Q1 2026 Vitalhub Corp Earnings Call

May 8, 2026

Operator 1: Welcome to Zoom. Enter your meeting ID followed by pound.

Operator 2: Appuyez sur le zéro pour choisir-

Operator 1: Enter your participant ID followed by pound. You have joined the meeting as an attendee and will be muted throughout the meeting.

Dan Matlow: Part of the Descartes growth over the last few years has joined the board as Chairman. We've known Allan for a while. He's helped us out on M&A over the last few years a little bit and really nice contribution to our organization, and he's going to join in as the Chairman role. Also we have Andrew Shen who's going to join our board. Andrew's been working alongside us for the last, you know, many years and has good experience in our business and he's there to join our board. Francis Shen is going to step off of the board formally, although he's not going very far. He's still going to be involved in our M&A transactions.

Dan Matlow: He, he's still going to be very near in there. We don't expect much change except from a formal sense from the way Francis is working with our company on a regular basis. You know, Alan's gonna bring some really good insights as we continue to grow and we're excited to have him as part of it. In terms of the AI perspective, our last quarter, we really phenomenal, great progress on AI in all areas of our company. We're starting to see the adoption of it coming from many different groups, right through development, into implementation, into our Colombo, Sri Lankan-based group and all the way through our organization.

Dan Matlow: We're really happy of some of the opportunities that we're starting to have in some of our projects and trying to streamline some of the ways that we work to try to get productivity increases. There's some pretty interesting works that are going on. I feel we're really at par with what that is. There's always still questions on let's see this stuff actually to the results, but I think we've got good methodologies and we really set up our projects in a pretty organized way in trying to measure the productivity gains on that basis. We've also have two of our products actively in the market now. Our transcription product that will go into our electronic health records.

Dan Matlow: We have our first adopter that has given us money for that, and we expect to implement that adopter in this quarter, and start to move that along. We have lots of people waiting for that transcription module that actually listens to conversations and fill out self forms within our community social services area. We're also starting to see adoption of our imaging referral protocoling system, which is part of our Novari system. We also think there's some opportunity just for that AI component within our MedCurrent base product set as well. We continue to work on AI and looking for new ways to add to our customer bases to do that. In terms of the M&A front, we do have opportunities. We're actually really busy on that front.

Has given us money for that and we expect to implement that adopter in in this quarter, um, and start to move that along. And we have a lots of people waiting for that transcription module, that actually listens to conversations and fill out, self forms within our community and Social Services area. We're also starting to see adoption of our Imaging referral protocol and system, uh, which is part of our novare system. Uh, but we also think there's some, um, opportunity just for that AI component within our Med current base, um, product set as well. So we continue to work on AI and looking for new ways to add to our customer bases um to to do that. Um, in terms of the m&a front, we do have

Dan Matlow: We expect to close transactions in 2026 for sure. We're excited with the opportunities that there's some new geographies potentially that could open up with some of this M&A that, you know, interesting companies that we've known for a while and, you know, we think will have some contribution to us. We're there. You know, just to end, we're continuing to do what we do. We're, you know, we're looking to keep growing and keep, you know, innovating as best we can. We like our markets and we continue to move forward. I'm sure there's some holes in my remarks, but our friends with some questions probably could help fill those gaps. We'll turn it over to Christian to take some questions.

Opportunities. We're we're actually really busy on that front. We expect to um, close transactions in 26, for sure. Um, and we're excited with the opportunities that there's some new geographies potentially that could open up, uh, with some of this m&a that in, you know, interesting companies that have we've known for a while and uh, you know, we think we'll have some contribution um, to us. So, uh, we're there, um, you know, just to end, we're continuing to do what we do. Um, we're you know, we're looking to keep growing and and keep, you know, innovating as as best we can uh, we like our markets and uh we continue to move forward.

Operator 2: That's great. Thank you, Dan. We'll now open up the line to questions from analysts. Again, please press star 1 or use the raise hand function if you would like to ask a question. Today's first question comes from Gavin Fairweather of Cormark Securities. Gavin, your line is open.

Operator: That's great. Thank you, Dan. We'll now open up the line to questions from analysts. Again, please press star one or use the raise hand function if you would like to ask a question. Today's first question comes from Gavin Fairweather of ATB Cormark Capital Markets. Gavin, your line is open.

And I'm sure there's some holes in my remarks but uh our friends with some questions probably could help fill those gaps so we'll turn it over to Christian to take some questions.

