Good morning, and welcome to Titanium Transportation Group's Q2 2023 earnings conference call. 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, August 15th, 2023. A replay of this call will be made available until midnight on August 29th, 2023. The details of the replay can be found on Titanium's website under the investors section. I would now like to turn the call over to Titanium President and CEO, Ted Daniel. Please go ahead, sir. Good morning. Thank you, operator, and thank you all for joining us. Despite the difficult economic environment, I'm pleased to report that Titanium delivered another profitable quarter, generating CAD 100.4 million in revenue and CAD 12 million in consolidated EBITDA. These results underscore the quality of our operations and our unwavering commitment to driving profitability throughout the economic cycle. As highlighted on our first quarter conference call, the North American economy remained affected by the market trends we saw in the latter half of 2022, including elevated interest rates, persistent inflation, and post-pandemic supply chain challenges. These factors collectively resulted in decreased freight volumes and exerted pressure on pricing in the second quarter of 2023. Despite challenging conditions, we delivered profitable growth in our truck transportation business, with EBITDA increasing 20.6% for the six months ending June 30th, 2023. On a consolidated basis, we generated revenue of $100.4 million, EBITDA of $12 million, and EBITDA margin of 13.6% during the second quarter, while our consolidated EBITDA margin expanded 100 basis points in the first half of 2023. These results, within an environment where many are struggling to stay in business, demonstrate our continued ability to execute on our strategy and commitment to improved efficiency and margin growth. On a segmented basis, looking at trucking, we delivered revenue of $49.2 million, a 15.9% decline as compared to the second quarter of 2022. This is mainly attributable to current economic conditions, with volumes for the quarter down by about 9% year-over-year, with freight pricing also down nearly 8% and a decrease in fuel surcharge being the main contributing factor. We increased EBITDA margins from 18.8% in Q2 of 2022 to 21.1% in Q2 of 2023 as a result of our continued focus on controlling operating costs, maintaining high levels of profitability in this segment. Turning to our logistics segment, we faced pricing pressure and moderate demand normalization during the second quarter. We generated revenue of CAD 52.7 million and EBITDA of CAD 4.1 million. During the quarter, volumes were down by about 4%, while transactional pricing pressure accounted for much of the 33% decrease year-over-year. These consistent results have positioned Titanium well to not only weather the current economic environment, but also opportunistically grow our footprint when it is prudent to do so. During Q2, we announced our 7th U.S. brokerage location in Jacksonville, Florida, as part of our goal of building out Titanium's business offerings in the U.S. market. Jacksonville has a strong manufacturing sector with proximity to the I-95 and I-10 corridor, making it an ideal location for expansion. By leveraging our technology and systems, in addition to low startup costs, we expect our U.S. brokerage expansion to drive strong return on invested capital and organic growth. Expanding our presence in the U.S. is a key growth driver for Titanium, and we look forward to continuing to secure additional strategic U.S. locations over the next 12 to 18 months. Subsequent to quarter end, I'm excited to remind everyone that we announced the acquisition of Crane Transport. This was Titanium's third acquisition in the past three years and marked the largest acquisition in our company's history, with approximately 200 trucks in its fleet, generating about $60 million annually in revenue. We see Crane Transport's full truckload business as highly synergistic within our existing network, immediately adding capacity and valuable new customer relationships. This strategic transaction will allow us to expand our reach into the U.S. asset-based market and complement our existing freight brokerage services. Integration of Crane will likely take approximately 12 months, and we expect profitability to shrink temporarily as we work on optimizing Crane's operations and integrating our technological platforms into the acquisition. Against this backdrop, we expect to continue to leverage technology to navigate evolving market conditions and drive growth.... We maintain our 2023 full year revenue guidance range of CAD 450 million-CAD 470 million, and EBITDA margin of 10.5%-12.5%. With that, I'll turn it over to Alex for a more detailed discussion of our financial results for the quarter. Thanks, Ted. In the first quarter of 2023, on a consolidated basis, Titanium generated revenue of CAD 100 million, compared to CAD 136.2 million in Q2 2022. We delivered EBITDA of CAD 12 million, compared to CAD 16.3 million in Q2 2022, with EBITDA margin of 13.6%. Diving deeper into segment performances, the truck transportation segment saw revenue of CAD 49.3 million and EBITDA of CAD 8.9 million, an increase of 0.2% with an EBITDA margin of 21.1%. The continued improvement in operating margins in the truck transportation segment is consistent with our expectations, following the integration of recent acquisitions as we continue to deliver operating improvements and synergies. The logistics segment generated revenue of CAD 52.7 million, compared to CAD 78.6 million in comparative period. EBITDA was CAD 4.1 million, compared to CAD 8.4 million in the comparative period, with an EBITDA margin of 8.7%, compared to 12% in the same period last year. Titanium's balance sheet and solid capital position continues to provide strong foundation for our operations. 