2025 Second Quarter Conference Call. With me on the call today are VitalHub CEO Dan Matlow and CFO Brian Goffenberg. After our prepared remarks, we'll open up the line to questions from analysts. Please press star one or use the raise hand function to indicate that you would like to ask a question. Now, before we begin, I will read our cautionary note regarding forward-looking information. Certain information to be discussed during this call contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, please review the forward-looking statements disclosure and the earnings press release and NRCR filings. As well, our commentary today will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not a substitute for IFRS measures. Reconciliations between the two can be found in our CEDR filings. Now, with that, I will hand the call over to our CFO, Brian Goffenberg, to go over the financial highlights for the quarter. Over to you, Brian. Good morning, everyone, and thank you for joining the call today. We are pleased to report results for the second quarter of 2025. In the June quarter, we added $1.9 million of organic annual recurring revenue and delivered a 26% adjusted EBITDA margin. In a moment, Dan will provide an update on the business. First, I will provide a summary of our second quarter financial performance. Our annual recurring revenue was $79.6 million to close the quarter, an increase of 55% over the prior year. Over the previous year, organic growth contributed 14%. In the second quarter, total revenue was $23.9 million, an increase of 47% year-over-year. Recurring revenue, or the term license, maintenance, and support segment, was $19.9 million, or 83% of total revenue. This compared to $13 million, or 80% in the prior year period. We added a new segment, virtual care term license, that relates to the Attend Anywhere platform acquired with the Induction acquisition. Virtual care term license revenue was $300,000 in the quarter. For reference, total Induction revenue was $500,000 from the date of closing to June 30th, 2025. Perpetual license revenue was $1 million in the quarter, an increase of $22,000 over the prior year period, an increase from $22,000 in the prior year period. Services, hardware, and other revenue was $2.7 million in the quarter, a decrease from $3.2 million in the prior year period. Our gross margin was 81% of revenue, consistent with the prior year period. Net income before taxes was $2.3 million, up 63% year-over-year. Adjusted EBITDA for the quarter was $6.3 million, or 26% of revenue, compared to $4.2 million, or 26% in the prior year period. We think this is a strong proxy for cash flow. We closed the quarter with $94 million of cash. After June 30, we paid about $38.5 million to Funabari and repaid a $15 million bridge loan. All considered, our cash balance is north of $45 million to date. We're in a comfortable position to execute on growth and acquisition opportunities as we work to integrate the new acquisitions. With that, I'd like to hand the call to Dan for an update on the business. Good morning, everyone. As I always do, I'm just going to do this in a little bit of an informal sense and then very happy to take questions from analysts and try to fill in the gaps that we haven't totally. We are happy with our Q2 results. You know, considering we had MedCurrent and Strata just a little while ago and both those organizations came into the organization not really on a profitable basis, and there's still work to go on into those organizations. The rest of the company definitely came up to fill that scenario in respect to our costs and our basis there. We're excited about that. We're still working on Strata and hopefully expect to get some more gains from that. We like to think that the quarter again just proves the model. I think the model is the most important thing that we're trying to focus on right now. We like to think it's a good model. It's doing what we hope it will do, and we continue to execute it in our teams that we acquire and our management team, executive team understand what we're trying to do and what we're trying to accomplish. We're really getting some momentum internally in terms of what that's about. We're busy, though. It's really four acquisitions in some significant size over the last six months, and we're continuing to work on those every day that we're doing. We're at the $90 million ARR level. Hopefully, it's going to be pretty cool when we can hit that $100 million ARR level, but it's knocking on the doorstep, and we continue to work, and it just provides that really big base of good revenue that allows us to do what we need to do and if we had to absorb some bumps in the road. We're excited to be able to do that. Organic growth continues to do what it does. We continue to provide it, and our hope is we continue to provide it. As I always say here, we're not a single product-based vendor. We've got a whole bunch of multiple ways to make organic growth, and we've got a whole multiple ways of not making organic growth. Predictability is a challenge for that. So far, so good. We continue to do that. I always caution and stay in our investor meetings. Don't get too excited if we do $2.5 million of ARR and don't freak out if we do $500,000 of ARR in a quarter. It's just that type of business to do it. We like our ARR. We want our growth. We want our organic growth. We're always cost first, the bottom line first here for us. That's sort of how we work here as an organization. The macro levels still seem pretty good for organic growth levels. We're still seeing government activity in segments of our portfolio where they're buying solutions, and we're seeing changes in other parts of the portfolio where they're not buying it as much. The value of having all these different acquisitions is when one area is not going, the other areas can. We continue to move and continue to do what we're doing. There's this continuing in a bunch of different fronts. We'll talk a little bit about Induction. Induction is a U.K.