That's great. Thank you, Dan.

Well, now open up the line to questions from analysts.

Again, please press star 1 or use the raise hand function if you would like to ask a question.

Gavin Fairweather: Hey, good morning, congrats on the strong results. Maybe just to start on the Ontario Health deal, can you just help us understand how that contract's gonna ramp over, you know, kind of 12 or 24 months? Curious how you think that deal may evolve over, call it, the longer term, and if you see, you know, opportunities for more pathways or geographies in time.

Today's first question comes from Gavin Fairweather of ATV cormark Capital markets, Gavin your line is open.

Results maybe just to start uh on the Ontario Health deal. Can you just help us understand how that contract is going to ramp over? You know, kind of 12 or or 24 months. Um and curious how you how you think that deal May evolve over, call it the longer term and if you see, you know, opportunities for more Pathways or or geographies in time,

Dan Matlow: I think, you know what? Ontario Health has sort of taken a little bit of a leap of faith to try to change the way referrals are done in the province of Ontario. We're definitely behind in that area in terms of digitization. It's a really high priority. As you can appreciate, it's low-hanging fruit in terms of the cost-benefit analysis, moving patients around from these disparate organizations, using fax, phones, and letters is not really a good way of doing it in 2026. You know, we have our initial pathways. You know, it is the Ontario government.

Dan Matlow: The good and tendencies, you know, good in things that they wanna move fast, but, you know, they tend to move at their pace, and revenue will continue to go at, as they continue to do it. I expect it to be steady and continue that impact. It could be a little lumpy from quarter to quarter, you know, relative to how we get the revenue unlocked. We still think there's plenty more pathways than we've been contracted for, that really are, you know, going through to regular pathways to obscure pathways that will get digitized, right. You know, anywhere where patients are being transferred from one entity to another needs to get digitized and we got lots of solutions that will help in that, and we expect to play in that space.

Yeah, I think uh, you know, Ontario Health has sort of taken a little bit of leaf of Faith to try to change the way. Um, referrals are done in the province of Ontario. We're, we're definitely behind in that area, um, in terms of digitization. Um, but, uh, yeah, they're, they're, they're actively it. It's a really high priority. As you can appreciate its low hanging fruit on terms of the cost. Benefit analysis. Um, moving patients around from these disparate organizations, um, using facts and phones and letters is, is not really a good way of doing it in in 2026. So, um, you know, we have our initial Pathways, um, you know, the it is the Ontario government, they move. Um, uh, the good in Tendencies, you know, good in things that they want to move fast. But, you know, they tend to move at their pace and, uh, Revenue will continue to go at um,

As they continue to do it, I expect it to be steady and, um, continue that impact. It could be a little lumpy from quarter to quarter, um, you know, relative to how we get the revenue unlocked. Um, but we still think there's plenty more pathways, um, than we've been contracted for, um, that really are, you know, going through to regular pathways to obscure pathways, that will get digitized, right? But, you know, any way where patients are being transferred from one entity to another need to get digitized, and we've got lots of solutions that will help in that and we expect to play in that space.

Gavin Fairweather: Very helpful. I think I saw on LinkedIn that you added a new sales rep in Australia. I'm curious if you're starting to see that market heat up, if there's specific products that you're excited about getting into that market. You know, you touched on Intouch with Health, so I'm curious if there's others. Just whether overall, you know, that market could start to drive more ARR bookings on a quarterly basis.

Dan Matlow: Yeah, I think, I think we came to the conclusion that we had to go get a senior, more experienced person, which we did, and to complement those things. You know, we got a footprint of a bunch of different products there. We have, like MedCurrent has a very strong offering that it's put into The Alfred Hospital, which is a pretty, you know, good, visible hospital in the UK. Well, in Australia, well-respected. We think there's a lot of activity there. The guidelines, radiology guidelines group in Australia has endorsed it, and we think there's an opportunity to continue to expand that, but I think you had to be local to do that. Intouch, of course. We do have some Novari, a Novari implementation in Australia that needs to get e-expanded on.

Very helpful. And then I think I saw on LinkedIn that you added the new sales rep in Australia. I'm curious if you're starting to see that market heat up if there's specific products that you're excited about getting into that market, you know, you touched on in touch, but I'm curious if there's others and just whether overall, you know, that that market could start to drive more error. Bookings on a quarterly. Yeah, I think I think we came to the conclusion that we had to go get a senior more experienced person which we we did and, um, to complement those things. But, uh, you know, we got a footprint of a bunch of different products that we have, uh, like Med current has a very strong, um, offering that it's put into the Alfred Hospital, which is a pretty, you know, good visible hospital and in the UK, well, in Australia, well respected, um, we think there's a lot of activity there. Um, the guidelines, um, Radiology.

