Good morning. My name is Julie, and I will be your Conference operator today. At this time, I would like to welcome everyone to the Andlauer Healthcare Group 2024 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 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 measures under IFRS. Please, 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 3rd May, 2024. I would now like to turn the conference over to Michael Andlauer. Please go ahead, sir. Thank you, Julie, and good day, everyone. Thank you for joining us today. With me on the call is Peter Bromley, our Chief Financial Officer. Following my opening remarks, Peter will follow up with a more detailed discussion of our Q1 financial results. I'll then provide some closing comments and open the line to questions. So aside from our lower fuel surcharge revenue, our 2.2% year-over-year decline in our consolidated revenue for the quarter was primarily attributable to two factors. First, revenue in our U.S. truckload businesses at Skelton and Boyle reflected a year-over-year decrease of $4.3 million, and as a result of a continuation of depressed rates for truckload services that we have experienced throughout most of 2023. Our lower revenue in the U.S. also reflects our decision to focus on revenue quality. The trough, the trough that I described during our Q3 2023 Earnings Call is, has extended through Q1, and I would anticipate through Q2. Second, we experienced lower revenue in our Accuristix business to the tune of about CAD $3.2 million year-over-year for this quarter, primarily due to lower volumes from certain large consumer health clients. Yeah, like I said, those are the ones that are distributing mostly consumer health products. These declines were partially offset by organic growth in our Canadian specialized transportation network, excluding fuel surcharge revenue. As I've discussed previously, we are determined to drive incremental margin growth in the US by leveraging our core specialized competencies in temperature, security, and quality control, and by focusing on certain customers and our high-value products that are not as susceptible to the fluctuations in the spot market rates that we're experiencing in the US today. The lower outbound order handling activities that we've experienced for Accuristix the past few quarters primarily reflects lower volumes of handling and transportation activities for these certain consumer healthcare customers, and some normal course fluctuations in the rest of our client base. We expect our LSU facility expansion in Montreal, which was completed in January this year, to improve our logistics and distribution product line performance in 2024 as the year progresses. I'll turn the call over to Peter now to review our financial performance in more detail. Peter? Thank you, Michael, and good morning, everyone. Revenue for our healthcare logistics segment totaled CAD $42.9 million, a decrease of 6.9% from Q1 last year. The decrease reflects a 6.4% decline in our logistics and distribution product line revenue and a 10.3% decline in packaging revenue. Michael spoke to the decline in our logistics and distribution revenue. The decline in packaging revenue primarily reflects the loss of one of our packaging clients in Q1 of last year. Revenue in our specialized transportation segment totaled CAD $118.3 million, a slight decrease of 0.4% compared with Q1 a year ago. The decrease reflects the decline in U.S.-based truckload revenue and lower fuel surcharge revenue, partially offset by organic growth in each of our Canadian specialized transportation product lines. Average fuel prices in Q1 this year were approximately 8% below levels in Q1 a year ago. Ground transportation revenue for the quarter was CAD $106.4 million, a decrease of 1.7% compared with Q1 a year ago. The decrease reflects the decline in our U.S.-based truckload business, reflecting lower rates and our focus on revenue quality, as well as lower fuel costs passed on to customers as a component of pricing compared to Q1 last year. These factors were partially offset by organic growth in our Canadian ground transportation network. Ground transportation revenue, excluding fuel in our Canadian network, increased by approximately 3.2% compared to Q1 last year. The 6% growth in our air freight forwarding revenue in Q1 this year reflects a 2.3% year-over-year increase in weight shipped. The 3.6% increase in dedicated and last mile delivery revenue in the quarter reflects continued organic growth, partially offset by a reduction in fuel surcharge revenue. Cost of transportation and services was CAD $82.5 million, or 51.2% of revenue, compared with CAD $84.2 million, or 51.1% of revenue for Q1 last year. Lower fuel costs, in line with decreases in revenue related to fuel prices, were partially offset by