Welcome, ladies and gentlemen, to the Bird Construction Second Quarter financial results conference call and webcast. We will begin with Teri McKibbon, President and Chief Executive Officer's presentation, which will be followed by a question and answer session. Analysts who wish to ask a question should have their webcast muted when dialing into the conference number provided. At any time during the presentation today, you may press star then one on your telephone keypad to be placed into the question queue. You will hear a tone acknowledging your request. When we are ready for your questions, you will be introduced into the conference in the order that you were received. If you wish to remove yourself from the question queue, you may press star then two. As a reminder, all participants are in listen-only mode and the webcast is being recorded. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero. Before commencing with the conference call, the company reminds those present that certain statements which are made express management's expectations or estimates of future performance and thereby constitute forward-looking information. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Management's formal comments and responses to any questions you might ask may include forward-looking information. Therefore, the company cautions today's participants as such forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance, or achievements of the company to be materially different from the company's estimated future results, performance or achievements expressed or implied by the forward-looking information. Forward-looking information does not guarantee future performance. The company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise. In addition, our presentation to date includes references to a number of financial measures which do not have standardized meanings under IFRS and may not be comparable with similar measures presented by other companies and are therefore considered non-GAAP measures. I would like to turn the call over to Teri McKibbon, President and CEO of Bird Construction. Thank you, operator, and good morning, everyone. Thanks for joining us on today's second quarter of 2022 earnings conference call. Joining me on today's call is Wayne Gingrich, Chief Financial Officer. Overall, I'm very pleased with the second quarter financial results given, by all measures, a challenging operating backdrop. Lingering pandemic-related challenges in the form of permitting delays from issuing agencies and supply chain challenges, combined with inflationary pressures and multiple trade labor disruptions in Ontario and British Columbia, presented a complex and very fluid operating environment in the second quarter. Despite the aforementioned challenges which impacted our top line in the second quarter, we still reported 4% year-over-year revenue growth in Q2. As you can see in slide 6, revenues came in at approximately CAD 577 million in Q2 of 2022, a record for the second quarter, while net income for the period was CAD 14.1 million. In the second quarter, we achieved a favorable settlement on a legacy claim which amounted to a CAD 7.6 million gain in the quarter. Given this settlement is one time in nature, we've excluded this from our adjusted financials. As such, on an adjusted basis, we reported Adjusted EBITDA of CAD 21.5 million, representing a 3.7% margin and Adjusted earnings of CAD 8.5 million or CAD 0.16 on a per share basis. Additionally, we reported securements and change orders in the quarter of CAD 421 million. Consequently, our combined backlog remains strong at quarter end, with backlog sitting at CAD 2.9 billion and pending backlog at CAD 1.8 billion. Furthermore, our bidding pipeline remains strong across the country. Turning to slide seven. We reported an Adjusted EBITDA margin of 3.7% in the second quarter of 2022, and on a trailing 12-month basis, our Adjusted margin stood at 4.2%. I'd point out that the CEWS recovery impacts of our trailing 12-month EBITDA margin was negligible and that CEWS recoveries will no longer impact our trailing 12-month margins on a go-forward basis. Overall, I am pleased with the margin we reported this quarter in light of the significant headwinds we faced over the course of the second quarter. As we have talked about previously, one of our strategic priorities is to achieve a higher overall margin profile, and I believe that the capabilities we've assembled over the past two years, particularly with the acquisitions of Stuart Olson and Dagmar Construction, combined with our focus to undertake an increased level of self-perform work, should result in a higher margin profile over time. As you can see on slide eight, we announced a number of meaningful contract wins during the quarter. During the second quarter, we were awarded two 5-year MSA contracts for industrial maintenance services and two industrial facility turnaround contracts. The total value of the awarded contracts is estimated at approximately CAD 90 million. Furthermore, we were awarded multi-year mining services contract based, contracted