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 common share. As part of our capital allocation strategy, we repurchased 403,000 shares during the quarter, bringing our total share repurchases under our current NCIB to 475,000 shares. I would now like to turn the call back over to Ted. Thank you, Alex. For the remainder of 2023, we expect that the North American economy will continue to be impacted by below-trend demand and elevated inventory levels. Despite these challenges, Titanium will remain focused on servicing our customers, investing in our technology and people, efficiently managing our expenses, and driving profitability. With the closing of our recent acquisition, we will unlock future logistics growth. We are well positioned to capitalize when the cycle turns. While our diverse customer base and focus on essentials and the CPG industry provides us with some insulation during turbulent economic times, we are confident to continue to capitalize on opportunities and make prudent investments, which will translate into sustainable long-term growth for our shareholders. With that, I'll turn over the call to the operator to open the line for questions. Thank you, ladies and gentlemen. We will now begin the question-and-answer session. Should you have a question, please press 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 pulled in the order they are received. Should you wish to decline from the polling process, press the star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Matthew Lee with Canaccord. Please go ahead. Hey, morning, guys. Thanks for taking my question. Good morning. Morning. Yeah. Maybe we can start on the EBITDA front, particularly in terms of trucking margins, which were a bit better than the, than we would expect. Can you maybe help us understand what's driving that margin improvement year-over-year, and maybe talk about the sustainability of that before perhaps considering the impact of Crane? Yes, you're right. Morning, Matt, it's Alex. One of the main factors is that we were able to realize some synergies, as we did in Q1, with regards to our acquisitions, and we have done a great job replacing our trucks. Some of our fleet operating costs have come down. Fuel also remained to be down in Q2. In terms of fuel pricing, it's recently gone up, but in Q2, it was down. All in all, we had great cost control measures on top of a commodity price and the fuel price being down. That's what drives the margin improvement. Thank you. As well, obviously, one of the things that's near and dear to us in terms of our future, as well as our innovation and our technology, we use, you know, technology heavily to navigate the business. You know, we're very quickly be able to respond to our existing economic conditions and, you know, we're able to maneuver the fleet, you know, and call it pivot, for lack of a better term, you know, as quickly as the various sectors that we're in change in terms of demand. Okay, that's helpful. Then maybe just an update on the early innings of Crane. You know, has it kind of been what you expected going in? Maybe have you had a chance to talk to some of your bigger US customers on the potential for expanded relationships now that you have asset-based, trucking? Hi, it's Marilyn. Definitely an exciting time for us. We are, I wouldn't say surprised, but pleasantly comforted that the team we have acquired in the U.S. is an exceptional team, so we're looking forward to growing with them. Access to our large sales staff that we have already in the U.S. in our brokerage level, in our brokerage offices, as well as our sales people in our Canadian offices, allows us to leverage the assets in the U.S. significantly. Our existing customers are now just being... I mean, it's only been two weeks, so we're now just reaching out to our customer base. ... and Crane's customer base as well, which is a new customer base for us, largely. It's a, it's a world of opportunity that way. Being able to sort of, now that we have increased capacity for them on the asset side in the US, as well as our brokerage services and technology and integrations that were not previously available to Crane's customers, we're, we're happy to see where, where we are right now. So far, the first couple of weeks have gone very well. All right. Thanks for your call, and thank you very much. Thanks, Matt. Your next question comes from David Ocampo with Cormark Securities. Please go ahead. Thanks, David. Good morning, everyone. Good morning. Good morning. I just had a, a couple quick accounting questions. Maybe Alex can answer them. If I take a look at the gain on the sale of PP&E, that's been consistently running at around $1.5 million a quarter, and that does look like it's a 30% above or 40 above the disposition of PP&E. Is this kind of a, a good run rate going forward, and, and does that sort of suggest that you guys are over-depreciating your assets, or it's just the markets- No. pretty strong for used vehicles? The market because now we're in a period where we're replacing our trailers. Trailer market remains to be pretty strong. The truck market has definitely gone back to near 2019 levels. You're looking at