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All participants, please stand by. Your conference is now ready to begin. Good morning, everyone. Welcome to the first quarter 2022 conference call for LifeWorks Incorporated. Please note that this conference call will contain forward-looking statements... which reflect management's current beliefs and expectations regarding corporations' future growth and results of operations. Actual results can differ materially from these anticipated. I would now like to turn the meeting over to Mr. Stephen Liptrap, President and Chief Executive Officer of LifeWorks, Inc. Please go ahead, Mr. Liptrap.

Thank you, Paul. Good morning, and thank you for joining us. On the call with me today is Greer Coulter, our Chief Financial Officer, and I've invited our new Board Chair, Bob Courteau, to sit in with us since he's in the office for AGM later today. Welcome, Bob. And Bob will be available later in the call if anyone has a question for him. Early this morning, we released LifeWorks financial results for the first quarter of 2022. Later this morning, at 10.30, we will be holding our virtual annual general meeting. Today, I'll kick things off by reviewing our results and highlights in the first quarter and talk about those in the context of lockdowns, followed by a few brief comments on our strategic plan. I'll then turn it over to Greer to cover Q1 financials in more detail. As we have seen in earlier quarters of this pandemic, hard lockdowns have an impact on our fee-for-service businesses, as most of these are delivered in person at a client site. Good examples are our training business, where clients want us to talk to their employees on site, or our trauma business, where we help employees who may have been part of a robbery or other significant event. The shutdown of these businesses impacted our growth temporarily in the quarter as they did in Q1 and Q2 of 2020. However, these will come back as we start to open up in Q2 and we see being back to normal for Q3 and Q4. On the other side, our core mental health, well-being, EFAP, and absence management businesses continued to perform well, and we continue to grow our market share. Our mental health and well-being businesses, traditional EFAP plus, grew at over 5% in the quarter, and our absence management business grew over 6%. We also saw some significant wins and win-backs from digital-only providers in the quarter, which I will talk to later. We continue to make progress against our margin target of 19% to 20% by the end of the year. We ended Q1 with 18.7% EBITDA margins, up from 18.5% in Q4 and 18.2% in Q3. Our two key drivers of counselor mix and pricing are making a difference. We increased our staff counselors to 59% from 56% compared to the previous quarter, and up from 43% a year ago, a very strong result. And we wrapped up our pricing pilot with excellent results and moved well into full implementation. Gur will talk more about the expectations of pricing, but we see a clear path to significant margin impact as we move into Q3 and Q4. We also saw progress in our retirement and financial solutions business, or RFS, where the lockdown has resulted in revenues showing actual declines in prior quarters. In Q1, we returned to growth and we expect this trend to ramp up as we move through the year. At this point in the year, our key metrics show us winning market share, getting back to mid to high single digit growth in revenues for the full year. The biggest drivers are all positive and include a strong pipeline and sales wins, a higher than historical win rate, as well as win backs and strong retention rates, which are all tracking well. Regarding the LifeWorks platform, we are pleased with our continuing growth that strengthens our position as a technology leader in our markets. At quarter end, there were 7.1 million lives on the LifeWorks platform, up 32.7% from 5.4 million lives a year ago. Organizations paying for extra LifeWorks modules is up 56% year over year. Microsoft team users accessing the LifeWorks platform grew to 140,000, a 40% increase over just last quarter. Keep in mind there are over 270 million people using Microsoft Teams every month, and we offer a fully integrated wellness experience to those users or clients who integrate LifeWorks into Teams. And this is resonating with current clients and in sales presentations. These metrics are critical, as they are the leading indicators of our overall future growth, our platform growth, our ability to add services to our clients' 36 million employees, increased retention, and owning the well-being and mental health spaces globally. And finally, since acquiring the breaking free substance use management platform in January, we've won nine very good contracts right out of the gate and have seen tremendous interest from clients about adding a SaaS substance use module to their platform. Let me offer a few comments on client highlights in the quarter and their significance. In our IHF business, we won back six accounts from clients and digital-only competitors who were clearly looking for a richer model for mental health support, one that offered in-person services in real time, not just digital-only interaction. The biggest of these contracts was with the Quebec Crown Corporation Society to Alcoholic Quebec, or SAQ, which is the main distributor of liquor products in the province. SAQ left us a year ago and tried a digital competitor. And seven months later, they let us know they'd be going to tender again, which they did in February. SAQ chose to return to us in order to provide a full offering of support for their employees, including in-person among other client service attributes that they were missing from what they had in their previous experience with us. In fact, we are seeing a trend for those clients coming back to us. Overwhelmingly, the two main reasons are because their employees demanded face-to-face for their serious mental health issues. And because of our being the largest employer of counselors and having the largest network, we