Good morning. My name is Catherine, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Andlauer Healthcare Group 2021 third quarter results conference call. All lines have been placed on mute to prevent any background noise. Please be aware that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the company's current views with respect to future events. Any such information is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected in the forward-looking information. For more information on the risks, uncertainties, and assumptions relating to the forward-looking information, please refer to the company's latest MD&A and annual information form, which are available on SEDAR. Management may also refer to certain non-IFRS financial measures. Although the company believes that these measures provide useful supplementation information about the financial performance, they are not recognized measures and do not have standardized meanings under the IFRS. Please see the company's latest MD&A for additional information regarding non-IFRS financial measures, including for reconciliation to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in Canadian dollars. Following management's remarks, there will be a question and answer session. This call is being recorded on November 11, 2021. I would now like to turn the conference over to Michael Andlauer. Please go ahead, sir. Thank you, Catherine, and good morning, everyone. Thank you for joining us today. With me on the call is Peter Bromley, our Chief Financial Officer. Following my opening remarks, Peter will follow up with more detailed discussions of our financial performance, and I'll conclude with some comments on our outlook and growth strategy, and then we can open up the lines to any questions. Before I begin, I'd be remiss if we didn't pause to remember the sacrifices of the many Canadians who have given their lives for the safety and security and freedom that we enjoy today. On this Remembrance Day, 11th day of the 11th month, we thank the proud men and women of the Canadian Armed Forces, and we remember our fallen, lest we forget. Our strong performance in the first half of the year continued throughout this third quarter, both from a top line and our bottom line, thanks to both organic growth and through acquisitions. We generated strong revenue growth across each of our product lines, growing 37.5% from CAD 75.8 million- CAD 104.2 million, with particularly robust performance in ground transportation and dedicated and last mile delivery segment. Our acquisitions of McAllister Courier and Skelton Canada contributed to our strong growth in our ground transportation product line, and our acquisition of TDS Logistics contributed to the growth in our dedicated and last mile delivery product line. Organic growth, despite these acquisitions over the last twelve months, still represented over 10% of our revenue. From a bottom-line perspective, we also showed no signs of slowing down, with similar growth as revenue. EBITDA rose by 38.8% to CAD 28 million from CAD 20.2 million in Q3 2020. We continue to support the distribution of COVID-19 vaccines, ancillary products to Canadians in the quarter. Though volumes were down sequentially in Q3 as vaccination rates climbed, our vaccine-related revenue comprised approximately 2.5% of our total revenue in the quarter compared to the 5.0% last quarter. We've maintained service levels across our operations while taking on this added mandate. The ongoing collaboration of our team in monitoring and adhering to our COVID safety measures continues to ensure the timely delivery of essential products to hospital pharmacies and clinics across Canada. On October 1st, we successfully implemented a new vaccination policy where employees and drivers of all our companies needed to be fully vaccinated or be tested within a 72-hour window of work. This rollout was extremely well-communicated and executed with only a handful of people who would not participate among the approximate 2,000 associates from coast to coast. I am so very proud of our employees and drivers who have shown incredible respect, care, collaboration, and commitment in keeping safe during this COVID period and also ensuring the flawless execution of the distribution of the COVID vaccine in Canada in 2021. I'd now like to turn the call over to Peter to review our financial performance in more detail. Peter? Thank you, Michael, and good morning, everyone. Revenue for Q3 2021 increased by 37.5% or CAD 28 million- CAD 104.2 million compared to Q3 last year. Our TDS Logistics, McAllister Courier, and Skelton Canada acquisitions contributed approximately CAD 18.2 million of incremental revenue in the quarter, with the remaining increase attributable to organic growth. Revenue for our healthcare logistics segment totaled CAD 33.5 million, an increase of 11.7% compared with Q3 a year ago. The increase was primarily attributable