Good morning. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Andlauer Healthcare Group 2022 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 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'll be a question and answer session. This call is being recorded on November ninth, twenty twenty-two. I'd now like to turn the conference over to Michael Andlauer. Please go ahead, sir. Hey, thank you very much, David, and good morning, everyone. Thank you for joining us today. On the call today is Peter Bromley, our Chief Financial Officer. Following my opening remarks, Peter will follow up with more detailed discussion of our Q3 results, and then I'll provide some closing comments and open the line to any questions. Our strong growth in revenue and profitability in the quarter and year-to-date reflects the significant impact of our recent acquisitions and continued organic growth and our resilience through these times. Compared to Q3 a year ago, our revenue increased 58.3%. Our EBITDA was up 57.3% with our margin remaining above 26%. Our net income increased 55.9%, and our diluted earnings per share increased CAD 0.44 from CAD 0.31, highlighting the accretive impact of our acquisitions. Our acquisitions of Boyle Transportation and Skelton USA contributed CAD 34.5 million over the CAD 44.6 million year-over-year increase in our ground transportation product line in the quarter, with a combined margin profile in line with AHG's consolidated EBITDA range. Our acquisition of LSU, Logistics Support Unit, generated CAD 8.9 million of the overall CAD 13.6 million year-over-year increase in our logistics and distribution product line in the quarter, with margins consistent with our existing L&D operations. Boyle, Skelton USA, and LSU have each been an excellent cultural fit with AHG while also contributing strongly to our growth and further strengthening our platform. Approximately 2.8% of CAD 4.6 million of our consolidated revenue for the quarter was generated through our continued work with manufacturer, 3PL distributors, and government clients involved in the supply of COVID vaccines and related products. This compares to approximately 2.5% or CAD 2.6 million of our consolidated revenue in Q3 a year ago. A significant component of our year-over-year revenue growth is, of course, attributable to the flow-through fuel charges, reflecting the significant increase in fuel costs from last year. Aside from fuel-related revenue and the contributions of our acquisitions, we continue to generate organic growth within our historical range across our product lines in the quarter, except for air freight forwarding, where fuel surcharges made up most of the year-over-year growth in revenue. We did not have the outsized organic growth that we enjoyed in this product line last quarter, and that was a bit of an anomaly, primarily attributable to the customers paying for this expedited service in the face of lingering pandemic-related supply chain issues last year. Our Q3 packaging revenue exceeded what we generated for the same period in 2019 prior to the onset of the pandemic for the second consecutive quarter. These two factors, air freight forwarding returning to a more expected quarterly level and packaging revenue now exceeding pre-pandemic levels, are perhaps a sign of return to a more normalized operating environment outside of the inflated fuel costs and the ongoing role in supporting COVID vaccine distribution. I'm very pleased with our continued strong performance and the many contributions from our team members across our platform in Canada and in the U.S. I'd now like to turn this over to Peter to discuss our results in further detail. Peter. Thank you, Michael, and good morning, everyone. Revenue for our healthcare logistics segment totaled CAD 48 million, an increase of 43.5% compared with Q3 last year, comprising a 47% increase in our logistics and distribution revenue, reflecting greater outbound order handling activities for Accuristix and increases in transportation billings impacted by fuel surcharge programs from carriers together with our acquisition of LSU, and a 20.8% increase in packaging revenue. Revenue in our specialized transportation segment totaled CAD 116.9 million, an increase of 65.2% compared with Q3 last year. The increase was attributable to a 73.4% growth in our ground transportation product line, driven by incremental revenue from our Skelton USA and Boyle Transportation acquisitions, organic growth, 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 revenue increase of 25.2% and 27.2% respectively. Michael already discussed the impact of higher fuel costs and driving year-over-year growth in our air freight forwarding revenue. Growth in dedicated and last mile delivery reflects route expansion and increases in fuel costs passed on to customers. Our cost of transportation services was CAD 81 million or 49.1% of revenue, compared with CAD 47.5 million or 45.6% of revenue for Q3 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 year-over-year increase in operating ratio reflects the Skelton USA and Boyle 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 for the quarter were CAD 28.3 million or 17.1% of revenue, compared with CAD 21.4 