can get people the help they need much faster than any competitor. We're having these conversations with other clients as employees come out of lockdowns and want a broad range of support for their employers, not to be forced to a single solution that might not work. In administrative solutions, we also had a major win back with the state of Nevada's public employees benefit program. We won back a major health and benefits admin contract involving 45,000 members given their poor experience with a competitor that, as we understand it from their public meetings, wasn't up to the task. These are win-backs that support our view that in the markets which have increasingly complex requirements in bringing together human talent and digital support, we are well-positioned to lead the pack against competitors that don't have the depth of our capabilities and are decades of experience in meeting complex client needs. In addition to the win-backs, Q1 saw a number of sizable wins or upsells in each line of business. In IHS, we won a significant EFAP RFP upsell for CAG, Centered Acquisition Government, a non-profit government acquisition center for the province of Quebec. We also won an ICBT contract for Canadian employees of a leading global shipping company. Signet Jewelers, the world's largest retailer of diamond jewelry, selected us for a telemedicine and telephone health coaching solution in the U.S. and Canada. An existing client, a large home improvement retailer in North America, selected us for a telemedicine solution. And in our retirement and financial solutions business, a long-standing client, a large multinational food manufacturer, selected us for their defined contribution and capped plan design and implementation. In our admin business, we won a multimillion-dollar contract with the state of Oregon Health Authority for benefits management, aerial, and health and welfare. We also won a multi-million dollar benefits admin SAS contract with a national faith-based benefits provider in the US. Overall, we are pleased with the market reaction to our platform and the fact that we offer the full continuum of care and support. Whether someone needs to get support in person or digitally, we take care of them. We believe in that model and it is reinforced by our clients and prospects every day. However, that does not stop us from continuing to invest in and build our digital capabilities. We've been investing in digital capabilities for more than 15 years, where we launched the first app in this space, to today, where we have the first substance use SaaS solution on a well-being platform. We see an amazing opportunity in the mental health space where one in three are at high risk in their mental health. And high-risk drinking in the workforce has increased fourfold. Beyond that, more people are aware of the need to actively invest in their mental health and appreciate employers who also invest in their mental health. We have a product roadmap that is being tested with clients every day with features that help clients build stronger relationships with their employees, improve retention, and productivity. We're the only organization that can combine EFAP, mental health, depression care, psychological services, and well-being all in an integrated way. We will continue to evolve our roadmap with our clients' input to create what we call continuous coordinated care or LifeWorks Total Mental Health, which leverages machine learning and artificial intelligence combined with our unmatched capacity to provide in-person support through our global counselor network. all toward delivering the right service to the right person at the right time in any way, in person, digital, chat, video, on any device at any time. As we pulled together IHS and HPS last quarter, we are now building the elements of continuous coordinated care, which will be an integrated solution that provides access to personalized therapy Helping people with self-guided exercises, check-ins, and feedback loops, and having a dedicated therapist to call on will be an important part of our differentiation that makes our LifeWorks Total Mental Health an exciting evolution of our solution. In closing, we continue to execute against our strategic plan and are excited by the future. Total wellbeing will remain the core of our strategic plan. The ability to differentiate by providing and integrating services across four pillars of wellbeing, mental, physical, financial, and social. To continue doing that at a market leadership level, we have a strong portfolio of businesses, each with a solid core of recurring revenues, each primed for growth, and each playing a vital role in taking us forward for the next five years. Our growth strategy to win continues to have three pillars. One, consolidate and rapidly expand our leadership in mental health and well-being markets, but emphasizing mental health even more so. Accelerating growth through U.S. and global expansion and driving world-class delivery through people and technology. Going forward, we have some amazing strengths to build on. We're the world's leading mental health and well-being provider, trusted by some 25,000 organizations and their 36 million people. We offer the most comprehensive range of mental health and well-being services available to our clients and their people. And we make a substantial positive impact on our clients and their people every day. In previous quarters, I've talked about the four levers for growth that gives us confidence in our business model. One is a solid core of recurring revenues across our businesses, and those are increasingly tech enabled. The second is our accelerating global expansion from a strong North American base. Third is our proven ability to grow by innovating with new digital technologies to create market-leading solutions. And fourth is much stronger growth opportunities we expect in the global mental health market. LifeWorks Total Mental Health, the evolution of our offering, fits into this perfectly. On that note, Greer will review the financials.

