Good morning. My name is Anis, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Andlauer Healthcare Group 2021 fourth quarter and year-end 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 forward-looking information. For more information on the risks, uncertainties, and assumptions relating to 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 these measures provide useful supplemental information about financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see the Company's latest MD&A for additional information regarding non-IFRS financial measures, including for reconciliations 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 March 3, 2022. I would now like to turn the conference over to Michael Andlauer. Please go ahead, sir. All right. Thank you. Good morning. Good morning, everybody. Thank you, Anis. And thank you for joining us today. With me on the call, I have Peter Bromley, our Chief Financial Officer. Following my opening remarks, Peter will follow with a more detailed discussion of our financial performance, and then I'll provide closing remarks, open the line to any questions. Wow, what an incredible fourth quarter for AHG. It's truly a direct result of the commitment and dedication of our employees, our drivers, our owner-operators and management, all of them. Our collective companies and the fruits of our labor resulted in a better than expected financial performance, not only for this quarter, but overall for 2021. We continued to generate solid organic growth from our core businesses while also generating strong incremental growth from the strategic acquisitions made early in the year as well as in the fourth quarter, in particular with the acquisition of Skelton Canada, Skelton USA, and Boyle Transportation. Skelton Canada has significantly strengthened our Specialized Transportation business segment as a leader of the refrigerated and frozen healthcare shipments with a national reach and a fleet offering validated temperature control, state-of-the-art security systems, and real-time shipping monitoring. Throughout the year, access to the ATS national network and collaboration between those two entities have allowed Skelton more efficiencies in its product offering. Skelton USA was originally launched in 2017 as a result of Skelton's pharmaceutical customers pulling them into the U.S. domestic market. They've been growing rapidly since then, successfully leveraging the Skelton company reputation and brand for cold chain expertise. We initially purchased 49% of Skelton USA along with 100% of Skelton Canada in March of last year, almost exactly 12 months ago to today. Skelton USA was our initial entry into the U.S. market and gave us an opportunity to learn about the large U.S. market as a minority owner. Needless to say, we liked what we saw. At the beginning of our fourth quarter, we entered into an agreement to purchase the remaining 51% of Skelton USA and close in November, bringing our ownership of Skelton USA to 100%. Through this process of entering the U.S. market, we were also presented with the opportunity to acquire Boyle Transportation. Given what we had learned about the U.S. market through Skelton USA, combined with our extensive due diligence of Boyle, we seized that opportunity. 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 and defense sectors, with the life sciences customers representing approximately 75% of their consolidated revenue. Like Skelton USA, Boyle adheres to stringent quality and security standards, employs highly trained and dedicated professionals, and continually invest in advanced technology and equipment. Our acquisition of Boyle Transportation closed at the same time as the step acquisition of Skelton USA early in November. I couldn't be more pleased with the addition of these business to our platform and how well the respective management teams have fit with our leadership group. We share the same focus on exceptional client service and so many similarities in our cultures with the understanding that our drivers and employees are our most important stakeholders. We partially funded the acquisitions of the remaining 51% of Skelton USA and 100% of Boyle through the successful completion of a bought deal offering of 3.5 million subordinate voting shares for aggregate gross proceeds of CAD 168.7 million. 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, thereby enhancing our capital market liquidity, something that many of you investors were looking for. We appreciate the strong support shown by our investors in such a short notice in order to make this acquisition a reality. The remaining portions of the respective purchase prices for the 51% of Skelton USA and 100% of Boyle were satisfied through the issuance of an additional 522,000 and 519,000 subordinate voting shares of AHG to the selling shareholders of Boyle and Skelton USA, respectively. Their acceptance of AHG shares as partial payment demonstrates their belief in alignment and commitment to the future growth of AHG. I'm extremely proud of our team for their contributions and the successful execution of these important transactions in a year where we had several challenges presented by the pandemic. From an operational level, the ongoing successful collaboration of our team in monitoring our operations and for our people in adhering to our COVID safety measures ensured that there were no disruptions and allowed for the timely delivery of essential products to hospitals, pharmacies, and clinics across Canada throughout this year. In particular, we also had the additional responsibility of continuing to support the distribution of COVID-19 vaccines and necessary products to Canadians, which continued during our fourth quarter. Our vaccine-related revenue, including