Dan Matlow: We have a BookWise implementation there in Australia that needs to be expanded on, and we have a Strata implementation in New Zealand and a Diamond implementation for our Hicom base in New Zealand, as well as a strong MCAP implementation in Tasmania. There's things for him to work on in terms of expansion. All those customers are doing great work with our products. There's probably about, I don't know, 15 to 18 good Intouch customers there, and there's still a wide amount of customers there. We're hoping that we can start seeing some things that there in a more fruitful way than we have so far.

Science group, in Australia, has endorsed it, um, and we think there's an opportunity to continue to expand that, but I think you had to be local to do that in touch, of course. Uh, we do have some novare novare implementation in Australia that, um, needs to get expanded on. We have a book wise implementation there, um, in Australia that the needs to be expanded on and we have a strat implementation in New Zealand in a um in a diamond implementation from our highcom space in New Zealand as well as a strong mcap implementation in Tasmania. So there's things for him to work on in terms of expansion all those customers are doing great work with our products.

Is probably about I don't know 15 to 18 good in touch customers there and there's still a wide amount of customers there. So we're hoping that we can start seeing some some things that uh there in a, in a more fruitful way than we have so far.

Gavin Fairweather: Great. Just lastly from me on M&A, you touched on the potential to start to enter some new regions. I guess I'm curious if you have, you know, a certain profile that you're looking for to be able to go into new regions, if you have a different framework as you evaluate those types of deals, and how would you frame that up for us?

Dan Matlow: You know, we're looking out through Europe, but, you know, we're also trying to look at through Europe for those type of software products that have successfully done some work in the UK. You know, they got some familiarity with that. There's groups in Scandinavia and Germany and other areas that we see that have done work and have successfully have implemented products in the UK marketplace that we think we could help them in the UK and vice versa. They probably could bring some of our products to their markets for those ones that are applicable for it. You know, those are the ideas that we like to do. We don't like to do things from a cold start.

Great. And then just lastly for me on M&A—you touched on the potential to start to enter some new regions. So I guess I'm curious if you have, you know, a certain profile that you're looking for to be able to go into new regions, if you have a different framework as you evaluate those types of deals. And, and, uh, how would you frame that up for us?

um,

you know, wait, we're looking up through Europe, but, you know, we're we're also trying to look at through Europe of those, um, type of software products that have

Dan Matlow: We're looking for companies that sort of are a little bit warmer already, have already started that, and that tends to be what we're doing. There are some of those opportunities that we've been speaking to for a long time that are potentially coming to fruition.

We're doing, and there are some of those opportunities that we've been speaking to for a long time that, um, are potentially coming to fruition.

Gavin Fairweather: Thanks much. I'll pass the line.

So what's a plus 1?

Operator 2: Thanks, Gavin. The next question comes from Kevin Krishnaratne with Scotia Capital. Kevin, your line is open.

Operator: Thanks, Gavin. The next question comes from Kevin Krishnaratne with Scotia Capital. Kevin, your line is open.

Thanks. Kevin.

The next question comes from Kevin Krishna romme with Scotia Capital. Kevin. Your line is open.

Kevin Krishnaratne: Hey there. Thanks for taking my question. Dan, just to follow up on the M&A that Kevin asked. You know, you've known these companies for a while. What might be getting them, you know, more willing the salary to actually, you know, execute on them? Are they looking to, for an exit? Valuations looking more attractive? Just any comment there.

Hey there. Thanks for taking my question, Dan, just to follow up on, on, on the m&a, uh, that, that Gavin asked. So, you know, you've known these companies for for a while. What, what might be getting them, you know, more willing to the salary, to, to actually, you know, execute on them? Are they are they are they looking to for an exit, um, valuations, looking more attractive. Just any comment there.

