Good day, everyone. Thank you for standing by. Welcome to the Calian Group Third Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Jennifer McCaughey, Director of Investor Relations. Please go ahead. Thank you, Livia, and good morning, everyone. Thank you for joining us for Calian's Q3 2025 Conference Call. Presenting this morning are Kevin Ford, Chief Executive Officer, and Patrick Houston, Chief Financial Officer. They will present our increasing opportunities in defense and space, as well as financial highlights of our Q3 consolidated results. As noted on slide two, please be advised that certain information discussed today is forward-looking and subject to important risks and uncertainties. The results predicted in these statements may be materially different from actual results. As a reminder, all amounts are expressed in Canadian dollars except as otherwise specified. With that, let me turn the call over to Kevin. Thank you, Jennifer, and good morning, everyone. From my viewpoint, we had a mixed quarter. Despite ongoing headwinds in certain aspects of our ITCS business, we experienced significant positive developments. Notably, our defense business is thriving, with growth continuing at a robust double-digit rate. Additionally, we are witnessing a return to organic growth in the majority of our businesses. A testament to our progress is the substantial increase in our signed backlog, which grew by CAD 640 million during the quarter. We also announced the arrival of Chris Pogue to lead our newly formed defense and space business unit as we look to capitalize on global tailwinds in the defense and space markets. Our overall defense business, which now represents 50% of our revenues, continues to grow. In fact, trailing 12-month revenues reached CAD 373 million, up from CAD 330 million in fiscal 2024. On a trailing 12-month basis, defense revenues are up 19%. Of this amount, 12% represents organic growth, as demand in Canada and Europe is ramping up for our mission-critical defense solutions, including healthcare, manufacturing, engineering, cyber, and military training. In Europe, there is strong momentum supported by a deal pipeline exceeding CAD 1 billion. Although we have secured several new contracts, we are unable to disclose the details of these contracts due to security sensitivities. This demand highlights the strategic impact of expanding our footprint in Europe with acquisitions such as Mabway and leveraging them to propel growth. With the promising developments anticipated in the coming year, we plan on making further investments in our European and U.K. operations, sales and marketing efforts to capitalize on the expanding market opportunities, and securing longer-term market share. In Canada, we are beginning to observe promising signs of momentum. We are actively engaging in discussions with Canadian Armed Forces and members of Parliament in an effort to become a strategic partner. The CANSEC Trade Show in Ottawa this past May provided an excellent platform for us to showcase our strong range of solutions, significantly enhancing our brand presence in the marketplace. The recent CAD 250 million defense health increase we announced is an early indicator of more opportunities on the horizon. With current discussions focusing on significantly increasing defense spending to 2% - 5% of GDP, alongside the Buy Canadian movement and the federal government's investment plans for the North, we are strategically positioned to capitalize on these favorable conditions. The timing for the initiation of the new defense contracts remains uncertain at the present. However, we anticipate gaining clear insights in our fourth quarter following the unveiling of the federal budget in the fall. This budget announcement is expected to provide information regarding the renewed defense plans, including aspects such as scale, implementation, speed, and strategic priorities. By then, we should have a more comprehensive understanding of how these factors will influence our contract opportunities and timelines. Just a reminder that defense is not only air, ground, and sea, but increasingly space and cyber as well. The space and cyber industries are set to be a major growth driver in the future as investments increase, and we see promising opportunities for Calian in these areas. To maximize our potential in the global defense and space opportunity, we recently announced the merger of our advanced technologies and learning segments. This strategic move aims to harness the synergies between our communications and manufacturing solutions and our expertise in both the defense domain and specifically immersive training and simulation, thereby accelerating mission success for our defense and space clients. Chris Pogue will lead this new combined business. Chris is one of Canada's most accomplished leaders in defense and space innovation. He recently served as President and CEO of Thales Canada, where he