Good morning. My name is Joanna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Andrew Peller Limited Q4 and Year End 2024 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. Thank you. I will now turn the call over to Jennifer Smith, Investor Relations. Please go ahead. Thank you, and good morning. Before we begin, this is a reminder that during this conference call, management may make statements containing forward-looking information. This forward-looking information is based on a number of assumptions and is subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those disclosed or implied. Please refer to the company's earnings release, MD&A, and other securities filings for additional information about these assumptions, risks, and uncertainties. I'll now turn things over to John Peller, Chief Executive Officer. Thank you, Jennifer, and good morning, everyone. Great to be with you. I'm joined by our CFO, Paul Dubkowski. We're happy to discuss the results of our fourth quarter and our year-ending March 31st. We've followed for the last two, three years the journey that our company has made through the COVID pandemic and the inflationary supply chain disruption that followed it, and taken many steps through that process to improve cost-savings initiatives and our operating our business model. It's really proud for me to acknowledge that our company has performed admirably, and we're now returning to historical levels of sales. We're actually hitting an all-time sales level at the close of business this year. We're back to improved margins and an improved EBITDA performance. So overall, we're pleased. Now, having seen that the Bank of Canada has lowered the interest rate for the first time, I think it kind of signals the end of one era and the beginning of another. We reported a solid, solid fourth quarter to close out our year, and we delivered meaningful margin expansion as well as significant growth in our EBITDA. Our gross margin for the year was up 200 basis points to 39%, still below our target of 41% to.42%, which we expect to achieve over the next two years. We also delivered EBITDA of just over CAD 50 million, which was up 32% or CAD 12 million above the previous year. I know Paul will have lots to say to provide some more color on that. Importantly, I just want to acknowledge it took a great deal of work and effort from our team to navigate through this period, and I want to thank them for their commitment and execution. There's no doubt we are moving forward on a stronger platform and with a stronger company. From just the top-line sales revenue, I said we've achieved a high watermark in revenue. Our sales revenue was slightly up just over between 1%-2%. This is definitely top quartile performance in not just Canada, but in North America. I know in Canada, eight of the top 10 wine companies had sales declines. I index for people the reality that Canadian Tire's sales just reported are down 10% for the year, and they are a very, very good proxy for how consumers are feeling and spending in our country. I noted as well recently that LVMH, which is the world's leading CPG firm, their revenue is down 16% for the year. Obviously, they skew very heavily to the ultra-premium discretionary segments. While we serve that market as well, we are equally balanced with premium and value and economy products in our wine kits so that part of our resiliency is being able to meet consumers at all price levels. As there has been pressure on premium and ultra-premium price points, we've actually picked up business and strengthened in the value-value premium. So our sales performance was really solid across all our segments and trade channels. We saw our Global Vintners, which is our consumer wine kit division, have a great bounce-back year in revenue. Our sales were strong at liquor stores and in the grocery stores out west. Here in Ontario, our restaurants and hospitality locations did well. And while there is some slowing down in global travel these days, our export channel had a very, very strong year, and we're very, very pleased with that. The real only softness we saw this year was kind of visitation to our estate wineries. And we just think that reflects consumers being a little more cost-conscious with some of their discretionary spending. So all in all, it was a very successful fourth quarter and fiscal year. I did want to comment. People have asked about our crop this year in British Columbia. We have indicated to people that as a result of very, very cold temperatures in January, it went down to -34 for 4 days, which is the coldest temperatures they've recorded in British Columbia in 50 years, that there was widespread bud damage. We will be picking less than a 5% crop this year. As a result, we have been working hard with the British Columbia Ministry of Agriculture, Minister of Finance, and with the Premier. We've put in policies that will allow us to bring in replacement products that will receive the same access to market and support that our locally grown products would have received so that effectively we can get through the year with the same amount of wine we would normally have, receiving the same privileges and without any financial disruption. We've experienced this twice before in our life. In 2002 and 2006, we implemented the same government policies. They're temporary until the crops are returned to normal health. We got through that process relatively unscathed, and we expect to do that again. Naturally, we're focused on some significant planting that will occur over the next 2 years in the Okanagan Valley. We receive both insurance and government support to help us with the capital costs of that replant program. Like I said, I think we're going to manage through it very, very well. It's happened to us before. It'll happen to us again. It's a sign of the resiliency of our industry that we can manage these challenges without any financial hardship. As far as Port Moody goes, our real estate in Port Moody, we're actively engaged on this file, and I remain confident and optimistic that we're going to achieve a very positive result. We're in discussions with several groups right now. I think I mentioned to you that we are making some amendments to the approvals that we have, not to change anything around densification, but there was an office component in our development that we are going back to convert to housing, rather, which is what, in fact, the city wants. So really, everything that is happening on that file is positive. It remains a priority, and we