Good morning. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Andlauer Healthcare Group 2022 Q1 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 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 May fifth, 2022. I would now like to turn the conference over to Michael Andlauer. Please go ahead. Thank you, Chris, and good day, everybody. Thank you for joining us today. With me on the call, as in previous quarters, I've got Peter Bromley, Chief Financial Officer. Following my opening remarks, Peter will follow with a more detailed discussion of our Q1 results. I'll then provide closing remarks and open the line to any questions. Our strong financial performance in the quarter reflects the significant impact of our acquisitions of 2021 and continued organic growth. Our revenue for the quarter increased by 54.9% to CAD 148.4 million, compared with CAD 95.8 million in Q1 a year ago. Our Skelton Canada, Skelton USA, Boyle Transportation acquisitions accounted for approximately CAD 38.3 million of that increase, and our acquisition of Logistics Support Unit, or LSU, as we call it, which closed on March first, contributed approximately CAD 2.2 million of revenue in the quarter. The remaining increase was primarily attributable to organic growth across our product lines, and that represented about 12.6% growth over last year. Approximately 5.1% or CAD 7.6 million of our consolidated revenue for the quarter was generated by working with manufacturers, 3PL distributors and government involved with the supply of COVID vaccines and related products. This compares to approximately 3.9% or CAD 3.7 million of our consolidated revenue being generated by vaccine-related business in Q1 a year ago. The ongoing successful collaboration of our management team in monitoring our operations and people and adhering to COVID safety measures ensure the timely delivery of essential products to hospitals, pharmacies and clinics throughout the quarter as we manage through the difficult challenges presented by Omicron, particularly in January. In step with our strong top-line performance, thanks in part to our great customer loyalty, we continue to generate strong EBITDA and margins. EBITDA increased 54.5% to CAD 39.4 million in the quarter from CAD 25.5 million in Q1 last year, and our EBITDA margin was 26.5%, similar compared to the 26.6% in Q1 a year ago. EBITDA margins from our U.S. operations, Skelton USA and Boyle Transportation, are in line with our consolidated margin range, and LSU achieved a margin consistent with our logistics and distribution product line. Total comprehensive income for the quarter increased to CAD 13.5 million or CAD 0.39 per share, compared to CAD 11.6 million or CAD 0.30 per share in Q1 last year, with growth partially attributable to accretive impact of our acquisitions. The increase of our dividend this past quarter highlights our strong cash flow generation and positive business outlook. We've entered 2022 with strong momentum. Now I'd 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 healthcare logistics segment totaled CAD 39 million, an increase of 17.2% compared with Q1 last year. The increase was primarily attributable to 20.3% increase, year-over-year growth in our logistics and distribution product line, reflecting greater outbound order handling volume activities, and the acquisition of LSU. Our packaging solutions contributed 1.9% revenue growth for the quarter. Revenue in our specialized transportation segment totaled CAD 109.3 million, an increase of 75% from Q1 last year. The increase was attributable to 81.9% growth in our ground transportation product line, driven by incremental revenue from our Skelton USA and Boyle Transportation acquisitions, higher volume from our existing client base, and higher fuel costs passed on to customers as a component of pricing. Our air freight forwarding and dedicated and last mile delivery product lines generated year-on-year growth of 15.1% or CAD 15.1 million and 37.7%. Sorry, that's 15.1% and 37.7% respectively. Growth in air freight forwarding was attributable to increased fuel costs passed on to customers and an increase in weight shift of approximately 1.7%. Growth in dedicated and last mile delivery was attributable to incremental revenue from route expansion in Western Canada and increases in fuel costs passed on to customers. If I look at the cost of transportation and services component of our P&L, it was CAD 72.7 million or 49% of revenue compared with CAD 41.3 million or 43.1% of revenue for Q1 last year. The higher cost of transportation and services was primarily attributable to our acquisitions of Skelton USA, and Boyle Transportation, and higher fuel costs in line with the increases in revenue related to fuel prices. The increased operating ratio this quarter reflects the Skelton USA, and Boyle Transportation acquisitions, which have increased the relative proportion of the specialized transportation segment as a percentage of our total consolidated revenue and cost profiles. Under direct operating expenses, for the quarter they were CAD 24.8 million or 16.7% of revenue, compared with CAD 20.6 million or 21.6% of revenue for Q1 last year. The increase was primarily attributable to outbound volume growth in our ATS Healthcare, logistics, and distribution operations, and our acquisition of LSU. Our Skelton and Boyle acquisitions have lower facility-related costs compared to our healthcare