to the 12.7% year-on-year growth in our logistics and distribution product line, generated from greater inbound product volume and storage and handling activities. Our packaging solutions also contributed to growth in the segment, with revenue totaling CAD 4.5 million in the quarter, an increase of 5.7% from Q3 2020. Revenue in our specialized transportation segment totaled CAD 70.7 million, an increase of 54.2% compared with Q3 last year. Our ground transportation product line grew 41.5% and reflects incremental revenue from our McAllister and Skelton Canada acquisitions of approximately CAD 12.3 million, higher volume from our existing client base, and higher fuel costs passed on to customers as a component of our pricing. Year-over-year growth in our air freight forwarding and dedicated and last mile delivery product lines of 7.3% and 110% respectively also contributed to growth in our specialized transportation segment. Growth in air freight forwarding was attributable to increased fuel revenue related to higher fuel costs as volumes were relatively consistent with Q3 last year. Growth in dedicated and last mile delivery was primarily attributable to incremental revenue of approximately CAD 5.9 million from our TDS acquisition, with the remainder attributable to route expansion in Western Canada and increases in fuel costs passed on to customers. Looking at our expenses, cost of transportation and services was CAD 47.5 million or 45.6% of revenue, compared with CAD 30.8 million or 40.6% of revenue for Q3 last year. The higher cost of this quarter reflects an approximate 7.4% year-over-year increase in volume in our ATS Healthcare business. Our acquisitions of TDS, McAllister, and Skelton Canada, and higher fuel costs in line with the increases related to fuel prices. The increase in operating ratio this quarter reflects the addition of our TDS, McAllister, and Skelton Canada acquisitions, which have increased the relative proportion of the specialized transportation segment as a percentage of our total consolidated revenue and cost profiles. Direct operating expenses were CAD 21.4 million or 20.5% of revenue, compared with CAD 18 million or 23.7% of revenue for Q3 last year. The increase was primarily attributable to our acquisitions of TDS, McAllister, and Skelton Canada. However, these acquisitions, which are included in our Specialized Transportation segment, have lower facility-related costs compared to our Healthcare Logistics segment, which results in a lower operating expense ratio in Q3 this year. SG&A expenses were CAD 8.3 million or 7.9% of revenue, compared with CAD 6.8 million or 9% of revenue for Q3 2020. Increased SG&A expenses for the quarter are attributable to our acquisitions of TDS, McAllister, and Skelton Canada and professional fees related to our acquisition of Boyle Transportation, partially offset by reduction in costs attributable to share-based compensation expenses. The decrease in SG&A expense as a percentage of revenue reflects operating leverage generated within our SG&A functions compared to revenue growth. Operating income for Q3 2021 was CAD 16.8 million, an increase of 27.6% compared to Q3 last year, primarily reflecting our growth in total revenue. Net income and comprehensive income increased by 41.8% to CAD 12.2 million or CAD 0.31 per share on a diluted basis from CAD 8.6 million or CAD 0.22 per share diluted in Q3 a year ago. The increase reflects higher segment net income before eliminations from both our Healthcare Logistics and specialized Transportation operating segments, and a CAD 1 million contribution from our 49% interest in Skelton USA. EBITDA increased by 38.8% to CAD 28 million from CAD 20.2 million in Q3 2020, reflecting the factors discussed previously and incremental contributions from our acquisitions. EBITDA margin improved to 26.9%, up 30 basis points from Q3 last year, as the performance of our two operating segments continued to result in strong and stable EBITDA margins at the higher end of our historical range. Further, Skelton Canada's higher margin profile has positively impacted our overall margin. Turning to our balance sheet. As at September 30, 2021, we had cash and cash equivalents of CAD 14.3 million and working capital of CAD 18.5 million. This compares to cash and cash equivalents of CAD 30.1 million and working capital of CAD 44.4 million at 2020 year-end. The decrease in our cash and working capital at quarter end is primarily attributable to the acquisitions of Skelton Canada and our 49% in Skelton USA. We partially financed these acquisitions through a combination of cash on hand and by drawing CAD 50 million on our revolving credit facility and CAD 25 million on our term facility. During the quarter, we paid CAD 11 million down on our revolving credit facility, and we expect to continue to reduce amounts drawn off the revolving credit facility during fiscal 2021 with excess