used truck pricing really falling off since 2022. Trailer prices remains to be pretty strong, and we're in the period where we're replacing trailers. That's why you see that gain. But we are seeing that market also start to slide as well, so I'm not expecting that to be the run rate. I would say our, our historical run rate, we're gonna get back to that pretty soon. And we're also near where we need to be in our annual replacement. You can see that our, our CapEx is starting to normalize as well. Yeah, got it. Then the last one's just on working capital. If I take a look at the, the last 5 quarters, it's been, you know, a, a release of working capital. What's driving that? Is it better collection processes with your clients? Any, any color on that would be, would be helpful. Definitely we have done a lot in our accounting front in terms of utilizing our tech to drive better collection processes. We have made a lot of strides in building up that team as well, and we have been very successful in collecting. Of course, some of it is also utilizing our tech and working with our customers to say, "Hey, can we do something to increase the efficiency in both your payables and our receivables?" We have done a decent job at working with some of our customers and partnering up on that front to create better solutions as well. Do you expect more, more capital to be released here or just maintain its status quo at, at current levels? We are getting to the point where it's our average term, so we're, it's going to be tougher to get that part, last part. It is my goal to drive that even further down. I think right now, where we're at, in terms of our DSO and our collectibility, that's where we should be. With that said, with Crane, that might increase temporarily. Okay, got it. That makes sense. Thanks a lot, Alex. No problem. Your next question comes from Steve Hansen with Raymond James. Please go ahead. Yeah. Good morning, guys. Thanks for the time. Good morning, Steve. Do you want to perhaps talk about some of the, the early macro indicators you're watching in your business over the last couple of months? I'm just trying to get a sense for where we're at in the cycle here, whether it's spot rates or contractual rates. I mean, are you seeing any signs of sort of troughing as we, as we move through this period here? There's been some early indications, I think, in, in a few different spots, but it's not been uniform. Just curious about your thoughts around how you see the, where we are in the cycle. Yeah. Actually, I, I do like to look at some of the, you know, kind of the big macros. You know, I like to look at-- One of the big macros I like to look at, actually, is the price of used trucks. That's one that I, I tend to like to follow. I, I do use FreightWaves SONAR. You know, I think they have a really great platform, and they have, you know, hundreds of indices. There, there are a number that, that I look at. Of course, you know, like, a lot of- I mean, I do take a look at things like, you know, the Outbound Tender Reject Index and, you know, the volume indexes and so on. What's interesting is that, I am seeing over the last few months, if you take a look at the used truck pricing indicators, used trucks have gone from kind of the mid-2022, we're at a record high, almost, you know, double, triple, what they were selling for prior year. Then now they're down to prices that are comparable to some of the recessionary years, going back as far as 2013, in fact. What's, what's really interesting with that is that, that is indicating in a market where, you know, 80 something%, according to the ATA, of US trucking companies have less than 6 trucks. If you're looking at essentially very low demand for used trucks with very high supply, that's clearly an indicator of macro shrinkage. I mean, there is no other way of explaining, you know, basic supply and demand. I really believe that that's one of those things that's telling us we are in a shrinking capacity as well. If you take a look at, you know, the call it the slides from the various institutions, you know, whether it's FreightWaves or FTR, you know, or, or any of the other, you know, macroeconomic indices out there, you know, the statistics sites, net revocations are in a negative. Meaning that you have every month now more cancellations for authorities than you do than you do new authorities again, you know, under FMCSA and so on. Those are all indicators of shrinkage. How long it will take to get to now a, rather than call it a shipper market, a, a, you know, supplier market, you know, that's TBD, right? Other than that, though, definitely there's a lot of different indices that are indicating shrinkage. Okay, that's helpful. Yeah. Capacity is still coming out, in other words. In the large bankruptcies that have been- Mm-hmm Starting to surface here, you know, is there any direct implications for your business, be it on the, the asset side now or perhaps cross-border? Just curious how you think about that helping the industry or perhaps offering you some opportunity? I mean, if, if you're looking at the people side, we're definitely seeing a higher volume of applicants for any of our job vacancies, whether it's on the road or in the office. So definitely that's kind of nice to see that, you know, it's sort of it's a, you know, a little bit of a better market. You're getting some, you know, good volume of applications, which is great. Other than that, I'm just not really seeing the spot market improve at this point in time