Welcome to the WELL Health Technologies Corp. Q1 fiscal 2021 financial results conference call. My name is Sylvie, and I will be your operator for today's call. At this time, note that all participants are in a listen-only mode. We will conduct a question and answer session later in the call, which will be restricted to analysts only. Please note that this call is being recorded. I would like to turn the conference over to Pardeep Sangha, Vice President, Corporate Strategy and Investor Relations. Please go ahead, sir. Thank you, operator, and welcome everyone to WELL Health's 2021 fiscal Q1 financial results conference call. Joining me on the call today are Hamed Shahbazi, Chairman and CEO, and Eva Fong, the company's CFO. I trust that everyone has received a copy of our financial results press release that was issued earlier today. Listeners are also encouraged to download a copy of our quarterly financial statements and management discussion and analysis from sedar.com. Portions of today's call, other than historical performance, includes statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of these laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. These factors are further outlined in today's press release and in our management discussion and analysis. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We don't undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based, except if it's required by law. Please note, we use adjusted gross profit, adjusted gross margin, adjusted EBITDA, and adjusted shareholder EBITDA on this conference call, which are all non-GAAP measures. For more information on how we define these terms, please refer to the definition set out in today's press release and in our management discussion and analysis. The company believes that adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations, which the company can use to fund working capital requirements, service future interest and principal debt repayments, and fund future growth. Adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS. With that, let me turn the call over to Mr. Hamed Shahbazi, Chairman and CEO of WELL Health Technologies Corp. Thank you, Pardeep. Good day, everyone. We hope that you're all keeping safe and healthy. We truly appreciate everyone for joining us today. On today's call, I'll first provide some general commentary on the quarter and give an update on each business unit, followed by our CFO, Eva Fong, who will provide a financial summary of our Q1 2021 results. I will come back and provide some commentary on our recently announced acquisition of CRH Medical. We will conclude the call with a question and answer session. We begin the year with an exceptionally strong Q1 in which we delivered record quarterly revenue and adjusted gross profit. WELL Health achieved another quarter with record revenue for Q1 2021, with revenue increasing 150% on a year-over-year basis, and gross profit increasing 155% on a year-over-year basis, with the company's software and services revenue leading the way by increasing by 345%, again, on a year-over-year basis. In addition, Q1 was the Q2 in a row where we reported positive adjusted EBITDA. You may remember that in the last quarter, consensus was essentially focused in at around breakeven. We had really overperformed at coming in at just under CAD 1 million in EBITDA. Well, in fact, this quarter, we achieved record EBITDA of CAD 1.1 million, over CAD 1 million from our Canadian operations, but had elevated costs in our Circle Medical investment, which is our only investment in the U.S. until our CRH acquisition, which caused our overall EBITDA to fall to about half a million CAD for the quarter. Our M&A program continues to successfully execute on WELL's disciplined capital allocation strategy. Since the beginning of the year, we have completed or announced the following acquisitions. One, t he 100% acquisition of CRH Medical Corporation, a company focused on providing products and services to gastroenterologists throughout the U.S. Two, 100% acquisition of Adracare, practice management and telehealth platform serving allied health practitioners in five countries. Three, the 100% acquisition of Open Health Software Solutions, an OSCAR EMR service provider to medical clinics primarily in Ontario. Four, the 100% acquisition of Intrahealth Systems, an enterprise-class EMR provider operating in Canada, Australia, and New Zealand. Five, a seed investment in Twig Fertility company, a new tech-enabled fertility clinic which will be opening in midtown Toronto later this year. Six, the 100% acquisition of ExecHealth, a provider of primary care and executive health services in the Ottawa region. Seven, the proposed 51% majority stake acquisition of Doctors Services Group, our first acquisition by our DoctorCare unit, which is our billing and back office business unit. Just yesterday, we announced CRH Medical completed its first acquisition as a WELL business unit with the 85% majority stake acquisition of New England Anesthesia Associates. I will now review our overall patient visit count in the quarter, and I will discuss the progress of our individual business units. I am very pleased to report that our total multi-channel patient visits in Q1 were 469,982. This includes all patient visits that were either delivered by a WELL practitioner or a virtual care consultation carried out by a practitioner outside the walls of WELL by using a WELL-enabled platform. In-person visits at our clinics made up 30% of this total visits number and accounted for 142,944 visits. Telehealth patient visits made up 70% of the total visits and accounted for 265,991 visits, including both telephone and virtual care visits. We don't know of any other provider in Canada that has anywhere close to the capacity of delivering both physical, in-person, and telehealth patient visits to the same degree as WELL, given that we are now on a multi-million run rate for the year. To our knowledge, we are the market leader in multi-channel patient visits in Canada today. We will look to build on that lead purposefully and ambitiously over the next year. Might I point out that that's really what makes WELL truly special, the fact that we have both platform technologies and clinical care. Hundreds of practitioners delivering clinical care in all aspects of primary and secondary care, often using a WELL platform. Now an update on our business units. On the last quarterly conference call, I made reference to how we aspire and model ourselves to be like Berkshire Hathaway. We regard ourselves, as I said, aspirationally