Good morning. My name is Simon, and I'll be your conference operator today. At this time, I would like to welcome everyone to Akumin Inc.'s 2022 third quarter results research analyst call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question- and- answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press the pound key. Thank you. Mr. Zine, you may begin your conference. Good morning, and thank you for joining us for today's investor presentation. My name is Riadh Zine, and I'm the Chairman and CEO of Akumin. I'm delighted to be joined on the call today by David Kretschmer, our interim Chief Financial Officer, who recently joined the Akumin team. Before joining Akumin, David previously worked for Surgery Partners, a multi-specialty surgical center with $2.5 billion in revenues. He was the interim CFO, Executive Vice President of Strategy and Transformation at Surgery Partners. Prior to that, he was Senior Vice President, Treasurer, and CIO for Anthem, now Elevance Health, a health insurance provider with more than $130 billion of revenues. David obviously has extensive healthcare and organizational transformation expertise, and we are very excited to have him on board at Akumin as part of our senior management team. There is a slide deck that is meant to go with our presentation today. A copy of it is available for download from the investor relations section of our website at Akumin.com. Before we begin, let me remind you that certain matters discussed in today's conference call or answers that may be given to questions asked could constitute forward-looking statements or information that are subject to risks or uncertainties relating to Akumin's future financial and business performance. Actual results could differ materially from those anticipated in these forward-looking statements. You should not place undue reliance on these statements, particularly on future financial performance. The risk factors that may affect results and these forward-looking statements are detailed in Akumin's periodic results and public disclosure. These documents can be accessed under our public disclosure at sec.gov and sedar.com. Akumin is under no obligation to update any forward-looking statements discussed today, and investors are cautioned not to place undue reliance on these statements. We may also refer to certain non-GAAP measures during this conference call, such as EBITDA and Adjusted EBITDA and Adjusted EBITDA margin. These non-GAAP measures are not recognized measures under U.S. GAAP and don't have a standardized meaning prescribed by GAAP. We believe in addition to GAAP measures, certain non-GAAP measures are useful for investors for a variety of reasons. If anyone could mute their line, please. There is a background noise. Don't have a standardized meaning prescribed by GAAP. We believe in addition to GAAP measures, certain non-GAAP measures are useful for investors for a variety of reasons, including we regularly use such measures to communicate with our board of directors and that EBITDA and Adjusted EBITDA are used as analytical indicators by us and the healthcare industry to assess business performance, leverage capacity, and ability to service debt. EBITDA and Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing, or financing activities or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. You can find additional information regarding these non-GAAP measures on slide two of our presentation which is available in the investor section of our website at akumin.com under events and presentations. Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP measure, is included in that presentation as an appendix. We have not provided a reconciliation for any forward-looking non-GAAP measure referred to in this presentation, as we would not be able to produce such reconciliation without a reasonable effort. Moving to slide three. I'm happy to be able to speak to everyone today to discuss the financial performance of our third quarter. On slide three, you can see the same store volume growth on a pro forma basis in our radiology service lines and our patient starts in our oncology division. Specifically, our MRI volume were up a modest 0.2%. Our PET-CT volume were up an impressive 7.8%. Our total radiology procedures were down 2.5%. Our total oncology patient starts were down slightly by 0.2%. Q3 revenue was $186.6 million, and is up $78.4 million or 72.5% from $108.2 million in the third quarter of last year. This was mainly due to the Alliance HealthCare Services acquisition, which was completed on September 1st, 2021. On a sequential basis, revenue decreased $5 million or 2.9% over the second quarter of 2022, impacted by Hurricane Ian, as previously noted. Adjusted EBITDA of $36.5 million was up $18.6 million or 103.3% from $18 million in the second quarter of last year. On a sequential basis, Adjusted EBITDA decreased $1.7 million or 4.3% from the second quarter of 2022. However, it should also be noted that the Adjusted EBITDA for this quarter excludes a gain from the sale of certain accounts receivable of $7.6 million, the details of which were announced on our August 12 press release. Adjusted EBITDA margins in the quarter were 19.6% and remain relatively stable, down only 