Welcome to Neighbourly Pharmacy's Q3 2023 conference call. On today's call are Skip Bourdo, Neighbourly's newly appointed Chief Executive Officer, Chris Gardner, Neighbourly's outgoing Chief Executive Officer, and Billy Wong, Chief Financial Officer of Neighbourly. Today's discussion may contain forward-looking information and statements under applicable securities laws that reflect management's current views with respect to future events. Any such information and statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking information and statements. Today's commentary will reference several non-IFRS financial measures. Reconciliations between non-IFRS and IFRS measures can be found in Neighbourly's regulatory documents, which are available on their website and on SEDAR. The speaker's remarks this morning will align with Neighbourly's earnings presentation for Q3 2023. This presentation is also available on Neighbourly's website. I will now turn the call over to Skip Bourdo. Thanks, operator. Good morning, everyone. Today marks my Q1ly earnings call as CEO at Neighbourly, and I'm very pleased to be speaking with you this morning. I'm joined today by Chris Gardner, who needs no introduction, as well as Billy Wong, our Chief Financial Officer, who is also delivering his Q1ly call. In a few moments, Chris will walk you through the highlights of the Q3, and Billy will go over the financials. First, I wanted to make a few brief comments and share how excited I am to have joined Neighbourly and to be working with such a capable and talented team. Over the last few weeks, I've had the opportunity to work closely with the strong management team and met with key regional leaders and dedicated pharmacy teams. I'm impressed with their commitment to providing leading patient care and service across Neighbourly's 284 locations. I'm excited to continue to evolve and build upon Neighbourly's successful strategy. I look forward to identifying additional long-term value drivers as we continue to grow our network across Canada. Notably, I've already seen firsthand the robustness of our M&A pipeline, and I can categorically state that M&A will continue to drive the majority of our growth. I also believe that there is a tremendous opportunity to strengthen the business by driving incremental profitability from our existing network, both in the short term and over the long term. Having led pharmacy operations at over 4,700 locations across multiple geographies, I understand the importance of operational excellence and know where to look for opportunities to drive incremental profitability as we continue to scale the business. I look forward to meeting and building strong relationships with our shareholders, analysts, and key external stakeholders. I would now like to pass the call over to Chris Gardner, who will walk you through the highlights of the quarter. Chris. Thank you. Thank you, Skip. I appreciate your comments. I couldn't agree more with you. Neighbourly has a long runway of tremendous opportunities to grow. I look forward to being able to support Skip, our board of directors and the Neighbourly team in the future. While I've taken a step back, I'm not stepping away from Neighbourly. I remain fully vested in the success and future of our business that I've had the privilege to help build and grow since 2017. I'm incredibly proud of the success of our teams across Canada and humbled by their commitment to providing great care. On to the Q3. As Skip said, the acquisition pipeline remains robust. We are currently in the due diligence process on a handful of transactions. The recent acquisitions we announced in October were completed and seamlessly integrated into our network, with 6 locations added in Atlantic Canada in the first week of November and 2 locations added in British Columbia in mid-December. The M&A pipeline remains active. We look forward to continuing to grow our network through highly accretive acquisitions. Rubicon's integration process is going very well. We are meeting major financial milestones according to our plan. Rubicon's financial performance is strong and on track with our financial targets. We'll provide these highlights in a few minutes. The transition to a common payroll and a common financial platform, which will allow us to achieve the balance of our projected synergies, is scheduled to be implemented by the Q1 of fiscal 2024. We are also making good progress on the sale of real estate we acquired through the Rubicon acquisition and anticipate the majority of owned properties will be sold by the Q1 of fiscal 2024, with the proceeds used to de-lever and provide capital for our acquisition strategy. Our revenue almost doubled from last year to CAD 265 million. Seventy-seven percent of our sales in the quarter were derived from prescription revenue and clinical services revenue. We continue to deliver