free cash flow generated from operations. I'd now like to turn it back over to Michael for closing comments. Michael? Thank you, Peter. I'd like to add that subsequent to our quarter end, we continue to advance our acquisition strategy. On November 1, we completed the acquisitions of Boyle Transportation and the remaining 51% of Skelton USA, increasing our aggregate ownership of Skelton USA to 100%. Through these transactions, we have significantly advanced our strategic expansion into the U.S. healthcare market. Each of Boyle and Skelton USA have a strong commitment to customer-focused care and a people-first approach, which are the core values of AHG. Based in Massachusetts, Boyle Transportation operates throughout the 48 contiguous United States and to and from Canada. They provide specialized transportation services to clients in life sciences and government defense sectors, with life sciences customers comprising approximately 75% of the consolidated revenue. Boyle adheres to stringent quality and security standards, employs highly trained and dedicated professionals, and continually invest in advanced technology and equipment. They were recently named the overall best fleet to drive for in the U.S. and Canada for the second year in a row. As you know, concurrent with our acquisition of Skelton Canada in Q1 this year, we purchased a 49% interest in Skelton USA with an option to purchase the remaining 51%. Our decision to exercise this option reflects the strong fit of Skelton Companies with AHG and the tremendous potential we see in the U.S. market. With our acquisition of Boyle Transportation and the remaining 51% of Skelton USA, we have now established a U.S. platform with scale. Together, Boyle Transportation and Skelton USA generated over $21 million of EBITDA for the 12 months ending August 31st, at a margin of approximately 23.7%. We satisfied the approximate $80 million purchase price for Boyle Transportation through issuance of subordinate voting shares and cash of approximately $60 million. The purchase price for the 51% interest in Skelton USA was approximately CAD 50 million and was satisfied through the issuance of subordinate voting shares and cash of approximately CAD 25 million. We completed a bought deal offering 3.5 million subordinate voting shares for aggregate gross proceeds of CAD 168.7 million in late October. The offering was comprised of 2 million subordinate voting shares issued from treasury and 1.5 million subordinate voting shares offered by Andlauer Management Group. We used the net proceeds from the bought deal to partially fund the cash. Excuse me for a second. Just gotta blow my nose here. Can I get a Kleenex? Okay. Sorry about that. I'm back. That's our first. All right. Where was I here? Sorry. Okay, we completed a bought deal. Yes, as I said, we talked about bought deal. We appreciate the support from our investors and your confidence in our strategic direction. This was done in short order and executed extremely well. Our strong performance in the quarter and year to date is demonstrated by the stable and reliable organic growth that our core national platform generates and the additional contribution provided by our success in supporting the COVID vaccine in certain regions of Canada and our acquisitions of TDS Logistics, McAllister Courier, Skelton Canada, and our initial minority position in Skelton USA over the trailing 12 months. With our focus on our biggest stakeholders, that being our employees, drivers and clients, with our leadership position in healthcare logistics in Canada, we can expect continued strong organic growth ahead. Now, combined with the future contributions from our expanded U.S. platform, Andlauer Healthcare Group is very well positioned to continue to generate enhanced returns over the long term. That concludes our formal remarks, and I'd like to open up the lines to questions. Thank you. Catherine? Thank you. If you'd like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow the signal to reach our equipment. Again, that is star one to ask a question. We'll pause just for a moment to allow everyone the opportunity to signal for a question. Thank you. We'll now take the first question from Konark Gupta at Scotiabank. Please go ahead. Thanks, operator, and good morning, everyone. Good morning, Konark. Morning, Mike and Peter. Maybe my first question is on the vaccine distribution. Mike, I think if I heard you correctly, you mentioned the contribution was down from obviously Q2, which is not really, I think, surprising here, as you mentioned before. With the third boost or let's say the booster shot coming up and, as well, I think these guys are looking at approving the vaccine for kids five to 11 or five to 12. What do you think about, you know, the kind of rebound potential in this vaccine distribution revenue for you guys? Is there any shot here for the next couple of quarters, or this is