million or 20.5% of revenue for Q3 last year. The increase was primarily attributable to outbound volume growth for Accuristix and the acquisition of LSU. Our specialized transportation acquisitions, Boyle and Skelton USA, have lower facility related costs compared to our healthcare logistics segment, which resulted in the lower direct operating expense operating ratio for the quarter. SG&A expenses were CAD 11.3 million or 6.8% of revenue, compared with CAD 8.3 million or 7.9% of revenue in Q3 last year. The increase is primarily attributable to our LSU, Skelton USA 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 27.9 million, an increase of CAD 11.1 million or 65.9% compared to Q3 a year ago. Approximately CAD 4.8 million of the increase is attributable to our LSU, Skelton USA and Boyle acquisitions, with the remainder attributable to organic growth. Net income for the quarter totaled CAD 19 million, up from CAD 12.2 million in Q3 last year. 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 32.9 million, reflecting foreign currency translation adjustment gain of $13.9 million related to our acquisitions of Boyle and Skelton USA in Q4 2021. EBITDA increased to CAD 44.1 million from CAD 28 million in Q3 a year ago, reflecting the factors already discussed. EBITDA margin was 26.7%, down 20 basis points from Q3 a year ago, though approximately 1% of EBITDA margin in Q3 last year was attributable to the impact of the share of profit of Skelton USA, which we owned 49% of at that time, and therefore accounted for it as an equity investee during that period. If I look at our balance sheet, at quarter end, we had cash and cash equivalents of CAD 50.7 million and working capital of CAD 68.8 million. This compares to cash and cash equivalents of CAD 25 million and working capital of CAD 31.6 million at 2021 year-end. The significant increase in working capital is primarily attributable to the increased scale of our business since the acquisitions of LSU, Skelton USA, and Boyle Transportation and the repayment of amounts drawn on a revolving credit facility. At quarter end, the aggregate amount outstanding under our credit facilities was CAD 50 million under the term facility and nil under the revolving credit facility. We remain well positioned financially to pursue growth opportunities. I'd now like to turn the call back over to Michael for closing comments. Michael. Hey, thanks, Peter. Supported by our strong growing free cash flow, we've implemented two increases to our quarterly dividend this year, increasing the payout from CAD 0.05 to CAD 0.07, while also reducing debt and strengthening our balance sheet. I'm so very proud of how our teams have executed what we laid out for 2022. Specifically this year, which it was all about staying focused. We focused on ensuring the integration of our three new acquisitions over the past 12 months to the AHG family. It was putting extra focus on the well-being of our employees and drivers, who in my eyes are our biggest stakeholders as they deal with the pressures of inflation and the ability to recover from the stress of the COVID environment of the past two years. Just as importantly, continuing to focus on providing the best service possible to our clients when access to labor and equipment have been very difficult. We're finishing the year with solid earnings momentum, and we look forward to seizing further opportunities to expand our North American platform and further increasing shareholder value. We expect to build on our platform while maintaining our disciplined approach with respect to both financial and operating metrics while preserving our unique culture. We're truly excited about the opportunities that lie ahead. That concludes our formal remarks, and I'd like to open the lines to questions. David, please commence the Q&A. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star key followed by the number one on your touch tone phone. You'll hear a three-tone prompt acknowledging your request. Questions will be taken in the order they are received. Should you wish to withdraw your request, please press the star key followed by the number two. If you're using a speakerphone, please lift your handset before pressing any keys. We'll take our first question from Walter Spracklin with RBC Capital Markets. Your line is now open. Hey, Michael and Peter, thanks for taking my question. This is James McGarrigle. I'm on for Walter this morning. Congrats on our quarter, and hope everyone's keeping well. Thank you, James. Yeah. My first question was, you know, I know some of the other truckers have been constrained by equipment, and I know Skelton and Boyle, you know, they've traditionally purchased their fleets, whereas, you know, you have a different business model with ATS Healthcare and Skelton USA. Have you had any issues in this or in this regard? Does this in any way constrain your ability to grow into 2023? If so, have you seen any indication of improvement in, you know, the ability to source equipment? James, that's a good question. I think I alluded to that about the. About from a client standpoint, constraints, you know, staying focused with our employees and the lack of equipment. There's no doubt that everybody's