WELL Health Technologies Corp. (WELL) Earnings Call Transcript & Summary

Good morning, and welcome to the Annual General and Special Meeting of Shareholders of WELL Health Technologies Corp. My name is Hamed Shahbazi. I'm the Chairman of the company. And the Board of Directors of the company has delegated to me the authority to lead the meeting of the shareholders today. I now ask that the Annual General and Special Meeting of the shareholders of the company come to order. I appoint Eva Fong, Chief Financial Officer of the company, as Secretary of the meeting. For the purposes of this meeting, I appoint Jenny Karim from Computershare as scrutineer of this meeting. I also appoint Julie Durant, Investor Relations for the company as a moderator of the virtual meeting. Finally, I appoint Cam McTavish, external counsel for the company to take conduct of and attend to the formalities of the meeting.

Thank you, Mr. Chairman. I am Cam McTavis, partner with Park Wilson LLP in Vancouver and external legal counsel to the company. As this meeting is being held virtually via a live webcast, we have determined it necessary to set out a few rules for the orderly conduct of the meeting. Number one. Voting on all matters will be conducted by electronic ballot using the Lumi virtual interface. Registered shareholders and duly appointed proxy holders will be asked to vote on each matter of business. If you have already voted by proxy, it's important that you do not vote again here at the meeting unless you intend to change your initial vote. Number two. Questions in respect of a motion can be submitted by any registered shareholder or duly appointed proxy holder using the instant messaging service of the virtual interface. Please note that there will be a slight delay in the publication of the communications received. When -- number three. When asking a question, please indicate your name, which entity you represent, if any, and confirm that you are a registered shareholder or a duly appointed proxy holder. Number four. Questions will generally appear shortly after they are submitted, but will only be addressed during the question period at the end of the meeting, provided that questions regarding procedural matters or directly related to the motions before the meeting may be addressed during the meeting. Number five. For the purposes of the meeting today, voting on all matters will be conducted by electronic ballot. Registered shareholders and duly appointed proxy holders will be asked to vote on each business item after the presentation of all business items. And lastly, number six. When you are asked to vote, you will receive a message on the virtual interface requesting you to register your votes. You will only have a certain amount of time to do so when the polls are open. So we will now proceed with the formal portion of today's meeting. To expedite the formal part of the meeting, I'll ask the Chairman to move all motions in advance, which he has now done. So the purpose of today's meeting are set out in the management information circular of the company dated May 25, 2021. The notice calling this meeting, the Management Information Circular and the form of proxy were mailed to shareholders on June 2, 2021, along with the audited consolidated financial statements of the company for the year ended December 31, 2020, and related MD&A, which were sent to shareholders of the company who requested such statements and MD&A. Unless there is any objection, I will dispense with the reading of the notice of meeting. Copies of the management information circular and other meeting materials are available under the company's profile on the SEDAR website. And our transfer agent, Jenny Karim of Computershare has attested to the proper mailing of the notice calling this meeting. There has been filed with me proof of service of such mailing provided by the company's transfer agent. I direct that a copy of such proof of service be annexed to the minutes of this meeting as a schedule. The company's articles states that a quorum for the transaction of business at a meeting of shareholders is one or more persons present or represented by proxy who are entitled to be present at the meeting. I've been advised a quorum of shareholders of the company is present, and therefore, the meeting is properly called and duly constituted for the transaction of business. I have received the scrutineers' report, and I direct that their formal report be annexed to the minutes of the meeting as a schedule. As the first item of business on the agenda for today's meeting, I now present to the meeting the audited consolidated financial statements of the company as at and for the fiscal period ended December 31, 2020, together with the auditor's report to the shareholders thereon. Copies of such documents have been mailed to the shareholders who requested them, and it is not proposed to read them at this meeting. As a reminder, registered shareholders and duly appointed proxy holders will be asked to vote on each business item after the presentation of all business items. So the first item of business today is to set the number of directors at 5. Unless there are any questions, I will move to the next item of business. I will wait approximately 30 seconds to confirm there's no questions on this matter before moving on to present the next item. So the next item of business is the