value at approximately CAD 70 million over the term of the contract. As well, we secured a contract for railway track signal and station works with Metrolinx for the Kitchener GO Corridor Expansion project. This contract is valued at approximately CAD 62 million. Building on our Nuclear Portfolio, we were selected as a proponent for the Port Hope Area Initiative Master Construction Contract, or MCC, by Canadian Nuclear Laboratories. Under the MCC, Bird has the opportunity to bid on work packages covering close to CAD 1 billion of remediation work over the life of this initiative. Lastly, we're selected to lead the design and construction of a state-of-the-art net-zero plant protein processing facility in Alberta. The progressive design-build contract is valued at approximately CAD 125 million. These contracts build on our extensive portfolio of projects, as can be seen on slide nine. Some of these projects include the Okanagan Indian Band Water System Upgrade and Lake City Studios in British Columbia, a bundle of schools and the University of Calgary's MacKimmie Block in Alberta, and stage two of the Confederation Line and a number of multi-residential projects well underway in Ontario. Our diverse project portfolio also leverages our sustainable building solutions for clients, which is apparent in the MacKimmie Block project, which is an innovative and sustainable building that incorporates cutting-edge technology and building analytics to deliver one of the most energy efficient buildings on a Canadian post-secondary campus. Combined, we are working on over 380 projects with a combined value of CAD 7.3 billion. Additionally, as shown on slide 10, we have a significant portfolio of master service agreements. These MSAs are with clients under long-term contracts which provide very good visibility to future revenues. These MSA contracts are within pending backlog and are currently valued at CAD 800 million. We expect to deliver on these contracts over the next 1 year-5 years, which would reduce the CAD 800 million balance within pending backlog over this timeframe. Upon renewal of these contracts, our MSA backlog will be replenished, although most of these contracts are not up for renewal for over 3 years. That said, given our long-standing relationship with these clients and strong operational track record, we are well positioned to renew and grow our work program with these clients over time. Furthermore, we are leveraging our construction, self-perform and commercial systems capabilities to provide a compelling one-stop shop offering to clients. Consequently, we are looking to provide existing clients with additional services and new clients with an expanded service offering. As well, we are taking these broadened capabilities to clients to build sustainable projects. We are taking our expertise across Canada to complete major complex projects in the alternative energy and environmental sectors, as highlighted on slide 11. I would point out that we're not new to the alternative energy and environmental sectors, as Bird has executed a significant number of projects in these sectors over the past number of years. Overall, we are well-positioned to deliver innovative and sustainable solutions to clients. Overall, we're striving to position Bird as a leader in sustainable construction, and I encourage everyone to visit our website and download our recently released sustainability report. Turning to slides 13, we've amassed a solid combined backlog, which sits at almost CAD 4.7 billion at the end of the second quarter. This compares to a combined backlog of CAD 4.6 billion at the end of 2021 and up 7.5% from the same period last year. In all, our backlog and pending backlog provide good visibility over time. I believe that our disciplined project selection, our balanced overall risk profile, and improved visibility to future revenues through recurring revenue contracts has positioned us well in the current high inflationary and post-recessionary economic environment. With that said, we're more cautious for the back half of the year. However, we expect conditions to improve moving into Q4 compared to the first three quarters of 2022. Permitting delays that we've experienced to date may continue for the balance of the year. This would result in certain projects in backlog being deferred until necessary permits are granted and work programs can commence. Furthermore, given our limited exposure to lump sum fixed price contracts, a number of clients under collaborative contracts are pausing, reviewing, and potentially re-scoping their projects to fit within existing budgets given the rapid growth in inflation. This has led to additional design and validation work being performed prior to construction commencing. I believe that Bird is well positioned in the current market environment given our geographic and end market diversification. Our focus on increased collaborative contracting with clients, which has reduced our contractual risk profile, healthy combined backlog, continued focus on cost control and a strong balance sheet which provides significant financial