Good morning. My name is Sylvie. I will be your conference Operator today. At this time, I would like to welcome everyone to the Andlauer Healthcare Group 2022 fourth quarter and year-end results conference call. Note that 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. Note that this call is being recorded on March 3rd, 2023. I would like to turn the conference over to Michael Andlauer. Please go ahead, sir. Thank you, Sylvie, good morning, everyone. Thank you for joining us today. With me on the call is Peter Bromley, our Chief Financial Officer. Following my remarks, Peter will follow with a more detailed discussion of our results for the quarter and year, and I'll then provide closing comments and open the lines for questions. Since our first full year as a public company in 2020, our revenue and net earnings have more than doubled, in a short three years, reflecting our success in delivering value to customers and capitalizing on growth opportunities. Our strong year-over-year growth in revenue in the quarter and for the year reflects the significant impact of our acquisitions and our continued organic growth. If you recall back in Q4 2021, we included a one-time non-cash gain of CAD 37.9 million during the fourth quarter, reflecting the impact of the consolidation of the 100% of Skelton USA into our platform. If you exclude the gain of the step acquisition in Q4 2021, our EBITDA and net income for Q4 2022 increased by 24.9% and 30.8% respectively, demonstrating our growth and profitability in step with our revenue. Our margins remain strong. Our EBITDA margin in Q4 this year was 27% compared to 26.9%, excluding the gain of that step acquisition I referred to. Our acquisitions of the Skelton Companies and Boyle Transportation have been a strong growth driver for our ground transportation product line, which is our largest product line in terms of revenue. They have a combined margin profile in line with AHG's consolidated EBITDA margin. They have further strengthened our customer service offering and network in Canada through Boyle and Skelton USA. We now have an established gateway to the U.S. market and with experienced high-performance operators and well-regarded market brands. Our acquisition of a Logistics Support Unit, or LSU, in March of last year has made a strong contribution to our logistics and distribution product line, which is our second-largest line by revenue, and further strengthened our service offering and market presence in Québec. LSU's margins are consistent with our existing logistics and distribution operations at Accuristix. Just as important as the financial contributions and customer benefits bring, Boyle, the Skelton Companies, and LSU have been an excellent cultural fit with AHG and have seamlessly become a complementary part of our expanding platform. Our healthcare logistics segment generated 30.7% revenue growth for 2022, and our specialized transportation segment delivered 54.7% revenue growth. Each of our product lines contributed to the growth on the year. It's important to note that close to $4 million of our consolidated revenue for Q4, 2022, was generated through our continued work and supply of COVID vaccines and related products. This compares to about $6.9 million of our consolidated revenue in Q4, 2021. Going forward, we expect that these revenues related to COVID vaccines and ancillary products to drastically decrease in 2023. We do not foresee and hope a return to similar levels of activity in this space as we have experienced over the past two years. You know, interestingly, the pandemic commenced roughly four months after our IPO. Our strong performance throughout this time demonstrates the resilient and essential nature of our business and the commitment of our people to ensuring the timely delivery of essential products to hospitals, pharmacies, clinics, including the added responsibility to the safe and secure distribution of those COVID vaccines and ancillary products. I'm really proud of our team for the many contributions in the advancement of our growth strategy, while also successfully managing our day-to-day operations and looking after each other and our customers during this challenging time. I return the call to Peter Bromley to review our financial performance in more detail. Thank you, Michael, and good morning, everybody. Our consolidated Q4 revenue totaled CAD 165 million, or CAD 165.8 million, an increase of 24.6% from Q4 2021. Revenue for our healthcare logistics segment was CAD 41.8 million, an increase of 23.5% compared with Q4 2021, reflecting a 28.4% increase in our logistics and distribution revenue attributable to greater outbound order handling activities for Accuristix, and increases in transportation billings impacted by fuel surcharge programs from carriers. CAD 2.4 million in incremental revenue from LSU, net of year-to-date pass-through expenses classified as billings to LSU customers. The overall increase in healthcare logistics segment revenue for the quarter was partially offset by a 9.8% year-over-year decline in our packaging solutions revenue, reflecting lower volume from one of our larger packaging customers due to component supply chain constraints by their suppliers. Revenue in our specialized transportation segment totaled CAD 123.9 million, an increase of 25% or approximately CAD 24.8 million compared with Q4 2021. The increase was attributable to 32.6% growth in our ground transportation product line, driven by CAD 15.2 million in incremental revenue from Skeleton USA and Boyle Transportation, plus organic growth and higher fuel costs passed on to customers as a component of our pricing. Our dedicated and last mile delivery product line also contributed to segment revenue growth with a 21.5% increase in revenue, reflecting our ongoing route expansion and increases in fuel costs passed on to customers. The overall increase in segment revenue was partially offset by a 24.7% or a CAD 2.5 million year-on-year decline in