idle equipment costs in our US-based truckload businesses, arising from a lower volume of loads as we focused on revenue quality. Direct operating expenses were CAD $26.3 million, or 16.3% of revenue, compared with CAD $27 million or 16.4% of revenue for Q1 a year ago. The decrease was primarily attributable to a reduction in outbound order handling activities for Accuristix in line with lower revenue. Operating income totaled CAD $21.2 million, a decrease of 10.4% from Q1 last year. Net income was CAD $14.9 million or CAD 0.35 per share diluted, compared with CAD $16.5 million or CAD 0.39 per share diluted a year ago, Q1. Lower segment net income before eliminations in our specialized transportation segment was primarily attributable to reduced contributions from Boyle Transportation and Skelton USA, and lower segment income from our healthcare logistics segment, which reflects reduced order handling and transportation activity. EBITDA for the quarter totaled CAD $39.6 million, compared with CAD $40.5 million in Q1 last year, primarily reflecting lower contributions from U.S.-based truckload operations and reduced order handling activities for Accuristix, partially offset by organic growth in our Canadian specialized transportation network. EBITDA attributable to Boyle Transportation and Skelton USA was approximately CAD $2.5 million lower in Q1 2024 compared to Q1 2023. EBITDA margin was 24.6% for the quarter, unchanged from Q1 last year. The margins in our U.S.-based truckload operations, which were in line with our consolidated margin range throughout 2022 and into Q1 a year ago, were impacted during 2023 and Q1 this year by post-pandemic macroeconomic factors, such as increased equipment and driver availability. However, these lower margins were effectively offset by organic growth in our Canadian specialized transportation network. The performance of our two operating segments continues to result in industry-leading EBITDA margins. Our balance sheet continues to be very strong. At quarter end, we had only CAD $25 million outstanding under our term facility and CAD 0 under our revolving facility, and a conservative net leverage ratio of 0.35x. Our NCIB terminated on 28th March this year. In all, we purchased and canceled a total of approximately 634,000 subordinate voting shares pursuant to the NCIB, representing approximately 3% of our float. Despite the NCIB commitments and debt repayment of CAD $25 million late last year, we had cash and cash equivalents of CAD $68.2 million and working capital of CAD $87.7 million at quarter end. This underlines the continued strong cash generation of our business. We remain well-positioned financially to pursue growth opportunities. I'll now turn the call back to Michael for closing comments. Thank you, Peter. Our Canadian specialized transportation network is performing well and in line with our expectations. We're focused on improving the performance of our specialized U.S. truckload operations, where we're executing on opportunities to upgrade this business. This will take longer than we had expected, as we are somewhat reliant on the cyclical nature of the truckload market in the U.S. We're confident that our logistics and distribution product line performance will improve as the year progresses. We already see this trend changing as we enter Q2. Looking ahead, we're confident that we can continue to leverage our unique platform and core competencies to drive increased value for their shareholders, supported by positive industry growth fundamentals that characterize the healthcare, transportation, and logistics markets in Canada and in the U.S. With our core strengths in temperature management, quality assurance, regulatory compliance, technology-enabled visibility throughout the supply chain and security, combined with our coast-to-coast network in Canada and established presence in the specialized transportation market in the US, we're uniquely positioned in a stable and growing market. We continue to evaluate acquisition opportunities in both Canada and the US. We continue to look further to expand our platform. We have maintained and will continue our disciplined approach with respect to both financial and operating metrics, and our constant focus on better serving our customers and supporting our unique culture. Before opening the line to questions, I'm pleased to note that this quarter, we have published our inaugural sustainability report, which you can view on our website. This was an incredible collaborative effort created by many of our employees across all our companies. The report highlights our responsible business approach, which starts and ends with our people, our professional drivers, our owner-operators, and teams working across our network. Their commitment and passion are the engine of our success and a key to our strong industry partnerships and stakeholder relations.... This report is a testimony of their hard work and will serve as a baseline against which we will measure our future progress for the communities we serve. And now I'd like to open the line to the questions. Julie, please commence the Q&A. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session for our analysts and institutional investors. Should you have a question, please press star one. To withdraw your question, please press star two. One moment please, for your first question. Your first question comes from Kevin Chiang, from CIBC. Please go ahead. Good morning, Michael and Peter. Thanks for taking my question here. Maybe just on the margins, you know, flat year-over-year, but down sequentially, you know, by almost 200 basis points. I don't normally think of your margins being seasonal, so if you can clarify that, if there's some seasonality to your margin profile. But maybe just any color on the step down in margins quarter-over-quarter, because I would imagine some of the pressures you highlighted in Q1 would have been present in Q4. So maybe just some color there in terms of what you think drove the sequential decline in profit margin or EBITDA margin. Yeah, I think there is a bit of seasonality as you go from, you know, I mean, we've seen that with the, certainly with the consumer goods. It's not as seasonal, it's not as seasonal as other commodity, other products, other industries, particularly in the retail sector. But there is a bit of that. Q1 was a bit of an anomaly we found. Interestingly enough, when we did our, each one of our companies did our budgets this year, we, you know, obviously, we budgeted and expected year-over-year growth in to what we had anticipated as, you know, interesting, mid single digit growth. But what we didn't do, the exercise that we did, is we looked at it. We seemed to hit plan in most of our businesses, except for the US business. And we realized that when we segregated by quarter, we do this by month, by the way, but when we segregated by quarter, the surprise is that the seasonality, the Q1 didn't seem to stand out. We met plan in most of our companies, so that's why I'm not, I'm quite confident about where we're going. There were a lot less working days in Q1 of this year as more Q4 of last year or even Q1 of last year. So it's an interesting dynamic, but, and that, that would kind of affect a bit of the margin. But when you're talking about two basis points, it's, it's not, you know, it, it'll even flow just by, you know, but it's relatively steady overall. Okay. That's my, that's my take on it, Kevin. No, that's helpful color, and obviously gives me some sense of how margins might work through the year here. Maybe just my second question on Accuristix. Sounds like you're seeing some pressure from, you know, consumer health products. Can you give us a sense of, you know, maybe what percentage or how you would level set your exposure to maybe more consumer discretionary spending versus servicing or providing an essential service or moving products that are in essential services? Is there a way to maybe handicap, you know, what your exposure to consumer discretionary spending is? Just give us any concerns there. I'm not as concerned about—I mean, eventually people, you know, will need to take it. It's not a luxury, even though, you know, when you look at consumer health and you look at, you know, things like vitamins and other products that are part of a portfolio of these healthcare companies, even sunscreen, those, you know, those are voluminously in nature, and tend to need more space and more, you know, both in a warehouse and in a truck, and tend to have a higher cost to the customer. So, to me, we saw it, and we saw it last year or two years ago, I can't recall exactly which quarter, where we had an enormous amount of returns because the cold and flu, everybody was staying at home. And obviously, we're catching colds, and the cold and flu business wasn't vibrant, or the same with the vaccine, so there was a lot of returns coming, so forecasting. And I think a lot of these companies are still trying to figure out what, you know, what the right numbers are for consumers. You know, I don't know. I can't really. Like I said, I think, you know, I think in Accuristix's case, they had three less working days. Mm-hmm. ... in Q1, compared to Q1 of the previous year. That's got to have some effect. Easter came, you know, on the- Mm-hmm. It came in early in Q1, and last year was in Q2. So I'm not, you know, I'm not concerned... you know, I think there's a bit of an anomaly there, to be No, that makes sense and, you know- Sorry. Yeah, sorry, Kevin. Yeah, I wish I could be more, more definitive than that. No, no, that's helpful, though. I'm