test kits, comprised approximately of 5% of our total revenue in the quarter. To add more adversity in the fourth quarter operation, in particular to the Canadian companies, we had to overcome the closure of British Columbia roads due to floods. We generated double-digit revenue growth across each of our product lines in the fourth quarter, with particularly strong performance from the ground transportation, our largest product line in terms of revenue generation. Revenue in ground transportation was up 76.2% year-over-year, reflecting the strong contributions from our Skelton and Boyle acquisitions. Our three acquisitions, Skelton USA, and Boyle, accounted for approximately CAD 30.9 million of the CAD 46.4 million year-over-year increase in our ground transportation revenue. Contributions from just Boyle and Skelton USA, effectively our U.S. operations, contributed approximately CAD 19 million of the consolidated revenue during the Q4 2021. Through Skelton USA and Boyle, we have established a strong platform for growth in the U.S. In step with our strong top-line performance, we continue to generate strong EBITDA margins. EBITDA increased to CAD 73.7 million in the quarter. Now, that does include CAD 37.9 million-dollar gain on the step acquisition of Skelton USA. Comparing apples to apples, the adjusted EBITDA was CAD 35.9 million compared to CAD 22 million in Q4 a year ago. EBITDA margin was 55.4% or 26.9% excluding the gain on the step acquisition, up from 25.4% in Q4 last year. This momentum will position us to continue generating strong performance into 2022. 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 our fourth quarter increased by 53.6% to CAD 133 million compared with Q4 last year, reflecting the impact of our acquisitions and continued organic growth. Revenue for the Healthcare Logistics segment totaled CAD 33.9 million, an increase of 12.9% compared with Q4 a year ago. The increase reflects 13.3% year-on-year growth in our logistics and distribution product line and 10.9% growth in our packaging solutions product. Revenue in our Specialized Transportation segment totaled CAD 99.2 million, an increase of 75.1% compared with Q4 last year. Michael just discussed the strong performance in our ground transportation product line, which was driven by acquisitions, organic growth, and higher fuel costs passed on to customers as a component of our pricing. The other contributors to growth in our Specialized Transportation segment during the quarter included 64.6% growth in our air freight forwarding product line and 30.1% growth in our dedicated and last mile delivery product line. The significant increase in air freight forwarding was primarily attributed to the increased volume, which was the result of our clients attempting to minimize service disruptions in BC arising from the atmospheric river weather events that occurred in November, which severed regional road, rail, and links to Vancouver due to flooding and landslides. Our growth in dedicated and last mile was particularly attributable to our route expansion in Western Canada and increases in fuel costs passed on to customers. Our TDS acquisition, which was completed on October 1, 2020, has been reflected in our results for a full 12 months, but has also contributed to our year-on-year growth and margin improvement. Cost of transportation and services was CAD 65.7 million or 49.4% of revenue, compared with CAD 38.5 million or 44.5% of revenue for Q4 last year. The higher cost of transportation and services is primarily attributable to approximately 4.1% increase in volume of our ATS Healthcare business, the acquisitions of Skelton Canada, Skelton USA, and Boyle Transportation, as well as higher fuel costs in line with the increases in revenue related to fuel prices. The increase in our operating ratio reflects our Skelton and Boyle acquisitions, which have increased the relative proportion of our Specialized Transportation segment as a percentage of our total consolidated revenue and cost profiles. Direct operating expenses for the fourth quarter were CAD 21.3 million or 16% of revenue, compared with CAD 18.8 million or 21.7% of revenue for Q4 a year ago. The increase is primarily attributable to growth in our Accuristix logistics and distribution business and investments made to expand our ATS Healthcare network in Canada. Our Skelton and Boyle acquisitions, which are included in our Specialized Transportation segment, have lower facility-related costs compared to our Healthcare Logistics segment, which results in the lower direct operating expense operating ratio compared to Q4 a year ago. SG&A expenses were CAD 10.9 million or 8.2% of revenue, compared with CAD 7.3 million or 9% of revenue in Q4 last year. Increased SG&A expenses for the quarter are attributable to our acquisitions, including CAD 0.8 million in professional fees for our acquisition of Boyle, partially offset by a reduction in the cost attributable to share-based compensation expenses. The decrease in SG&A expenses as a percentage of revenue reflects operating leverage generated within our SG&A functions compared with revenue growth. Operating income for the quarter was CAD 21.5 million, which is an increase of 50.2% compared to Q4 2020. Approximately CAD 3.5 million of the increase is attributable to our Skelton and Boyle acquisitions, with the remainder attributable to organic growth. Net income for the quarter totaled CAD 53.1 million. This was significantly impacted by the gain on the step acquisition of our equity accounted investee, Skelton USA, which was CAD 37.9 million, as Michael had previously talked about. Our net income for Q4 2020 of CAD 13.9 million was impacted by a deferred income tax recovery of approximately CAD 4.3 million. However, the higher