Good day, ladies and gentlemen, and welcome to the Spark Power Group Inc first quarter 2021 investor call and webcast. At this time, all participants have been placed on listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Dan Ardila. Sir, the floor is yours. Thanks, Paul. Welcome everyone, and good morning. Thank you for joining us for our 2021 first quarter conference call. I am joined today by Spark Power's President and CEO, Richard Jackson, and Chief Investment Officer, Eric Waxman. Rich will start with remarks on the current state and outlook for the business. I will follow with a review of the first quarter. We will have our usual Q&A session. Before we commence the review, I would remind you that our presentation contains forward-looking statements that are based on current expectations and are subject to a number of uncertainties and risks. The actual results may differ materially. Further information identifying risks, uncertainties, and assumptions, additional information on certain non-IFRS measures referred to in this call can be found in disclosure documents filed by the company with the securities regulatory authorities and available on sedar.com. Further, these forward-looking statements are made as of the date of this call, and except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. With that, I will turn the call over to Rich for his opening comments. Good morning, everyone. Welcome to Spark's first quarter 2021 earnings call. The end of our first quarter marked a full year since the start of the COVID-19 pandemic. This has been a period of challenge and change across the globe, and our organization has not been exempted. In the field, in our offices, Spark's employees have maintained excellent service while adhering to changing public health protocols to ensure a safety-first culture. Our recently appointed senior leadership team has done extremely well in helping the organization transition to a more streamlined management structure. I am confident this flattened structure will continue to create more efficiencies throughout the remaining quarters. The continued support of our customers, board of directors, suppliers, banking partners, institutional investors, and analysts throughout this quarter has been outstanding. I'd like to acknowledge your ongoing contributions to Spark. I also want to thank our employees who continue to work hard during these unprecedented times. This past January, I officially transitioned into my role of President and CEO here at Spark Power. As a top priority, I implemented a renewed focus on our field-focused operating model, which places our field operations and customer service at the center of all that we do. Although COVID-19 continues to create work barriers in both our Canadian and American operations, we are beginning to see a light at the end of the tunnel and a move towards a post-pandemic economy. While we still do not know what the new normal will look like, we are confident that as restrictions continue to lift, our business will normalize and align with our strategic plans for growth. Despite slower first quarter growth, which was generally the result of delayed customer project startups, by the end of the first quarter, all our business segments were showing positive signs of recovery. This positive recovery, combined with a significant reduction in our SG&A cost structure during the first quarter, are expected to positively impact our EBITDA in 2021 by CAD 5 million and enable us to embark on the final layer of integration as we continue to build an integrated One Spark platform under our new streamlined leadership structure. Part of this One Spark structure includes a cohesive rebrand across all of our North American sites and offices, which we are on track to complete this year. The integrated platform also includes the incorporation of our company values, trust, team, excellence, community, and sustainability, throughout everything that we do. These values were created using direct employee feedback and are helping us shape our culture and our customer relationships. Project Darwin, an internal transformation that is integrating and optimizing information technology across the enterprise, is another piece of this strategic process. Launched in Q1, Project Darwin will rationalize our systems and technologies and implement a next-generation technology platform that is scalable, secure, and sustainable. Once implemented, it will enable continuous improvement through process automation, end-user self-service tools, and enhanced use of data and analytics supporting our pursuit of operational excellence. Our strategic review process, which launched in February 2020, is ramping back up as the pandemic scales down. Conducted by the special committee on our board, the process is designed to identify, evaluate, and consider a broad range of alternatives available to the company to secure the necessary capital to execute our strategic growth plan. We continue to pursue new avenues to grow our business. We recently launched a new offering, Energy Efficiency Services, to help commercial and industrial facilities shrink their carbon footprint and save costs. This service, jointly offered through our sustainability division, Bullfrog Power, and our technical services business segment, will help customers identify simple upgrades with short payback periods and tangible environmental benefits. Energy efficiency projects in the commercial and industrial space have the potential to reduce customers' energy usage by 4%-17% compared to their existing equipment. The services available across North America also include incentive application support to inform customers of potential savings and apply for location-dependent incentives on