Good morning, ladies and gentlemen, and welcome to Titanium Transportation Group's third quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at the time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press Star followed by zero for operator assistance at any time. On today's call, we have Ted Daniel, President and Chief Executive Officer, Alex Fu, Chief Financial Officer, and Marilyn Daniel, Chief Operating Officer. Before we begin, I would like to remind everyone that certain statements made on this call today may be forward-looking. In that regard, please refer to the risk factors and cautionary provisions outlined in the press release issued by the company yesterday, as well as the filings made by Titanium on SEDAR. Please note that this call is being recorded today, November 10, 2021. A replay of this call will be made available until midnight on November 24, 2021. Details of the replay can be found on our website under the Investors section. I will now turn the call over to Titanium's President and CEO, Ted Daniel. Please go ahead. Thank you, operator, and good morning, everyone. Thank you for joining us. With me on the call today is Titanium's CFO, Alex Fu, and COO, Marilyn Daniel. As a leading Canadian-based transportation company, Titanium has built a strong foundation. We have made significant investments that have allowed us to capitalize on a trillion-dollar North American market. We've been exceptionally active and successful in transforming our business despite global economic challenges. Having completed our largest acquisition to date and the continued expansion into the U.S. has significantly expanded our current revenue and future revenue potential. I'm pleased to report that for the fifth consecutive quarter, Titanium achieved record revenue totaling CAD 101.7 million. Notably, in the first nine months of the year, we've surpassed historical annual revenues by delivering a record CAD 288 million year to date. This is our second consecutive quarter of revenues in excess of CAD 100 million, and a particularly strong accomplishment for the third quarter, which is typically a seasonally weak quarter in the year. We continue to prioritize the health and safety of all of our staff and customers as we continue to actively monitor and manage evolving conditions relative to the COVID-19 pandemic. We also continue to see improvements in the operating environment, and most regions have returned to activity levels at or above those enjoyed prior to the pandemic. The further easing of various restrictions is supporting a return to more normalized operating volumes. However, significant inflationary challenges and market constraints have contributed to a delay in margin improvements. Looking at our segments, both our Truck Transportation and our Logistics segment combined delivered strong top-line growth, up 93%, and EBITDA grew by 8% year-over-year. Truck Transportation revenue grew 55.7% to CAD 42.8 million, up CAD 15.3 million from a year ago. Throughout the quarter, we continued to digest the integration of ITS, and I can report great progress. With that, we achieved a number of significant integration milestones during the quarter. More specifically, in the quarter, we fully integrated and rebranded all equipment and systems. Most importantly, we have a wonderful staff and driver complement now empowered with the infrastructure and guidance Titanium has masterfully developed over the years. This will allow us to grow and leverage the potential of our new combined fleets. While costs associated with the acquisition and integration of ITS have eased from the second quarter, they remain above normalized levels. We do expect to continue to see margin improvements as operating efficiencies and synergies are realized. Revenue and EBITDA in the logistics segment has materially exceeded year-over-year results, reflecting the significant contribution of our expansion of the U.S. logistics business as well as strong organic growth of Canadian logistics. More specifically, the logistics segment delivered revenue of CAD 59.4 million, up from CAD 33.5 million a year ago. This is an increase of 128.7%. We remain highly confident in our U.S. strategy and plan to further expand our footprint with an additional operating location prior to the end of the year, totaling five U.S. locations in just over two years, staying true to our target. EBITDA for the segment was down modestly from Q2 levels, reflecting some tightening of the market as a result of increased carrier costs. Typically, it takes two to three months for our pricing to fully reflect changing costs, so we expect margin performance to gradually improve through Q4 and Q1 2022. As expected, the operating environment continues to improve as challenges related to the global pandemic and associated measures to combat the pandemic continue to advance. While we expect to see further improvement as conditions continue to normalize, the improvement and pace of the progress will remain subject to the evolving pandemic response. I wanna spend a minute on how Titanium is addressing emerging market conditions. Like many others, we're seeing the impact of general inflationary pressures and tighter labor markets. We're seeing some incremental pricing pressure and delays with respect to the availability of new equipment and maintenance expenses. However, Titanium remains in a relatively strong position with a flexible technology-based platform with a demonstrated track record of delivering for our customers through challenging conditions. We expect to manage these cost pressures with a