our air freight forwarding revenue. This decline resulted from unusually high revenue in the air freight forwarding product in Q4 2021, as our clients attempted to minimize service disruptions in British Columbia arising from the weather events in November that year. Our freight forwarding volumes returned to normal levels in Q1 2022. Cost of transportation and services was CAD 86.3 million or 52.1% of revenue, compared with CAD 65.7 million and 49.4% of revenue for Q4 2021. The higher cost of transportation and services was primarily attributable to the impact of our acquisitions of Skelton USA and Boyle Transportation over a full quarter, compared to two months in Q4 2021, and higher fuel costs in line with increases in revenue related to fuel prices. Direct operating expenses for the quarter were CAD 21.0 million or 12.7% of revenue, compared with CAD 21.3 million or 16% of revenue for Q4 2021. Direct operating expenses in Q4 2022 reflect outbound volume growth in our Accuristix logistics and distribution operations, the acquisition of LSU, and a year-to-date reclassification of certain pass-through expenses to logistics and distribution billings for LSU in accordance with IFRS. SG&A expenses were CAD 13.8 million or 8.3% of revenue, compared with CAD 10.9 million or 8.2% of revenue in Q4 2021. The increase is primarily attributable to the impact of our acquisitions of Skelton USA and Boyle Transportation over a full quarter and the acquisition of LSU. Operating income for the quarter totaled CAD 28.2 million, an increase of CAD 6.7 million from Q4 2021. Approximately CAD 1.3 million of the increase is attributable to our LSU, Skelton USA and Boyle acquisitions, with the remainder attributable to organic growth. Net income for Q4, 2022 totaled CAD 19.9 million or CAD 0.46 per share on our diluted basis, compared with CAD 15.2 million or CAD 0.36 per share on a diluted basis, excluding the gain on step acquisition that Michael talked about, and that was Q4, 2021. Higher segment net income before eliminations for both of our healthcare, logistics and specialized transportation operating segments contributed to the increased profit on a consolidated basis, excluding the gain on step acquisition in Q4, 2021. Total comprehensive income for Q4, 2022 was CAD 17.1 million, compared with CAD 18.1 million, excluding the gain on the step acquisition in Q4, 2021. Total comprehensive income differs from net income due to our acquisition of foreign operations, Skelton USA and Boyle Transportation, which resulted in a negative foreign currency translation adjustment of CAD 2.8 million in Q4 2022, compared to a positive foreign currency translation adjustment of CAD 2.9 million in Q4 2021. EBITDA totaled CAD 44.7 million, compared with CAD 35.8 million, excluding the gain on step acquisition. This increase is due to the factors already discussed and reflects the incremental contributions from our acquisitions and organic growth in both of our operating segments. If we look at full year fiscal 2022, revenue totaled CAD 648.4 million, an increase of 47.3% compared to 2021. Operating income was CAD 110.3 million, an increase of 49.7% compared to 2021. Net income was CAD 76.3 million compared to CAD 52 million, excluding the gain on step acquisition in 2021. Total comprehensive income was CAD 91. million compared with CAD 54.9 million, excluding the gain on step acquisition. EBITDA increased to CAD 174.5 million from CAD 119.3 million, excluding the gain on step acquisition. Finally, EBITDA margin was 26.9% in line with 27.1% for fiscal 2021. Turning to our balance sheet. At the year-end, we had cash- and- cash equivalents of CAD 65.9 million and working capital of CAD 85 million. This compares to cash- and- cash equivalents of CAD 25 million and working capital of CAD 31.6 million at the end of 2021. The CAD 53.5 million increase in working capital is primarily attributable to the increased scale of our business since the acquisitions of LSU, Skelton USA, and Boyle, and the repayment of amounts drawn on our revolving credit facility. At the year-end, the amounts outstanding under our credit facilities were CAD 50 million under the term facility and zero or nil under the revolving credit facility. Supported by our strong and growing free cash flow, we implemented two increases to our quarterly dividend this year, increasing the amount of quarterly payout from CAD 0.05 to CAD 0.07 per share while reducing debt and strengthening our balance sheet. Yesterday, our board approved a further CAD 0.01 increase to our quarterly dividend. Effective for Q1 this year, our quarterly dividend will be CAD 0.08 per share. Looking ahead, 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. Thanks, Peter. As you can see, we finished the year with solid momentum. As I look ahead, while this year we will not witness the same type of growth due to the minimal amount of acquisitions we did last year, we have multiple opportunities to strengthen our platform. Through the addition of complementary services, a renewed focus on strategic acquisition, and combined with an incredibly strong balance sheet that Peter alluded to, we expect to continue to better serve our customers and generate strong returns for our shareholders. We expect to continue to build on our platform, maintain our disciplined approach with respect to both financial and operating metrics, while also preserving our unique culture of caring more. With less distractions moving into 2023, we look forward to capitalizing on these opportunities ahead. That concludes our formal remarks. I'd like to open the line to questions. Sylvie, you may commence the Q&A. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touch-tone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to withdraw from the question queue, please press star followed by two. If you're using a speakerphone, we ask that you please lift your hands up before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Walter Spracklin at RBC Capital Markets. Please go ahead. Sure. Thanks very much, Sylvie. Good morning, everyone. Good morning, Walter. Good morning. Let's start on the macro. Obviously, that's a big focus. Your business, Michael, is a lot more insulated from the fluctuations that you might see in the general macroeconomic environment. That said, are you seeing any indications this year of weakness from a macro perspective, perhaps outside of your pharmaceutical business that might be a little bit of a deterrent? Within the pharmaceutical business, would there be any reason why in a recessionary environment your pharmaceutical business would be negatively impacted? Yeah, that's a good question. You know, I've heard more often, about, you know, headwinds, in light of the recessionary times, high interest rates, et cetera. You know, interesting, when we looked at our company's business plans going into 2023 and, one of the observations, and I think I've tried to highlight it in today's call, was the amount of volume that we had in respect to COVID and related products from the vaccines and ancillary products. I don't necessarily call it. Those were actually tailwinds that we ended up having, which won't be there going forward, and thank goodness for that. You know, while we, while we got into it in terms of making a difference and, executing, making sure that Canadians got vaccinated and, getting the product there safe and securely, we were definitely beneficiaries of that from a financial standpoint. That tailwind won't be with us going forward. You know, I think healthcare, I think has proven to be extremely resilient. It's not one of those products that you know, that you choose, because things are, you know. I don't see that certainly, you know, starting this year. It's, you know, it's not. On the same token, when things are booming, you don't see healthcare booming with it either. I think it's a resilient business. I think we've proven that even through the, through this, you know, through this COVID period. That's fantastic and exactly the answer we're looking for. So on moving to M&A now, Michael, you mentioned that you're not gonna see the step up. I know when you look back over your history, you were not very acquisition oriented. You, I know you related to me that, you know, your experience with the acquisitions you've done in the last couple of years have been a, you know, resounding success. It's been a big positive for you. Juxtaposing that against your commentary about a year of less acquisition activity, is that just simply because you haven't done any yet? Do you think that this will be a digestion year, integration year, and perhaps next year is when we would see more acquisition activity? Just curious to how you profile that against the opportunity set that might be out there as well. Yeah, another good question, Walter. I believe that 2022 was the digestion year. I think if you recall, I, you know, at this time last year, Omicron was amongst our all of us and our, you know, it wasn't that long ago that we were still isolating and had a driver shortage, not because as you know, the workforce out there, but the fact that they had to isolate for 10 days. Five days - 10 days, actually, it was in January that they reduced that to five days, so we could get the vaccines out. It was... it this last year was... You know, it's as much as we executed financially and we took care of each other and we executed, you know, falsely, it was taxing on everybody, including our executive team. Then, then you had the issues with logistics issues, with not being able to get, you know, capital, spending capital on more equipment. The combination of everything really made last year. Let's just focus, catch our breath. Let's make sure that we execute. I mean, evidenced by, you know, what you've seen financially, but even internally, you know, we started having celebration parties that we never had before. From a, you know, it, you know, get the morale back up, get the, you know... I know I talked about a culture about, you know, caring more, and that's, you know, that was what we needed to do last year, and we felt really comfortable going into this year that, now I can put that hat on and go and execute and what we were able to do with Skelton, Boyle and LSU. Now we have a bit of a map, you know, kind of a plan to how we can execute properly. So that's why I really believe, to answer your question long-windedly, I think 2022 was a digestion year. This, this year is the year where we're gonna be a little bit more active on the M&A side. That's fantastic. Just a couple housekeeping. Depreciation, amortization, that ramped up obviously with the acquisitions you did. Peter, is the CAD 16 million, you know, call it CAD 16.5 million that you did in the Q4, is that a good kinda run rate now to run on a quarterly basis, for 2023, you think? Or are we gonna see another further step up from that? No, we shouldn't see a further step up. That's a fairly good run rate for us. Perfect. CapEx, Peter, for this year, are you pointing to a. You know, again, that was a step up in your PP&E for this year. Does that normalize back down, or how do we look at CapEx for this year? Yeah. CapEx won't be higher than it was in 2022, let's say. It's likely going to drop down, and that's. We had a sort of a large CapEx outlay in Q4 as equipment started to kinda catch up from a supply chain perspective. You know, tractors and trailers were more available, and so we did from a Skelton Canada and Boyle Transportation perspective, have some significant outflows in Q4. We're gonna pull those down through 2023, I would suggest. Okay. That makes sense. And that'll be- last here- I just wanted to say, Walter, just not to disagree with my CFO, but- it certainly won't go back down to the levels- No ... that we were before. you know, the nature of the businesses of Boyle and Skelton are such that it was more capital intensive. Yeah. Makes sense. Yeah. Okay, got it. Last one here is on the direct operating expenses. Peter, they took a big step down. You mentioned that's with the LSU transfer pricing. Just curious, how do we model that going forward? Was this kind of a catch up that happened in the fourth quarter, and that, you know, that as a, you know, as a percent of your revenue will revert back to where it was kind of in the first three quarters? 