their behalf. In the U.S., our storm operation services have expanded to help support communities in need following natural disasters and disruptions, such as hurricanes and other extreme weather patterns. This service is a key part of Spark Power's ongoing growth strategy and commitment to servicing the needs of utilities across North America, responding quickly to keep the power on. With more than 30 branches and over 1,000 technicians across North America, Spark has the scale to support utility customers, particularly in the U.S. Northeast, Southwest, and Southeast, where severe weather events are more common. By leveraging this branch network and a broad range of skills and equipment, Spark can mobilize our experienced teams quickly to address critical power system damage, often within hours. Our storm operation services will be expanded throughout our U.S. branch network, supported by our new U.S. operations head office in Dallas. Finally, as reported in our last quarter, we continue to see opportunities for expansion and continued momentum throughout the U.S. wind and solar markets. As we progress towards a post-pandemic economy, we expect these two areas will grow to meet elevated interest in renewable energy solutions throughout the U.S. I'd like to turn it over to our Chief Financial Officer, Dan, to share our financial results. Thank you. Dan. Thanks, Rich. Before I start my review of our first quarter results, I'd like to say that as a management team, we are happy with the results that we were able to generate in the first quarter, in what continues to be very challenging times. However, as a team, we also understand the full capabilities of our business that we have yet to fully realize. Our commitment to focusing on operating our business with excellence resonates throughout our management team, and we are laser-focused on driving towards achievement of our stated operating performance goals. During the first quarter, we generated revenue of CAD 56 million, representing an increase of CAD 2.5 million or 4.7% over the same period in 2020. Revenue increases in the quarter were driven by our renewables segment that continues to drive exceptional organic growth, with revenues increasing by CAD 3.6 million or 26.8% in the quarter. Our renewables group has grown from a CAD 15 million business at the end of 2018, when it was comprised of our Northwind and battery storage businesses, to CAD 68 million on a Q1 2021 LTM basis and includes the acquisition of One Wind in November 2019. Success for this group has been driven primarily by organic growth in the U.S. wind market and the recent penetration into the U.S. solar market, where LTM revenues have grown fivefold in the past 12 months to CAD 2.5 million, with opportunities to continue this growth trend through 2021. The growth in the renewables segment was partially offset by our technical services segment that saw revenues decline by CAD 1.4 million or 3.8% to CAD 35.9 million from CAD 37.3 million in the same quarter in 2020. It continues to be impacted by the pandemic, albeit much less than we experienced in April and May of 2020. Prior to the pandemic, this segment experienced consistent double-digit organic growth rates. The underlying business of this group remains very strong and management remains committed to this segment will return to positive revenue growth through the balance of 2021. Our sustainability segment saw an increase in revenues in the first quarter of 2021 of 13.1% to CAD 2.8 million, as some customers who delayed contract renewals during the pandemic committed to new programs in the first quarter. Gross margins, excluding non-cash depreciation and amortization, were 30.1% of revenue in the first quarter as compared to 29.2% in the comparable quarter in 2020. While we saw some improvement in gross margins in the quarter-over-quarter, we are still operating below our desired performance levels. The drivers to this include the impact of growth in our renewables business, which is accounting for a larger percentage of overall revenues that has a lower gross margin profile than other business units. As we have noted in the past, a corresponding low SG&A profile in our other businesses drives strong EBITDA margins for the renewables segment. Secondly, significant underperformance on our U.S.-based technical service business that generated a 4% gross margin on CAD 3 million of revenue in the quarter as compared to 26% gross margin in Q1 2020 on similar volume. The deterioration was due to poorly quoted and poorly managed jobs under the prior leadership team and accounted for a 1.1% quarter-on-quarter decline in overall corporate margins. Thirdly, the pandemic continues to impact our margins. Quarantining requirements and COVID protocols on sites and in business in general, continue to have a significant impact on labor and overall job efficiencies. Lastly, increases in prices of key commodities such as copper, steel, and aluminum are also beginning to impact margins. Note that materials comprise about 30% of our costs, and many of these costs are subject to flow through to our customers, who will absorb the price increases. However, increases have caused some impact on gross margin realizations in the first quarter. Selling, General, and Administration costs, exclusive of the impact of depreciation and amortization, were 19.1% of revenue in the first quarter, down from 19.8% in the comparable quarter in 2020. Management began implementing the reorganization initiative announced in January 2021, in the fourth quarter of 2020, and continued into the first quarter of 2021, with all changes in effect by the end of March. The company will realize additional benefits from these actions in the second quarter of 2021 