-based business. It's a challenging acquisition in terms of it was publicly traded, and there was a significant amount of cost in that business that we felt was not being run correctly. We felt if we could take this thing over, and we paid a pretty good price for the organization, but we have work to do to get that business right-sized, and we're in the middle of it right now. We're working hard at it, and we expect to get a lot of the work done in Q3 and hopefully start right-sizing that thing in Q4 and then a little bit by little bit on the quarters after. We're not taking our time here, and we're moving pretty quick at it to try to get it to the right format that we need. We really did that acquisition for the Zesty solution. We didn't have a portal-based solution in that. It really provides the front end to get into healthcare organizations. We have our own electronic health record systems such as Trade and Caseworks and Diamond and Twinkle in the U.K. that can use a front-end solution. Zesty will become that front-end solution where we're required to do that. We also felt there were opportunities to integrate that solution with our InTouch and our Synopsys and MyPathway solution to provide one comprehensive solution to the marketplace where it's needed. We're excited about that product and what it can do. It has a partnership with Cerner in the U.K. Every time Cerner is sold in the U.K., Zesty is sold along with it. It continues to do that business to do it. We continue to work on that. Attend Anywhere, very different product. We purposely took it out of our ARR numbers because it's not ARR. It's user-based license based on usage. There are minimum thresholds, but there's no real contractual requirement to recur or not recur. It is a usage-based type of product. We did not want it to muddle what we call pure SaaS software ARR, and we leave that as a separate segment so we and the analysts can dissect that on its own basis. We think it was a smarter thing to do with it. Onto Novari. We are really excited about Novari. It was a bit of a competitive process to get it, and we got it. Novari has been around for a very long time, a very strong brand in Canada based out of Kingston, and it's done some good work. It has started to make headway in the U.K. and Australia. We think we can take it to the next step in the U.K. and so forth. There is a lot of buzz in the Canadian marketplace for the referral management-based system and connecting organizations together, and Novari is right in the middle of that for certain pathways, primarily the surgical and what they call essential intake, which is really mental health and imaging referrals. We think it will provide a significant amount of the organization's ARR going into 2026 and 2027 and onward of our business. We are looking forward to that business and working together. We've known each other for a long time, and we're excited to have John and John Sinclair in the team as part of VitalHub. It's really a good fit, and we're excited to do that. Where are we sitting now? What do we do now? We think we're in pretty good shape. We're generating good cash. We're north of $45 million of cash in the account at this stage. We're still coming out of here. We're generating cash. There still are other acquisitions that are coming at us, and we're being a teeny bit more careful trying to get this thing to get these guys digested a little bit. If they're a little on the smaller side or if it's something that we just have to do because it makes sense, we're going to do it. We continue to move along in all those directions. That's it for me today. I'd be happy to answer some questions. Great. Thank you, Dan. We'll now open up the line to questions from analysts. Again, please press star one or use the raise hand function if you would like to ask a question. Today's first question comes from Gavin Fairweather of Cormark Securities. Gavin, your line is open. Good morning, and thanks for taking my questions. Maybe just to start at the funding level, the NHS just announced a massive tech budget increase recently. Dan, maybe you can just touch on your read on their priorities and which of your solutions are well suited to benefit from that increased spending? Yeah, it's interesting in the NHS. They're in a bit of, you know, there's money floating around, but they're in a bit of flux as well, at least in the ICB level, which is where we sell some of our product sets to do it. The product sets that I actually think will get money from this stuff will be the InTouch, Zesty, MyPathway, Synopsys type of product. There's PEP project funding that they call that. I forget what the acronym is that is being released, and it's a significant amount of money in our area that our teams are currently going after in those areas. We're hoping to get a bunch of that. That money also fits into the referral area. We do believe, you know, we know we've got a half a dozen strategy implementations that are there. We think Novari is close on its first deal in the U.K., and our teams are getting up to speed pretty actively on the referral-based project. We're definitely trying to pivot a little bit toward those things in the U.K. There's always funding roaming around in the U.K. in different areas, and it's just trying to find it and get part of it. We'll go after it. We'll see what happens with it and go from there. Thanks for that. Secondly, on Novari and Induction, I know you do diligence these things like crazy from an external perspective, but now that you own them, I'm curious for what’s surprised you about the organizations or products now that you're kind