from, from that perspective. I don't see it shrinking either. What's interesting is that it is flatlining where it is. That is kind of a positive. I, I can add a little bit on that, too, in terms of our customer base. What we're hearing from some of our customers is their normal cycles for production are now once again starting, where it has been sort of on a hiatus for the last little while, catching up on oversupply in their warehouses, et cetera. We're starting to see that normalize just a little bit now. That's helpful. Thanks. Just one last one, just on the brokerage expansion. Jacksonville, you've highlighted, is a new strategic location. Can you just remind us on the longer term targets? I'm just curious if you've got the next 3 locations already mapped out, what moderates the pace that you decide to open those new locations? Thanks. To some degree, it's obviously, you know. Well, it's a number of components, but it's the who and the where. We usually prepare for the most part, and we groom the people that are gonna be running those offices. As well, we like to take a look at regions that, you know, are strategic in terms of our opportunities and our customer base. I can add to that. It, like we've said before, we like to promote from within and groom our staff as they expand into new locations. That's part of the appeal. We do have 2 already in the works for next year that we are, our people are prepared for. It's just a matter of timing and location, finalizing. That is still definitely on our, on our radar, leaving just 1 more to kind of work through to hit our 10 target by the end of 2024. Great. Thanks a lot, guys. Appreciate it. Thank you. Sure. Your next question comes from Michael Kypreos with Desjardins. Please go ahead. Thanks, and good morning, everyone. Good morning, Mike. Good morning. Maybe just on the, your comment that profitability could shrink temporarily due to the integration of the acquisition in trucks transportation. Maybe just on the 18%-19% EBITDA margin that you had previously disclosed for the year, and also that you posted 20%+ in the first half. Maybe just what are you thinking in the second half in terms of margin here with the acquisition and integration? 18%-19% is what we target as trucking. Right now, obviously being 21%, with some of the favorable pricing, it's, it's good for us. We don't expect that to continue as well. We, we think even without Crane, we would probably normalize back into the high 19s range. With Crane now, obviously, the integration is gonna drag down the, the EBITDA margins a little bit. We're probably looking at mid-teens. That's probably what I would, I would consider to be reasonable during an integration phase. That's probably where we're gonna end up. That's helpful. Thanks for that. Maybe just a quick one on CapEx. You, you invested quite a bit in the quarter. Do you still expect that CAD 30 million over the next 12 months? Well, yes, because we said $30 million over the next 12 months, that was at the start of the year. Our trailer replacement cycle is still going on, so we are not spending $30 million in the next 6 months, which is 2023's balance. Going forward, we still need to replace trailers. We're, we're getting into our normalized replacement cycle. The, it's, it's a steady stream of trailers coming in. Of course, there's a little bit of trucks in there, which once that goes away, it's going to drop down our CapEx going forward. I'm not expecting that to continue into the next 12 months. We are, we are probably gonna see trailer repair, I mean, trailer replacements to be pretty steady. That's helpful. Thanks a lot, guys. Thank you. Your next question comes from Ben Jekic, with PI Financial. Please go ahead. Thank you very much. Good morning. Good morning, Ben. Just in terms of office, logistics office in the US, is it fair then to assume you're still with 1 more location in 2023 and then 2 more in 2024? Most likely, we're not going to announce another opening this year because we're probably gonna focus on the integration and the expansion, the growth of our most recent 2 offices. Between Arkansas and Jacksonville, we're gonna focus on their growth. We're also gonna focus on the integration of Crane to prepare for future opportunities. 2 to 3 will be announced next year, and if we don't do 3 next year, it'll be 2 and 1 in Q1 of 2025. It's give or take a quarter, more or less on track. The goal is to get Crane integrated and then, you know, move on to other opportunities. Given the current economic circumstances, opportunistic growth at this point in time is, you know, I think makes a lot of sense right now, in order to prepare for the next, you know, turn, call it turn in the cycle. Okay. Mm-hmm. Okay, that's good. Just in terms of CapEx, Alex, sorry, I don't know if I understood this. You're, you're tracking at CAD 37 million for six months. Is that... When you say 30, is that net of disposals, or what do we model in CapEx for the, for the last, two quarters for the year? We end up buying more trailers than we had originally anticipated at our commitment at the start of the year. We mentioned that before, that we want to get as many trailer build slots as possible. With the economic cycle being where it is, we actually end up getting more build slots, which we took advantage of, because we were behind in our replacement for trailers. Okay. With the, with the addition, we are now back on pace on replacing our trailers to get our fleet updated. We are, we are seeing... That's why, that's