Dan Matlow: Yeah, I think, you know, people sell companies, Kevin, for many different reasons. I think, you know, you got investors that wanna see some of their money out that's been in there for a while. You see, some younger people that are looking to take a little bit off the table because they started it in a young age and are looking to get it into new hands and be part of that as you continue to grow and roll over into another entity and start working together to do that. I think that we're seeing a bunch of that actually as being what's going on.

uh,

Yeah, I think, you know, people sell companies like Kevin for many different reasons. I, I, I think it, you know, you got

People that you got investors, that want to see some of their money out. That's being for being in there for a while. You see, um,

Dan Matlow: In our space, you see clinicians that, you know, will part-time, will start working on a particular project and put management teams in there and then sort of take outside investors and, you know, they run that business, but they get it to a certain point, and they know that in order to get it even more commercialized, they need to bring it into a newer entity. You know, those seem to be the primary reasons that we're there. Yes, there is, I think there is in the background for some of these companies, some investors that probably would just like to get some of their money. You know, all that is, is all part of it.

Some younger people that are are looking to take a little bit off the table because they started it in in a young age and are looking to get it into new hands um and be part of that as she continued to grow and and roll over into into another entity and and start working together to do that. I think that we're seeing a bunch of that actually is being what's going on, um, in our space, you see um, clinicians that, you know, will part-time will start working on a, a particular product.

Kevin Krishnaratne: Gotcha. Second, turning to the numbers, a great ARR add that we saw in Q1. I know we're only a month here in Q2, but can you just talk about what you're seeing and how we think about, you know, modeling the ARR in Q2, and then just in the context of some of the macro uncertainty that's been hitting enterprise software generally. Are you seeing any impacts on the sales cycle, you know, maybe in the number of deals or size of deals?

Object input management teams in there and then sort of take outside investors and, um, you know, they run that business, but they get it to a certain point, and they know that in order to get it even more commercialized, they need to bring it into a newer entity and, and, you know, those seem to be the primary reasons that we're there. Yes. There is, um, I think there is in the background for some of these companies, um, some investors that probably would just like to get some of their money, so it, you know, all that is is is all part of it.

Dan Matlow: We're still seeing deals out there, you know, that we're doing and there's still a pretty healthy pipeline. It's always sometimes challenging to get these things over the finish line just with the complications that are corresponding. You know, we still see the slowness in our SHREWD product line in the UK, primarily driven by both the integrations of those markets plus the, you know, the little bit of a pause that's going on in some of these initiatives as the Federated Data Platform situation gets straightened out there with that contract in that marketplace. Those are a little bit of headwinds that are coming at us on that front.

Got gotcha. Um, second, it's turning to the number is a, a great ARR. Add uh, that we saw in q1. I know we're only a month here in Q2, but can you just talk about what you're seeing and how we think about, you know, modeling the, uh, the ARR, the Q2, and then just in the context, of some of the macro uncertainty, uh, that's been hitting enterprise software generally. Um, are you seeing any, any impacts on the sales cycle? Um, you know, maybe maybe in a number of, uh, deals or size of the deals?

Uh, we're still seeing deals out there. Uh,

You know, the the we're doing and and there's there's still a pretty healthy pipeline. That's always sometimes challenging to get these things over the Finish Line just with

Complications. Um, that that a corresponding, um, you know, we still see the, the slowness in in um, our our uh, shrewd product line, um, in the UK, um, probably a dividend by both the Integrations of those markets. Plus the, um, you know, the little bit of a pause that's going on and some of these initiatives, as the FTP, um, situation, get straightened out there, um,

Dan Matlow: You know, those are sort of offset by some tailwinds that we're getting through our referral management systems, primarily Novari, but we're also starting to see some pretty interesting Strata business in the UK marketplace as well. That's sort of heading it off. Overall the business is positive. It's just that one product line, SHREWD, which gives me angst just with the things that are going through there. You know, our hope is that that's gonna get offset by the other stuff. You know, once these ICBs gets integrated and hopefully that FDP thing gets behind us, I think the opportunity is there for SHREWD to grow again and to prosper again.

With that contract, um, in that marketplace. So those are a little bit of headwinds that are coming at us on that front. But, um, you know, those are sort of offset by some tailwinds that we're getting through our Referral Management Systems, um, primarily the Novari, but we're also starting to see some pretty interesting Strata business in the UK marketplace as well. So that's sort of heading it off. But yeah, the

Dan Matlow: We just have to wait and see how that all plays out in the next little while.

Kevin Krishnaratne: Gotcha. I'll just leave it with one final question. I'm assuming you'd still be confident in your lower double-digit ARR growth for 2026?

