Good morning. My name is Joelle Noel, your conference operator today. At this time, I would like to welcome everyone to the Parkland Q1 Analyst Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then one on your telephone keypad. If you would like to withdraw your question, please press star then two. Thank you. I would now like to turn the conference over to Valerie Roberts, Director, Investor Relations for Parkland. Please go ahead. Thank you, operator. With me today on the call are Bob Espey, President and CEO, and Marcel Teunissen, Chief Financial Officer. This call is webcast. 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 1 question and a follow-up as necessary. If you have other questions, re-enter the queue. We would ask analysts to follow up directly with the investor relations 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 and other financial measures which do not have any standardized meanings prescribed by IFRS. 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. Thank you, Val. Good morning, everyone. We appreciate you joining us today. The Parkland team has a lot to be proud of in the first few months of the year. I'd like to highlight a couple of accomplishments. First, I want to thank and congratulate the entire team for safely completing our scheduled turnaround at the Burnaby Refinery. Our team has a track record of consistent execution, and they completed this eight-week process on time and on budget. I'd next like to highlight our JOURNIE Rewards loyalty program, which is partnering with Air Canada's Aeroplan. JOURNIE Reward links our family of fuel and On the Run convenience brands. In addition to building closer relationships with our customers, JOURNIE's goal is to drive organic growth by incentivizing loyalty. In the 3 years since its launch, we have grown our cardholders to over 4.5 million in Canada. The past few years have proven that JOURNIE members are loyal, higher-spending customers, and they are now responsible for a quarter of our retail fuel transactions. Members on average pump 20% more gasoline each fill and spend 7% more in our stores. During the quarter, JOURNIE members have contributed over 20% of the same-store sales volume growth we experienced. In the past few months, we have made significant platform enhancements to our JOURNIE app. These strengthened our digital connection to our customer and set the foundation to support our new loyalty partnerships. Our partnership with Aeroplan is exciting for many reasons. Firstly, our customers will benefit. By bringing these two leading loyalty brands together, we will deliver Canadians greater value, greater choice, and greater rewards. Secondly, it significantly expands our reach with over 10 million combined members. Thirdly, it accelerates momentum in our organic growth strategies. Building on our relationship with CIBC, the addition of Aeroplan will further strengthen our loyalty growth platform. We continue to explore additional partnerships for our JOURNIE program to offer more to our customers and extract greater value. JOURNIE is quickly becoming one of Canada's top retail loyalty programs. If you are not already a JOURNIE member, I encourage you to sign up and download the app. Let's move to slide 3. Before we discuss the quarter in detail, let me step back to provide a brief overview of our business as well as some high-level observations. As followers of Parkland, you know that our purpose is to power journeys and energize communities. With operations in 25 countries, we are a fuel distributor, marketer, and convenience retailer. We meet the needs of over 1 million customers every day. We operate in 2 channels. Our retail business satisfies the fuel and convenient needs of consumers, and our commercial business provides companies with industrial fuels. These businesses are complementary. Our retail and commercial businesses are backed by our multi-product integrated supply chain. By operating in all three parts of the value chain, we secure cost-competitive supply for our customers and at the same time capture attractive margins. This is our supply advantage. Parkland is a growth company. Through consistent execution, strategic acquisitions, successful integration, and our talented team, we have built a portfolio of leading brands that provide our customers with their daily energy and convenience needs. We bring these together through our On the Run food and convenience offer and with our JOURNIE loyalty platform. Acquisitions have played a big part in our growth. We are now focused on integrating the companies we purchased, capturing synergies and driving organic growth. We are exercising strict capital discipline by prioritizing lowering leverage, followed by enhancing shareholder distributions and organic growth. Our first quarter results are excellent. We have lots of good news to share, including exceptional same-store volumes and sales in our retail business, and robust growth in our international business from organic initiatives, synergies, and a recovery in tourism. We continue to work on the reset of our U.S. business. Donna Sanker moved from our Canadian business to be president of our U.S. operations. She has simplified its structure, recruited external talent, and placed proven Parkland leaders into our U.S. organization. I am confident the changes we have made over the past several months sets the U.S. on course to deliver the consistent and improved performance we expect. With that, I will hand it over to Marcel to discuss our segmented results in more detail on slide four. Thank you, Bob, and good morning, everyone. Parkland delivered an Adjusted EBITDA of CAD 395 million in the quarter. This is up CAD 12 million from prior