Good morning, ladies and gentlemen, and welcome to Parkland Corporation's 2021 Q3 results conference call. At this time, all lines are on listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, November third. I would now like to turn the conference over to Val Roberts, Director of Investor Relations for Parkland. Please go ahead. Thank you, operator. With me today on the call are Bob Espey, President and CEO, Marcel Teunissen, Chief Financial Officer, and Doug Haugh, President, Parkland USA. This call is being webcast, and I encourage listeners to follow along with the supporting slides. We will go through our prepared remarks and then open it up for questions from the investment community. Please limit yourself to one question and a follow-up as necessary, and if you have other questions, re-enter the queue. We would ask analysts to follow up directly with the capital markets team afterwards for any detailed modeling questions. During our call today, we may make forward-looking statements related to expected future performance. These statements are based on current views and assumptions and are subject to uncertainties which are difficult to predict. These uncertainties include, but are not limited to, expected operating results and industry conditions among other factors. Risk factors applicable to our business are set out in our annual information form and management's discussion and analysis. We will also be discussing non-GAAP measures which do not have any standardized meanings prescribed by GAAP. These measures are identified and defined in Parkland's continuous disclosure documents, which are available on our website or on SEDAR. Please refer to these documents as they identify factors which may cause actual results to differ materially from any forward-looking statements. Dollar amounts discussed in today's call are expressed in Canadian dollars unless otherwise noted. I will now turn the call over to Bob. Great. Thank you and welcome to Parkland, Val, and good morning, everybody. We appreciate you taking the time to join us and trust you are staying safe and healthy. The photo on today's cover slide showcases the first of our On the Run ultra-fast electric vehicle charging network in British Columbia. Located in downtown Kelowna, this site is strategically positioned to serve the emerging needs of electric vehicle owners in the region. Consistent with our strategy of creating convenience and food destinations, we are currently upgrading this site to feature an On the Run branded convenience store and a refreshed adjoining Triple O's restaurant. When you combine these amenities with conventional and electric refueling options, it represents a fully integrated experience where our customers can shop, eat, refuel, and use complimentary Wi-Fi as they recharge their vehicles. We are on track to open our BC electric charging network in 2022. Our goal is to enable our customers to make the most of every stop, and the vast majority will feature an On the Run convenience store and a Triple O's restaurant. I'd like to start by thanking the entire Parkland team for delivering record results at an enterprise level, as well as in our U.S. and international segments. Working together as one Parkland team, we generated record third quarter adjusted EBITDA of CAD 364 million and CAD 1 billion year-to-date. These are exceptional results that put us on track for a strong finish to the year and give us high confidence that we will achieve the upper end of our full-year adjusted EBITDA guidance. Our performance highlights the strength and growth trajectory of our company, the quality of our brands, and our ability to anticipate and meet the evolving needs of our customers. Our record results were underpinned by the capabilities of our team, consistent operational execution, organic growth, winning new business, and financial discipline. In parallel, we continue to benefit from our acquisition strategy and proven ability to capture synergies. From late last year until now, we have announced or closed 14 acquisitions, each complement and expand our existing business, are in demand-resilient markets, and collectively they are immediately accretive, and we are seeing strong supply leverage across our system we can expect will increase distributable cash flow by approximately 10%. These acquisitions will provide further growth in synergies through leveraging our supply platform, Parkland's brands and marketing capability and integration into our back office platform. As you will have seen earlier this morning, we announced the acquisition of Urbieta in southern Florida, which will almost double the size of our U.S. retail business. Doug will talk more about this later on the call. At our Burnaby Refinery, we achieved a composite utilization of 101% during the quarter. You'll recall that we set an ambitious renewable fuels target for 2021, aiming to co-process 100 million liters of Canadian-sourced bio feedstocks. This has the equivalent annual environmental benefit of removing 80,000 passenger vehicles from the road. Our team embraced this challenge and co-processed a record 33 million liters of bio feedstocks in Q3, and we are confident we will meet our full year target. Year to date, our co-processing accomplishments have delivered compliance cost savings of more than CAD 35 million, virtually paying for our entire capital investment in co-processing since 2017. We've also seen growth in the carbon compliance and offset trading business, Elbow River. Lastly, I would like to provide an update on the planned maintenance at the Burnaby Refinery that commenced in early October. I can report that the refinery was substantially operational by the end of October. I'm very proud of the entire Parkland team. We have set new performance records in the third quarter. Parkland has a very exciting future, and you can count on us to remain focused on maintaining our financial strength and delivering sustainable long-term growth on a per-share basis. I'll now pass it over to Marcel to discuss our third quarter results in more detail. Excellent. Thank you, Bob, and good morning, everyone. Turning to slide 4 and a summary of our financial results. Bob already mentioned we delivered a record quarterly adjusted