on our purpose of being there to serve our patients' pharmacy needs. This performance reinforces the strength, stability and resilience of our patient-focused strategy. We delivered adjusted EBITDA of CAD 28.5 million, which outpaced our revenue growth, increasing 97%. Our adjusted EBITDA margin was at 10.8% or 40 basis points higher than it was in Q3 2022. While we are pleased with this expansion of our EBITDA margin rate, I should note that it is impacted by continuing headwinds in pharmacist relief expenses, as well as growth of certain high price specialty molecules at some of our clinical locations, which tend to have lower EBITDA rates. On the labor front, although we've seen vacancies fluctuate throughout the quarter, our current vacancy rate is relatively unchanged to where we ended the Q2. We are actively recruiting talent and have increased our efforts to manage and mitigate the current labor challenges by ramping up campus and international hiring. We are pleased to say that we have already pre-hired approximately 20 new graduating pharmacists who will be joining Neighbourly following the successful completion of their exams and licensing requirements in the early summer. In the meantime, we anticipate continuing to have elevated relief expenses over the next couple of quarters until the next cohort of pharmacy graduates is licensed in July of 2023. Now I'd like to turn to our key performance highlights in the Q3, starting with same-store sales. Neighbourly's underlying business continued to demonstrate its strength, delivering 4.1% in same-store sales growth, our highest in the last six quarters. Prescription revenue increased 3.6%, driven by 5.9% increase in the average value of a prescription. The prescription count trend is primarily due to changes in dispensing frequency for certain high-volume medications, which we noted in our prior quarter. Excluding these locations, Rx count for the quarter was slightly positive at 0.3%. While new prescriptions continue to lag pre-pandemic levels across Canada, we are encouraged to see that in the province of Ontario, we are seeing continued growth. Following the change in virtual reimbursements for physicians, which came into effect in October, sorry, in Ontario in September, we have seen a notable uptick in prescription growth in Ontario, with Rx count up 2% on a comparable basis and continuing to improve quarter-over-quarter. The shift in Ontario to encouraging more in-person care is an important step to recovery, and we hope that other provinces will follow suit. Our front of store sales continued a strong growth trend, up 6.7% in the quarter. We experienced double-digit growth in demand for over-the-counter cough, cold, and flu medications. The prevalence of cough and cold, influenza, RSV, and COVID-19 in the fall and winter has been one of the key drivers of this performance. Finally, on clinical services, we experienced softer performance, down 4.6% on a same-store basis versus the prior year. This reflected the fact that we were cycling a 26% growth in the prior year during the Omicron wave of COVID-19. This year, although we saw the expected fall/winter ramp-up in demand for vaccinations, we did not reach last year's elevated levels. Next, we have turned our sights to our Ontario pharmacists who are increasing their scope of practice with the recent implementation of minor ailment prescribing on January 1st, 2023. At this point, the majority of our Ontario pharmacies have started to prescribe for minor ailments. Our team continues to be focused on increasing access to these important healthcare services and expanding their availability to our patients. I'd now like to turn the call over to Billy, who will walk you through the details of our financials and will provide some additional visibility on the trends we anticipate. Thank you, Chris. Good morning, everybody. This is my Q1 speaking to you in this forum, and I'm pleased to walk you through the highlights of a strong Q3. Our results are once again driven by the ongoing execution of our acquisition and integration strategy, as well as the stable and predictable performance of our underlying business. I want to first remind you that Neighbourly's Q3 is typically our largest quarter of the year, not only because it comprises of a 16-week period, but it also drives an outsized 34% contribution of our annual revenue due to the combination of Christmas and the cold and flu season. Revenue for the Q3 was CAD 265 million, an increase of CAD 126 million or 91% growth to the prior year. The primary drivers of this growth were contributions from our Rubicon acquisition, which drove CAD 99 million in additional revenue, and the balance of our newly acquired pharmacies in the past 12 months, which contributed an additional CAD 21 million in revenue. The remaining growth in sales came from our strong same-store sales