probably gonna be flattish or down from here? Yeah, that's a good question, Konark. Just an FYI, I'm on a call every Tuesday, well, try to be on a call every Tuesday at 1:30 with the Ministry of Health in Ontario and you get a good feel for and try to anticipate and certainly collaborate and give advice in the execution of the distribution. We are discussing certainly the booster vaccines. It's a lot of times we have to be waiting for Health Canada approvals. Because we have the relationships with particularly Pfizer by doing their distribution in Canada, there's good collaboration and coordination and communication. We anticipate that this quarter we will be starting to push the booster shots. Those have just been approved. The five years to 11 years vaccines are ready to be shipped out of Michigan instead of Belgium with the previous. They still don't have approval from Health Canada as of yet. I would imagine that would be imminent, but once it is, you know, it'll happen imminently. I would anticipate that we would have more distribution requirements in the fourth quarter as we did in the third quarter. Also, you know, COVID-related, we do see more test kits being distributed. Those have to be shipped ambient. Some of our clients do the distribution of many of the test kits in Canada. We've seen an uptick in that volume. Case in point, at AHG companies, for the 5% or so of folks who aren't double vaccinated, they have to take those tests, so. That's great color, Mike, thank you for that. I'm just trying to understand the fuel dynamics here a little bit. Obviously, I guess fuel price kind of goes up. You know, you pass it on to your customers as well, directly or indirectly. Can you help us understand, like, is there any sort of major lag in when you capture that fuel pass-through versus what you pay on the pumps? Or is it pretty much, you know, prompt? Yeah. There's probably maybe a week's lag or two weeks' lag within our sectors. It all differs between the air freight and ground. We don't see it as much of an impact as maybe a strict transport company would. Obviously, there's a big element of our business that's not fuel related, particularly in logistics and co-packaging. From the transportation side, we would see a slight lag. I'd say maybe a couple weeks difference. That's great. Thanks. The last one for me, before I turn it over. On the lease rate side of things, so like we have seen, you know, a lot of these industrial rates have been kind of doing pretty well recently. Clearly, you know, the expectations are going up for lease rates on renewal. Can you remind us, you know, A, what portion of your book tends to renew, I don't know, every year or so? And then on the recent renewals, if any, what kind of rate increases have you seen? Significant. Yeah. This is definitely when you look at some of these industrial real estate reports, particularly in Canada, and you see you know BC and Ontario with 1% vacancies and the lack of construction to meet the demand. We're seeing you know significant increases. You know, Konark, a typical class A building would have fetched you 3 years ago in Ontario CAD 7 or 7 you know a sq ft. Right now, new builds that are spec building right now in around the area that we are is fetching anywhere between CAD 15-CAD 17. Any type of renewal, so you see these, you know, the SummitReach of the world going out there and even, you know, with old buildings out there being, you know, I guess, opportunistic and raising the rates from, you know, what would have been CAD 6 or CAD 7 to CAD 11 on slightly older buildings. Yeah, we see that as being an area of concern. I look at it also as an area of opportunity. About a year ago, we renewed in one of our Brampton facilities, got ahead of it with a couple of our Vaughan facilities here, and then the next leases aren't up for another two, three years. We're watching it closely. One of the things that we have to understand is what the market rates are and the opportunities as well with our clients in terms of, you know, from a strategy standpoint, do we want to stay in the same building, and maybe the lower clients, you know, maybe the clients that aren't really as demanding in our standards. We do have some clients in this consumer goods side of things that tend to be a bit more price-sensitive, and maybe that gets replaced with newer business, higher-yielding business at the present rates that we're paying. Those are some of the strategies that we're looking at for as we're building our business plan for 2022, and especially with the labor situation. I feel we're on top of it, and I don't think it's going to be material, certainly for the next two years for us. Yeah. I can see your margins are expanding net of leases, so that kind of speaks to that. But thanks for the color, Mike. I appreciate those comments. Thank you. Thank you, Konark. Oh, man. The allergies. We'll now take the next