EBITDA of CAD 364 million, which is up 8% compared to the same quarter in 2020. During the first nine months of 2021, we generated CAD 1 billion exactly of adjusted EBITDA, which is up almost 40% to the same period in 2020. These are really remarkable accomplishments for our company. One of the main drivers for our record performance. If you look at a macro level, while COVID continues to impact the broader economy, we are seeing continued signs of recovery. As you can see on the right here in the graph, Canadian volumes are holding in with 2020, but are not yet back to pre-COVID, 2019 levels. That's driven largely by the intermittent lockdowns and the impact of work from home orders in some provinces. We've seen that volumes in Quebec and BC have almost recovered to 2019 levels, where Ontario, the Prairies, and Atlantic provinces are still about 10% behind the 2019 levels, but significantly up from quarter two of this year. The commuter markets around the big cities have not yet fully recovered, but we do see positive signs as things normalize. We see similar patterns in several countries across the international segments, but not yet at all. On the other hand, actually, the U.S. is largely open for business and volumes are exceeding pre-COVID-19 levels. As you can see the table on the left, our marketing business, which is comprised of our Canadian, U.S., and international segments, continues to deliver consistent growth. These results are driven by compelling customer offers and excellent performance from our recent acquisitions, including Conrad & Bischoff in Idaho and the Isla joint venture in the Dominican Republic, plus associated supply advantages that we've captured. Relative to the first nine months of 2019, adjusted EBITDA in these combined marketing segments is up 17%, which shows the success of our operational excellence and organic and inorganic growth strategy. Our supply business was also markedly up from 2020, driven by a composite refinery utilization of 101%, including a record 33 million liters of bio-feedstock co-processing in the quarter. Our team at the refinery continues to explore alternative ways to increase renewable fuel production, which as you recall from last quarter, is the most cost-effective way to comply with the BC Low Carbon Fuel Standards. Parkland is firing on all cylinders or soon on batteries as well, and we are positioned to capture upside as economies continue to recover. Moving to the segment overview on slide 5. Let me start with Canada. We delivered CAD 105 million of adjusted EBITDA in quarter three, as recovering volumes and growth in merchandise gross profit were offset by lower unit margins, driven by a shift in fuel and customer mix and a reduced benefit from the COVID-related wage assistance program. Unit fuel margins in the retail segment continue to be strong, supported by our digital pricing capability. Same-store sales growth, excluding cigarettes, was nearly 2% up. This was driven by strength in major categories, including center store, beverages, and alcohol, while successful margin enhancement initiatives drove merchandise gross profit. You recall Q3 2020 was an exceptional quarter in which Canada was largely open following lockdowns during the summer, which made a year-over-year comparison a difficult one to surpass. We continue to expand our On the Run convenience brand and opened 9 new-to-industry retail sites and one Carrefour location in the quarter. We are on track with our target to complete approximately 60 On the Run site conversions by the end of the year, bringing our Canadian count to around 400. Reflecting our focus on continuously strengthening our connection to the customers, we have now grown our JOURNIE membership to 2.5 million. Continue to further diversify our retail offer and expand the ways we can meet the evolving preference of our customers. SkipTheDishes and DoorDash are now available at over 270 and 200 locations, respectively. Over to the international segment. The international segment delivered a record adjusted EBITDA of CAD 83 million, which was up CAD 6 million from last year, which you may recall last year included a non-recurring CAD 10 million benefit. It's really an outstanding performance. Q3 performance was underpinned by the ongoing recovery in our base business, supply optimization, and previously announced cost control initiatives, as well as the ongoing strength in offshore drilling and production activity in Guyana and Suriname. We also drove value from our recently announced acquisitions, including the Isla joint venture in Dominican Republic that added approximately 160 high-quality retail sites to our portfolio. Plus, we delivered related supply advantages. Our total international volumes were up nearly 20%, year over year. In some markets, we have seen some early signs of tourism recovery. We are well-positioned to capture additional upside as we enter into the tourism season in quarter four and into quarter one next year. Shifting to our U.S. segment, we have doubled our business year-over-year with record adjusted EBITDA of $44 million in the quarter. U.S. national retail fuels volume have surpassed 2019 levels, a positive sign for the U.S. economy. Our U.S. performance was propelled by a combination of acquisitions, organic growth from our national accounts business, and the benefits of a strong summer driving season. We saw strong contribution from Conrad & Bischoff, which we acquired in April this year, and enjoyed some early supply synergy capture. Our underlying strategic growth initiatives are delivering results and our acquisition and integration capabilities continue to generate shareholder value. We continue to see additional upside in the recovery, particularly in our marine bunkering business in Florida and from oil and gas activities in our northern regional operating center. As I mentioned in last quarter's call, we continue to manage inflation, as wages for workers, service providers, and the cost of products have increased. These pressures are not isolated to Parkland, and our team is doing an excellent job offsetting these headwinds and ensuring additional costs are recovered from the markets. Our supply segment delivered exceptional Q3 results, reporting CAD 