growth of 4.1%. This growth was the result of higher prescription revenues of 3.6% and a 6.7% growth in front-store sales. Q3 front-store sales benefited from a higher demand for over-the-counter cold and flu medication, and with the transition into spring, we expect over-the-counter demand to return to normal levels in Q4. As a result of the front store sales growth, we saw a slight reduction in gross margin rate of approximately 30 basis points when compared to Q2 gross margin rate. Adjusted EBITDA for the Q3 was CAD 28.5 million, a 97% increase from the prior year. Growth in EBITDA outpaced the growth in revenue this quarter. Our adjusted EBITDA benefited from the incremental contributions of our new locations, with the Rubicon acquisition driving approximately 48% of our total. Adjusted EBITDA margin came in at 10.8%. This was 40 basis points higher than last year due to an improved geographic and format mix following the Rubicon acquisition, as well as continuing leverage on our Corp G&A expenses. As noted in previous quarters, we continue to face headwinds from a tighter labor market, which we expect will persist through the Q1 of 2024. On a year-to-date basis, relief expenses have cost us on average 40 to 60 basis points of EBITDA margin. As we look ahead to Q4, I also want to highlight a couple of seasonal impacts that are typical in the Q4. The beginning of the calendar year is when payroll deductions tend to peak and consistent with prior years, we expect to see a slightly higher labor rate. This is anticipated to lower the Q4 EBITDA margin by 40 to 50 basis points versus Q3. This impact will be muted by the time we enter Q1 of 2024. The second impact has to do with gross margins. We expect gross margin rate in the Q4 to be slightly lower than the Q3 rate, reflecting typical seasonal markdowns following the holiday season. I'm pleased with the operating leverage we have been able to achieve with our corporate, general, and administrative expenses. Corp G&A expenses came in at 3.7% of revenue, a sequential improvement in the rate over last quarter. The improvement as a percentage of revenue was due to the scale and synergies realized in our Corp G&A expenses with the addition of Rubicon's pharmacy network. With the integration to a common payroll and finance platform now well underway, we expect the remaining synergies to be realized when the integration is completed early in the next fiscal year. As our network continues to expand, we expect our Corp G&A expenses as a percentage of revenue to continue to decline. Before I conclude, I'd like to speak briefly to the company's capital structure. Our pro forma adjusted EBITDA is CAD 94.4 million. This reflects the inclusion of our recent acquisitions, as well as the elevated costs and margin impacts that we've experienced year to date. Our pro forma net debt level is approximately CAD 310 million. This results in a pro forma leverage of 3.3x, an improvement relative to Q2. Our pro forma EBITDA, along with approximately CAD 140 million of undrawn debt capacity, leaves us well-positioned to continue our acquisition strategy. Now I'll turn the call back to Chris. Thank you. Thank you, Billy. As always, I'd like to wrap up my remarks by speaking briefly to our acquisition pipeline. Looking across the Canadian pharmacy landscape, there are approximately 3,500 pharmacies that meet our acquisition criteria. We continue to be encouraged by our robust pipeline and expect to resume a normal cadence of acquisitions in fiscal 2024. I look forward to supporting Skip, our board of directors, and the Neighbourly Pharmacy team as they continue to execute on our M&A strategy. It will continue to be a critical building block for Neighbourly's future growth, and I look forward to continuing to support Skip and the team continue to acquire high quality and accretive pharmacy locations. As I conclude my final earnings release as Neighbourly's Chief Executive Officer, I am looking forward to this next chapter as I take a bit of a step back, but not a step away. It has been a privilege to have led Neighbourly Pharmacy as its Chief Executive Officer through these formative years of our growth. I am very proud of our team and the success we have collectively achieved, and I am humbled by our 3,500 plus team members' efforts to provide leading patient care, especially against the backdrop of the COVID-19 pandemic. As I make this personal change and step back, I'm also looking forward to supporting Skip, our board of directors, and Neighbourly's exceptionally capable management team continue to make a difference in patient care and being a leading pharmacy operator across Canada. We are fortunate to have a candidate of Skip's caliber leading the next evolution of our growth, and he has my unwavering support and complete confidence. I would also like to thank our dedicated 3,500 team members for their support over the past five and a half years. I look forward to both supporting and cheering on our team as we continue our successful journey. I will now turn the call back to our operator for questions. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the one on your touch tone phone. You will hear a three-tone prompt acknowledging our request. Should you wish to decline from the polling process, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your First question. First question comes from George Doumet of Scotiabank. Please go ahead. Yeah, good morning, Skip and Billy. Welcome. Thank you. Good morning, George. Morning. Skip, in your, in your prepared comments, you mentioned opportunities to improve profitability in the business in the near term and in the longer term. Can you maybe share some of those with us, please? Yeah, it's. Thanks for the question, George. It's early days, so not prepared to go into, you know, a great amount of detail but, you know, having been in the business, you know, nearly my entire career, you know, I know where to look for opportunities as it relates to just operational efficiencies, operational excellence, inventory control, those type of things. You know, we will keep you updated and the team updated as we are ready to be specific about, you know, those areas of opportunity. I'm very encouraged. The team is extremely capable, very happy to see how dedicated we are to the communities that we serve, and we have a really strong foundation to build upon. Okay. Can you talk about the opportunity maybe to improve, procurement efficiencies down the road? Is that just a matter of getting bigger, or is there anything we can maybe do with that? I mean, leveraging our size and scale across Canada. We are, you know, we are a growing organization and I think just leveraging our size and scale to appropriately ensure that we're getting the right terms and ensuring that we have the best costs. You know, I would say looking at vendor consolidation, you know, where appropriate, would also be an area of opportunity down the road. Okay, thanks. Just one more for Billy. Thanks for the color on the Q4 quarter, just maybe a little bit on the CapEx side. It seems that we've stepped up quite a bit on the last few quarters. Any color there? Should we expect that to be the new run rate there? Thanks for the question. No, I wouldn't expect that to be the run rate. The CapEx you see actually has declined in Q3 versus the first two quarters. This was CapEx we spent on our compounding sites, which will deliver a really good yield from that CapEx spend. It's really growth-related CapEx spend. The run rate you would expect more to see somewhere closer to where the Q3 run rate would be. Got it. Thank you, Billy. Thank you. The next question comes from Irene Nattel, RBC Capital Markets. Please go ahead. Thanks. Good morning, everyone. Nice to hear from all three of you this morning. Just following up on the discussion, can you give us the dollar number for the Rubicon synergies realized to date and how we should think about the balance coming through and upside from those levels? Hi, Irene. Nice to hear from you this morning. In the previous quarter, we just talked about achieving the vast majority of the Rubicon savings. We originally quoted CAD 2.5 million. We've achieved roughly CAD 2 million to date, and really what we're thinking about is, and we stated in our quote is that once we align to a common payroll and finance platform, we would achieve the rest of it in early 2024. By early 2024, we'll be at the full 2.5. Wondering about, in light of some of the commentary, how we should be thinking about potential upside from that level. We do believe there is a little bit of potential upside, but it's not something that we're ready to share. One, we do need to see the implementation, and once it's implemented, we will have more to share. Thank you. Then just on the M&A, you know, you all noted that the pipeline is full, and you know, we should expect to see you guys continuing to execute on M&A. What would be the appropriate rate at this time to think about sort of number of stores per year, particularly if there's going to be some work done internally on operating efficiency? Yeah, hi, Irene. We- It's Chris. We would anticipate, you know, as we've indicated, returning back to our normal cadence of 30, 35 to 40 locations a year, which is, you know, what we were doing pre-Rubicon and what we would expect to do in 2024 and beyond. The operating synergies, you know, just are compounded as you continue to grow organically through our M&A strategy. We don't see, you know, a repeat of this past year where obviously we did, you know, significant transformative acquisition in the case of Rubicon and then, you know, a number on top of that. We would expect to resume, you know, back to that normal cadence