'Cause it went from, you know, closer to 17% on a go-forward on a run rate basis right down to less than 13%, on that, you know, accounting item. Do we run it at the lower level and just bring revenue down, or do we ramp it back up looking at this as kind of a quarterly reclass? Just curious there. Yeah, it's exactly that. It's a quarterly reclass. Use the full year to model your run rate. Okay. You'll be fine. Perfect. That's great. Thank you. That's all my questions. Thank you. Next question will be from Kevin Chiang at CIBC. Please go ahead. Thanks. Thanks for taking my questions, and congrats on obviously a strong 2022 here. Maybe I'll start with the housekeeping question. You called out, you know, some of the, I guess, some of the headwinds in packaging. It sounded transient in that, there were some supply chain issues that impacted that. Is that isolated into Q4 2022, and we kinda get back to, you know, an almost CAD 6 million revenue, quarterly revenue run rate? Or is there, is there a catch-up that maybe Q1, you know, exceeds that, or are these supply chain issues still lingering here in the first part of 2023? No, I think there's a bit of a catch-up, from Q4, to Q1. It's not a business that we've been focusing much on, you know, we've been looking at other, initiatives. I mean, it will be steady. It is steady and it's, but, to this specific point, yeah, you're right. There's a catch-up in Q1 from that. Okay that's because of, actually, ironically enough, packaging material, backlog. It's like. Raw, raw packaging material backlog. Yeah. I guess just when I think of the puts and takes into 2023, and maybe I'll focus my comment on or my question on the margins. You know, in 2022, you know, margins are essentially flat year-over-year, EBITDA margin essentially flat year-over-year. If I look at the puts and takes, and you called out, hopefully some of the tailwinds from the COVID revenue continues to dissipate. That sounds like a headwind. You know, obviously your pricing model is robust. Not sure how to think about fuel surcharges, whether that was a tailwind or headwind for margins for you. When you kind of put that all into a, you know, into a bucket here, like how do you think margins look in 2023? Do you kind of stick around here or are there pressures or headwinds or pressures or tailwinds we should be contemplating over the next 12 months? Yeah, I keep on getting surprised by our margin. That's, you know, great discipline by our business units, in terms of anticipating, communicating, you know, with respect to price increases, you know, especially when you're dealing with inflation. There's no doubt the complementary nature of our customers and the elimination of revenues, because they're each other's customers, will artificially increase margin or maybe artificially decrease revenue, if, you know, if those companies weren't... They're arm's length companies, they're arm's length transactions, even though they're non-arm's length companies. I see that as a bit of an impact. If you recall, when we IPO'd, we were closer to 25% and 27%. The pressure that I see is probably south of the border. Because FDA, you know, rules aren't quite as stringent as Health Canada, there seems to be a bit more, you know, price pressure with the commodity of even though it is pharmaceuticals or healthcare and so some of the, you know, lower healthcare like OTC product and the likes. All of it, you know, while the need is temperature control, you don't need to be validated necessarily. Now all of a sudden you got these carriers with these reefers, that might be grocery truckload carriers who are now bidding on product that these decision makers are suggesting that, you know, well, you got to lower your price by 10% in order to keep the business. The other aspect with, we were the beneficiary. You talked about COVID. You know, like I said, it was. You know, we were the big beneficiary of the cross-border healthcare component because as you recall, this time last year, you had to be vaccinated driver in order to cross the border. You know, our drivers, most of our drivers were vaccinated. We actually, you know, incur, you know, incurs them, incentivize them by getting vaccinated by paying them a premium. The premium that we got from the customers was huge because that product had to get across a border and there was minimal amount of supply. Those margins are gonna be affected. We, you know, as we like I said, when we look at our business plan, our budgeting for next year, we've seen, we'll see a bit of a margin pressure. I continue to be amazed by our, you know, our teams and how they execute and how they're focused. You know, we'll we've always maintained that margin with the that very low cost operation, and we seem to be on top of it. You know, the results of the margins have been obviously a huge positive here. Maybe just last one for me and just maybe circling back to Walter's question around M&A. You know, if I look at your free cash flow generation today after dividend in 2022 is about almost CAD 80 million or high 70s. Your cash balance is, you know, exceptionally high here at CAD 66 million. You know, leverage ratio comfortably below 1 x. Just based on the comments you made, does that suggest your creating this capacity for maybe larger M&A versus what we've seen recently from you? Or maybe just more tuck-in M&A? Like, how do you think about putting this, call it, excess liquidity to work here? Is it big, bigger fish in the pond or just a lot of smaller fish you think you can go after? That's I. Both. I cannot answer that question, Kevin. That really