election of directors. The 5 directors to be elected by the shareholders of the company shall hold office until the close of business of the first Annual Meeting of Shareholders of the company following election or until their successors are elected or appointed. The Directors: Hamed Shahbazi; Tara McCarville; Kenneth Cawkell; John Kim; and Thomas Liston, have been nominated as directors for the ensuing year or until their successors are elected or appointed. Each of the persons nominated has confirmed that he or she is prepared to serve as a director. Since there are no other nominations, the Chairman has moved a motion to elect the directors. And unless there are any questions, I will move to the next item of business. I will wait approximately 30 seconds to confirm there are no questions on this matter before moving on to present the next item for business. The next item of business is the appointment of auditors of the company for the ensuing year and to authorize the directors of the company to fix the remuneration of the auditors. The Audit Committee of the Board of Directors has approved, subject to shareholder confirmation, the appointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants as the auditors of the company. The Chairman has moved a motion that PwC be appointed auditors of the company until the next Annual Meeting of Shareholders and that the Board of Directors be authorized to fix their remuneration. So unless there are any questions, I will move to the next item of business, but first, I will wait approximately 30 seconds to confirm there's no questions on this matter before moving on to present the next item for business. So the last item of business is the approval of a special resolution to amend the articles of the company and adopt advanced notice provisions that were described in the company's management information circular. The amendment to the articles and adoption of the advanced notice provisions must be approved by at least 2/3 of the votes cast by shareholders. The Chairman has moved a motion that the following special resolutions be approved. Be it resolved as a special resolution of the shareholders that: Number one, the advanced notice provisions as more particularly described in the information circular, be and is hereby authorized, approved and adopted; number two, the amendment of the articles of the company to include the advanced notice provisions be and is hereby authorized and approved; number three, the Board of Directors of the company is hereby authorized at any time in its absolute discretion to determine whether or not to proceed with the foregoing resolutions without further approval, ratification or confirmation by the shareholders of the company; and lastly, number four, any Director or Officer of the company, being is hereby authorized and directed to do all such acts and things and to execute and deliver for on behalf of the company under the corporate seal of the company, or otherwise, all such certificates, instruments, agreements, notices and other documents as in their opinion may be necessary or desirable for the purpose of giving effect to these resolutions. So that completes the motions for business to be conducted at the meeting. Before proceeding to opening the polls, I will ask whether there are any questions regarding the approval of the advanced notice provisions. Accordingly, I will wait approximately 30 seconds to confirm there are no questions on this matter before proceeding. As mentioned, voting today will be conducted by electronic ballot. I will now take a moment to ask that the balloting be open to registered holders and appointed proxy holders. So the polls are now open, and at this point, all registered holders and proxy holders who have properly logged in with their control numbers or user name and which to vote will be able to see on a screening all motions being brought forth at this meeting. Please register your votes by accessing the voting page and selecting the for or withhold buttons next to the resolution to set the number of directors at 5, next to the name of each proposed director and next to the resolution with respect to the appointment of PwC as the company's auditors. Please also select the For or Against buttons next to the resolution to amend the articles to include the advanced notice provisions. Once the electronic balloting closes, the voting page will disappear and your votes will automatically be submitted. We will provide registered shareholders and duly appointed proxy holders approximately 1 more minute to complete the electronic ballots. [Voting]

Voting is now closed. I would ask the scrutineer to compile the report regarding the results of voting on all business matters. The preliminary results show that all matters have been approved subject to final tabulation by the scrutineer. Final results of voting will be promptly published on SEDAR and by news release. So the formal items of business as set out in the notice of meeting have now been dealt with. The Chairman has moved a motion that this meeting now terminate. As there is no further business to come before the meeting, and on behalf of the Chairman, I declare the formal part of the meeting to be concluded. I'm pleased to hand over care to the meeting back to the Chairman who will now proceed with a corporate update, which will be followed by a question-and-answer period.

