Good afternoon, ladies and gentlemen, and welcome to the SECURE Energy Quarter One 2022 Results Conference Call. At this time, all lines are in 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 Thursday, April 29th, 2022. I would like to turn the conference over to Anil Aggarwala, VP of Treasury and Investor Relations. Please go ahead. Thank you, Grant. Welcome to SECURE Energy's conference call for the first quarter of 2022. Joining me on the call today is Rene Amirault, our President and Chief Executive Officer, Allen Gransch, our Chief Operating Officer, and Chad Magus, our Chief Financial Officer. During the call today, we will make forward-looking statements related to future performance, and we will refer to certain financial measures that do not have any standardized meaning prescribed by GAAP and may not be comparable to similar financial measures disclosed by other companies. The forward-looking statements reflect the current views of SECURE with respect to future events and are based on certain key expectations and assumptions considered reasonable by SECURE. Since forward-looking information address future events and conditions, by their very nature, they involve inherent assumptions, risks and uncertainties, and actual results could differ materially from those anticipated due to numerous factors and risks. Please refer to our continuous disclosure documents available on SEDAR as they identify risk factors applicable to SECURE, factors which may cause actual results to differ materially from any forward-looking statements and identify and define our non-GAAP measures. I will now turn the call over to Rene for his opening remarks. Thank you, Anil, and good afternoon, everyone. Today, we will review our financial and operational results for Q1, followed by our outlook for the remainder of the year. The first quarter was another record for SECURE, and our results continue to demonstrate the strength and scale of our expanded network and business model. Higher industry activity levels drove increased demand for our customer solutions. Synergies realized, and combined with our ongoing focus on managing costs, resulted in strong performance across our operations and a 215% year-on-year increase in Q1 adjusted EBITDA to CAD 126 million. We also made significant progress with our deleveraging plan, paying down CAD 90 million in debt, helping to reduce our total debt-to-EBITDA to 2.9 from 3.4 at the end of Q4 2021. We are extremely pleased with the successful progress of the integration with Tervita, which is proceeding ahead of our plan in creating a stronger company. We have achieved CAD 53 million of annualized cost savings, reaching 71% of our CAD 75 million target after just nine months since the closing of the merger. Including savings on our bond refinancing, we have achieved CAD 62 million of run rate free cash flow savings. I'm also pleased to report that we are releasing our 2021 report on sustainability next week, demonstrating our commitment to ESG, including putting safety first, minimizing the environmental impacts of our operations, and creating positive relationships with stakeholders in the communities where we live and work. In addition, the report solidifies our targets for water and emissions reductions and lays out a roadmap to achieving net zero greenhouse gas emissions by 2050, including reducing GHG emissions intensity by 15% by the end of 2024. We're encouraged by a continued strong momentum through our operations. With our increased free cash flow generation capabilities and a strengthened balance sheet, we remain well-positioned to meet our debt reduction targets and at the same time, able to capitalize on growth at existing facilities and the continued positive trends of our industry. Chad will now walk us through the key highlights of our Q1 results, and then Allen will review our integration plan update and operational highlights, and I will conclude with our outlook for the year. Thanks, Rene, and good afternoon to everyone on the call. Our first quarter results continue to demonstrate the strength of our combined business, our ongoing focus on managing costs, and an overall improvement in the underlying markets. For the first time since the fourth quarter of 2019, we recorded positive net income of CAD 38 million or CAD 0.12 per share in the first quarter. Funds flow from operations increased 257% to CAD 107 million. We also divested CAD 22 million of non-core assets in the first quarter, which we used towards repaying CAD 90 million of debt, as Rene mentioned. Our adjusted EBITDA of CAD 126 million increased 215%, and on a per basic share basis was CAD 0.41, equating to a 64% increase from the prior year. Realized synergies and increased activity levels in our operating areas led to higher processing and disposal volumes at our Midstream Infrastructure facilities and landfills and increased demand for services related to drilling and completion activity within the Environmental and Fluid Management segment. Adjusted EBITDA margin of 35% increased from 30% in the first quarter of 2021 due to the positive impacts from the cost savings and synergies and increased industry activity levels. As well, our G&A improved to 7% of revenue, excluding oil purchase and resale. In Midstream Infrastructure, Q1 segment profit margin of 63% increased from 59% in the prior year, largely due to our expanded facility footprint and synergies realized from the merger transaction. As well as higher crude oil pricing and more stable market dynamics, which led to increased drilling completion and production