161 million of adjusted EBITDA. That's up CAD 37 million from quarter three in 2020. Very proud of the Burnaby Refinery team who have continued to extend our co-processing and renewable fuel manufacturing leadership. Proven capabilities directly support our goal of helping our customers lower the carbon impact on their journeys. During the quarter, our Burnaby team set another record, co-processing an average of 2,300 barrels a day or 33 million liters of bio-feedstock. Year-to-date, the refinery has co-processed 83 million liters, placing us well on track to reach our 2021 goal of 100 million liters of co-processed feedstock. Supply optimization business is also involved in low carbon fuel logistics, transportation and planning, as well as low carbon credit sourcing and trading. As you're aware, we undertook planned maintenance at the refinery in October, and as Bob already mentioned, at this point, the work has been substantially completed and we're now ramping up to typical utilization levels. Corporate adjusted EBITDA expense was CAD 29 million, reflecting the reduced benefit from the Canadian Emergency Wage Subsidy program and administrative costs to support partial return to pre-COVID business activity levels. With us in the room today is Doug Haugh, President for our U.S. business, and he will provide a few highlights of our most recent acquisition in the U.S. that was announced earlier this morning. Doug. Thanks, Marcel. Yeah, slide six is a quick spotlight on our recent announcement to acquire Urbieta. This acquisition complements our existing Florida commercial business that we've had since 2019, and establishes a large, high-quality retail and convenience growth platform for us in Southern Florida. As Bob mentioned in his opening, I mean, Urbieta does almost double the size of our retail business with 94 new sites. We're currently at about 101 existing sites, so it's almost a double. Gives us immediate scale in a densely populated and rapidly growing Florida market with some really unique real estate and location attributes of this network that we love. Gonna give us an awesome opportunity to expand our On the Run convenience brand. We'll talk more about this at our Investor Day. I just wanna take the chance to thank the, you know, Ignacio and Julian Urbieta and their family for working with us on this, choosing Parkland, choosing to join our family, and for their support going forward in growing a very exciting market in Miami. Thanks, Marcel. Thank you, Doug, and real congratulations to you and the team. I'm excited about this. We're on slide 7. We have summarized the impact of all of our recent acquisitions. Since reporting our quarter three results in 2020 last November, we've now announced or closed 14 transactions, which you see here on the page, representing an investment of approximately CAD 1.2 billion, including purchase price adjustments. In aggregate, these deals represent our fourth largest acquisition to date and highlight the impact of our disciplined consolidation strategy. Transactions are immediately accretive to distributable cash flow per share and are approximately 9% accretive after expected synergies and EBITDA enhancement initiatives. Our acquisitions are aligned with our stated growth strategy and provide us with integration and organic growth opportunities, which will further strengthen our supply advantage and generate attractive returns. At the end of quarter three, our total funded debt to credit facility EBITDA of 3.2 times reflect the completion of some previously announced acquisitions. Following the anticipated synergy capture, we expect to return to our targeted leverage levels of 2-3 times. There are no material credit facility or bond maturities until 2026, and we have significant financial liquidity. As always, we are focused on creating long-term shareholder value, and we are confident in our ability to reach our ambition of CAD 2 billion of adjusted EBITDA run rate by the end of 2025. I'll pass it back to Bob to wrap things up. Great. Thanks, Marcel and Doug. That was a great overview, and it sets the tone for what we expect will be a strong finish to the year. I would also like to welcome the Urbieta team to the Parkland team. I really look forward to working with the team in South Florida and establishing our retail presence there. This acquisition is our largest U.S. acquisition to date and is a solid example of the accretive opportunities in our pipeline that will continue to support our growth strategy. Turning to slide 8, another critical aspect of our strategy is our sustainability journey. I am pleased to share that we continue to make strides in advancing our environmental, social, and governance efforts. During the quarter, we welcomed 2 new board members, Angela John and Richard Hookway. They bring extensive global experience in supply, low-carbon technologies, and in creating value across the entire downstream chain. I believe the company and its shareholders will benefit greatly from their contribution. I look forward to their contribution and working with them. As mentioned earlier, our Burnaby Refinery continues to extend its leadership position when it comes to renewable fuel manufacturing. Our proven capabilities are delivering tangible environmental benefits to our customers, coupled with financial benefits to Parkland through cost-effective compliance. It's a true win-win. We have a lot more to share on the progress of our sustainability journey, and we'll publish our sustainability report before the end of the year. Moving to slide nine. Our record quarterly results highlight the capabilities of our teams and the underlying strength and trajectory of our business. These results clearly demonstrate the value of our integrated model, which includes supply, logistics, and marketing, and we have high confidence in achieving the upper end of our one-year adjusted EBITDA guidance of CAD 1.25 billion ±5%. We have not reduced our 2021 capital expenditure guidance at this time, but due to anticipated timing of capital spend, including some COVID-related delays, we expect to be at the lower end of our range of CAD 350 million-CAD 500 million. To wrap things up before we invite your questions, I summarize by saying that I