Good day, and thank you for standing by. Welcome to Calian Group Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll 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 Q4 and year-end 2025 Conference Call. Presenting this morning are Kevin Ford, Chief Executive Officer, and Patrick Houston, Chief Financial Officer. They will present our Q4 and year-end results, as well as provide an update on defense and our future outlook. 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 CAD except as otherwise specified. With that, let me turn the call over to Kevin. Thank you, Jennifer, and good morning, everyone. I'm pleased to report that we closed the year on a high note. We delivered record results, the highest revenue quarter in our 43-year history, and the second highest adjusted EBITDA, and a return to positive organic growth. Following a period of slower momentum, we've turned the corner with renewed momentum. Our team's dedication and resilience have fueled a solid recovery, with both revenues and adjusted EBITDA showing year-over-year growth. Our defense solutions continue to lead the way with double-digit growth, reflecting rising sector investment and our ability to convert demand into results. We finished this year with CAD 122 million in signings, and this translated to over CAD 1 billion in net signings this year, an increase of 48% over the previous year. Shortly after year-end, we supported our assignment with a large ground system project with the leading global space company. This project will deliver four QV-band antennas and is a sign of our leadership in the space ground segment. Now, I'd like to take a moment to highlight the significant progress we have made in advancing our defense-focused strategy over the past year. This area has been a key driver of our growth and innovation, and I'm excited to share the milestones and achievements that are shaping our future in this sector. Our defense solutions now represent 50% of consolidated revenues. These revenues grew 17% year-over-year as demand accelerates across Canada, the U.K., and Europe. Growth is broad-based, spanning mission-critical healthcare, manufacturing and engineering, cyber, and military training. Over the past year, our team has demonstrated agility in a rapidly shifting defense environment. In Q3 fiscal 2024 and into fiscal 2025, we successfully navigated CAD 1 billion Canadian defense cuts while expanding our European footprint from less than CAD 10 million in revenues in fiscal 2023 to over CAD 65 million in fiscal 2025. This adaptability not only offset domestic budget pressures, it strengthened our global presence and set the stage for sustained growth in key markets. In fiscal 2025, we laid a strong foundation for long-term growth in defense through strategic acquisitions, operational realignment, new contracts, partnerships, and key hires. To expand our northern capabilities, we acquired AMS, strengthening our healthcare portfolio and positioning us for future federal investment in the Canadian North. This, along with our relationships with provincial and territorial governments, sets us up to pursue new contracts as northern programs develop. Shortly after year-end, we acquired Infield Scientific, enhancing our defense offerings and opening new market opportunities. We also refocused our operations to align with growth opportunities, including launching a US-focused subsidiary to target federal defense contracts. In parallel, we integrated our defense and space capabilities, forming a unified segment that combines advanced technologies with immersive training, allowing us to deliver comprehensive solutions that stand out in the market. Our defense strategy has already yielded significant contract wins, including agreements with NATO and allied countries and a CAD 250 million expansion to our health services contract with Canadian Armed Forces. At year-end, our backlog reached CAD 1.4 billion, with CAD 1 billion in the defense sector. To support growth and innovation, we've forged new partnerships. We've launched Calian Ventures to help Canadian SMEs scale defense solutions and signed our first partnership with TACTIQL to co-develop ISR software for the Canadian Armed Forces. We also signed a memorandum of understanding with Ericsson and Saab to explore collaboration in areas such as secure communications, supporting Canada's defense modernization. Finally, we strengthened our leadership team with key hires, including Major General Roch Pelletier as Regional VP Global Defense and Security and Chris Fogg, President Defense and Space. Their expertise will help us build on our momentum and pursue new opportunities. Northern modernization and sovereign space capability have the potential to reshape Calian's trajectory, positioning us to participate meaningfully in the opportunities ahead. Few companies can contribute across connectivity, cyber and digital, training and healthcare, and we can. Our diversity is not just a feature of the business; it is a competitive advantage. On that note, let me say a few words on the federal defense budget that was announced on November 4th. Overall, we view the federal 2025 budget as positive for Calian. On the defense training side, increased CAF funding and readiness initiatives, including new commitments under Operations Reassurance and Amarna, will benefit Calian's training and simulation business. These initiatives expand Canada's operational readiness commitments abroad, driving demand for enhanced training, readiness exercises, and