volumes. Higher crude oil pricing in the first quarter also positively impacted recovered oil revenue and increased oil purchase and resale revenue by 163% to CAD 1.4 billion. In Environmental and Fluid Management, Q1 segment profit margin of 27% was consistent with the prior year. The strong margin performance was largely due to the positive impact of the combined businesses, offset by inflationary pressures, most notably in our fluids management business. Metals prices remained strong in Q1, as did demand for our environmental work. Our positive operating results and sustaining capital spending that was in line with our expectations allowed SECURE to generate CAD 100 million of discretionary free cash flow in the first quarter, an increase of 245% compared to the prior year, or 78% on a per-share basis. In 2022, our key capital allocation priority will continue to be on debt repayment. Our capital structure consists of no near-term maturities, with the first fixed note maturing in 2025. In addition, we retain a strong liquidity position with approximately CAD 370 million of availability on our credit facilities maturing in 2024. We are pleased with our balance sheet management since the merger and remain on track to achieve our debt reduction targets, and we'll continue to look for ways to optimize our capital structure as we move forward. I'll now pass it to Allen to provide an update on the integration with Tervita and some operational highlights. Thanks, Chad, and good afternoon, everyone. Looking at our operational highlights in Q1, our Midstream Infrastructure segment saw continued improved oil prices and higher drilling and completion activity at an overall average rig count of 192 for the quarter. The increased activity that we saw in Q4 continued on in Q1. Water disposal volumes increased 109% from Q1 of 2021, with total volume of water handled of 2.1 million cubic meters. In addition, we saw processing volumes increase 147% from Q1 of 2021, mainly as a result of the merger, improving production levels, and higher waste and processing volumes. Our oil terminalling and pipeline volumes remained steady from Q4 of 2021 at about 1.2 million cubic meters and up 48% from Q1 of 2021. Overall, a very strong quarter for the midstream processing facilities as they are experiencing increased utilization as higher drilling, completion, and production volumes from increased activity levels require more treating, processing, and disposal. Our facility utilization continues to trend in the right direction and is now up to 60%, in that business. We continue to have lots of capacity to handle additional increases in volume without the need to invest any additional capital. Our environmental and fluid management business also continues to benefit from higher commodity prices and increased activity levels. External landfill volumes were up another 13% sequentially from Q4 and over 40% year-over-year from Q1 2021 pro forma volumes as a result of drilling and reclamation activity tailwinds. We're continuing to see increased demand for drilling and completion services with the fluid management business. Metal recycling continues to benefit from strong commodity pricing as ferrous prices remain high, which has helped drive higher volumes. With regards to our projects business, we're pleased with the progress made on increased abandonment, remediation, and reclamation work from the government stimulus package to help the closure and reclamation of orphan and inactive wells. We have seen revenue in our fluid management business rise almost 20% in Q1 of 2022 compared to Q4 of 2021. Specifically, our market share is just over 25% in the quarter, slightly higher than our position in Q1 of last year, and our blend plant continues to run at full capacity. We continue to expect increased abandonment, remediation, and reclamation activity positively impacting our Canadian operations over the term of the program. In terms of the federal program, so far CAD 627 million out of the CAD 1 billion allocated to Alberta has been granted. The Alberta program has also been extended by six weeks to February 2023, similar to the CAD 400 million Saskatchewan program. Saskatchewan has also introduced a program mirroring what the Alberta Energy Regulator has done with targeted spending levels that the companies with retirement obligations must spend. SECURE is well-positioned in the environmental business segment as the projects team are positioned to bid on additional work, and landfills will likely see more volumes as a result of these regulatory changes. We're also extremely pleased with the progress made to date on integration of the two businesses, and after nine months, we've already realized CAD 53 million, or 71% on an annual basis of our CAD 75 million synergies target. Of the CAD 53 million, approximately CAD 37 million related to corporate overhead and G&A, and the remainder were operational efficiencies and facility rationalizations. To date, we have closed or partially suspended a total of 20 facilities, and we are targeting an additional six to eight suspensions during the remainder of 2022. We are confident on being able to reach the minimum of CAD 75 million of synergies or more by the end of 2022. The focus for cost savings in 2022 will be further on the facility rationalizations and operational optimizations, including increased facility utilization, transportation savings, and operating cost efficiencies. The operational synergies include optimizations and facility rationalizations with the expectation that the synergies will contribute a partial