are actively engaged in monetizing our position there. A lot of people have noticed the news around Ontario retail modernization. It's a very active file that we have. We're very, very pleased that the government is committed to helping strengthen and grow the Ontario wine industry and investment in the Niagara region. We expect to receive support. We know that the addition of retail stores is an opportunity for us, but that also we're pleased that there's a commitment to ensure that our retail licenses are an integral part of any retail modernization strategy. So we expect to grow our business significantly in the Ontario market over the next 5-10 years, and not only in the grocery retail environment, but in the LCBO environment and through direct-to-consumer and e-commerce trade channels as well. So with that, I'm happy to turn things over to you, Paul. Great. Thanks, John. It is great to be here with everybody today. Turning to our results, sales in the fourth quarter of fiscal 2024 increased CAD 7.3 million or 9.4% to CAD 85.0 million for the quarter. This increase was driven by ongoing strength in sales at provincial liquor boards, growth in our hospitality channels, including restaurants, and ongoing growth in our export business. These results were further supported by a CAD 5.8 million full-year benefit related to the revised Ontario VQA support program. For the full year of fiscal 2024, sales increased CAD 3.7 million or 1% to CAD 385.9 million. Similar to the fourth quarter, the increases in sales for the year were driven by growth across key channels, including provincial liquor boards, restaurants, and hospitality and export, partially offset by softness in our estate business due to fires in the west, and some moderation in our direct-to-consumer channels due to economic pressure on consumers. Growth for the year was supported by the Ontario VQA Support Program, as previously mentioned, and also impacted by the repeal of the excise exemption discussed in previous quarters. When adjusting for these items, sales would have still increased to the prior year. A number of other positive factors supported growth in the quarter and for the full year, including growth in market share across our key national markets and price increases implemented throughout the fiscal period to help offset ongoing inflation and supply chain pressures. Moving to margins, margins in the fourth quarter of fiscal 2024 landed at CAD 35.6 million, up CAD 13.5 million or 61.2% to the prior year. For the full year, margin landed at CAD 150.6 million, up CAD 8.7 million or 6.1% to the prior year. Margin as a percentage of sales for the full year, fiscal 2024, was 39.0%, an increase over the prior year at 37.1%. Margin in the fourth quarter and the fiscal year benefited from targeted cost-savings programs and from the inclusion of the Ontario VQA Support Program, as described previously. We continue to be impacted by inflationary cost pressures in imported wine, glass bottles, packaging materials, and international freight and shipping charges. In response to these margin pressures, the company has implemented price increases and is executing numerous production efficiency and cost-savings programs aimed at enhancing operating margins, such as renegotiating freight rates for raw materials and evaluating alternate sourcing of glass bottles and other components. During fiscal 2024, these programs resulted in CAD 9.3 million in cost savings. These inflationary cost pressures we have faced over the last few years have now stabilized, and we continue to sell through inventory that was built up at higher cost levels. As we look ahead, we are confident these cost-savings measures and production efficiency programs, combined with additional reductions in our cost inputs, are sustainable elements that will positively impact our margins in the long term. Sales and admin expenses landed at CAD 35.8 million for the quarter, up CAD 12.5 million or 53.6% to the prior year, and at CAD 109.8 million, up CAD 5.9 million or 5.7% to the prior year for the 12 months ended March 31st. As a percentage of sales, expenses were 28.4% in fiscal 2024, up from 27.2% in the prior year. Sales and admin expenses included a retiring allowance and consulting agreement as part of John's retirement and transition and legal and advisory fees incurred in connection with these agreements, as previously disclosed. When adjusting for these one-time non-operating expenses, sales and admin would be at CAD 100.3 million, down CAD 3.6 million or 3.5%, landing at 26.0% of sales compared to 27.2% in the prior year. This improvement in SG&A is due to labor productivity and savings initiatives implemented across the business. EBITDA landed at positive CAD 9.3 million and CAD 50.3 million for the 3 and 12 months ended March 31, compared to negative CAD 1.2 million and positive CAD 38.0 million, respectively, last year. We are confident that the cost savings and productivity and labor efficiency work we have undertaken will continue to deliver growth in bottom-line results as we move forward. Interest expense was higher for the year due to increased debt levels and higher interest rates. We believe our new credit facility, interest rate swaps, and future interest rate cuts will continue to reduce interest costs going forward. Turning to our balance sheet, inventory for the year ended at CAD 192.5 million, down CAD 16.7 million from CAD 209.2 million, representing an 8% decrease to the prior year. The decrease is due to the organization's focus on optimizing inventory and improving our working capital. Total debt remained consistent at CAD 208.3 million compared to CAD 208.1 million at the end of fiscal 2023. At March 31, 2024, there is capacity on our revolving credit facility of approximately CAD 66.7 million, with shareholders' equity standing at CAD 5.56 per Class A Share. Thank you for your time this morning, and I'm now going to pass it back to John. Thank you, Paul. So in closing, it was a solid year for our company. And as we look ahead to fiscal 2025, we do so with a real sense of confidence and optimism. We're well aware that there are some challenges and softness in our short term. So from a top-line performance, we're relatively conservative on a kind of flat market for the remainder of the year. However, we still do expect to have above-category revenue. As we've always been focused on improving our margins still, Paul referenced the 9.3% that we achieved in cost savings this year. We're every bit as ambitious in our plans to achieve cost