and that's sustainable for the long term. Billy, I'm not sure if you wanted to add anything to that. Yeah. Thank you, Chris. I would think of this as additive to how it's gonna help us grow. The operational efficiencies will just provide a lot more funding for future growth. That's great. Thank you. Thank you. The next question comes from Derek Lessard of TD Securities. Please go ahead. Yeah, good morning, everybody. Just wanted to say, echo a good luck to Chris, Skip, and Billy. A few questions for me. The first is the 20 pre-hires that you mentioned in the script, that's encouraging. Just wondering if you guys could maybe give us a sense of where you currently stand in terms of total vacancies and if the expectation is still to get to neutrality once the new graduates enter the workforce. Sure. I can add some color to that, Derek. You know, as we mentioned in our comments, we have 20 grads pre-signed up. Majority of grads don't commit, you know, this early, given the fact that it will take them time to graduate, you know, get the PVCs and start practicing, which would be in the summer. We do feel like by the summer, we'll be at a point of equilibrium, but not a point of surplus, you know? As we mentioned in our prior comments, you know, we're sitting at roughly the same vacancy rate that we experienced in Q2. There's been some up and downs within the quarter, but we're relatively neutral on vacancy rate, you know, to where we ended the last quarter. You know, by the summer, we would anticipate, you know, largely having addressed the majority of those vacancies. You know, though there'll always be turnover and some give and take, but we don't anticipate being back in a surplus situation, you know, likely until 2024, when the second graduating cohort, you know, graduates. You know, fortunately, there's a very big predictability of workforce, you know, with pharmacists graduating. You know, the pharmacists that graduate this year were intaked into pharmacy programs four years ago. There is a predictable 1,300 to 1,500 graduates that graduate every year, and that represents, you know, anywhere between 3% and 4% of the workforce. There's a very predictable refill of the employment pipeline and that's encouraging. Again, you know, we would anticipate being closer to neutral or at neutral, you know, by the summer and then likely back in an operating surplus by the summer of 2024. Does that answer your question, Derek? Yeah. Thanks, Chris. I guess when you say that you're roughly at the same level as Q2, remind me, is that roughly 60 vacancies? I think you guys have said that before. Yeah, that's right. Yeah. We're in and around that 60 mark. Okay. Okay. Thanks. Curious if you had a sense of the type of contribution that you expect from the increased pharmacist scope in Ontario and BC? Sure. I can add some color to that. I mean, obviously, it's early days. That scope, you know, was implemented six weeks ago. We have about 75% of our pharmacies that in Ontario are participating and are active in that scope. It is a relatively limited scope. There are 13 minor ailments that were announced. We do feel like that is the stepping stone for continued evolution of services in the province of Ontario and continued expanded scope, you know, elsewhere in the country. You know, so while the contribution is ramping up and our teams are obviously focused on that and making sure that we're providing, you know, exceptional access to care, you know, in all our Ontario pharmacies, it is, you know, relatively small at this point, given the fact that it is limited to kind of 13 minor ailments. The more common ones, you know, that we're seeing in pharmacies today, you know, are, you know, what we expected, which was urinary tract infection, you know, conjunctivitis or pink eye, you know, being the most commonly prescribed minor ailments right now. You know, we're anticipating that to continue to scale up. As a reminder, in the spring of this year, BC is also going to be rolling out minor ailments in their pharmacies. You know, combined with our 50-plus pharmacies in Ontario with the 60-plus, you know, pharmacies that we have in BC, minor ailments will start to make up a bigger portion, you know, of our clinical services revenue. It is early days. You know, in Ontario, we're 6 weeks in and, you know, it's certainly been ramping up and we're anticipating, you know, we'll continue to grow over time. Okay. That's helpful. Maybe just one final one for Billy. Your depreciation amortization jumped quite significantly due to Rubicon. Can you just point us in the right direction as to what the appropriate DNA is going forward? Yeah. The depreciation and amortization did jump in Q3. As you may be aware, we have about a year to finalize the customer amortization and also the purchase price accounting. I would say that the run rate you should be using is