segment net income before eliminations for both the Healthcare Logistics segment and Specialized Transportation segments also contributed to the increased profitability in Q4 this year on a consolidated basis. Total comprehensive income for Q4 2021 was CAD 56 million or CAD 1.26 per share on a diluted basis, compared to CAD 13.9 million or CAD 0.36 per share on a diluted basis in Q4 a year ago. Our fourth quarter this year is the first quarter in which total comprehensive income differs from net income due to the acquisition of foreign operations, Skelton USA and Boyle, which resulted in a positive foreign currency translation adjustment of CAD 2.9 million for the quarter. If we look at the fiscal year of 2021, total revenue increased 40% to CAD 448.1 million. Operating income increased 44.7% to CAD 73.3 million. Net income increased to CAD 90 million, including the gain on the step acquisition, compared to CAD 37.7 million in fiscal 2020. Total comprehensive income increased to CAD 92.8 million or CAD 2.25 per share on a diluted basis, compared with CAD 37.7 million or CAD 0.98 per share on diluted basis from last year. 2021 EBITDA increased to CAD 157.2 million or CAD 119.3 million if we exclude the gain on the step acquisition, compared with CAD 78.9 million in fiscal 2020. Finally, EBITDA margin was 35.7% or 27.1% excluding the gain on the step acquisition, compared to 25.1% last year. Turning to our balance sheet. As at December 31, 2021, we had cash and cash equivalents of CAD 25 million and working capital of CAD 31.6 million. This compares to cash and cash equivalents of CAD 30.1 million and working capital of CAD 44.4 million at 2020's year-end. The decline in working capital is primarily attributable to the acquisitions of Skelton Canada and our 49% interest in Skelton USA. During fiscal 2021, we repaid CAD 39 million of the CAD 50 million that we initially drew on our revolving credit facility in connection with the Skelton and Skelton USA acquisitions in March 2021. Subsequent to year-end and just a couple of days ago, we used a combination of the cash that we had on hand at year-end and an additional draw on our revolver to fund the cash portion of the purchase price of our recent acquisition of Logistics Support Unit, or LSU, which Michael will discuss in a few moments. We expect to continue to reduce amounts drawn on our revolving credit facility during fiscal 2022 with excess free cash flow generated from operations. We remain well positioned financially to pursue growth opportunities. I'll now turn it back to Michael for closing comments. Hey, thanks, Peter. Yeah, well, our strong performance in the quarter and year demonstrates the stable and reliable growth that our core national platform generates and the additional torque provided by our significant platform enhancements over the past year, which included the continued growth and the reach of our dedicated and last mile delivery product line, our success in supporting and flawless execution of the COVID vaccine distribution, our acquisition of Skelton Canada, and of course, our strategic entry into the U.S. market through Skelton USA and Boyle acquisitions. To continue to advance our acquisition strategy in 2022, as Peter alluded to, we closed our acquisition of Quebec-based Logistics Support Unit Inc. a couple of days ago for a total aggregate consideration of approximately CAD 30 million subject to customary purchase price adjustments. Established in 2008, LSU is a leading third-party logistics provider in Quebec, offering specialty pharmacy, warehousing, distribution, and order management services throughout Canada to national and international companies, as well as government clients in the pharmaceutical, medical, and biotechnology sectors. LSU is also the exclusive distributor of immunizing agents for the Quebec public health system. Our relationship with Santé Québec meant that they were also tasked with the responsibility of warehousing and delivery of the COVID vaccines to all Quebecers. They add further validated temperature control, security, quality control, and real-time inventory tracking capabilities to our logistics platform while expanding our market presence in Quebec. We expect the acquisition to be immediately accretive to cash flow and earnings per share. We look forward to welcome LSU into our logistics platform and working with them to continue the LSU brand and legacy under the AHG umbrella. In closing, we expect the momentum of 2021 to parlay itself into continued growth in 2022. Regardless of the revenue enhancement that we may have had in 2021 caused by COVID, we're delighted that this pandemic is behind us and that all our associates, and especially our drivers and warehouse employees, will have a renewed sense of normalcy and predictability in their day-to-day lives. Between the resilience of our industry, and our company and the fruits of our hard work this past year, I feel very confident we're very well-positioned to continue to generate enhanced returns to our investors over the long term. That concludes our formal remarks, and now I'd like to open the line to any questions. Anis? Feel free to start, Q&A. Thank you, sir. Ladies and gentlemen, we will now begin the question- and- answer session. Should you have a question, please press star followed by one on your touch-tone phone. You'll hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order they are received. Should you wish to decline from the polling process, please press star followed by two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Walter Spracklin with RBC Capital Markets. Please go ahead. Yeah, thanks very much. Good morning, everyone. Good morning. Good morning, Walter. Hey, yeah, a great quarter. Just trying to parse out now