am extremely grateful to the Parkland team for delivering a record quarter and a record year-to-date performance. Our pipeline of organic growth initiatives and accretive acquisition opportunities gives us confidence that we will achieve our CAD 2 billion adjusted EBITDA run rate by the end of 2025. Parkland's growth program is firmly on track. We look forward to seeing you at our upcoming Investor Day on November 16 in Toronto. The event will include presentations from Parkland's leadership team, outlining our long-term growth and energy transition strategy, which will position Parkland for continued success while generating superior shareholder returns. I would now like to turn the call back to the moderator for questions. Thank you. Ladies and gentlemen, we will now begin our question-and-answer session. As a reminder, the question-and-answer session will be limited to one question and one follow-up question. Should you have a question, please press star followed by the number 1 on your touch-tone phone. You will hear a 3-tone prompt acknowledging your request, and questions will be polled in the order they are received. Should you wish to decline from the polling process, please press star followed by the number 2. If you're using a speakerphone, please lift the handset before pressing any keys. One moment for your first question. Your first question will be coming from Ben Isaacson from Scotiabank. Please go ahead. Good morning, everyone. Congrats on the good quarter. I have two questions. My first question is just to provide investors a bit of an update in terms of where you are on EBITDA. You ended 2019, I think you were CAD 1.26 in that ballpark. Then we had COVID. You've made lots of great acquisitions. Is your run rate CAD 1.4 right now? And does that go higher once we see the recovery of COVID? Can you just give us an update in terms of what you think run rate EBITDA is right now and where you think it could be in a COVID-free world? Hi, Ben, and thanks for the question. You know, we will be providing guidance later this year on our 2022 business which will incorporate the impact of the M&A that we've announced and will be closing, you know, subsequent to the announcement and into the beginning of next year. You know, I think we'll certainly see the benefit of those, plus the associated synergies start to flow through in 2022. You know, we do still have some COVID headwinds in the business that, you know, as public health measures continue to have an impact and incidents go down, we expect we'll have a positive impact of providing tailwind for Parkland. You know, look, I'm confident that we're setting up for a really strong 2022 here, you know, on the back of record performance in 2021. Great. Thank you for that, Bob. Then just as a follow-up question, really impressed with the 20% volume growth year-over-year in international. Wanted to dig a little bit deeper there. What do you think the run rate volume is in international? Are we getting close to 5.2, 5.3 billion liters? I think we were at 5.1 back in 2019. How much of that 20% growth can you break that up into the three buckets that you usually do? And is any of that from M&A or is a lot of that COVID recovery? Thank you. Yeah. You know, I guess there's three buckets. Part of it is M&A. We have done some M&A in the region, and you're seeing the impact of that in the volumes. And that's sustainable going forward. You know, the second thing is growth in our wholesale business across multiple customers within the region. We've talked a lot about Guyana and Suriname and the impact of natural resources in the economies of those markets. You know, I'd say on top of that, the team has been making wins across the region based on the strength of our supply system in the region. So again, you know, we expect that to continue going into next year. The third thing is, you know, we have seen some recovery in COVID, and we've seen aviation volumes come back, but they're certainly not at the level where they were in 2019. Some markets are still closed, so you know, that'll increase both diesel and gasoline demand as we see those markets come back in full force. Again, you know, the team has done an amazing job there in filling the gaps that occurred through COVID, and then sitting on, you know, the upside of full year-over-year run rate on our acquisitions, and then continued positive impact of COVID recovery. Thank you. Your next question comes from David Newman from Desjardins. Please go ahead. Good morning, guys. It's great quarter. Good to see you and the acquisition as well. Just a couple of thoughts on couple questions on, first of all, I guess Urbieta. Any financial metrics you can point out? It's obviously a real estate play of the 54 sites, and then I look at the volume that you're getting. Any financial metrics that you could say in terms of run rate, EBITDA, that we should be thinking about here? It looks like it could be $10 million-$20 million in terms of run rate, and what you might have paid, is it 8-9, still kind of the run rate on what you pay for valuations? Yes, David, thanks and great question. You know, we'll certainly incorporate the EBITDA into our guidance when we release that later in the year, so you'll be able to see that. You know, we're not disclosing those details at this point. I will turn it over to Doug, and he can give some more insights into the quality of the business that we're buying and the type of sites that we're buying. Yeah. Thanks, Bob. Yeah, no, appreciate the question. It's a, you know, it's a fantastic business. Couple of the aspects to appreciate about it in terms of its fit with us strategically. It's not just 94 locations, but it's 94 locations on, you know, virtually irreplaceable real estate that is extremely dense. They're all in two counties, which is important as we think about rolling out On the Run in the U.S., and we really wanted a launchpad that would give us density in a market to have impact on marketing, advertising, branding. You know, while we love our sites in the Rockies, you know, we don't. There's not a place in the Rockies where we can have 94 locations in one town, and a rapidly growing town at that, like Miami. What gets us? I mean, it's a great quality business