as a Berkshire Hathaway of tech-enabled healthcare. Much like Berkshire Hathaway, our goal is to make investments in highly successful and resilient companies run by top-notch management teams that have a superior track record of delivering results. The main difference here is that Berkshire has a very wide mandate, and ours is very much focused on the theme of tech-enabled healthcare, as we see this as a pivotal time where digitization and modernization are occurring in one of the largest sectors in the world. Furthermore, Berkshire Hathaway companies and leaders are invited to stay, be empowered and continue on their journey while benefiting from being in the group. We have similarly structured the company into several business units, each with its own business unit leader, as well as employing a decentralized operating strategy where most of the operating decisions are managed by the leaders of the different business units. This allows the company to grow and scale without added bureaucracy and leaner shared services. Notwithstanding this approach, capital allocation decisions are centralized and thoughtfully planned to ensure that the company is always making the most compelling and accretive investment decisions. It should be noted that WELL is increasingly seeking investments in situations where its business unit leaders assist with WELL's capital allocation goals. Recent case studies illustrating this objective include the acquisitions of Intrahealth, New England Anesthesia, and the proposed acquisitions of Doctors Services Group. In each of these cases, the business unit leaders are very much involved in the M&A process or entirely carrying out the M&A process themselves, as in the case of CRH Medical. While WELL's business units span across different areas in tech-enabled healthcare, each of these business units and operations essentially support one theme, and that is practitioner enablement and support, often with the latest and greatest technology. Now I'll speak to each of the business units, starting with our clinical business. WELL's public insured revenue increased by 13% compared to the same quarter last year, as we're witnessing strong year-over-year organic growth, assisted with the addition of our telehealth services by physicians in our wholly owned clinics. Our patient services revenue generated by our clinical business unit includes both in-clinic and telehealth-related revenue. WELL's own physicians have embraced the omni-channel, multi-channel or bricks and clicks experience, with many doctors conducting patient visits in the clinic and also online. We believe that COVID-19 has accelerated the adoption of telehealth and digital services. However, we continue to believe the future will be reflective of a hybrid delivery approach. Doctors and patients still need to meet and see patients at times for proper examination purposes. Given these trends, we believe WELL is very well positioned to benefit from the permanent trend of delivering service via a hybrid bricks and clicks approach. Next, we have Allied Health. WELL's Allied Health business unit is focused on operating, investing, and unlocking opportunities associated with allied health offerings such as physiotherapy, occupational therapy, chiropractic, dietary, mental health counseling, and sleep-related services. Both SleepWorks and Easy Allied are mobile services that continue to outperform their original expectations and are experiencing the benefits from working very closely with our primary care clinics in BC to offer a more integrative approach to healthcare. WELL's non-insured patient services revenue, or our Allied Health revenue, increased 132% compared to Q1 of last year and 61% sequentially from last quarter in Q4 due to a full quarter of revenue contribution from Easy Allied acquisition and strong performance from our SleepWorks business. It should be noted that both Easy Allied and SleepWorks have very strong year-over-year growth, and that's organic growth. We have WELL's Digital Health Apps business unit. WELL Digital Health Apps is our business unit solely focused on developing, investing in, and unlocking opportunities associated with digital health applications or apps. This business unit is primarily focused on establishing partnerships and/or investments with leading digital health apps that allow WELL to unlock the value of its other assets, such as its EMR platforms. We talked about before, this is the business unit to date that has housed most of our platform technologies, especially as it relates to digital patient engagement. By extension, it should be noted that we don't have a separate telehealth business unit, but telehealth is actually a part of the apps business unit. Telehealth is actually used and deployed across the entire organization. It lives not just in this business unit, but integrated throughout. We have a number of telehealth platforms in Canada, including tiahealth.com, VirtualClinic+, Adracare, and Intrahealth. The combination of all these telehealth platforms positions WELL as one of the top providers of telehealth services in Canada. Of course, we also have Circle Medical, which I'll speak to in a bit in the United States. Tia Health is our virtual health marketplace, where medical practitioners are online at all hours of the day, facilitating a virtual walk-in experience for the millions of patients across Canada who do not have a regular family doctor. The marketplace-like approach not only provides patients with comfort in selecting a healthcare practitioner, but it also encourages patients to often come back to the same practitioner, creating attachments and furthering a more longitudinal care model. Once again, in Q1, over 50% of the visitors to our Tia Health platform were repeat visitors. We view this as an excellent data point and very good news because it means our users love the experience and are coming back again and again, improving our lifetime value, and we are essentially turning unattached patients into attached patients. Turning our attention to telehealth in the United States and Circle Medical, who continues to experience healthy telehealth patient volume increases despite the return to more of an in-clinic model, given the strong recovery in the United States. Circle Medical is also expanding its physical footprint and will be opening its third wholly owned clinic in Austin, Texas in Q2 2021. Circle's partnership with Kind Health Group of San Diego, California is still in its early stages and is promising in terms of its growth as well. As part of this new pilot program, Circle