expanded naval support services, reestablished land force capabilities, and guided key AI and digital transformation initiatives. Prior to Thales, he led MDA's government defense portfolio and held leadership roles at General Dynamics Mission Systems Canada and CAE Professional Services. His track record gives him the vision and operational rigor to power Calian's next-generation defense and space capabilities. We are excited to welcome him on board, and we are confident in his ability to lead Calian into becoming a defense-leading OEM. On that note, let's turn to our Q3 results. As we stated last quarter, ITCS continues to face headwinds, but the majority of our business is growing. Our consolidated revenues were up 4%, reflecting a 10% decrease in the ITCS segment, which was offset by a robust growth of 9% in the rest of our business. Excluding ITCS, organic growth was 4%, demonstrating an improvement over the past few quarters. Adjusted EBITDA was down 5%, reflecting a significant downturn in the ITCS segment profitability, partially offset by 10% growth in the rest of our business. In Q3, ITCS continued to face headwinds from its cybersecurity platform transition to Microsoft and lower sales from its U.S. customers. In response, we have continued to implement strategic measures to optimize the business that will require time to translate these efforts into significant improvements in profitability. It is important to note, however, that the Canadian defense and government solutions business continues to meet expectations and provides a strong footprint to capitalize on the macro environment. Last week, Mike Tremblay, who served as President of the ITCS segment, announced his resignation from his role. We extend our gratitude to Mike for his contributions during his tenure at Calian, and we wish him success in future endeavors. In collaboration with the current team, we will be actively involved in developing a seamless transition plan leading up to his departure in early September. I've asked our CITO, Mike Muldner, to work with the existing team as they continue to work diligently to reverse the current situation and regain momentum. Encouragingly, we are beginning to see positive indicators highlighted by several key wins that demonstrate our potential for recovery and growth. These key wins reflect the team's commitment and resilience, and we are optimistic about the path forward as we strive to achieve our strategic objectives and enhance our market position. As I mentioned, the rest of our business combined, our core space, defense, and health, and other strategic growth areas' footprint has demonstrated robust revenue in the adjusted EBITDA growth in the quarter, and we are committed to building on this momentum. Our recent contract signings and backlog figures highlight the positive trajectory of our business. This quarter, we achieved a significant milestone by securing over CAD 640 million in contracts. A substantial portion of these contracts is attributed to the health segment, particularly through our AMS acquisition and the expanded HCPR contract, which together added close to CAD 500 million. Year to date, our contract signings have surpassed CAD 1 billion, and our backlog stands at an impressive CAD 1.5 billion, with 2/3 concentrated in the defense sector. I believe we are among a handful of companies in Canada with a defense backlog exceeding CAD 1 billion, complemented by a strong national footprint underscoring our strong position in this marketplace. On that note, I'll now ask Patrick to discuss Q3 consolidated results. Patrick? Thank you, Kevin, and good morning. Q3 revenues increased 4% to CAD 192 million as the combined growth of 9% from advanced tech, learning, and health was offset by ITCS, which saw revenues down 10%. Equivalent growth was 4% and was generated by the contributions of partial quarters for Mabway completed last year and AMS. closed this May. Organic growth was flat, primarily impacted by the ITCS segment, as Kevin explained earlier. Excluding ITCS, organic growth would have been 4%, demonstrating an improvement since the start of the year. We continue to have high-performing assets in our portfolios, such as our global navigation satellite system antennas, which increased 49% quarter-over-quarter. We continue to grow outside of Canada, with 44% of total revenues coming from international customers in Q3. This is the highest quarter of international revenues, both in terms of revenue dollars and as a percentage of overall revenues. On a last 12-month basis, revenue stood at CAD 752 million, up slightly from FY2024. Gross margin was 35%, up from 33% for the same period last year, driven by revenue growth, increased utilization across our engineering teams, and revenue mix. It represents the 13th consecutive quarter above 30%. This consistent performance demonstrates we can sustain this level on an ongoing basis. Adjusted EBITDA decreased 5% to CAD 19 