logistics segment, which results in our lower direct operating expense operating ratio for the quarter. SG&A expenses were CAD 11.2 million or 7.6% of revenue, compared with CAD 8.7 million or 9.1% of revenue in Q1 last year. The CAD 2.5 million increase is primarily attributable to our LSU, Skelton, and Boyle acquisitions. The decrease as a percentage of revenue reflects operating leverage generated within our SG&A functions compared with revenue growth. Operating income for the quarter totaled CAD 24.2 million, an increase of 45% compared to Q1 a year ago. Approximately CAD 5.4 million of the CAD 7.5 million increase is attributable to our LSU, Skelton, and Boyle acquisitions, with the remainder attributable to organic growth. Net income for the quarter totaled CAD 16.5 million, up from CAD 11.6 million in Q1 a year ago. Higher segment net income before eliminations for both our healthcare logistics and specialized transportation segments contributed to our increased profitability on a consolidated basis. Total comprehensive income for the quarter was CAD 13.5 million, reflecting foreign currency translation adjustments of CAD 3 million related to our acquisition of foreign operations, Skelton USA and Boyle Transportation. Turning to our balance sheet. As at March 31, 2022, we had cash and cash equivalents of CAD 25.1 million and working capital of CAD 26.5 million. This compares to cash and cash equivalents of CAD 25 million and working capital of CAD 31.6 million at our 2021 year-end. As at March 31, 2022, the aggregate amount of outstanding debt under our credit facilities was CAD 50 million under our term facility and CAD 18 million under our revolving credit facility. During the quarter, we repaid CAD 5 million of the CAD 12 million initially drawn on our revolving credit facility in connection with our LSU acquisition. We expect to continue to reduce amounts drawn on our revolving credit facility during the year with excess free cash flow generated from operations. We remain well-positioned financially to pursue growth opportunities. I'd now like to turn it back over to Michael for closing comments. Michael. Thanks, Peter. As you can see, we start off 2022 with very good momentum and a good foundation to continue our success for the rest of the year. Having said that, I do want to point out that this was not an easy quarter to execute for our employees and our drivers. Many of our operations were short-staffed due to the outbreak of Omicron, particularly in January. I'm very proud and super grateful of their efforts to ensure that our customers' needs were taken care of. Looking ahead, we'll continue to focus on our growth strategy that has contributed to our success in building value for our stakeholders, including strengthening our clients' connection to our platform by broadening our service offerings. Ensuring that our service stays best in class by listening to our employees and our clients, and equipping our employees and drivers with the best equipment and the best environment to thrive. Increasing our capacity to attract both new clients and new business, and pursuing strategic acquisition both in Canada and in the United States to further strengthen our service offering. What we're doing is working, and I believe that there remain a lot of opportunities for us to build on our momentum. We will continue to maintain our disciplined approach with respect to both financial and operating metrics while ensuring that we continue to build on our unique culture. That concludes my formal remarks. We'd now like to turn the line over to questions. Chris, please commence the Q&A. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be polled in the order they are received. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Walter Spracklin, RBC Capital Markets. Walter, please go ahead. Hey everyone, this is James. I'm on for Walter this morning. Good morning and congrats on another strong quarter. Thank you, James. On your recent acquisitions of Boyle and Skelton, you know, both companies are performing very strongly. Are you able to speak to what sort of organic opportunities both these companies have opened up for you in both Canada and the U.S.? Are you able to discuss what sort of growth opportunities you see from Boyle and Skelton going forward, and any potential investment you are considering to capitalize on this growth, whether it be, you know, as an example, the purchase of additional warehouses or through additional M&A? Wow, that's a loaded question. That's like five questions in one, James. I'll try to answer as fully as possible. Yes, certainly Boyle and Skelton acquisitions, and I'm assuming you're referring to Skelton USA, have been. I'm not gonna say a pleasant surprise because obviously we did a lot of due diligence and all, but have exceeded our expectations. Certainly the U.S. market, the demands have certainly been outweighing the supply. We benefited from that. Our specialized transportation, our focus to healthcare, our QA, our differentiators other than other transport companies has allowed us to really be opportunistic, I guess, for lack of better words. You know, I know that people talk about you know the economy slowing down in the USA and truckload pricing. The reality is that we're somewhat you know specialized and we're not like everybody else. We're benefiting from that. The focus on the customer has allowed us to grow organically. They've