had that, the issues and whether you're asset light, even asset light like an ATS Healthcare is. You know, it's not only equipment, but it's parts and all. I think we've seen the worst of it. If anything, we've been more constrained in 2022 than I believe we will be in 2023. A lot of the orders have come in, or are coming in or streamlining in. Certainly Skelton is, it has done an incredible job in not only supporting themselves but also with Boyle and ATS' needs. I think it was more of an issue in 2022, James, than it will be in 2023, for our business. Okay. I appreciate that color and kinda sticking with the impact of the supply chain. I guess the first part of this question. I wanted to know the extent to which, you know, supply chain issues have potentially impacted your business this year and on your ability to deliver services to your clients. Kind of as a follow-up, has this changed any of the conversations you have with your customers with regards to further outsourcing for them to mitigate the impact of the supply chain or even potentially further insourcing? You know, what type of opportunity this might be for your team longer term? After that, I can turn the line over. Thanks. Thanks, James, and that's a long question. We could take a long time to discuss this. Yeah, supply chain issues have definitely affected ourselves over the year. You know, if a you know a piece of equipment breaks down, you gotta rent it. Rental costs are much higher. The time to get things fixed takes longer. I'm sure you've heard that from the other transportation companies. Same thing goes with the logistics part of our business. The interesting part is the supply chain's affected our customers. You know, access to inventory, we've seen a lot of different, particularly on our logistics side, we've seen a, you know, a lot of different, you know, more short orders because they don't have the inventory to fill the orders for their clients. We're seeing a lot more disruption in their world, which created more orders. A different approach. As working with those clients to ensure that we can streamline and obviously our flexibility of, you know, it being an outsourced supplier has bode well in particular with some clients. You know, when I think of a company like Mead Johnson, for example, where they've had to explode with their shortage of infant formula and the ebbs and flows of their business because of supply chain issues, I think has allowed them to succeed by outsourcing versus having, you know, fixed labor or fixed facilities. So that's a perfect example of that. I think we, you know. That's why to me, when I talk about the three areas of focus this year, that was, you know, we knew that this, we had to step it up on behalf of our clients. Thank you very much. We'll go- Okay. We'll go to our next question. Konark Gupta with Scotiabank, your line is now open. Thanks, operator. Good morning, everyone. Hi, Konark. How are you? Good, thanks. How are you, Michael? Michael, I think you kind of touched on this topic on your last question here with respect to shortage of drugs. Obviously, there is not just the infant formula now. I think it's apparently there's amoxicillin with the increase in viruses with kids and et cetera. I'm just wondering, you know, with these shortages of these drugs, does it kind of create a backlog for your customers as well as for you ultimately? Or you are able to kind of provide alternative drugs to your customers? I'm like, you know, this is kind of running as usual, meaning, you know, you don't have anything to catch up on in the coming quarters. Yeah. I think that Konark, that's more of a question that you'd have to ask a wholesaler like McKesson or the likes of, because obviously they're the ones that are fulfilling on behalf of their clients or taking the orders. We do notice from our manufacturing clients that their orders are having to be short ordered. We've noticed that we've got less lines per order than traditional, and having done their business for years. We see that, but that's more of a question you'd ask the manufacturer or the wholesaler. We don't substitute. The McKessons of the world will do that on behalf of the clients that they serve. That's, hopefully, I answered your question. I wasn't sure. You were kind of breaking up, but that's what I think I got out of the question. Yeah, no, absolutely. I was trying to get a sense from like, does this whole issue create a backlog for you as well, you being a logistics provider to the industry? Yeah, no, I think it doesn't really. The ebb and flow of receipt of product and outgoing. We have had swings of inventory. You know, the cough and cold business that wasn't, you know, everybody was wearing masks last year, and all that cough and cold business was coming back in droves from the retailers. That created some, you know, challenges within our facility capacities. Those are things that, you know, we gotta deal with on a day-to-day basis. It may have happened more so in 2022 than it would have previous years, but that's the nature of our business. Makes sense. Thank you. Then with respect to, you touched on the capacity here, this is something that, you know, I think the whole industry has been