Overall, the business is— is— is positive. It's just that one product line, Shrewd, which, um, gives me angst just with the things that are going through there. But, um, you know, our hope is that that's going to get offset, um, by, uh, by the other stuff. And, you know, once these ICBs get integrated and, hopefully, that FDP thing, um, gets behind us, I think the opportunities are there for, um, TRU to— to grow again and to prosper again. But we're just going to have to wait and see how that all plays out in the next little while.

Dan Matlow: Yeah, I think that's, you know, we're trying to get to the Rule of 40, right? You know, we're at the 10, 11 range right now, and that's what we're aiming for. You never know what could happen here. It could be higher, it could be lower. Just because of how we do our revenue, it comes from all different spots. Yeah, so far that's, you know, that's where it looks like for the, you know, the next quarter for sure.

Gotcha, I'll just leave it with 1, final question. I, I'm assuming you'd still be confident in your double lower double digit ARR growth for, uh, for 26.

um,

Kevin Krishnaratne: Great. Thanks, Dan. I'm gonna pass the line. Thank you.

yeah, I think that's what we know. We're trying to get to the rule of 40, right? And, you know, we're we're at the 1011 range right now and that's where we're aiming for. Um, you never know what could happen here. It could be higher, it could be lower, but just because of how we do our Revenue it comes from all different spots. But um, yeah, so far that you know, that's where it looks like for the you know, the the next quarter for sure.

Great. Uh, thanks Dan. I'm going to pass the line. Thank you.

Operator 2: Thank you, Kevin. The next question comes from Paul Treiber of RBC Capital. Paul, your line is open.

Operator: Thank you, Kevin. The next question comes from Paul Treiber of RBC Capital. Paul, your line is open.

Thank you. Kevin.

Paul, your line is open.

Paul Treiber: Thanks, and good morning. Just a question on AI. You know, it's helpful the comments you gave on AI, but can you specifically speak to like the regulatory environment and in terms of the broad interest in AI in light of the regulatory or some jurisdictions that may have regulatory concerns? Like are you seeing, you know, specifically for your customers, is there ones that tend to be more innovative and more willing to take the lead, you know, how broad is that? Or there's others that are perhaps a little bit more lagging, just given either the uncertainty or from a regulatory point of view?

Oh, thanks and good morning. Just a question on AI. And you know, helpful the comments you gave on AI but can you specifically speak to like the regulatory environment and and in terms of the broad interest in AI, in light of the um like the the the regulatory or or some jurisdictions that may have regulatory concerns like are you seeing you know, specifically for your customers, is there is there ones that tend to be more Innovative and more willing to take the lead? Um you know how broad is that um um or there's others that are perhaps a little bit more lagging um just giving me the uncertainty or from a regulatory point of view.

Dan Matlow: I think it seems to be all over the map. I, you know, I think, we're really careful in terms of what we do. Sometimes we have to do it is not to be registered as a clinical device. We guide clinical decisions, but we don't make clinical decisions. It's a pretty big difference in terms of what it is. AI is getting closer to that latter aspect, and you need to get through an approval process, and some of the ideas that we have will need to go through that, and we're starting to go through those, right. We have before with some of our products are deemed as registered clinical devices, so it's a little bit of different work.

It seems to be all over the map. I I, you know, I think um,

Dan Matlow: We're starting to see the marketplace is starting to set up these certification processes and so forth for AI-type of ideas for clinical devices. We'll just go through those programs where necessary. We have lots of clinical expertise on our staff that will help us guide through those operations. We're seeing that a lot more in the hospital-type marketplaces. You know, although our protocol and product, which is an imaging-based solution, it's not really, it's just, it's not making any decisions. It's not, we don't believe it's a device. So far so good in terms of doing that. In the social services area, I think in terms of like listening devices and transcriptions and so forth, I think people are letting those go through pretty good.

We're really careful. Um, in terms of what we do and, um, is sometimes we we have to do. It is not is not to be registered as a clinical device, we guide clinical decisions, but we don't make clinical decisions. Um, it's a pretty big difference in terms of what it is. Um, AI is getting closer to that ladder aspect and you need to get through an approval process and some of the ideas that we have will need to go through that. And we're starting to, to, to go through those, right? And we have before, with some of our products are deemed as as registered clinical devices. So it's a little bit of of different work. Um, we're starting to see um, the marketplace.

Dan Matlow: It's just making notes, right? There's no real clinical decisions and so forth. Those are the two that we have. There are some ideas that we are pursuing and working on that will need to go through a little bit more rigor to get it into the markets.

