Thanks.
Analyst estimates are rising, sales growth is still in the low to mid-double digits, and analyst estimates call for a continuation of that trend over the next few years. Earnings estimates are projected to grow even faster, and while gross margins have fallen over the past few years, its net profit margins are OK, and it generates strong free cash flows. Its earnings have been somewhat lumpy, and most of the issue that is holding its price back has been valuation. Its forward P/E has contracted from almost 100X in 2020 to 38X today. We believe at a certain level, its valuation combined with solid sales growth will become too attractive to ignore for investors, and we believe we are nearing that range. Analysts estimate by the end of this year, if its price remains flat, it will trade around 29X forward earnings, which we feel is fairly attractive for a Canadian SaaS name growing at double digits.