximately CAD 48, almost CAD 49 per month per door. The transaction fees are approximately about another CAD 10, CAD 9.58. That is driven by new services and new contracts with new customers. Despite of all the activities and the challenges in the market, we still continue to be very active there. We do still trade up lower revenue versus higher revenue buildings to create more capacity within our environment. I am going to now speak about the Tribe operating system because that is relevant to this conversation. It is the first time we have put out our essentially One Tribe OS charter to the street. We are very proud of it. It is a one slide that speaks to the methodology of our approach to this concept. It has never been done before. It is not a single company that you can point to in property management around the globe that has actually attempted to take all residential living and commercial living and actually put it on one operating system as we have embarked on. Essentially, we are building a unified, scalable operating platform that delivers consistent services right across all of our types of buildings, homes that we manage, as well as the different regions that we operate in, despite the changes and the different complexities associated with the geography. Meaning, the rules and regulations in condos is very different in Ontario than it is, for example, to B.C. Yet we are still embarking on this one operating system to deliver really superior service despite the fact that the regulation may vary per building or per city and or per province. Three stages. The operating path is stage one is the predictable outcome, i.e., great service delivered. All buildings expect a same level of service when they are within the Tribe, under the Tribe banner. Automation, a significant amount of automation. Our birth into the space came from automation, and we continue to do that. It is no surprise to everybody that that is a main stay for what we set out to do in the market, both on the rental side and on the condo side. Stage three is AI enhancement. We've never lived in a world whereby a new technology could actually be as significantly impactful in terms of workflows, the type of work that we do, as AI. We're active in it. We're making big investments into that space. It's reflected in our OpEx, and we'll continue to do that. We've even made some major changes to the way we deliver our traditional software services, and that's a big kudos to our team in the fact that we are able to push out features and make changes to the workflows at a much higher speed than we've ever experienced before. On the ground, the kind of execution priorities for us are very clear. Streamline the resident requests. Anybody that lives in our building really should be interfacing with a lot of our automation. We manage 55,000 inbounds in 100 days, at least that's the last 100 days. Envision how AI and a lot of those agents can actually make a big difference. Condo boards, or big boards that manage big portfolios, they need stronger and better digital governance and decision-making tools, and that's an area that I think our data stack delivers and will continue to deliver significantly. Expand our self-service capabilities to reduce repetitive work for our staff so they can do more as we bring in more buildings. Again, standardization of the delivery of quality of service that we do there. I have to say, I do want to give a lot of kudos to Jerome Samuels, who came on board. He's been with us earlier in the year as Executive Vice President of Operations, went on a very deep listening tour and learning more about our processes. Now that he's ready to make his big impact as it pertains to bringing in a lot of these integrations under one umbrella, he's driving our operating system, the Tribe operating system, which is the one I just spent quite a bit of time with you on here. Next slide is very specific to a little bit of a macro view on the market. Build Canada Homes, or BCH, as you may have heard of it, is a massive federal initiative that is intended to go out there and make a big dent into our affordability. I don't want to call it crisis, but challenges in the country. Really, it's focused on building affordable homes, financing affordable homes, and catalyzing the construction around the housing industry to deliver affordable homes. I've spoken quite a bit about that before. I also mentioned that we've been nominated to join, and we have been active this year in the commission, the Chamber of Commerce commission, that's set out to make strong recommendations on housing affordability. We are the only property management company that actually sits on that board at a federal level or provincial level, and we are helping guide these decisions. Usually, affordability is within the lens of, can we build homes that cost less? We've been a very strong voice in can you build homes that cost less, but can you also build homes that cost less to live in, i.e., either lower rent and/or, if you're living in it, operating expenses of the building itself are lower. We've got a significant amount of tools. We have got a lot of data to point the fact that buildings that we manage actually spent less in multitudes of verticals and multitudes of products. The fact that you are spending less as a building on your operating expenses, that really does yield affordability, especially in a condo environment. Some progress to report on. The government has essentially set out to almost add 4 million homes. It is an