that we don't get too far ahead of our skis here for next year or this year, I guess, when we look back at some of the things that we hope are gonna go away that helped you last year, and particularly on the vaccine and the flooding. When we look at your results, layering on the acquisitions that you've already announced, but just comparing it or growing it relative to the base business from last year, do you think that the growth ex acquisitions that you have lined up for this year can overtake the potential relaxation or loss of vaccine-related moves if they do continue to? If they do start to trail off and the flooding from BC, can you still do better than you did last year if those things don't happen here this year? Yes, Walter, absolutely. Without a doubt. I mean, with all these distractions come a lot of extra costs. I wouldn't necessarily represent the COVID vaccine revenues and the BC floods in the same light. I think the BC flood was one that I wouldn't like. Like I said, I wouldn't. It wasn't really an increase in revenue. Yes, some of the freight might have gone on by air, but the costs were overwhelming to try to get. You know, we had drivers, the Skelton drivers and other drivers stuck. We had to move freight, and thank goodness we had 30,000 sq ft of empty temperature-controlled space in Calgary that we were able to bring the freight back and keep it temperature-controlled for our clients. That disruption to me is not something that's accretive to our business. The COVID vaccine, yes, I would say that's, you know, that mandate and especially as the year went along in 2021, we got more, you know, accustomed in terms of the expectations, and the processes were streamlined a bit more. Certainly, you know, with the advent of these test kits, obviously you couldn't freeze those test kits, so they had to go temperature-controlled. That was quite a bit of revenue. There's also other parts of the healthcare business that was, you know, that didn't really pick up as much as it could have. When we did our, you know, our business plan and budgets with all the companies, we recognized that indeed we would eclipse any type of shortfall of revenue. Okay. That's fantastic. No, that's commendable. When you look at your deal pipeline now, switching gears a little bit, can you talk a bit about the strategy and your capacity, not financial capacity or operating capacity, but just your head office capacity to review deals? Or, you know, when I look at other companies I cover that are extremely acquisitive, and I'm referencing like GFL and TFI International, I mean, they have a whole, you know, dedicated people that are just reviewing deals and are doing them quite often. Are you looking down the avenue of, you know, do you look at every deal and does that stretch your ability then to keep your eye on operations? Is this something that you see evolving as you do more and more deals? Will you start to create that analytical capacity within your organization to be able to execute and review more deals? I assume you're probably reviewing a lot more deals than you're executing on, but it's kind of the type of work you still need to do, and therefore it uses up some of your capacity. Just curious as to what your strategy is from a deal analytics and how that capacity there is evolving as you do more and more deals. Yeah, that's a great question, Walter. You should be on our Board of Directors asking that question. Indeed, we do not have an acquisition team per se. You know, we have our executive team that gets involved, obviously, Peter and myself. We've proven that we can do acquisitions as we did in 2021 and even to start 2022 with LSU. To me, acquisitions is something that there has to be a fit. It's not something that we go looking for. Interestingly enough, because of our success and because of our presence in the healthcare, we do get a lot of interest. I think I alluded to last quarter or previous quarters that, you know, the Boyle was actually not. We didn't go looking for, it came to us. But the culture of a company is, to me, the most critical ingredient to make it a fit. Not all acquisitions will fit for the Andlauer Healthcare Group. Just because it's accretive is not a reason, you know, to be going forward. To me, the most important thing is a cultural fit. We're about people, and we're about, you know, taking care of our clients, and every one of our clients, particularly in the healthcare, have different unique needs. We look at it from a different lens, I guess, than some of these other companies like GFL or TransForce. We'll do it at our pace, and we've proven that it works. Having said that, you know, there's no doubt that as things get bigger and we progress, we adjust with the times, certainly in terms of management and how we approach it. At this juncture, we feel quite comfortable with how we've done in 2021 and how we started in 2022. You know, we've got to keep in mind that, you know, timing is everything. There's a talent war out there with respect to having great people, and we're gonna pick and choose the right moments, hopefully that gives you a bit of a flavor how we approach acquisitions. Yep, absolutely it does. I'll keep it at two. Thanks very much for your time, Michael. Thank you, Walter. Thank you. Your next question comes from Konark Gupta with Scotiabank. Please go ahead. Good morning, thanks for taking my questions, and congrats on a great quarter as well as kudos to the team for surviving the tough 2021. My first question is on Q4. I think ground revenue, especially in Transportation segment, fared extremely well. I understand obviously you have Skelton and Boyle there. I was just wondering if there's anything you can share on, you know, the volume or pricing environment that