WELL Health Technologies Corp.

Welcome to WellHealth Technologies Corp. Fiscal Fourth Quarter and Four Year 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. And I would like to turn the conference over to Pardeep Senga, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Operator, and welcome everyone to Well Health's 2021 Fiscal Fourth Quarter and Annual Financial Results Conference Call. Joining me on the call today are Hamed Shabazi, 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. Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities law. These statements are made under the safe harbor provisions of those 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 forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors many of which are outside of wells control that may cause the actual performance results and achievements of wells to differ materially from the anticipated results, performance or achievement applied by such forward-looking statements. 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 do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements. to reflect any changes in our expectations or any changes in event, conditions, assumptions, or circumstances on which such statements are based, except if required by law. We may use terms such as adjusted gross profit, adjusted gross margin, adjusted EBITDA, shareable EBITDA, and adjusted net income on this conference call, which are all non-GAAP and non-IFRS measures. For more information on how we define these terms, please refer to the definitions 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 repayment, and fund future growth initiatives. Adjusted EBITDA should not be construed as an alternative to net income loss or determined in accordance to IFRS. And with that, let me turn the call over to Mr. Hamed Shabadi, Chairman and CEO. Hamed.

Thank you, Pardeep. Good day, everybody. We hope you're all keeping safe and healthy. We truly appreciate everyone for joining us today. We're very pleased with our fourth quarter and full year results for 2021. Last year was a transformational year for Well. We completed two substantial acquisitions, CRH Medical and My Health, as well as several important tuck-in acquisitions, which catapulted the company to over $460 million in annualized revenue on a run rate basis and adjusted EBITDA run rate of over $100 million. We have added significant scale to our business and increased our leadership position as the prominent end-to-end healthcare health system here in Canada. And now Well is a profitable business that is generating significant free cash flow to fund its organic and inorganic growth. Before we dive deep into our results, I will give a brief introduction to Well for the benefit of the new investors and listeners on this call. Well is a practitioner-focused digital healthcare company. our overarching objective is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. At its core, Well is an innovative practitioner enablement platform that includes comprehensive end-to-end practice management tools, inclusive of virtual care and digital patient engagement capabilities, as well as electronic medical records, or EMR, revenue cycle management, or RCM, e-referrals, digital apps, and data protection services. Well uses this platform to power healthcare practitioners both inside and outside of Well's own omnichannel patient services offerings. Well's true north is empowering healthcare practitioners with the latest tools and technologies, and everything that we do comes down to this compelling concept. Well does this in two ways by providing these two solutions, one for practitioners, who practice and provide care at one of WELL's owned and operated facilities, we provide a fully managed solution that lets healthcare practitioners focus on providing care while WELL handles everything else. The second is for practitioners who practice at non-WELL-owned operating facilities. We provide an a la carte offering of software tools, solutions, and services, typically on a SAS basis. Well's strategy of empowering and modernizing healthcare practitioners is working. Practitioners that use Well's tools have consistently demonstrated that they have more time to focus on patients and less time to focus on the burden of back office and administration. In Canada, Well's fully managed solution is supported by an extensive end-to-end healthcare system of outpatient clinics involving primary care, allied health, specialized care, and diagnostics, which we believe to be Canada's most consequential healthcare network, spanning across provincial boundaries. As such, Well owns and operates Canada's largest network of outpatient medical clinics, serving primary and specialized healthcare services, and is a provider of a leading multinational, multidisciplinary telehealth offering. Layered on top of that, we are a top three telehealth and EMR business, and the number one provider of digital apps, and practitioner enablement tools in Canada. Comparatively, in the United States, our focus is to support practitioners in a few key specialty verticals, such as serving the GI market of gastroenterologists, providing women's health services, and a growing primary care business with a focus on telehealth delivery of longitudinal care with an emphasis on mental health. Operationally, Well has organized all of its businesses into two key lines of business, The first being omnichannel patient services, and the second being virtual services. Omnichannel patient services includes all patient services businesses that have any material exposure to in-person operations. This includes our clinic network, My Health, and CRH. Think of this as our bricks and clicks division. Our second line of business is virtual services, which is comprised of businesses that are almost entirely digital in nature, inclusive of SAS and services, revenues from the company's practitioner-enabled platform or patient services businesses, again, that have very little to no exposure to in-person care. Think of this as our CLICS division. These two lines of businesses are both profitable and growing. Omnichannel patient services generates most of our revenue in EBITDA. However, it has a slower growth business. Omnichannel patient services accounted for 73% of our total revenue in Q4 2021. Conversely, virtual services line of business, which again has very little exposure to bricks and mortar, is comprised of highly scalable digital businesses, which today generate less revenue and EBITDA, but are growing at a much faster rate. Our organic growth remains strong in Q4 at over 10% for the entire business. This strong organic growth was driven through our business with over 50% organic growth, which we believe is sustainable and will lead our overall organic growth story in 2022 and beyond. With that, I would now like to turn the call over to our CFO, Eva Fong, who will review the financials for the fourth quarter and full year 2021. I will then come back and provide further commentary on some of our business units and our future outlook. Eva.