of under that. Novari, what was the other, Gavin? Sorry. Induction. We're just, yeah, Novari, we're literally, I don't know, four or five weeks into it, right? We're going there. Induction has a lot of really good people there that have got some really good experience and have done some things. There are just too many of them. We're excited about some of the talent that we're potentially going to get there from that organization, especially on the technology side to do that. There are some good people there, and we think they're going to help us in a lot of different areas, really good methodologies, good ideas, good people. It's a bigger scale organization. I think they all know how to run properly. That's a bit of a pleasure to do. It's the same thing with Novari. It's a company that we've known for a long time, and we've evaluated over the years, and they purposely have made commitments to process and change and putting in proper metrics and so forth to monitor its business. Pretty good structure and really run pretty well. Probably the best run company that we've acquired so far. That's pretty cool when you get something that big and they already understand how to run properly and we can get our stuff, we can get joined at the hopes, and they actually got some solutions. I think that will overall help us as well. It's pretty good when you walk into a company and our integration team goes, "Hey guys, we got a problem. They actually do this better than us. We can't take them backwards." We think we do pretty good on their stuff, but not all of their stuff, but some of their stuff. It's a really good run company, and we think it's going to be really helpful for us. That's great. Lastly for me, just sticking on the Novari theme, given their pretty sizable install base in Canada and the sales team that they have there, do you think that can end up being a bit of a channel for your U.K. products where you've got a much bigger install base in Canada just to help accelerate the adoption in Canada of those U.K. products? Yeah, good question, Gav. Yeah, we do think they are. They have a couple of salespeople there. Canada's not a big healthcare IT market, you know, and if you got to go there, there's a couple more than a handful, but there's not that many highly experienced sales reps that are running around here unless they're working for the Cerners and so forth of those worlds. They have a couple of salespeople that I would regard as blue chip A1 salespeople. They've been doing this, both of them, for I think north of 20 years in this market. They got great connections, and I think our coverage along with our Canadian team is just going to take us to a little bit of a higher level in Canada. That's a little bit exciting. Thanks so much, and congrats on the strong numbers. Thanks. Thanks, Gavin. The next question comes from Doug Taylor of Canaccord Genuity. Doug, your line is open. Thank you. Good morning. I wanted to ask another couple of questions about Induction Health and, you know, as it relates to how we should model it in here. They were, I think, doing about $20 million in trailing revenue. You've added only $4 million to the ARR, which is just the Zesty, and I think you explained well your rationale for doing that. This new line for Attend Anywhere, can you help us with the modeling parameters around that, how we should think about the size of that line, initially for a full quarter, seasonality, maybe some churn if that's what we should anticipate and bake into our model? Yeah, it's about a little less than GBP 4.5 million, and it varies. It could go lower than that depending on quarter to quarter, Doug, just on usage. That's probably a number to use there for it in terms of where it's starting for it. That's an annual number, right? That's an annual number, Doug. Churn, you know, they have gone through pricing changes and usage changes to remain competitive with other organizations to do that. There could be churn in this product. We're prepared for churn in this product, and it's one of the reasons why the price point was the price point for that organization. We're prepared for it, but we also think it's going to generate some significant cash for us. We're not so sure it's going to churn very fast either if it does at all, but we're suspicious of it only because of the Zooms and the Teams type of businesses. There are definitely a lot of features in Attend Anywhere that are clinically based, and I think the users that like it, I like it. I think they've done a really good design of that application. You got IT groups that are looking for a uniform base and want to get Zoom and other stuff in there. It could come under pressure, but it might not. If it doesn't, we've modeled in that there will be a little bit. I don't know how to look at it in a productive way, at least going to sit on this call and give that information to you because we actually don't really know ourselves what that will happen. I know that the way that we're planning to structure it and do it, we're going to make some really good money at it while we have it and maybe for a long time. That's how we're looking at that asset. Okay, to use the GBP 4.5 million annually as in just, you know, model that flat line is not a bad place to start with pretty high margins. Yeah, I think it is. Not margins yet. Okay. I'll ask more about margins in a minute, but just to close that thought, there's the balance of the, you know, there's a pretty big step up in services revenue that came with Induction as well and Strata, if I'm not mistaken, that would form the balance of the sort of $10 million you've talked about to $20 million. Yeah, they have done, they have in the past have done what I'll call one-off services projects that had nothing to do with their technology. We don't think the services revenue