Medical is allowing vetted primary care practices access to its technology platform to deliver a high-quality experience while streamlining their administrative overhead. This is without Circle having to buy the clinical business, merely partnering and leveraging Circle Medical's platform. Circle Medical is making great progress and is reflecting roughly 150% organic growth in visits on a year-over-year basis. It should also be noted that despite having a clinical business, more than 80% of the company's revenue comes from pure virtual care services and is expected to continue to have its telehealth services outpace its brick-and-mortar revenue growth, which will also continue to organically grow. In addition to the strong growth in telehealth, the WELL Digital Apps business unit has experienced an incredible amount of interest and activity with the apps.health marketplace. Currently, we have now 31 digital health apps on the marketplace from 18 different publishers. In fact, we've had a couple of very key announcements in the quarter relating to apps. One was the fact that we adopted the FHIR standard, that's F-H-I-R, which of course stands for Fast Healthcare Interoperability Resources. We actually did a lot of development work around this, and it was all driven internally and organically by our various different teams on a multidisciplinary, multi-business unit basis. This is strong evidence that WELL is an innovative company that does more than drive corporate development successes. We launched a new FHIR API or application programming interface. This is a big deal because it allows digital health app developers to build integrations much more easily to our EMR platforms and makes it easier for clinicians to launch digital health apps that interact with their EMR data. With the adoption of FHIR, WELL will ensure strong programmatic connectivity between its global family of EMR products and its apps.health ecosystem, extending app availability to its full EMR footprint globally. The idea here is that FHIR interoperability will allow third-party app developers to publish apps to WELL's apps.health ecosystem and immediately communicate with WELL's global fleet, which now includes Intrahealth, providing access to thousands of medical practitioners and clinicians in multiple countries. Adopting FHIR was also a critical path item for us to enable and be able to work with Apple on the Apple Health Records project that we just announced last week. I'd like to spend some time now talking about this press release and the success and achievement surrounding enabling Apple Health Records on iPhone, which is now rolling out for clinicians and patients across WELL's primary care clinics, EMR network, Tia Health Virtual Care Services, and apps.health marketplace. Apple Health Records on iPhone allows patients to securely view and store their own available medical records from multiple providers right in the Apple Health app on their iPhone with their privacy and data protected at all times. This is an app that should be essentially factory installed on every iPhone. The health records feature creates a direct, encrypted connection between a patient's iPhone and one or more healthcare organizations, allowing users to access a centralized view of their allergies, conditions, immunizations, lab results, medications, procedures and vitals, just to name a number of these items across multiple providers, and to be notified when their data is updated. Any OSCAR Pro-enabled clinic, of which now, as you know, there are more than 2,200, can now opt in to offer Health Records on iPhone. We are very proud of the fact that WELL's Tia Health will be the first telehealth service in Canada to support Health Records on iPhone, and WELL's OSCAR Pro is the first electronic medical records provider to support Health Records on iPhone. We've recently rolled out a number of new apps, such as Apple Health, we've also rolled out other apps. We've rolled out an app for Adracare. Adracare is the industry-leading practice management and telehealth solution that is powering a lot of allied health experiences, such as major clients, such as Aurora Cannabis and Lifemark. We've also now added an app on the marketplace for Pillway. You'll remember that in Q4 last year, we made an investment in Pillway, which is an industry-leading e-prescription platform. We now own more than 20% of the company and sit on the board. Pillway is also fully integrated with our telehealth platform and now processing prescriptions every day for our telehealth customers. We've also launched WELL's own PMR, or personal medical record system, called YourCare, which is a major initiative that essentially allows patients to interact with their data as it relates to our telehealth business. This is also fully Apple Health Records compatible. For the WELL EMR group. Q1 was a monumental quarter for the WELL EMR group, as the acquisition of Intrahealth has transformed the business unit to a multi-product offering across the globe. Intrahealth is an enterprise-class EMR provider with deep IP portfolio and a highly customizable platform that supports a myriad of healthcare settings, including health authorities, hospitals, public health outpatient centers, community health, home care, ambulatory care, and diverse healthcare professionals. Intrahealth supports approximately 15,000 clinicians, providing care for millions of patients in its combined databases across its global network of Canada, Australia, and New Zealand. For example, Intrahealth powers large customers such as the government of Western Australia; Victoria State Government, again, in Australia; New Zealand Defence Force; the Auckland District Health Board; as well as several other large health authorities as well within the Australia-Asia region. As discussed earlier, WELL also anticipates integrating Intrahealth to apps.health marketplace in the coming months, paving the way for third-party app developers to have their digital health applications available on both OSCAR Pro and Intrahealth platforms. Now for our cybersecurity business unit, Cycura. Our cybersecurity business had a very strong quarter, with revenues exceeding 495% compared to Q4. You'll recall in the last quarterly conference call, we explained that Q4 revenue in the cybersecurity business unit was negatively impacted by a shipment of networking and security products at the end of December, which got delayed into January. While this delayed shipment helped improve our Q1 results, our cybersecurity team still had a fantastic quarter, closing and delivering on a