not, I'm not gonna try to bullshit my way through this. No, no, but the- As you know, as you know me by now, right? So. Two shared. But at least two, three of your working days is obviously gonna impact the quarter, and you make that up as we get through the year. So that's all. I, I'll move back in the queue. Thank you very much for taking my questions. Thanks, Kevin. Your next question comes from Konark Gupta from Scotiabank. Please go ahead. Thanks, operator. Morning, Michael and Peter. Again, you know, dig into the US business a little bit. You know, I know, and you guys are not alone, obviously, in this. You know, every single truckload business is feeling the pressure right now, and I think everybody's kind of surprised that it's extending into sort of the mid-2024. So, you know, it's uncontrollable, clearly. But, you know, from your perspective, you know, what's your strategy now in the US? You know, like, I think you have a business that's obviously under pressure right now. Would you take sort of the opportunity or advantage of the market conditions today, given your balance sheet, obviously, to scale up, you know, in the US with more ground transportation assets? Or would you, you know, like, spend some time and capital on logistics aspects in the U.S. so that you can, you know, create some synergies like you have in Canada? Or would you kind of like to be, you know, on the sidelines in the U.S., you know, like, wait and watch, let the market rebound and all that? So how do you, how do you see the U.S.? Those are excellent, that's an excellent question, 'cause I think we, we've talked about this for executive teams. I had both executive teams in Boston last month, and it's exactly what we, what we spoke of, both the Skelton USA and Boyle. And, those are exactly some of the things that we, you know, we discussed. You know, I, I'd be-- I would be lying to you if I didn't tell you that when we bought this bus- this business, you know, 3 years ago now, or, a little under 3 years, we were, we felt that, you know, the FDA would temperature control and would follow suit with Canada, they'd be more stringent. It certainly felt that way in light of the margins that these companies were yielding and the demand for the business. And then they pulled out, you know, after COVID, the rug was kind of pulled out from our feet. And you know, Kevin's previous question about margins and fluctuations, as certainly the U.S. took the biggest hit in margins. And we looked like a truck, we looked like a successful truckload company, but not a great specialized transportation company that we bought. So from that perspective, and you know, can we be opportunistic and because we are going through a trough and a good balance sheet, to me, that would be... It could be opportunistic, but I don't feel comfortable that I understand the market well enough. My point of differentiation has been to be focused on healthcare, which is somewhat of a recession-proof business in areas where our services are required and needed all the time. I'm nervous that if I go towards that, continue to grow that business, that I will be part of that cycle that we're going through right now in the truckload business in the U.S. So, I'm looking more at synergistic. I look at the healthcare sector where it's more complex. So right now, with the business that we have, I think I mentioned it last quarter, I can't recall off the top of my head, but we will be looking at more specialized products, like some of the stuff that we do in Canada, that in particular Skelton does on the 2-8 degree side, or frozen for that matter, with the plasma business. And I would focusing on that, those areas, using those resources for that. The sales cycle is a lot longer because of the regulatory requirements, but that's exactly what got us successful, is because of the regulatory requirements. You know, so from that standpoint, we are working diligently to change that business to be more specialized, as it's categorized today. And on the Canadian side, we are, you know, active. Even though we haven't done a transaction, we are active on the M&A side. And in some cases, you know, looking at things that could be very much transformational. I'm passionate about the healthcare industry in this country, and, you know, wanna be able to make a difference. That's, that's great, Michael. Thanks. And if I can follow up, on LSU in Montreal, obviously, you have capacity expansion there. How does that capacity expansion translate into, you know, revenue generation over the next 3-4 quarters? Like, what's your cadence for that? I feel that we're a bit tied in with the whole real estate market right now, and a paradigm with respect to where companies are looking to pivot or not even pivot, but just transform in terms of type of