million from CAD 20 million last year, mainly as a result of the ITCS segment. Excluding ITCS, adjusted EBITDA increased 10%, demonstrating that our core business in space descends. Healthcare and strategic growth areas remain resilient. As a result, adjusted EBITDA margins stood at 9.9%, down from 10.7% for the same period last year. On a trailing 12-month basis, adjusted EBITDA stood at CAD 78 million, reflecting a margin of 10.4%. A result of our lower adjusted EBITDA, adjusted net profits stood at CAD 12 million for the quarter, or CAD 1 per diluted share, down from CAD 13 million or CAD 1.06 per share in the prior year. In the quarter, we posted only a small net profit, mainly due to non-cash accounting charges related to acquisitions. Turning to cash flow and capital deployment, cash flow from operations was CAD 25 million this quarter compared to CAD 14 million in the same period last year, mainly reflecting the recapture of working capital. We maintained our working capital efficiency level in Q3 by using 8% of revenue. This is at a similar level from FY2024, but down slightly from FY2023, where we stood at 14%. Operating free cash flow stood at CAD 12 million, representing a 63% conversion from adjusted EBITDA. On a trailing 12-month basis, operating free cash flow stood at CAD 54 million, reflecting a conversion rate of 69%, in line with our target of 70%. Turning to capital deployment, in Q3, we used our cash and a portion of our credit facility to make CapEx investments of CAD 4 million. We also completed the acquisition of AMS and paid an earn-out for Mabway for a combined outlay of CAD 27 million. We also provided a return to shareholders in the form of dividends of CAD 3 million and continued buying back shares to the tune of CAD 16 million. In the last 12 months, we've invested CAD 13 million in dividends and CAD 28 million in share buybacks for a total of CAD 41 million. We continue to believe that Calian shares are undervalued and plan on continuing to deploy capital towards repurchasing shares in order to deliver long-term value to our shareholders. Year to date, we've purchased 556,000 shares, or 5% of shares outstanding. As stated last quarter, we plan on repurchasing approximately 6% of shares outstanding through a combination of daily repurchases and block trades under the NTIB this fiscal year. We also plan on renewing our NTIB when it comes due at the end of the month, subject to TSX approval. We continue to spend considerable time evaluating opportunities in defense, space, healthcare, and growth markets and plan on continuing to deploy capital towards M&A alongside our activities on the NTIB. In terms of our M&A agenda, we have a good pipeline of targets. We're having many discussions and are optimistic to close some transactions by the end of the calendar year. In the meantime, we are continuing to buy back our shares as we believe it presents a good investment. Let's take a look at the balance sheet and cash availability. As of June 30th, we had drawn CAD 141 million on our debt facility. During Q3, we drew an additional CAD 20 million on our facility to fund the AMS acquisition, as well as buying back shares. We ended the quarter with net debt of CAD 83 million, representing a net debt to adjusted EBITDA of 1.1. This is well below our threshold of 2.5x, meaning we have ample capacity on the balance sheet to pursue our growth with over CAD 170 million in available funds. Having said this, we are in the process of renewing and expanding our debt facility, which is due in 2026. Our last 12-month adjusted EBITDA yield, operating free cash flow yield, and adjusted EPS yield were approximately 13%, 9%, and 8% respectively. This demonstrates our ability to generate solid returns and reflects our focus on operational efficiency, robust cash generation, and profitability, positioning us well for sustained growth. With that, I'll now turn it back over to Kevin for his closing remarks. Kevin? Thank you, Patrick. As we wrap up, as a reminder, our goal is to continue to build a sustainable double-digit growth company through both organic and acquisitive growth. In the upcoming quarters, we'll prioritize capitalizing on the substantial opportunities within our defense and space portfolio, which are experiencing significant market tailwinds. With Chris at the helm, we'll reorganize strategically, execute our market strategy, and harness our top assets for organic growth. In health, we'll also leverage the recent acquisition of AMS and growth in demand for a health contract. These market tailwinds offer a prime opportunity for Calian, and it is imperative that we execute effectively to create substantial value for all of our shareholders. Revitalizing the ITCS segment and steering it towards growth is also crucial. We'll transition to the Microsoft cybersecurity platform, boost sales efforts, and adjust the cost structure to fit the new revenue model. The cyber sector is set for