actually collaborated nicely in terms of finding best practices and more efficiencies while one is more focused on the eastern seaboard and the other one you know being based in Columbus. There's been some good learnings and some good growth opportunities because of that by expanding that network. Organically, we're continuing to show, and I think the last quarter was indicative of that. Other services that we can benefit from is the fact that they have, you know, Canadian partners with ATS and Skelton Canada north of the border, it is creating, you know, looking at opportunities to do more transborder business, particularly with, you know, when you look at Accuristix and LSU, who are custodians of many of the big pharmaceutical companies in Canada, with their distribution, with the product and distribution. We see this as an opportunity for more organic growth or new service offerings, going forward. You know, it's not a quick sale. It's you know one account at a time and growing and creating that network. Certainly the vaccines you know I don't wanna comment on the Ottawa you know truck rallies and all but the reality is that a lot of transborder shipping was constrained because of drivers not being vaccinated the policies and all. We see that as an opportunity. We saw that as an opportunity going forward. We continue to focus on that. With respect to warehouses, yes, there's no doubt that Accuristix and LSU, with the reputation they have in Canada, I anticipate that there will be opportunities going forward in the United States to support logistics AHG for especially now that we have wheels on the road in the United States. Appreciate the color and a quick follow-up on Canada. On the last call, you had highlighted some warehouse capacity in Calgary that was utilized during the flooding in Vancouver. So how's that facility ramping up, and are you able to comment on any planned investments in warehouses specifically in Canada during the remainder of the year? I guess what I'm trying to understand is, you know, how much capacity you have to grow into in Canada, what the demand outlook is looking like, and whether or not you're anticipating any near-term expansion of the data warehouse capacity in 2022. Thank you. I'll turn it over after that. Thanks, James. Another good question. It's one of those things for strategically this year with the Accuristix and LSU group that we've looked at when you look at industrial real estate prices. I just heard two weeks ago from Colliers they did a deal in Brampton at CAD 20 a sq ft with 5% escalators on a class A building, but it wasn't a new one. It wasn't even a new building. The dynamics of that business has changed drastically when your rental costs have more or less doubled, you know, within the last three years. Capacity becomes at a premium. We got to look at it from the standpoint of how much capacity do you want to undertake, and how do you create value for our clients? Because ultimately, you know, regardless of the fact that you're pharmaceutical with high-value products, you know, everybody's cost conscious. One of the things we have to look at is you know, finding a better way, not just necessarily going the status quo. That's why to me it's such an important thing to over-communicate with our employees and our drivers and our customers to try to find a better way. One of the opportunities, as I see it, is the fact that we're nationwide and we have facilities in Calgary that have capacity, and we're starting to do that with some of our clients, is opening capacity in the GTA, for example, liberating capacity in GTA and filling it in Calgary by having, you know, Pfizer, for example, saying, "Okay, you know what? We'll put some of our inventory in Calgary." It's, you know, it's quicker to market for our western customers and save on some transportation costs as well instead of flying product. Basically trying to find better ways and not necessarily trying to get more facilities, but liberating some, you know. Looking at pricing as well, making sure that our costs, you know, with our costs, the way the market is, make sure their pricing is right. There's a, you know. You know, part of this year is really to assess, analyze, and find. But we do have capacity. We have options. And right now we're comfortable where we're sitting. We're also sitting on some favorable leases now that, you know, that we have, that we have, the market has changed so drastically. Thank you. Your next question comes from Konark Gupta, Scotiabank. Konark, please go ahead. Thanks, operator. Good morning, everyone. Maybe I wanted to kind of get away with the housekeeping one. I think with respect to your LSU acquisition, Mike, and you know, the Skelton Canada, any updates on where your market share is in transportation and logistics? Yeah, I mean, quantifiably, I can't. I mean, certainly Skelton Canada, when we looked at Skelton, to us, it was very strategic. It was in a way of protecting our house in the sense of from a competitive landscape. They were best in class. They still are best in class. Particularly on the two-eight or frozen part of the business, you know, whether it be Canadian Blood Services or Biologics distribution and the like. But it's a relatively mature market with not much more room to grow. The opportunity once again, like I alluded to with Boyle and Skelton USA, was collaborativeness in terms of network and efficiencies and trying to