0.3% sequentially from 19.9% in the second quarter, despite the fact that procedure volumes were again negatively impacted by some of the challenges mentioned earlier. On a consolidated basis, accounts receivable at the end of the quarter were down from $127.4 million at the end of Q2 to $112.4 million. This equates to 55 days of sales outstanding, the lowest in Akumin's history to date. Slide four provides some additional details about our operations in the quarter. Our integration process is well underway with the completion of phase one of our integration initiatives, which were primarily related to streamlining the organization in order to remove functional duplication. In addition to the $23 million successfully achieved in phase one, we have identified further synergies of $25 million that we are confident we can realize on a run rate basis during 2023 as we implement phases two and three of our integration and transformation plan. The next two phases will focus on network consolidation, asset optimization, and procurement, among many other initiatives. Turning to our Q3 results. As we have already discussed, Hurricane Ian caused a meaningful disruption to our Florida operations, where we have a large fixed site presence. Thankfully, the impact was short-lived, and we are optimistic that some of the procedure volume that was lost in Q3 will be recouped in Q4 as suggested by our strong October volumes. In addition, ongoing labor constraints, and more specifically, clinical personnel availability, resulted in suboptimal capacity utilization in some of our facilities in the quarter. While this issue is not unique to Akumin, we are taking steps to mitigate labor shortages and expect the impact of these constraints to be less pronounced in future quarters. As previously mentioned, the changes made in our oncology division also reduced the contribution from the service line in Q3. We were pleased to have completed our change of jurisdiction as well as of incorporation from Ontario to the state of Delaware during this quarter and it was effective September 30th. Given that all of our operations are based in the U.S., and we are now considered a domestic U.S. issuer, this was a logical step and should benefit all of our shareholders in the long term. Moving to slide five. This slide outlines recent developments in our oncology business, which we are excited to be able to share with you. As we have said on many occasions, oncology will remain a core business line for Akumin, as it's an important focus of our hospital and health system partners, and it's very complementary to our radiology businesses. As part of our transformation initiative, we conducted a comprehensive review of this business which resulted in the refinement of our strategic focus for this important service line. This refined focus will enable Akumin to capitalize on the market dynamics and emerging trends in oncology, and more importantly, to address the growing needs of our hospital and health system partners in delivering this important service. A new leadership team led by Jim Brooke, a seasoned oncology executive with extensive experience at Prisma Health and MD Anderson, recognized this significant market opportunity and joined Akumin earlier this year to execute our strategy. Akumin has a compelling value proposition in oncology and is uniquely positioned given the many challenges our hospital partners face in this service line, including growing demand, an aging fleet, and capacity constraints. Akumin has some distinct competitive advantages in oncology, including a patent-protected mobile technology that will enable us to develop new partnerships and deliver our enhanced value proposition at scale for our hospital partners. However, we did incur a $20 million impairment charge in the quarter as a result of the combined impact of multiple factors, including the review of existing hospital partnerships conducted by our new leadership team, the delay in implementing new partnerships, in part as a result of supply chain issues, and the deferral of some growth capital expenditures, given the review, the strategic review of the business. We don't anticipate taking any additional impairments in the future now that the review and the repositioning of this business is complete. We remain very excited about the future of our oncology division, and we are confident that this business will become even a more important contributor to our financial results in the future. Moving to slide six. This slide illustrates while the Akumin platform offers a diverse suite of services, it's very focused on areas of high growth and high value add. Akumin is a clear leader in oncology. 