is going to, at least under our privilege, we're not going to do that work. We're going to do services work to our product. We're not, we're a software company, not a services company. That could be a little bit different as it goes forward. You know, there still is services on every single, you know, Zesty implementation that happens that is pretty, that is significant. It'll step up, just maybe not the full amount that we've seen historically. Appreciate that. You mentioned margins, so maybe I'll ask a question. You've got Novari in the fold, and despite everything you said about how well it has been run historically, I believe you've also identified R&D as a function where there's a lot of promise in terms of synergizing with VitalHub's operating system. I know it's been only a month, but maybe you can talk about near and medium-term integration milestones, as I'm sure you've begun the work there, and sort of map us the path back to 25% EBITDA margins that we're now seeing from VitalHub, as both of those acquisitions are folded in here. It's a question I get a lot from investors. Yeah, you know, I think, I don't think Novari Health is going to be one of those organizations that's given us, you know, 25% EBITDA overnight here. I think we'll get it, we'll get it profitable, and we'll look at it. The real test is how fast that revenue comes in that we see coming at them. Pretty close, right? Is it going to be, you know, how soon in 2026 is that stuff going to start coming in and start getting onto the books, right? If all that revenue is coming in, they're going to need people to implement it and do stuff. At the same time, we believe there's a program for adding people, and we already have adding people in Sri Lanka and doing work for them. They have used a group in Colombia, so they're prepared to use offshore development group. We are moving pretty quickly to try to help that out and, you know, see what we need to do from other parts of the organization to help them deliver, which we think will be a significant amount of business there. Induction, you know, maybe a little quicker than that based on what you're saying and the work you're doing to get. Yeah. Okay. Maybe the last question for me then, you've been pretty consistent, remarkably so in delivering double-digit ARR growth. I understand everything you said about the lumpiness quarter to quarter that you alluded to in your prepared remarks. I just want to gauge your confidence in continuing to do so on the recurring revenue side as you scale into $100 million in ARR. I ask this because I think if I look at consensus expectations, it shows a bit of a deceleration into sort of the high single digits by my math. I just want to explore with you whether the pipeline you're talking about with Novari and others supports continuing to punch it at a double-digit clip here. You know, it's so hard, Doug, and the internal part of me always wants to be warning our group on the cautious part of that side of our business. We got some outlier implementations of software that a lot of these companies, like remember what we're buying, right? They're owner-operated businesses that have done it, right? Before they get into their core business, they ditty dattle and they pivot a bunch of times. We got outlier solutions that are out there that we know at some point are going to churn out of there. We've been pretty, although healthcare is pretty resilient and they continue to keep going. When we buy these things, we go, well, okay, let's model that that's going to stick around for two years and it's still here six years later and no indications of it. There are pieces of software roaming around here that we think are going to churn throughout this process. You have one quarter of no sales and then boom, all of a sudden you're in this single, low volume type of business and boom, it grows. Other quarters, there's a funding for, coming in from some area and you've got to get this by a certain date and you just boom, ARR grows like crazy, right? It just could be all over the map, right? We're excited about what Novari can bring, but that could get offset by some slowness of no funding for other types of solutions that we might have had a couple of years ago. I think our comfort level still sits in this 10- 15 area to do that. We've always said, over time as that denominator grows, the ARR is going to get harder and it's like we could be going to this 12, 28, 10, 30 type of business. I still believe that's probably where it's going, as this type of business just gets harder to get that amount of deals through there. That's where the challenge comes in us projecting that to everybody in a pretty effective way. I've been saying that for a while and historically we've been doing what we do and there's no indication that says that should change. I do want everyone always to be prepared for, like, don't get too excited when it's too high and don't get crazy if we have just have a crappy quarter because the model is the model and it's not going to change anything. Yeah, you've been consistent on that. Okay, thank you. I'll pass the line. Great, thanks, Doug. For all questions going forward, we ask that you limit yourself to two questions, panelists. We'll try to get everyone in the queue within the hour. The next question today comes from John Shao of National Bank. John, your line is open. Hey, good morning. Thanks for taking my question. It looks like your professional license revenue is very strong this quarter. I know it's all timing related, but any particular reasons for such a timing, and how should we model this line going forward? John, if you can tell me how to model it, we'll all be good. We had two products that have a perpetual component to it. One is InTouch and the other one is Caseworks. Both of them continue, both of