year, despite an approximate CAD 100 million impact from the turnaround at the Burnaby Refinery. This is a tremendous result, reflecting the resilience of our business model, contributions from acquisitions, and organic growth. We are firmly on track to achieve our 2023 guidance. Our Canada segment delivered Adjusted EBITDA of CAD 167 million. Commercial volumes were lower due to unseasonably warm weather. Our retail business performed well with a 7.3% lift in same-store sales volumes, a large portion driven by JOURNIE members. In addition, we see the positive impact of our Crevier and Husky acquisitions. Fuel unit margins were lower due to the declining commodity price environment but continue to trend above historical averages. Our convenience gross margin increased by 45% year-over-year to CAD $87 million. This was driven by same-store sales growth ex-cigarettes of 6.8% and growing our food category through the acquisition of M&M Food Market. Our international segment delivered Adjusted EBITDA of CAD $183 million, up over 120% from last year. A key contributor of this growth was the consolidation of the remaining 25% of Sol last year. Fuel volumes increased approximately 40% due to organic growth in contracted commercial volumes, combined with the completion of and synergies from our Jamaica acquisition. Fuel unit margins increased from 2022 due to our regional supply advantage. USA delivered Adjusted EBITDA of $21 million, which reflects the impact of environmental compliance cost of $17 million related to previous periods. Fuel unit margins were higher, but volumes were lower compared to last year due to our decision to limit our US wholesale business and due to severe winter weather conditions in the Rockies and North Dakota. We have high confidence in the fundamentals of our USA business, and our new leadership team is focused on unlocking its full potential. Refining delivered Adjusted EBITDA of $38 million. This reflects the scheduled 8-week turnaround, which resulted in composite utilization of 33%. During the turnaround, we optimized financial performance by selling our unused pipeline capacity and increasing our import of refined products. The turnaround was successfully completed on time and budget, and we returned to normal operations in early April. Net earnings per share increased more than 20% year-over-year. This increase reflects good operational performance and the accretive returns on recent acquisitions, including our consolidation of Sol. Our leverage ratio decreased to 3.3 turns. The pie chart on the right shows the trailing 12 months Adjusted EBITDA contribution of our three business lines: Retail, commercial, each of which includes the benefit of our supply advantage, and refining. As you can see, retail makes up almost half, with the remaining half split almost equally between our commercial and refining business. Growth in our retail and commercial lines of business will outpace the growth from the refinery, meaning the refinery's relative contribution to Parkland will continue to reduce. On a trailing 12 months basis, Parkland has delivered CAD 1.67 billion of Adjusted EBITDA, which includes 100% of Sol, the impact of the refinery turnaround, and our weaker Q3 last year results. This shows the positive momentum in our results. Moving to slide 5. I would now like to shift the discussion to the future and our journey to 2025. You are familiar with these numbers. On this call, we will provide greater transparency into the actions we are taking to drive this growth. As a reminder, this will be done without acquisitions. In 2023, we are targeting CAD 130 million of incremental EBITDA from last year. This will get us to the midpoint of our guidance. Lower earnings from the refinery, due to the planned turnaround and normalizing margins, will be offset by full year inclusion of the 2022 acquisitions and stronger U.S. results. We expect to add $50 million through synergies and cost efficiencies. We expect organic growth to deliver approximately $80 million this year. Through 2025, we will deliver approximately $200 million of incremental Adjusted EBITDA to achieve our $2 billion ambition. This growth is comprised of $100 million of synergies and cost efficiencies, plus $100 million from organic growth initiatives, or about 3% per year. We continuously review our portfolio for optimization opportunities, including divestments. We will speak more to these actions in a moment. First, I want to emphasize the expected outcomes of our near-term strategy. By 2025, we expect that with a capital program consistent with current levels, we will achieve Adjusted EBITDA of CAD 2 billion and cash flow of CAD 9.50 per share. We are focused on delivering shareholder returns and grow our return on invested capital to more than 11% by 2025. Lastly, we expect to reduce our leverage ratio to the low end of our 2-3 times target. The actions we are taking are clear, and we are confident that they will drive shareholder value. With that, let's move to slide six. We continue to focus on integrating the businesses we have recently acquired. As you know, it can take up to three years to fully capture acquisition synergies, but we're already seeing meaningful progress, including in the first quarter. For example, our recently acquired terminals in Eastern Canada have provided us with optionality. We expect a material improvement in our supply economics and lower cost of product. Although industry fuel unit margins have softened from Q4, our margins have held firm, reflecting our supply capabilities and advantage. In our retail business, we have now converted 21 Husky sites to Chevron in Western Canada, with each providing a refreshed On the Run convenience store