multitude of deals with large enterprise customers. As a result, our Q1 revenue ended up being exceptionally strong. Keep in mind that even with this delayed shipment in Q4, we also met and exceeded consensus in Q4. Revenues for this business unit can often be lumpy as a result of the timing of shipments and project-related contracts. Notwithstanding, we remain very excited about the prospects for our security business, as this is becoming a critical area of focus. Cycura and Source 44 is already supporting all of our business units across the organization, including clinics, allied health, EMR, digital apps, billing, and soon we'll be providing cybersecurity solutions to CRH's customers. Next, WELL's billing and back office business unit. DoctorCare, as a foundational acquisition for WELL, serves a new business unit focused on the North American medical billing and back office marketplace. DoctorCare already supports WELL's OSCAR Pro EMR and is featured on WELL's apps.health marketplace, but it also supports all other major EMRs in the country. DoctorCare recently announced its first acquisition, which is the proposed 51% majority stake acquisition of Doctors Services Group. We view DoctorCare as another one of WELL's key consolidation points for additional billing-related acquisitions and growth initiatives. There are a number of small billing outfits across the country that support doctors with their billings. We've identified this as a compelling and highly accretive consolidation opportunity that will likely yield significant additional sticky recurring revenue and profitability. That concludes my update of the individual business units. As you can see, WELL has substantially diversified its business into several growth-oriented business units with heavy emphasis on driving collaboration and insourcing from the group of companies and capabilities, driving real network effects. Each business unit is experiencing organic growth and is a leverage point for additional related acquisitions. I'll go into additional details on the proposed CRH acquisition later in the call today. First, I'd like to turn the call over to our CFO, Eva Fong, who will review the financials for the Q4. eva? Thank you, Hamed. I'm pleased to report that we had a very strong Q1 result for the three months ended March 31st, 2021, and they are as follow. WELL achieved record quarterly revenue of CAD 25.6 million during Q1 2021 compared to revenue of CAD 10.2 million generated during Q1 2020, an increase of 150% driven by acquisitions during the past year and the addition of telehealth-related revenue. WELL achieved software and services revenues of CAD 7.6 million in Q1 2021, representing 345% year-over-year growth as compared to CAD 1.7 million in Q1 of last year. During Q1 of 2021, WELL achieved record adjusted gross profit of CAD 10 million, representing 155% year-over-year growth as compared to adjusted gross profit of CAD 3.9 million in the prior year Q1 2020. WELL achieved adjusted gross margin percentage of 39.3% during Q1 2021 compared to adjusted gross margin percentage of 38.5% in Q1 2020. Net loss was CAD 7.1 million, or CAD 0.04 per share for the three months ended March 31st, 2021, compared to net loss of CAD 2 million or CAD 0.02 per share for the three months ended March 31st, 2020. Adjusted EBITDA profit was CAD 0.5 million for Q1 2021 compared to adjusted EBITDA loss of CAD 0.2 million for Q1 2020. Adjusted EBITDA was positively impacted by WELL's Canadian operations, which achieved adjusted EBITDA of CAD 1.1 million. As Hamed mentioned earlier, this is the Q2 in a row that we have reported positive adjusted EBITDA. WELL ended Q1 with a very strong balance sheet. The company had cash and cash equivalents of CAD 83.3 million as at March 31st, 2021, compared to CAD 86.9 million as at December 31st, 2020. Subsequent to the end of the quarter, WELL completed its acquisition of CRH and announced a $300 million revolving credit facility with J.P. Morgan and a syndicate of net lenders. CRH has since completed an acquisition that was announced yesterday, which is fully funded by this credit facility. WELL's current cash balance is over CAD 65 million, and the company has access to additional facilities under the JP Morgan credit facility to fund future expansion. As of the end of the Q1 on March 31st, 2021, the company had 174,531,714 fully diluted securities issued and outstanding. More recently, as of yesterday, May 10th, 2021, the company had 207,096,661 fully diluted securities issued and outstanding, including the recent 30.9 million shares of subscription receipts, which have all been converted to WELL shares at the close of the CRH acquisition. That is my financial update, and I turn the call back over to Hamed. Thank you, Eva. I'll now provide some commentary on our recent acquisition of CRH Medical that was completed a couple of weeks ago. I think I just mistakenly mentioned that it was a proposed acquisition. It was proposed for so long, it kind of got in my head. We're very happy to have CRH complete. During our Q1 conference call, I think we mentioned that this acquisition puts us on track for annualized revenue run rate approaching CAD 300 million. That continues to be the case, we're very pleased about that. CRH accelerates our revenue growth and significantly boosts our free cash flow, which will obviously be used to make additional cash flow generating acquisitions. This is when we're cooking with fire. Our acquisition of CRH Medical was partially funded by an upsized subscription receipts equity offering of CAD 302.5 million at CAD 9.80 per share, without any warrants or sweeteners. This was done at a premium to market price. The equity offering was led by Hong Kong businessman and investor Mr. Li Ka-shing and his partner, who invested CAD 100 million and were joined by several other large multi-billion dollar institutions. Please note that WELL's management team and board also invested alongside our institutional investors. That includes every board member and almost every member of our management team, including myself, who acquired CAD 530,000 worth of these subscription receipts at CAD 9.80. CRH Medical is a cornerstone transaction for WELL for the following reasons. One, again, it boosts our free cash flow, which would be used to make additional cash flow generating acquisitions. In fact, in our press release today, we noted that the asset is on track to hit plan. This is the plan that we extensively diligenced during our due diligence period, which was extensive. We hired a high-powered team of external advisors, and