incredibly aggressive goal and made a bit of a dent in it. They completed about 340 homes. Under construction right now is about 200,000 homes, and they vary in the different categorization, by the way. They have also loosened the purse, essentially, to allow for CAD 82 billion of capital to be available in different formats associated with helping new construction. A lot of non-for-profit organizations that actually are seeking access to these types of grants actually be very active. A lot of people do not know this about our organization, but Tribe is very active in the non-for-profit through the acquisition we have made in DMSI, and we will continue to grow there. We are also going to see things hopefully in this year and definitely next year, whereby we are very active in terms of putting together structures that help those developers and non-for-profits and different designation of groups that are coming in to actually take land that is vacant and actually put communities on them. That is a little bit on the asset management, some of it around the governance, and a big chunk of it around the property management side of it. That is an area of our business that we will continue to grow and make more active. Next slide, please. Just to kind of summarize our priorities for the second half of 2026. Continue very strong drive on our profitable operations. We are very close. As you can see, we are teetering around that. The investment we are making in our One Tribe OS essentially is the delta between this level of profitability. But we are willing to make that investment because we can see the ROI coming on the other end of it, and you will be able to track that. We are still focused. While we are focused, obviously, very strongly on organic growth, we have made some changes to the way we are approaching content management in the market and actually lead generation. You will see more on that. A big drive of that is actually bringing all of our businesses, every single company we have purchased, including DMSI now, under the One Tribe brand. Those of you that live in Ontario, you will be seeing in the end of next quarter, a massive presence of Tribe, both on the condo side and on the rental side that will be pretty evident right across Ontario as well. I think that concludes it from my point of view. There are probably some questions coming in from some of the analysts. I am happy to take them, or myself or Scott. Thank you, Joseph and Scott. With that, we will now open the call to questions. Just a reminder that questions will be given priority to equity analysts. You may send a question through the Q&A button at the bottom of your screen. We have a couple of questions here from Gianluca Tucci of Haywood Securities. The first question is, can you give us an update on your acquisition pipeline? Can you also give us some color on what your targets look like in terms of margin or EBITDA profile, and what does immediately accretive mean to you? Perhaps I can take that one. We're definitely actively involved on the M&A front. Since going public, we've actually looked at over 50 M&A opportunities, either through a share purchase or an asset purchase, and we actually completed on about a dozen of them since going public. We continue, obviously, to look at other opportunities. When we look at these companies, often we look at their revenue profile, their geographic location, what market segments are they in, and how that would help us. And of course, we look at what economies of scale we can bring by acquiring them. And so it's, yeah, we look at the margin they have, and then obviously we look at what the margin we think we can bring to it with our technology in that. For this year, I'm thinking we may not be closing on any of the opportunities, but there are some acting. Second question from Gianluca Tucci of Haywood Securities. Last quarter, you described 44% as a floor on gross margin with 50% as a destination. Gross margin was slightly lower than that this quarter. Does the floor for 44% still stand, or is it the right way to think about it is that margin improves around within a band as you onboard and integrate? Yeah. Well, both statements can be true. When we say floor, my words are what I didn't want us to think is look at us 44%, we've achieved what we set out to achieve. The point I'm trying to make is to explain that the cost of goods, and we are unique that way as a company because actually, we load up our cost of goods very directly, including our technology costs, digitization, accounting services, compliance. So actually, when you look at our cost of goods, you see that we're not a traditional technology company that runs at 75%-80% gross margin and very little goes into cost of goods. Ours is actually, the metric we use externally at The Street is the exact same metric that we use internally as we measure our business. All that being said, one of the challenges we have with our gross margin when you're dealing with onboarding businesses or waiting for new businesses to come in, is that you load up your cost of goods, you hire people in anticipation of revenue, but you may not see that revenue for three months out or six months out. So that's the fluctuation there. When we say we're in that 42%-44% as a floor, what we're saying specifically is as we normalize, we anticipate that number to continue to go up. I still do see a fully integrated, especially with some of the process modernization that we're doing, including AI. I still see us going to the 50%. We