today, and one that we are positioned to really add synergies to, both from the supply standpoint, of course, but in this case, you know, on the retail, marketing, branding side of things as we roll out On the Run across the U.S. That's what gets us really pumped about this business going forward. That sort of is a great segue into, you know, the amount of real estate that you actually own here, taken with your corporate sites in Canada. I mean, you guys are upwards of what, 700 sites now corporately owned, which is, I would think no matter what in terms of energy transition, that real estate does have a lot of utility. Yeah. You know, for sure the corporate-owned site counts, you know, we are starting to build a good portfolio. You know, the exact number, I'm not sure we disclose, but it's roughly three-quarters that are owned and 25% that are leased across our network. Your next question comes from Neil Mehta from Goldman Sachs. Please go ahead. Hi, good morning. This is Carly on for Neil. Thanks for taking the questions, and congrats on a great quarter. The first one was just around capital allocation. You've completed a number of transactions this year, which have, you know, driven higher EBITDA and really strong earnings execution. It's not necessarily clear you've gotten credit for the deals in the equity price performance. Just wanted to get your latest thoughts on how you think about the optimal capital allocation strategy across the balance sheet, M&A, and thinking about incremental capital returns. Yeah. Great question. Again, you know, we are really pleased with the growth that we've been able to achieve in the business and, you know, the value that we're continuing to find in the market on these transactions is accretive to Parkland. But I'll turn it over to Marcel to talk specifically about our capital structure. Yeah. In terms of capital, kind of allocation priorities, as we have communicated, that hasn't changed. Our number one priority is to execute the strategy and grow the business. The second priority is to de-lever the balance sheet. The third one is additional distributions to shareholders. It's really on the basis that, you know, we believe that growing our business, delivering the synergies, you know, making the returns on the investments is the best way to kind of grow shareholder returns. That's the starting point. Of course, like everyone else, I personally am disappointed with where the share price has been over the last couple of weeks here since Q2. Our conversations with shareholders, by and large, have been positive and supportive in terms of continuing to deliver and execute our strategy. The market in general, of course, there's been quite a couple of macro effects in there as we have seen that. You know, we continue to just stay on strategy and execute as you know as we have done that, and we have good support from our shareholder base. That's great. Appreciate the color there. The follow-up was just around the co-processing initiative, which continues to track well at Burnaby, and it seems like you're on track to reach that 100 million liter goal for the year. Can you talk a little bit about the opportunities that might exist beyond that initial goal and, as it relates to the renewable fuels, and also how that could further offset any regulatory obligations you might have? You know, again, you know, our team's done remarkable work there to hit that target, and they truly are an innovator in this area, and have been able to demonstrate that we can do it reliably and safely. You know, in terms of we will continue to increase that, you know, each time, and we've just completed a minor turnaround in the refinery. As we continue to do maintenance, you know, we do continue to increase the throughput of the plant. When we do our Investor Day, the team will give a more detailed update around what that growth looks like. I mean, the key is that we can more than meet our compliance obligations in the province of BC. You know, as we talked about, the cost benefit is quite enormous to Parkland, particularly in comparison to the capital that we're putting into the facility. You know, it's been a great project, great partnership there with the province of BC. You know, we're really pleased with what the team's achieved. Now, the other areas that we continue to make great progress, we do have a carbon compliance trading business and carbon offset business. We continue to grow that substantially, and we've seen enormous growth there over the last 24 months. We are a large wholesaler of renewables certainly within Canada, where we leverage our rail fleet to bring product in and move it around the market. You know, that space, we're seeing exponential growth right now and expect to see that here going forward over the next few years. Your next question comes from Vishal Shreedhar from National Bank. Please go ahead. Hi, thanks for taking my question. I was hoping you could comment a little bit on the Canada results year over year, and what caused the fuel margins to soften year over year and sequentially. Obviously product costs were a factor. However, I wanted to clarify that in Canada, that fluctuation of product costs, it isn't as significant of an impact to retail fuel margins as it is in the U.S. Number one, if that's in fact the case. Number two, if the business model that you have, which focuses more on less on corporate stores, more on dealer, if that also insulates the product, the product cost fluctuation in there. Maybe you can help me understand if that margin that we saw this quarter is because of the product cost, is that less than a normalized level that you would otherwise expect? Yeah, I think so. Thanks, Vishal, and thanks for the question. You know, I would say the fuel margins, you know, first of all, there's what the market is giving and where it's pricing at. If you do look on the Kent data, you'll see that it has come in year over year. You know, the second thing is mix. Not so much between our dealer and our corporate business, but our commercial business had some good growth in some of the lower margin distillate delivery business. That's pulled the aggregate margin down. Look, the margin environment in the business is extremely healthy, given