paid hundreds of thousands of dollars to do a very deep review. The plan that we settled on, they are on track for. That plan calls for revenue exceeding $150 million and generating free cash flow of over $40 million. That's pretty exciting for us. With this acquisition, WELL gains deep access to U.S. healthcare with a rapidly growing asset. WELL aims to unlock the value of this channel of over 3,000 GI doctors with new revenue and business opportunities. The strategic fit here is pretty substantial because what we're talking about is CRH does not own clinics. It has a trusted advisor relationship with a substantial number of practitioners. That's what WELL has done extensively in the past, which is tech enable and digitize practitioners. These 3,000+ GI doctors are in all 48 of the lower United States. CRH currently provides two services to this GI marketplace. That includes anesthesia services and hemorrhoid banding services and training. It's a product portfolio that we'd like to expand from two to five products. We plan to lead with cybersecurity and follow with offerings such as digital patient engagement. We are deeply reviewing the opportunity to add chronic disease care management. I'm also pleased to report that CRH Medical just completed its first acquisition, which we announced yesterday. The plan is to continue to make acquisitions using that credit line that Eva just spoke to. That $40 million in free cash flow and $150 million in revenues includes a plan that's, again, inclusive of M&A that's planned for the year. We think that it's very possible that that plan could be exceeded. With the CRH Medical acquisition, WELL's financial and operating profile, it's clear that WELL becomes not only a leader in the healthcare market in Canada here, but also a strong emerging player in the United States. This past year has been a tremendous year for WELL, we're looking forward to continued success as we expand in the U.S. and build on the successes of CRH Medical and their team. In closing, I want to review WELL's goals for 2021. One is to drive organic growth across all our business units. Again, using the opportunity to cross-fertilize and leverage new opportunities through the network effects brought about by our growing network. Two, continue to follow a very disciplined acquisition and capital allocation strategy. Three, increase EBITDA throughout the year. Four, increase operating cash flows through acquisitions, optimizing costs, and digitizing clinical assets. Five, increasing our market share of digital health and virtual care related products and programs. Our outlook remains very positive across all our business units. We continue to have approximately nine executed LOIs signed and pending for execution. The value of these LOIs, when combined with our existing deals, propels us to well over CAD 400 million in revenue and over CAD 100 million in EBITDA. Given the strong scale, WELL continues to seriously evaluate the prospects and feasibility of a U.S. IPO in the next few months. WELL is already conferring with tier one bankers and with some of the most recognized global firms in the world, and they're very excited about WELL's progress and interest in a senior listing in the U.S. We've also retained counsel with our partners at Sidley Austin and Weil, who we've worked with on other U.S. acquisitions. That is my financial update. Let's talk about Q&A now. Thank you, sir. Ladies and gentlemen, we will now take questions from analysts. If you would like to ask a question, please press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to withdraw your question, simply press star followed by two. If you are using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Doug Taylor at Canaccord. Please go ahead. Yeah. Thank you for taking my questions. You got into it right at the end there. I just want to clarify the LOIs amounting to CAD 400 million in revenue and CAD 100 million in EBITDA. Previously, you talked about achieving a 50/50 somewhat split between clinical services and digital. Is that still the objective exiting this year to achieve that kind of mix of revenue? Thanks, Doug, for the question. We have talked about kind of the snapshot of where digital and clinical sits, we've really been intentional about not providing guidance on where that weighting would be. This is really important for us to remain perfectly opportunistic to make the best capital allocation decisions. We think that that weighting will shift over time, we think that that's only natural given that once in a while we'll find great digital deals and once in a while we'll find great clinical deals. To your point, we are conscious of always maintaining a strong weighting in digital. We do have a good mix between all the different business units. We have strong recurring revenues and platform driven revenues from a digital perspective that are related with EMR, with billing and back office, and of course, clinical opportunities as well. Thank you. Thank you. Next will be Christian Sgro at Eight Capital. Please go ahead. Hi. Thanks for taking my questions. I'll just ask two today, both on CRH. The first is on WELL's ability to digitize CRH's offering in the U.S. You mentioned that cybersecurity might be the best first in or natural way to get into some of the clinics in the U.S., but could you talk a little bit about the go-to-market strategy and other success you're seeing selling products in? Yeah. Thanks, Christian. We do think cybersecurity is a really good model because, remember that we don't own clinics. CRH does not own clinics. It provides anesthesia services to 73 ambulatory surgical centers and the banding services to many more practitioners. Those practitioners already have a lot of their own workflows. One of the things that's really exciting about where we sit in healthcare overall is that any practitioner that you touch, any practitioner that's out there, it doesn't matter which field, is going to be experiencing a greater level of digitization. It's just something that's absolutely unavoidable. Practitioners are part of the responsible parties, and of course, clinic administrators to keep data safe. This is something that is unquestionable in terms of trend. What's also great is that it doesn't necessarily require any kind of integration with workflow to protect data. We're talking about things such as edge defenses of clinics, ensuring that you have commercial-grade hardware and software, and protections for that data. That's one of the big reasons why we think cybersecurity is a great way to move into that channel, because