offering. The transformation is impressive. By offering a trusted brand, implementing robust merchandising strategies, and linking customers to our JOURNIE Loyalty program, we are seeing fuel volumes and same-store sales increase. Since late 2020, we have spent almost CAD 3 billion on acquisitions, including the consolidation of Sol. We are focused on fully leveraging the benefits of our scale on creating an operating platform to deliver additional synergies and a competitive cost structure. We expect to deliver approximately $100 million of direct and indirect M&A run rate savings. This will include a reduction of third-party spend, the consolidation of our systems and processes, and other cost efficiencies. I'll pass it back to Bob to talk about organic growth on slide 7. Thanks, Marcel. The Parkland team is also focused on organic growth, and we are seeing great progress. In the retail segment, we continue to expand our On the Run convenience network. We have 670 locations across Canada, U.S., and international segments. This now includes our first standalone urban store in the Vancouver area. We are on track to meet our target of 1,000 On the Run sites by the end of 2025. Our same-store sales growth in both fuel volumes and convenience speaks loudly to the value of the On the Run brand and how we generate attractive returns. On the commercial sides, scale has allowed us to become the trusted supplier of industrial fuels in the regions we serve. The growth of our international business has been a few years in the making and was hidden by the impacts of the pandemic. We are now starting to see the benefits of the improvements the team has been making. Our volumes increased by more than 600 million liters or over 40% year-over-year. Our competitive advantage has allowed us to win new commercial business and optimize asset utilization. We are seeing continued strength in our retail business. Turning to slide 8. We have a clear strategy for identifying assets that no longer align with our core business objectives. We regularly review our portfolio to identify underperforming assets and assess the potential impact of disposition on our financial performance. We've acquired many great businesses over the last couple of years, and there is an opportunity to optimize the portfolio and streamline our businesses. This is an important part of our broader capital allocation framework. We expect to generate up to CAD 500 million from the sale of non-core assets. Work is well underway. At the end of the first quarter, we had more than CAD 200 million of assets held for sale. This includes approximately CAD 100 million of high-value real estate, of which 85% are in advanced negotiations. These sites are primarily in urban areas with high real estate value. Assets held for sale also reflect non-core Canadian assets, including a terminal in Eastern Canada that is also in advanced negotiation and parts of our commercial business in Canada. We expect to be marketing that business in the next few months. We carefully considered the market conditions and timing of asset disposals to ensure that we can maximize the value of the assets we sell. This involves assessing market demand, identifying potential buyers, and negotiating favorable terms for the sale. The cash generated by these disposals will be considered in our capital allocation framework and used to reduce debt and increase shareholder returns. Moving to slide 9. Parkland's management and board are focused on maximizing shareholder value. Earlier this year, with the help of an independent financial advisor, we completed a detailed review of strategic alternatives for the refinery with the board. We reviewed several options, including a sale or spin-off, and considered the impact of leverage and dyssynergies. Following this detailed review, we concluded that Parkland's continued ownership of the refinery maximized shareholder value at this time. The Burnaby Refinery is a highly strategic and integrated asset. Approximately 90% of its output supplies Parkland customers. The BC market has limited import options. Other key market participants own refineries outside of the province and ship finished product into the region on the Trans Mountain pipeline. Burnaby Refinery allows us to remain competitive. Parkland has added significant value to the refinery since it was acquired in 2017. Through a combination of safe and reliable operations, strategic commercial agreements, and logistics optimization, Parkland has contributed to a doubling of the mid-cycle Adjusted EBITDA. As a result, a significant portion of this increase is unique to Parkland. Turning to slide 10. I've been president and CEO of Parkland for 12 years. During this time, the Parkland team has delivered remarkable growth across many metrics. One of the highlights of my role is being able to spend time with our teams in each area of the business. I see firsthand their commitment to safely serving our customers. The conversations I have and the operations I see underpin the confidence I have in our team to deliver continued growth and success. In Canada, I recently visited our retailers. Many have had to work longer hours because of a shortage of staff. I'm impressed with how they continue to serve our customers with an exceptional level of service. I also toured our first standalone C store and caught the enthusiasm of our operations team and our customers about the early success they are seeing. In the U.S., I visited our team in the Midwest and spent time touring our convenience stores. I spoke with our distribution team and drivers, and I'm grateful for the way they brave harsh winter conditions to supply our commercial customers with their energy needs. On a