that the volumes are off. You know, compared to 2019, I mean, the business performed on a year to date basis has shown growth. In the quarter, you know, we certainly were at the same level where we were in 2019. Look, I'm very pleased with the performance and what the team has been able to achieve. You know, as always in that channel, there is a bit of volatility in margins, but over time, they certainly work out and, you know, again, provide stable cash flow from that particular business. Okay. Thank you for that color. In the prepared remarks, I think I heard management's comment on a CapEx reduction, if I heard that correctly. Just wanted to get your perspective on what projects have been deferred, and if the total of that CapEx reduction, there was another one earlier in the year, if I recall correctly, if that will just be added to the 2022 number. Yeah. You know, I would say, so we are at the lower end of the guidance that we've currently provided, and it is substantially less than what we indicated at the beginning of the year. You know, we did have a one project that we canceled that was within our supply group because we were able to achieve some of the benefits without the capital required. We have had some delays, particularly in some of our retail, due to just constraints in contractor capacity and getting materials. You know, we expect to pick that up next year, but not incrementally to the growth capital that we would normally have in that channel. You know, I would say those are the two main items that are really impacting that. We've optimized some of the capital spend as well with our M&A that we have done. Some of the M&A has just kind of displaced some of the CapEx we would have otherwise done organically. Yeah. Your next question comes from Michael Van Aelst from TD. Please go ahead. Hi, good morning. Congrats on the quarter. You talked a couple of times on the acquisition and contribution, and particularly on the synergies. It seems like the synergies are coming in stronger than what you would have originally anticipated. I was hoping that you could talk about the source of that, and particularly, I think you point out supply synergies in the Pacific Northwest, and supply synergies as part of the Isla acquisition. Can you talk about the source of those and the sustainability of those synergies? Yeah. Hi, Michael, and thanks for the question. You know, consistent with what we've talked about in the past is we look for synergies in sort of three buckets. The first is in supply, which tends to come quite quickly, and we are seeing that benefit certainly throughout the majority of the M&A that we've done this year. The second thing is making operating improvements, and that can be things like rebranding, it can be optimizing the network. You know, in some cases, you know, we've been able to close sites in the commercial business and aggregate that into our other locations. The third is in our operating system and back office. You know, one of the things that I'm really pleased that the team has been able to achieve is the speed at which we're integrating into the back office. You know, maybe Doug, you can give some color on some of the great work the team's been doing in the U.S., but you know, we've accelerated the pace and the speed at which we get businesses onto our back office platform, enabling us to get those transactional synergies quicker. Yeah. Bob, that's a great point. I mean, I think it's the ERP back office systems, but it's also, you know, our logistics platform, our sales and marketing CRM systems, our people and culture platforms, all along with POEMS, which is from a safety and environmental health standpoint, critical, especially as we integrate some of these, you know, smaller entrepreneurial businesses that haven't had that kind of support in the past. You know, really all five lanes of the integration process have continued to improve. We've continued to get better at execution, continued to add to the team in terms of expertise and horsepower. The pace of getting that work done really does lead us to, you know, faster synergy capture and faster growth, 'cause a lot of those capabilities really allow us to move forward more aggressively. Similar to what Doug's been able to achieve in the U.S., we've seen that in our international business from the three acquisitions that have been done there. The other thing you did ask is, are those sustainable? Certainly they are sustainable, and that's the EBITDA that we'll bake into our guidance for next year. Great. Thank you. Just as a follow-up, can you talk about what the pipeline looks like right now in terms of, you know, size of the opportunities, more commercial, retail, wholesale? What are you seeing right now, as well as the valuations? You know, again, consistent, you know, with what we've been seeing in the market, we do see a broad range of opportunities available, you know, quite frankly, across all of our markets right now, which is great. You know, we're able to find good, high quality businesses that are well run and work with vendors, mostly on an exclusive basis to provide a value that works really well for them and us. You know, I would say valuations are still very much consistent with what we've guided in the past. You know, certainly, on a post-synergy basis, you know, we're still seeing some really good accretion, on these deals. Again, quite bullish on our M&A pipeline, and that we can continue to grow the business and meet our CAD 2 billion target. Your next question comes from Peter Sklar from BMO. Please go ahead. Good morning. First, a question on the co-processing you're doing in Burnaby. You know, as your co-processing continues to ramp up, can you talk just a little bit about how that impacts your financial returns at the refinery? I mean, does that give you higher returns than processing a barrel of oil or lesser returns? Just to understand that you're meeting the regulatory requirements, but what's the bottom line impact on financial returns at the refinery? Yeah, no, for sure. Thanks for the question, Peter. You know, the way the market works is we have certain compliance obligations that if we weren't manufacturing or co-processing, we would have to import more expensive