flexibility. With that, I'll turn it over to Wayne to go over our financial results. Thank you, Teri, and good morning, everyone. Please turn to slide 14. Despite the challenging economic backdrop, coupled with multiple trade labor disruptions in Ontario and British Columbia during May and June, we reported Q2 2022 revenues of CAD 577 million, reflecting a 3.7% increase year-over-year. The year-over-year increase can primarily be attributed to the acquisition of Dagmar Construction in September of last year. Additionally, once the permitting challenges in collaborative contracts and backlog move into construction, revenue growth is expected to accelerate. Gross profit was CAD 43.4 million or 7.5% of revenues. This compares to CAD 49 million or an 8.8% margin in the second quarter of last year. Revenue and gross profits in both quarters were impacted by the pandemic, but in Q2 2021, the company qualified for CAD 7.8 million in CEWS recovery to help partially offset the costs incurred by the pandemic. Although the company's revenues were impacted in the second quarter of 2022 from the pandemic, there was no such cost recovery this quarter. General and administrative expenses were CAD 31 million or 5.4% of revenues, compared to CAD 30.5 million or 5.5% of revenues in the second quarter of 2021. Adjusted EBITDA for the second quarter 2022 was CAD 21.5 million or 3.7% of construction revenues. This compares to adjusted EBITDA of CAD 30.1 million or 5.4% of revenues in Q2 2021. Adjusted earnings was CAD 8.5 million or CAD 0.16 per share in Q2 2022 versus CAD 15 million or CAD 0.28 per share in the same period last year. On an unadjusted basis, we reported net income of CAD 14.1 million or CAD 0.26 per share, respectively, compared to CAD 13.6 million or CAD 0.26 per share in Q2 2021. I'd like to highlight that excluded from Adjusted earnings is a one-time CAD 7.6 million-dollar gain related to a settlement of historical construction billings with a customer. Turning to our year-to-date results. For the six months ended June 30, 2022, we reported revenues of CAD 1.1 billion compared to CAD 1 billion for the six months ended June 30, 2021. This represents a 5.1% increase year-over-year. Gross profit was CAD 85.1 million compared to CAD 88.9 million for the comparable period in 2021. General and administrative expenses were CAD 62.3 million for the first half of 2022 versus CAD 60 million in the first half of 2021. I would note that no CEWS recoveries were recorded in the current year compared to CAD 18.8 million in CEWS recoveries in cost of construction and CAD 1.4 million in compensation costs in G&A in 2021. Adjusted EBITDA and Adjusted earnings were CAD 39.3 million or 3.7% of construction revenues and CAD 15 million or CAD 0.28 per share, respectively, in the first half of 2022. This compares to Adjusted EBITDA and Adjusted earnings of CAD 51.2 million or 5.1% of construction revenues and CAD 24.1 million or CAD 0.45 per share, respectively, in the first half of last year. Net income and earnings per share were CAD 20.5 million and CAD 0.38 per share, respectively, for the first six months of 2022, compared to CAD 23.3 million and CAD 0.39 per share, respectively, in the first half of 2021. Moving to slide 15. As Teri mentioned earlier, Bird's risk balanced work program positions the company well in the current economic climate. The bulk of our contracts are comprised of low to medium risk contracts with roughly 95% of our revenues for the quarter and for full year 2021 in the lower two risk categories. These categories, for example, encompass IPD and Alliance contracts, stipulated sum or unit price, and construction management contracts. Given one of our key priorities has been to reduce the overall risk profile of the company, we have increasingly entered into collaborative contracting methods with our clients to balance the risk transfer between parties. Our diversified and well-balanced contract mix allows us to largely mitigate our exposure to cost increases. Turning to our financial position on slide 16. We continue to retain a strong balance sheet with significant financial flexibility. During the second quarter, we invested in working capital to support seasonal growth in the business and the company's work program. As a result, we drew down CAD 20 million on a revolving credit facility to fund temporary increases in non-cash working capital in excess of available operating cash. Given the seasonality of our business, we fully expect non-cash working capital to reverse later this year, particularly in the fourth quarter, and as a result, expect to repay our revolver and return to an indebtedness position similar to recent quarters. Owing to our investment in non-cash working capital, we ended the second quarter of 2022 with accessible cash and cash equivalents of CAD 3 million and approximately CAD 116.5 million of available capacity under our committed syndicated credit facility. Our liquidity measures remain well within our comfort levels as at quarter end. Our Adjusted net debt to trailing 12-month EBITDA ratio was 0.95x, while our long-term debt