Thank you very much, Cam. It's a pleasure to provide a corporate update today. And I'll be pleased to take some discussions via a brief Q&A period afterwards. Now I'll hand the call over to Julie Durant to -- actually, that's the Q&A session. So I'll just go ahead with my presentation now.

Perfect.

Perfect. Thank you. All right. So WELL has really evolved into, I think best described as a multichannel digital health company. Some of the things to really think about as it relates to WELL is we are a decentralized capital allocator in the digital health marketplace. There'll be a number of things that I'll talk about in this presentation, a lot of which will assume the close of My Health, which we believe will close sometime in July. This claim of being the largest owner-operator of tech-enabled or really any kind of outpatient medical clinics is as a result of our acquisition of my Health in addition to, obviously, the other assets that we currently own. And we continue to be a growing electronic medical records provider. We're actually now a multinational EMR provider. We are in 5 countries, given our recent acquisition of InterHealth profile. It should be noted that most of our EMR population still exists in BC and Ontario. And depending on the province that you look at, we could either be #1 or 2 in certain provinces. So have really grown substantially. And the way to think about our market share in EMR is roughly 1/5 of all Canadian doctors that work in outpatient medical clinics are using in, a WELL practice management solution. Given the broad array of platforms and patient services that we provide via TeleHealth, based on our research, we are, again, post my health the leading multidisciplinary TeleHealth service provider in Canada and and a emerging one across North America. Obviously, the United States is home to very substantial market players. We are a substantial provider technology tools and software and services to really enable practitioners. That's a very big theme in WELL, whether it be helping practitioners with protecting data or enabling them with billing solutions or all kinds of digital tools and electronic medical records. A big part of the idea of WELL is to help practitioners be more successful. We're very proud of that. We've really brought forth, I think, and being very grateful to the support that we've received. I mean right early in our journey, we obviously have Mr. Lee and the Horizon's family and his partner, Selina Child really support us and they've been right through thick and thin with us all the way. And recently, of course, leading our 302 million round to acquire -- help us acquire CRH with $100 million of their own at $9.80. We also have some of the leading Canadian asset managers, folks like Manulife and CI Investments and Fiera who've just been phenomenal supporters of us as well. We also now have substantial financial backing from the largest banks in North America. The largest U.S. bank is, of course, JPMorgan, who has led our USD 300 million line, which is -- which is sitting on the CRH business unit in terms of a security perimeter, that has a substantial syndicate that includes a number of leading banks and Canadian banks. And then, of course, we just announced our our RBC line, RBC, Canada's largest bank, leading a very strong syndicate as well. So really, you have now, all 5 of Canada's top banks lending well tens of millions of dollars each with the largest bank in each country really leading and supporting us, and that my health line, led by RBC is, again, just sits on top of the the My Health subsidiary once that closes. And we'll talk a little bit about that. Next slide, please, [ Pesco ]. In terms of the broad array of numbers for the company, again, assuming my health closes, analysts have already elevated their consensus estimates to over $400 million in 2022. This is just to remember, WELL has really being very active in terms of its capital allocation program and is now deployed well over $700 million. And also, again, with the My Health acquisition, we should be in that range, I think the analysts have us operating at around $100 million of EBITDA. We've announced 35 acquisitions since February of 2018. So we've been very active acquirers. And of course, some of those acquisitions include a multitude of assets. And this does not include all the different assets that were acquired by the companies that we've acquired. Obviously, CRH itself has been spirited serial acquirer as has My Health. Next slide, please. we wanted to kind of give you a view of sort of refresh everyone on what WELL does. But sort of decomplexify again, a lot of what you've seen in the past with respect to the different various business units. What -- again, as we talked about earlier, so much of what we provide is really part of a practitioner enablement platform. And so a lot of those tools, capabilities and business units that we operate in a decentralized fashion, again, to provide operators with P&L focus sit inside our virtual group, if