benefit in 2022 with a full run rate of CAD 75 million cost savings in 2023. Additional savings through initiatives such as improving our capital structure as well as minimizing sustaining capital and managing underutilized assets are also expected to provide incremental discretionary cash flow beyond our CAD 75 million cost savings targets. In Q1, we spent a total of CAD 13 million of capital, which included CAD 10 million of sustaining capital, primarily spent on well and facility maintenance, landfill cell expansions, and asset integrity and inspection programs. Our growth capital of CAD 3 million related largely to an expansion of one of our water disposal facilities, which is backstopped by a commercial agreement with an existing customer at that facility. During the quarter, we generated CAD 22 million of proceeds from the disposal of assets. Included in the disposals were some vacant land and some excess equipment that came as a result of the Tervita transaction. Additionally, we sold a non-core environmental consulting business which represented a very small part of our overall projects business. In terms of overall 2022 capital spending, our CAD 45 million growth budget will continue to focus on opportunities to connect producers to existing midstream infrastructure and to further increase volumes and utilization on a long-term basis. With respect to sustaining capital, we continue to expect to spend CAD 55 million in 2022, including three landfill expansions. Our focus remains on customer-backed, longer-life opportunities as we continue to prioritize delevering. I will now turn it back to Rene to address our outlook for 2022. Thanks, Chad and Allen. We are extremely pleased with the results to start the year and the ongoing progress made with the Tervita merger, and we continue to see the benefits we expected from combining the companies. We have a strong deleveraging plan in place as demonstrated in Q1, and we expect to continue to reduce our debt position this year. Our enhanced scale better positions us to optimize existing assets in operations so that we can add more value to our customers and provide greater optionality in allocating capital through all market environments. Turning to our outlook, the near-term focus will be on continuing to strengthen our business, deleveraging our balance sheet. We anticipate looking to increase returns to shareholders after this is completed. We expect to see continued industry improvement, which will support our strong momentum and drive higher year-over-year discretionary free cash flow in 2022. Current crude oil and natural gas prices should continue to provide significant improvement in overall industry activity in 2022. As we have seen so far this year, macroeconomic factors, including significant inflationary pressures, geopolitical risk premium due to the current war in Ukraine, as well as lessening COVID-19 demand impacts, are driving the increases in current prices. The current prices and broader economic factors have led to an increased rig count that is expected to continue throughout the year. We also expect to benefit from the following. We expect to see contributions to our adjusted EBITDA from the realization of CAD 75 million of annualized synergies by the end of 2022. We also anticipate increased utilization at midstream processing facilities and landfills as higher drilling, completion, and production volumes from increased activity levels require treating, processing, and disposal. Finally, higher abandonment, remediation, and reclamation activity from the government stimulus package to help fund the closure and reclamation of orphaned and inactive wells. In closing, we have significantly strengthened our business and demonstrated the resiliency and efficiencies achieved with our strategy to consolidate capacity in our markets while managing our costs. We remain well positioned to generate strong discretionary free cash flow from our expanded network. Our key priorities remain on operational excellence and efficiencies, progressing our ESG initiatives and paying down debt and optimizing the capital structure of our business while leveraging opportunities to grow, provide value for shareholders and customers. With our efforts to date and the continued hard work of our employees, we believe we are well positioned to achieve our priorities during the remainder of 2022. I want to thank all SECURE employees that have continued to contribute to our successes. I also want to thank our customers and stakeholders for their continued support and partnership. That concludes our prepared remarks. We would now be happy to take your 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 three-tone prompt acknowledging your request, and your questions will be polled in the order that they are received. Should you wish to decline from the polling process, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. Our first question comes from Cole Pereira from Stifel. Please go ahead. Everyone. Pretty meaningful step change in midstream EBITDA quarter-over-quarter. Just wondering if you're able to sort of rank order of magnitude what drove that between, call it synergies, higher activity, any oil trading margin, stuff like that. Hey, Cole. It's Allen here. Yeah, no, a great question. I think, the answer is all of the above. I mean, the activity levels we saw in Q1 definitely strengthened from Q4. Robust volumes and activity coming into the facility. We did shut down four facilities, so we moved some volumes, which ultimately resulted in higher utilization at the facilities that we