them provide revenue on a pretty consistent basis. Sometimes InTouch will get bigger deals there. It's just like, then it's a question of when do we go live and actually represent the delivery of it. We do have a fair amount in our InTouch funnel. I think they were very, if you're going a couple of years back, a year and a half back before you were involved, InTouch was a pretty significant part of our revenue stream. It may be tailed off a little bit over the last year and a half, but we are seeing a little bit of resurgence in activity of that stuff. I do think there will be some perpetual sales over the next two, three quarters for sure. Great. That's great colors. My other question is you added multiple pathways in the past 18- 24 months. Any other particular pathway you think that's missing at this point that could be complemented by future acquisitions? Yeah, I still think there's stuff around the emergency room that would be nice to do. There's the ambulance route where there's software in those routes. There are so many of them. Healthcare are just these little niche solutions that go provide automation and so forth into that doing stuff. We continue to look at all different areas inside the hospital itself, bed utilization and moving people around the beds to do that. There's still significant amounts of things to do here. Thank you. I'll pass the line. Thanks, John. Your next question comes from David Kwan of TD Securities. David, your line is open. All right. right. Thanks, Christian. Dan, you've completed three of the largest deals to date within the last year. Can you maybe talk about what you've learned from going through the sale process and then post-close integrating with these businesses? Has there been any new challenges that you've come across that you hadn't seen with the smaller tuck-in acquisitions you've done? How did you deal with them? Yeah, I think the only one that I think that's any different would be Induction. It was a publicly traded company. It had a significant amount of revenue and it wasn't making money. We looked at that and just said, this is just ridiculous. This is, you know, we think we can get this thing making some money. We're moving quickly on that one and we have to move quickly to get it right-sized or it's just going to hit our profile, right? I think, you know, we're hitting 26% adjusted EBITDA and it took a lot of work for us to get to that 26, 27, 28% level of adjusted EBITDA. We like it up there. We're about to go into Q3 where that profile is going to go down because of the acquisitions, because we're right-sizing. It's just like, guys, this isn't making me feel very comfortable. How fast are we going to get these companies here? Let's go, right? I think we never had the urgency, on a speed perspective, that we've had before. We're off and running because we have to be. No, that's helpful. Dan, is there anything that you could take maybe from the Strata Health Solutions Inc. acquisition now that you've had two quarters with it that you can leverage for Induction and/or Novari? Novari and Strata will definitely, you know, we're already off and running on that. They'll be working together much more closely as an, you know, to stuff, right? Both of them are strong in their own way and both of them are pretty strong in their pathways. We also got resources that can be, because we got the domain experience and we got the stuff that they can help each other out, right? In those respects. I think the two are nice together. They've known each other for a while. They're professionals. I think we're excited to have both those groups together. That's great. Thank you. Thanks, David. The next question comes from Michael Freeman of Raymond James. Michael, your line is open. Hey, good morning, guys. Congratulations on the strong quarter and all the action recently. I wonder if you could just give us an overview of the major booking activity from the quarter. I have a follow-up. What do you mean by that? Where we got our revenue from? Exactly, yeah, sources of business. It was really just diversified. I think that we got contributions from all levels. You know, we consistently get contributions from that Oriel project that adds users on a regular basis. That was there. I think there was really no one area that stuck out, Michael, in terms of where we got our revenue from. All right, that's helpful. I wonder if you could give us a sense of some software products that have a major base of business or an installed base in one geography, for instance, the U.K., that might be finding some traction crossing over into your other geographies of focus, for instance, Canada. Sorry, I just sort of missed it. What other products are going back and forth or which ones are? Exactly, ones that have a strong installed base in one geography that is starting to find a connection in another. I think Induction is something that's strong in the UK that we brought over to Canada. That's been something that's been brought over. Zesty will be brought over to Canada very quickly because we're going to put it on the front end of our stuff. Strata was already in both countries, so it's there. Novari is just already knocking on the door that it's there. MedCurrent is sold in both countries, you know, pretty consistently with the team. That goes back and forth a fair bit. Those would be the main ones at this stage. Okay. All right. Thanks. I'm just going to squeeze in one more, Christian. I want to, you've discussed, you've talked about Novari as a strategic asset. I wonder if you could dig in a little bit more on the strategic nature of that acquisition. They got a footprint right across Canada, which is going to, you know, when you look at our Canadian business, our big business in Canada is being the Trade electronic health record-based system. Yes, we've