you will. If you sort of think about everything that WELL does, we think about it as tools and patient services. And most of our patient services sits in our omnichannel group, if you will. And omnichannel, of course, in first, the combination of bricks and mortar and and clicks or web technologies and digital technologies. And so we have a primary care group, and we have now 2 specialized care groups between CRH and My Health. So those are key business units for us that kind of roll up into that omnichannel experience. And then the way we see our business is that most of everything else is either a virtually delivered patient services business or it's a digital tool, which is again included in that big virtual bucket. And this is a great way to think about the company because, again, the company does so much. But if you really think about it, it's quite tight and narrowed from the standpoint of digital health and that we're a unique company that provides platform technologies and patient services. And so the synergy and network effects associated with our virtual technologies being able to power and increasingly increase the digital quotient of our omnichannel delivery capabilities is quite substantial. And that's really what's been happening. When we started with our first 6 and 13 clinics back in 2018, we have dramatically increased the EBITDA of those clinics by virtue of standardization, software workflow. And so we're very proud of this. And this is a big part of our success. We are now at an annual run rate of over 2 million patient visits between in-clinic and TeleHealth, actually vastly over that. We'll continue to update that number of time. We'll own and operate again post my health, roughly 74 clinics in Canada and 2 in the U.S., which, by the way, puts us around the same number of clinics that might -- that one medical has in the United States. But we also provide services to about 75 ASCs or ambulatory surgical centers. And that's the -- obviously, the CRH business. Again, CRH to a lot of those people who are learning about the business does not own and operate clinics. It is a service provider to ASCs and GI practicers. And we'll talk a little bit more about that. Our EMR business, again, is multinational now and our kiosk for Pro product where we've made numerous acquisitions and really consolidated that cottage industry continues to grow and serve over 2,200 clinics across Canada. We are providing billing and back office solutions now at scale to over 2,000 physicians and now over 30 digital apps in apps.health, which is, again, Canada's first and only digital apps marketplace for integrated EMR apps. So again, we're very proud of these accomplishments. Next slide, please. I spoke a little bit about this before, but there are numerous network effects that are now occurring between the business. And whether that be network effects that occur between primary and specialized care or the allied health and primary care capabilities that we have and providing integrated care, whole person care. These are all important trends in health care that WELL is really keying in on. And of course, the digital quotient of these businesses just continues to rise as well becomes more capable in delivering digital patient engagement, practice management tools and all kinds of different virtual and technology awareness. I can't stress how important it has been for a while in terms of its authenticity and delivering and being being a health care company and having practitioners and thinking about patients and being outcomes-focused, how that made us a better software company, how that's made us focus on delivering tangible delivery benefits. We're very proud, for example, of being the first Canadian EMR to work with Apple on the Apple Health records project, which enables participating clinics and physicians to be able to essentially empower their patients with their own patient records in a controlled and safe manner. We think this is the future in terms of patient-centric health care, and we're very pleased to be at the forefront of this. And keep in mind, that's not something we bought. That's something that we did. We adopted the fire standard. We have innovated there. We've upgraded APIs. So the company has an innovation spirit and has been moving forward in a, again, disciplined capital allocation manner, but also it has been -- it has many accomplishments as it relates to its unproactive efforts, including apps.health. Again, something that we not acquire. So WELL is not just good at shopping, I guess, is what I'm really trying to talk about here. We're very good at shopping but other things as well. Next slide, please. So I think this is a really interesting slide because it really speaks to the go-to-market strategy that we use from a corp dev perspective to build WELL. And you can see sort of in 2018, we were very clinic focused and we acquired our very first EMR. And we went to work in digitizing, standardizing and really transforming those clinics. And it's