struggling with for the last many months, the warehouse capacity. How are your warehouses doing? I mean, like, do you have capacity at this point, or are you planning to build more capacity? How do you see the capacity evolving here for your warehouses? Yeah, that's a million-dollar question, Konark. I mean, it just amazes me. It's a big cost, particularly on our logistics distribution part of our business. Equally on the transportation side, I mean, I think just industrial real estate is just crazy. It's not just, you know, it's just not in Richmond or Toronto, GTA. It's spreading everywhere. Montreal, actually, I was on the phone this morning with Broccolini, one of the builders in, well, they're not in Quebec, but you know, looking what opportunities are in space. We are expanding our Montreal facility, our ATS Montreal facility with warehouse capacity to support LSU in Quebec. There's zero space available right now, and that's just driving costs. Well, the cost of building is extraordinary right now. Our lease rates are through the roof. We have a buffer with what we have right now. We have leases that are extending for three-six years. We're in a safe spot for now from an expansion standpoint. We're finding a lot of the expansion space is in particularly on the temperature like the two-eight. We're finding that the ambient space is not as much as the fridge and frozen. We're seeing that capacity rise. That takes less square footage, so that's a good news story for us from that standpoint. It's tight. Konark, I'm not gonna deny it. It's one of those pressures where you have to make a tough decision. When companies were outsourcing, I think they're realizing, holy mackerel, this is, you know, your storage costs have literally doubled, you know, within the matter of, you know, the last three-four years. Great. Cool, Michael. Thanks. Last one from me. Just on the SG&A side. I don't know if Peter has an answer for this one, but the SG&A's percentage of revenue has continued to be down recently. I think you know, like you kind of alluded to, the operating leverage, I think, in the MD&A, but I was just wondering, has revenue gone up because of fuel surcharge, and that fuel surcharge probably does not drive SG&A? Does that mathematically make SG&A lower as percentage of revenue? When we see fuel surcharge or fuel prices normalize, would the SG&A as percentage of revenue also normalize slightly higher from where it is today? Hey, Konark, technically, yes, that is true. You know, if fuel goes up and our SG&A is not gonna go up because of that, so there's a mathematical impact, as you suggest there. If you look back before the fuel prices went crazy, we still had the same kind of trend in our SG&A percentage being kind of lower with operating leverage, as we've made these acquisitions. I would say that there's a de minimis impact of any kind of fuel revenue on our SG&A percentage. I would continue to see that, you know, that our operating leverage will remain. Plus the board doesn't pay me enough. Yeah. Yeah, we might have to increase SG&A to pay Michael more. We definitely need to see more SG&A here, Michael. Appreciate the comment. Worth every penny, I might add. Thanks. Thanks, guys. Thank you. All right, guys. All right. Next, we'll go to Kevin Chiang with CIBC. Your line's now open. Thanks for taking my question. Good morning, everybody. You know, you mentioned some of the components of that 10.5% organic growth. It sounds like everything is trending higher here. Just wondering if you could provide a little bit more granularity on you know, how to think about that split between maybe core price, the surcharge and volume. Really I'm trying to figure out is maybe on the volume side specifically, like are you seeing any change in consumer behavior in some of your more consumer-oriented products there, just given all that's happening in the macro? Yes, that's a great question, Kevin. The answer is yes, and I think I alluded to that in Konark's question with respect to leases. We're finding the capacity on the fridge space and frozen is growing. I think a lot of our manufacturing clients are focused more on biologics. You know, I think we're seeing more of that. It's obviously more expensive, but that means nothing to us. But it, you know, it kind of replacing the oral remedies because they're more effective. We're seeing that type of consumer behavior. Now, it's probably gonna be more expensive for us taxpayers when it's all said and done, but at the end of the day, from our business perspective, it's more specialized, which is good, but it's not as frequent, so we don't see as much volume as we would have with the oral distribution. More specialized for sure. You know, the beneficiaries are certainly Skelton and Credo, parts of our business and obviously the specialty, you know, in terms of Accuristix and LSU, their business is growing by default from that perspective. That's about the only thing I see. I mean, you know, I think, you know, I've heard the word you analysts talk about our business being very resilient over the years, and it has shown that. I think our consumer behaviors haven't really changed that much. Even our consumer approach, you know, when people spoke