renewable diesel from Asia or the U.S. What this allows us to do is meet that compliance requirement without having to purchase the more expensive renewable diesel. There is a significant EBITDA benefit to that which has us, again, you know, the return, as I've indicated, you know, this year we're on track to saving CAD 35 million and the equivalent, you know, based on an equivalent investment in the facility for co-processing. It is quite the returns are quite healthy there. Okay. My follow-up question is on this Florida acquisition that you've done, that you've announced this morning. That's. You know, you haven't given financial statistics, but it's just the way you've described it in the press release and your discussion on the call this morning, this sounds like a very high quality asset. And, you know, given where your stock is currently trading and, you know, where Parkland is being valued, it sounds like to me that, like, you paid a higher multiple for this business than what your, you know, what Parkland is currently being valued at. Bob, I just wanted to know about, you know, how you and the board, you know, think about that issue that you're considering acquisitions that, you know, although high quality may be, you know, a higher valuation than your own company, so there's kind of the valuation arbitrage opportunity is not there. It's kind of dilutive pre-synergies. I'm just wondering, is that an issue when you hold these discussions with the management team and the board? Well, look, I mean, certainly, our capital allocation process, you know, looks at returns and looks at the returns that we can get on a post-synergy basis. You know, I would assure you that this is accretive. You know, the other thing is to look at our business in two different pieces, right? We've got our supply and refining business and then our marketing business that trade at two different multiples. When you look at it on the sum of the parts basis, you know, this is accretive, both on a multiple basis and then most importantly, on a post-synergy basis. It's accretive to the shareholder at the current multiple. Maybe just if I may, Bob, if I add to that. This acquisition has this huge component of valuable real estate. When we look at the multiples, I think the real estate is a bit separate from what the run rate EBITDAs and the business which we paid for. I think that looks also very attractive, even compared to where we trade today as a company, which as Bob said, is a composite of different businesses. Your next question comes from Derek Dley from Canaccord Genuity. Please go ahead. Yeah. Hi, everyone. I just wanna follow up just quickly on the M&A. You know, in the past you've talked a lot about obviously the U.S. where you continue to grow aggressively in international, but I think you just mentioned you're seeing lots of opportunities across all markets. Just wondering, you know, what would be the white space that's left in Canada that you'd be potentially pursuing? Yeah. Thanks for the question, Derek. You know, again, we do see opportunities in the three channels that we operate, or certainly the two channels, retail and commercial. I would say within commercial we're seeing some opportunities in propane. Then on the retail side, you know, we've often stated how we do have areas within certain markets where we don't have a good network. You know, we'd certainly look at those and do see smaller opportunities within the markets to continue to fill that in. Okay. No, thanks for that. That's helpful. And then I just wanna turn to the cost side quickly. In Canada, you know, you mentioned there was a CAD 9 million increase in operating costs, partly due to the elimination of the emergency wage subsidy. But, you know, should we expect that number, I guess, that quantum to sort of continue going forward? What are you seeing in terms of cost inflation, if any, you know, on the operating cost side in North America? You know, certainly the CEWS impact, you know, we have had to replace costs that were funded by the government. Look, you know, I would say the CEWS enabled us to make sure that we could continue to provide service in all the communities that we operate during a very tough time through COVID. We were very grateful for that. You know, these costs are there. You know, through the pandemic, it did allow us to achieve some structural cost savings, which we're hanging on to, but ultimately, you know, we do need to add costs back in to make sure that we can service our customers and make sure that we can continue to run the business. Costs will come up, but look, they'll stabilize and as always, we'll continue to focus on those and make sure that we're getting the benefits of the scale of the business. Your next question comes from John Royall from JP Morgan. Please go ahead. Hey, good morning, guys. Thanks for taking my question. Can you talk about how the refinery turnaround went from a cost perspective relative to your expectations? It sounds like it went well, at least from a timing perspective. I think in past turnarounds, you'd called out costs when you report the quarter related to the turnaround on both the capital and the OpEx side. Anything high level you can share there that'll help us model for Q? Just relatedly, if you can remind us how often the major and minor turnarounds occur and when we can expect the next one. Thanks. Yeah. Hi, John, and thanks for your question. You know, I would say on time and on budget is the headline, which is great. Again, the team's done a great job in managing this particular turnaround, which was, you know, smaller than some of the others that we've had. Marcel, did you wanna comment specifically on the cost implications? Sure, since that, the turnaround happened in the month of October, that'll be revealed in our Q4 results. We'll provide that information. As Bob said, on time, on budget, so very happy with them ramping up their production. Okay, thanks. The international business, just, any color on the tourism piece going into the travel season? Anything that might help us think about kind of, the organic growth versus the acquisition growth in that business going into fourth Q and into next year? Sure. Specifically in international on organic. So