major growth in both commercial and government markets, and Calian must be ready to seize the opportunity. Cybersecurity is linked to national security and defense. Where we excel is a strong strength we must leverage. We'll expedite our portfolio review to focus on core mission-critical solutions. Our ongoing process with the board involves categorizing businesses by growth potential, cash generation, and strategic importance, then deciding how to manage non-core assets that will continue to add value. This is a comprehensive process that will take some time to execute. However, the recent amalgamation of our learning and advanced technologies business into a combined defense and space business unit is in support of our portfolio review and focused efforts. Finally, we will use our strong balance sheet to pursue acquisitions that enhance capabilities within key mission-critical solutions, expand practice area expertise, or provide access to new markets and regions to further drive growth and synergies. We are optimistic about our future prospects given the end markets we are targeting. The defense and space sectors are now experiencing significant tailwinds, as are other strategic areas where we are targeting, such as health, especially with our recent AMS acquisition, nuclear, cyber, and energy. With a solid backlog of CAD 1.5 billion, new leadership at both the management and board levels, a robust M&A pipeline, and a solid balance sheet, we're strategically positioned for growth and success. In summary, our focus over the next 12 months is to capitalize on the defense momentum, evaluate core assets, and invest the funds in synergistic M&A that further propels our position in Canada, Europe, and the United States and drives long-term organic growth. With that, Livia, I would like to now open the call to questions. Certainly, ladies and gentlemen, if you'd like to ask a question at this time, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, simply press star one one again. Please stand by while we compile the Q&A roster. Our first question coming from the line of Paul Treiber with RBC Capital Markets. Your line is now open. Thank you very much, and good morning. Just a question on ITCS and the trajectory of that business. Obviously, going through management changes will be a focus in the short term. When do you see the revenues there stabilizing, and related to that, the segment returning back to historical profitability levels? Yeah, good morning, Paul. It's Kevin. From my viewpoint, what we're seeing right now is we're seeing some positive signs of that turnaround and returning to the levels that we would expect from ITCS, some exciting wins recently. I still believe it's going to take a couple of quarters to get it back to where we would like to have it. We are continuing to work with the team on both prioritizing key opportunities, cost structure, marketing, and sales efforts. It's all hands on deck right now with ITCS. The team is dedicated. They're doing great work. I'm confident over the next couple of quarters we'll get that back. I want to reiterate as well the importance of that defense and cyber capability within our ITCS segment as we look at defense longer term as well. I think a couple of quarters we'll get this back, but in the same context, all hands on deck, as I said, with focus right now on many elements of our ITCS business. Thanks for that. Looking at defense, where are you seeing the greatest momentum in terms of the product segments? Is it mostly on the learning side, or is it also advanced tech? How do you think about the capacity to deliver against these contracts? Meaning, will you need to proportionally expand your employee base to deliver it, or with the existing cost structure, there's a lot of capacity available? Yeah, great question. You know, as a reminder, defense consumes all of Calian's services. Healthcare, manufacturing, engineering, training, cyber, IT, our largest segment both in Canada and now growing in Europe. From my viewpoint, currently we're seeing a strong demand, obviously, in Europe, as I mentioned, in our training portfolio. In Canada, we're seeing strong demand in healthcare with the recent announcement, obviously, the increase in the scope of our healthcare contracts. We're seeing it across the training. We're seeing now an exciting pipeline in engineering and manufacturing capabilities. You know, as a reminder, we probably don't talk enough about that, Paul, with regard to one of the few companies that has a complex engineering manufacturing presence here in Canada, [Defence Grade]. We manufacture components today for defense equipment. We see it right across the portfolio, clearly training and capacity building in the short term, healthcare. We are seeing some exciting opportunities emerge on leveraging our defense and manufacturing footprints, as well as space and cyber. Again, almost uniquely so in Canada, we're a company that can