55% of our radiology revenues come from MRI procedures. We're also a significant player in cancer diagnosis and treatment, with 24% of our radiology revenues from PET- CT, and 17% of our total revenues coming from our oncology division. Moving to slide seven. Akumin is clearly well-positioned to benefit from the ongoing shift to outpatient service delivery. As you can see, we continue to generate over 95% of our revenues from outpatient procedures. We have a balanced revenue mix between third-party payers for outpatient services and hospitals, with no more than one customer representing more than 4% of our consolidated pro forma revenues. As a preferred outpatient solution provider to hospitals, approximately half of our revenues come from our hospital customers, the balance of which is for reimbursement for patient procedures paid by third party and government payers. Over time, we expect our revenue base with hospitals to continue to grow as existing and new hospital customers or partners search for outpatient solutions in both radiology and oncology. I will now turn the call over to our Interim CFO, David Kretschmer, to go over some of the operational and financial metrics. Thank you, Riadh. Let me start by saying how excited I am to have joined Riadh and the Akumin leadership team in general, and the finance team here in specific. There's a real opportunity to improve patient care while at the same time bringing value to our capital providers. I have confidence in the team's ability to execute and deliver on our commitments. As we've noted in our last few calls, given that the new Akumin now includes hospitals and independent sites, we track actual scans by modality across our radiology platform. By providing procedure volumes and mix together with the radiology procedures as a% of revenues as illustrated on slide six, you can accurately track our operating and financial performance over time. Moving to slide eight. You can see the MRI, PET- CT, and total radiology procedure volumes in same-store changes over the last nine quarters in aggregate volume in 2020 and 2021, as well as the trailing twelve months, including Q3 2022 on a pro forma basis to provide comparability, including the Alliance acquisition. Particularly pleased with the growth of our PET- CT volumes as you can see. As you can also note, our same-store total procedure volume declined slightly in Q3 2022 after six consecutive quarters of growth due primarily to the disruption caused by Hurricane Ian in certain of our Florida locations and ongoing labor constraints among our clinical staff. In our core modalities, we saw relatively flat same store volumes in MRI and a favorable 7.8% growth in PET- CT, where labor constraints are less of a factor given the highly specialized skill sets of clinical personnel for this modality. Despite the challenges we faced in the quarter, we continue to see growth in our core modalities, with seven consecutive quarters of same store volume growth in MRI and six consecutive quarters of same store volume growth in PET- CT. Trailing 12-month pro forma volumes are slightly above our 2021 levels and well ahead of the 2020 volumes, which were obviously significantly impacted by COVID. Turning to our oncology business on slide nine. I'll start by noting that radiation therapy is an essential element of cancer care, as up to 60% of cancer patients receive radiation therapy in the course of their treatment. In the oncology segment, we track activity by patient start volume and revenue per patient start as you can see on slide nine. We track these particular metrics as it brings some commonality to our two types of treatments in oncology, LINAC and SRS CyberKnife. Despite the fact that reimbursement regimes differ. I will note here that we are evaluating additional metrics to provide better clarity on our performance and expect to share those with you in 2023. In Q3 2022, same-store patient starts were relatively stable, down 0.2% for the quarter. In the trailing twelve months ended Q3 2022, revenue per patient start has declined slightly from 2021 levels, down approximately 3.6% as a result of our treatment mix and the trend in radiation therapy to hypofractionation. On slide 10, you can see the Q3 2022 and trailing 12 months financial performance by segment. As you know, we report two segments, radiology and oncology. This slide illustrates the financial performance of each of these segments. Note that the Q3 2022 trailing twelve month pro forma results assume the legacy Akumin and Alliance businesses were combined for the entire period, while adjusting for the Q4 2021 divestiture of Alliance Oncology of Arizona. As you'll see in the chart on the top left, the radiology segment contributed $155.1 million of revenue in Q3, representing approximately 83% of total revenues with an Adjusted EBITDA margin of 20.1% before the allocation of corporate services. On a sequential basis, radiology revenues declined 3.6% from $160.9 million in Q2. Riadh mentioned earlier, this was primarily the result of disruptions caused by Hurricane Ian to some of our Florida operations, as well as labor constraints and clinical personnel. This in turn impacted Adjusted EBITDA margins, which were down sequentially from 22.2% in the second quarter. The oncology segment contributed $31.5 million of revenue, or approximately 17% of the total in the quarter, with an Adjusted EBITDA margin of 35% before the allocation of corporate services. On a sequential basis, oncology revenues were up slightly, 0.6%, from $31.3 million in Q2. Adjusted EBITDA margins were up sequentially from 33% in Q2 as well. Q3 consolidated Adjusted EBITDA margins were 19.6%, down slightly from 19.9% in Q2, which as mentioned, was primarily attributable to the weaker results in the radiology segment given the