you don't need to change the workflows, you don't need to go through very difficult change management processes that often become difficult with healthcare practitioners. Obviously, we just completed the acquisition. We are very close to pulling together the portfolio of cybersecurity products. Our view is, like any company, CRH has some very strong advocates and clinics and practitioners that really love their products and services. The idea is to go to them first and establish our first wins and really celebrate those wins and demonstrate how they've been transformational in helping those businesses. The other thing to think about here is there's an education element. A lot of practitioners are quickly realizing that there are more and more malware breaches and issues going on within the healthcare sector. Some practitioners are not aware of this, some practitioners are, but we are looking to really educate the market. Again, our close relationship and trusted advisor relationship with these practitioners will help us get there. Hope that's helpful for you. We're also looking at potentially adding new heads to allow us to, as we sort of nail down the value proposition, to be able to scale it more effectively. We have no issue adding more resources and sales horsepower as that becomes a reality. Awesome. That's all helpful context. I'll just ask one more on CRH and more what you were seeing leading into the closing of the transaction. You had mentioned that the business was outperforming your plan year to date and into 2021, but if there's any other color that you want to provide, maybe if that's on the O'Regan side or in the core business, anything else you'd like to talk about on CRH to help us understand where the strength is? Sure. Yeah. We are sort of absolutely in line on our plan. Our plan was something that we diligenced extensively, again, ourselves and including third-party consultants, and they're just effectively right on plan. The plan was way ahead of anything that analysts had expected. As you may remember, Q4, while the company was still a listed company, they were also way ahead of their Q4 consensus. We're just extremely pleased at how things are going. Obviously, we didn't own the company in Q1, so we didn't announce their earnings. Suffice it to say that their growth was fantastic. They had better than, I believe, 32% or close to 33% year-over-year growth in their Q1. Now, some of that was COVID affected in the previous year, but you'll remember COVID was really just started to eat away at performance right in the last few days of March. Definitely still very much a strong demonstrable kind of data point. Keep in mind also that Q4, there was 21% year-over-year growth. Again, CRH has demonstrated they are a growth business. We not only expect that growth to occur inorganically. As you've seen, they're very good at that, but organically as well. That's the thing to note is that there has been organic growth in caseloads occurring from the different acquisitions. In the past, some of the concerns with the company were that its case rates were declining, but again, our diligence showed that that had now stabilized and could even curl back up. That was why, in our view, this was really a fantastic time to get involved in the story. Hopefully, that's helpful color. Yes, that's all helpful. Thanks for taking my question. Thank you. Next question will be from David Kwan at TD Securities. Please go ahead. Hey, Hamed. Hi, Eva. I was wondering just on the public insured revenue, that was down a bit quarter-over-quarter. I don't know if that's related to not having a typical flu season due to COVID or whatnot, or whether it was maybe related to the maybe shifting in appointments for uninsured clinic revenue, which also had a nice bump quarter-over-quarter, I was curious to get your thoughts on that. Yeah, David, I think it was very minorly down, like maybe 1% or 2%. We didn't think that there was much to that. I think a lot of that just depends on which doctors are taking time off or not. I think that's probably what we saw. The clinical division's been really strong for us. It's been seeing great organic growth on the top line, also really strong profitability enhancements. It's now one of our most profitable divisions, which was the whole point of WELL at the beginning, if you may remember. Is the idea that we could buy clinics that had mediocre to average profitability and significantly enhance that profitability. We're now into the double digits in EBITDA margin with our clinical population. Again, I think on a quarter-over-quarter basis, it was really no real notable element in terms of any shifting of visits. I think it was purely related with just circumstantial matters in terms of practitioners. Thanks, Hamed. Just one follow-up question, just on the gross margin side that I got. That was down quarter-over-quarter. I assume at least part of that was due to the equipment sale that was delayed from Q4 and maybe a heavier quarter for equipment sales in the cybersecurity business. Is there anything else going on there? No, I think you nailed it. That's it. You expect the gross margins, other things being equal, to bounce back if we get back to a normal revenue mix? Yeah, I do expect it. I do think where it seems that we're going to be trending is roughly in the 40% or just above the 40% range. I think that's going to be very healthy for us, that's when we look at businesses and companies, we try to buy products and services that don't have any kind of erosion. CRH obviously has strong gross margins, I think on a consolidated basis, we should be in really good shape there as well to maintain that 40% target. Great. Thanks, Hamed. Thank you. Thank you. Next question will be from Chris Thompson at PI Financial. Please go ahead. Great. Thanks, Hamed. Just to follow up on the line of questioning in the clinical business, I think British Columbia went into a more strict lockdown again at the end of March. Is that having a negative impact on your in-person kind of visits so far in the quarter? What kind of color can you give us on that for modeling purposes? We really haven't seen a big impact. I think it's testament to just how well managed those clinics are and how, I think, strong our hybrid approach is and the ability for practitioners to now be quite comfortable and artful in the way that they support patients between channels, providing often a very strong omni-channel experience and a multi-channel experience. Of course, the difference between omni and multi is omni has a single customer view across those