combination of operational efficiencies coupled with customer price increases. Against that outlook, we expect Titanium to continue to deliver additional growth and improve profitability through the balance of the year, and we now expect to exceed our guidance of CAD 350 million in annual revenue for fiscal 2021. Turning to our financial results for the quarter, let me hand the call over to Alex. Thanks, Ted. In terms of the quarter specifically, total revenue of CAD 101.7 million was up from CAD 49.1 million, or 93.2% from Q3 2020. Record quarterly revenue was once again achieved through significant progress in both of Titanium's operating segments. Consolidated EBITDA was CAD 7.2 million for the quarter, up 7.8% from a year ago. Reported net income per share on a diluted basis was CAD 0.03 for the quarter. The company declared a dividend of CAD 0.02 per share. Turning to the segment. As noted by Ted, the logistics segment delivered CAD 59.5 million, an increase of 128.7% from the same time last year. The logistics segment continues to benefit from our strategic investment in the U.S. market. In Canada, the segment enjoyed a stronger quarter as activities level improved following several quarters of relatively depressed volume. Segmented EBITDA came in at CAD 3.4 million, up roughly CAD 1.4 million from the same time last year. Turning to the truck transportation segment, and as noted by Ted, revenues during the quarter were CAD 42.8 million, up CAD 15.3 million from a year ago. ITS contributed CAD 14.7 million to revenue in the third quarter, the second full quarter of results for ITS. Segmented EBITDA was CAD 4.6 million for the quarter, compared to CAD 5.1 million in Q3 2020, reflecting a decline in EBITDA margin from 19.8%- 12.2%. EBITDA performance continues to be impacted by the addition of ITS and costs associated with the acquisition and integration of the platform. We continue to expect improved profitability in the truck transportation segment as we achieve expected operating efficiencies and synergies. Reflecting this progress relative to the previous quarter, EBITDA performance improved from CAD 3.9 million to CAD 4.6 million, and EBITDA margin improved 250 basis points from 9.7%. Turning to our balance sheet this quarter and consistent with our strategy, we continue to strengthen our capital position. Our debt to equity ratio is 1:1 as at the end of Q3, down from 1.14:1 as at year-end 2020. Given the strength of our capital position and our confidence in the earnings outlook, we maintain our dividend, declaring a dividend of CAD 0.02 per share, common share. With that, I would now like to turn the call back over to Ted. Thank you, Alex. Looking at the quarter and where we are year to date, we are very pleased. The integration of ITS is progressing well and contribution has exceeded our initial expectations. That is a very strong result, and I want to thank all the team members that have contributed to making this a success. We are managing through the expected initial impact on margins and profitability. As we complete the integration and capture the expected operating efficiencies and synergies, we're seeing the improvement in profitability, and we expect this to continue. Likewise, we are very pleased with the progress of our U.S. logistics business. We have been very targeted in how we have invested in that segment of the business, selecting locations to establish operations in new regions with significant opportunity. The early success of our U.S. operations in achieving significant revenue and profitability is a strong demonstration of our team's ability to execute the strategy and support rapidly growing activity levels. Again, great success from our team. Furthermore, we are well-positioned and remain committed to our technology-based platform to work through various evolving market conditions. Investing in proprietary tech development and navigation tools is a differentiator for Titanium in the transportation industry. To close, we are very pleased with the progress we delivered this quarter and so far this year. Titanium remains in an excellent position to continue executing on both organic and inorganic opportunities as they present themselves. We remain focused, committed to continue to sustainably grow our business while positively influencing the industry as a safe and socially responsible business. I want to thank everyone on our team, both in the office and on the road, for their commitment and dedication. Lastly, I want to thank all of our customers for trusting us with their freight. With that, I'll turn the call over to the operator and open the lines for questions. Thank you. Ladies and gentlemen, at this time, if you would like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, press the pound key. One moment for your first question. All right, your first question comes from the line of David Ocampo with Cormark Securities. Your line's open. Thanks. Good morning, everyone. Good morning, David. Ted, you talked a little bit about the inflationary pressures that you guys are seeing, and that's hitting everyone in the marketplace, not just truckers. I understand that rate increases are on the docket here. But I'm curious, when do margins start to normalize here? Is that something in Q1 where, you know, we can finally get back into your more normal EBITDA margin range of, you know, 15%-16%? I think, David, it's hard to commit to a timeframe for a specific percentage. You're absolutely right. I mean, you know, with our navigation systems, basically, you know, we have, you know, we've got one of the