challenges we faced in the quarter. Turning to slide 11. Since we reported our second quarter results, several factors have led us to revise our expectations for full year 2022. As we discussed earlier, these included the hurricane impact, labor constraints, and our strategic shift in the oncology division. While these factors have negatively impacted our 2022 outlook, we have made significant progress toward realizing integration synergies and remain confident that we will achieve the full benefit of our phase one initiatives of approximately $23 million on a run rate basis in Q4. Slide 11 sets out our revised expectations for 2022. We now expect consolidated revenues to be in the range of $740 million-$750 million, down from our previous guidance of $760 million-$780 million. We expect 2022 Adjusted EBITDA to be in the range of $140 million-$150 million, down from $155 million-$170 million. Turning to CapEx. Recall that throughout 2022 we have continued to refine our CapEx budget to ensure the most efficient deployment of equipment better aligned with our strategic priorities. We continue to evaluate all of our markets and prioritize those that, based on our criteria, have the greatest near term potential for growth. We now expect total CapEx spend to be approximately $50 million, with $26 million allocated to growth CapEx for new customers and new sites. As a reminder, growth CapEx is primarily geared towards new hospital customer and partner acquisition as well as capacity expansion. Our investment to new customers and sites continue to be high return, typically with a four year payback on growth capital. We anticipate total CapEx to be funded by approximately $11 million in cash, and the balance of $39 million to be financed by a combination of OEMs, equipment finance companies, and regional banks. The table on slide 12 highlights our free cash flow expectations given the revised guidance discussed in the previous slide. Based on the new midpoint of our Adjusted EBITDA guidance, we now expect to generate approximately $20 million in free cash flow in 2022. Note that this analysis assumes no contribution from the deployment of growth CapEx in the year. We've also shown our exit rate free cash flow expectations, annualizing the implied midpoint of our fourth quarter Adjusted EBITDA and including the $25 million in synergies that we now expect to achieve as part of our phase two and phase three integration plans. Again, we conservatively assume no CapEx contribution and no organic growth in this analysis. Under these assumptions, we expect to exit 2022 on track to generate over $53 million in free cash flow. Do recall that we have picked the interest on the Stonepeak subordinated debt through 2022. We'll of course update this analysis when we provide full year guidance for 2023. Slide 13 illustrates our capital structure at the end of third quarter. As you can see, Akumin's secured leverage is 5.9x. As an organization, we are focused on reducing this leverage over time. The near-term drivers of leverage reduction will come from increasing EBITDA as a result of synergy capture, network rationalization, technology-driven standardization, and the streamlining of service delivery. In addition, we have an abundance of organic revenue growth levers in our purview, which we expect to meaningfully increase EBITDA given our significant operating leverage. As a result of these significant cost efficiencies and organic growth opportunities, we believe that our secured leverage will decline to below 4x Adjusted EBITDA over time. Note, as significant shareholders, we are highly incentivized to prudently optimize the capital structure, and we will continue to evaluate options to do so as market conditions permit. With that, I'll now turn it over to you before we take questions. Thank you, David. We're obviously ready for question and answer period, so we would now ask the operator to start the question- and- answer period. Thank you very much, sir. As a reminder, ladies and gentlemen, if you would like to ask a question, please press star followed by the number one on your telephone keypad. If you do wish to withdraw your question at any stage, please press the pound key. We'll now move to our first question over the phone, which comes from Noel Atkinson from Clarus Securities. Please go ahead. Good morning, Riadh, and welcome to David. Thanks for taking our questions this morning. Okay. First off, let's if we can talk a little bit about oncology. Thank you for the sort of insight into, you know, what you want to do with the business. You talk about mobile units. Do you have any mobile units in the fleet today? What's your outlook for the cost of one of these mobile units, and how many do you plan to deploy in 2023? Thank you, Noel. Thanks for the question. We have two mobile units already in the fleet. These units cost in excess of $3 million. We have already one more ordered. We believe to be able to execute on our new partnerships. We don't need them all in one shot, but we believe our fleet within the next 12-18 months will probably go up to six mobile units from the two we have and the one we just ordered. We believe with the six mobile units we would be able to execute on our partnerships. I think