support many elements of defense spend as they now focus on increasing defense spending to that 2%. Exciting times for us on the defense side. Lastly, could you elaborate a bit more on the M&A pipeline within defense, specifically around valuations? Have you seen valuation multiples increase just as the market has become more enthusiastic about the growth potential of defense businesses? Strategically, what subsegments within defense do you see as the most attractive for you from an M&A perspective? Yeah. Good question, Paul. I don't think we've seen a significant change yet because I still think it's early, but I think your question is a valid one. Where we've been focusing is on what would be smaller to mid-sized defense companies, which can really add synergistically to ours. In one way, I think we'll still be able to buy them at, well, it's a decent valuation, but then the combination of them as well as Calian's footprint and relationships both in Europe and Canada could really kind of propel their growth, and we'll share that as we go. I think that's a way we're looking at it in order to maintain a discipline we've shown in the past, but also be able to do M&A in this environment. Paul, it's Kevin. You know, Chris has been on board a couple of months now, and talking to him, even the board update that he provided, he's formulating a strategy on Calian. As I mentioned, I think we had an opportunity to become a defense OEM from the Canadian viewpoint, but also the strength in our European business right now. Both organically and M&A, we're focused in on differentiation where we have moats around our business and where we see strong growth potential for Calian to differentiate. Stand by. We'll give an update once we see the defense budget. We'll give an update to our shareholders and give Chris a chance, frankly, to present his vision on where he wants to take our defense and space segment. Thanks for taking the questions. Thanks, Paul. Thank you. As a reminder, to ask a question, please press star one one. Our next question coming from the line of Scott Fletcher with CIBC. Your line is now open. Hi there. It's Sam Schmidt on for Scott Fletcher. I just wanted to dig a little bit more into the ITCS segment. Can you share some details on the macro headwinds that you're seeing, and how much of the impact that you're seeing relates to the Canadian government side of the business versus the U.S. side? Hi, good morning, Sam. We did see some delays, like the budget's not out in Canada yet. I think that's taken some of the larger projects that we would usually be doing in IT for defense customers. I think that's more of a timing issue, like if the budget's still coming out in the fall. It'll be a short year, but we're expecting to see momentum there, and we're certainly in place to capitalize on it. I think in the U.S., we've been working at that one. I think the team is seeing a bit better visibility, but it's been a slow year for that team. I think there's promising opportunities in their horizon there, and I think next year should look better. Thank you. One more from me. The new President of Defense and Space, you noted a focus on leveraging synergies between advanced technologies and learning. Can you share some color on what those synergies might look like and opportunities to bring those cross-segment offerings to market? Yeah, great question. First and foremost, the domain expertise we have in defense and space and the support of defense is significant. Number one, what we're doing is bringing those teams together. We have years of experience of both ex-military, veterans, capability. Number one, it's going to give us an opportunity to leverage that domain expertise that we have with our personnel right now on identifying those solution areas that we can differentiate and scale through both Canada, Europe, and global defense. Number one, just the synergies under domain expertise. Number two is when you look at the defense opportunity funnel, a lot of it is coming from new solution sets. For example, NORAD monetization will require equipment. It will require healthcare. It's going to require connectivity. It's going to require many elements of the capabilities Calian brings to market. What we're trying to do now is quit talking about this company as ingredients, but look at where we can actually and uniquely build solutions for things like the North, for sovereignty, for things like Europe, and what we're trying to do there in training and capacity building. That's really what we're trying to do here. Great. Thank you very much. I'll pass the line. Look at the synergies that we see now in defense and space, and our engineering, manufacturing, healthcare, learning, and go to market as a strong defense prime. That's what we're trying to do. Great. Thank you. I'll pass the line. Thanks, Sam. Thank you. Our next question coming from the line of Jesse Pytlak with Cormark Securities. Your line is now