mission-specific preparation, areas where Calian's expertise and existing CAF contracts position us to deliver. In healthcare, the commitment to address workforce shortages across the Canadian Armed Forces, RCMP, and CBSA will increase demand for healthcare and occupational health services. Calian is well-positioned to meet this need, supporting the physical and mental readiness of Canada's public safety and defense communities. In terms of manufacturing, we are among the few companies with proven defense and space manufacturing capability, and we continue to engage with OEMs and the federal government on how best to utilize this capacity. In summary, as a trusted Canadian operational readiness partner delivering mission-critical solutions for national security, we are well-positioned to benefit from this budget. The creation of the Defense Investment Agency signals further opportunities, though timing of contract awards remains uncertain. While implementation details are still emerging, we remain cautiously optimistic about the longer-term impact for Calian and will monitor developments closely. Before I pass it on to Patrick, I just want to provide a brief update on our ITCS segment. After several quarters of reduced profitability, we took material action in Q4 to restore performance. With the departure of the previous management team, we streamlined operations to improve efficiency, reducing resources, refocusing our core markets and products, and renewing our partner ecosystem. Most changes were implemented in Q4, so their impact was limited this period, but we expect meaningful benefits in fiscal 2026. We also realigned the IT business to better reflect our major markets. Tighter integration with our defense solutions and essential industry customers will enable us to bring more differentiated offerings to market and improve execution across the portfolio. We're already seeing traction in mission-critical applications, including our recent contract win with the Ottawa Airport Authority. I will now turn it over to Patrick to discuss Q4 and year-end consolidated results. Patrick. Thank you, Kevin. Q4 revenues increased 12% to CAD 203 million as the combined growth of 18% from Advanced Techs, Learning, and Health was partially offset by ITCS, which saw revenues down 4%. Equivalent growth was 6% and was generated by the contributions of AMS completed this past May. More importantly, we returned to consolidated organic growth. Organic growth was 6%, driven by Advanced Techs, Learning, and Health, and partially offset by ITCS. Excluding ITCS, organic growth would have been 9%, highlighting the strength of our core operations, particularly our defense training momentum in Canada, the U.K., and Europe. We continue to scale our international presence with 48% of Q4 revenues generated outside Canada, our highest quarter ever, both in terms of absolute dollars and as share of total revenue. Q4 gross margin was 34% compared to 35% in the same period last year, reflecting revenue mix. This marks our 14th consecutive quarter above 30% and the fourth highest quarterly margin in the company's history. Q4 adjusted EBITDA increased to CAD 24 million, driven by strong performance in our core markets of space, defense, and healthcare. These businesses continue to demonstrate resilience and momentum, with adjusted EBITDA up 32% when excluding the lower performance in our ITCS segment. Importantly, adjusted EBITDA grew 32% versus 18% revenue growth, reflecting improved operational efficiency and expanding margins. Given the ITCS underperformance, adjusted EBITDA margin stood at 11.9%, down from 13.1% for the same period last year. Now turning to full-year results. Revenues in fiscal year 2025 were up 4% to CAD 774 million, a new record for Calian. It included 6% growth from acquisitions and negative 2% from organic growth. The decrease in organic growth was primarily due to defense cuts in the first half, delays in major space programs, and uncertainty surrounding tariffs at the beginning of the year. However, as these challenges began to subside, we posted positive organic growth in the second half. Adjusted EBITDA declined 15%, primarily reflecting the underperformance in ITCS. As Kevin mentioned earlier, we have addressed this in Q4. Excluding these impacts, adjusted EBITDA increased 9%, underscoring the resilience of our core business. Despite these headwinds, we maintained double-digit adjusted EBITDA margin and extended our track record of profitable growth to 24 consecutive years. Turning to cash flow and capital deployment. In FY2025, we generated CAD 45 million in cash flow from operations compared to CAD 87 million last year, primarily due to lower EBITDA, higher interest expense, and working capital returning to normalized levels. Importantly, we maintained working capital efficiency below 10%, consistent with last year, reflecting disciplined execution. Operating free cash flow was CAD 52 million, reflecting strong conversion of 67% from adjusted EBITDA. Turning to capital deployment, we used our cash and a portion of our credit facility to make CapEx investments of CAD 11 million and CAD 39 million in acquisitions, including earnouts. We paid the earnout related to our May 2024 acquisition of Mabway, reflecting the strong performance and successful integration of that business. We also provided a return to shareholders with CAD 13 million in dividends and CAD 26 million in share buybacks. This represents the purchase of 563,000 shares, or approximately 5% of shares