look, you know, we do see some there is still some recovery to happen in markets. You know, there are markets that are just reopening. We expect to see a tailwind there, both on our aviation business, where we have an aviation presence in the markets. And then on, based on the economic activity in the base business. Again, on top of that, we've got the great work that the team has done to win business on the wholesale side, and then the M&A that'll start to flow through on a year-over-year basis. You know, we're certainly looking to increase the run rate of that business in our guidance that we'll provide later in the year. Your next question comes from Steven Hansen from Raymond James. Please go ahead. Oh, yeah. Hey, guys. Just maybe a narrower question to follow up on the last is, you know, can you give us perhaps some description or understanding of what kind of lead time you might get from your large cruise or travel-related customers in the Caribbean? Just thinking in the context of you needing to pre-position fuel volumes in advance of that season, do you get good lead time advantage information on that? Or is it something you react to more on a more short-term basis? Yeah. It's a good question, and it still is a headwind in the business. I'll let Doug talk about it because the marine business, a lot of it runs out of Miami. You know, the U.S. team and the Sol team work very closely together on a lot of that. Doug, if you can provide some color, that would be helpful. Yeah. Thanks, Bob. I think, you know, in that whole sector, first to the point of lead times, we do collaborate with a large number of the cruise lines in particular on forward demand. We've seen expectations for that demand for fourth quarter return modestly. Certainly not the full run rates that one would've seen in 2019, but a very nice recovery versus you know, the essentially a full shutdown we saw in 2020. That's quite encouraging across the U.S. domestic market, as well as the international markets across the Caribbean that we service as well. You know, the commercial lines are far less collaborative. They kind of show up when they show up. They do have shipping schedules, but they don't tender ahead of time as much as the cruise lines that we get to collaborate with, you know, usually a quarter ahead at a minimum. Great. That's very, very helpful. Just one quick follow-up, if I may, on the latest acquisition and just thinking about the loyalty opportunity there. Do they have an existing loyalty program in place of scale or substance? And how do you relate that to the JOURNIE opportunity, going forward? Thanks. Yeah, no, it's a great question. I think they do not. You know, when we look at the, if you look at the composition of this network, what gets us really excited is these are fantastic locations, fantastic real estate, great infrastructure. But without the support of the brand, the marketing, loyalty, the supply chain support, category management, you know, a lot of you know, the components of retail excellence that we deliver, I think are absent in most cases in this network. That's what gets us excited about the upside from here with what are really high quality infrastructure assets, but without scaled marketing and sales support that we bring to the table. It really bringing those two together gets us quite excited. That's great color. Thanks, guys. Your next question would be coming from David Newman from Desjardins. Please go ahead. Hi, guys. Just a quick follow-up in terms of the pace of recovery overall. You know, you outlined sort of the gas demand and how we're recovering sort of by province. But you're a great B2B player, and I'm just kind of wanna get a sense of where you feel like we are on the diesel, jet fuel, and other fuel types. Do you think there's gonna be any sort of permanent impairment, I guess, in a hybrid world that we can't get back to 2019 levels? Maybe just thoughts on other fuel types. No. I would say, you know, the great thing about Parkland is diversified products. Diesel tracks GDP. You know, as GDP has come back here, we've seen diesel demand track that. On top of that, our team has continued to win market share. We're seeing that in all three businesses, Canada, the U.S., and international, where we've been able to grow our diesel volume at a far higher rate than our gasoline volume because of the underlying connection with the economy, and again, our ability to win in the marketplace. Bob, just a quick one, just a quick follow-up on that. Just where we can all track the gas, where the gas is, but just on diesel and jet fuel, where are you versus 2019, do you believe? Like, what's the delta? That's a good question. I don't have it on the top of my head. I do know certainly in yeah, well, like I say, in all jurisdictions we're ahead. I don't know the exact number right now, but we can follow up on that. Yeah. Yeah, I think, you know, sector-wise, this is Doug Haugh here. I think, a couple broad ways to think about that, certainly jet is still off. I think we all recognize that. We would expect that to come back to 2019 levels and beyond 'cause aviation's gonna still be a growth industry going forward. When you look across the industrial and commercial sectors, obviously oil and gas has been off hard, related to COVID, but just also related to the commodity collapse that occurred with COVID. Those are coming back at these crude values for sure, so that's encouraging, but, you know, certainly not as fast as the, what I call the kind of daily living categories. From a food distribution, waste management, transportation, freight, you know, general freight, those are all have come roaring back, and we're seeing volumes consistently ahead of 2019 across those sectors. Then the other sector we mentioned was marine, where, you know, marine in general has been off substantially through the pandemic, coming back quite nicely now, and we'd expect that to, you know, fully restore certainly throughout 2022, but not there yet. There are no further questions at this time. Please proceed. Great. Thank you. I appreciate everybody dialing in today and I look forward to sharing our Investor Day coming up in a couple of weeks here. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.