will see that soon. To related question to that, how does One Tribe OS play a role in achieving the additional gross margin improvements? Plays a big role, because a lot of this cost of goods, really our administrative work, some of the accounting service delivery, and a lot of it is around the workflows of the property managers, the daily work that they do. If we are successful, and early signs are very promising, but if we're very successful in automating a lot of these workflows, what this will allow us to do is two things. One is the most obvious thing is to be able to manage a bigger portfolio with the same number of people with a very high level of service delivery, and consistent layer in terms of customer satisfaction. What it would also allow us to do is actually bring in a lot of our knowhow to actually identify additional products and services that these buildings need to maybe lower our OpEx while we are hopefully able to monetize further. I think it is going to play a major role in that, quite frankly. Last question from Gianluca Tucci. Transaction revenue is down slightly in the quarter. Q2 is normally a stronger leasing period, so I wanted to ask whether the economics of that banking relationship have reset to new baseline, and how are you thinking of rebuilding that line? Relatedly, you mentioned a completed Tribe payments and rewards pilot lease product you were happy with. Where do you stand on those? Yeah. I would challenge the fact that Q2 is always a great leasing quarter. It really depends, and our transactional revenue is not just driven by leasing. Our transactional revenue, it is a big bucket of probably 50+ line items. Leasing does not just play a role up and down into that. A lot of stuff happens, brand new activities around units being sold where people in-app will purchase packages for the buyer and for the seller. That is a big active area. Leasing and lease-ups are a big part of that as well, but there is a long list of products and service insurance and so on and so forth, including interest revenue associated with service deliveries for these buildings and their actual OpEx that they spend every month. So it is a long list. It is not just driven by leasing. All that being said, it is a little bit lower. It is a band, and it is not unlike our recurring revenue that is very steady. It is contractual. Transactional revenue, you sort of every month start from zero and you kind of regain momentum in that, and it does depend on a whole bunch of stuff. If we do have brand-new buildings coming on the platform in that month, then you will see transactional revenue really spike up. But if you are just sustaining the number of buildings, nothing new comes on board, and you might even have a brand-new building that was supposed to be delivered this month for rental, but it is not delivered till next month, you will see the lease-ups revenue will come down. So that band kind of varies a little bit. I think the second part of the question, what was it about, sorry? I forgot. The economics of the banking relationship to impact the transactional revenues, basically. Well, they're two separate things. The economics of the new banking relationships essentially strengthen our ability to access capital and cost of capital. So, we're spending less in cost of capital. Scott had mentioned earlier, and that number is significantly lower year-over-year. We're quite pleased with that. It doesn't really directly impact our transactional revenue. Obviously, we do have some interest revenue that we generate from some of the condo communities that we manage, but it's not necessarily directly a linear line. I'm happy to get in touch with the analyst and unpack that for him further. We have several questions coming in from on the line. Sure. A listener on the line asks, how is capital being prioritized between debt reduction and growth? Yeah, good question. I will tell you that debt reduction is scheduled, i.e., we are very deliberate and active in meeting obviously all of our debt reduction and VTB commitments. We are unapologetic about making an investment in AI. That continues to be a big area that we are investing in, our engineering team, and our ability to deliver service around that. We think the ROI on that is significant, phenomenal, quite frankly, and we will be seeing the results of that next year. We are not necessarily prioritizing one over the other. We are just budgeting for both. Yeah, and maybe just to add to that, our vendor takeback debt, as I mentioned, by end of the year, it will be reduced by another CAD 500,000. By June of 2027, that VTB will be eliminated. Our M&A line of credit has an amortization period of 10 years, so we are reducing that on a monthly basis. Yeah, another question from a listener on the line. How is the technology integration and corporate amalgamation progressing across the Toronto acquisitions? Good question. Very relevant. I mentioned briefly that you will be seeing the yellow flag essentially all over the place by the end of this year, at the end of Q3. We are- Sorry, by yellow flag, you mean the Tribe flag? I meant the Tribe flag. Well said. Okay, thanks. Everything in the world that's yellow for us is Tribe, so that's what we live and breathe. But yes, you will see the Tribe flag really all over the place. You'll see signage also reflected. Our DMSI and Meritus Group Management companies that have been operating and with great leadership and great staff are essentially being rebranded as we speak, and those