moved the volume to. The guys did a great job of lowering some of the Op costs and getting better efficiency on some of our fixed costs. You know, with the price of oil moving around, there's obviously arbs that we can take advantage of in our crude oil marketing business. That also played a role in helping to contribute to, you know, a solid performance here in Q1. Okay, great. That's helpful. Thanks. Just coming back to cost inflation, obviously, there's materials exposure in production chemicals in your drilling fluids business, but can you just sort of refresh what the extent of that exposure would be in the midstream segment? On production chemicals? No, sorry, just cost inflation in general. Yeah, in general, we're seeing, you know, roughly 10% to 15% increase in cost in our midstream segment. Primarily, that would be related to our electricity, our fuel costs, our chemical costs, and R&M at the plant would be, you know, the top four. You know, partly offset that because you will note that the margins did improve by 4% throughout the quarter. Part of that is the synergies that we've now realized with the closure of 20 facilities and increasing and improving our utilization. You know, obviously we, you know, look at how much volume we can flow through the facility will help manage some of your overall costs when you get into chemical and flocculant. As we look to inflation for the remainder of the year, you know, we're gonna look at, you know, how much of our pricing will offset some of the increased inflation that we've seen, the 10% to 15%. So far, you know, the guys in the field have done a great job managing the OpEx. Okay, perfect. Then just going back to shareholder returns quickly. I mean, the thoughts from your guys' perspective is, I mean, obviously the debt targets are well within range before the end of the year. If you do get there, I mean, then you start to think about that and maybe some sort of combination of dividend increases and share buybacks. Yeah. I mean, the trend line is going in the right direction, and certainly, we wanna continue to pay down debt. As we get closer to the end of the year, you know, we'll have a better sense of, you know, what the go-forward plan is around you know providing that shareholder value and what that looks like. I think the way we're looking at it is, you know, debt is number one and everything else is secondary. As we get closer to the end of the year, we can start to formulate a plan that probably, you know, it's not one lever or another. There's probably four or five different levers that we have here. Really, you know, this team, and you saw it in Q1, this team is laser-focused on debt reduction. You know, we're taking nothing for granted. We don't know what the price of oil or gas is gonna do tomorrow. We don't know what's gonna happen around the world with things happening in Ukraine. Just laser-focused on getting the debt down. Obviously, over the next 16 months or so, you know, we have opportunities to refinance some of that debt. Just, there's a lot of things we're gonna look at to formulate that plan as we go into the end of the year. Okay, great. That's helpful. Thanks. I'll turn it back. Your next question comes from Keith Mackey from RBC. Please go ahead. Hi. Thanks, and good afternoon. I guess maybe if we could just start off, I know you've mentioned you plan to release your sustainability report in May second, talking a little bit more about sustainability and roadmap to you know to net zero. Just curious if you can give us a bit more of a preview of what to expect in that report as you look to release it in the next little bit. Well, the good news is that we've tried to put it in a format that you know, you can identify all the great things we're doing. I think everybody gets a little too focused on the you know, our carbon intensity and everything revolving around that. There's a lot of other things that are happening in this world around the S and the G. It's outlined in that report in terms of you know, you saw it in our circular that we wanna increase you know, our females on the board. We're now over 25 different Aboriginal partners, giving back to the community. All those things are important to us. You know, setting the ESG goals is great around carbon intensity, but it's much, much more. The great thing, Keith, is we're really trying to work hand in hand with our customers to help them achieve some of those ESG goals as well. And that's why I like to, you know, thank our employees who, you know, work tirelessly day after day in terms of all of this, you know, the safety side of it, helping out with the communities and the Aboriginal side, and are coming to us every day with carbon reduction or emission reduction plans too. You're gonna see all of it in there. The nice part is it's very open and transparent and, you know, we were one of the first service companies to put that out. I think it was now three or four years ago. We're committed to that and, you know, you'll get to see that on Monday. The entire team has done a great job of not only showing you what we're doing, but we're also showing you where we're going. Sounds good. Maybe just on the CapEx. Looks like most of the growth CapEx allocation is yet to come. Can you just talk a little bit more about the spread of that CapEx throughout the year and perhaps, you know, how, I guess, locked in the supply chain is as far as completing those projects, you know, having the labor and materials and so forth that you need to be able to complete those projects on time, on budget? Yeah, great question. You