find ways to make each other's services better for the sake of the customers. That's on the Canadian landscape with Skelton Canada. With LSU, they are you know best in class in Quebec. They have relationship with government as well as top pharmaceutical clients and bases. It gives us the same thing, another network. I talked about Calgary, but now all of a sudden we you know have an opportunity to speak with our clients and let them know that we have opportunity in Quebec. Sometimes, you know, somebody wants to be, needs to be in the Quebec market to in order to serve the Quebec market. This lends to opportunity. In terms of market share, on the logistics side, we're not, I mean, I believe we're the largest 3PL provider, but we're not the dominant 3PL. There's a lot of wind left in that sail. There are some clients, particularly in the generic side of things, that are still insourcing. We see that as an opportunity going forward. Obviously new entrants with our ability to have importer of goods to get new product lines into Canada. Ultimately, we see, you know, growth opportunities going forward on the logistics side for sure. I mean, for example, you know, Moderna last week spoke to having manufacturing done in Québec. This would be, you know, Moderna was not, is not, in Canada. This is an opportunity too. That's great, Connor. Thanks, Mike. Talking about generics, few things going on in Canada with respect to the Pharmacare and the recent budget as well that came out. Just wondering if you have any thoughts as to you know if we are as a country moving toward you know generics from branded drug prices to reduce you know the healthcare costs. What kind of implications does it have on the way you do your business and you maintain your margins? Yeah. I mean, that's another topic with respect to Pharmacare and all that. From our business perspective, you know, a company like Apotex are one of our largest clients today. It's not, and they don't have reduced pricing like they, you know. At the end of the day, a box of their product or a box of Pfizer's product looks and feels the same, and the requirements are still the same, and they pay basically for space on a truck or on a plane to provide that service or, you know, pick and pack. The input costs of doing that to a generic company or for a pharmaceutical company, the ethical pharmaceutical companies, they would be such that it's the same. Our margins would be the same and hence our prices would be the same. That doesn't change. It just means that one client might get bigger than the other going forward, but those are government decisions, not ours. That's a great explanation. Thank you. Thank you, Mike. Thank you, Konark. Thank you. Your next question comes from Maggie MacDougall, Stifel. Maggie, please go ahead. Good morning. Good morning, Maggie. Can you guys touch on your view of how much ground can be made up as the Canadian economy reopens and we get more normal consumption of over-the-counter consumer products in the next little while? I'm just trying to understand how much that piece of business may have been impacted by COVID and how we should think about the recovery. I think it has recovered, Maggie, a bit ago, actually. I look at some of our consumer goods clients and, they've been busy over the last year as, you know, things opened up and I don't see. Maybe travel vaccine business is, you know, one of the few that wasn't. I don't see much. I do see our COVID vaccine-related business slowing down, thank goodness. I say that as a Canadian. Ultimately, you know, I'm having a hard time quantifying, but I do know that a lot of our consumer goods, our clients or our OTC actually had higher. I mean, you look at I think I alluded to over 10% organic growth in my remarks. That's higher than I would have anticipated year-over-year. That's probably exemplary of things are back to normal when it comes to OTC, in my opinion. Okay. Thanks. On the co-packing segment, I know you've been having to social distance on those lines. Did that go away during March when things reopened here? Will we have a recovery on the basis of normal staffing levels? Yeah, we're starting to see that, but part of it is also listening to our clients. I mean, January was really tough, and I'm sure we all experienced it. You know, I think at one point in January, we had to isolate for 10 days and not 5 days, and it really took a burden on our manpower. Part of it is also listening to our employees and making sure that they feel that from a health and safety standpoint, sometimes they drive that bus for us. Mm-hmm. Making sure they're comfortable. We see. Yeah, we're back to normal efficiencies from a co-packing standpoint. I'll be honest with you, Maggie. It's not an area that I focus most of my energy on because I really believe that it's not. Out of all the business units that we have, it's probably the one that is most commoditized. Mm-hmm. If you know what I mean. Mm-hmm. It's a complementary business. For the clients that wanna use ours, we're there to support it. There are some value add that we have in terms of, you know, not having to transport goods out of a warehouse into a co-packing and back into our warehouse. There's some efficiencies that are led by that, but it's not an area that I focus that much on. I think there's a lot more, not important, but better priority for our stakeholders. Okay. Just one final question. Not sure if there's a read-through to your business. I haven't actually been able to connect the dots, but that doesn't mean there isn't one. So worth asking. All of the disruption in Shanghai at the port is expected to sort of land in the West Coast of the US sometime in June, July. That significant congestion is obviously gumming up the system after already we've had a lot of logistics and transportation issues those last two years. Are you anticipating any positive or negative read-through to your business? Longer term, has this consistent sort of situation of supply chain disruption spurred any different kinds of conversations amongst your customer base who may be looking at shoring up domestic supply chains a bit more in order to avoid any disruptions? Wow. Another good question. I think it's probably more supply chain disruption has been there, especially in the West Coast and the ports. This is not something that's gonna happen. It's already there. It's been there for Mm-hmm. a good year and a half. That creates a huge imbalance in terms of trucks and the likes. You know, certainly the avalanche in BC in the winter made it even more difficult with the imbalance. Supply became a lot more scarce. You got labor disruptions with the rail. Supply chain disruption, particularly with the West Coast volumes, the congestion there has made it very difficult to get product to the West when you got trucks stuck in the West. We continue to handle it, battle it. Certainly having a Skelton in our backyard has been helpful. We're focused, you know. Like we're, you know. My background is operations, so I'm really focused on that part of the business. Mm-hmm. Yes. Is it more difficult? Absolutely. Without a doubt. Okay. Appreciate your commentary, Michael. Thanks very much. Thanks, Maggie. Thank you. Your next question comes from Kevin Chiang, CIBC. Kevin, please go ahead. Hi. Thanks for taking my question. This is Krista on for Kevin. Can you just provide us with an update in terms of what you're seeing in the M&A market in Canada and the U.S., and if you're prioritizing one market over the other? Yeah. M&A has been consistent with us over the last, I guess, two years. We focus on, you know, quality strategic opportunities. When I say quality, I'm talking about you know, we're a people-first business, and that to me is, you know, part of that diligence that's important to understand how. You know, being a public company, we get we see more opportunities. We also. You know, the one thing that, you know, I sort of wanna allude to with Q1 is our focus on our customers, our focus on our employees. As you know, we're, you know, the whole industry is getting, you know, hit with employee shortages or employee turnover. Those are areas to me that I'm, you know, we've focused this Q1 really on and making sure that our employee retention and customer satisfaction is there. That, to me, it's paramount. When we saw what we saw in January with the, you know, now granted it was Omicron induced worker shortage, it became something to, you know, and a more focused than M&A. We have a pipeline. We know what we wanna do to grow. We will not grow rapidly from an M&A standpoint. Our strategy is to do it right, and one at a time, and make them feel as a proud member of the AHG family, integrate them and spend the time. It’s proven with all the companies that we've done so far, it's proven really fruitful and beneficial. I think the numbers show that. USA is exciting. Mark and Andrew Boyle in Boston are probably itching to have me down there and look at files. Like I said, this Q1 was one of, you know, certainly the distraction of employee and driver shortage. That's the other thing too, is that there's a you know, on the specialized transportation side of things, there is a driver shortage, there is an equipment shortage. We're limited to that capacity. We wanna make sure that that's taken care of. Take care of our house and so that's that. I know I'm a little evasive with my answer, Krista, but I'm telling you the truth. Thanks, I appreciate it. Just one more question. Any update on the FDA proposing a national standard in the U.S.? I think we talked about this on the last call. Just what sort of implications that would have for your position and your U.S. business? Yeah. We're happy to see that. You know, to me, it's to see the USA catching up to the rest of the world from a quality standard I think is. The reality is that we've already started to see that. Or the manufacturers, most of these manufacturers are global in nature, Krista. So they've been kind of pushing it internally, and that's where I alluded to earlier on with the differentiating factors that Boyle and Skelton USA have from a QA standpoint and validation of their equipment. Like we've seen that demand. These FDA regulations will only push it further to our advantage. You know, the reality is that we have to, you know, we need to create more capacity in order to accommodate that demand. That's a good problem to have. I see this as only positive for us going forward. Great. Thanks. I'll jump back in the queue. Thank you, Krista. Thank you. Your next question comes from Andrew Leno, National Bank. Andrew, please go ahead. Hi. Good morning. Thanks for taking my question, and congrats on the good quarter. I have a few questions, but I'll start with the last one, with the national standard that the FDA is looking to apply. I mean, I think the commentary period