as you could imagine, because they are mobile units, although they're not really. Don't think of them like a mobile MRI. These are very heavy units. When they're parked, they're parked for four to six months to effect an upgrade or to enable a new hospital partner to initiate their new cancer program. That's why, basically, if every unit could basically enable a number of partnerships in a year, given that it doesn't need to be in one place for more than four to six months, we believe the optimal fleet size we would get to is probably around six. We already have half of that, so it's not really a significant investment. With another $10 million, we will have our optimal fleet ready to address the market opportunity. I hope that answers your question. Yeah, no. Riadh, it might be. Go ahead. Riadh, it might be. Sorry, go ahead, David. It might be worthwhile for you to briefly mention the patents that we hold on this technology. Yes. That's actually. Thank you, David. So, I think we've mentioned that in our notes in the presentation. It's really not something that we have talked about in the past. I'm glad, Noel, you brought up the subject. David, thank you for kind of focusing on the patent because, as we've done our review, that's a significant competitive advantage. We were granted the patents in the U.S. just a few weeks ago in Canada as well. We expect to also get the patents granted overseas as well. We have a patent here that with. There are two parts of the patents, one with an OEM, another one with Akumin. It was developed internally by our physicist team, which is acknowledged as one of the best in the country. It was really once we closed the acquisition of Alliance and as we've gone through the transformation exercise to really. That's why 2022 is kinda a milestone year, because we really took a pause. Like, you're integrating and you look. You're not really operating in a normal course. You're kinda looking at your assets. You're trying to optimize and looking at things like these patents and say, "Okay, what's the trend in the market? How could I enable, how this could enable my growth? What partnerships are out there?" When you go through a review like that, you see where the patent on something like this is really significant. Just to give you an example, like if we look at the hospital partners today, the ones with aging fleet and radiation therapy. If it's 15, 18 years old, you wanna do an upgrade. Even if you have the capital to do the upgrade, you have to go dark for four to six months. That means you don't have a program anymore. This is a significant asset that we will build our growth strategy on. Again, that's why a change in leadership was also required. We brought significant expertise with seasoned executives to execute on the strategy. Okay. Just based on your comments and your prepared remarks, should we be expecting the oncology business then to be a bit softer than in Q4 and then start to see some recovery as these more mobile units and your, you know, your refocus kicks in in 2023? Yes. That's fair. I think you also mentioned there was delay in some partnerships in the pipeline due to supply chain issues. Yes, some of those new partnerships that will contribute new revenues, even regardless of the mobile, like these are already things in the pipeline where it's you're not replacing an existing equipment or you're actually doing a brand-new partnership. Those will be executed in the end of this year, and you will not see contribution until next year. That's correct, Noel. Okay, great. The free cash flow slide, it talks about, you know, free cash flows of over $50 million on a go-forward basis, which is, you know, that's a big leap for the company from where it was, you know, a year ago, for example. How should we be looking at this? Is this free cash flows of over $50 million at a given point in time, or is that like, you know, just on if you were taking the exit run rate and as a static point in time, that's kind of the annualized run rate of cash flows that you would be doing? Or is this something like the new baseline for 2023 before you would see any impact from growth CapEx, new customer wins or whatever? That's sort of the. Yeah. Baseline of a normalized business. David, do you wanna answer that question? No, I think you articulated it well, Noel. What we've done is, as we noted, taken the midpoint of our fourth quarter range of Adjusted EBITDA. We have included, and we'll annualize that, and then we have included $25 million of additional synergies transformation benefits on which we have line of sight that we would expect to achieve, you know, early in 2023. Now, it does not include the, you know, when some people note those cash pay. But in terms of like a run rate expectation, that is the baseline, the $53.1 million. Okay. And if- If labor constraints ease, particularly on the radiology side, I presume, and, you know, you start to see a recovery to more normalized volumes, so there's upside to that number? Well, yes and yes. As Riadh noted, it does not include any payoff to any of the CapEx we've made in 2022, just assumes we made, you know, investments that have no additional Adjusted EBITDA. To your point about the labor, it does assume some marginal