open. Hey, good morning. Just hoping you can maybe provide a little bit more detail on where you are in the business review process. Any information on maybe some initial learnings from that and just finally when we can maybe expect some outcomes or decisions from that process? Thank you. We continue to work with our board on, even this quarter, we're having discussions on how do we ensure that we have focus on our strong growth assets, the assets that align to our strategic, the update to our strategy that we presented in May. That's ongoing. As I mentioned, even the reorg of defense, creating a defense and space business unit is really an alignment on this strategic review on where we want to focus. Ongoing dialogue right now with our board, looking at our assets on different categories of strategic importance and continue to work with our teams day to day, frankly, on delivering for our customers, which is critical as we go through this process. Stand by. We're expecting this, we'll have some initial results of this in the fall. We'll look forward to giving an update in the fall timeframe on any decisions we're making there. Right now, it's all hands on deck, frankly, on our growth agenda, as well as aligning on those tailwinds we see in the market. Stand by. All right, understood. Maybe just as a second question, if I remember correctly, I think the, you know, the DND went through some changes within their kind of procurement department maybe over the past year. Can you comment on just maybe how you feel that their, how their capacity sits now to really, really accelerate their procurement as defense budget ramps up? Yeah, great question. We're watching this very closely. There was an announcement with [Steven Fewer] looking at defense procurement. What we haven't seen yet is the outcome of the analysis from a government perspective. There's been speculation. There's been discussions of whether or not there's a defense procurement agency. Nothing's been formally announced. I expect that with the fall budget, we're going to see some more clarity on both priorities for defense spending, as well as how, to your point, they're going to expedite procurement capability within government to match the pace of the spending targets that they've set in place. Nothing specific yet. We're seeing lots of discussions. We see some industry engagement on this. I expect in the fall, when I'm talking about our Q4 results, I'm hoping we'll be able to talk a bit more with a bit more clarity on the pace of that procurement, how they're doing, how they're going to do it, to your point, and also what are the opportunities for Calian to participate in that increased spend. Got it. Just a final question, more of a housekeeping question. Can you just remind us within the ITCS business, the customer mix, just Canadian defense and government versus U.S. commercial customers? U.S. is about 1/3, Canadian defense is about 1/3, and the other 1/3 is Canadian commercial hospitals and other kind of government organizations. Got it. Thank you. Thanks. Thank you. Our next question coming from the line of Benoit Poirier with Desjardins. Your line is now open. Yes, thank you very much. Good morning, Kevin. Good morning, Pat. With the Canadian Armed Forces now accelerating recruitment, stating that 13,000 additional service members are needed, can you speak to how specifically this increased spending and recruitment pace could benefit your health and learning segments? Yeah, from our viewpoint, and again, I think where Calian is uniquely positioned, the capacity building that the military and the forces are on will be expedited, to your point, Benoit, and all of it will require training and support in healthcare. As you saw, we've got an increase in our healthcare contract, which I think is a precursor to increased demand. On the training side, a year ago, I know we were talking about cuts to training, but what we're seeing now is discussions on ramping up training and capacity as they get specific on the recruiting targets. I think there's going to be a good opportunity for us to participate and support our largest customer on their capacity building across training and healthcare, but also, as I mentioned, equipment, connectivity, SATCOM, cyber, all of that, I think, is going to come with a stronger increase in demand for industry support. We're feeling pretty good. We just need to see the specifics, and I think that's coming soon. Okay. When we look, Kevin, at the new defense spending plan, they also mentioned Arctic sovereignty at several occasions. Obviously, you did the acquisition of AMS. Can you tie this into this recent acquisition and how you could potentially benefit from this new plan? Any thoughts on potential synergies of AMS with the rest of your platform? Yeah, great question. You know, why we're excited about AMS is, number one, just on our healthcare business and looking at that, you know, this is not easy in