to equity ratio was 26.7%. On slide 17, you can see our capital allocation priorities, which remain the same. We continue to balance our priorities between capital investment in the business, dividends, M&A, and debt repayments. For the second quarter, we generated cash flow from operations before non-cash working capital of approximately CAD 29.2 million. We reinvested CAD 8.1 million by way of CapEx in the quarter, while we distributed CAD 5.2 million in dividends to shareholders under our monthly dividend program. As we've talked about previously, M&A will remain a key strategic priority. That said, quantum and timing are hard to predict. However, I believe that we have built a strong foundation that will allow us to opportunistically acquire businesses to further broaden and diversify our capabilities. Overall, I'm very pleased with our financial strength and our ability to capitalize on opportunities, both organic and inorganic, as well as our positioning within the Canadian construction industry. With that, I'll turn it back to Teri. Thanks, Wayne. Overall, I'm very pleased with our Q2 results. All things considered, I believe we've built a strong business that is able to thrive in all economic environments. Given our long-standing experience in the Canadian construction industry, we're operationally aligned to capitalize on new and emerging opportunities. I believe that the positive backdrop of previously announced federal and provincial infrastructure spending, combined with healthy commodity prices, particularly oil and gas, mining, agriculture, and renewables, should provide natural opportunities for Bird over time. As always, we remain disciplined to drive profitable growth and increase long-term shareholder value over time. With that, I'll turn it back to the operator for questions. Thank you. We will now begin the question and answer session. Analysts who wish to ask a question may press star then one on their telephone keypad to join the question queue. You will hear a tone acknowledging your request. If you're using a speakerphone, please ensure you lift the handset before pressing any keys. If you wish to remove yourself from the question queue, you may press star then two. Anyone who will ask a question may press star then one at this time. The first question comes from Jacob Bout of CIBC World Markets. Please go ahead. Good morning. Morning, Jacob. In your outlook, you talk about permitting delays and project re-scoping. Can you comment on the magnitude of these delays and how long you expect this process to continue for? Well, it's you know, certainly it's difficult, you know, because it has a different effect across, you know, 350 projects. It you know, the framework of it is, you know, projects that are in backlog, you know, we're you know, in a collaborative framework, which is a large part of what we do. Those projects we're working with clients to, you know, find solutions because the risk is largely on the client, you know, relative to inflation and things like that. Or it could be, you know, supply, you know, shortages or delays, things like that. So we're in a constant, you know, interface in this current environment we're in. Then some of the pending backlog that's evolving, you know, we're where we're faced with, you know, this unique marketplace. We're going back and, you know, redesigning and, you know, projects are still continuing forward. It's just there's some top line pressure on our revenue because we're getting, you know, delayed. It's difficult to put a percentage to that because it's it's sort of death by a thousand cuts. There's a lot of variables that are in play, whether it's a supply challenge or whether it's a, you know, inflationary issue or whether it's permitting issue type thing. Okay. The net effect here is what? That revenue growth will slow for the back half of the year, even go negative? I think we're expecting to see, you know, still pressure on top line revenue through the third quarter. You know, obviously we've been working through a number of, you know, deliverables on projects and permits, and many of those are getting closer to be in the ground. We have, you know, we have some confidence that by fourth quarter we'll be through some of this, and we'll have stronger performance in the fourth quarter. It's really where what we're thinking at this point based on certainly the near term lens we have on the environment we're in. Have you seen any projects in backlog canceled? We're seeing some small, you know, projects in, you know, more in the retail, you know, in some of our smaller markets. We do some retail work and that kind of thing, and some of those have been, you know, canceled. They don't really move the needle in terms of top line or bottom line performance. Is there anything that's been canceled? There isn't anything to my knowledge. We had one, you know, a couple of quarters ago that got canceled, and we're back talking to that client again. There really isn't anything that comes to mind that at this point where a client has canceled it. It's just taking a little longer to come up with