might have contributed to that success in Q4 on ground revenue as well as any contract shifts. Thank you. I'm just trying to think out loud. Certainly, from a revenue standpoint, the price of fuel was, you know, at its highest levels that I've seen, and that would artificially increase revenue. It was significant. I think the MD&A explains, talks to that. Our pricing, interestingly enough, didn't change that much, but certainly it was talked about. Certainly, you know, we talked about inflation last quarter and anticipated, and I don't think inflation's behind us. It's actually in front of us. We have to deal with it. I think last year's inflation is not gonna be as this year's inflation, pardon me, will be greater than it was last year. We have to anticipate that. I think from a pricing standpoint, Q4 was not reflective of it, but I believe that 2022 will be more reflective of pricing than the Q4. Other than that, Konark, and thanks for the accolades because, you know, particularly with respect to our employees and management, it was an exhausting year for all. Makes sense. Thanks. Just second one for me on the lease payment side of things. It seems like you have kind of approached call it CAD 30 million+ in terms of lease payments run rate right now. That's kind of I think up more than 20%. I understand. I think there's some kind of contribution from maybe recent acquisitions. If you can talk about you know how do you see the lease payments go from here, given the kind of you know significant increases the industrial rates are doing right now. Maybe I've got Peter here with me, who can correct me if I'm wrong, but I think a lot of the lease payments that you see going up are actually related to rolling equipment and not more so of a CAD 10 million increase than actual industrial space. Is that correct? It'll be a split. A split. Yeah, there's definitely, you know, the acquisitions will drive new right of use facilities which could go into our lease. We've continued to invest in our fleet as we would always do. It's a split. Okay. With that, certainly the acquisitions of Boyle and Skelton USA, heavy laden with rolling equipment, tractors and trailers. On the industrial side of things, we seem to have a nice hedge in light of the fact that we don't our next big leases aren't being renewed for another three years. So we have that benefit going forward. You know, keeping on that line, I would suggest that, you know, we will look at all options going forward. I'm not talking about acquisition of real estate per se, as much as a location of, particularly on our logistics side. One of the great opportunities that I see with having a footprint in Quebec now, with you know the leading logistics provider in Quebec being LSU, is while the market is tight in Montreal, it's still not what the GTA is. Looking outside the GTA is definitely one of the things that we're actively looking and doing right now, as an area for growth in our logistics sector. Thanks for the color. That's my two. Thank you. Thank you. Thank you. Your next question comes from Tim James with TD Securities. Please go ahead. Thank you. Good morning, everyone, and congratulations on a good end to the year. My first question, Michael, looking at the, I think it was approximately CAD 7 million in revenue from the vaccine or vaccine-related revenues here in the fourth quarter, I'm just wondering, could a portion of this now become regular revenue or incremental vaccine-related revenue going forward? You know, does your experience with other annually administered vaccines give you any insight into what sort of annual revenue this could present on a go-forward basis? Or, you know, is it just too early or too difficult to try and think about that at this point? No, that's a very good question. I don't believe that momentum will continue forward with respect to the COVID vaccine. I mean, a lot of it is vaccine related. Of the CAD 6.6 million or 7 million, as you alluded to, in Q4, was actually test kits. Test kits are bulky in size, and there were millions of them being transported all across Canada and the north, into the Yukon, et cetera. I don't anticipate that even though it did spill over into January Q1, and now, as you see, a lot of people are not getting vaccinated. We've gone through the booster vaccine and you make a very good point. One of the things that we've been able to do is working with government to execute this vaccine, and we've done a you know a wonderful job in doing so. That was definitely one of the goals of this year is a flawless execution of these vaccines. We've gotten a lot of good momentum with government in terms of you know them understanding our capabilities and being able to provide that. You know, interestingly enough, when I went through this, it was new for me at AHG in last February or last January when the vaccines were rolling out. I actually picked up the phone and spoke with Johanne Bissonnette at LSU because she had all the experience working with Santé Québec, getting you know best practices and learnings from her. Interestingly enough, she was instrumental. But she'd been doing the vaccines for the Québec government for many years. Now the opportunity is for AHG to embark in doing the flu vaccines for other provinces, and we've already had a good insight or good contracts with that. That will spill over. To answer your question, by default, we will see new revenue for distribution of flu vaccines, influenza vaccines and the likes. Probably in speaking to the manufacturers, the influenza vaccine and the COVID vaccine might be one and the same, in the near future, with the technology that's in place. We will be the beneficiary of it, and I feel quite confident of that. Okay. Thank you. My second question, you