about CAD 5 million-6 million per period versus what you saw in Q3, which was more of us finalizing the purchase price accounting on the Rubicon acquisition. CAD 5 million-6 million per period and at the closer to five rather than six. Thanks, Billy. No problem. Thank you. The next question comes from Zachary Evershed of National Bank. Please go ahead. Good morning, everyone. Thanks for taking my question. Just wondering what the magnitude of margin gains might be on the, call it 20 or 60 new pharmacists if you'll be going from experienced pharmacists earning relief kind of overtime salary to newer pharmacists potentially starting at a lower salary. What might that look like on the P&L? Thanks, Zach. It's Chris. You know, we're anticipating some relief. Obviously, as you can imagine, you know, when you have a higher or an elevated level of vacancy rate, your dependence on relief, travel, costs and kind of higher contractors, you know, is typically higher. That's certainly been, you know, notable, you know, in our prior couple of quarters on G&A costs. You know, as we get with the next pharmacy graduating cohort, again, you know, that will bring us to a point of neutrality, not surplus. When you get to a point of surplus, you start to see some favorability, you know, on rate, for sure, but we would anticipate, you know, a step-down, you know, in the, in the summer of this coming year as we onboard those new grads, the 20 that have already committed and hopefully much more, you know, that will have committed, you know, prior to July. You know, we would anticipate certainly a step down. We don't necessarily want to quote a number at this point, but, you know, we would anticipate that that would certainly be accretive at that point. When we get into a surplus situation in July 2024, it would have a much larger impact again with another 1,300 to 1,500 grads, you know, 3%-4% of the workforce hitting the market. Does that help? Understood. Contact Zach? Yeah, very helpful. Thank you. Just to follow up on that, about how long does it take to ramp up new pharmacists to average productivity levels? Actually it's a great question, but it's a relatively short timeframe. You know, when you think about how pharmacists graduate and kind of their what they cover over their four years of schooling. Included in that is a tremendous amount of practical work experience. By the time pharmacists graduate, they're generally at a very high level of productivity, obviously learning, you know, different systems or different work processes, taking advantage, you know, of our benefits of central fill and all those type of things are additional learnings, but they come out at a very high, you know, level of productivity. Pharmacists that, you know, have been graduating certainly over the last 5 years, you know, certainly come out expecting to fully take advantage of the scope of practice. This is something that is taught, you know, very extensively in pharmacy schools. Whereas 20 years ago, when scope of practice, you know, wasn't on the table and pharmacists didn't have the ability to prescribe or inject or do, you know, any one of the multiple other services, you know, that many of our pharmacies and pharmacists can do across Canada, like travel and smoking cessation and preventative vaccines. Whereas pharmacists that are graduating from pharmacy schools across Canada are very much ready and have had practicum experience and have had multiple work terms and quite frankly, are wanting to come out and wanting to embrace that additional scope. The ramp-up is relatively quick and those pharmacists, you know, generally hit the ground running at a very fast pace. Great, Gardner. Thank you. I'll turn it over. Thanks, Zach. Thank you. As a reminder, ladies and gentlemen, if you do have a question, please press star one at this time. The next question comes from Chris Li of Desjardins. Please go ahead. Oh, hi, good morning, everyone. Maybe Chris, I'll just start out with one, just maybe going back to the pharmacist shortage. It sounds like you're pretty confident that you'll be back to at least equilibrium by this summer. I guess my question is, you know, given that pharmacist shortage obviously is an industry-wide challenge, do you think there are any risks that you will get greater competition from the larger chains and therefore, there's maybe a bit of risk to getting equilibrium? As you said, there's a lot of predictability, so therefore, it's not really a big concern. Yeah. Thanks, Chris. you know, we do feel like there's a lot of predictability, you know, with the pipeline. Our talent recruitment team, you know, is having great success. In fact, the fact that we have, you know, a third of those vacancies already filled with graduates that, you know, are not set to graduate until the summer is very strong. We have seen some outlet contraction, you