remarkable what's happened over the last couple of years in terms of the EBITDA transformation of those clinics. Their EBITDA has increased many fold. And now that primary care business for us that includes Allied Health and and our primary care clinics is approaching about $50 million. So it's something that we think, becomes a $100 million-plus business for us. In 2019, you'll see that we got very active in the Oscar world again and also in the allied health area. So really building the backbone of practice management and also strengthening the core of our primary care with integrated health care. Spring was a fantastic acquisition because they were really executing on this integrated health vision and was a great example for us. And so we really followed that and have been continuing to execute on that. 2020, obviously, was a defining year for us in terms of us really making a lot of progress in TeleHealth while we were in development in 2019 with our partner in [ SAG ], we launched our product in 2020 right at the forefront of the pandemic. We were already in development for a year. So we really believed in TeleHealth, we knew was an important and growing innovation notwithstanding the pandemic. But of course, we were very well positioned to grow there. And obviously made that really timely and helpful acquisition of Circle Medical, which is a y-combinator grad in the U.S. from the Valley investors like Tencent and Run Conway Capital, some phenomenal Silicon Valley backers there, and they've just performed incredibly well, and their growth has been really strong. And then continued, obviously, our work on the Oscar EMRs, but really started to build out those other business units with our Security division, our billing and back office division. And you really saw kind of the capital allocation expertise of WELL really come into play all throughout these years. But I think we got very creative in terms of how we set the company up in 2020. And really wasn't the tail end of 2020 that we started to really broaden our team, because it was breakneck speed really, I mean, we weren't really sleeping very much -- While we still don't sleep, but that's a different story. We brought on our Chief Legal Officer, in fall of 2020, we strengthened the core of our corp dev department in fall. And again, later on in 2020. And so I'm proud to see in 2021, most of the LOIs in 2021, except for My Health in CRH, I didn't really even get [ involved ] with. And so I'm really proud of that because the team has really now -- I really feel that we have a phenomenal team that can not only run with LOIs but understands the framework and the philosophy of capital allocation of the company. And this is not a 1 or 3 or 5-person show. This is really a team effort, and it's really wonderful to see. And I think we've established really the basis of a very, very strong company. Next slide, please. So analysts have been taking note. We have 12 analysts on the job right now, and we're grateful for their support and helping us tell the story. And the ones who have, I guess, a pine [ done ] on My Health. Sometimes some analysts wait until the deal closes. And most of the time, they'll just include the the updates in terms of their revenue and EBITDA forecast. But here's what you have as our consensus estimates. And you'll see here in 2021, they're forecasting roughly $270 million in revenue and over $50 million in EBITDA. And of course, on a run rate basis, we'd be much higher than that as we've talked about. Obviously, these numbers will continue to evolve. We've been very disciplined. We've always met or exceeded expectations. We wear that as a badge of honor. It's very important to us, and we will continue to work very hard to do that. Next slide, please. I think this is a really important slide. What this shows you is there are now multiple M&A engines within WELL. And a significant amount of implicit financing runway and watch-list/pipeline of companies for us to really look at and work with. CRH has -- as we've talked about before, has been for example, very, very disciplined and strong in terms of their capital allocation. That's what really drew us to them. They've continued to execute beautifully. They made 3 acquisitions since we acquired them. They've been acquiring roughly at around 5x EBITDA, sometimes a bit more, sometimes a bit less. And they have a strong watch list of targets. And that $300 million U.S. line provide led by JPMorgan has $150 million available. And that, of course, includes the accordion. But that's a really exciting development to have had that line upsized the way it was and have that implicit financing capability there for us. We expect CRH to continue to execute on its program, and we -- generally speaking, they've been adding about $10 [ billion ] of new EBITDA per year. We think that they'll add that or more as we elevate the opportunity there. Of course, we also believe that there's opportunities to expand beyond the types of acquisitions that we're making before. And we'll