about home delivery and everything and, you know, through this COVID period, I think we've recognized that, you know, as doctors do more telehealth, they're prescribing more, and I think the face-to-face that consumers have with pharmacists has grown. When once upon a time when people thought that pharmacies would consolidate and reduce, it's actually done the opposite, or at least maintain its status. That's my knee-jerk answer to your question. No, that's helpful. Just maybe alluding to a question earlier that you answered, you know, you mentioned and you noted in your MD&A also that you know CapEx has moved up here partly because Boyle and Skelton are more asset heavy. They acquire their trucks versus your legacy business, which is more asset light. Can you remind me, is your plan to continue with that, so everyone kind of runs their business and the way they think about allocating capital as they would have when they were independently run or the plan over time to convert some of these acquired businesses also to an asset light model similar to what you have with your legacy business? It's an interesting question, and I think we allow our companies to make their own decisions and hold them accountable. Interestingly enough, the geographies change, even the behavior of employees change from province to province. You know, once I used to, you know, I had all owner-operators when I first started my business and it worked, and it was a great model. Over time, you know, the cost of capital and just maybe a different behavior, different approach to, you know, how people live. You know, today, vacation is more important than it was to people than it was, you know, 10-15 years ago. You gotta take those two things into account. I think there's an element of, you know, work to live versus live to work approach. You know, an owner-operator, you live to work and as. With that being said, from a leasing to own standpoint, obviously, the variable cost of having an owner-operator is truly variable and asset light. When you have a driver, you make decisions on owning versus leasing. We've found through this period that leasing through these, you know, the Penske and the Ryder have not been more dependable. You know, they've had their issues, their supply chain issues, and their service is honestly not very good. Right For a bunch of reasons. They might think it's justifiable, but anyway. Sometimes it's best to in-source that ourselves and certainly the folks at Skelton, as you see their trucks on the road and they get it. It's all about timing and it's about geography, but ultimately about people and financial reasons, but right now there's no real Right. There's no real answer if I. Yeah. It sounds like it's dependent. Maybe just last one for me, just with the U.S. election, or midterm election, I guess wrapping up here. Does that change? I know earlier this year we were talking about the FDA proposing some, you know, changes to the pharmaceutical distribution rules south of the border. Just wondering if there's a change in maybe some of the political leadership in the House and the Senate, does that change how you think that might roll through the FDA? Then I think Health Canada was going to release, I guess, its final decision on the Patented Medicines Regulations. Are any changes to that? Just any update you're hearing from that perspective as well? Honestly, I try to keep politics out of my world. That's a smart decision. Yeah. Frankly, it really wouldn't affect our business either way. Okay. As I see it. No, certainly, you know, trends in quality and FDA's, you know, push to have, you know, more efficacy in the distribution of their products for the, you know. I think that's trending in the same light that Health Canada did, you know, 10 years ago. It's slow, but surely. Other than that, I really can't comment. Whatever I say is probably, you know, it's not. I haven't done enough research or whatever. I'm not in a position to answer that for your listeners. No, no, that's fair enough. That's it for me. Again, solid results there. Congratulations. Thank you, Kevin. Next, we'll go to Tim James with TD Securities. Your line is now open. Thanks very much. Congratulations on a great quarter here. I guess my first question, Mike, I wonder if you could talk about south of the border here and any differences that you are seeing in the Boyle versus the Skelton USA businesses, both from a revenue and a margin perspective. You know, are any particular customer market segments driving notably stronger or weaker growth than other markets? Just trying to get a bit of an overview on kind of the market intelligence that you're seeing from those two businesses. Yeah, that's a good question, Tim. So as I alluded to when we bought, you know, the companies less than, actually a year ago now, literally a year ago, it was an education. It was to understand. Obviously, you know, it's going through a pandemic. Both companies were leaders in moving the top two vaccines in the USA in dedicated quantity loads. The Pfizer on behalf of UPS, Boyle was doing and Skelton was doing Moderna business. That was, you know, that's a bit of an anomaly. The fact that most of our drivers were vaccinated and a lot of the other transport companies drivers were not vaccinated allowed us to, you know, go across the border more freely, which meant that, you know, that gave us an advantage. You know, things have settled down right now, but the reality is, you know, as Kevin spoke to with respect to U.S., the FDA rules are starting to strengthen and quality is more demanding, particularly, you know, even now on the ambient business. Ambient, they didn't care as much about the 15- to 25-degree product. It's starting to have more legs now in the U.S., particularly with manufacturers requiring it. We're seeing that trend. I think the margins have been exceptional. I think both companies have similar clients and are collaborating in terms of best practices. They're becoming more efficient even in trading geographies. That's worked out really well. They have the same culture. They care greatly about their drivers. They're looking at building a new facility just outside of Memphis, where they both recognize a lot of the business comes out of. A lot of the wholesalers are established there, as well as UPS Healthcare. We, you know, between collaboration, working together, are becoming more efficient. It's continuing to grow. It's actually exceeding our expectations, as obviously you've seen in the results. I mean, U.S. business now represents 20% of our overall revenue, which is, you know, that's nice. Okay. Thank you. That's helpful. My second question, and you've kind of touched on this a little bit in the past. I'm just trying to think very big picture about the normalization, and I guess I'm thinking of Canada specifically, of conditions and demand since the pandemic. I'm wondering, there's a couple of, you know, moving parts that I'm thinking of with, you know, travel is incredibly strong and the implications for travel vaccines. I'm also wondering about, you know, the return of elective surgeries and potentially any of the kind of capacity issues in the hospital system, and maybe this cough and cold season, which you sort of drew attention to. Is it possible to sort of generalize? You know, are we back in terms of that normal business to kind of pre-pandemic levels? Are there any particular sort of areas of strength or weakness still for any reasons that may be driven by sort of the bigger environment? Tim, I would suggest that your lifestyle, if it has changed since a year ago, is probably the trend that's going on within our business as well. I don't think you know, I think people are out and about. I know in talking to some folks in Montreal, they were telling me that they've hit record highs in tourism in Montreal. I think the normality is there, and I think it's you know, we're back to pre-pandemic ways. The only thing is I have noticed that traffic is extremely light downtown Toronto on a Friday. I guess people are still working from home. Other than that, I mean, I don't really. Yeah, I think we're getting back to normalcy, and that's a good thing. Thank you very much for your time. Thanks. Okay. Next we have Endri Leno with National Bank. Your line's open. Hi. Yeah, good morning. Thanks for taking my questions. I have a few, but I'll start with the first one. It's a bit of a continuation of a question that was asked prior in terms of space and adding to capacity and more so the cost around it. I mean, we're seeing unemployment continues to be pretty low in Canada, and labor is generally tight. How are you seeing labor in your operations and any kind of color you can give for impact on margins, if at all, for looking forward? Yes, Endri. That's, you know, I mean, we're in the people business and so for me it's very close, near and dear. I think when we talk to other companies, I was talking to one of our board members who's involved in the retail world, and she was telling me we were comparing turnover rates at our board dinner a couple of nights ago. It was she was either A, astounded that our turnover was lower, or B, I was astonished by how high her turnover was. There's no doubt that it's, you know, it's about retention, it's about focus, and there's no doubt. I mean, in January of this year, earlier this year, you got to remember we had, you know, the Omicron. It was less than a year ago that the Omicron outbreak was, and we couldn't, you know, we had droves of drivers that couldn't go out and deliver and warehouse employees that couldn't come into work. We did have a short shortage. You've got the pressures of the marketplace, you know, where it's an employee's market. Now we're asking people to come back to work and to be, you know, in an environment, more social environment and not have to work from home. You've got the pressures of saying, "Well, this employer is allowing me to work from home, and I like to work from home." Now all of a sudden, in order to lure, you start raising wages. I mean, I'm not saying anything you don't already know, but those are all the pressures. Most importantly, the pressures of inflation. I think to me, from a frontline standpoint, that to me was the one area where I, you know, it was bothering me this time last year, as we were getting ready for business plan. I remember talking to one of the economic folks at one of the banks, and I was arguing with them that I felt that the inflation was going to be higher than what they had suggested, just from my input. Sure enough, it's how do you deal to make sure that your employees don't have to moonlight and get a second job in order to pay for those groceries, or higher rents or all the inflationary pressures that we're going through. For me that's when I mentioned about the three focus items, you know, it was really important. For me, if I don't have you know our business, our clients are happy if we service them, and we can only service them with great employees who are well trained. That we focused on that, and we will continue to focus that. I think there's going to be that much more pressure even next year. We have an opportunity because we have a good foundation to capitalize over that. If there is a slowdown in the economy, then to capitalize on that labor resource to be able to continue to grow properly. No, thank you for that, Michael. The other question, I mean, we've touched a little bit on it in the Q2 update, but it regards the GSK, the flu vaccine distribution in Canada. You said you were interested in it at the time. Is there any updates you can share with us? Then I also have a follow-up on the flu. First, any updates that you can share on that? Update wise, I mean, the flu vaccine distribution has grown, particularly, we've had some upside on that on the different levels, on the dedicated, on, and you know, within our LSU business unit, the Quebec government brought it forward in the last quarter, or two, three, where typically would have been two, four. We're seeing more of that. But don't get me wrong, it's good business. But it's not huge business. But it's an area where we feel we can be strong at and continue to perform on that front. You know, governments move slowly, but certainly the model works. You know, the pharmacy model is excellent, and we work closely with McKesson to complement and support them, as well as Shoppers and the likes to ensure that we can execute on the flu vaccine. Okay. No, thank you. That's it. That's yeah, good color. The other question I had, I mean, this is more of a kind of forward, you know, looking, but Canadian Blood Services, they announced a drive to increase self-sufficiency blood plasma and products to 50% by 2026. Skelton has been handling products for them for a long time. Can you talk a little bit about what the opportunity could be there? I mean, I'm assuming Skelton would likely be involved, but if you can share any color, whether they would or not and yeah, the opportunity on that, on this. Thank you. I guess indirectly, more business is good business on that front. Obviously we have that. I guess that's another political question. I think I can't really answer that. Let Canadian Blood Services deal with that when it deals with plasma and all. Ultimately, that truly is one of the big differentiators is Skelton's ability to manage Canadian Blood Services business. It's the most sensitive business that we handle of all our product lines out there, more so than even the COVID vaccines. It's an everyday event between Skelton and Canadian Blood Services. It's, you know, it's not best before date, but it's extremely time sensitive and obviously extremely temperature sensitive. Obviously with the history of the tainted blood scandals and all, I think it's even more emphasis on that. Skelton have been the experts at that and work closely with them. They have equipment that is, you know. We have equipment that has two refrigerated units. If one goes down, the other one goes on. They've catered to their Canadian Blood Services needs and will continue to adapt to their changing landscape. That's great. One last one for me, I guess, away from the political comments. This is specifically for you, Michael. We've seen media reports on the tire kicking around the Senators. Any color you can share? Oh my God, what are you a Senators fan or? No, I mean more. Yeah. No, I saw the article this morning. I was shocked, to be honest with you. Having said all of that, I just wanna remind everybody that I've been involved in hockey for the last 20 years. I'm a partner of the Montreal Canadiens. You know, my passion, it's truly been a passion of mine, and it continues to be a passion of mine and frankly, it hasn't changed, and nothing will change. You know, if there's different colors, then it doesn't change the landscape in any way for me in terms of focus and all. Yeah, I was quite surprised by this. Particularly the fact that I haven't talked to anybody from the media since it put on sale. Anyway, I'll leave it at that. I'll let you be. From my standpoint, like, you know, like I said, I've been involved in hockey for the last 20 years, and it's one of my passions. Okay. That's great. Thank you. Thanks. That's it for me. Thank you. That concludes today's question and answer session. I'll now turn the call back over to Michael Andlauer for any additional or closing remarks. I really don't have any, but I appreciate all of you participating this morning, and have yourself a wonderful day. Be well. Ladies and gentlemen, that concludes today's conference call. We thank you for your participation. You may now disconnect.