why it's the same question as previous. We are seeing that normalization. We are going to be replacing trailers on a steady pace now. And we are having a little 25 more trucks coming in at the end of the year, but we don't expect any trucks at all, barring anything that we need to replace from Crane, possibly, to materialize in 2024. It'll just be steady trailers, replacements. Okay, if, if I'm looking at sort of 25 to 30, that's over the 12 months? Yes. Okay. My other question is on Crane. Your annual guidance, the, the lower point being $450 million. You know, given where, given where we are in the first half, and if I compare, you know, second half with Crane with the last year, you know, you, you are a little bit. You know, if, if I, if I model somewhere in the $240 million or so range, it's higher than last year. Is there, is there a risk of further sort of downward pressure that, you know, it could lead to, to, to guidance revision, or are you comfortable with at least the, the $450 million right now? We're comfortable with that range because we are anticipating about five months of Crane's revenue to be from our top line, to into our top line. If you look at the model, it's, I mean, you look at the rest of the year itself, the run rate is pretty consistent, so we're comfortable with that number. The other thing that's a little bit of an anomaly with revenue, because we are 50% a broker. Mm-hmm. It is a flow-through number. As you can see, the improvement in the margin in trucking, for example, because fuel is a flow-through, right? Even though revenue on the asset side is down, that's because fuel's down, so fuel surcharge is down, but of course, our costs are down. There's also other efficiencies as a result of the, you know, just, just a lot of things coming down. You know, technology, you know, all our trucks are quite new. In fact, you know, majority of the fleet's under warranty and so on. You know, you're getting a significant cost reduction in a number of areas. On the, on the broker side, which is the other 50%, the spot market, of course, being extremely low right now, where I just took a look at the truck-to-load ratio on Loadlink, and their most recent published ratio is 4.75, I believe. 4.75 trucks for every load that's posted on Loadlink in Canada. That's almost 5 trucks for every load. That's unbelievable, that's the highest I've ever seen in terms of, you know, the last, quite a, quite a number of years of just, you know, looking at that ratio. That's very unsustainable, quite frankly. You know, given that that's the input cost on a brokerage- Mm-hmm. Your revenues are gonna come down, but your margins really aren't gonna be all that much affected. From a broker perspective, we don't really look at revenue as much as we look at margin. You know, and so that's why, you know, we tend to focus on profitability rather than, you know, focusing on the, you know, on, on the top line. If fuel goes up, of course, you know we're gonna look like we're meeting revenue, right? Right. That's gonna be pure, that's just gonna be a pure FSC. Yeah. Okay, and then, Yeah, I think I had one question, but I'm gonna wait in line. Thank you so much. Yep, no problem. ... Ladies and gentlemen, as a reminder, should you have a question, please press star followed by the one. Your next question comes from Gianl uca Tucci with Haywood Securities. Please go ahead. Hey, guys. Good morning. Morning, Gianluca. Most of my questions have been asked already, but just adding to an earlier question, I'm curious to what you're seeing, or hearing since the Yellow bankruptcy, and if that's had any shock effects, both good or bad, in the industry, down in the U.S. I can answer that. I mean, definitely there is an effect. It's, the Yellow sort of destruction is, is sad to see there's a lot of people out of work. I believe that freight and customers and drivers shift to the next likely place to go. You know, will it have an effect? It's an LTL marketplace that, that Yellow functioned in. Will it have an effect? It will have some. For Titanium, it is not a huge effect, it is just one of those things that companies who fail to maintain sustainability in their business, exiting the market is always a good thing for those who remain standing. There will be some kind of a benefit, it's, it's not a, it's, it's nothing remarkable for Titanium. Okay, that's great. Thanks, Marilyn. Just on post-Crane acquisition, I'm just curious, like, what's their OpEx run rate like compared to yours in terms of, like as a percentage of revenues? Like, is it fairly aligned? Yeah, their EBITDA is lower than ours. It's, it's in the kinda low to mid-teens. There's definitely a lot of opportunity there. You know, again, what we're gonna do is we're going to integrate, we're going to use our technology. You know, we're going to be able to, you know, put Crane in particular, obviously the Georgia main terminal into our network. That's gonna have full visibility throughout the network. Everyone that's on this network, across Canada and the U.S., will see the this new availability, this fantastic availability of opportunity in terms of whether it's customers or, or it's capacity and so on. There's definitely gonna be opportunity there for, for margin improvement. That's, you know, again, we like to, you know, we like to buy upside. From, from that perspective, you know, makes a lot of sense. Ted, just following up on that, is, is Crane seasonality similar to that of your trucking business? Yeah, it would