when the impact is fully realized for a full quarter. This trend reflects management's very conscious efforts to scale SG&A costs down to an optimal and sustainable range of 15%-18% of revenue in the near term. The full impact of the January 2021 announced reorganization initiative, which expect to reduce SG&A costs by CAD 5 million annually and continued top-line revenue growth, will be the key drivers in attaining this goal. SG&A costs are primarily fixed and/or scalable costs by nature and are comprised of approximately 65% labor costs, 8% computer and technology costs, with the balance covering insurance, professional fees, occupancy costs, and others. During the year ended December 31st, 2020, the company entered into a Power Purchase Agreement for the purchase and sale of renewable energy and environmental attributes, including certified renewable energy certificates, with an expected start date in the second quarter of 2021. Under the PPA, Spark guarantees a price for power generated by the renewable energy asset developer and owner and sells this power to the grid at market prices. During the quarter, the company recognized a gain resulting from a change in the fair value of a derivative instrument associated with the PPA agreement entered into by the company. The change in the derivative is calculated as the present value of the spread between the price guaranteed by Spark to the renewable asset developer and the market price for electricity in Alberta over the contract period. The total value of this spread was CAD 1.8 million at March 31st, 2021. The value of the spread has been unusually high due to the current situation in the Alberta market, where plants that were previously coal-fired are being taken offline to convert to gas earlier than expected, causing a tightness in supply. To offset any risk and volatility of this agreement, management entered into a related power swap arrangement to hedge the risk of changes in cash flows due to the fluctuations of power prices in the Alberta market. The change in the estimated fair value of the other derivative liability during the three months ended March 31st, 2021 of CAD 400,000, is based on the projected market values of similar contracts with similar remaining durations. In addition, the company receives 32,000 renewable energy credits per year that it will sell to its customers under its normal course of business. The company will be subject to mark-to-market gains and losses through the term of the PPA to the extent not covered by offsetting hedge arrangements. During the first quarter, the company generated adjusted EBITDA of CAD 7.3 million or 13% of revenue as compared to CAD 5.4 million or 10.1% of revenue in the comparable quarter. During the quarter, we recognized CAD 1.2 million of funding under the CEWS program in EBITDA, resulting from a decline in January and February year-on-year Canadian-based sales. During the first quarter of 2021, the company generated net cash flow from operations of CAD 3.6 million, supported by a decrease in investment and working capital of CAD 800,000. Management continues to believe there are significant opportunities to improve cash flow from operations by focusing on internal opportunities. Cash conversion metrics have been developed corporately and at each business unit level that will identify issues and opportunities for improvements. Improving our cash conversion cycle continues to be a major focus of 2021. Capital expenditures in the quarter were CAD 1.1 million and was comprised primarily of investments in computer hardware and software of CAD 521,000, in vehicles and equipment of CAD 459,000. As noted on our previous conference call, management expects to see higher levels of capital investment through 2021 as we invest in our IT and operating platforms. During the quarter, the company satisfied CAD 3.9 million of debt obligations to its lender and principal payments toward leases of CAD 1.7 million. The net result was an increase in amounts drawn on our revolving credit facility of CAD 2.8 million. The company has CAD 6.3 million of liquidity on its operating and CapEx lines at March 31st, 2021, after the impact of the previously noted investments in working capital and capital expenditures. During the first quarter of 2021, total debt outstanding to our lender decreased by CAD 886,000 to CAD 91.3 million. This was the result of principal payments made in the quarter, partially offset by an increase in our operating line noted earlier. At March 31st, 2021, the company was not in compliance with two of its three financial covenants under its credit facility with its lender, being fixed charge covenant ratio and the senior debt to EBITDA ratio. The company received a waiver from its lender on this covenant violation subsequent to the quarter end. It should be noted that covenant requirements at March 31st, 2021, reflected a significant step down from requirements at December 31st, 2020. Specifically, the fixed charge ratio requirement increased from 1.1x to 1x at the end of Q4 to 1.25x to 1x at the end of Q1, and senior leverage fell 50 basis points to 3.5x to 1x from 4x to 1x at the end of 2020. As the result of this non-compliance at March 31st, 2021, our non-revolving term loan and revolving reducing acquisition line have been classified as current debt despite the fact the company received a waiver of the non-compliance from its lender and the amended agreement was executed subsequent to the quarter end. For the debt to have been classified as long-term, the waiver would have had to been in place prior to March 31st, 2021. On May 15th, 2021, the company entered into a term sheet to amend its credit facility with its lender as follows. Firstly, there is a consolidation of the