know, over the past, I would say nine months, where we've seen smaller subscale pharmacies actually close or consolidate or sell their script files. you know, there's actually less amount of outlets that are recruiting, you know, for those same vacancies, which is positive. We feel really confident that we're, you know, going to be able to attract a high level of that graduating class. Again, you know, we need 60 to get to equilibrium out of 1,300-1,500 graduates that will come out in July. You know, if we, you know, get our share or even slightly above our fair share, we would certainly be at a very, very healthy place. Quite frankly, we think we have a very compelling value proposition for pharmacists to join Neighbourly. The level of practice that they're able to take advantage of, the support services that they're able to take advantage of, and the environment that they practice in is very positive where clinical services, you know, are at the forefront. We feel like we're an attractive employer. I think that will result in hopefully, you know, a higher degree of new grads choosing Neighbourly for their careers. Is that helpful, Chris? Yeah, no, that's helpful. Maybe just going back to something you said in your earlier opening remarks. Are you aware of any plans by other provinces to follow Ontario's lead to change the compensation on virtual visits to get more people back into in-person GP visits? We haven't seen anything formally from any other province, but we are seeing, you know, positive movement in other provinces in other areas. For example, you know, the Nova Scotia government, you know, in collaboration with pharmacy partners, are testing pharmacy-led clinics. Today the scope of practice for, you know, pharmacists in Nova Scotia is, you know, relatively small, but that's a good indication that the province is looking to expand scope of practice in pharmacy. While we haven't heard anything specifically about other provinces taking the lead of Ontario, and trust me when I say, you know, we believe that would be a great step, there's been nothing definitive communicated, you know, around virtual virtual billing in other provinces. We think it would be a great step, and we're optimistic and hopeful that other provinces will take the lead of Ontario and which clearly worked and has clearly increased access to primary care in person. We see that, you know, very clearly in our numbers and we certainly are optimistic that other provinces will follow suit. Okay, that's great. Maybe one for Billy. It might be a bit early to ask this, but, you know, I just want to get your thoughts on what you think the EBITDA margin outlook looks like for fiscal 2024. In particular, I wanted to ask, you know, you mentioned in the opening remarks that, you know, the relief pharmacist cost had cost you about 40 to 60 basis points on EBITDA margin. Is it at the minimum, should we expect EBITDA margin to improve by that amount in fiscal 2024 as those headwinds ease and maybe a bit more as you continue to, you know, improve on your operational excellence? Chris, it is a little early to state a percentage range, but we'll be able to share more once we aligned internally as well. Okay, that's great. Maybe back to Chris, I can't let you go before asking you a final question or updates on what you're seeing on generic drug reforms. Thanks. Thanks, Chris. as you're aware, you know, the current five-year framework expires in April of this year. We are not anticipating kind of anything material to change. Quite frankly, you know, we would be disappointed if there isn't some form of recognition of the high inflationary environment that, you know, both pharmacy and manufacturers have found themselves in. There does appear to be more receptiveness. You know, we've seen, you know, a pause on the part of Medicine Review Board changes. Nothing has actually come into force, you know, with those originally proposed changes. We're optimistic that the Pan-Canadian Pharmacy Association in their negotiations will also reflect the, you know, the hyperinflationary environment that we find ourselves in. you know, we are cautiously optimistic that the existing framework will, you know, probably largely stay in place, maybe with some, you know, some nuance changes that likely would be favorable, hopefully to the industry and. We'll know more, you know, as we get closer to April. Great. Thanks, Chris. All the best. Thank you, Chris. Thank you. That concludes Neighbourly's conference call for the Q3, 2023. Those of you who joined us midway this morning, I'd encourage you to revisit our remarks at the beginning of the call related to forward-looking information. A replay of the call and the accompanying presentation will both be available via our website, www.neighbourlypharmacy.ca. Thank you again for joining us. We look forward to speaking with you again soon.