talk a little bit more about that later. And then the RBC line, the $200 million line led, of course, by RBC and a strong syndicate there, $118 million available there. My Health's been acquiring at around 6.1x EBITDA. But the organic growth, immediately afterwards, has been quite special because of the protocol that they implement, they're very thoughtful in how they allocate capital and where they go. So they'll sort of research a suburb or a community that may be or there may be an undersupply of services of diagnostic procedures. They will acquire an outpatient clinic environment with diagnostic capabilities. They will then immediately, based on that research that they did, add new equipment and expand the diagnostic capabilities quite substantially sometimes. And what they've now -- what they've seen is almost an immediate dramatic boost in organic growth, which has resulted in their acquisition payback being closer to 2.4x EBITDA. So they've been seeing a 15% organic growth rate over the last 5 years and 40% plus when you add the inorganic growth. So really, really strong capital allocators as well. Again, with that implicit capital available, we believe, based on their business plan, we were looking at -- if they allocate another $20 million per year over the next 4 or 5 years, our EBITDA there will be well over $60 million. And we think that we can probably better that in terms of pace as well. And of course, WELL, today, doesn't have -- the rest of WELL does not have any kind of debt or security perimeter. And this is really important. I just want shareholders to be aware of how thoughtful we've been in structuring these facilities. There's no cross guarantee provided by WELL corporate to that CRH line or that My Health line with RBC and JPMorgan, respectively. The business unit structure has really paid dividends because those lines only sit on top of those respective business units. So really, all of our EMR, our primary care, our digital tools, all of that business is completely unlevered, which is really exciting because it tells you that we have more debt capacity in the future should we want it. But we're careful about that, and we want to continue to keep our overall debt ratios in check. And we really like the idea of having no security -- senior debt security parameters sit on top of the WELL holding company. Because it allows us to be more opportunistic and move faster, which is, obviously, an incredible thing to be able to do as a publicly traded company that's focused on corporate development. With that, maybe next slide, please. I'll just mention as well that we have about 15 LOIs currently across those 3 M&A engines. And what's really great about how we allocate capital is the compounding effect, right? I mean when you generate cash flow and you allocate that capital and you're able to then start -- especially if you're able to get the kind of support that we're getting from folks like JPMorgan and RBC and the rest of the Canadian banks, the ability to be able to do that without issuing a lot of stock and it starts to get very exciting and interesting as that flywheel really starts to compound and build more and more cash flow. We see that with an amazing stories like Constellation software that have demonstrated this compounding effect over time. Next slide, please. This is something that we're really proud of. Again, a lot of companies don't talk about this. They don't talk about their growth per share. They talk about their growth. They talk about the growth in quantum, they buy stuff, they grow their top line. Sometimes they grow their bottom line. But rarely, do they grow their revenues or their EBITDA on a per share basis. And I challenge you as shareholders to hold your management teams accountable to that because I think it's probably the most important thing. If you're not growing on a per share basis, it's possible that maybe you're not creating value and destroying value. This is something we watch very closely. This doesn't mean that you shouldn't make acquisitions that have strategic value. I think any kind of attachment to one singular strategy probably, it's not right. If you're trying to grow and become a leader in a space. But at the same time, it's incredibly important that overall, you're able to demonstrate significant per share accretion over time, which is something that the WELL has done. And of course, we did that to a great extent with both the CRH and my Health acquisitions. Next slide. So you're already likely aware of this. But again, we've had enormous support from strong institutional investors. Again, large Canadian asset managers, but also Mr. Lee and his partner and also management, I'd like to give kudos to our management team, we've been investing at every round that we were allowed to participate in. And I think that's a mark of a great company when people inside the company care when they have skin in the game. Personally, myself have allocated more than $6 million of my own personal capital and haven't taken a $1 of cash salary up until now. the Board is trying to convince me to change that, but we'll see what happens. And I personally put in over $500,000, personally at $9.80. And so you'll notice that My Health took stock at $9.80. You'll notice that our funding for the CRH acquisition occurred at $9.80. We will be relentless in fighting for the company's value. Just want you to know that as shareholders. And why? Because we're shareholders as well. We care. Next slide, please. So this is just some fundamental data on the company. we -- again, we're just over 200 million shares outstanding. We have a healthy market cap. But when you start comparing us as comps to folks of our size, we are actually trading below those multiples. I'll talk a little bit about that. Next slide, please. So these are the U.S. comps. There's been talk about WELL expanding its engagement in the U.S. capital markets. That's definitely something that we're very seriously considering. We had a great appointment today. We announced that we're pointing Jamil [ Natu ], who is really a skilled and an exceptional capital markets executive and for him to leave a place like Goldman & Sachs, a very strong career there and come and join us and help us really lead that part of the business. We're absolutely thrilled. And the reason for that, the reason why we would we would hire someone like Jamil and why he would join someone like us is when you start comparing well to this universe of the top health care IT players in the U.S., you start to see that WELL is really quite unique. In terms of our Quantum growth, if you add those 15 LOIs, you obviously add a lot more revenue and EBITDA. But even in our current state post CRH, you're talking about an asset that has tremendous uniqueness in terms of its profitability. In fact, on this list, the only assets the only companies that we have more profitability than WELL would be Teladoc and Viva based on 2022 estimates. And they are many, many times larger than WELL, $25 billion and $47 billion, respectively. We think that this is a good omen for well as investors value growth, and obviously, WELL is growing quickly, and it's focused on growing its organic growth, but also allocating capital in an exceptionally efficient way. I think what you start to see here is as WELL story starts to get told in the U.S. Remember, most of our shareholders today are Canadian. And so you have a universe of about 30, 40 key asset managers that have invested extensively in these health tech names. Really believing that this is one of the key areas of digitization that will occur over the next 10 or 20 years. And so with that kind of wind at our back with our share capital being exposed to that universe, we're just very, very excited. If you think about kind of WELL -- where WELL's being trading and the average here in terms of sales and even as a multiple of EBITDA, it's pretty exciting to think what WELL could do as a participant in a Tier 1 U.S. listing. As again, we consider and evaluate that over the next few weeks and months. Next slide, please. So this slide probably needs some updating. As I mentioned, we've had some recent appointments, our Chief Legal Officer, our Chief People Officer, today's appointment of Jamil Natu, which is our SVP of Capital Markets. But we do have a really switched-on management team. And again, you're seeing a subset of that here. I think one of the things that really allowed us to kind of hit the ground running in a really quick way was very grateful that a number of people that I work with before, you'll see those orange logos, the TO logos and PayPal logos. Again, I was lucky enough to have them join me, and we were able to coalesce quickly and drive but also having folks like Dr. Michael Franco, who is one of the largest owner operators of medical clinics as a medical entrepreneur, there's really -- you'd be hard-pressed to find an equal of a guy like that, tremendously talented. Of course, [ Argen ] ran the largest Austria EMR in the country, and Sherman joined us from Enghouse after their acquisition of Dialogic and he's worked with some very substantial companies often leading their Asia Pacific strategies. And in -- with a tremendous background in cybersecurity, with folks like Ontario eHealth and Trillium Health Partners. Next slide. And of course, we have a very -- we have a small but very engaged board with 2 well-known base [ streeters ], Tom and John. They've both been on the portfolio management side, but they've -- Tom's also be -- had a life as a well-known analyst and was also very involved in health tech as an investor. It was a big investor in QHR and also on the board there. Ken is a unique guy. He has a -- he's a lawyer that has his own firm, which is always nice to have a lawyer on the board, but also recently stepped down as a founder of a biotech company called Alpha Cognition that just recently went public. [ Antara ] is a remarkable person to have on the board, given her deep health tech and health knowledge. She ran the health