different materials, different solutions because of, you know. It is a volatile market, you know. From one week to the next, it could be one commodity this week, and we get through that, and then we got a new one to deal with. It is a difficult environment overall, but yeah, nothing that's of any significance that's been canceled. Then just finally, organic growth in revenue and backlog once you strip out the impact of M&A, say like Dagmar? Yeah. Year- to- date, you know, I think we grew 5.1% in total. Probably half of that is attributable to Dagmar, half would be organic. Most of that would have been driven in the second quarter. Most of the 3.7% growth would be Dagmar in the second quarter. You know, in the second half, we still expect total revenues. If you compare second half this year to, say, second half 2021, we'd still expect to see mid-single digit total growth, and that would be inclusive of Dagmar. We are really excited about Dagmar and the potential for that business as that business evolves, especially in horizontal, you know, infrastructure and, you know, and you see the de-densification of urban markets and you see, you know, the scale of, you know, projects that are evolving in rail. Most of those projects today are now in an alliance or IPD or Progressive Design-Build framework. They fit within our, you know, our framework of risk tolerance. There's some really exciting things happening there that will be more medium to longer term. Excellent. Thank you very much. Thank you. Thank you. The next question comes from Yuri Lynk of Canaccord Genuity. Please go ahead. Hey, good morning. Morning, Yuri. Morning. Teri, understand it's a pretty fluid macro situation, but do you think backlog ends the year lower than where we sit today? I don't think so, Yuri, based on, you know, the opportunities that are evolving. You know, it certainly doesn't. There's no sign that these opportunities that we're working on, you know, they may not be into backlog and they may be in pending backlog, but combined, you know, I don't see that at this point. Yeah, I think that's right on contracted backlog for sure. You know, I just kind of, you know, point out our pending backlog is really made up of two things, right? We've got about CAD 800 million of MSAs in there. Those will decline over time, right? Because you have multi-year agreements, and we only move them into contracted backlog as we get POs for those. Over time, that CAD 800 million is gonna decline until we renew some of those large contracts again in a couple of years. The other half of what's in pending backlog are just, you know, contracts that have taken a little longer to convert to contracted backlog for some of the reasons we've already talked about. We do expect a large number of those to come into contracted backlog this year. That's what gives us some confidence on that. Okay. Just asking because, you know, outside of the announced contracts in the quarter, the smaller stuff that you usually book quite a bit of, goes unannounced, that was as low as I've seen it, in a long time. Just wondering if that was just a quarterly thing or if that harkens back to some of your comments on permitting? Yeah, I think it's just a quarterly thing, Yuri. You know, generally, I think it's just the evolution. At times it does. There is some fluidity to it, so I think it's a quarterly. Certainly doesn't, you know, feel like that way with our various districts and divisions. Okay. Well, last one for me. You talk about improving your margins over time. I'm assuming you're talking about EBITDA margins. If so, is it just getting better leverage on your overhead or is it also some gross margin improvement as well? Just maybe break that down a little bit further for me. Yeah, it's, you know, it's two things. Certainly the diversification of the business and the collaboration that we're getting from the business is really, really impressive. You know, to this point, we've been very focused on these areas over the last three years, and we're really making some impressive traction. You know, we've got a multitude of service offerings now where we can go into work with a client on a broad array, and it's not, you know, so isolated where we would on a, you know, a medium to larger size project, we'd have a very defined discipline. Today, the business has the ability to provide a much broader offering. Clients, you know, are certainly looking for that, you know, solution. We're seeing good traction. I'd say that the improvement really is coming in those areas. You know, obviously the discipline to target those markets and not get drawn into some of the lower margin markets that we've historically had has been a big focus. You know, as we grow, obviously we'll gain on that, you know, that SG&A and overhead levels as you know, our business grows and we get stronger revenue performance. Okay, that's great. I'll turn it over. Thanks, Yuri. The next question comes from Frederic Bastien of Raymond James. Please go ahead. Hi. Good morning, guys. I was wondering if you're seeing any green shoots coming out of the traditional oil and