visit to Puerto Rico, I saw the results of rebranding an entire market from Shell to Exxon in record time. This enabled us to free up supply and run it through our platform. The team did this without impacting our market share, and we improved our supply economics by moving this volume into our system. At our refinery, in parallel with the successful turnaround, our supply team captured an opportunity to improve our financial performance by selling our pipeline capacity and increasing our import of refined products. These are just a few of the many accomplishments from our team that give me conviction that our strategy is the right one to deliver long-term value to all our shareholders. Our large long-term shareholders agree. I do not believe our current stock price reflects the performance and quality of our company. To close this gap and enhance shareholder returns, we are taking clear actions that will lead to improved cash flow and returns by growing our business to CAD 2 billion without further acquisitions or dilution to our shareholders. Specifically, we will capture synergies and cost efficiencies. We will deliver organic growth. We will sell non-core assets. Through these actions, our leverage ratio will be lowered to the low end of our guidance range by 2025. Our return on invested capital will increase to above 11%. We're excited about the future of Parkland and are confident that we're well-positioned to create value for our shareholders. We look forward to keeping you updated on our progress and thank you for your continued support. With that, we will turn it over to the operator for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch tone phone. You will hear a 3-tone prompt acknowledging your request, and your questions will be pulled in the order they are received. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speaker phone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Steve Hansen with Raymond James. Please go ahead. Yes, good morning, everyone. Thank you for the time. Just curious on the pace of some of the synergy optimization that you talked about. I think the CAD 100 billion target was referenced. Is that something we should expect sort of equally throughout the period, or do you expect to capture some of that quite quickly? Yeah. Thanks, Steve. Thanks for the question. You know, those, the capturing that is an annual run rate target. You know, we'll see the bulk of that flow into the business towards the end of the year. No, and Steve, of course, as you know, we've done 20 acquisitions. Depending on which vintage those acquisitions were, whether it were earlier in 2021 or later in 2022, those come at a slightly different rate. We said, you know, CAD 50 million in this year, so in 2023, relative to last year. I think a lot of that just goes ratably through the year. The additional CAD 100 million for the next 2 years. That will be the run rate by 2025 again. That will be equally. Normally our supply synergies, they come quite early in the periods because they're kind of instant. Whereas cost synergies and operational improvements, they tend to be a bit more, you know, as we go through change and change programs a bit more later in the period. I appreciate that color. Just one follow-up, if I may, is on the refinery. Understand the strategic review took place. Curious if there's any change in the strategic value of the assets over time as Trans Mountain expands and different options become available. Is that something that was contemplated in the analysis? How do you think about sort of that, you know, the future temporal value of the asset? Yeah. Again, thanks for the question here, Steve. You're right. We did look at the refinery and, you know, as part of that, looked at the forward view and the economics. As TMX comes up, you know, we don't believe that that'll have a material impact on the economics. We do believe that, you know, the impact of that will be pushed into the market. Ultimately, you know, that refinery continues to be a highly profitable asset for Parkland. Certainly when you look at the refining complex throughout North America, it's a top quartile performer. That's a great thing. I appreciate your time. Would just note that the new JOURNIE features on the pump are making the whole process far more seamless. Thanks. Appreciate it. Great. Thanks, Steve. Your next- We appreciate your loyalty as a customer. You know. Your next question comes from Ben Isaacson with Scotiabank. Please go ahead. Thank you very much. Good morning, everyone. Congrats on a good quarter and good to see the pieces starting to come together. Two questions for you. Number one is, you identified up to CAD 500 million of non-core asset divestitures. You talked about the CAD 200 million held for sale. Can you talk about the other CAD 300 million and, you know, whether or not you pursue them or not? Can you just give us a sense as to kind of where they are and what they are? Consistent with what we've communicated in the past, I mean, there's the quickest area and one that we're proceeding quite well on is our retail business, particularly in Canada, where we're looking at high value sites that don't generate a lot of cash flow. The second thing within the retail business is looking at the tail of our network and pushing some of that and selling that to dealers or, you know, or others, depending on the site. We do have some distribution assets, particularly as part of our purchase of Quebec in Eastern Canada. We're looking at divesting one or two of those facilities. Then in our Canadian commercial business, consistent which we've talked in the past, you know, there are some businesses that we are looking at. You know, again, these will