practice at PricewaterhouseCoopers here in Canada and was on the Board of Ontario MD, which is the only Certification Bureau of EMRs in Canada and now runs her own consulting firm. And yes, and so really, really great engaged board. And when we have big deals when we have strategy discussions, we we work together and we have great conversations. And believe it or not, they don't always like my ideas. Next slide, please. In summary, I think, yes, we've acquired a lot of companies, but I think the decentralized nature of the business has allowed us to perform knock on wood, we have really had phenomenal performance from pretty much every business unit and our -- really feel like we're hitting on all cylinders. I'm sure that, that won't always be the case, but we do feel that, that is the case today. And we're very proud that we're working on our disclosure. We really want to tell that ESG story because we really believe that we are good for health care. We have reduced wait times. We have made clinics stronger from an edge security and cybersecurity perspective, we've helped practitioners get time back. We've contributed to them not being burdened as much. And we know who the heroes are. We're not the heroes, it's the practitioners. They're the ones that care for patients. And so we're doing everything we can to help them give them time back, make them more capable. And that's been a really big part of what we do. And so there's a virtual and technology element to that. And then there's just really running strong businesses and allocating capital in ways that again, bring bring value across 3 vectors into the company that's financial accretion, strategic accretion meaning that enhancing the company's capability in some way and cultural accretion, bringing fantastic people, which I think we have really done into the business. Next slide, please. And with that, I will pass it on to Julie Doran to moderate the Q&A session.

Thank you, Mr. Chairman. [Operator Instructions] So with that, we'll start with a question from David Kwan of TD Securities, who asks, what is your appetite to expand your business beyond Canada and the U.S. is potential international expansion at least a couple of years away.

Thanks, David, for the question. We definitely do have an appetite to expand our business beyond Canada and the U.S. We already have in effect with the intra-health acquisition. AdvoCare also our platform, their practice management platform operates in a multitude of countries. We really like that opportunity. In particular, we think that some of the multiples may be may be lower in some of the -- for example, in the European markets. And obviously, we're still looking at Canada and U.S. for our primary opportunities to grow. But yes, I don't think that we would think about it as a couple of years away. I think we would look at it as an opportunistic opportunity at any point in time. And now we're starting to get smarter and building watch list in Europe, and our Quickdev team is already interacting with various folks. And so yes, I believe that you'll be seeing well really truly blossom into a true global health tech player.

Next question is from Nick Agostino of Laurentian Bank Securities. What strategic approach is well taking to grow its enterprise business?

Thanks for that question, Nick. As you know, we're quite focused on Primary and specialized care and -- but recently have made our first enterprise focused business acquisition with the Exec Health acquisition. Keep in mind that Excel Health MD in Montreal also has an exec health business. So we started to stitch together an enterprise business. We are continuing to monitor that market. I think if we see great assets across the country, we'll continue to pick them up and really put together a national platform so that we can start competing for those larger enterprise customers. Keep in mind, too, that we have, again, very strong primary care assets in BC here. So we could easily leverage those. And the TeleHealth assets that we have, I think, can very easily be leveraged. So we're taking a very opportunistic approach. We we noticed there was a lot of inorganic activity. We did look at a lot of those assets. Some of them we just found that they were outside of our valuation ranges. And as you know, we're very, very disciplined. So we'll continue to watch that market very closely. But it's an area that we would like to grow in. but we would like to do so in a profitable and reasonable way.

Next question, David Sgro Capital at Eight Capital asks, what are the key milestones you'd like to achieve before seeking a U.S. listing strategically, operationally or financially.

Got it. Okay. We have -- we wanted to have scale in the U.S. presence before doing a U.S. listing with the My Health acquisition, we're getting close to $400 million revenue run rate and $100 million EBITDA run rate. So we have the scale we wanted and the CRH acquisition gave us tremendous U.S. presence. So we do feel that we're well positioned now. [Audio Gap]