know, you've got a great history of maintaining relatively stable margins, which presumably in part reflects the company's ability to price according to changes in your cost structure. You mentioned inflation sort of being ahead still. What is your early read on your ability to continue passing through higher costs to customers? Are they generally as understanding and accepting? I'm not saying they're happy about it, but accepting as they have been in the past, or is there any reason it could be more challenging to do that in the coming year or years? Yeah, another good question. I believe that looking in this first quarter in terms of some of the actions that we've done, there's been very little pushback. It's not fun, but part of it is education and communication and information. I think every industry is faced with the same challenges. You know, it's not just wages, it's not just leases, it's everything that's affected, you know, material handling equipment. There's such little inventory out there for the demand that is creating, you know, price pressures. It'll be interesting to see how, you know, people adapt to it in terms of, you know, insourcing or, you know, how do you deal with inventories going forward. There's no doubt that everywhere we look at, every input cost to manage our businesses have gone up, and in most cases it's double digits. It's basically showing them and in some cases there are comparables that they can look at, certainly wages that they know internally. I don't think I've talked to any company who doesn't have any issues with talent, you know, the talent shortage. It's just a matter of good communication and good discipline at the end of the day. There's a bit of a lag effect for this year with respect to that, but we feel comfortable that our margins will remain the same. They might be a little lower. Certainly the acquisition, you know, to take into account the Boyle USA business throughout the year until November was a bottom line contribution and not on the top line. Now that we own 100% of Boyle USA, we, Skelton. Did I say Boyle? I meant to say Skelton. Skelton USA. Now that we own 100% of Skelton USA, we have to report top line revenue. So there's a bit that you know that might move the needle a little bit. All in all, I feel quite confident that our margin levels will remain the same. Okay, great. Thank you very much. Thank you. Your next question comes from Kevin Chiang with CIBC. Please go ahead. Good morning, thanks for taking my question, Tiren, and congrats on a strong end to the year. I'm wondering, you know, as we kind of hopefully come out of this pandemic here, you know, when you talk to your end customers or potential customers, it feels like there should be some sort of structural change to kind of the Healthcare Logistics industry, at least as it benefits you. You know, supply chain issues are obviously front and center. Does that change how people are looking at insourcing versus outsourcing? You know, it would seem to make sense to me that given all the supply chain issues, it would make sense for those insourcing to leave to the experts like you to deal with what's happening. Then there was a Wall Street Journal article, I think, earlier this week about, I think diagnostics companies may be looking at test kits for other things, like that COVID-19 might have opened up household testing for a broad range of, you know, diseases or viruses. Just wondering when you talk to, you know, your clients, do they see that as another, you know, revenue opportunity that means, you know, more things for you to ship potentially? There's no doubt in my opinion that government is looking at things in a different light. I think they've been overwhelmed, and they still are overwhelmed. The ability to outsource or certainly get advice from the experts is, I think, they're more open-minded to that than ever before. I see that as an opportunity, and I think we've proven ourselves as being capable providers, and especially, you know, with the fluid nature of what COVID brought us and, you know, nobody knew what's going on. We had to react on a dime, you know, many times within 24 hours to get product out, you know. It would be throughout the night, receiving product throughout the night and getting it delivered to public health units that day or mass distribution, mass vaccination facilities. Those experiences are such that, you know, that we see that as opportunistic. The other aspect obviously is, and I think it was talked about before last year, was onshoring. You know, and I think the investment by government to protect our house, per se, our Canadian house and making sure that we, that we're protected with inventory control and more inventories in case the next pandemic comes out. I see that planning that offers more opportunity for logistics and transportation providers in the healthcare industry. With respect to diagnostics and the like, and technology and the like, there's a paradigm that will have more home healthcare versus going to hospitals, where it's costing more money to stay in a hospital bed than it does to stay at the Four Seasons Hotel. Those things are always questioned and looking at efficiencies. We don't see that changing anytime soon. But certainly as technology changes, the ability to adapt to the home delivery or smaller will be there. Certainly the pharmacy channel in this country is strong. It's probably stronger than it's ever been. I think government looks to the pharmacy channel as a great method of distribution. Case in point, with the influenza vaccine, that's the model that they're going with going forward. Okay. That's helpful. If I could just ask on the M&A activity. You know, you've seen a nice pickup here over the past year. Just wondering. It