the North, and what we accelerate as Calian is things that are not easy. Working with that team, which is a great team as we get to integrate them now, just a very strong, very strong team, we see capability and potential there that, to your point, Benoit, can be leveraged on looking at Arctic sovereignty. It's one of the reasons that we were so interested in AMS, both in strengthening our healthcare business, but also our defense footprint for the North. Again, when I think about companies and Canadian companies that can support, you know, northern sovereignty, again, I believe we're uniquely positioned, you know, whether it's, again, the SATCOM, the healthcare, the training, remote medicine. You know, you think of all the different areas we participate in right now. What we're doing is working on solution sets that will actually support Arctic sovereignty and leveraging assets such as AMS. We're excited by the opportunity. We are having lots of discussions around this. Our team is building solutions that we think can help respond to the increased demand for Arctic support. Again, stand by. We look forward to giving an update as soon as we get the specifics from the federal government. Okay. Pat, starting in Q4, you'll begin lapping negative organic growth quarters. Could you maybe speak about the expectation or cadence of organic growth through the balance of the year and what it means in terms of EBITDA generation? Yeah, I think we posted positive organic growth outside ITCS this quarter. I think that was a positive indicator. The signings is another one, like over CAD 1 billion in signings. The majority of that is in future years. I think that's going to certainly help us go into next year in terms of just entering the year with a strong backlog and able to post kind of positive organic growth. We did post, to your point, for a couple of quarters there, but I think we're starting to see the turnaround and we're optimistic about getting back to where we were in the last several years next year. Okay. Maybe last one, you recently appointed three new board members that have all solid public markets experience. Kevin, any early tidbits you can share from your discussion with these new board members? Yeah, Benoit, I think the board's listening to this call. I'm going to be very positive, as you can imagine. All joking aside, what we've heard, and I want to reiterate this, we are a company that continues to evolve and continues to strengthen our board and continues to strengthen our management team and align to our strategy. Initial feedback from me is, you take a great base of board members who've had experience with Calian over years, and now we've added some new ideas, some new thought processes with regard to how we move forward as a company with demonstrated capability and experience in other companies that have done what we've been trying to do here. I'm enjoying it, actually. I think it's great. We're having great dialogue on strategy, great dialogue on growth, great dialogue on focus, the portfolio review, and I've been hearing from shareholders for years on just continuing to evolve and making sure we're aligning competencies on board, competencies on management to strategic growth and shareholder values. I think we've made some great changes. I'm excited to work with the folks that are on the board. I think it's just a sign, hopefully, the market recognizes this is our commitment to ensure that we continue to inject new thought processes and competencies to support our growth objectives. So far, so good. I'm not saying that just because they're listening to this call, Benoit. Okay. Thanks for the color. Thanks. Thanks, Benoit. Thanks, Benoit. Thank you. There are no further questions in the Q&A queue at this time. I will now turn the call back over to Mr. Kevin Ford for any closing remarks. Thank you, Livia, again, for facilitating the call. We do appreciate it. As I close here, I just hope that people are sensing my excitement with, you know, our defense and space capabilities. What we're seeing is, I think, frankly, I've done this a long time, a once-in-a-lifetime opportunity in areas such as both defense in Canada, defense globally, space. While we have headwinds in certain parts of our business, you know, you can't look at CAD 1 billion in signings to date, the CAD 1.5 billion in backlog, the growth we're seeing now in organic growth across the majority of our business, and a committed team to resolve some of the headwinds that we're facing. I'm very optimistic about our future, looking forward to providing an update in Q4, hopefully with a bit more specifics around Canadian government's plans and also an update just on strategy. Thanks for your time today, the questions, your support, and look forward to talking to you after our Q4 results are out. With that, Livia, we can end the call. This is today's conference call. Thank you for your participation, and you may now disconnect.