healthcare products, particularly on the pharma side. And, you know, when we talk about biologics and specialty pharma, I think that's an area of growth, and I think that's where LSU specializes in Quebec. And, so we're expanding. It's only about a 35,000 sq ft expansion in Laval. But, you know, when it's mostly, you know, fridge products that are frozen, that becomes. So I feel that we'll grow organically. The opportunity's there. We have, obviously proprietary, I'm not gonna talk to this, but we have, we've, there's a, there's attraction to it, right now for, for this business, for the, for this space, I should say. That's great. That's all my questions. Thank you. Thank you. Your next question comes from Cameron Doerksen from National Bank Financial. Please go ahead. Yeah, thanks very much. Thanks very much. Good morning. Just to follow up, I guess, on the US business, I mean, clearly it makes sense to focus more on kind of the specialty, you know, today and frozen. Just wondering if you can talk about kind of the timeline to, you know, kind of pivoting to that business. I mean, you kind of indicated that Q2, you're seeing similar trends in the US business, but, you know, how long does it, I guess, take to kind of materially change the business to focus on some higher margin, more stable business? It might... This is a good question, Cameron, but, well, focus is there, discussions are there. It could very well take one distributor to make that decision and transform us. I'm not gonna say overnight, 'cause it takes time. But there's a lot of work in progress with customers who are familiar with our services, obviously international companies. It's a matter of positioning and setting things up. There's a lot of regulatory aspect to it, you know, QA requirements that, you know, when you're dealing with this type of product. So, I'm intrigued with it. There's also the aspect that we're doing at Boyle, non-healthcare product with the Department of Defense business. You know, is that an area that we look to be segregated and expanded upon? You know, that's why, you know, when Konark brought up the question earlier on, it's a strategy session, and it's something that, you know, I'm not gonna... I'll ultimately make the final decision, but I'm looking at the collaborative effort of our executive teams, both at Boyle and Skelton USA and others here at AHG, to figure out what's in the best interest of our shareholders. Okay. No, that makes sense. And maybe just secondly, for me, just on the NCIB, I mean, terminated, I guess, in March or finished. I guess, any thoughts on, you know, putting a new NCIB in place? Just wondering why you wouldn't have renewed that. I'll ask Peter for why we didn't renew it. But absolutely. I mean, I think as you can see, our balance sheet, we're even though, you know, we we're in the best position balance sheet wise we've ever been. And that's despite having bought our shares back, and we will. I mean, obviously, it's you know, those are all things that we need to that we will. We'll behave accordingly on that. My only concern is that the flow is getting smaller and smaller, so 'cause I'm not selling. So anyway. Right. Yeah. Okay. No, that that's helpful. Thanks. Thanks very much. Thank you. Your next question comes from Tal Woolley, from Eight Capital. Please go ahead. Hey, good morning, guys. Thanks for the question. My first one, I'll just ask on the Canadian ground transportation business. You called out around 3% organic growth year- over- year in the quarter. That's, you know, a bit of a slowdown from what you guys have been putting up in recent quarters. Just wondering if you could comment on that there, any, you know, any kind of one-timers, any seasonality to take note of or maybe a bigger picture trend as we're thinking about the rest of the year? Yeah, Tal, I'm not concerned about about it at all. I think it's you know, days in the quarter might have affected it a little bit. You know, it seems to and in talking to a lot of other businesses, they seem to be saying the same thing. Didn't really notice that that it would've had an impact, but you know, 3 days on 60 working days is 5%, so. Mm-hmm. I'm not. And by the way, the fuel surcharge is a lot less, so sometimes you know, the revenues might have a little bit of that impact as well. That would have impacted that percent growth. So, but all in all, it's steady. It's not, you know, it's not a sexy business. It's pretty mature, but it's steady. Our service levels are as good as they've ever been. We've had, you know, which has helped with the fact that the winter was mild, with the temperature management as well. That always helps when it's not -50 degrees Celsius in Ontario. But, no, I'm not overly concerned with it. Okay, great! Now, that, that's helpful, and I think it