Thanks, Stephen, and good morning. We made very good progress in Q1 as it relates to our pricing initiative, operational improvements, and performance in our most strategic service lines. We are very pleased with our margin improvement in Q1 to 18.7% as we continue on our path to higher and more traditional margin levels. Our overall earnings quality improved in Q1 due to the completion of our Workday ERP project in Q4 2021, and we saw lower year-over-year CapEx in the quarter resulting from the completion of our GTA office consolidation project in Q4 2021. As we announced last quarter, we have combined our HPS and IHS businesses into a single line of business, and we have expanded the service line disclosure within that business to provide better transparency. As Stephen touched on, we saw solid growth in our core mental health and well-being services at 5.1%, and I would think of this as our core recurring EAP and revenue driven from customers that are on the enhanced well-being platform. We have separately disclosed fee-for-service revenue, representing non-recurring service lines which are impacted by lockdowns, such as training and trauma, which declined 29% year-over-year. We expect that our fee-for-service revenue will improve as economies continue to open up, and this will be a factor in getting back to normal growth rates in the mid to high single digits. Coming off a year of very strong growth in our administrative solutions business, which grew at over 6% on a constant currency organic basis in 2021, This business slowed in the first quarter to 0.2%. Recall that this business is concentrated on the mid to large end of the market, and it is not unusual for this business to have somewhat lumpy revenue patterns, which we are seeing in Q1. But we fully expect this business to generate growth rates in the mid to single digits over the longer run. In our consulting business, retirement and financial solutions, which we were pleased to see the revenue building again in the quarter, And as Stephen points out, it puts RFF back in growth mode. And we see this momentum continuing to build as we move through the year. Although our revenue was relatively flat for the quarter year over year at 0.7%, we see good momentum building across all business lines coming out of Q1. And one last item on revenue before I move on is a brief update on our pricing initiative. To date, we have communicated about $10 million in run rate pricing uplift to our IHS clients. These increases were not made across the board. They were done in a targeted way based on service utilization, assessed on a client-by-client basis, and we are encouraged by the positive response from our clients as we invest in this business to provide best-in-class mental health support. By year end, we expect to approach a $15 million run rate increase in pricing, with $7 to $8 million of this being realized in-year. To simplify this, we are targeting approximately 150 basis points of improvement by Q4 of this year, which not only provides additional revenue growth, but this will also flow through to margin improvement. Let's turn to margins. A continuing focus for us, as we discussed on previous calls. Adjusted EBITDA was $48.4 million for the quarter, down 8.2% over last year. Recalled in Q1 2021, we had not experienced the significant return to in-person counseling, which we are continuing to see today, and this bodes well for our business over the longer term, as this is a key point of differentiation with our competitors. And we continue to make good progress on costs as we shift our counseling network to in-house salary and clinical staff, which increased to 59% of the mix in the first quarter. Adjusted EBITDA margin came in at 18.7%, which follows on 18.5% last quarter and 18.2% in Q3 2021. We're happy with the progress here. Overall profit was up 38.1% year-over-year to $14.1 million, or $0.20 per share, which is driven primarily by the reduction in expenses as we completed our Workday ERP project and as I referred to in my opening comments about earnings quality. We generated normalized free cash flow of $26.2 million in Q1, which was similar to 2021. So in conclusion, we have made very good progress on a number of initiatives this quarter, and we are beginning to see the results show up in our operational and financial metrics. This positions us very well as we look forward to traditional revenue growth and EBITDA margins toward the end of 2022. And with that, I'll turn it back to you, Stephen.

Thanks, Greer. Appreciate your comments. Paul, do you want to go ahead and open the lines for questions?

Certainly. Thank you very much. We will now take questions from the telephone lines. If you have a question and you are using a speakerphone, please lift your handset before making your selection. If you have a question, please press star 1 on the device's keypad. You may cancel at any time by pressing star 2. So please press star 1 at this time. If you have a question, there will be a brief pause while the participants register. We thank you for your patience. Thank you. So the first question is from Etienne Ricard from BMO Capital Markets. Please go ahead. Your line is open. Thank you and good morning.