channels, whereas multi, you may have different practitioners and so forth. I think we feel really good about that. Okay, great. Just on the cash, in the prepared remarks, you mentioned you had CAD 65 million today. Can you just remind us how much debt is drawn under the CAD 175 million revolver? Also, when you want to draw down the CAD 125 million accordion, do you need to have any preconditions and covenants before that, or are you just able to draw that whenever you want at your free will? Thank you. I'll just ask Eva because I think she's got those numbers from really close to her there to answer that question. Yeah. With the acquisition announced yesterday by CRH, the total draw as of now is about CAD 145 million. We still have about almost CAD 30 million left on the main credit facility in addition to the accordion. Yeah, Chris, the accord involves, I think, conversation and an ability to unlock that. I don't think it's a very extensive process to unlock that. We do have that accessible to us. Great. Thanks, guys. Appreciate it. Thank you. Next question will be from Scott Fletcher at CIBC. Please go ahead. Hi, thanks for taking my call. Sort of following up on that, the question of the CRH facility. Does the expanded facility imply an acceleration in M&A at CRH? Is that something we should expect, or is it sort of just a there in case. Yeah. Listen, we've said before and we'll say it again, we really think that that's possible. For now, at minimum, we want to carry out CRH's normal load of M&A, which has been demonstrated to add about CAD 10 million in shareholder EBITDA per year. Very strong in terms of the ability that they've had and just the remarkable consistency in which they've purchased. I think that's something that we look forward to this year. Depending on what opportunities we see, it could be enhanced. Yeah, I think at minimum, we'd like to maintain their current pace. Okay, thanks. If it was to accelerate, is the infrastructure in place there, or would there need to be maybe some more heads on the Corp Dev side? That's a good question. I do think it's possible to see an acceleration without adding corp dev resources, to my knowledge. I also think that if you'd want to materially catalyze that and grow that, you would probably need to add heads. The team has been expanded recently, just in the past few months. They've demonstrated the ability to acquire and train and get people up to speed and really be able to activate them. It's one of the things that really impressed us about the company, frankly, is just how extensible and professional the corp dev process is. Of course, we're capital allocators, so we knew what to look for. We were very focused on what that process was and had multiple calls and due diligence touch points there. Again, we think we didn't just buy a lot of cash flow, we bought a cash flow machine that gives us exposure to thousands of practitioners. That's why we're so darn comfortable about this acquisition and how we're absolutely willing to go to the mat with anyone about it. You'll see our performance over the next year. Great. Thanks. That's helpful. Thank you. Next question will be from Rob Goff at Echelon. Please go ahead. Thank you very much for taking my question. My question would be about Circle Medical. Could you talk to your pilot and how you might see an expansion along those lines? Is it by clinic by clinic, or is it by tens or 15s? How do you see that unfolding? Yeah, it's a really good question, Rob. I think that this is sort of a new initiative and the company, as you know, has a very Silicon Valley DNA associated with it. It came out of Y Combinator. It kind of refers to itself as a full stack primary care business. They've built incredible amounts of software. They basically built almost an entire EMR in addition to a telehealth business. I think that just their strength in technology will favor telehealth expansion. This pilot, I think, again, with the Silicon Valley roots, is very much, let's see how it goes, let's see what the strengths and weaknesses are. I find Silicon Valley companies take that nail it, then scale it approach. Let's see if this becomes a really strong growth avenue for the business. I think the founders and the operators really believe it's important to continue to seed markets because it allows them to provide a different value proposition than the other virtual care providers. This is something that we do up here as well. What really sets WELL apart is that we have both the physical, clinical, and the telehealth, and it's so hard to match us and strengthen that in that way. I'll also add that we've had conversations with Circle Medical about leveraging WELL's balance sheet to help with that, because of course, WELL's interested in growing its clinical business south of the border. Expect to see collaboration on that level. Either cash deployed through Circle Medical in enabling and acquiring clinics or through WELL partnering with Circle. We've just a lot of options in how we grow that business. As a follow-up, with your reference to nail it then scale it, would you say that the hammer is in your hand, or what sort of timeline might we look for? That's a good question. I think it's really going to be nothing that happens over days, weeks. I think it's more months to sort of see. I'll only say that because the growth has been so strong on the virtual side. The company recently dramatically beefed up its digital marketing expertise, and that's been really helpful. It's really impressive what they did. Think about the big Q4 contribution we got from them, they weren't even in part of Q4. Of course, a lot of that was COVID driven, they have not seen really a decline. They've maintained that volume, even having COVID completely drop off because of the U.S. progress. Why is that? How are they able to do that? I think that's one of the sort of hidden gem stories that people are not aware about with Circle Medical. Circle Medical benefited greatly from COVID, has pivoted and has been able to maintain its strong volumes by leveraging other conditions and going after those. We understand that management has plans to grow this year extensively, and they're very focused on a growth path, that involves really activating their strength of digital marketing and the product superiority that they have, given their NPS scores. I think the clinical side of things is more sort of gravy, if you will. Like, hey, let's see if we can grow without necessarily having to buy clinics, and have these clinics take on our technology infrastructure. Cool. Thank