sounds like the number of working days did move the needle there. And then just for my follow-up on the U.S. business, obviously, you guys have talked about kinda tactically downsizing certain areas of that to focus on more high margin, value-added work. And you mentioned that that's maybe created a little bit of slack from a capacity utilization standpoint right now. Is the plan to kinda just grow back into the capacity you have now, or are there any thoughts of actually maybe downsizing the fleet, getting kinda less exposed to the truckload market, as you mentioned earlier in the call? Just your thoughts around the future of your asset base in the U.S. Yeah, I think, Ty, the capacity is fine. We could... You know, if we felt compelled to grow at higher margins, then we would. But we're not gonna go and grow just because of, you know, we got typical truckload margins. Our-- we, you know, we took a, we, we-- it's been quite the difference in margins quarter over quarter, in that business. And, you know, the stock, you know, the cash flow positive businesses, but I'm not worried about that. It's not a bit, you know, your computer, but it's, it's... Yeah, so for me, it's just stabilize it, understand it more, focus on other pieces of business, and don't say yes to all, any business that comes along, which will require you to get more trucks. and then, and then when you—when the cycle, you know, then it, it create when trucks on the, at the fence, it's not working. And by the way, since, you know, in the last, you know, year, that everything's gone up. So, you know, your, your, your lease costs, your truck interest rates are up, truck costs are up, wages have gone up because of inflation. And so there's, but, you know, and the rates haven't, we're, like I said, we're in that part of the cycle, and we don't wanna—We're gonna keep things status quo from a fleet standpoint. Okay, that's helpful. Thanks for the questions. Your next question comes from Justin Keywood from Stifel. Please go ahead. Good morning. Thanks for taking my call. I guess just first, a follow-up on the consumer health customer or customers that saw some pressure in Q1. I know there was a strike with the market share leader in the VMS space. Did that have an impact at all? And is that transitory, where we should see more normalized results in Q2? I think we'll see more normalized results in Q2, but I don't know if the strike had anything to do with it. Okay. And then just more broadly, looking at 2024, is it still possible to achieve the 4%-7% organic growth target on the year? I personally believe so, because when I segregate all our business plans for all the companies by quarter, I realize that that's, you know, like I said, earlier in the call, we're making plans on all the businesses. I still feel confident. Okay. And then just finally, just on the M&A pursuits, and I think I heard correctly, you know, possibly some adjacent industries. I assume this would be in Canada, primarily, given the cold chain focus in the US. Are you able just to detail, you know, what some of these adjacent areas could be? And would it be a near-term pursuit or more medium and long term? It's a constant pursuit. But certainly, you know, we have, you know, we have the differentiation of having an incredible national network in Canada and leveraging that in other areas in the healthcare sector. I think would, could be opportunistic. And interesting enough, I'm going to Scottsdale for a pharma conference, and all the major players are gonna be there. And that's some of the initiative is, you know, it's listening, it's strategy, it's partnering. And I think you're seeing that. I mean, if you look at a specialty pharma business, for example, and you know, the patient care and the network required and you know, getting the product to the patient, and there's a whole logistics play of this. You know, the fact that you have to get blood work before you go and get, you know, treat it. Those are all areas that, you know, listening and understanding and the fact that we have such a network, such a broad network, and that we to help complement and is, I think, an opportunity for Andlauer Healthcare Group moving forward. Very interesting. Thanks for taking my questions. Thanks, Justin. Your next question comes from Michael Simpson, from NCM Investments. Please go ahead. Hello there, Mr. Andlauer. Can you give me an update on Shoppers, if there's opportunities for you to increase your business with Shoppers? You've got a long-term relationship with Shoppers. Hi, good morning, Michael. Well, we do have a relationship with Loblaw and Shoppers more specifically. You probably see our trucks go in there on a daily basis, but I don't know if I can really elaborate much more than that on that front, as we do with other pharma clients, or