non-revolving term loan, revolving acquisition line, COVID line, and demand CapEx line into a two-year committed non-revolving term loan of CAD 66.6 million. In addition, this facility has been increased by CAD 5 million to CAD 71.6 million. Secondly, the maturity date of this facility was extended to September 30th, 2023, and will amortize over an eight-year period with quarterly repayments of CAD 2.2 million. This revised amortization will support additional liquidity of CAD 3.8 million over the next two quarters as principal payments under the prior agreement called for quarterly payments of CAD 4 million as compared to CAD 2.2 million under the amended agreement. Thirdly, the current CAD 30 million demand revolving credit facility will be replaced by a CAD 35 million two-year committed margin revolving credit facility subject to borrowing base limits, which have also been expanded. Lastly, there is an adjustment to covenant requirements to a maximum ratio of senior debt to EBITDA of 3.25x to 1x, a maximum ratio of total debt to EBITDA of 3.75x to 1x, and a minimum fixed charge coverage ratio of 1.1x to 1x, stepping up to 1.25x at December 31st, 2021. It is important to note that all future covenants will be calculated in accordance with IFRS, which results in the lease liability being included in total debt and lease payments no longer being deducted from adjusted EBITDA for covenant purposes. This results in additional covenant headroom as compared to the method used in the past. It is also important to note that had these revised covenants under the amended credit facility been in place at March 31st, 2021, the company would have been in compliance with all covenant requirements. This amendment to our term sheet at this time was deemed to be a prudent step to complete prior to any potential syndication of our debt. In closing, I provide the following comments. With the growth of our business and the diversification of our business, both on a geographic and industry basis over the past few years, management has determined that it should, and on a reasonable basis could, provide comments on certain key elements that are expected to influence our business results through the balance of fiscal 2021 and thereafter. Accordingly, in our first quarter 2021 MD&A, we expanded our outlook section to include a discussion on certain key elements that are expected to affect our 2021 results, both positively and negatively. Management advises the reader that all comments should be read with caution and care, as many of the elements noted are fluid and will change over time. As we noted in our fiscal 2020 conference call a couple of months ago, our focus will be on operationalizing of our business in the coming quarters. Our immediate goal is to continue to strengthen our financial and operating platform to support organic growth opportunities that exist, focus on operating excellence to drive improved gross margin, and continue to focus on driving scalability in our SG&A costs. All of our initiatives are ultimately focused on our three strategic imperatives, being firstly, the integration of our business with a focus on operations, brand, and culture, and building a platform for growth. Secondly, predictable operational excellence driving sustainable EBITDA. Thirdly, recapitalization of our business for stability and growth. This concludes our prepared remarks. I will now turn the call over to Paul for questions. Paul, please go ahead. Thank you. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on speakerphone to provide optimum sound quality. Once again, please press star one if you have any questions. Please hold while we poll for questions. The first question is coming from David Quezada from Raymond James. David, your line is live. Thanks. Morning, everyone. My first question here, just on the commentary around some of your customers delaying contract renewals and I guess just general COVID-19 related impact to activity levels. Do you feel like that there's a good chance that's creating pent-up demand that is going to come back to you, I guess, potentially later on this year? I guess any thoughts around how you see those restrictions easing potentially over time. Hey, good morning, David, it's Richard. Yeah, absolutely. What I would tell you is, we're seeing a very pent-up and building of our sales pipeline and our backlog right across our technical services segment. The renewables business continues to grow dramatically, it's the technical services business where we're far more diverse in terms of our customer base, and geographic operating regions. What I would say is January, February were sort of slow, which is not uncommon for our business. It's usually a slower period in the period for us anyway. What we saw in March and what we're seeing in the business today through May, and the outlook for the balance of the year, is really an increasing sales pipeline and a growing backlog. Our backlog today, right now, is quite healthy for the balance of the year, and we continue to build upon it. My feeling is that some of the impacts of the slow start in the early part of the year and things around COVID-19 protocol delays and CapEx projects and so on, we're starting to see some of that really return. My feeling right now is that the technical services segment of our business is back-half heavy right now. I expect that we should see a very strong Q3, and early Q4 growth in that segment. That's great color. Thank you. That's great. Maybe another one, I guess, would also be on the technical services side. I certainly hear a lot of commentary from the larger utilities about excitement around capital investments related to transmission. I'm interested if you could just maybe give some color on what