you. Thank you. Next question will be from David Newman at Desjardins. Please go ahead. Good morning, folks. Hi, David. I just want to ask a question on mental health. Obviously, as we get further and further into COVID, and that's been almost a crisis here, and the stigma's been somewhat removed, I think, on coming through the pandemic. It's an area that obviously, you haven't focused on as much. Do you have plans afoot, either through your LOIs or other areas where you want to kind of step up your game on the mental health side? Yeah. Thanks for bringing that up, David. I fully agree with you. I've been talking to some folks who are in public health, and what they're telling me is that it's a public health tsunami concern. There is a lot going on in that area. We are supporting mental health practitioners primarily through our telehealth businesses. All of them. Adracare has mental health practices that are supported through their practice management capabilities and telehealth capabilities. INSIG has mental health practitioners on their platform, and of course, Circle Medical as well. It's one of the areas where they've been really making a lot of progress, in terms of different mental health related ailments. We are in this area. We don't talk about it much, but we are definitely mobilizing against it. Your comment about the LOIs rings true. We do have intent to beef up the area here and we are very excited about it. Keep in mind too, that it's something that we see extensively in our clinical business. We are, today, a substantial provider of mental health services, but we feel that this is an area that we can really grow, and it's an area where we have tremendous tools. Yeah. Stay tuned. Excellent. My second question would be just ahead of the U.S. listing, is there things that you want to cover off or strategically, operationally, or financially before the milestones you're looking at, before considering that U.S. listing? Is there something you need to see before you go down that path? Yeah. Listen, I think we now have the quantum to do it, but I think that there are a couple of these LOIs that we think are really important to get across that if we can get to that CAD 400 million-plus quantum and CAD 100 million-plus EBITDA, there will be very few assets in tech-enabled healthcare with that kind of profitability structure. That's really, really exciting because it's one thing to be in the U.S., it's another thing to be in the U.S. as a distinct and unique asset that's driving profitability better than most other assets. The other thing that I'll mention is something that I know you pay a lot of attention to, is we're really paying attention to our weighting. This is a question that came up earlier as well. We think that it's really important that heading into that IPO, we also continue to demonstrate solid weighting towards digital. It's something that's on our minds and definitely driving some of our deal-making in the next little while. Perfect. Thanks, Hamed. Thanks, David. Thank you. We have time for one more question from Justin Keywood at Stifel. Please go ahead. Thank you. Appreciate it. I just had a follow-up question on organic growth and cross-sell opportunities. I know there's a few rates mentioned for the different business units. One, if you're able to provide the overall organic growth rate for Q1, and also if you're able to characterize delta growth, if it was the result of cross-selling products amongst the units or if it was the result of independent business units just doing that much better. Thanks, Justin. We're really pleased at our organic growth. We didn't provide a blended organic growth figure, but I can tell you that if we're talking year-over-year type growth, if you just look at our clinical division, we didn't acquire much in the clinical division, so a lot of that growth came organically. We continued to see pretty much strong growth throughout. I think it's tough to characterize this specifically as, again, a specific number right now because we don't disclose that, but I will tell you that most of the assets that we have are probably, we're seeing better than double-digit. Like Easy Allied Health is seeing very strong double-digit growth. Obviously, the year-over-year growth in the telehealth assets, of course, we didn't own a lot of them on a year-over-year basis, but to characterize the trajectory of those businesses, they're seeing very strong organic growth. It is an area where we're looking to provide more disclosure, but at this point in time, we just haven't published that number. Okay. Appreciate that. Thank you for taking my question. Thank you. Thank you. At this time, I would like to turn the call back to Mr. Shahbazi. Well, thanks very much. In closing, I just want to thank you all for joining us, and of course, thank our shareholders and investors for their continued support. The capital markets have been very supportive of our vision and enabled us with the funding we need to pursue our goals. This means a lot to us. We take that very seriously. We work very hard, and we diligence assets extensively. Your heart might be warmed to know that we reject a lot of deals that don't meet our stringent requirements, particularly in areas of cybersecurity. The rigor continues and, might I say, as the company's grown, our inbound has exploded. WELL is seen as a blue-chip company, as an aspirational buyer of assets in this space. As a result of that, we have dramatically tightened up our diligence. This, in my view, is a critical point where a lot of companies go wrong, and my mentors have made me focus on this extensively. It's for that reason that I feel that we will continue to really excel as a business because we are looking after your money. I'd also like to thank WELL senior management team and all our employees and contractors for their tremendous effort, especially during this pandemic, which continues to wear on all of us. Of course, thank our team of doctors and frontline workers to keep our clinics open and provide just the unbelievable patient care that we've been able to provide. Thank you, and look forward to seeing you next quarter. Of course, next quarter, we will have more than two months contribution from CRH Medical. We are expecting absolutely blowout numbers. Our other business giving you the touch point right now, their businesses are looking good, and we're feeling really excited about the balance of this year. We hope you're getting vaccinated and you're staying healthy, and thanking you for your support. Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.