seems like a lot of it's organic, as you mentioned to Walter's question. You know, you don't have a team of people hunting deals down. Just wondering what's driving that. Is this a situation that, you know, you've obviously performed well during the pandemic and maybe you have the benefit of scale and maybe some of the smaller players are having a more challenging time despite, you know, some of the positive macro tailwinds for Healthcare Logistics? Is there something else driving it, that that's kind of creating this accelerated M&A activity? Yeah, no, I think we're rolling with the punches. I guess we're rolling with the punches, and it's working out really well. I'm excited with these acquisitions. Like I said, I mentioned the cultural fit. I've had opportunities to meet with all the employees of these companies, and I love that, you know, that feel of caring and the like. So it's maybe I'm lucky with this, but we're gonna keep on doing the same approach. There's a lot in the pipeline, but there's no need to rush either. I think at the end of the day we wanna do it right. Acquisitions take time, and the integration, I think is. I'm not talking about integration by slapping two companies together or taking costs out. I'm talking about cultural fit and how do we make it better for the customers. I gave the example earlier on with Skelton Canada and ATS collaborating. Well, they're still somewhat competitors, and they still do their own things. The ability to have a perfect example is during the BC floods. The Skelton trucks were stuck in the mountains, had to come back to Calgary, and we had to keep these trucks moving. Skelton, before the acquisition, didn't have any facilities across the country. Now they have access to facilities across, and they were able to unload the freight and keep the trucks moving, going back to Toronto, to pick up, you know, Canadian Blood Services product to go back out west and the like. Those are the efficiencies that we're looking at, and those don't happen overnight. We talk through it and work through it with management, making sure that these companies feel comfortable that what made them successful will continue to make them successful going forward. The one thing, Kevin, that I see as and I don't know the same way I said this time last year about Skelton USA, that I needed to learn more about the USA, is I see opportunities in the USA, but I haven't identified them yet. My feel, my gut says that they're there. Case in point, FDA has finally started to look at enhancing the regulations in terms of the movement of product and the handling of drug product and put more onus on the distributors, the wholesalers and distributors in the USA. All of a sudden, you know, I'm starting to see the same thing that I saw, you know, 10 years ago here in Canada, and they're looking more at Health Canada and European standards. That's now gonna mean that, you know, if a company is using a warehouse that's not temperature controlled and qualified, now they're gonna have to. I think that's gonna open the doors for other opportunities for particularly Accuristix and LSU in the logistics area. I don't know how that's gonna happen. When the opportunity comes, we'll look at it and we'll approach it the same way that we did with Boyle and Skelton and now LSU. That's great color. Obviously, you know, your strategy has obviously proved itself out during a very challenging couple of years here, so congratulations to that. That's it for me. Thank you very much. Thank you, Kevin. Thank you. Your next question comes from Endri Leno with National Bank. Please go ahead. Hey, good morning, thanks for taking my questions, and congrats on the accomplishments in 2021. I'll actually just pick up on your last answer, Michael, on the FDA proposed regulations. Like what kind of comments do you generally have in there? And you mentioned that they improve your view of the U.S. market, but how does it compare to what the regulations are, for example, where Boyle operates now? And would it be more incremental to what's out there, especially in Massachusetts or the other states that they're in? The regulations have always been a little bit less in the U.S. I think I've alluded to that before. A lot of it has to do with lack of capacity or lack of supply. It was the same way when GUI-0069 first came to Canada. Basically, Health Canada suggested that because Europe was doing it that way, and there wasn't the supply, so it's pretty hard to mandate something if you can't provide it. Interestingly enough, Boyle and Skelton USA already have those standards. They've got qualified. Every one of the trailers are individually qualified and temperature monitored and security and the likes. A lot of the companies were using them because they either A, saw it coming, or B, the manufacturers who are the customers, many of them are based in Europe. We've gone through a period. You know, the growth in that sector is not necessarily because we've got way more trucks and drivers because we can't get them, unfortunately, but because there's so much demand for our services that we're able to price it in such a way and making sure we pay our drivers accordingly. The issue is more related to the warehousing versus the transport side of things. You know, it's the AmerisourceBergen and the McKesson of the world and the other distributors or 3PL companies that are being used by these pharma customers, and they have to enhance their standards. That's where the opportunity in Accuristix or LSU or Best in Class already have those standards. The opportunity is there for them more so than the transport side. Great. Thank you for the color. It's actually a very good ramp to my other question, as you mentioned, capacity, in there. DHL