ditty dattled with a little bit of the other products roaming around. Our business is about cross-selling into accounts, right? Strata got us a definitely good base in Canada, but now we get Novari into here as well. Our footprint, you know, always used to go and say, hey, our footprint in the UK was in every single implementation. We can pretty much start saying that about Canada now as well. We got presence in most of Canada with all of our solutions right now. That just creates a good avenue for cross-selling our products into those bases and so forth, right? We buy technology, we buy good people, and we're getting a lot of really good people with Novari. We buy customers so that we can cross-sell. We buy, you know, customers come with partnerships that they have in place. Novari has a very good, very, very, very strong customer relationship with Cerner in Canada. We got a very, very good relationship with Cerner in the UK. Hopefully, you know, can we leverage these partnerships a little bit better off multiple more products and multiple more things, right? Those are just all things that come with each acquisition. There's always intangibles that we see as operators. Novari brings just a lot of those intangibles. Thank you, Dan. I'll pass it on. Great, thanks, Mike. The next question comes from Daniel Rosenberg of Paradigm Capital. Daniel, your line is open. Thanks, and good morning. My first question was around the Novari acquisition. You had mentioned that it was a competitive process. I was wondering if you could speak to some of the factors that you thought drove you to winning it outside of price. Yeah. I say this everywhere I go. We're healthcare people, right? Like, you know, we go into an acquisition and you go into a meeting and, you know, I go in with my team and it's pretty obvious. We start talking healthcare. We start talking healthcare problems. We start talking IT problems. We start talking trends. We start talking ideas and how stuff fits together and what do we do. You know, we can go out for a drink and just talk for hours of, you know, what do we got to do? How does this go? How can we position this? What are you seeing and what are we seeing? That's a lot of a different conversation than if a banker walks in and says, "Oh, what's your ARR? What's your margin on this? Where do you go?" Yeah, sure, money counts, numbers count. I know my numbers and Brian knows his numbers. I think we all, everybody on this phone on the analyst perspective, knows our numbers. There's really the intangibles of, and it's something that I care for deeply. It's like, how are we going to get these health systems better? What can we do to add some impact to actually make change so that we can do things better and we can help them save lives? That's conversations that we have. It's just a case of getting to the numbers, right? John and his team at the core of what it is, like they really believe in their business and they really believe they're doing good work and they're passionate about what they do. I appreciate that. I appreciate that for everything that we buy, like we're trying to actually add some value to what we do. That value comes out in our ability to sell and solve problems, right? I think that's what it is. We're just not about numbers here. We got like numbers. We want numbers. The reason we get numbers is because we're pretty passionate about what we do. I think that's where it goes with people like John and the Novari guys. These guys put a lot of work into building this thing out of an office in Kingston General Hospital. I think they wanted this to come into a good home where it's going to take it to the next level and bring it. I think that's what we're all about. Thanks for that. It certainly resonates with anybody who's gone through the healthcare system. For my second question, I just was curious. You had mentioned some shifts and some products perform well and some may have a slow quarter. I was wondering, as you think about the product portfolio, what levers you have to shift resources across products and how you think about that as some products go into more of a driver phase. Just any commentary there? Yeah, about two years ago, we decided to, as we got each one of these companies, R&D used to sit in its separate technology group and they just used to build their own products and do their own things. They all had their own different methodologies and their different people. All we would do is just sort of, oh, hang on, you got too many people or not enough people. We'd add people to the lab and they would work at it as a group. We changed that a couple of years ago in delivery and development as a corporate function. We drive all the development groups off of a group. Depending where we need resources, we have the ability to move them around as needed now. It makes a big difference. They all work the same way in the same methodologies and the same tools. Our services groups work all the same way. It allows us to effectively move people as needed. Great. I appreciate you taking my questions. Thank you. Great, thanks, Dan. There are no further questions at this time. Dan, I'll hand the call back to yourself for any closing remarks you might have. Yeah, nothing really to add. You know, we're continuing to be excited. It's just another chapter, another quarter. We're on to the next one. Yeah, we're in a really good position. We're hitting that. We're getting close to that $100 million of ARR. The model, it continues to, the model continues to grow. We got our work, we got our work ahead of us to get ourselves back into that 26, 27% adjusted EBITDA percentage. That's what we're focused on right now. That's great. Thanks, Dan. Thanks everyone for joining today. That concludes today's conference call. Thank you. Thanks, everyone. Bye-bye. Bye.