outstanding. In August, we renewed our NCIB, reflecting our view that Calian shares remain undervalued. We intend to continue repurchasing shares on an opportunistic basis in FY26. At the same time, we are actively evaluating opportunities across defense, space, healthcare, and energy, and we'll continue to prioritize capital towards strategic acquisitions alongside the NCIB. In early October, we acquired Infield Scientific, a small but strategic addition that strengthens our relationship with the Royal Canadian Navy and Lockheed Martin. This expands our presence in international defense markets and positions us for future naval opportunities. Looking ahead on M&A, our pipeline remains strong. We're engaged in multiple discussions and remain optimistic about completing several strategic transactions in fiscal year 2026. Let's take a look at the balance sheet and cash availability. As of September 30, we had drawn CAD 131 million on our debt facility. During Q4, we repaid CAD 10 million on our facility as we did not close any acquisitions and only repurchased a small amount of shares. We ended the quarter with net debt of CAD 85 million, representing a net debt-to-adjusted EBITDA ratio of 1.1. This is well below our threshold of two and a half times. At the end of September, we renewed and expanded our debt facility. The new three-year revolving credit facility totals CAD 350 million, comprising a committed CAD 200 million and an accordion feature of CAD 150 million. This provides us with ample financial flexibility to support our growth strategy. As I transition into the CEO role on January 1st, I want to share a few thoughts on our future direction. My focus will be on leading the next phase of growth through a refreshed strategic plan to accelerate Calian's evolution as a leading Canadian industry champion, one designed to drive long-term shareholder value. My vision centers around three objectives: targeting high-growth vertical markets, driving lean and efficient operations, and investing with discipline and purpose. We'll begin by focusing on vertical markets with strong growth momentum, specifically defense, space, and essential industries, strengthening and expanding our existing portfolio of products and services, which has already generated a backlog of CAD 1.4 billion. To create a leaner, more competitive organization and unlock greater convergence across our markets, starting in fiscal year 2026, we will reorganize into two core segments: defense and space, led by Chris Fogg, and essential industries, led by Derek Clark. This streamlined structure will enable us to move faster, seize emerging opportunities, and continue delivering solutions our customers truly value. Our next phase of investment will prioritize divesting non-core assets outside our primary vertical markets while leveraging our track record of strong M&A to acquire businesses that strengthen our position in these core markets. Calian enters this next phase from a position of strength. We're well-positioned to benefit from a significant period of growth and investment by our largest customers, supported by a favorable domestic environment for Canadian companies. To highlight our refreshed strategic direction and introduce our new leadership team, we plan to host an investor day in the spring. This event will give investors the opportunity to engage directly with our executives and gain insight into our long-term growth plans and priorities. On that note, I want to provide some thoughts on our FY2026 outlook. Looking ahead to FY2026, we're optimistic about recent government commitments to defense spending. In the interest of visibility and transparency, we will not be issuing guidance as we have in the past years. Instead, we will provide a long-term view of the business and short-term directional growth indicators. Over the next several years, we are targeting annual revenue growth of 10-15%, driven by both a combination of organic growth and strategic acquisitions. This aligns with our historical 12% revenue CAGR over the past decade. As we pursue this growth, our focus will be on enhancing EBITDA, free cash flow, and return on invested capital by prioritizing high-growth verticals, streamlining operations, and investing with discipline. Accordingly, we aim for adjusted EBITDA expansion as we deliver top-line growth. For FY2026 specifically, based on our existing business and recent developments, we expect double-digit growth in both revenue and adjusted EBITDA relative to FY2025. This positions us at the low end of our long-term growth target range. This outlook is supported by the momentum we've displayed in Q4 in our defense and space and essential industry segments and the full-year contributions from recent AMS and Infield Scientific acquisitions. Future M&A we complete would be incremental. In terms of capital deployment, we expect working capital usage to remain aligned with revenue growth. We plan on maintaining CapEx in the CAD 10 million-CAD 11 million range, supporting both core operations and targeting growth initiatives. Our dividend policy remains unchanged, with a payout target of 25%-30% of operating free cash flow, underscoring our commitment to shareholder value while preserving flexibility for strategic investments. M&A will continue to be our primary use of cash as we expand our capabilities and market reach. We'll also evaluate share repurchase on an opportunistic basis, taking market conditions and capital priorities into account. Before we begin the question period, I want