To start to set up these um certification processes and so forth for AI type of ideas for clinical devices. So we'll just go through those programs. Um we're necessary and and we have lots of clinical expertise on our staff at will help us. Um guide through through those operations. Um, we're seeing that a lot more in the hospital type marketplaces um you know, Although our protocol and product which is an Imaging based solution. It's not really, it's just, it's not making any decisions, it's not, we don't believe it's a, uh, it's a device. Um, so far, so good in in terms of doing that, um, in the social services area, I think in terms of like listening devices and transcriptions and so forth, I think people are letting those go through pretty good. Um, it's just it's just making notes, right? Um, there's no real clinical decisions and and uh, and so forth. So those are the 2 that we have, but there are some ideas that we are, um, pursuing and working on that will need to go through a little bit.

More rigor to to get it into the markets.

Paul Treiber: Thanks for that. Good to understand. Just a second question. Just on the drivers of margin expansion, a cost point of view, can you speak to what are sort of the low-hanging fruit or remaining low-hanging fruit to drive margin expansion?

Thanks. Thanks for that. Uh, good to good to understand just a second question, just on the the drivers of March expansion. The cost point of view. Can you speak to, you know, what are sort of the the low-hanging fruit or remaining low-hanging fruit to drive margin expansion?

Dan Matlow: With AI, are you talking about, Paul, or just any or all areas?

um,

Dan Matlow: With AI, are you talking about, Paul, or just any or all areas?

Paul Treiber: Just on the cost reduction side, if you could just speak to.

Dan Matlow: Oh.

Paul Treiber: -what are some of the levers that-

Dan Matlow: Yeah.

Paul Treiber: to drive out further cost here.

Dan Matlow: Our biggest lever is still our Colombo, Sri Lankan-based group, and we continue to use that as a big part of our area. We got a lot of employees over there and we really do some good work there, and they're also getting into AI pretty significantly as well. That's our biggest driver for cost re-reduction in terms of what we're doing. We are starting to see some, you know, interesting capabilities in terms of refactoring products now with AI. Just so it's like, you know, can you start moving databases from SQL to, you know, Postgres so that don't have to pay those hosting fees anymore?

With AI you talking about Paul or just any or all areas just on the on the cost reduction side. If you could speak to what are some of the level for the cost here?

Our biggest lever is still our combo Sri Lankan based group and we continue to to use that as a a a big um, a big part of our area. Um,

We got a lot of employees over there and and and we we really do some good work there. And there are also getting into AI pretty significantly as well. So that's our biggest driver for for cost.

Reduction, um, in terms of what we're doing, um, we are starting to see some, you know, interesting capabilities in terms of refactoring products now with AI and so it's like, you know, um, can you start moving? Um,

Dan Matlow: Do we have an old legacy product that, you know, only three people know, and we have trouble supporting it? Can we refactor? It doesn't really have a big install base. Can you refactor that product into a, you know, just a standard .NET or React-based framework, which we got 1 million, you know, developers on, right? That's an interesting area where AI can do, but, you know, we're exploring. Yeah, we really like to, you know. We're moving finance roles over to Colombo. Like, we're being anywhere innovative we can to still really have real good quality staff on land and really have them productive and good people. Anywhere where we can be cost-effective, we like to look at it for sure.

Uh databases from SQL, the pro, you know, postgres so that you can don't have to pay those hosting fees or any more or do we have an old Legacy product that, you know, only 3 people know and we have trouble supporting it, can we react? And it doesn't really have a big install base. Can you refactor that product into a, you know, just a, a, a standard.net or react based framework, which we got a, a, a million, you know, developers on, right. So, um, that's an interesting area where I can do, but, you know, we're we're exploring but we're yeah. We, we really like to, you know, we're we're moving Finance,

Rolls over to Sri Lanka like we're we're we're being anywhere Innovative we can to still really have real good quality staff on on on land and and really have them productive productive and and good people. But uh anywhere where we can be cost effective. We we like to look at it for sure.