be proceeding here over the next 1-2 years. And, you know, as you know, divestitures do take time. And also, you know, I do want to assure people that these are good assets, and, you know, we will, it will be dependent on getting a competitive price for these assets. That's great, Bob. Thank you. Just one more question, if I may. In terms of the U.S. business, if we clean up some of the noise that we had in this quarter, you're continuing to capture synergies. There may be a little bit of organic growth opportunities. It seems like you're putting a pause on further M&A in the U.S. When we put that all together and when we think about the U.S. in a normalized or in a mid-cycle environment, how should we think about EBITDA or EBITDA margins? Is there some way to kind of guide us in terms of what that business looks like? Yeah. Look, you know, I think we've telegraphed here what the base business runs at. You know, when you do the sum of all the acquisitions, you know, would be consistent that we would expect to get in the 30% lift through synergies. Consistent with what we've done in the past, tends to come from three areas. One is our supply, second is operating improvements in the business, many of which have been made, but many more to come. The third is looking at the SG&A within the business, so. Okay, great. Thanks so much. Appreciate it. Your next question comes from Derek Dley with Canaccord Genuity. Please go ahead. Yeah. Hi, guys. Thanks for taking the questions. I just wanna switch gears a little bit. Can you just talk about the $17 million compliance cost within the U.S. business? You know, what that was. It sounds like it was related to prior periods. You know, is this something that we should expect to reoccur at any point? Yeah. Thanks, Derek. I'll turn that over to Marcel to talk through. Yeah. Thanks for the question, Derek. Yes, indeed. You know, we This was related to previous periods and sales that we made in previous periods. It was just a timing on recording, you know, recording the environmental obligations. RIN obligations and Oregon LCFS obligations specifically. It was a timing of it, and we should have, we should have recorded it when these were due. As we were finalizing the year and closing it up, there was a gap in what we had recorded. It's kind of more a timing issue, and of a one of nature for this quarter. It wasn't per se a loss. It was more like when we accounted for it. Okay. When we think about the U.S. business, I mean, and over the last couple quarters, and again, it's changed with the elimination of some of these spot market sales. Is this sort of like a mid $40 million EBITDA run rate business per quarter? Is that how we should think about it going forward? Yeah, it should. I think in the way that we've talked about both this year and the $130 million of increase relative to last year, as well as when we look into 2025, a big portion of those improvements we expect to come out of the U.S. business within that. Yeah, you add back what, you know, what was more of a special for the Q1 period, as well as that we did have some quite severe weather in Q1, and so that moved, for instance, the kind of the agricultural season into Q2 or early Q2, as opposed to Q1, which what we normally see. We expect that to kind of, you know, to continue to improve in the second quarter. Then the synergies which we talked about, and other value that we can create in the U.S. business, we expect to see continued improvement there. Okay, good. Then just one... well, maybe two more, as it relates to the international business and Sol. Can you just give us a little bit more color on what helped drive the strength there at Sol? I get tourism was very strong, and it appears like there was an increase in oil and gas drilling within the region. Then secondly, can you remind us how many of the countries within Sol have regulated fuel margins? Yeah. Look, again, I do want to thank the international team for driving a really strong quarter. You know, it's a lot of the stars aligned for the team during the quarter. As you highlighted, we did see. If you recall last year, there was continued lockdowns because of Omicron in the region, and it also curtailed tourism, so there were sort of two factors. We saw that recovery pull through quite nicely. I mean, look, that's sustainable on a year-over-year basis. The business is cyclical, we do tend to see higher earnings in Q1. Q4, Q1, and Q2, Q3 tend to be a bit softer. Look, the team did an excellent job continuing to grow their wholesale business on the base platform. Some of those sales were spot, not a material amount. Again, we do expect the business to continue to perform strongly here going forward. You know, the other thing is we had Jamaica run through. We also had a full year now of our of the 25% minority piece that we purchased, so there's some M&A that's running through. You know, the team's making great progress on synergies from some of the deals that they've done over the last couple of years. Again, all around some excellent execution there, and we're seeing that come through in very strong performance. We're very pleased with the performance of the business. Yeah. To your second question, I don't have an exact number of how many markets are actually regulated on the retail side, but these are usually the think of the smaller markets in the Caribbean, where we are often the only player or one of two players, there is some regulations there that, you know, that help that with the market dynamic. The bigger markets, when we talk about the Dominican Republic, Puerto Rico, those are not regulated, as well as some of the markets in South America, they're not. It's mostly the smaller markets. Okay, great. Thank