know, in Q1 we spent CAD 3 million, and that primarily was adding that additional infrastructure into a water disposal facility where a customer of ours needed additional capacity. We don't do a lot of capital work in Q2. We've got road bans on. You've got, you know, spring-like conditions where it's just hard and more expensive to put in rig mats to construct. What we're looking at in terms of the back half spend, all the projects in the hopper that we have come with negotiated contracts with our customers, and those take time, to get through. At the same time, they're all very similar in nature, where we're either tying in, oil, volumes into our existing oil pipelines or we're tying in, water, pipelines into our existing, infrastructure. You'll see some spend in Q3, and then you'll see a lot more in Q4, because a lot of the pipeline work that we do, we wanna do it when it's cold outside. We can get into some of these locations that are very challenging to get into, to be able to connect the customer. We'll provide more clarity as we get into Q3 on, you know, where we're spending this capital. But, you know, the CAD 45 million that we have allocated to grow capital is still a number that's very solid and more geared toward a kind of a later half of this year spend. Keith, I think it also helps that these are a lot of small projects. We don't have the one big CAD 45 million project, so that, you know, the risk around inflation and cost increases just isn't there because it's a lot of small projects. Got it. Okay. That's it for me. Thanks very much. Your next question comes from John Gibson from BMO Capital Markets. Please go ahead. Morning or afternoon, guys, I guess now. Just on the facility closures, thanks for the color on your go-forward plans. Obviously market dynamics have changed quite significantly since you announced the Tervita acquisition. I'm just wondering if any plans have changed with regard to facility closures or any other synergy plans since you announced the deal. Yeah, I mean, there are wins on things that we didn't anticipate. There are areas where, you know, as we look at the back half of this year and some facility closures, we are very cognizant that we don't wanna close a facility where we're gonna impact customer service. You know, even the four facilities we closed, we had consultation with our customers prior to doing that because we wanna make sure we're supporting their needs on the disposal and treating and processing side. You know, you're exactly right. In Q3 and Q4, we do have some planned facility rationalizations, and it might not be the full facility. It might just be a service line or a partial shutdown of that location. We do wanna do it in conjunction because, you know, some of the discussions we're having with producers, they're very methodical on how they wanna allocate their remaining capital budgets for this year. Some of them have suggested they might add a rig or add a well that they would like to drill. We wanna make sure from flow back water to completion waters to treating some of the drill waste, that we can handle it and they're not transporting it too far away. I think as you know, as we get through Q2 and as our facilities look at some more of these operational efficiencies, we are finding, you know, every month, different ways we can look at doing and processing some of this waste, and we're actually finding some more savings. There will be a bit of give and take, but I think we'll understand more in Q3 once we've had some more further discussions with our customers on their plans and activity levels. Got it. Thanks. I guess to follow on, you know, the CAD 75 million target you originally announced, it looks like you could come above that. You know, I mean, just kind of following on to your prior comments, you know, what could potentially drive this gain over and above the CAD 75 million? Is it just, you know, you've gotten into the weeds with Tervita and sort of, you know, experienced what it's like to run the company or are other things driving that? Yeah, no, there are different operational elements. You know, I always use the example of our metal recycling business. You know, we handle metal not only in our midstream group, but even in our projects group as we, you know, are reclaiming and cleaning up a lot of these old messes. We're seeing a lot of steel that gets migrated now into Red Deer because we actually have the metal recycling hub at which we can then process and ship out. We handle a lot of metal out in Fort Mac, same scenario. I think as we look at the number of tons that we process and recycle, we see wins there. I agree we're gonna be over the CAD 75 million just based on what we're seeing and well, we're well on our way with CAD 53 million already achieved. I think we'll provide more clarity on which areas we're seeing it, but these wins are coming up all the time. Great. Thanks. Last one from me, just kind of touching on Cole's question around cost inflation, and I'm more looking at your drilling fluids business. Seems, you know, comments from your peers that there were some significant costs in Q1. Were you able to catch up on the cost increases this quarter, or could we see some incremental margins moving forward as pricing takes hold? Yeah, it's, you know, there's two parts to that really. I mean, it all feeds from whether you're getting chemical out of the U.S. or you're getting chemical overseas is. You know, if you think back to Q4, team did a fabulous job of pre-buying some of that chemical so that you saw the little bump in the working