question from Maggie MacDougall at Stifel. Please go ahead. Hi, guys. You kind of touched on one of my questions, which was just around labor, and it's something we're hearing a lot about. Was wondering if you could enlighten us how you're dealing with what appears to be a tight labor market in both Canada and U.S., and whether, you know, early learnings from the acquisitions in the U.S. lead you to believe that there may be some differences in that market as it pertains to that item versus the Canadian market. Thank you. Hi. Good morning, Maggie. Yes. There's definitely, that's one of the things that's keeping a lot of people up at night is labor force and you see it everywhere around. Just yesterday, we had our board meeting, and somebody from our board mentioned something about McDonald's offering $20 an hour. And it's real. I think we saw yesterday the U.S. inflation rate was I think it mentioned 6.2% increase. You know, it's not just fuel that's driving that. Labor force is definitely tight. We looked at this about, well, beginning of the year, I think we started and kind of anticipated so this, and we went out there and started increasing rates to our employees. Now wages isn't the only thing. I mean, I think everybody can compete at the end of the day. It's a level playing field. Where our differentiation happens, and that's one of the things, for example, and I'll get to the U.S. in a second. We recognize that, you know, at Andlauer Healthcare Group, our differentiator truly is our people. I, you know, I can't say it enough, that we care, we institute the care factors, not only amongst our stakeholders, but also transcend it to our clients. That aspect of our business allows us to keep our people. It's more paramount now than ever. We try to be the place where people want to work for given the best conditions possible, and create that environment that allows them to maintain our workforce, but also be able to recruit. Recruiting has been difficult, but it has not affected us yet. That doesn't mean that we're not gonna, you know, look at different ways of recruiting and looking at our business model to ensure that we protect ourselves. We're not massive, and that's a good thing. At the end of the day, we recognize that service is the most important thing that we can offer our clients. That's what you know, and it can only happen with people. South of the border is the same thing. We instituted wage increases to our drivers, both at Skelton and at Boyle. It actually happened at Boyle during the due diligence. You know, interestingly enough, the culture at Boyle is the same thing as at Skelton. In Boyle's case, they have the accreditation as being the best fleet to work for. That is right aligned with our AHG mantra, and we want and feel very comfortable. When you look at the equipment that these drivers drive, you know, it's new, it's shiny. It's the new facilities that we built in Skelton and Ohio, you know, makes it for our drivers, you know, between having the laundromats there and the facilities are best in class. It's about how we treat people and I think that's gonna be the ability for us to adapt through these tough labor times. Thanks, Mike. That was a great overview. Appreciate it. Thanks, Maggie. Once again, to ask a question, please press star one. We'll now take the next question from Walter Spracklin at RBC. Please go ahead. Yeah, thanks very much. Good morning, Michael. Good morning, Peter, everyone. I guess my first question is on your inherent growth rate, and I know this is something we used to always kinda peg in the high single digit growth level. With inflation and weird comps from prior periods and so on, it makes just a, you know, a set growth rate to put on your company going forward a little bit more problematic. Maybe if we go down to the EBITDA level and just assume you are successful in passing on pricing or passing on inflationary costs and any of those challenges, is it fair to assume that ex-acquisitions your core EBITDA is in that kinda high single-digit and remains in that high single-digit range into 2022, and then layer acquisitions onto that? Is there any reason why that would not be the case, Michael, as we look at your business going into 2022? The answer is no. I mean, I think at the end of the day, we're a robust. We work in a robust industry, and then we've proven, you know. You know, these numbers that we've shown in Q3 are similar to some of the other public companies that have posted in Q3. Many of these companies did not have the same Q3 2020 that we did in terms of growth. Obviously, I think, we've been able to show that this business is very robust and somewhat predictable in light of the product that we move. You know, with the baby boom generation that's you know between the ages of whatever 57 years and 75 years, I think it's fair to say that we are in a position where we'll continue to see that robust growth