easing, but remember, we're starting with Q4, where labor conditions are already still somewhat tight. I think we've seen this, and you've heard this on other earnings calls, we're seeing that as a lot of companies are beginning to announce layoffs, they're backing off on new hiring. We are starting to see both on the clinical side, the administrative side, some of those constraints starting to ease. That wasn't really factored in in our, you know, Q4 range. I'd say that there is additional upside as those labor markets ease. Okay, great. Well, one more quick one from me. So Hurricane Ian impacted Q3, the end of Q3 quite significantly by the sounds of it. You know, that kind of rolled into Q4, first few days of Q4, and then now, you know, you've just had landfall again of I think it's Nicole, if I can remember the name right, so in Florida. You know, what's your outlook on Q4 in your guidance from the impact of these hurricanes? Yeah. The current one is not of the same severity of Hurricane Ian. We were open for business yesterday and today, maybe some few reduced hours in certain facilities, but it's not gonna have not even comparable to what happened with Hurricane Ian. Okay, great. Okay, thanks very much, guys. Thank you, Noel. Thank you. Apologies, sir. Please go ahead. No, I just thanked Noel. Please, go ahead if there is another question. Certainly, sir. We'll now move on to our next question over the phone, which comes from Endri Leno from National Bank. Please go ahead. Your line is open. Hi. Good morning. This is Eduardo Garcia calling on behalf of Endri. Thank you for taking my question. I have a couple from me. The first one is, given that CMS finalized the 4.5% rate cut, how does that impact Alliance and some of Alliance hospital customers? Yeah. Well, the way the rates impact really our government exposure in what we provide as a payer mix. The way we get paid from hospitals is per service or per procedure. So the impact is really from what you see in the exposure to Medicare, which, as you know, we don't have a significant exposure to Medicare. We did do a preliminary analysis on these, and we don't expect it to have a major impact. I think, David, you probably have additional color on that. We estimate the impact to be in the range of $2.5 million-$3.0 million, which is 30, you know, midpoint of that is 35 basis points of this year's revenue. Not meaningful, slight headwind, but not a meaningful impact. Okay. Thank you for that. Just the next one is in terms of the revised CapEx for 2022. It is significantly below the initial guidance provided at the beginning of the year. How do we think about it? Should we transfer this differential for next year or do you need it anymore? Can you give me some color there? That's actually a great question. I'll start on that point because this is a really important point. David will add some color as well because David and I, since he joined, spend a lot of time on this. That's really part of the good news that we don't talk about. We haven't gone into details on that point, so thank you for the question. I think everyone knows that on a pro forma basis, this business had about kinda $85 million-$100 million of CapEx every year. What you don't see from the transformation and the integration is the savings we've done, the optimization of assets, the closing of certain fixed sites, moving mobile fleet around. All those things we're doing are really kind of. So yes, you could say on a pro forma basis, it's still the same EBITDA. Yeah, but it's not the same business. So that $50 million CapEx that you have for this year is the CapEx you need for. It's the new level. I'm really glad you asked the question. So we haven't deferred $50 million to next year, right? That's the new level. And half of it is maintenance, and half of it is growth on top of that. Right? That $50 million, as you know, in our presentation, I think we have around $24 million of maintenance CapEx to maintain the current EBITDA and $26 million of growth CapEx, which obviously will have an impact next year. Going into next year, unless we're executing a really very high growth opportunities, it's another $50 million of CapEx. That's really what is the other byproduct or benefit from the transformation exercise for this milestone year. I don't know, David, if you wanna add additional color on that, because I know with your since you joined, that was a major focus for you as well. Yeah. Thank you, Riadh. It is a great question. One of the things I think Riadh touched upon is the company has developed the discipline to exit underperforming or unprofitable relationships. Well, by exiting an unprofitable relationship, that frees up equipment, which now doesn't have to be purchased for a growth opportunity, but can just be, you know, transitioned and moved to the opportunity. You know, one of the things that I've been really impressed by in the short time I've been here is the kind of capital management committee that Riadh has instituted at Akumin. You know, there's always the tension, which is the healthy tension which everyone expects between operators seeking to build out their businesses and the finance and, you know, corporate teams being disciplined with capital. One of the