capital. That really helped us out in Q1. Also, you know, we had some competitors that ran out of chemicals. You know, team did a fabulous job of being proactive and both from a cost point of view, but actually having the actual inventory on hand. Going into Q2, you know, that's not going away, the cost impact or future inflation on the chemical side. What I can tell you is the team's been extremely proactive with the customers and really sitting down with customers and sharing that information so they can see exactly what has gone up from a cost point of view. Some of those increases came in March, some of them are gonna come in April, so it's kind of a little bit of a mix, John. You know, I think all in all, the team's doing a fabulous job of staying ahead of it and being very proactive, both with our suppliers but also with our customers. Great. Appreciate the color and congrats on the solid quarter. Turning it back. Thanks, John. Your next question comes from Patrick Kenny from National Bank Financial. Please go ahead. Yeah, good afternoon. Just curious, given the momentum in the Clearwater, any update on potentially tapping that market over the near term? If not today, would you consider building a new gathering pipe into that region, you know, some point down the road, just to bring in some third-party competition, while also, you know, optimizing some of your existing assets nearby? Yeah. You know, I think the Clearwater's got a lot of attention and SECURE has three locations in that general area. You know, given our experience and our operating knowledge of not only East Kaybob, but also our Kaybob operating gathering system, I think, you know, looking at Clearwater, that play as it continues to grow, it needs more infrastructure and it can tie into, you know, some of the network up there to help these producers out that they're not trucking these volumes to Edmonton, that they've got a way out that reduces the, you know, the GHG of putting all this oil on a truck. You know, a lot of the customers up there, they're in other areas that deliver us volume today, so we're in constant discussion with them on, you know, how do we, you know, help you guys manage some of your costs on moving the oil. Definitely, you know, it's an area where we're paying close attention to just because of the nature of that area and how much volume we're seeing out of it. Okay, that's great, Allen. Thanks for that. On the carbon capture front, any update on potential opportunities across the portfolio, especially on the back of this, 37.5% ITC on transportation and storage investments? I'm just curious if this might bring any of your potential projects more to the front burner over the coming months. Yeah. You know, the good news is that on the surface, you know, having something like an ITC instrument makes a lot of sense. There is gonna be huge capital required for, you know, some of these projects. I don't think you'll see us get into the big trunk line space, you know, the TransCanadas and the Enbridges of the world and some of the bigger players will play around that. You know, what's the opportunity for us? It's really around, you know, helping, you know, call it the mid-caps in terms of maybe some aggregation, some consolidation and maybe tapping into some of our old reservoirs that we have or wherever there's a fit with our skill set, but also with our network. You know, time will tell how that'll all play out in terms of those tax credits. You know, as we were talking to one of the major producers and you know, the devil is in the details. It's gonna take a while for the rules of engagement and how that might work and how it's all gonna you know, be credited and actually show up in terms of your economics. It's a great first start, but I think we're probably just getting into the first inning of what that might look like, but it's on our radar. It's in our business development hopper, and just trying to find those pro-projects, plural, that fit our wheelhouse and where we truly can add value. Yeah, early days for sure, but I appreciate the color, Rennie. One last housekeeping item, if I could. Just looking outside of the base, CAD 75 million of synergies, it looks like your lease liabilities on the balance sheet continues to grind lower here post-merger. Even the payments came in a little bit lower here in Q1. Maybe just a refresh on where you expect run rate lease payments to land once you've fully completed the integration. Yeah. Hey, Pat, it's Chad. Yeah, a good attention to detail there. Those leases we have had for the combined entity coming off. However, we've been using this last, you know, time since the merger to kind of evaluate the fleet of equipment, and there's lots of equipment in those leases. There's lots of office leases in there, and some storage leases as well. We are gonna replace some of the heavy equipment, yellow iron leases that have been falling off. It's not gonna, I guess, keep grinding down at that rate. I think we're gonna level out to an annualized number that's in the low, just above CAD 20 million, on an annual basis. Okay, that's great. Appreciate the color, guys. Thanks, Patrick. Thanks, Pat. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by one. There are no further questions at this time. Please proceed. Thank you for being on the conference call today. A tape broadcast of the call will be available on SECURE's website. We look forward to providing you with updates on SECURE's performance in July after the completion of the second quarter of 2022. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.