So first on pricing, if I heard you correctly, you expect to realize $7 to $8 million in higher pricing for your mental health and well-being business this year. And by the end of this year, a run rate of 15 million. So in other words, what percentage of your contracts do you expect to have renewed at a higher pricing by the end of this year?

Yeah, Stephen here. I'll start and then Greer can add some comments. I think at a really high level, what we wanted to do was take a very surgical approach to this. So we actually went client by client. We took a look at utilization. We took a look at ROI. We took a look at returns and we took a look at pricing of those contracts. And then we essentially reached out to those clients and pilot basis and then as I mentioned we're moving into full implementation we're into it right now and really went back to them and talked about ROI for them and the fact that we needed to invest more in our counselors etc as a result we've got phenomenal feedback we had a lot of you know, really, really good comments coming back from clients. I think they very much appreciated what we're doing, and that's what gives us confidence on 100 basis points kind of Q3, 150 basis points in Q4. But we have gone through all of our contracts, and some of them we're increasing larger amounts and some of them smaller, and some we're already at a reasonable rate. So it really is a mix.

Okay, understood. And is there an opportunity for you, you know, given the average life of a contract is three to five years, is there an opportunity for you to renew all contracts, you know, before then?

Yeah, what we did, and I think Greer's team and the business leaders did a really nice job, again, going through contract by contract. And they were kind of in three different buckets. So the first one were contracts that already had COLA built in, and we obviously enacted and put those in place. The second were contracts that had significant usage but were in the middle of. And that was really a conversation with clients that for us to be able to provide the fastest service and counseling connection, we needed to invest a little bit more in our counselor network and our call center. And, you know, we needed them to be part of that. And we had those solutions. And many of those clients did. came on board and said, yes, that makes sense. And we had a few clients, a very small number, that said, no, I'm going to stick with my contract terms and we'll have conversations with them as those contracts come up. But most people really do understand in this world of trying to retain people, trying to recruit people, trying to give the best for your employees, that if they're able to get faster mental health support and well-being support, that's a competitive advantage for them.

Okay. And on the margin, I mean, in Q1, salary costs were the lowest in the past five quarters. Was there a notable drop in the number of cases this past quarter, considering some lockdown measures? Or do you see this as a good run rate, considering the shift in the mix of in-house counsellors?

Maybe I'll start at 10 and Stephen can jump in as well. So I think this is a result of a couple of things. So it is the mix changing. So certainly we've made very good progress on the mix and moving to salary providers. It's also, you'll recall in Q4, we put the IHS and HBS business together. And part of the rationale for that was making this more efficient. We're seeing some of that show up. I'd say those are the two largest factors.

Great, thank you for your comments.

Thanks, Tatia. Thank you. The next question is from Graham Riding from TD Securities. Please go ahead. Your line is open.

Hi, good morning. Good morning, Graham. Greer, you touched on it there, but this question is for either Stephen or Greer. But now that you've incorporated ICBT that product within your IHS division, you know, more broadly, longer term, or is there an opportunity here to use that product on a more regular basis so that, you know, it's more efficient in how you use your in-house therapists and ultimately, you know, drive your margins higher through, you know, spreading your therapist sort of resources and capacity across, you know, a higher amount of EAP utilizations.

Yeah, Graham, as Stephen here, you're absolutely right. The reason that we really wanted to put those businesses together is we knew we were sitting on an amazing set of mental health services. When you think about EAP, think about ICPT, think about depression care, and the fact that we deliver some of it through benefit programs and we deliver some of it through EAP and some of it through ICPT contracts, Pulling all that together and then we're going to build a phenomenal front end in front of that to just make the experience seamless for every single person, just creates a far better user experience, solves the client issue around all of these one-off solutions that people don't know how to use because they're buried on an intranet. And then exactly at your point, Grail, we also have the ability to help people in multiple ways by doing that, right? And it could be that I need a counselor, I need to see them face-to-face, it could be that I need to watch a video, it could be that I need to do a couple modules with an ICPT, or frankly, I think the future is going to be a mix of those things. I think someone's going to come in to us for a chair, we're going to do a quick chat with them, we're going to get them calmed down, we're going to let them watch a couple videos, we're going to have them go through a couple ICPT modules, they might have a setback, they're going to go see a counselor face-to-face, and then come back to some machine learning artificial intelligence. So we see all of those coming together, and we think we have a phenomenal opportunity to pull those together.