be. Seasonality, of course, is struggling at this point in time, you know, because of. Right. post-COVID situation. Season all year. Yeah. You know, Q2 was not as seasonally amazing as it should have been in the past. Then again, you know, I, I don't know what's been seasonal in the last few years, right? Good point. You know, I mean, 2019 wasn't, wasn't great at all, and it was the aftermath of, the ELD situation in the US in 2018. Of course, the beginning of 2020 and 2021 and 2022 were extremely volatile. You know, it's been, it's been an adventure, for lack of a better term. Yeah, we, I think. Yeah. their product lines are very similar to I think. I know that their product lines are very similar to ours. Mostly CPG. Correct. Right. They're correct, you know, raw material supplies, so they're very similar to our, our world. Some of their customers are in the same realm as ours, so it's, it's made it for a very comfortable understanding of their business for sure. Okay. Thank you, guys. Keep up the good work. Thank you. Thank you. Your next question comes from Steve Hansen with Raymond James. Please go ahead. Hi, Steve. Oh, yeah. Thanks. Just one quick follow-up. Yep. A bit of a philosophical question. I was curious on in the transaction for Crane, you did elect to acquire all the associated real estate in the transaction, the two terminals, which I understand are strategic for, I think it was CAD 6 million. You know, what is the decision process in owning versus leasing major strategic hubs like that? Is it always better to own? How do you think about that allocation of capital in your decision process? Thanks. I think sort of two, two elements to that. One is that transportation terminals are actually not that easy to come by. It's not your cookie-cutter, you know, warehouse. You kinda wanna control your destiny on that. And they have a certain special requirements. The other thing is that transportation terminals have this kind of insatiable need for a larger, disproportionate amount of land that also requires a certain type of security. And so from, from that perspective, they tend to be a little bit unique. Over time, you know, I guess, you know, development and so on, you know, kind of creates an indirect financial benefit to the shareholders because the productive value of our land at this point in time far exceeds what we've paid for it over the years. The inflationary financial productivity that we're getting out of, at this point in time, approximately 180 acres of land that we own across our networks, you know, basically gives us a much different foundation in order to grow the business. We've got a much stronger long-term outlook in terms of, you know, the way that, you know, we run the business. Just generally speaking, you know, it, it, it reduces the risk of being moved out, you know, if all of a sudden that land, you know, becomes, you know, somebody else's purpose. Then you're disrupting, you know, an operation that you've built and, and, you know, it could be a terminal with 100 trucks and 300 trailers. How are you gonna deal with that? It's like, that's very disruptive. You kinda wanna be able to predict and control your destiny. I think from that perspective, it, it creates a much stronger foundation. A little bit like, you know what I mean, you know, day one, you know, famous question, what business is McDonald's in? Right? We've all, we've all read that in the business books. They're in real estate, so. Sure. Yeah. That's good perspective, and I appreciate that. Your next question comes from Ben Jekic with PI Financial. Please go ahead. Yeah, one, one question, and, you know, even if it's qualitative explanation on, you, you talk about translating of the revenues from Crane into more, logistics over time. How quickly will we see some, some lift, and how, how does that work? If you can give us a sort of couple. We're not actually moving the business from Crane assets to logistics. On the contrary, we wanna opportunistically grow the Crane acquisition. We wanna grow our presence in Georgia. We wanna grow our presence in Alabama. Remember that Freight Alley is essentially defined by Georgia, Alabama, Tennessee, and the Carolinas, and we are in four out of those five states, and I'm gonna say we're kind of in all five, in fact. That's really important to us strategically, in terms of where, you know, where there's a significant amount of freight. We're gonna continue to build those out. What we're gonna do is we're going to now expand our offering to our customers and say, "Okay, we've got assets in Canada, we've got assets in the U.S., and we're gonna grow that," and we're now able to offer them a holistic supply chain solution, you know, using our technology. We can offer them both the assets and our brokerage services, using our very advanced, technological solutions. That's what customers are looking for. Utilizing both the asset side of the business and the brokerage will give customers a more robust offering. Okay, perfect. Thanks, Ben. No further questions at this time. Please go ahead. Thank you, operating, for facilitating the call. Regardless of the economic conditions we operate in, undoubtedly, with our innovative, hardworking team of people, Titanium will continue to grow, succeed, and increase shareholder value. We highly appreciate your interest in Titanium. If there's any further questions, please feel free to contact us. Thank you, everyone, for joining the call this morning. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.