savings this year and to improve our business model, our operating model, our supply chain, and asset efficiency. It is the silver lining in difficult times that these challenges force you to get lean and mean. That's exactly what has happened to us. We know as we emerge from this market to stronger markets in the future, we'll not only be growing our revenues, we'll be growing them with better margins. We're excited for the opportunities that lay ahead for us, as I said, specifically in the Niagara region, where our industry plays as a catalyst for economic growth in not just agriculture and manufacturing, but in culture and tourism, and that the government is increasingly aware and supportive that they don't see any greater economic opportunities for growth in Ontario than there are in our industry. We have an incredible leadership team. They've demonstrated their capability, hardworking efforts, and I'm very, very proud of everything that they've achieved. We expect in the short to medium term that there will be lots of M&A opportunities for us to supplement our growth. I think I've mentioned many times in the past that we've done over 20 transactions to help us grow our business. Our top-line growth that's averaged in and around 3%-4% has always been half organic and half through acquisition, and we expect that to be the case going forward as well. So with that, thank you, Operator. If there are any questions, we're happy to take them now. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. If you are using a speakerphone, please lift the handset before pressing any keys. First question comes from Nick Corcoran at Acumen. Please go ahead. Good morning, guys. Morning, Nick. Just a couple of questions for me. The first is with the Ontario government expanding distribution to grocery and convenience stores. I'm just wondering what the potential impact on the wine shops that you currently have will be and how the mechanics of those stores changing to licenses will be. Yeah. The government has signed a deal with the brewer industry right now. They're in the details of doing a similar agreement with us. They're totally committed to supporting our licenses being part of the retail modernization. So we're very pleased with that. We expect to emerge stronger and more capable through this process. And we also believe that we're going to do a lot better in the LCBO going forward as well. So that's the general thrust and efforts. The Ontario Winery retail system sells more than 50% of the crop in Ontario. They realize its integral role and value to the industry and our future. So I'm confident that we're going to do well through this transition, and if anything, we're going to grow. Great. And then maybe switching gears to BC, how much CapEx do you expect to spend to replant the vines? And is there any opportunity to plant varietals that may be better suited towards changing consumer preferences? The first thing I'd say is we're right in the midst, Nick, of assessing the exact level of vine death in each of the regions, but we're getting our head around it. I think that the total amount of capital that will be spent will be probably in the CAD 20-30 million range, of which we're hoping to get half to three quarters in terms of support. In fact, the government's already indicated that there's a CAD 25 million program in place to support the replanting of grapes and other tender fruit in the region. So I think over three years, we'll probably be in and around the cost to our company over three years will be in the CAD 14-15 million range, but we will come back with way more detailed plans when they're available. They'll be well within our budgets. I think from a variety standpoint, I think there's a few varieties that we've really enjoyed giving us ultra-premium reds like Syrah that have fared very, very poorly in the last little while. I think some growers will be reluctant to plant that, maybe a little less Merlot, but I see an ongoing commitment to Cab Sauv, Cab Franc, Pinot Noir. There's a lot of research being done on the hardiness of varieties these days around the world. I expect us to bounce back strong and healthy and that the region will fare very well. Thank you, Peller. And then maybe seeing, sorry, go ahead. Sorry, Nick. I was just going to add on that. And those numbers John giving are correct. And some of that would have already been considered in our go-forward capital plan. So it wouldn't all be net new incremental dollars as we obviously have a national replant strategy that is focused on premiumizing and growing margin, but also focused on planting those hardy varietals that can withstand some of the weather fluctuations. So it wouldn't all be net incremental capital, but we'll have some more visibility in the next month or two. That's helpful. And then staying in BC, any indication of what the timing of a sale of Port Moody could be? I really can't comment on the timing other than to say it's a high priority. It's lots of work being done. We feel very positive about the property increasingly becoming valuable, and the amendment will really be supportive as well. We're talking to great groups. I can't say more than that, Nick, unfortunately. Yeah, that's fair. And then, John, maybe one last question for you. I know the leadership transition has been in the works for a while here. Where are we at in the process to find a new CEO? Again, it's a top priority for our board, for me. We have lots of consultants and support. We're well through the process. We're really pleased with the work that we have done. So I think everything is totally on plan. It's been work that we're all very proud of, and it's going to yield a great result, and you'll hear about it soon. Great. Thanks again for taking my questions, and I'll pass along. Thanks, Nick. Thank you, ladies and gentlemen. As a reminder, should you have any questions, please press star one now. We have no further questions. I will turn the call back over to John Peller. Okay. Thanks, everybody, for joining us. Don't hesitate if you have any questions or want to chat with Paul and I to give us a call. We have lots of shareholders and people who are analysts interested in the company coming in to visit us these days. If you give us a call, we're more than happy to accommodate your visit. So please give us a call. Otherwise, enjoy your summer, and we'll chat with you soon. Thank you. Ladies and gentlemen, this concludes your conference for today. We thank you for participating, and we ask that you please disconnect your lines.