in the near future. You know, with respect to passing this on, you know, interestingly enough, we had a presentation to our board yesterday. Skelton made a presentation because it was the first one that President Ron Skelton presented. One of the clients that we talked about, differentiated Canadian Blood Services, which has been a long-term client of Skelton's. You know, one of the remarks that was made is that, so you know, some of the trucks that were sent are not big trucks. They're like not 53-footers, but you know, 20-foot pups going down across the country. Why would you use such a small truck? I said, "Because when we're moving blood, you cannot move more than CAD 5 million at a time." My point to this is that it, you know, when it comes to transportation and logistics, when you're talking about product lines of that nature, service is paramount. In order to provide service, you have to have qualified people, qualified processes, and best in class in order to execute. You have to execute flawlessly, just like we've done with the vaccines. There's no room for error. That means that you can't, you know. If somebody at McDonald's is making $20 an hour, you can't, you know, you can't be paying somebody $20 an hour and go through a whole rigorous training program about it and then, you know, they're not, you know. I guess a good point being is they're not gonna be penny pinching on that, say. I think we're in a robust situation that allows us to pass that along. Most importantly, it's important that we have, you know, the right personnel and pay them properly and in light of what the industry is offering. Yeah, that makes complete sense. My follow-up question here is on M&A. Michael, I know, you know, back in your earlier days of the public company, you didn't execute a lot on M&A. You've started to here. It looks to be very successful. You've clearly got the support of shareholders. You know, your multiple is very high. It almost, you know, it indicates that, you know, M&A is an opportunity here. Would you agree with that? More importantly, are you focusing now in the U.S., or is there still M&A you could do in Canada, either direct, indirect areas of your business or in adjacent areas to your business in Canada? is that, you know, or are you just seeing too many opportunities now as you look to the U.S. based on some of your preliminary acquisitions there? That's an interesting question because I, you know, I went into it not looking for M&As. It's interesting when you do some successful ones, how all of a sudden you get attention. Certainly the Boyle acquisition, I think, articulated to some of the investors who I spoke to during the bought deal. It was not intended to happen. We were actually approached. I would have loved to have said that, you know, we were looking for them, as it turned out. With the COVID vaccine distribution and with the large acquisition of Skelton, I just wanna stay focused and keep our executive team and management team focused as well. There was enough on our plate for this year. When I saw the makeup of Boyle Transportation and the approach that Mark and Andrew Boyle had about the business, it was such an alignment in how they treat their drivers and employees and how they care for their customers. Then the customers are the same customers in Canada. The thing about Andrew and Mark is they're excited not to continue on in transport, but they have an appetite and connections with the life sciences and the pharma companies in the U.S., and see the platform as being an opportunity. That's to be continued, and we'll see what transpires from there. On the Canadian side, it's just that, you know, we're not gonna go look for it actively, but if it happens, it happens. We've already had some customers. I've already had some discussions with some of the U.S. customers and to talk about Andlauer Healthcare Group and who we are, to some of these U.S. clients already. In Canada, there's still a lot in the pipeline. It could be ancillary offerings, but also competitive offerings as well. I think there's, you know, Peter Bromley has that list and we're looking through it as time permits and opportunity comes. We feel comfortable that there's opportunity in Canada. That's, you know, that to us is to make sure that that moat is as large as possible and continue to be better. If there's an opportunity to make our service better for our clients and more effective, then we will embark on that journey. Okay. Appreciate the time as always. Thanks, Michael. Thank you, Walter. Once again, to ask a question, please press star one on your telephone keypad. It appears we have no further questions at this time. I'd like to turn the conference back to Michael. Please go ahead, sir. Well, thank you Catherine. Thank you to all of you for participating this morning. Have a great day. For our listeners in the U.S., I want to wish you a Happy Veterans Day.