technological areas that we have very specifically focused on, deep dive analytics. Clearly, we have the science to know exactly what needs to happen. We are in the process as we speak, and we have been very involved and very progressively working with all of our customers with the mathematics of the conditions that we're dealing with at this stage. I'm really glad that obviously inflation, that's a big issue. I think it hit everybody kind of the entire business world very hard very quickly. It came a little harder than I think everyone probably expected it to and a lot at a much faster pace. What we're doing is definitely we are going to see increase in margins. We know what our target is. You know, you're gonna see it definitely over the next one to two quarters. I guess based on your negotiations with your customers, how many of them have already committed to rate increases for next year? I'm just trying to get a sense on how much more work needs to be done to kind of get to that margin level. I would say, at this point in time, quite a few. You know, I just, you know, think it's not very few, but it's not all of them at this point in time. I'm just gonna add to that, David. It's Marilyn. We are talking to our customers. Some customers are proactively even addressing us, worried about capacity issues, in the upcoming, quarter year, I guess, now that we're looking ahead. We are addressing the customers almost one by one, and the appetite out there is very expectant of, pricing increases. Nobody is shocked, and not a lot of pushback. I think now it's coupled with, okay, can you do it more than how much it is? No different than the way we buy our groceries today. If it's there, we buy it. We don't even look at the price anymore. I guess with that concern about, you know, is there capacity available, are customers now more willing to lock into longer-term contracts as opposed to, you know, your typical one-year freight rate agreements? What's interesting is a lot of them are the longevity of contracts is not coming up in that context. At this point in time, contracts it's a different sort of flavor in the discussions. The discussion's more along the lines is how long are you gonna be able to hold this rate until you have to come back and ask me for another increase? Yes. The conversations are basically, I mean, we are doing everything we can to try and respect our customers' businesses. We're not showing up and saying, you know, "Hey, I'm gonna give you a rate increase, and by the way, I..." Very closely and very respectfully with all of our customers to get through this and get them to understand that the ingredients have changed. But the thing is that we're not actually committing to the fact that this is over. We don't think it is, in fact. We believe that there may be more rate increases, and they could happen several times over the next 1-2 years. If I could just sneak one more in as it relates to, you know, your U.S. logistics expansion. Mm-hmm. Ted, I think that 10-office goal was set quite a number of years ago, and you know you're targeting to get to five by the end of the year. That includes you know all the travel restrictions that were in place. I do expect that to kind of pick up in pace next year. Is that 10-office location still good guidepost given how well you know the profitability and the revenue has been in that division over a short period of time? Well, we're benchmarking sort of in increments of five. I'm basically saying, well, what can we, in terms of our leadership group, and how many times can I, you know, shove a cotton swab up my nose basically in a short period of time crossing the border back and forth? I'm hoping that eases up. Basically, we opened our first office early summer 2019. If I recall, it was May. I think we're at around just short of 27, 28 months. We're gonna more than likely hit five offices ideally before the end of the year. My goal is to sort of say, okay, well, if I can average approximately two point five offices per year, then you know what? I think that's a pretty reasonable number. That's saying, well, even if I'm down to two, I'm at five offices every 30 months. I'm, you know, in two point five years from now at 10. In five years from now, I'm gonna be at 15 offices and so on. We believe it's a matter of continuing to just, you know, explore each area of the U.S. on a regional basis, get the right people. We have scalable technology that's been worked on over the last few years that's been developed. You know, basically, you know, five offices over a period of every two point five years is pretty reasonable. Okay. That's it for me. I'll hop back when you do. Your next question comes from Jean-François Lavoie from Desjardins Capital Markets. Your line's open. Yes, thanks for taking my question. Good morning. With respect to the guidance, you mentioned that you were on track to exceed CAD 350 million of revenue. I was just wondering if the CAD 33 million of EBITDA still stands for 2021. Any color on that front will be useful. Thanks. Morning, JF. For us, we are keeping pace with the CAD 33 million, and we were expecting to pass the CAD 350 million, depending on the rate environment for Q4, but the EBITDA stays. Okay. Thanks, Alex. Then coming back to the logistics segment for the margin front, I appreciate the color you gave with respect to the inflationary pressure you're feeling with this segment. Looking at Q4, would it be fair to expect somewhat of an improvement, a sequential improvement in margin? Or this pressure, even though you're looking to pass them along to your customer, should