you very much. Your next question comes from Vishal Shreedhar with National Bank. Please go ahead. Hi. Thanks for taking my questions. Just wanted to jump back to the US segment for the $17 million in compliance costs. Just wondering if management's made any changes to their controls to reassure that it won't happen again. If so, how significant are those changes such that it won't, these types of issues won't reoccur? Yeah. It's a fair question, Vishal. Yes, we have made those. You know, as Bob already highlighted, you know, we have made quite a number of changes in the team already in the U.S., a more experienced team with all that. We, and that includes the finance team, so I'll mention that, as well as some of the controls that, you know, around some of this. This is kind of the environmental piece. It's a bit of an emerging kind of activity in parts of the U.S., you know. As that has grown, you know, we have now tightened the controls to make sure that we're on top of those. Okay. Moving on to the international segment, there was some contracted volumes. Wondering if that's a sticky piece of business that we should continue to consider as we reflect on our model. Is that more of a one-time event? If so, could you specify the magnitude of that business for us? Sorry. Of which business is... The commercial. Yeah. We don't break that out. You know, again, there is a lot of underlying, sustainable growth in the business, the majority of the earnings. The spot portion is relatively small. Okay. Thank you. Your next question comes from Michael Van Aelst with TD Cowen. Please go ahead. Thank you. I'm wondering how the divestment of $500 million worth of assets would affect your $2 billion EBITDA target for 2025, if at all? Yeah. You know, look, you know, I believe, and we talked about, you know, some of the assets, particularly the retail assets, you know, these aren't large cash flow producers, so, you know, we expect certainly there the impact to be minimal. In some of the other assets that we're looking at, you know, there is quite a bit of overhead to support these businesses, so, you know, we do expect to be able to meet our target. Certainly, if that changes, we will, we'll update our investors accordingly. You know, look, I mean, the key thing is that we get the returns, that we continue to improve cash conversion in the business and ultimately, you know, can redeploy that cash into deleveraging the business here. Yeah. Some of the cash flow that we will generate from divestments, as we've indicated before, we'll use that to reinvest in our business, so it's not all going to the balance sheet. Some of that we'll use to reinvest in business that generate more to offset that. There will be at times a bit of a timing difference between when we get the cash and when we invest and what comes out of it. You know, that will come to more organic growth as well. Okay. As you make these divestitures, we shouldn't expect you to adjust your guidance for 2025? No. We're certainly with the ones that we've identified, we're confident that we can do it and maintain. You know, the other thing is looking at our cash flow per share, right? That's another core metric here that we'll continue to drive. Okay. Great. You talk about CAD 100 million of SG&A cuts, which is pretty substantial by 2025. I'm assuming that's off the current run rate of around CAD 625 million. Is that a fair- Yeah. That's a good way to look at that. Okay. Are those synergies or are those just getting leaner? What is that? Well, it's, you know, it's a mix of both, right? You know, as Marcel said, we've, we did a significant amount of M&A. We've always said it takes up to 36 months to start to realize full impact. Part of it's the growth that we've experienced and would be part of our natural synergy capture. Then, you know, the others would be looking at, again, just the overall structure and, you know, looking for opportunities that have come through the growth that we've experienced. Yeah. Just going back to Sol and following up on earlier questions, you had a substantial increase in EBITDA even when you know, even when you normalize for the 100% ownership of Sol, it was still up, whatever, 64% or 80% or something like that. I don't remember the exact number. I, when I was reading the press release, I got the sense that some of that spot volume was a bigger component of it and is less predictable or less ratable, as you guys like to talk about it. In your comments, Bob, it sounds like that was a small part of it. I guess you're- Again, you know, the other thing is, taking into account the seasonality of the business, right? We did have a COVID recovery here. Like you say, the stars aligned for the business and they did exceptionally well here. Okay. Just on some of that spot business, Do you know why some of those buyers were switching over to Parkland? Is our competitor having a problem? Is there... You know, are you actively recruiting new business like this? What- Yeah. What was the driver? No, look, I mean, look, we'll always sell when we can, right? you know, I would say it speaks to the strength of our supply system in that region where we have a competitive cost structure. you know, and again, ultimately, the economics that we have will ensure that we continue to win in that space. Yeah. Maybe, Michael, I will also point out that if you look at when we acquired this business in 2019, that was probably the last normal comp year that you've had. 2020, you know, we already saw COVID. 2021, 2022. 