is open until early June. Do you guys or at least Boyle have any kind of, you know, changes you'd like to see to those proposals that have already been made, or you're happy where they are, in your opinion? I mean, I'm always happy where they are because they're asking for more stringent regulations. You know, the GUI-0069, for example, you know, those things started in 2002. They weren't really implemented till much later. You know, when I alluded to Andrew about capacity and network, those are the things that a lot of the, you know, people coming back and say, "Well, you know, we cannot provide such guidelines because it's not there." That was the opportunity for, you know, particularly ATS Healthcare, to be able to create that service, you know, in the early two thousands to differentiate itself and hence, you know, do what it did, so over time. I think it's a timeline. This is not something that's gonna happen overnight. Certainly, it'll, you know, over time. From our perspective, you know, bring it on. It just means that it differentiates us that much more than everybody else. Yeah. That is good to hear. Thanks for the color, Michael. A couple of questions on the quarter, actually. I was wondering if you can, if you are able to provide any numbers or color in terms of what the fuel pass throughs were in Q1. Could you give us. I'm just trying to get to, like, what is, call it the core organic growth that you had in Q1. Not off the top of my head. I'd have to look at those numbers. I'm wondering if the MD&A would have some color on that. I'm looking at Peter Bromley as I'm saying that. There's no doubt that fuel this quarter and probably next quarter will have probably one of the bigger impacts from a revenue standpoint that we've ever seen. Obviously, you can see the gas pump prices the reason. Peter, do you have any color on that? Yeah. We didn't call out specifically a percentage of volume growth versus, say, revenue growth related to fuel or pricing. We do have, you know, if you look at shipments and weight, there is growth in our core business. It's not, you know, massive. The bigger chunk of our revenue growth on the ground transportation side, for example, would be more related to the fuel impact. That's the bigger piece of it. There's still volume and shipment growth in the core business. The answer is no right now. We can't give it to you off the top of our heads. No, no. That's good. At least directionally helps with the modeling. The other one as it relates to Q1 but going to Q2, you did mention, Michael, that COVID activities will probably slow down as we expect. Like any color you can give in Q2, how is it shaping up? I mean, I still see those tests in every grocery store, those rapid tests, so. Yeah. I took a test three weeks ago and ended up being positive. Oh, no. Yeah, that's all. It's all good. Obviously, it's rapid right now. It's funny, I had said. I think I had said last quarter that I was hoping or I anticipated that these tests would be picking up dust in the pharmacies, that we ship so much of it. Maybe I said internally to our board. The reality is that it's there. Q2 of last year was a big quarter. That's when we launched all the vaccines, you know, most of the vaccines. We anticipate that slowdown. Things have slowed right down, like I said, thank goodness. There's some ancillary and certainly the test kits. It was a big piece of the business in. By the way, that number is not just organic growth. A lot of it is acquisition growth, that number that I gave you, because Boyle or Skelton, you know, we did a lot of work for Moderna south of the border. As you know, Boyle was the first truck to go into the Pfizer facility, you know, whatever, two years ago to pick up the first shipment of vaccines in Michigan in Kalamazoo. There's a lot of COVID-related numbers based on the Boyle and Skelton USA numbers. You know, the trend is that it's much less here in Q2, and I think those numbers will be reversed in Q2 when it comes to COVID vaccine-related business. Okay. Thank you. What one more on the ops, and then I have more of a general question. On the op, EBITDA margin was a bit down sequentially in Q1 versus Q4. Is there any color there or just normal business variation? Yeah, there is a bit of a cycle in our business, not as much as retail, but certainly that's why we try to compare Q1 to Q1s. We didn't see much of a drop off. You know, certainly we see that. Now, the one aspect I might add is because fuel is more or less of a pass-through, obviously that you get higher, artificially higher revenue and a bit of margin erosion because of that pass-through. Like you alluded to earlier on with your modeling, there's a little bit of, you know, of issues with respect to numbers when your fuel is a bit higher than what it usually is. Maybe that's the reason why. Actually, I suspect that's the reason why. Yeah. Thank you. One last, and I'll jump in the queue, is looking outside your prescription pharmaceutical products. I mean, we've heard manufacturers and marketers of vet and consumer health products are, you know, saying that they're generally kind of doing well, even though with price increases. Beauty products are not necessarily doing as well with increased prices. I was wondering, is there something that you're seeing similar in your operations, and any kind of implications where it does happen in your volumes as well? Boy, off the top of my head, and