work you're doing for utility customers and if you're starting to see this groundswell of CapEx affect your business at this point. Yeah. What I would say is, in Western Canada, we have a very, very direct relationship with AltaLink. That's public, and we have a longstanding relationship and a contract with them that we continue to do work with them. That business continues to grow, and as they continue to grow, we grow with them. Through the other parts of our business, we dabble with utilities in a bunch of different ways. That storm restoration work, obviously, is direct work, supporting utilities in all of those affected markets. In the U.S., any work we're doing directly with utilities usually is coming in the form of something we're doing on the renewables side. What I would say is, the demand on renewables right now, specifically in the U.S. market, and we're starting to see a lot of it grow in the Western Canadian market, specifically in Alberta, but our focus in the U.S. right now around the renewables market and our interplay with some of the utilities down there is growing and continues to grow. When we talk about CapEx projects and infrastructure projects, we're now starting to get into things like battery storage systems with utility. These are things we weren't doing two years ago. I think it highlights your point in that there is definitely an increase in CapEx spending within the utilities to grow certain elements of, I think, the renewables infrastructure more so. We're definitely getting the spin on that, for sure. That, quite honestly, when I look at how our renewables business is coming around in terms of its growth in the U.S., it isn't just in wind and solar. It is things like battery infrastructure, EV infrastructure, and so on. Okay. Excellent. That's good color. Maybe just one more from me, if I could. Just on the revised terms for the debt, which is great to see the extension there. I'm wondering if you could just touch on how much wood to chop do you think there still is for the syndication? I know you mentioned having it done, I guess, potentially by year-end. I'm just curious I guess, what the most meaningful hurdles would be prior to having that complete? Hey, David, it's Eric here. We do want to get through Q2 prior to the syndication. This financing that we just did with BMO, in working with them felt it was laying the right groundwork to enter into a syndication process. A lot of the structure that we created for this loan was to replicate or be very similar to what we would look for in the syndication process. It was a good step for the company and gave us a little bit more time to work through Q2 and see the company coming further out of the pandemic as the solid platform that we're looking for to execute the syndication process. Okay. Excellent. Thanks very much for that. I will get back in the queue. Thanks, David. Thank you. Once again, ladies and gentlemen, if you do have any questions or comments, please press star one on your phone at this time. The next question is coming from Matthew Lee of Canaccord. Matthew, your line is live. Hey, morning, guys. Hey, Matthew. Morning, Matthew. I just wanted to ask what the trajectory of the technical services is. If we back out the rework done in the quarter, would you expect that growth rate would've been positive? Can you elaborate on that? Yeah, no, the rework was more margin related, Matt, than revenue related. It wouldn't have had a significant impact on the revenue side. All right. Maybe we can kind of unpack then the impacts of various items on your revenue. I was expecting a little bit of growth in this segment for the quarter. Obviously, we're a little bit below that. Can you maybe unpack why that was? Yeah, I would say my prior comments. Typically, the January, February, March are slower months in technical service, specifically in the Canadian business, mainly due to weather, and more specifically, our medium voltage, high voltage work that's typically done outdoors. It's not uncommon for us to go through periods in bad weather where we see a little bit of a degradation in top line January, February, and then it picks back up in March, April, and we pick up work that we would have done in prior months, later in the spring. There's one element of it, is just seasonality in the business. The second piece of it is, obviously with the COVID-19 impacts to some of our customer base. In our technical services segment, as you know, Matthew, our customers are very diverse. We had various customers delay projects last year that we anticipated startups in the early part of 2021 that continue to be delayed, that we fully expect to execute on, but again, continue to delay due to the pandemic. What I would say is that our U.S. business, our technical services business in the U.S., we expected to be further along in our revenues by now . Quite frankly, the main reason we made the changes to our management structure down there in late 2020 was to address that. We do have a new sales organization in that business today and new leadership in that business today that we're starting to see the fruits of our labor on. If I sort of highlight where I feel like the technical services business from a revenue standpoint let us down, the U.S. market would definitely be one area, and I think that's simply a catch-up on getting our sales pipeline and our backlog up in the branches and the infrastructure we created there in 2020. I think the one thing I would say, just looking at the business going forward, our U.S. technical services business, the capacity that we have down there today, by way of the infrastructure we built in our branch operations and our branch network and our SG&A to support the business, that business