2023, you see actually also the outcome of three years of work of transforming that business since we've had ownership, right? I think that's important. The Jamaica acquisition, Bob already mentioned. We look at squeezing out more margin for the same volume. Puerto Rico, Bob mentioned it. You know, what we did there, which I think is quite amazing, we rebranded that network to Mobil. That freed up our supply as well, that gave us the ability to get more money out of it. I think, you should see it more as when you compare to previous periods. This is the first year that we really see under our ownership with markets being kind of normal. That gives us confidence in those numbers for international. It's the high season, but also a lot of hard work that's gone in over the last few years. Yeah. One other item is on the confidence around the base business. I mean, the team did add supply capacity. We added one new ship into the region to accommodate the growth that we’ve seen. Again, you know, look, the business performing well. You know, the one thing that our team here can do is follow up a bit on the seasonality of the business, just to make sure that you guys are understanding that and the impact of that in the run rate of the business. That'd be helpful. Thank you. Your next question comes from Peter Sklar with BMO. Please go ahead. Hi, Marcel. Now that we're on the international business, how much of the lift in EBITDA was due to the Jamaica acquisition? Yeah. Specifically, I'm not sure we've broken that out, right? Again, you know, that business has performed well. You know, the team integrated that business quite quickly out of the gate, so we were able to capture not only operational but also some of the overhead burden in that business. Then we did move that supply onto our supply system, and that did create significant lift as well. We don't specifically break that out in our, in our disclosure. Okay. It sounds like it's something we should consider when we look at the year-over-year improvement. Yeah. It sounds like it was significant. For sure. That is a sustainable portion of the EBITDA here. Jamaica, within the region, is a large market, right? We often talk in our markets or in our international market about the larger countries, and we refer to Dominican Republic and Puerto Rico. Jamaica is that as well. It is its own economy. It's quite a number of people there. It's a significant portion of our business going forward. Okay. Switching gears here, can you talk about mobility and traffic trends both in Canada and US that you're experiencing and where we're at relative to pre-COVID levels? In Canada specifically, I mean, again, there is some recovery here because of the impact of Omicron had in Q1 in Canada as well. You know, look, I would point to just the fundamentals of the business. A lot of the same-store sales growth we saw in the business has been driven by JOURNIE, in fact. You know, roughly, you know, roughly two-thirds driven by JOURNIE and one-third driven by market recovery. You know, it's interesting because that's a program we've been investing in here for the last three years. If you recall, we launched that during the pandemic at about this time. As we've been accumulating customers, we've been seeing the positive impact of that. You know, we did highlight that when we do get a customer onto the loyalty platform with their, we see about a 20% increase in their fuel spend and about 7% in the backcourt. That does show the benefit of that program. Look, you know, I'm really excited about our partnership with Aeroplan. You know, as you know, Aeroplan is one of the leading loyalty programs in Canada, the ability to cross-promote with Aeroplan will lead to more participants in our program. We also are in discussions with a number of other partners, we expect to see JOURNIE continue to grow here and drive good same-store sales going forward. One other point there, you know, this is a great example with the investments we've been making in our marketing programs, you know, whether that's On the Run, loyalty, and, you know, we'll start to see that in our food offer here over the next couple years. You know, they really do pay off in our organic growth. As always, I'm very bullish on the ability to grow the business organically, and these are great proof points of how we can do that. Bob, that leads into my last question, which I think you partially answered there, which is the 6.8% comp you had in, in the backcourt in Canada ex tobacco, which obviously is a very impressive number. Can you talk a little more specifically, like how much was price? How much was JOURNIE penetration? What were the strong categories? Can you just dive in a little bit more? Yeah. Look, certainly a portion of that was driven through the JOURNIE program. You know, as we said, you know, our penetration on the fuel side, it's still hard to get a correlation between forecourt and backcourt spend at times. You know, we do see a 7% lift in our loyalty customers, so that's certainly driving some of the same store. You know, if I look through it really is the center of store that's driving the growth. You know, we saw a healthy growth in packaged beverage, candy, salty snacks, and some of the other beverage products. Look, you know, we've seen really good growth in the core part of the business. You know, we don't specifically break out the volume margin, but, you know, it's something we can look to do here in the future just to make sure that we're not sacrificing volume for price. You know, I'd say anecdotally, we are seeing, the volumes, you know, in terms of the SKUs, you know, are not falling off as price goes up. You know, I don't have any specific data on that at this point. Just lastly, I noticed in your laundry list of attributes there, you didn't attribute M&M, maybe you can talk about that? Yeah. Look, you know, we've seen M&M and again, you