depends on how complementary, the acquisitions are, and that's one of the things that we'll continue to focus on, because we're in the people business. You know, and that's something I always reiterate. It has to be complementary. If it's complementary and it's a... The beauty is that we have such a great balance sheet, that we have the flexibility of going with the big fish. I'm not afraid of that, but it has to be complementary. That's, that'll be number one. You know, when you, It's funny, you know, as you know, I'm in the hockey business, and one of the first things we look at when scouting is not necessarily the ability but the character of a player. That's probably, you know, resembles what we look at, we look for here from a company. Excellent. You know what? I'll leave it there. Thank you very much. Have a great weekend, everybody. Thank you, Kevin. Next question will be from Tim James at TD Securities. Please go ahead. Thanks very, very much. Good morning, everyone. The comments, Michael, were very helpful on the U.S. environment. I'm wondering if you could share any thoughts on any changes you're seeing, if again, if any, in the competitive environment in Canada, more specifically as you look at 2023. Any players getting more aggressive? Just any kind of notable dynamics that you may be watching. Not necessarily. You have, you know, certainly on, on the transportation side, I think we have, we certainly have a first mover advantage. You know, when I look at the infrastructure costs required and the training and the quality requirements, and then, and the geography of our country and the demographics and, you know, in some of these smaller places where we're established and you're offering that service, you know, the pharma customer typically is looking at a national solution, not a local solution. The, you know, Canada is not big enough. It's not like the U.S. where they may, they might focus on regional more. And we're such a small part of their cost of goods, so they want convenience. I feel that we have... And I'll never take that for granted, by the way. That's not something that I, you know, that I, folks are harder on each other. It's about, you know, flawless customer service. I don't see that as much of change there, Tim. On the logistics side, you know, there's definitely an attraction out there, and a lot of the international players have stepped up their game and, you know, we see a bit of pressure on that side. Typically, you know, when you lock in a client, hopefully it's for life. You know, there's a lot more at stake when you have custody of somebody's product, both physically and, you know, from communication and IT standpoint and all. To make a change is a big thing. We do see the pressures of procurement creeping up in that sector, you know, and typically in the U.S. If they don't understand the Canadian landscape, sometimes mistakes can be done by customers. I say mistakes because sometimes they're looking at a price point. That's, you know, that's part of the whole communication package and making sure you're transparent with the customers and... I think on that side of things, we're seeing a little bit more pressure. Hopefully that answers your question. Yes, that's great. That's very helpful. Then I just wanna talk about inflation quickly. I realize, you know, you demonstrated very well, especially last year, that inflation is not really a big risk in your business due to your pricing power, competitive position, et cetera, et cetera. Is there anywhere that you feel inflation is creating a challenge today or as you look at 2023? Do we assume if inflation's moderating in 2023 and if the worst of it's behind you, and in fact, maybe you're sort of still recovering some of the inflationary costs that you've experienced through your revenue and your pricing going forward, is it something we really should not worry about at all, or do you feel it's an impact? I think the last two years has been. You know, I look at it as it is pressure, but it's also pressure internally, you know. When I look at our frontline employees and I try to understand, you know, when the, when the grocery bills are going up by, you know, 10%+. When I look at, you know, now you're getting a new car, your lease is up, is because a lot of our facilities aren't at a, you know, at a bus stop or, you know, and whether you're in Chatham or some of these other places, you're going by car and you got your cost of a car now goes up because your lease rates have gone up. I look at it more internally and, you know, we want our employees to be healthy, you know, and we don't want our employees to have to moonlight in order to make ends meet. To me, that's, you know, it's, it's near and dear for me. I'm cognizant of that. We're, you know, we're very fortunate. It's a tight labor market, but we have very minimal turnover. I'm very grateful and thankful for that. It's, it's, it's important to recognize that what inflation does to our, you know, to our particular frontline workers. We, we try to stay on top of it. I'm not going to. You know, I'm prepared to say no to a customer if they're not gonna pay their way, from that standpoint, just to make sure that they're, you know, not at the sake of our employee. Okay. thanks. That's very helpful. Then maybe just, Peter, you were commenting that the CapEx should be lower in 2023 relative to 2022. Do you think there's any risk at all in getting the equipment that, y ou're, you're planning on, for 2023, at this point? Or do you feel fairly confident relative to some of the challenges that occurred in 2022? I think we're more confident than we would have been in 2022 there. I think things are kind of getting much closer to the run rate, the normal run rate, let's say. I don't see any big challenges for either leasing equipment or purchasing it. Okay, great. Thank you very much. Thank you. Next question will be from Ty Collin at Eight Capital. Please go ahead. Hi, guys. Thanks for taking my questions here. I'm wondering if you could talk a little bit about what your plans are from an organic perspective in the U.S. this year, how you're planning to grow or develop the Skelton and Boyle businesses specifically, and will you be making any meaningful growth investments down south in 2023? Hi. Good morning, Ty. I think it's the first time we speak. Yeah, with respect to the U.S., our organic growth is there from the perspective of being able to have access to new equipment, to more equipment, I guess. We were a little bit handcuffed last year. We will see that as a normal organic growth for both of those businesses. We're looking... I don't know if I've mentioned in a previous call or not, but we, you know, expanding the network, they're very complementary businesses, both Boyle and Skelton. They have the ability to collaborate in many areas, and including using each other's terminals for their drivers and maintenance. We feel that, you know, strategically, opening up a new facility, particularly where our customers are, some of our customers in the Memphis area is an area of focus. That by default will, you know, organically grow our both of those businesses. That's in the plans for 2023. Got it. Thanks for that. Just as my follow-up, maybe to stick on the U.S. theme and follow up on some earlier comments on M&A. I guess from a U.S. perspective specifically, what's sort of the next logical piece you might be looking to add there from an M&A perspective now that you've kind of got your two truckload carriers with a pretty thorough geographic coverage? Another good question 'cause that's what keeps me thinking in terms of growth in the U.S. It, you know, it's, it continues to be a learning experience and getting closer to the wholesaler distributors and understanding what their needs. Truly trying to understand what the needs are for that industry is, it is different than Canada. You know, just because it's successful in Canada doesn't mean we can replicate it in the U.S. It continues to be a learning. I have, you know, I had mentioned earlier on and when Walter asked the question, we're gonna focus more on M&A than we have. Part of it is probably more on the logistics side of things because it's a little more complex, and using that. While the FDA is kinda dragging along, the pharmaceutical giants are who are in, you know, have international, you know, presence, tend to have more requirements. I think there's an opportunity there. We need to have a focus and champion for that and, we're in a better position to focus this year than we were last year on that side. Okay, great. Appreciate the color. Maybe just one last, small housekeeping one for me. It looks like the contribution from the LSU business this quarter was kind of significantly lower than the last couple of quarters. I think it was CAD 2.7 million. Maybe I'm misinterpreting the commentary in the MD&A, but I'm just wondering if there's any explanation for that. The contribution isn't lower. What we did was we made a catch-up adjustment kind of for the first seven months where we took some of the billings, the costs that are passed through to clients and moved them up into billing. It just distorted some of the relationships mostly in the direct cost or the direct operating cost line. Revenue would have been significantly higher than what it looks like in that in the Q4. Nothing to worry about from an LSU perspective. Okay, that's really helpful. Thanks for the questions, guys. Congrats on the quarter. Thank you. Next question will be from Konark Gupta at Scotiabank. Please go ahead. Thanks. Good morning, everyone. My first question is on the organic growth. Just wanted to understand, and Peter and Mike, whoever wants to take it, if you split out or, you know, strip out M&A, vaccine, and the fuel surcharge that you kind of get naturally, where did the organic growth come in in fourth quarter, like, toward the high end or the mid end or lower end of your range? Hi, good morning, Konark. I mean, I'll take the question. Peter wants to add some color to it. Yeah. There's no doubt when we were, when we were doing our business plans that the impact of the COVID was significant enough. Like I said, it was that tailwind that we got is something that we're not gonna have this year. While typically we feel that we've historically shown organic growth to be between mid to high single digits, that is gonna be erased next year. We're comfortable in looking at, you know, probably, you know, the 4%-5% growth, mid single digits because you're taking away the vaccine and related business. I mean, w e were flying, you know, test kits across the country this time of year, you know, and then, and the vaccine. Today, the vaccines are We get paid for moving the vaccines, not necessarily storing it. Right now we're storing it, and in some cases we have, you know, extending the expiry dates, you know, by another six months, because it's not moving. Which is a good thing, right? You know, it's. Yeah. Those are the areas that we've recognized. Companies, you know, certainly, you know, like LSU, whose vaccine centric business is, you know, will be somewhat affected. In the U.S. as well. You know, Boyle was the, you know, It was a Boyle trailer that backed in Kalamazoo to pick up the first Pfizer vaccine load and continued to do so. Those are pieces of business that won't be there going forward. Okay. No, I appreciate the color, Mike. Thank you. You know, with respect to, you know, like some of the challenges that you and your industry have seen in the last couple of years, like with respect to employee absenteeism, let's say. No, not specifically to you guys, but generally in the industry, as well as, you know, equipment delays and supply chain and whatnot, right? I mean, going forward, you know, as we are kind of nearing hopefully the end of inflationary cycle or rate inflation, and, you know, supply chain is easing. I think that's what we're hearing from a lot of people. Employees are going more sort of to work. What are the pending sort of challenges as you see from your standpoint this year? Not many. I'll tell you one thing, traffic. Traffic's going up, which makes our guy, our drivers, it takes longer for them to do their deliveries. That was about the only benefit of people working from home, as I saw it. We're using more 407 bills now these days to keep our trucks moving in Toronto. Anyway, I don't foresee... Peter, can you think of anything? No, I think we just, we've sort of resumed the pre-pandemic flow, and I don't think there's any real constraints or issues there. I mean, I like to use the word resilient. Yeah. This business has shown to me that it's very resilient and it's. Yeah. Okay. That makes sense. That is good to hear. The last one for me, with respect to, you know, the volume and pricing. I'm just thinking, when you kind of look at the organic growth this year, whether it's Canada or U.S., you made a comment earlier, Mike, that the pricing is a little bit under pressure in the U.S. relatively, maybe still is positive, but, you know, a little bit softer than before. When you look at this year as a whole across your franchise, would you say, you know, the growth opportunity is more on the volume side than pricing, or it's more pricing than volume? I wanna say a combination of both. Really. I mean, I don't, when I look at our business plans from a company, that's what it seems to look at. You know, some companies have less volume because of the vaccines growth, but others are, you know, just, it's just, you know, slow and steady. Then obviously the pricing, yeah, we see that. We have pricing on the biologics, which are more, you know, which can be more aggressive and then on other product, you know, on a pharmacy. If you go in a pharmacy, you know, the further the product is away from the prescription area, the more price sensitive it becomes. Makes sense. Thank you. Thanks for the color. Thank you, Kona rk. Next question is from Endri Leno at National Bank. Please go ahead. Hey. Yeah, good morning. Thanks for taking my questions. I'll start with one, and it's just in relation to an answer that Michael just answered, but it was more you mentioned biosimilar, Michael. I just wanted to ask a little bit if you have any insight. There's been this continued provincial biosimilar switch. I think Ontario and Nova Scotia and Saskatchewan will do this year, and a few other provinces have done before. Can you talk a little bit about Andlauer's current or expected mix of biosimilar and patented biologic medicines, how this shifts the factory at all, or anything, any color around there? No, I don't see any impact. You know, I think I've mentioned that before, you know, the impact of generics versus ethical drug companies. Even though it seems like a lot of these brands now are moving into generics or have their generics and businesses. You know, whether we move from one customer, it means one customer might be doing more revenue than the next. It's kind of switching, you know, switching revenues around. One thing I will say, Endri, is that it's a business that's on the rise. When I look at our capacity at Accuristix and at LSU, you know, fridge and freezer capacity is growing. It's growing faster than the rest. We see that as being a good sign. Whether, you know, I mean, at the end of the day, government's got to do what they do to do for taxpayers, and it doesn't affect the movement of those goods. Hence for us, it's neutral. Okay. Okay. No, that's great to hear. Thank you. The other question is in regard to some previous answers as well that you gave in terms of OTC products potentially seeing a bit more margin pressure in the U.S.. I was wondering if you can talk a bit to what the mix of businesses is in the U.S. for you, OTC versus pharmaceuticals or prescribed pharmaceuticals. And also in relation to that expansion planning in Memphis, would it be more weight towards OTC or would it be more towards prescription medicine? Yeah, the expansion in the U.S. is more from a transportation perspective for to complement Boyle and Skelton, which are truckload carriers. It doesn't really affect that. The carriage of goods, I'll be honest with you, off the top of my head, I don't know. Maybe next quarter I'll be able to answer that question for you. It's not. I really don't know that question, to be honest with you. Okay. No, that's fine. The other question I had is that, I mean, and you mentioned the Memphis expansion. Are there any kind of other notable growth opportunities, at least in Canada? I'll tie that a little bit. You mentioned on the last call that you're expanding the LSU facility in Québec. Is there something specifically tied to that facility or to that business or any kind of, you know, notable growth opportunities that you're looking at in Canada? It's not tied to anything in particular. It's just, it was an opportunity that the ATS facility had excess land and felt that it was important to have that. You know, industrial space is tight right now, you know, in the major centers in this country. Typically, you know, it gave an option for certainly the Québec based pharmaceutical companies to have an option. It seems a lot of them are actually migrating to Ontario because there wasn't enough space in Qu é bec or we see that as an opportunity to grow that in Québec. Great. Thank you. Last one for me is, if I recall correctly, there could potentially, at least in theory or big picture, be a bit risk to some contracts if there was merger between some of your larger clients, especially on the pharmaceutical side. On that side, there's been more kind of spin-offs. I'll say recently the trend, and I think Sandoz more specifically, that is also big in Canada. They're gonna be spun off from Novartis, I believe, next year. I was just kind of wondering if you can talk a bit in terms of does that present any opportunities for you or how do you see that kind of spin off more specifically? Yeah, I