gas sector. We've had now a number of, you know, consecutive quarters of very healthy WTI price, crude prices. You know, anything that's coming out of that, whether it's new capital growth expectations or whether it's increased MRO work? Yeah, I'd say that we're not seeing a lot right now. It's more in the diversified markets of LNG and, you know, obviously longer term with hydrogen. Stable, you know, demands. I think the service offering we provide in MRO is continuing to be an attraction to larger oil and gas clients. You know, I'd say new growth in oil and gas, like obviously sustainable capital where we're, you know, we could be building a large overpass which we actually just completed for a client in oil sands and, you know, as a component of that, we had extensive hydro transmission lines that our teams from Stuart Olson built and combined with, you know, Bird's, you know, extensive oil and gas, you know, experience and added, you know, significant, you know, transportation structure that we self-performed. We're seeing more of that. I think the service offering we provide is much more diversified now for clients. You know, in that regard, I, you know, it's, you're getting that kind of opportunity, but it's more sustaining capital as opposed to new growth. You did bring up LNG. Anything that would point you to believe there might be increased activity in the next several years? Certainly, on both coasts, a lot of activity. I think, based on, you know, where we see that evolving, we see some exciting new opportunities with new projects on both the Atlantic and Pacific coast of Canada. You know, those markets continue to seem to forecast long-term, you know, demand. We have, you know, an outstanding track record working in Kitimat with LNG. That is attracting a lot of attention. Thanks, Teri. That's all I have. The next question comes from Naji Baydoun of iA Capital Markets. Please go ahead. Hi, good morning. Hi. In your disclosures, you quantify how much of your backlog you expect to convert into revenues for the next year or so. Can you also maybe just help us quantify what the non-MSA work programs in pending backlog could convert into contracted backlog in the next 6 months- 12 months? Yeah, I think out of the CAD 800 million, you know, probably, you know, CAD 160 million, CAD 180 million of that would convert to contracted backlog and be earned in the next 12 months. That would be excluded from the figure that's reported in the financial statement. I was also wondering about the non-MRO work that's in pending backlog? Oh, sorry, the non-MRO. Just doing some quick math in my head. I, you know, think in the next 12 months we'll start to see those projects, you know, convert more towards the fourth quarter. You're not gonna get much this year out of that, but you could easily, you know, pick up CAD 150-CAD 200 next year out of the CAD 900. Okay. You're expecting some conversion before year-end, and then that will start to really hit the top line next year? Okay. Yes. Yeah. I think that's fair. Okay. Just wanted to go back on the topic of margins. If you strip out those CEWS recoveries, margins have increased over time, and they seem to be stabilizing now. Just wondering if you can comment on your sort of run rate expectations going forward of not necessarily where the level of margins will be, but how you can improve them in the coming months or years. A couple thoughts. I mean, some things we've been talking about for a while now is just doing more, you know, self-performed work. You know, we're starting to see that with our ability to cross-sell some of our services, you know, across our businesses and bring more value to our clients, if you will. I think when you look at the projects that are in pending backlog, you know, we're pretty happy with the margins that we have in there as well, and the contract types that we have. I think those projects will be accretive to our margin profile today. You know, some of the projects that we've had permitting delays on, for example, that are in contracted backlog that we just really haven't been able to to make a lot of progress on yet, those also have very attractive you know margin profiles. We like the margin profile that's in our contracted and pending backlog. I also think you know as you start to see some of these projects you know come online after permitting delays and those types of things resolve, the cost structure that we have in place in terms of our G&A, like, I think it's kind of normalized. We're gonna get some leverage on that because we're carrying the cost structure to be able to deliver those higher revenue streams. We'll get some leverage there too. That's certainly gonna contribute to improved EBITDA margins, as well. It sounds like, just the existing work can get you a little bit higher on where margins are today, but then potential to take on more projects or more revenues could really help accelerate that. Yeah. Yeah. I think that's fair. Thank you. That's all I have. Thank you, Naji Baydoun. Once again, anyone who has a question may press star then one at this time. The next question