I forget who mentioned it, if it was Krista or Maggie earlier on. I think it was Maggie. Consumer goods products have gone up. OTC products have gone up. Interestingly enough, I'm wondering if people are treating their COVID Omicron COVID symptoms with, you know, with over-the-counter cold and flu medication. So the congestion of that. I'm speculating here right now. I'm off the top of my head, Andrew. We have seen that. Some of, you know, our consumer goods manufacturing clients have had some pretty big numbers in Q1 of this year. Like I said, typically I always talked about, you know, mid to high single digits, and we eclipsed it, you know, double digit this quarter organically. I know we focus on acquisitions, and that's where the big thrust. Organically, we did quite well, and better than I expected. Okay. Thank you. Good quarter. Thank you. Thank you very much. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Tim James, TD Securities. Tim, please go ahead. Thank you. Good morning. First question, I guess, Michael, sort of an open-ended question, actually. I'm just wondering if you could talk bigger picture healthcare, transportation, and logistics and maybe any trends that you're seeing, if any, as we come out of the pandemic relative to the business pre-pandemic. Has there been any changes in, you know, again, maybe just the way transportation is conducted, anything you're, you know, bigger industry trends that are changing the way you're approaching the business at this point, or are things kind of reverting back to pre-pandemic? Or maybe it's a bit too early still to make a call on any changes in industry trends. The thing that comes to mind for me, and I think what I love about our business is and then you've seen it with our numbers, you know, right through COVID. Obviously, we went public before COVID, but obviously you had access to our previous historical numbers as a private company during the IPO. The one thing I keep on using, the one word that comes to mind when I think of AHG is resilience. We've shown through COVID that this business is resilient. I guess when it comes to healthcare, you know, consumer choices are such that we're not gonna be exploding or contracting at any given time when it comes to people's healthcare and. It's shown resilience. I don't really see much change. You know, certainly you've got you know certain products that you know that weren't being used. Like you know you've heard me use it with travel vaccines and certainly you know suntan lotion and stuff like that. People weren't traveling and and the like. Even cold and flu medication when people are at home you know slowed down during COVID. But then that was complemented by the whole COVID vaccine distribution products. We've shown you know when you look at our numbers we've grown organically as we had predicted as the industry had been pre-COVID. I don't see that changing. I don't see our business changing post-COVID in any way. The only comment I can think of is, as I'm listening and, you know, and people, you know, were talking about, you know, I mean, the, you know, the example of last week with Moderna coming into Canada and having their own manufacturing here. I see, you know, insourcing now a little bit more, and I think that's that can only be positive for our business. From a holistic standpoint, I see, you know, a refocus on healthcare, taking care of our house, taking care of our own, and that's I think that's a good thing. You know, resilient. We've been resilient through this. I don't think our business has changed like other industries have. I don't think it will post-COVID. Okay, that's helpful. Thank you. Just I wanted to ask a quick question, I think, about the West Coast congestion which you discussed and provided some good information on. Out of interest, is it having any impact on the Canadian business, or is that primarily just kind of a U.S. phenomenon when it comes to AHG? No, I alluded to, you know, certainly the avalanches in BC, that created a huge disruption for us in terms of imbalance, you know, and trucks being stuck and all. At the same time, same thing. What's happening is from a supply and demand, there's such a demand coming out of the West, going back east, the prices have shot up. Now all of a sudden, the, you know, trucks are scarce, and that's driving prices up. It's not just fuel. You're starting to see, you know, we've seen that front and center. We've had to adapt to ensure that our... You know, one of the things we've noticed, certainly, you know, people talk about inflation, it's here, it's there. It's in everything that we do and touch and in whether it be our labor, industrial spaces, equipment, racking. Everything is double-digit price increases. That has to be passed on. You know, and in our case, we're fortunate with the type of commodity that we're carrying, that we're able to you know, communicate that, show, and pass it on. Ultimately, the consumer is gonna have to pay for it. We all have to. Certainly the imbalance out West has increased the pricing in transportation from the West to the East. Great. Thank you very much. In Canada as well. Yeah. Thank you. There are no further questions at this time. Please proceed. All right. Well, thank you very much. We appreciate all of you participating this morning. Have a wonderful rest of the day, and we'll see you next quarter. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.