mean, we've seen a lot of that. I mean, it, you know, you, we went from consumer goods with these consolidations like Haleon, for example, which is a client of ours, with GSK and Pfizer consumer products, consolidating. Then you see the other from the pharma companies where they're trying to be more specific, maybe focus on oncology or whichever, and then they spin off their other products. There's a combination of both. You know, on the consolidation side, it becomes, you know, a nervous time because sometimes the provider is with another, the product of the one of the two companies is with another provider. So in the case of Haleon, we were the lucky ones, or the fortunate ones, I should say. On the spin offs, I think it's probably more opportunistic for logistics providers, because now all of a sudden you have, you know, potentially two shipments instead of one, orders. It ebbs and flows, Endri. That's an interesting one. We've observed that as well, lately. I mean Pfizer is a perfect example of that. Okay, great. Thank you. Thanks, Endri. Next question will be from Justin Keywood at Stifel. Please go ahead. Good morning. Thanks for taking my call. I appreciate the commentary around M&A. I'm just wondering now that Boyle and Skelton has been under the Andlauer umbrella for. Just over a year. How do we assess the success of those acquisitions? Is there a particular metric or metrics that you would point to? Obviously the overall EBITDA margins are increasing but, you know, a few moving parts there with the vaccine. Any additional color on how we could assess those acquisitions would be helpful. Well, I guess that you probably gave the best metric right there. And that's, and that's a result of, you know, of good collaboration, good communication, good, you know, good execution. And that goes, you know, you know. That's, interestingly enough, those are, you know, those were growing companies that the founders or, you know, the, or the sellers who are still engaged with the business, who are still shareholders of AHG, who are still passionate about the business and, you know, the opportunity to use the AHG assets to their advantage, are some of the, you know, some of the areas that are, that are key success factors. you know, we're there to complement their continued growth and I think we've been able to do that. Hopefully, that answers your question, Justin. That's helpful. Was there anything unexpected, just 'cause we've seen other Canadian companies go to move into the U.S. and there's some unexpected headwinds, or is it pretty much going as to plan? Yeah. I think I've, in previous calls, Justin, I've talked about learning and education and you know, certainly, you know, I was always a little bit leery of the fact that it was truckload, and truckload tends to be commodity type of business. We're seeing a bit of that headwind today because, you know, and as I said earlier on, the FDA is not quite as stringent as other jurisdictions when it comes to quality. But, nonetheless, it's still a great space and still a good margin than other commodity transport providers. There's still a growing demand. I'm, you know, continuing to learn, but it's an opportunity, you know, over the next year or so to expand the platform in the U.S. to be more complementary going forward. From those businesses, no, I don't, I, you know. They're great operators there, people that care great deal about each other and the customers. Understood. Thank you very much. Thank you, Justin. As a reminder, ladies and gentlemen, press star one if you have a question. Your next question will be from Tim James at TD Securities. Thanks very much. I just have one follow-up question here. I'm not even sure it's a fair question. As you look at the packaging solutions business, is there any reason, you know, as you look through to 2024, assuming you don't have any kind of challenges like you had in the fourth quarter with the one particular customer, but when that business normalizes again, is there any reason it wouldn't be, you know, back to the levels of revenue that you saw from that business in 2019? That's not fair. Just kidding. Yeah, I. You know, and to be. I think I referred to it. It's not a business that we have had too much focus on. Probably the most commoditized of all the businesses that we have. We're gonna focus on, you know, where we can add greatest values, have better handcuffs, on that business, and I think it's an area that we really haven't put as much focus on. Having said that, the bones of that business is, I believe, can be used for other areas of the business that could open up, complementary services for the pharma industry. One of that, those areas I've, you know, I've tasked and talked and researched and looking at is returns management. I think we touch the product so many times through the travels of by the time the consumer gets it, either, you know, through ATS or ATS Dedicated or Accuristix. Then even around the return side of things, I think there's some efficiencies that we can have using our network. Certainly, the packaging, the co-packaging areas is probably an opportunity there. There's a function of that. I mean, you know, I'm just speaking out loud. It's a fair question. I'm just kidding, Tim. From the actual, you know, that business, we're not soliciting as much business development on that side of the business because it hasn't been as big of a focus for Andlauer Healthcare Group. Okay. Thank you, Michael. That's helpful. Thanks, Tim. Thank you. At this time, Mr. Andlauer, we have no further questions. Please proceed with any additional comments. Okay. Well, I don't think I have. I think I've kept everybody on the line for a while right now. I wanna wish everybody, Hopefully, everybody had a good first start of 2023. Best of health and looking forward to our next call. Have a great day. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we ask that you please disconnect your lines. Have a good weekend.