So is this something that is kind of a work in progress here, where you're trying to figure out the right balance between charging, I guess, incremental for the ICBT product on one end, but on the other end, using using it more across your therapist to sort of operate more efficiently? Is it somewhat fluid at this point? I guess that's my question.

Yeah, I would say it's a natural evolution of our product and where we're going. So, you know, ICBT was a great success pulling that together and fully integrating it in with what we're doing on mental health support. So even today, if someone's coming in, we have the opportunity to leverage ICBT digital solutions and get them some help both digitally and in person. And we'll just continue to evolve that as we move forward. But lots of opportunity, I think, in the long run on the margin standpoint. But even more importantly, I think phenomenal opportunity to help people in more ways than, you know, we've been able to do in the past, which is getting at the ROI for our clients at the end of the day.

Okay, understood. When you talk about win-backs versus digital competitors, are you referring to renewing an existing contract that's put up for RFP, or are you actually winning a contract that you previously lost?

Yeah, this is winning a contract that we previously lost. So we continue to have phenomenal retention rates. We're always between 95% and 98%. We absolutely continue that. We've seen nothing change against retention rates at all. But these are new sale win back. So these are clients who might have gone and tried a digital only or digital first competitor. and their employees or those clients in particular were not satisfied with what they got. So they've chosen to come back to us and get back to phenomenal service for their employees.

Okay. Understood. And then my last question, if I could. I think, Stephen, you made a comment about getting to mid to high single-digit organic revenue growth this year. Is that Like, are you targeting sort of a run rate as you exit the year or is that a target for 2022 overall?

Yeah, that's our target for 22 overall, Graham. If we take a look at all of the metrics that we track on a regular basis, so you think about our wins, you think about our sales pipeline, you think about our win rate, you think about our funnel and everything out there, all of those indicate that as we get to the end of the year, we should be able to have 2022 growth in that mid-single-digit range.

Okay, that's it for me, thank you.

Great, thanks again. Thank you. The next question is now from Scott Fletcher, CIBC. Please go ahead, your line is open.

Thanks, good morning. Nice to see some windbacks in the quarter. I just have a follow-up question on there. Can you give us sort of an idea of whether those win-backs are coming back at a similar margin to what they would have been before they were there, or maybe there's an opportunity to raise prices as they come back given that the contract is rolled off? Just some color there would help be helpful.

Yeah, great question, Scott. For the most part, they're either coming back at similar margins or enhanced margins. It really depends on the clients and, you know, what the rate was before. So we look at all of them as we kind of do the bid when they went back to market. And as I said, we're pricing at the rate that allows our clients to get access to very quick either in-person or digital care. So, yeah, they're coming back similar margins or better.

Okay, that's good to hear. A separate question for me. Looks like the tech-enabled recurring revenue was down sequentially. Could you just dig into that a little bit?

Yeah, it's Steven here. The easiest way to kind of think about it is if you think within our IHS business, we saw very good growth in our core business, just over 5% for mental health and well-being. You think about our absence business being up just over 6%. And then a lot of that is tech-enabled. So you kind of go, well, why then is tech up 4%? We had a slower quarter, as Greer alluded to, within our admin business. Again, we continue to grow and win new contracts, but that business tends to be a little bit lumpier as you win very large states and things like that. So the tech enabled within admin was a little bit slower in the quarter.

Okay, that's helpful. Thank you.

Thank you. Once again, please press star one on the devices keypad if you have a question. The next question is from Jamie Gloin from National Bank Financial. Please go ahead. Your line is open.

Yeah, thanks. Just want to make sure I heard the answer to Graham's last question. The organic revenue growth, you think it could get back to the mid-single digits for the full year 2022 over 2021 or run rate by the end of 2022? I just, sorry, I confused myself when you were speaking.

No problem, James, and thanks for asking for the clarification. Yes, I did say we're going to get back to you the full year in the mid-single digits on a revenue basis.

Okay, good. On the pricing pilot, and I don't think this negatively because I think getting anything done on this front outside of contract renewal time is a positive. Is the 15 million run rate, is that kind of the maximum that you would expect to generate out of the pricing pilot? Or is there a blue sky scenario that sees you get something more than that?