still impact margin in Q4, and we should not expect any sequential improvement? For the logistics side, we should be able to recover some of that. It was a very sudden change in the market conditions for Q3, and we're seeing that the margins are scaling or trending back up. Yeah. If you wanna, I'm gonna just add to that. Essentially, carrier costs in a non-asset-based or asset-light divisions go up first. Then what happens is there's a tendency, again, in a hyper-fragmented market, you know, carriers will move their equipment from, you know, the lower paying freight to higher paying freight, and it happens rather quickly. What'll happen is, carrier costs will drive the costs up to some degree very quickly. Very flexible economy from that perspective. Then, you know, it takes a few months, and then we adjust at the spot market level as far as our top line is concerned. Okay, great. That's good color. Moving to the truck transportation segment, Marilyn Daniel. Looking at the performance of the legacy business in Q3, it appears that the pricing was quite good at 6%, but volume was a bit weaker than we expected. I was just wondering, so far in Q4, are you seeing volumes pick up the busy holiday season coming up? We are definitely in a very, very robust marketplace right now. The biggest issues we've had on the truck transportation segment is the inflationary pressure of all the costs from everything from maintenance and repairs to getting equipment, to getting parts. Trucks are in shops longer. All of this came on pretty quickly. As the markets opened up and the world started working again, it gave us different pressure points that came on very quickly. On the trucking side, I'm very pleased and very, very happy with where we're at with volumes, and I am seeing increases. Part of the volume adjustments too was a part of our sort of cleansing and restructuring with ITS. There's always some cleanup in that process and that's a little bit part of it now to kind of making sure we're at a quality level of freight. Okay, great. Then the final one for me, on M&A, Ted, I think you reiterated your desire for M&A. I was just wondering right now with the inflationary pressure you're seeing in the supply chain disruption, does it pause your appetite for M&A a bit just while you're adjusting for this impact, or you're still looking to resume M&A in the near term? Absolutely. In fact, I get very excited talking about some of the ingredients that are happening economically right now. It's actually almost interestingly fun to live through this very dynamic and interesting times because there's some really amazing ingredients, in fact, that are causing, in fact, my excitement for, I think, the opportunities that are coming our way. One of those ingredients is the fact that you have a very interesting situation here. You've got substantially increasing costs for new equipment. That equipment right now is going to be supplied to the truck transportation industry, be it the tractor and the trailer components or parts of OEM purchases are being allocated to customers. You can't call up your Class A truck supplier and say, "I want 200 trucks next year," and they're gonna deliver them ahead of schedule. You're gonna call them up, and they're gonna tell you, and they're gonna say, "Okay, that's great. Now let me figure out, you know, whether you're gonna get 100 or 120 or 80 of the 200 that you actually require." I recently spoke to one trailer manufacturer, and they said that they have over 5,000 trailers that are in demand, and they're not gonna be able to deliver more than about 1,000-1,500 of those. That is an amazing circumstance. I think that what's happening is COVID delayed, in fact, some replacement, and then now I think there's a lot of smaller trucking companies that are gonna really struggle to get equipment. Used equipment's going through the roof, and interest rates are going to go up. It's a combination of cost of capital and the nominal cost of the capital itself and the carrying cost of the capital. Those are gonna make it, I think, very difficult for, I think, you know, companies that don't have very strong balance sheets to be able to kind of reload the next few years of equipment replacements. That's going to present, I think, significant opportunities, you know, for us. I think it's gonna be a challenge for others to be able to live through that. It's gonna be a big opportunity, I think, for Titanium to be able to take a look at good opportunities and give these people an opportunity to be a part again of our business. A great call. Thank you very much. Yeah. I'll get back in the queue. Thanks, sir. Thanks, Jeff. Thank you. Once again, if you would like to ask a question, please press star one on your telephone keypad. Your next question comes from Mike Hahn with Haywood Securities. Your line's open. Good morning. Morning. Morning. Thank you for all that. A lot of my questions have been addressed, but I just wanna dovetail on the last person who was on with you. You said you're holding your full year guidance for adjusted EBITDA at CAD 33 million. That's correct? Yes. Okay, great. Just quick math, you've done CAD 22 million or about CAD 7.5 million through the first three quarters of the year. That would be, you know, I mean, a monster number, frankly. Marilyn just, you know, told us that the environment is very robust. I think that was the word she used. If you could help us understand sort of if you are gonna come in around that CAD 11 million in adjusted EBITDA, how much of that would you attribute to the freight rate increases? How