recently announced, I believe that they're increasing their space by 27% on the healthcare supply chain. Any comment on that? I'm gonna tie into that question, how do you expect the growth for your existing US operations to develop, next year? Yeah. DHL has done it. I think UPS is you know putting more and more focus on the Healthcare Logistics side of things as well. You know, in comparison, we're a small player. We were a small player. Accuristix was a very small player you know much smaller player 10 years ago. I think our attention to detail and the people have allowed this company to grow to be where it's at here in Canada. We see the opportunities happening in the U.S. To what degree? I don't know, but certainly DHL cannot have all that business secure all that business or UPS. I think there's opportunities. There will be opportunities. I can't really quantify it at this juncture because it's still very new to me. Certainly having that last mile capability is another advantage that we've had from a visibility standpoint for our customers and controls. In the U.S., interestingly enough, security is more important than it is in Canada because the quantities that are moved are sometimes and many times in truckload quantities, so that now you're talking about shipments with, you know, millions and millions of dollars of value being transported. In the U.S., you have the right to bear arms. Thank you. I'll switch gears. Last question from me. Are you able to provide any financial metrics from the acquisition of LSU? We haven't disclosed an awful lot in our public statements at this stage. Okay. Any in terms of quantum, like, you know, 1%-2% increase? Yeah, any- Yeah. Sorry, Endri. What I would say is that, you know, the kind of reverse engineering that a couple of the analysts have sort of put out there publicly, they're you know, in the range in terms of the accretive EBITDA numbers that we expect to see from LSU. Hopefully that helps. Thank you. Yeah, no, it does. Thank you. Thank you. Your next question comes from Maggie MacDougall with Stifel. Please go ahead. Morning. Good morning, Maggie. Taking a bit of a different tack here. I'm just thinking through some of the longer tail risks that are impacting equity markets and a bunch of companies, and would be interested in hearing if you have any insights into any potential impacts in your business from the recent developments in Eastern Europe. I know that you know, about 55% of medications are imported into Russia. I realize you're a domestic player, and you're tapped into the North American market. However, the world is a connected place, so thought worth asking the question this morning. Yeah, I mean, I'll be honest with you, I haven't really thought of it being a domestic player, but that would be a question I should be asking our customers, clients. Most of the product that I think are consumed by Canadians are manufactured in the U.S. or some generic in Canada, a lot of it in India, and probably most of it in Europe, you know, the Switzerlands of the world and Germany and France. Mm-hmm Sweden. No, I don't see that the logistics supply affecting that, but that's a good question. Okay. You mentioned in your earlier statements that inflation's not behind us, it's ahead of us, and we have to deal with it. I'm sure that applies to your business in many ways. Are there certain areas where you see it's more easy to deal with than others? Is it a simple exercise in price increases, or are there other initiatives ongoing to help offset some of the cost inflation you may be experiencing? Yeah. It's a bit easier on the transportation side because the contracts are typically on an annual basis, done on an annual basis. The logistics contracts tend to be more ironclad and thicker in terms of pages. Mm-hmm Legalese. Typically sometimes, you know, when you're dealing with the multinational manufacturers, you've got there tends to be. It's a bit a little tighter. There's usually a, you know, there's always a bit of a CPI index or there's some type of language that allows us to manage through it. There's definitely a lag effect in some of these contracts, but we're dealing with each one of them. I think, like I said, it's good open communication, it's transparency, it's being able to identify and work with our clients and try to get ahead of it too. It's not about waiting until the contract's over. It's educating our clients and make. Taking the time and making sure that's in place. I'm not, you know, I really don't know where we are. You know, I talk to economists or, you know, bank economists and sometimes you get different opinions. Mm-hmm You know, we are adapting to it. I think we started speaking about this early last fall. We try to get ahead of it. We try to get ahead even with our talent. You know, part of our business plan this year was arbitrarily giving everybody an increase, including our owner-operators, you know, 5% increase for almost all the employees for all the companies. In some cases, it was higher. Just to get ahead of it, just to make sure that the employees understood that we're not, you know, we're not gonna wait. You know, a truck can't roll without a driver behind the wheel. It's as simple as that. The same thing with our warehouse employees, you know, and so on and so forth. I would suggest that we're staying on top of it. It's fluid. But we've got the right information and the right data to be able to move forward with it. Thanks, Michael. Thanks, Maggie. Thank you. There are no further questions at this time. Mr. Andlauer, you may proceed. Well, thank you very much, everybody. We appreciate all of you for participating this morning and entrusting us. Have a wonderful day. Stay safe. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.