Yeah, James, let me start because I think there is a psychological piece to this where Yes, we're going to get the 15 million run rate as we come out of Q4. However, I think probably the more important thing is as we work and we train and we talk to our client folks and our sales folks, I think they're seeing as we've worked through it that what we offer is so much needed out in the marketplace. There's such a demand for it. And because of our either network or the number of our staff counselors we have, we're you know, we've got the right and we have the ability because we provide faster service than anyone else to be able to say to folks that we, you know, that costs a little bit more in general. So we've really got the opportunity to get at it. So I think, you know, as we go forward, we will continue to be better at this. I think what Greer talked about on the pricing relates to this year, but we will continue to look at how do we add more services? How do we add more, you know, general care for the employee. And as a result of that, I think we're going to be talking to clients and I think there'll be ability over time to continue to take in pricing as we demonstrate more ROI to our clients.

Okay, got it. On the counselor mix, just want to quickly refresh. We're at 59% today. It's up nicely from the last quarter. The target is somewhere in the low 60s uh i believe i just wanted to confirm that and then also where where were we in the in the depths uh let's say of the uh the counselor mix issues i just want to get that back uh in my head yeah so a couple numbers james so a year ago we would have been about 43 percent um last quarter as you know we moved that up to 53 and then this time

56 percent sorry and then this time we're 59 as we kind of go through that our target has been you know in the low to mid 60s we think that's what makes up for the provider mix and where we were before we're on track um to get there as we move through q3 and q4 so everything within the work that the team's doing on that project is going very well and we continue to be able to add staff counselor capacity

Great. And last theme for me is just around the impact of, I guess, Omicron and some of these fee-for-service items. Obviously, a pretty big step down there. So what is in the fee-for-service? Is ICBT in there? Or is it all just like the in-person service? child care services, other in-person services that's in the new HPS bucket.

Yeah, and that's one of the reasons, James, that we really wanted to strip that out for people so you can see that, you know, overall our market share is increasing in the core businesses and in the recurring revenue business. And the one-time fee for service, and you'll probably recall that, When we had our calls around Q1 and Q2 of 2020, we faced the same thing. So to your question of what's in there, it's training. So and otherwise, we go on site, we will train in organizations, employees, and we continue to do some of it virtually. But there's still a number of services that clients go with everything going on in the world. I don't need to run a wellness seminar on site and things like that. So it's that type of thing. It's trauma where every single time that there were significant events, you can talk about bank robberies and things like that. We would go on site and we would do on site counseling. We would put our people there for it might be a week or something like that. And obviously, there's a lot less of that going on when you're into a lockdown. You're exactly right. It's child support services where people bring their kids to us for speech therapy and things like that. And with Omnicron, we had to shut down those facilities and couldn't provide those services. So it really is the in-person stuff that people pay for on a per-fee basis. And every time there is a lockdown, as we saw in Q1 with Omnicron, as we saw Q1 and Q2 of 2020, those businesses get impacted, which is why we thought we would call that out and make it easier for all of our investors and our documentation.

Okay, so that's 15.

And I was just going to say, those should come back. Obviously, as we move through the year and people get back into workplaces and teams get together and everything else.

Okay, great. And as I'm just thinking about some of these variable revenues, the 15-5 and Q1, would there have been anything in that quarter to lift That revenue line, again, maybe there was some pent-up demand from previous quarters not being executed. I guess, is the $4.5 million delta, is that fully recoverable, or is maybe Q1 a bit higher than maybe a normal quarter for this variable revenue line?

Yeah, Guru might have a couple of comments, but to me, no, it should be fully recoverable. There's no reason it wouldn't be. It'll come back as people bring their employees back to the office. I don't know if you want to add anything, Guru.

I completely agree. I mean, I think that Q1 2021 is more of a normal type number for that, Jane. So if you look at Q1 2022, I think what we're saying is it's been impacted. It's not normal.

Yeah, okay, so that 4.5 million drop would be something that I could say is like Omicron-related impacts or lockdown-like impacts. Okay, that's it for me.

Thanks.

Thank you. There are no further questions registered at this time. I'll turn the call back to Mr. Liptrap.

Thank you very much, Paul. We continue to execute against our strategic plan and are excited about the future. We welcome you to join us at our virtual shareholder meeting at 1030 today. Login details are available at our website. I'd also like to end by expressing my thanks to everyone on the call. We continue to appreciate your interest in our company, and we look forward to other opportunities in the future, including these calls, to keep you up to date on what we're doing to drive our growth and success as a business. Thank you.

Thank you. The conference is now ended. Please disconnect your lines at this time, and we thank you for your participations.