changes are going to be seen this year. This is going to make a massive difference to our content creation, web asset, digital assets, and lead generation. All that stuff will fall under one engine now because of the brand consistency, so we're very pleased with that. That's going really well, and it's going to play an impact as well in our markets. Yeah. We are also branding Ace Agencies as Tribe, too. Ace Agencies as well. Thank you. Another question from a listener on the line. What are the key drivers to continue expanding transactional and recurring revenue per managed door? I would say data. Despite the fact that I would argue that we are probably the most advanced property management company in this space as it pertains to the data stack that we have been able to accumulate and look at, and the fact that we are very active in single unit rental, institutional rental, and condo. The amount of data that we have been able to accumulate is fantastic. It is one thing to accumulate data, it is another thing to be able to figure out predictive impact on the health of a building, or get patterns, predictable patterns that you can actually share out. Our data stack, which we have scratched the surface on, will be essentially the goldmine that we have been able to accumulate. Not for financial means only. It's a goldmine because what it will also allow us to do is really position a lot of our buildings to be ready for a rainy day. It's not well documented because we've never really talked much about it, but we have access to data that illustrate that our condo buildings have more reserve capital and ready for a rainy day, more than its peers in the market. While that's not something we talk about, those people that live in our buildings, especially on the condo side, are way better equipped to deal with a rainy day. That's a function of understanding predictability, understanding what tomorrow brings, and actually helping these buildings put money aside and/or budget properly in the right areas. I think our revenue streams from the data side will continue to improve purely based on the fact that it's just going to create products and services that make sense for the buildings to be better operated. Just a reminder for listeners to send a question in, you can use the Q&A button at the bottom of your screen. We have two questions here that are related. Can you provide some color on the pipeline and sales activity? The second question is, how is Tribe engaging real estate developers dealing with unsold new inventory? Yeah. Our pipeline continues to be very healthy. The decision-making perhaps on some of these deals, once you put your RFP in and you're waiting, it's a little bit maybe delayed. Some of the buildings are delayed. We're dealing with a lot of the stuff that everybody's hearing about in terms of some of the challenges that some of these developers are facing. Same goes for brand-new buildings that are completed, that are ready to go, but the developer is yet to penetrate the threshold from a sales point of view. I've spoken before about activities that are occurring and recommendations that have been made to the federal government, provincial government to ease some of the tax implications on those developers that are sitting on unsold inventory, to be able to incentivize them to put those units into rental pools without getting the punishment of paying HST early. That is a really robust conversation being had at the federal level and the provincial level. I am optimistic. I think it is the right thing to do. If that happens, that will play a major role because we are ready to go, essentially. We, being Tribe, is ready to go to be able to put products and services for these developers that are sitting on that unsold inventory to put them in the rental market very quickly. It is just difficult for them to do that if you are sitting on a multitude of million-dollar units or somewhere in that neighborhood, and the moment you put that in a rental pool, you are forced to pay a big tax, and you have a big tax bill to pay as a developer, and you have not even sold it. So a deferral of that is really the right solution. It seems to be the consensus. It is just a matter of the government approving it. There are no further questions. I will now pass the call back to Joseph Nakhla for closing remarks. Well, thanks, everyone. It is an interesting time for a company like us. We have been able to obviously grow and navigate through some of the challenges, time including, a pandemic and some of the economic challenges in the market. All that being said, we continue to grow. We still have a very direct, deliberate path towards not only profitability but also improvement of gross margin and unlocking a lot of revenue streams. I shared with you today the opportunity from a size point of view. We are still scratching the surface despite the fact that in a short five years, we have grown to become the third-largest property management company in Canada and the second-largest on the rental management side. We still have a massive greenfield ahead of us. It's all about execution from our side, and we still think we're incredibly undervalued, and we continue to understand what the big opportunity is, which is to be really the only company in the globe that has accumulated the largest amount of product services for residential living in, essentially, in the G8. So we are a unicorn within that context. Keep an eye on us, and we hope to see you on the market. Thanks, everyone. Thank you