Paul Treiber: Then just lastly, with the change in the board, you mentioned that Francis will be helping with M&A. Can you speak to, you know, the M&A inner workings in terms of, you know, the interactions historically between Francis and the rest of the M&A team and, you know, what role or what capacity do you see him going forward in that?

and then just

Between Francis and and the rest of the m&a team. And, um, you know, what role or what capacity to see him going forward in that,

Dan Matlow: He's a pretty smart guy when it comes to numbers, and M&A is a tricky world, right? You know, you're spending some significant money, and you want to make sure it's right. You're looking to get as many eyes on that. You know, especially, you know, when, you know, I'm in the eyes of the transaction on day-to-day and you start getting a little bit emotional with it and so forth, it's always really nice to have some people on the other side that just look at it from a different lens and look at it from a different perspective. He's pretty good at that. You know, I value his experience in terms of looking at that way.

Dan Matlow: Allan Brett has the exact same skills, maybe even comes at it a little bit more firmly from the numbers side. You know, I really like teamwork when it comes to M&A. I think it's really important. I think it's, I think you're making those decisions and you're really trying hard not to make wrong decisions, 'cause if you do that's, that could be a catastrophe. I'll take any expertise that I can get on those committees and, you know, Francis Shen is really good at that. You know, I think he's doing a little bit more in his life and he's traveling a fair bit and that type of stuff.

Um he's a pretty smart guy when it comes to numbers and and m&a is a tricky world, right? Um, you're you're you know, you're you're spending some significant money and you want to make sure it's right. And, um, you're looking to get as many eyes on that. Um, you know, especially, you know, when, you know, I'm in the eyes of the transaction on day-to-day and you start to start getting a little bit emotional with it and so forth. It's always really nice to, um, have some people on the other side that just look at it from a, a different lens. And and look at it from a different perspective and he's pretty good at that. And and um, you know, I value his his um experience in terms of looking at at that way. Um, Alan Brad has the exact same skills. Um, maybe even comes out a little bit more firmly from the number side. Um, so you know, we

Dan Matlow: I think the chairmanship stuff was just, you know, I just don't want the formal sense of this stuff anymore, but I still like this business and still wanna pay attention to it. I think that's sort of what that's all about.

I really like teamwork when it comes to m&a. I think it's really important. I think it's um I think you're making those decisions and you're trying, really, really try and hire not to make wrong decisions because if you do that, that's that could be a catastrophe. So um, I'll take any expertise that I can get on those committees and and, um, and and, you know, Francis is, is, is really, really good at that. So, you know, I think he's, um, you know, I, I think he's doing a little bit more in his life than he's traveling, a fair bit and and that type of stuff.

So I think the, the chairmanship stuff was just, you know, I, I just don't want the formal sense of this stuff anymore, but I still like this business and still want want to, um, pay attention to it. So, I think that's sort of what that's all about.

Paul Treiber: Great. Thanks. Thanks for taking the questions.

Great, thanks. Thanks for taking the questions.

Operator 2: Thank you, Paul. There are no further questions at this time. Dan, I'll hand the call back to you for any closing remarks today.

Operator: Thank you, Paul. There are no further questions at this time. Dan, I'll hand the call back to you for any closing remarks today.

Thank you, Paul.

There are no further questions at this time.

Dan Matlow: Yeah. I'm always around. I know it's a really busy season. There's some analysts that probably were on some other calls, but I'm sure they'll reach out to me with some questions. Christian's always around. I'm always around. We're excited to keep progressing here and go as steady as she goes. Just another few inches forward for Vitalhub and we just, you know, just keep moving forward gradually. We're in this for the long game. We believe in the model. The model just keeps progressing in the right direction, sometimes faster than other times, but it continues to move forward. We're excited about how we're doing and we look forward to adding some new ideas in the next few quarters. Thanks, everyone.

Dan, I'll have a call back to you for any closing remarks today.

Yeah. Uh, I'm always trying. I know it's really busy, uh, season. There's a man list of probably where on some other calls but I'm sure they'll reach out to me with some questions, um, Christian's always around. I'm always around, um, we're excited to keep progressing here and go as Steady As She Goes. So, uh, just a another few inches forward for for Vital Hub and we just, you know, just keep moving forward. Gradually, we're in this for the long game. Uh, we believe in the model, the model just keeps progressing, um, in the right direction sometimes, uh, faster than other times, but it can continue to to move forward. So we're excited about, uh, how we're doing and uh, we look forward to, um, adding some new ideas in the next few quarters.

Thanks everyone.

Operator 2: Thanks, Dan. This now concludes today's conference call. Thank you all for joining. Goodbye.

Operator: Thanks, Dan. This now concludes today's conference call. Thank you all for joining. Goodbye.

Thanks Pam.

It's now concludes today's conference call. Thank you all for joining.

Goodbye.