comes from Ian Gillies of Stifel Canada. Please go ahead. Morning, everyone. Hi, Ian. Morning. On the labor side, with respect to the unions, it would appear that most of those issues have resolved themselves at that point. As you look ahead, is there anything notable worth mentioning there that you feel you may need to work through, or is that a past issue at this point? Yeah, it's a past issue as far as labor. You know, any labor or upcoming labor negotiations, really nothing in the near-term horizon. There's still, you know, a healthy demand for labor, and we expected that to continue for some time. It's really more of an availability of labor versus a, you know, pressure on labor rates. Okay. That's helpful. With respect to G&A costs, I was a bit surprised with where they came in at this quarter, given that the integration and restructuring costs have largely moved away from the income statement at this point in time. If I look at the last few quarters, is that a reasonable run rate as we look into the back half of the year, or is there any cost savings to be had there? Yeah, I mean, we're always looking to get the, you know, some productivity on our cost structure. Yeah, I think the run rate we have right now is probably a good indicator, going forward, as well. Okay. I appreciate that. That's all I had, guys, 'cause everything else I had to ask was asked earlier in the call. Thanks very much. I'll turn it back over. Thanks, Ian. Okay. Thank you. The next question comes from Chris Murray of ATB Capital Markets. Please go ahead. Yeah. Thanks, guys. Hey, Chris. You know, one of the margin pressures, I guess, was the work stoppage in the quarter. I guess a couple things to think about here. You know, one, you know, if you think about the next maybe year or so, you know, lots of talk around inflation, I'm sure. Maybe you wanna. If you could update us a little bit on any other, you know, labor negotiations you might see coming. In terms of your contracts, if some of those agreements end up with fairly significant cost of living adjustments, can you explain maybe how your contracts are set up to absorb some of those? Well, certainly over the last, you know, three years, but it's really accelerated in the last 18 months-12 months, you know, we've been very focused on collaborative contracts. As we've built a very strong resume in that area, the market has sort of evolved in the sense that, you know, the lump sum turnkey kind of delivery in a P3 environment has really moved to more into a, you know, a collaborative framework, whether it's a progressive design-build, progressive P3s are starting to evolve. All of these designed to better balance the risk, you know, and alliances and things like that. We're seeing the market really open up, but you need a resume for it, and we've been the timing of us, you know, and our company focusing on this over the last three years has built up a tremendous resume in Canada. These projects now as they evolve, we have a really nice entry point because we've been, you know, largely staying on the fence and not, you know, engaging in some of the larger, higher risk transfer type projects and, you know, it's when you're adding financing, you know, to the project delivery. In the collaborative side, obviously we're, you know, there's cost of living type issues that we would deal with, but most of those are in the rear view mirror with labor, you know, negotiations that have been completed. Any of the impacts that occur on projects, most of that is absorbed by the client with the framework of the backlog that we have. Okay. No, that's helpful. And then, you know, just following on, you know, some of the pressures that you felt over the quarter, especially things like permitting delays, things are generally beyond your control. Is there any recourse back to some of the project owners, for some of these costs? Or is there any other way that you can offset them? It's difficult because you know you're trying to get underway in construction. Obviously in the collaborative framework, your owners are compensating you know, for those delays because you're part of an overall project delivery, and if it's taking longer to get permits, you know, the client. We also have, you know, projects that are small to medium-sized that we're waiting on permitting and that's putting some pressure on our SG&A overhead, and you can see it in the quarter. Okay. Thanks. That's all I really wanted to check on. Thanks, Chris. Okay. Thanks, Chris. This concludes the question and answer session. I will hand the call back over to Mr. McKibbon for closing remarks. Thank you everyone for taking the time to join our second quarter earnings conference call. I'd like to thank the entire Bird team for their efforts, dedication, and commitment to build safely, to build together, and to build value for our company, our clients, our communities, and our shareholders. I look forward to updating you with our third quarter results. This concludes today's conference call and webcast. You may disconnect your lines. Thank you for participating, and have a pleasant day.