could grow four-fold with very limited additional investment required. The capacity and the ability to execute work down there is there. We just need the backlog and the pipeline to support it. That's great color. Maybe a follow-up. How much of the revenue in that business is made up of the U.S. segment? Today, Dan, do you have that number? The percentage on technical services on the U.S. side? In the quarter, the U.S. was CAD 3 million of the total technical services. Okay, great. On the U.S. expansion that you kind of operated in within the quarter, what are you seeing in those states that makes them attractive for expansion? Is that something that we're going to be seeing hit the revenue numbers in 2021? The answer is yes, we will see those revenue numbers in 2021. Most certainly, we will. Going back to my previous comment, the pipeline and the backlog is growing right across the technical services segment, including the U.S., and so we will see the lift there. The second piece of it is, and the main reason why we're so focused on the U.S. expansion in the markets we're in. First off, barriers to entry are low. These are very business-friendly states we're operating in. We can notice in our geographic maps and how we've presented the business from a regional operating strategy. We're not doing a lot of work in the Midwest right now. We're doing limited work in the Northeast. Most of the work is in the Southwest, the Southeast, and the West. These are markets that are relatively easy to get into. The second piece of it is in each of those markets, we're interfacing both our technical services companies and our renewables businesses and bringing them together to market. I'll give you a couple of examples of that. Our solar expansion in the U.S., as Dan pointed out in the call earlier, we're growing our solar business in the U.S. fivefold in the last year. When we hit a solar opportunity in the U.S., we're also bringing along our technical services teams to do work on parts of the infrastructure that are more related to things like the medium voltage work you would do on a substation or the high voltage work you would do on a substation that our typical solar organization wouldn't do, and they would subcontract without the availability of a Spark company to do the work. What's really nice about what we're doing in the U.S. today is not only are we pushing our technical services segment to grow and expand in those markets, but we're also doing it very much in lockstep with the renewables business. Matthew, I see, obviously, you're focusing on the technical services and the fact that we were short in Q1. We remain really confident with growth in this segment through 2021. Driven by there will be U.S. expansion. We're pretty confident that we can grow there, as Rich said, with the investment we put in there. Our storm business is just really launching. We're looking for an upside to that. We do anticipate growth. Is it single digit or double digit? That'll depend on, obviously, how the COVID environment plays out. We are comfortable with how that business is tracking. As I said in my comments, it's had very consistent, strong organic growth in the past. We're confident that we can bring that back in the future. I also would just add too, Matthew, that the other part of our strategy, as you clearly know, is the acquisitive aspect of what we want to do in the U.S., and the opportunities that help us grow the business on the technical services side down there. We continue to have a healthy M&A target list that we continue to work through and vet with opportunities ongoing that will help spark the growth of the U.S. technical services business through the acquisition side. It's very much a focal point for us, both organically and acquisitively. I would just say that I think, the last three or four months on the revenue side of the technical services business in the U.S. is lagging. The pipeline and the backlog that we're building organically is growing. I fully expect to see a really strong second half in that business. If you add in the potential for acquisitions later in the year, that can give us some opportunity for further growth. Great. Would you guys make an acquisition before syndicating the debt? I would say no. The answer is no. I think the reality is, we've been very clear, since Q1 of 2020, that this business needs capital to continue to grow and to continue to execute on the growth strategy. We have a very, what I would suggest, a very solid growth strategy that we've used as our reference point for the last 24 months. We have not veered far away from that, quite honestly. It was always built on both a multi-growth strategy around organic growth, some green fielding in the U.S. as we entered a new market, and also the acquisition strategy. I would just say that, in order for us to fully execute on this strategy that really runs the next four years, recapitalization and bringing in new capital into the business was always a part of this. I mean, the pandemic really has delayed that effort, quite honestly. The answer is no, the reality is, for us to do what we want to do on the growth side from an acquisition standpoint, we need to conduct our strategic review and really get aggressive with that. Just to add, Matthew, one of the key drivers behind the syndication is to give us future capacity to support our acquisition needs. As you know, our current debt structure does not have that in place, so any significant acquisition would fall behind a syndication. All right. Thank you very much. Thanks, Matthew. Thank you. There were no other questions in the queue at this time. Ladies and gentlemen, this does conclude today's conference. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.