retailers, I should say, or distributors. Okay, fair enough. Second question is on the front of biologics and regenerative medicine, can you talk about the opportunities in Canada and mostly the U.S.? To what extent, Michael? To the extent to grow revenue or if these are new growth opportunities, verticals for you? Yeah, and I think I referred to that in Justin's questions earlier on about specialty pharma, biologics and working closer. I mean, our manufacturing clients that we warehouse and distribute for, we're seeing an increase in, you know, in warehouse and logistics space. I think last quarter, I might have mentioned that our Calgary facility, we've actually doubled our fridge space in Calgary. I just alluded to LSU earlier on about their 35,000 sq ft expansion. A lot of it is fridge space. And it's obviously back to, you know, your question about biologics. We see that space growing. We're well positioned to support our clients at Accuristix, who a lot of them are pivoting from the traditional pharma pills to more biologics. So that's, you know, that's trying to understand the customer and offer that network to our customers. Great, thank you for your time. Thanks, Michael. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star one. Your next question comes from Tim James, from TD Cowen. Please go ahead. Thanks. Good morning, Michael and Peter. I just have one really big picture question for you, Michael, that kind of attempts to wrap up a number of topics that you've discussed. Could you talk about the growth potential for the Canadian temperature-controlled healthcare transportation market? Comparing it to kind of, let's call it the 10 years pre-pandemic and looking forward at this point for the next 5 years. I'm just trying to understand any structural changes in the industry, number one, and then secondly, for Andlauer within the industry. Just a comparison, if there are any changes in the potential sort of normalized rate of growth. Yeah, I think, I mean, the data tends to be a little bit, you know, that we get is -- and you can get that data, by the way, Technavio data or whatever. It's, you know, we're looking at... I think I read something, it was Peter, maybe correct me if I'm wrong, is it 4%-6%? Yeah, it's in that range for the next 5 years+. 5 years. So it's predictable, it's steady, it's not sexy, but it's growth. I mean, I would, you know, the amount of immigration coming in as well as the country and the like. So I think we feel, you know, it's a nice conservative number so that we kind of rely on. And then you got the aging population. I mean, you can do... I'm not saying anything that's groundbreaking that you wouldn't already probably know, Tim, but I can't really, I don't know, hard time expanding more on that. You know, I think people are living longer, you know, so that's gonna be, that's got to be helpful, you know? So from a regulatory perspective, obviously, I don't... Correct me if I'm wrong, I don't believe there's been a lot of change, if any. From a competitive perspective, the, you know, outsourcing trend, those dynamics, are very similar to the way they were kind of pre-pandemic as you look forward. Is that, am I interpreting that correctly? Yeah, absolutely. I think it's the competitive landscape. It's in Canada, it's become quite mature. You know, I mean, obviously, pharma companies are consolidating sometimes, particularly in the consumer health aspect of things. We're seeing some changes there. Generic companies come and go, and the big ones are still here, but, you know, they're pivoting with biosimilars instead of, you know... And I think the pharmacy industry is strong, and I, personally, I think it's gonna get even stronger because that's gonna be the point of contact for Canadians for more so moving forward as lack of doctors that we have in this country. So I think it's just a matter of, you know, adjusting, but we've built a nice network, that national network, that's, you know, it's hard to duplicate because once you have the economies of scale that we have. So, as long as we continue to take care of the customer and listen to the customer, I think that the predictability is there for our business. At least the way it stays right now, as you know, warehousing and transportation, distribution, packaging. Okay. Thank you very much. Thanks, Tim. There are no further questions at this time. I will turn the call back over to Michael for closing remarks. Thank you, Julie, and I appreciate all of you joining today, and I would ask of you to please take a look at our sustainability report on our website. Us as a company, we're pretty proud of it. Thank you for joining us today. Ladies and gentlemen, this concludes today's conference call. Thank you for joining, and you may now disconnect your lines. Thank you.