much of it would be, you know, remaining synergies on ITS? How much of it would be, you know, seasonality or maybe that unusually strong environment that you're seeing? How would you sort of attribute those factors in terms of how they would all come together into a number like that? You've kinda outlined all the factors, which is great. Again, Q3 is usually a weaker quarter, and Q4 with the addition of our American operations actually a pretty strong quarter on the logistics side. We do expect that number one, the margins are gonna come back up after we adjust for the market conditions. We should see a much stronger Q4 from the logistics segment, so we are gonna see numbers go up. I can't tell you the exact figures or the makeup of it. Then, we are working on ITS, and we are working on rightsizing and integrating those operations as well, so there's going to be upside from there. Of course, like Marilyn said, there is an environment for rate increases, so that's going to flow straight to the EBITDA. All of that are factors. If you ask for specific breakdowns, unfortunately, that's not something that we can provide at this point. Yeah, that's fine. I'm just looking for sort of order of priority or, you know, rough ballpark. Yeah. I mean, we have some very strong analytics in our FP&A department right now, is firing on all cylinders. So, you know, definitely our logistics departments are doing a great job, and they're extremely scalable. And then again, on the trucking side, there's a tremendous amount of mathematics that's going into, you know, what's happening right now. I'm just gonna add to that. Just to give you a sense of where we're at. In the marketplace now with our customers, we're making those calls. They're expecting them. We're having them. They lead to other discussions, other opportunities as well. Sometimes we find we're going in for a rate increase, and we may be a little optimistic, and we walk out with not just a rate increase but increased volume. We're seeing some of that too, which is nice. I think also, most importantly, when you look through it and you talk about ITS, we've done a massive acquisition. I've invested a lot in terms of time with the new group. We've rightsized, as Alex mentioned, the business and the people. There's a cultural integration that we're underway now with Titanium and ITS that's working really well. The optimizations keep coming, and some of them are very soft. It's just about working with people and asking those questions and working with some of our similar customers, our new customers, to make sure that we're paying attention to the right areas and moving capacity into the right program and sort of spreading our diverse customer group that we have now, very balanced, which is historically what Titanium likes to do, is sort of have a split of different sort of product lines and marketplaces that we dominate in. It is a combination of both, more than both. You've mentioned all of the major areas that we're working on. I think that's as good as we can get without giving you too much information on how it's all cut up. I think I wanna add one little thing, which Marilyn kind of scratched the surface of, which is the cultural aspect. There was higher driver turnover there when we did purchase, but it was a great company, and it had some really great bones, some good foundations to work with. You know what's amazing now is that, first of all, that number has come way down. In fact, our share purchase program is something that's now all of a sudden become of interest from a cultural perspective too, we're starting to see that trickle in from former ITS people, which is really fantastic. That's something that we are extremely proud of, and so we're seeing, you know, this really fantastic, amazing transformation. Great. Sounds great. We'll look for more of that coming in the next few quarters. I guess, you know, just shifting gears a little bit, I'm just trying to understand, you mentioned the truck shortage. That's not new. You've talked about that the past few quarters and how hard it is to get new equipment. It looks like you still haven't gotten any in the last quarter, and I'm sure many others haven't either. I guess my question is: How are you seeing the cost of keeping older trucks on the road? What has happened to your maintenance repair and overhaul? You know, has there been a material change in that, or are these trucks kind of surprising you in terms of how well they're behaving given that they're, you know, older than they would otherwise be? No, no. They're doing what they're supposed to do. Yeah. Alex Fu is gonna give you some more actually numerical data on that. Yeah, for sure. You're right on. You're bang on the money. Repairs are up. I mean, that's a factor of inflationary costs and the fact that we're keeping older equipment on the road longer than we would like to. Right. We have some equipment that came in this quarter. It was about CAD 8 million of debt added this quarter. That was trucks and a little bit of trailers, but not enough obviously. Our fleet is aging quicker than we would like because we can't find the equipment that we need as well. We are keeping trucks on the road. We're keeping trailers on the road for a little longer than expected, and we simply. It is the cost of running business right now, and we hope to get those new equipment soon. Yeah. We do have equipment that's on order. Just as an example, you know, you'll order X amount of trucks. They're, you know, say half of them were supposed to arrive in Q2, and half were supposed to arrive in Q3. Well, it