things I've really appreciated is the collaborative relationship among the team and the fact that operators completely are on board with the idea of, you know, optimizing the capital we have, being disciplined with new capital spend, and the willingness to get out of unprofitable relationships. I've experienced where people say, "Well, but it's strategic." Riadh and I have talked, it's not strategic if you're losing money as a result of it. It's a very well-run process. It's very disciplined. That, in fact, has been one of the reasons the company, as Riadh said, is able to continue to expect the same EBITDA with that lower new CapEx spend. Okay. Thank you. Thank you for your answer. One more clarifying question on the CapEx. I noticed on your presentation, you're doing CapEx net of financing. Is there a reason for that that you can provide me some color there? Well, I think what we outlined in the deck, Riadh, correct me if I'm wrong, is out of our $50 million we're, you know, $39 million would be via financing. Would be financed. Yeah. Yeah. Seven. Yeah. That's right. You know, again, I like your questions because it actually is helping us to deliver other important messages. The reason we financed $39 and the rest is cash, 'cause we did have excess cash, and it was optimal. It's not really a lack of financing opportunities. We have plenty of room to finance as much capital as we wanted. If we actually had really great use for $100 million of CapEx this year, we would have executed on it, and we could have financed the whole thing. Again, I think this is a good follow-up from your original question. Your two questions should leave the audience and the investors with really two important takeaways from this quarter. I know there's a lot of noise, and a lot happened in the quarter, but really the takeaways are on the capital side. One, the $50 million of CapEx is a new level for the business we have. But also two, we're not constrained from financing capital. When we took this year as a pause to optimize what we have, to put the discipline in place to identify what we wanna go after as growth opportunities, then we could finance whatever we want. To continue business as usual and not integrate and not take a pause after we spend $820 million on an acquisition is not prudent operational and financial discipline. I know that's not what the market likes to see every quarter, but if you wanna see long-term value creation, you have to take this path. There is no other way. I think we did the right thing. There's a lot of pain, totally understand, but it's the right thing to do to create long-term shareholder value. Okay. Thank you. Thank you for that. I still have a couple more, if I may. I just wanted to touch back again the Hurricane Ian and the impact on the centers. From the physical aspect of the assets, were they impacted? Are we expecting some CapEx to fix them or to get them back to operations? Yeah. Yes, there was impact, but that's covered by insurance, so it's not an issue. Okay. In terms of the Akumin customers, were they impacted? Are they taking long to recover? We had a pocket in around Fort Myers that was really bad. We had employees impacted. We had customers impacted. The people that are still not back to their homes today. It's not something that has a major impact. There was just a small pocket, unfortunately, of Florida that the impact was severe. Life is back to normal, but it will take a little bit more time to kinda go back to previous levels. Okay. Thank you. The last one from me. Could you provide some color on the $20 million impairment charge? It's all, financial non-cash payment? Yes, that's correct. Okay. Thank you. Thank you for your answers. Thank you for your questions. Much appreciated. Great questions. Are there any additional questions? No, sir. I'll hand back to yourself for closing remarks, sir. Thank you everyone for your participation on today's call. Akumin's vision is to drive patient-centered innovation, service delivery standardization, and exceptional healthcare value, all in an outpatient care setting. We are a leading outpatient healthcare services platform with significant scale, long-standing hospital and health system relationships, and freestanding operational expertise. On a pro forma trailing 12-month basis, we generated in excess of $740 million in revenues and served patients with more than 210 fixed sites in radiology and oncology and more than 4,000 team members across the U.S. As mentioned earlier, our integration initiatives are well underway, and we continue to expect 2022 to be a milestone year as we build on this solid foundation. Our Akumin has never been better positioned to capitalize on the trends and growth opportunities ahead in our industry. I would like to take this opportunity to thank our staff, to thank our customers and hospital partners, and to thank all of our stakeholders for their efforts and ongoing support as we continue our transformational change at Akumin. This concludes our call. Thanks again to all participants for your interest in the Akumin story. Thank you very much to today's speakers. Ladies and gentlemen, this does conclude today's call. Thank you very much for your participation. You may now disconnect.