to let everyone know that Kevin will share some parting words afterwards, so please remain online until the end. With that, Livia, I'd like to open the call to questions. Thank you. Ladies and gentlemen, as reminded to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, simply press star 11 again. Please stand by while we compile the Q&A roster. Now, first question coming from the line of Doug Taylor with Canaccord is now open. Yes, thank you. Good morning. I appreciate the comments you just made as it relates to double-digit expected revenue growth and adjusted EBITDA in 2026. I want to just unpack a little bit or talk about some of the factors that build up to that. Maybe I'll start by asking if you could speak a little bit more, give us some more color about the recent antenna contract, any more specifics you can provide, size, timing, and contribution to this upcoming year. Yeah, I think it's a strong win for the team, showing kind of continued growth in that segment. It exceeds CAD 30 million, Doug, and it's going to be delivered over the next 24-28 months, sort of. I think we'll start to see some contributions this year and then a good portion of that into the next year. Okay. Also, I mean, as it relates to the outlook you've provided, you referenced the dramatic budget passage by the Canadian government recently. I mean, understanding that you've said that you don't expect the—there's still uncertain timing as it relates to the new contract awards. Can you talk about what you've factored into that assumption in terms of wins or expansions of your programs of record with the Canadian government and the military? Yeah, I mean, we're very optimistic about just the investment that Canada is making right now. I think the level of discussions and opportunities is probably the highest it's ever been. I think we've been cautious about building a lot of that into next year. I think what we've tried to do is forecast the things we know that are happening, but we're certainly pursuing a lot of opportunities, which I think would be incremental. I think a lot of these are longer-term ones and much significant opportunities. Certainly update the market as those come to fruition, but certainly optimistic about the change in Canada and the investment profile. Doug, it's Kevin. I think this is going to be an ongoing dialogue. We're waiting. The defense industrial strategy is now being formulated with regard to how in the market verticals that will be a focus for the federal government if this increased defense spend. We are looking forward to seeing that. We've had lots of discussion with governments. From my opening comments, though, I think from a Canadian perspective, we're very well positioned to support many different aspects of this new agenda. Now it's a question of timing and pace of that investment to get to the street. Understood. Perhaps one more for me. In the comments you made as it relates to the ITCS unit, which is going to form part of the essential industries business, I believe, the realignments that you've executed on in the quarter, how should we think about what the benefits are from those changes, what those should look like, how and when you think they manifest? Just more broadly, your expectations for the ITCS business within that new unit going into this year as it relates to organic performance? Yeah, it was a combination of a lot of things we did in Q4. One of them was looking at the cost base and making sure it's aligned. Those measures were taken, and I expect that to be a positive contributor to EBITDA going into next year. We also realigned some of the assets into our defense portfolio, which I think we'll see renewed momentum. I think that's going to be a strength for us going into the year and the remaining of the assets is essential industries, as you said. I think it's just been renewing the leadership team. We had some departures there, but we're confident about the team we have and the outlook, and then we're expecting a better year out of our IT product portfolio going into 2026. Okay. I'll pass the line, but before I do, Kevin, I'll wait for your comments at the end, but did want to take the opportunity to congratulate you on what you've built here so far and wish you well on your future endeavors. Yeah, thanks, Doug. Appreciate that. I appreciate all your support over the years. It's been great to get to know you and also appreciated all the dynamic performance comments you've had on Calian over the years. You're one of the very few analysts that actually see some of what we do live. I appreciate those comments. Cheers, Kevin. Thank you. Our next question coming from the line of Stephanie Price with CIBC. Your line is now open. Good morning, Kevin. I'll echo the congrats on the retirement. Maybe we could just focus back in on the ITCS business for just a second. I know that in the U.S., we're seeing some weaker demand. How should we kind of think about the U.S. ITCS business at this point? Good morning, Stephanie. Yeah, the first half was soft for sure in our US business. I think we start to see some good signs towards the end of the year. We're entering with a backlog that's significantly higher than it was last year. I think some of that momentum we saw towards the end of the year, I think, is setting us up for a better year this year. I think early signs are better than this time last year, but we're trying to be conservative here and just kind of build back the profitability in the ITCS year over several quarters. Okay. Thank you. You mentioned targeting high-growth vertical markets, and I think there was also a comment around a US-focused subsidiary to target federal defense. Just curious how much US defense work you do right now and how you think about the US opportunity here around the defense business. It's limited right now. I think the convergence I think we're seeing in the U.S. is the combination of our space and defense pedigree. I think that's probably the place where we can make progress the fastest. I think we do have some unique propositions and solutions in space specifically to the defense customer. That's where we're focusing right now, and we're optimistic that we can make some progress here in the next couple of years. Great. Thank you. Maybe one final one for me, just in terms of the announcement you put out a few weeks ago about a special committee looking at potential divestitures in the portfolio review. Just curious about if you have an update on timeline for that and how we should be thinking about what that committee is looking at here. Yeah, lots of activity going on there. I think that'll continue here into the balance of this year and into early 2026. Obviously, I think certainly motivation to just do the work and come to a conclusion on those things. I would say probably early 2026 would be the best timing, but we'll probably update that on Q1 in mid-February. Great. Thank you very much. Thanks, Stephanie. Thank you. Our next question coming from the line of Paul Treiber with RBC Capital Markets. He'll let us now open. Thanks so much. Good morning. Just a quick follow-up. Just on the strategic review, you called out a couple of times non-core areas. What specifically do you see as non-core going forward? I think what knit together for Calian is kind of mission-critical solutions for customers that value that. I think that's been the one. If you think defense, space, healthcare, energy, these are markets that really value what we bring. We've been doing it for 25 years. I think it's probably one of our biggest differentiating points that Calian has. We've earned that for decades. I think that's what's core to kind of everything we do at Calian. I think you'll see us knitting that together going forward and really focusing there, putting a lot of our investment towards there. I think you've seen the momentum in that business here in the second half of this year. I think when we talk about core, that's what we're talking about. Lots of solutions within that to those customer sets, but those are our core markets. Okay. Your outlook for 2026, and it's helpful that the high-level outlook. What do you see as the largest potential drivers of upside to your outlook? Conversely, what are potential risks to your outlook at this point? I think it's probably the same answer to both. I think the defense spending is always—I think the trajectory and the momentum is very encouraging. I think that's positive both in Europe and Canada for us. I think trying to nail the timing on some of these things is always difficult. They're big opportunities, and they can move, and that can have a significant impact. I think that's where we're trying to be cautious, but at the same time, the team's motivated to go and make some of these opportunities happen. With the Canadian federal budget, there have been earlier this year procurement delays. Now with the budget out, how quickly do you see procurement normalizing? Should it be quite rapid in terms of maybe one to two quarters, or could it take longer than that? Yeah, it's a good question, Paul. From my viewpoint, and I've done this 42 years around defense, this alignment that we're seeing from a budget perspective in the context of investing in defense is obviously very positive. The increase in the Defense Investment Agency is very positive. What we're looking at, as I mentioned, is the industrial base and then the timing of the procurements. There is significant expenditure in the short term that's been projected, and now it's just a matter of pushing that through the procurement system. From my viewpoint, I think in the next quarter, two quarters max, we'll have a really good understanding of the pace and focus areas for that investment, and we'll be better positioned to answer that question. We're very excited, by the way, about this. We think this is a transformational opportunity for the Department of National Defense, but also for Canadian industry. We are a leader in that industry. We are very excited about where this is, and we just want a bit more time. It It will give us some of the specifics around the timing, around how fast this, again, is going to be hitting the industry with regard to their focus and vertical markets that they want to see us grow in Canada. Okay. Thanks for taking the questions, and congrats on the retirement, Kevin. Yeah, thanks. Thanks, Paul. Thank you. Our next question coming from the line of Benoit Poirier with Desjardins, your line is now open. Yes. Good morning, Patrick. Good morning, Kevin. If we can come back on the key allies from the federal budget, obviously pretty positive. We've seen CAD 20 billion that's going to be spent over the next five years. Quite positive. There was also an interesting comment about hiring on RCMP and CBSA officers. Could you, given your strong relationship with RCMP, do you also foresee some opportunity outside the CAF? Yeah, I think RCMP has been a customer of ours for a long time between healthcare and IT and other of our solutions. I think for sure, I think they're going to have a big growth momentum here in the next couple of years. I think it's a key part of Canada, the RCMP. We are optimistic to kind of work with them in a greater extent in the next couple of years. I think to Patrick's point, just the increase in size and the scope that we play in supporting RCMP and border services and defense, this will all require personnel. Personnel for us is about training. It's about healthcare. I think we're uniquely positioned to help them in that capacity building that's going to be required to meet the new mandates. Okay. Just in terms of organic growth for fiscal year 2026, it was very nice to see the recovery in Q4. Given fiscal year 2025, it's been more challenging. How should we be thinking about organic growth going overall in fiscal year 2026? Could we see something stronger than typical mid-single digit, given you might be facing kind of an easy comparison? I think the guidance or the growth outlook we gave kind of assumes kind of mid-single digit organic growth with some acquisition contribution from AMS and Infield. That is what our base outlook is right now. Okay. Perfect. M&A path, you mentioned that you have a busy pipeline, obviously well-positioned for fiscal year 2026. Any more color about the verticals or region that are most interesting these days on your side? We're spending a lot of time in defense and space, trying to find some complementary assets there to kind of the capability we have. I think we've got a lot of momentum there. We're trying to say, "Let's make acquisitions and try to drive the synergy out of them." I think that's where we're spending most of our time, and we've got some good candidates in the pipeline. I'm optimistic about completing some deals here. As a complement to that, the ventures program led by Chris is exciting for us. It's new. It's about us now taking a position as a leader in the defense community here in Canada to engage small-medium enterprises in the defense agenda with increased spending and giving access to not only capital, but to market reach both in Canada and globally. I think as we go forward between organic growth, M&A growth, and our ventures program, again, I think we're uniquely positioned to support what Canada wants to do in the context of increasing our sovereign capability. Okay. Thank you very much for the time, Kevin. Thanks, everyone. Thank you. There are no further questions in the queue at this time. I will now turn the call back over to Mr. Kevin Ford for any closing remarks. Thank you, Olivia. I appreciate your efforts today. Considering this is my last quarter as CEO, as I reflect on 15 years here with this remarkable company, including the past 10 as CEO, I'm filled with gratitude and pride. When I first joined, Calian was a promising Canadian business with ambitious goals. I vividly remember the opening of the TSX in April 2016 and being asked during a live BNN interview, "Why haven't I heard of you? And why aren't you bigger?" Those questions fueled my determination to grow and transform Calian. One of my primary objectives as CEO was to drive growth. Since 2015, we have tripled our revenues from CAD 242 million to CAD 774 million in 2025. I also set out to diversify our company by geography, customer base, and offerings. We've evolved from a Canadian-focused business to a global enterprise, with close to half of our operations now outside of Canada. Our revenue shifted from predominantly government clients to a balance split between government and commercial customers. Additionally, we transitioned from a services-based company to a solutions provider, with 25% of our revenues now coming from products. This transformation is a testament to the dedication, talent, and resilience of our entire team, not the work of one individual. Today, Calian stands as a market leader in mission-critical solutions with a stronger brand and a diversified presence across geographies, customers, and offerings. I am deeply grateful to our employees whose commitment and creativity have driven our success, to our customers and partners, and want to thank you for your trust and collaboration, to our shareholders, our analysts. Your support has enabled us to pursue bold strategies and deliver sustained growth. Finally, to our board of directors, my thanks for continued support during this transformation. I specifically want to thank our previous chair, Ken Loeb, and our current chair, George Weber, for tirelessly working with me and the board through all the opportunities and challenges we have faced. I'm forever grateful for your guidance and support. Building this company into what it is today has been the honor of my career. I am confident that the foundation we have laid, our values, our culture of innovation, and our global reach, our footprint in exciting tailwind markets such as defense, and our amazing dedicated team will continue to propel us forward. I know that the company is in strong hands with Patrick at the helm and a leadership team ready to write the next chapter of our story. I look forward to watching the company's continued success from a new vantage point and always be cheering you folks on. Wishing you all the best. With that, I'll pass it back to Jennifer. Thank you so much, Kevin. Thank you for everybody for attending our conference call. Patrick and the team look forward to providing you an update on the next quarterly call. You may now disconnect. This concludes today's conference call. Thank you for your participation, and you may now disconnect.