ended up that, you know, we got 10% of our order in Q2, you know, or let's say 20% in Q3, and then we're gonna get, you know, another chunk of that in Q4 now, and then the balance of that is hopefully gonna come in Q1 of next year. Really, in reality, what's happening is it's not that you can't really, I mean, find it's just it's taking way longer to get the volume of trucks and trailers that we need from our OEMs, and that's sort of what's dragging the whole process. Yeah. For sure. Do you feel like your technological prowess is helping with this aging fleet? Are you able to sort of optimize a little bit more through the you know the computational side as to where trucks should be allocated and so forth? Yes, 100%. Our tech is making a huge difference in terms of how we're managing through the increased cost and performance. One of the things we've always prided ourself with is high quality equipment, high level of customer service, reductions in downtime, et cetera. We're obviously have bigger challenges now than we're used to. Our tech has made a big difference on predictability and predictive maintenance management. That is a big part of it. Our navigation tools has really helped us in sort of getting ahead of things. Our orders were placed very early in the year and last year. We're actually ahead of the game of some, even though we don't actually have the material in front of us, but we're ahead of the queue. You know, even things like looking at a large expense item like tires. We realized early in the year there is a tire shortage out there right now, and I'm told by the manufacturers that there will be a worse tire shortage next year, as they don't have solutions for that. We're paying attention to that, and we did pay attention to that early, so our tire management program stepped in very early with us securing and inventorying materials that we probably wouldn't have inventoried at the same rate at any other normal year. That's definitely a result of our tech and our ability to sort of leverage the information and analytics we're getting from that. Great. All right. Well, that's all for me. I look forward to the Q4. Thank you. Yeah, so do we. Yeah. Thank you. All right. We have a follow-up question from Jean-François Lavoie from Desjardins Capital Markets. Your line is open. Yes, thanks. I just wanted to come back on the. Hi, Jean. Yes. Hi. I just wanted to come back on the notion of CapEx for Q4 and in 2022. Based on your discussion with OEMs. What size of CapEx should we expect in Q4? Looking at the orders you have placed for 2022, would it be fair to assume a similar level of CapEx to in 2021? Yeah. We do have some trailers that are being delivered as we speak in Q4. I'm not sure if we're gonna be able to get a bunch of Class A trucks delivered before December thirty-first, but that is the goal. For next year, what we have secured from the OEMs is 100 new trucks, new power units and 200 new trailers. From that point of view, that's what we are comfortably committing to. If we can get more than that, we will. We believe we have good relationships with our OEMs. I would love to get more, but I just think that that's probably where we're gonna end up for next year. Okay. How does it compare with 2021, just so that we can reconcile both numbers? For 2021, so far we've received 80 power units and not a whole lot of trailers, probably less than 10, but they're specialized trailers. Q4, again, we'll get 50 additional van trailers and hopefully more trucks. That's kinda where you're sitting, where most of the additions this year have been power units, while next year we're hoping to get a lot more trailers. Okay. Perfect. That's great. One last for me on looking at 2022 for the truck transportation segment, without getting into guidance specifically. For the margin profile, you have made great comments about the sequential improvement we're seeing at ITS. In terms of margin for 2022 for the business as a whole, is it fair to expect that margin could go back to historical levels in 2022 or, you know, the inflationary pressure will still prevent that? Yeah. That's certainly the goal. That is the goal, and working backwards, you know, if you take your kinda top three, four major line items that I would say are really the main ingredients that engineer the cost of what we need in order to run, call it trucks and trailers, then you know, think of it like a bill of materials. You know, clearly we need to add, you know, that, I think we're short by about 5-6%. You know, if you've got four line items, each of which is contributing, let's say, 1-2% of that, it's really not hard to get to that number if you know exactly what the bill of materials is telling you. That's great, Colin. Thank you very much for your time. Thank you. Yeah. Thanks, Jack. Thank you. All right. Once again, if you would like to ask a question, please press star one on your telephone keypad. All right. I'm seeing no further questions at this time, so I'll hand the call back to Ted Daniel for any closing remarks. All right. Well, thank you, operator, for facilitating the call. Regardless of the economic conditions that we operate in, undoubtedly with our strong, hardworking team, Titanium will continue to grow, succeed and increase shareholder value. We highly appreciate your interest in Titanium. If there are any further questions, please feel free to contact us. Stay healthy and safe. Thank you everyone for joining this morning's call. Thank you. That concludes Titanium Transportation Group's third quarter 2021 earnings conference call. You may now disconnect.