know, understand the integration is still in process here. It's been about a year. We've seen some good underlying base growth in that business, so they've had some very good same-store sales as well. You know, the other thing is, we continue to roll the M&M offer out within our On the Run brand in, you know, in a larger format than others would typically have in our convenience channel. You know, the third thing is, we are developing our fresh offer in that category as well. You know, look, that's again, will start to drive organic growth here over the subsequent quarters, and we'll provide updates on that regularly. Okay. Thanks for your comments. Peter Sklar, happy retirement as well. Thank you. Yeah. Thanks for your coverage, Peter. We appreciate it. Your next question comes from Matthew Weekes with iA Capital Markets. Please go ahead. Good morning. Thanks for taking my questions here. Just on the assets, kind of held for sale, and you've mentioned some kind of high-quality urban, real estate and sites there. I'm wondering if there's a portion of asset sales for sale or potential asset sales, you know, in the near term here that are related to certain Husky sites that you'd be required to kind of divest anyway? Yeah Under the Competition Act? Yeah. you know, we didn't have to divest a lot. again, as you recall, we partnered with Federated Co-op, and that gave us some flexibility through the Competition Bureau process. ultimately in end, I think we're divesting 6 sites. that would be part of the contribution that you would see on the retail divestitures. Okay, thanks. That's, that's helpful. My second question, just in terms of the U.S. business and thinking about sort of normalizing some of those impacts, you know, going forward and recognizing kind of more of those RINs and environmental obligations on sort of a regular ongoing basis. As those sort of grow under, you know, the environmental obligations, how do you see that impacting the run rate of the business going forward? What kind of strategies do you have to kind of offset that in terms of, you know, kind of taking some of the competencies from Canada to profit from those opportunities, you know, pricing, just things like that. Just wondering if you can comment. Yeah, look, I mean, those mostly translate back to the RINs in the market, which is something that's been in the market here for quite a while. You know, look, it's a mixture of, you know, the market and market dynamics, which allows pricing of that into the marketplace. You know, look, it's a very it's something that's been around for decades, right? Or a decade, and it's not something that's new in the market, right? You know, the requirements, of course, keep changing, and so we'll be on top of that. Depending on, you know, each state within the U.S., that will work. That we'll have to kind of look at that. It typically just gets priced on to the end customer, right? You know, and that's how that works. Between Canada and the U.S., so to your question, there's not a lot of overlap. Each of these are provincial or state-driven, so there isn't a lot of that. In our kind of environmental compliance book, which we participate in, or where we participate in that type of business, as one of the business, we do see some of those opportunities, which are a bit more with of a bit more of an international nature, and that's more of an opportunity for us. If you talk about generally environmental regulation, it gets passed on to the end customer. Yeah. Look, we don't expect that to be a drag on the business. This was purely, just mismatch in recognition of revenue versus cost. Okay. No, thanks for the commentary on that. I'll turn the call back. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by the one. Next question comes from Steve Hansen with Raymond James. Please go ahead. Yeah, thank you for the time. I'll quick follow-up. While I certainly understand and frankly commend the leverage reduction strategy, I'm just wondering if low 2s is really necessary or optimal. Is there perhaps a case that 2.5 times is plenty conservative and any incremental free cash flow should be deployed towards buyback? Just curious on your thoughts. Thanks. Yeah. You know, look, let me lead it off, and I'll turn it over to Marcel. You know, look, our desire to get our leverage down is, you know, first and foremost to demonstrate the cash flow strength of the business. You know, as always, we're always looking at the best way to deploy capital, and certainly we can be opportunistic on share buybacks, you know, should our price continue to be low. Yeah. As you recall, our normal range of leverage is 2- 3 turns, and so we said we wanna return to the low end of that range. I think that's that's what we what we have said. We obviously look at, you know, generally what's the best way to allocate capital. If we look currently at the cost of debt, that's of course one part. If you look at opportunities and the bid-ask spread maybe on opportunities, we believe to generate the right amounts of value, that we should just park that money, that we generate, that cash that Bob talks about, that we park that in the balance sheet, and then wait for the right opportunities, you know, following that. It's important for us to, you know, it's really a lot of work to integrate businesses and show the synergies, generate that cash, and with that also create capacity within our balance sheet. Appreciate the call. Thanks, guys. There are no further questions at this time. Please proceed. Great. Thanks everybody for joining in the quarter. We appreciate your support as shareholders and look forward to chatting with you all next quarter. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating.