Morning and welcome to Fiera Capital's Earnings Call to Discuss Financial Results for the Second Quarter of 2025. I will now turn the conference over to Natalie Medak, Director of Investor Relations. You may begin your conference. Thank you, and good morning, everyone. Welcome to the Fiera Capital Conference Call to Discuss Our Financial Results for the Second Quarter of 2025. A copy of today's presentation can be found in the investor relations section of our website. Comments made on today's call, including replies to certain questions, may deal with forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ from expectations. Please refer to the forward-looking statements on page two of the presentation. Our speakers today are Maxime Ménard, Global President and CEO, and Lucas Pontillo, Executive Director, Global CFO, and Head of Corporate Strategy. Also available to answer questions will be John Valentini, President and CEO, Private Markets. With that, I will now turn the call over to Maxime. Good morning, everyone. Thank you for joining us today as we report our results for the second quarter of 2025. The second quarter began with a challenging macro environment and a sharp decline in global equity markets. While markets quickly rebounded, ending the quarter higher, a weaker U.S. dollar tempered returns for non-U.S. investors. Our assets under management ended the quarter at CAD 160.5 billion, flat from the end of the prior quarter, excluding the previously announced wind-down of our Canadian equity small and micro-cap strategies. Robust new mandates of CAD 1.7 billion in market gains, which included an unfavorable foreign exchange impact from the weaker U.S. dollar, were offset by negative net contribution in the quarter. Assets under management in our public market platforms were CAD 139.6 billion, down slightly from the prior quarter, reflecting the wind-down of the previously mentioned strategies. Strong new mandate activity, primarily into our equity strategies and market gains, were largely offset by negative net contribution, mostly out of the lower-fee fixed income strategies. Assets in our private market platform ended the second quarter at CAD 20.9 billion, down slightly from CAD 21.1 billion at the end of the prior quarter, reflecting return of capital to investors and income distribution. I will now turn to highlights of our commercial and investment platform across our asset classes. Starting with our public market platform, we were pleased to secure total new mandates of CAD 1.4 billion during the quarter, of which close to CAD 1 billion went into our equity strategies. This marks the highest level of new mandate activity in more than two years and reflects growing momentum in our sales channel. We had several notable wins during the quarter. First, we launched the Qatar Equity Strategy in partnership with and initially funded by QIA. The strategy, which has an initial investment of $200 million, invests in equities listed on the Qatar Stock Exchange and will be available to international and local institutions desiring actively managed exposure to the Qatar equity market. Fiera w as also selected by ATB Investment Management to manage their U.S. large-cap equity fund, which will be available to their advisor base and will be a building block for the global equity pool. These are the first new funds ATB has launched in many years. Lastly, our Canadian large-cap equity team was selected by Wellington-Altus to manage their Canadian high-conviction equity strategy. Both the ATB and Wellington-Altus mandates will fund over time and carry significant growth aspirations. Excluding subadvised assets under management, net outflows were CAD 450 million for the quarter, largely out of lower-fee fixed income strategies. We were pleased with the demand for our equity strategies in the quarter, which experienced net inflows of close to CAD 400 million. With respect to our subadvised assets under management, total net outflows were CAD 1.1 billion, of which approximately CAD 700 million were withdrawn by clients, with which we continue to have an ongoing relationship. Turning to the investment performance in public markets, the quarter began with a sharp drop in the global markets, triggered by tariff announcements in early April, with the S&P 500 falling over 12% within a few days. Although markets rebounded, the initial shock created a challenging environment for equities' outperformance, with much of the rebound driven by speculative interest in tech and AI-related stocks. While all of our flagship equity strategies delivered positive absolute returns in the quarter, value-add was mixed. Our Canadian Equity Strategy had top-quartile performance year to date, beating its benchmark by 250 basis points. Our Atlas Global Strategy outperformed its benchmark, adding close to 180 basis points of value year to date, helped by overweight exposure to the technology sector. Our emerging market strategy, Select Strategy, remains top-ranked and outperformed the benchmark by 380 basis points year to date and close to 10% since its inception in 2021. Our Frontier Market Strategy also had a first-quartile ranking year to date but underperformed its benchmark for the quarter, impacted by selection in Vietnam and overweight to the Saudi Arabia market. Despite some short-term softness, the strategy has outperformed by more than 14% over the five-year period. Our fixed income strategies continue to outperform for the quarter and year to date, with our active strategic and integrated core strategies all adding value in both the short and long term. Within our foreign fixed income strategies, our global multi-sector income strategies added over 80 basis points of alpha for the quarter and outperformed by close to 5% for the five-year period. Now, turning to our private market platform, new subscriptions exceeded CAD 200 million for the quarter, primarily into our real estate and private debt strategies, with a return capital of more than CAD 200 million. During the quarter, we deployed approximately CAD 600 million of capital and have deployed CAD 1.1 billion year to date. Our pipeline remains robust, with CAD 1.3 billion of committed undeployed capital for future opportunities. With respect to performance, our private market strategies continue to perform well, with our key strategy generating positive returns in the second quarter and absolute returns of 5% to 12% over the one-year period. Within private credit, our infrastructure debt fund returned more than 2% in the quarter and close to 12% over the one-year period. The strategy remains well-positioned to deploy capital through the second half of the year. In real estate, our Canadian and U.K. strategies produce steady returns supported by high occupancy and durable income streams. Our portfolios remain concentrated in logistics and housing, which are well-positioned to benefit from improving liquidity and central bank easing. Our global private equity strategy returned 2.4% in the second quarter, with a gross IRR of close to 15% since inception. The strategy continues to prioritize businesses with resilient cash flows, scalable models, and defensive market position. Turning now to private wealth. Private wealth assets under management of CAD 13.7 billion were down 3% during the second quarter. While we captured close to CAD 100 million in new mandates, the quarter was impacted by negative net contribution, mainly out of subadvised assets and fixed income mandates. We view the private wealth business as highly complementary to our public and private market platforms and continue to work to strengthen client relationships and drive sales growth through that channel. To that end, we appointed Paul de la Roche, the Head of Private Wealth Canada, earlier this year. Paul brings 20 years of industry experience to the role and has been instrumental in delivering discretionary investment management services to affluent Canadians and their families. With that, I will turn it over to Lucas to review our financial performance. Thank you, Maxime, and good morning, everyone. I will now review the financial results for the second quarter of 2025. Beginning with total revenues, across our investment platforms, we generated total revenues of CAD 163 million in the second quarter, down slightly from CAD 165 million same quarter last year. Total base management fees were CAD 148 million in the quarter, down CAD 1 million or 1% year -over- year. On a year-to-date basis, however, total base management fees of CAD 302 million were up approximately 1% from the same period last year, as we were able to more than offset a decline in fees in public markets with higher base management fees in private markets. We are pleased to note that year to date, our overall fee rate has remained stable compared with the same period last year, as relative AUM growth from private markets and steady private market fee rates have offset modest fee reductions in public markets. Turning to public markets revenues, base management fees of CAD 98 million in the second quarter declined by CAD 5 million or 5% from the same quarter last year, reflecting outflows from subadvised mandates partly offset by higher fees from institutional clients in Canada and Asia. On a year-to-date basis, base management fees of CAD 204 million declined 3% from the same period last year. Performance fees were nil during the quarter, down from fees of less than CAD 1 million in the same quarter last year. Other revenues of CAD 1.6 million in the quarter were down from CAD 3.8 million in the same quarter last year, largely as a result of revenues related to a prior year insurance claim. Turning to private markets revenues, base management fees increased by CAD 4 million or 8% year -over- year to CAD 49 million for the quarter. The increase was primarily driven by higher AUM within real estate and agriculture from the acquisition of a controlling interest in a U.K. real estate platform in the prior quarter, along with higher deployed AUM. On a year-to-date basis, base management fees of CAD 99 million were also up 8% from the same period last year. Commitment and transaction fees of CAD 5 million were CAD 1 million higher year -over -year, reflecting higher transaction fees earned from clients in the EMEA region. Performance fees of CAD 2.5 million in the quarter were close to CAD 1 million higher year -over -year, reflecting higher fees from our Canadian real estate debt fund in the current quarter. Share of earnings in joint ventures related to our U.K. real estate business were CAD 2 million in the quarter, down slightly from CAD 2.7 million in the same quarter last year, as a result of timing of completion of joint venture projects. On a year-to-date basis, earnings from joint ventures of close to CAD 5 million were down from CAD 9 million the same period last year, again as a result of timing of completion of projects. For the quarter, private markets generated 38% of total revenues while comprising only 13% of our total assets under management. Private markets continue to drive AUM and revenue growth and provide attractive diversification to our overall business. Turning to SG&A, last quarter, we announced we had taken actions to streamline the organization and improve operating efficiency. Compared to the prior quarter, our SG&A expenses, excluding share-based compensation, were down CAD 2 million or 2%, aided by a 3% decline in our fixed compensation expenses quarter -over -quarter. Compared to the same quarter last year, SG&A expenses, excluding share-based compensation, declined CAD 2 million or 2%, driven by lower subadvisory fees, primarily offset by the acquisition of a non-controlling interest in a U.K. real estate platform in the prior quarter. On a year-to-date basis, SG&A expenses, excluding share-based compensation, were down CAD 5.5 million or 2% from the same period last year. We continue to closely monitor the macroeconomic environment and prudently manage expenses in response to challenging changes in market volatility. Turning to adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA for the quarter was CAD 45.7 million, up 1% from the same quarter last year, reflecting higher base management fees in private markets and lower SG&A, excluding share-based compensation, partly offset by lower base management fees in public markets. Our adjusted EBITDA margin was 28% for the quarter, up from 27.5% for the same quarter last year, and up from 26.6% in the prior quarter. Looking at earnings, net earnings attributable to the company shareholders were CAD 4 million or CAD 0.03 per diluted share for the quarter, compared with CAD 5 million or CAD 0.04 per diluted share for the same quarter last year. Earnings in the second quarter were impacted by a CAD 6.9 million charge of previously announced restructuring costs related to severance. On an adjusted basis, net earnings were CAD 27 million or CAD 0.24 per diluted share for the quarter, compared with CAD 25 million or CAD 0.23 per diluted share in the same quarter last year. Last 12 months' free cash flow was CAD 75 million, compared with CAD 87 million for the prior quarter. The decrease primarily reflects higher restructuring charges in the current quarter and the timing and collection of accounts receivables during the quarter. Turning to our financial leverage, during the quarter, we issued CAD 80 million of 7.75% hybrid debentures, which we expect to use to fund the redemption of our 8.25% hybrid debentures on the first call date at the end of this year. In the interim, net proceeds from the offering are being used to reduce the balance on our credit facility. Net debt at the end of the quarter was CAD 712 million, up CAD 9 million from the end of the prior quarter. The increase reflects two dividend payments totaling CAD 34 million and the repurchase and cancellation of shares totaling CAD 6 million, which were partly offset by higher free cash flow generated during the second quarter. Going forward, net debt is expected to decrease as we redirect a portion of our savings from the lower dividend to debt repayment and generate higher free cash flow in the second half of the year. Our net debt ratio is consistent with the prior quarter at just over 3.6x. Our funded debt ratio, as defined by a credit facility agreement, decreased to just under 3x from 3.3 x in the prior quarter. The decrease reflects a decline in the credit facility from the debenture offering proceeds. Finally, delivering value to our shareholders continues to be a fundamental pillar of our strategy. During the quarter, we repurchased and canceled 1.1 million shares for a total consideration of CAD 6.3 million. Lastly, the Board has approved a quarterly dividend of CAD 1.08 per share, payable on September 18th, 2025, to shareholders of record on August 20th, 2025. Now I'll turn the call back to Maxime for his closing remarks. Thank you, Lucas. Last month, I was privileged to step into the position of Global President and Chief Executive Officer. I am honored to succeed Jean-Guy Desjardins, whose founding vision and entrepreneurial drive built the firm into the global organization that it is today. I am grateful for his continued presence and support as we enter this next chapter. Fiera is well-positioned for success. We have established a public markets platform with scale and investment capability, breadth, and depth. Our private markets platform remains a catalyst for growth, generating an increased share of our AUM and revenue. Our complementary private wealth business offers institutional-grade investment advice and capabilities to the rapidly growing high-net-worth segment. This diversified model provides us with the resiliency to weather difficult markets and positions us strongly for future growth. Moving forward, several priorities will remain central to my mandate. First, delivering consistent investment performance remains key to our success. We must ensure every strategy meets the highest standards through full market cycles. Second, we will continue to offer our clients a consistent and connected experience. Next, we will run lean and efficient operations. We will simplify how we work, modernize our infrastructure, and reinvest in the tools and people that help us grow and focus discipline. Lastly, our success depends on our people. Fiera has always had an entrepreneurial spirit, and we will continue to encourage initiatives and foster a culture of ownership and inclusion. Myself and the senior management team are deeply invested in the company and its success, and I am excited to continue executing on our strategy and building momentum in our business. I will now turn the call back to the operator for questions. Thank you, sir. Ladies and gentlemen, if you do have any questions at this time, please press star followed by one on your touch-tone phone. You will then hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by two. If you're using a speakerphone, we ask that you please lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Étienne Ricard at BMO Capital Markets. Please go ahead, Étienne. Thank you, and good morning, Maxime and Lucas. To start on private markets, I'm wondering what appetite are you seeing from investors given the strong market appreciation that we've seen in recent months? Would you say there's greater interest in the institutional or the retail channel? Certainly, like we've seen, it's a constant level of appetite for private market solutions. In the institutional business, I would say there's slightly more interest in this cycle, particularly as institutional managers are considering increasing their proportion to private markets. If we slice it a little bit more, obviously with the performance of our real estate core funds, we are seeing lots of RFPs and demand in that cycle of the market. We've seen our real estate fairly successful and also credit. As we mentioned before, the agriculture fund within our Comox has also had lots of demand. I would say from a secular standpoint, the private wealth business is certainly moving towards the trend of increasing the level of open-ended private market solutions. We were first to come out in the market with these solutions, and a lot of competitors are sort of catching up onto this, but it's generating a lot of appetite in the private wealth segment. We continue to have a lot of interest in our private market solution within the institutional. I would say as we look forward, we anticipate this trend to continue. Maxime, you raised real estate, credit, agriculture. I know they're all growing, but which one of these would you expect to outperform? From an investment standpoint or from an AUM growth standpoint? AUM growth. Yeah. The agriculture has shown a lot of interest. I would say historically, it used to be a subclass of the infrastructure asset class on a global basis. Additionally, there's an increasing number of consultants that are covering the agriculture segment. We've seen a lot of appetite. The performance is obviously well. I would say this is one that we see a lot of global demand from that standpoint. Global being such a larger market by definition, we should see a lot of pickup on that. Our Canadian real estate has performed very well. Here in Canada, it's a limited market, but we see lots of growth there. We're currently exploring and concluding a number of agreements on the international side of things to export our real estate capabilities from an investment standpoint. Whether it's in Germany or even the U.K., we've built a vehicle to make this possible through a UCITS, and we've concluded some agreements to increase distribution. I would say these two would certainly be top of mind in terms of our ability to continue to accelerate growth. Okay, interesting. Switching topics, there was good margin expansion in the quarter. Lucas, I think you previously talked about a 30% EBITDA margin target. What are some levers that you can pull to get there and over what timeframe? I think there's two. Starting on the top line, you know, as Maxime has pointed out a couple of times during the call, the continued growth in private markets just continues to enhance our product mix and our asset mix and our revenue profile as a result. In addition to sort of the base management fees that come with that revenue, when we talk about strategies like agriculture, it's the performance fee aspect of that and sort of how that can help enhance the top line. We do see the opportunity for revenue expansion going forward from a pure beats perspective and asset mix. Following on that, the continued ability to just standardize, globalize our expense structure. I think we've made great strides in the last quarter in terms of the restructuring we put through. We'll continue to hone and work on that going forward to really continue to drive operating leverage there. I know you present margins on a consolidated basis across private and public markets, but we tend to see better margins for alternative asset managers as opposed to traditional asset managers. I'm curious, the mix shift towards private AUM should be helpful in this regard. Is that a fair assessment? It is a fair assessment. As I say, I think coming back to the point that the revenue profile of those assets as well are also attractive from that perspective. Okay, thank you very much. Thank you. Next question will be from Gary Ho at Desjardins Capital Markets. Please go ahead, Gary. Thanks. Good morning. Thanks for taking my questions. Maybe just start off with the subadvisory outflows here. There's CAD 1.1 billion, as you highlighted, in the quarter. What's driving that in the quarter? Is it rebalances or has there been kind of softer performance recently? I'm just trying to reconcile that with something in slide 14 to seeing softer near-term performance in the equity strategies, wondering if that's related to PineStone. If not, I'm wondering if you can comment on what's driving that. Yeah, I'll start and then maybe hand it over to Maxime on the performance piece. Just to clarify, the CAD 1.1 billion, it's indeed CAD 400 million of that is lost mandates and CAD 700 million of that is clients we continue to have. It's a rebalancing effectively of their portfolios or a paring down of the investment strategies. To be clear, this is not any transfers to PineStone. The CAD 1.1 billion is effectively net loss in both cases. This is CAD 400 million of clients which have redeemed out of the strategy altogether and CAD 700 million of clients who continue to invest in the PineStone subadvised strategies, but have just reduced their exposure. Yeah, the performance? I would say the one-year performance has been, with the current macro environment, a challenging environment, particularly with the concentration of where the performance is coming from. As you know, we keep a close eye on how these different mandates perform, particularly when it comes to our largest asset base, including PineStone. There is no notable change or shift in terms of style or whatnot. What we do in those instances, obviously, from a client support standpoint, is make sure we stay really close, increase the client activity and engagement. When we relate back to, you know, is this something that is of a level of concern from a style process standpoint? Absolutely not. When it comes to how attribution is being allocated, it's a number of small stock here and there or a bigger proportion of the index that makes it hard. We will keep monitoring and keeping a close eye on this. Okay, and then maybe just a numbers question on the back of that for you, Lucas. Just the PineStone's CAD 36 billion of assets. Should we think about those assets generating roughly the 30 basis points - 40 basis points, kind of similar to kind of your overall fees, that management fees that you generate off of your consolidated AUM? You need to think of it in a line, Gary, in terms of the three types of strategy there. You know, global equity, international equity, and U.S. equity. Each one of those has their own sort of fee profiles in terms of the market. I would say certainly on the global side, they tend to range at the higher end. U.S. equities are becoming a bit more commoditized in the U.S. market. Okay, appreciate that. My last question, maybe a broader question. There's some M&A activity in the space in Canada recently, Burgundy, and also closing of CI. Maxime, and maybe perhaps John, are you guys at all looking at tuck-in opportunities or just comment on the M&A landscape in general? Would there be anything that you're looking to sell at all on the other side? I keep an eye on all of this with keen interest from an evaluation standpoint to our own company. I think these are being traded at very healthy multiples. Are we looking for opportunistic tuck-ins? I would say, you know, we're always interested in what's out there. Currently, the investment platforms, I think, are in a good position. There's no immediate need for us to add anything, but you know, we are being watchful in case there is something. In terms of divestiture, not really. I think when you think about how Fiera has built the investment platforms, we are where we want to be. The next part of the chapter is really to focus on making sure that we grow through our regionalization and distribution. If there are any opportunities on the go-forward basis through either a team or a small tuck-in, we'll look at it. Right now, there's no immediate consideration for that. I would add, Gary, thank you for the question. I'd actually turn it around from the perspective of saying, you know, and you've heard me on this before in terms of just our overall sum of the parts valuation and how to look at our business. We've got a fantastic Canadian private wealth franchise. It's close to CAD 12 billion of assets under management. We are one of the few in the markets that can actually have a very nice diversification of private market assets offering to our clients in that space. From a revenue profile, it's a platform that generates not only advisory fees, but also investment management fees to the underlying investment platforms, particularly in private markets. When you compare it to some of the transactions that have cleared the marketplace, which I'd qualify probably more as a bit more plain vanilla in terms of private wealth offering compared to the sophistication of what we offer here, it's room for pause to think about our overall valuation, I think. Now, Lucas, that's exactly where I was going with this. Just wondering if there's continuing disconnect between the share valuation and kind of where some of these transactions are changing hands, whether there's some opportunity to kind of realize shareholder value. That's kind of where my line of questions is going. Okay, thanks for that. Thank you. Next question will be from Jaeme Gloyn at National Bank Financial. Please go ahead, Jaeme. Yeah, just one question. I wanted to dig in on the fee rates. By my calculations, it looks like fee rates, you know, across the total platform, but also for public and for private markets, base management fee rates I'm talking about, declined quarter -over -quarter, declined year- over -year. I would have expected to see something like the opposite, given you seem to be losing more low-fee mandates. Maybe you can sort of talk through that performance and your expectations on a go-forward basis. Yeah, I'd sort of break it down into two. You sort of have to look at it pre and post, I think, the subadvised mandates, right? Let's not forget there was a large Canoe redemption in the first quarter of the year, which we do it well communicated and telegraphed. Certainly, when you have mandates coming out there from an overall perspective, there's an impact. If you look at it ex those subadvised mandates, you're absolutely right, Jaeme. What we've been losing is lower-fee fixed income mandates and actually gaining in our other equity strategies and our other private market strategies. When you're taking the aggregate and the full blend, obviously there's this impact of the Canoe mandate loss at the beginning of the year. If you look at it ex that, we're actually in accretion mode and the product mix shift has actually been positive. Okay, maybe we'll dig in offline or maybe some more disclosures to help see that flow through. It's just hard from the higher level of data. I don't think from what I can tell, but happy to chat offline. Perfect. Thank you. Thank you. Once again, ladies and gentlemen, if you do have any questions, please press star followed by one on your touch-tone phone. Your next question will be from Graham Ryding at TD Securities. Please go ahead, Graham. Hi, good morning. Some good traction, you know, the last few months with Qatar and ATB, Wellington-Altus. Can you try to sort of frame what your expectations or your targets are from these relationships? Like what sort of AUM growth or inflows do you think you would like to see or is possible from these mandates? I don't want to go too aspirational on this, but there's certainly transformational in the way we operate within that segment of the market. I do want to reemphasize that we had announced a few quarters ago that we were going to concentrate on that space of the market, which is the segment of the advisory business. I think these two are fast-growing platforms, and we made sure that we were part of a lineup where we had a big proportion of the asset within that asset class. If I think of any of them, whether it's ATB or Wellington, I could easily see a double of assets over the near to midterm in terms of the asset flow. As we progress, based on performance, I am hopeful that this will continue at a pretty accelerated pace. Whether it's Canadian equities or even the U.S. large-cap mandates, these are almost exclusive in the nature of their own mandate on the platform. Most of the flows that would either go in one or the other would see a lot of flows coming in. On the U.S. large-cap, I think the mandate is near CAD 500 million, and we are hopeful to see a double on that over the next 6 - 12 months. I would see the same thing for Wellington-Altus. We're also in discussions with a few other intermediary solutions and providers, and I think those discussions are coming along really nicely. Okay, great. Were there any flows out of the gate from ATB or Wellington-Altus? Were those in your numbers this quarter, or is this something that we should just be watching for that is going to build over time? They gradually came through in Q2, and there's more to come for future flows. Understood. Okay. Great. Private wealth, just the outflows in the quarter, I think you made some comments, but I apologize if I missed it. Traditionally, this is a pretty sticky channel. Maybe some color on what drove the outflows on the private wealth channel this quarter. Again, there were no one particular reason of outflows. I think in the private wealth, we've seen some of it related to, again, I mentioned fixed income and some subadvisory within one of our PineStone mandates. I don't think there's one common theme in private wealth. This is more about regular outflows that are exceeding our gross contribution. There are no common themes that I could really speak to in terms of why we've seen this. I think on the backdrop of a very uncertain macro environment, there may be some nervousness into the segment that typically is more sensitive to immediate market reaction. That could potentially draw some conclusion of why we've seen some outflows. To your point, this is a market or a segment that typically has a bit more stickier assets. I would say I would characterize this quarter at maybe more than what we see usually. If I want to draw some conclusion, maybe the backdrop of the macro environment may have precipitated some decisions on that side. Okay. Understood. Lucas, fairly large restructuring charge this quarter. Should we expect that line item of one-time integration, acquisition, restructuring charges to be lower going forward? Yes, just to sort of dissect that a bit. You had close to CAD 7 million of that flow through the expense line. That's CAD 7 million out of the CAD 10 million. From a cash flow impact perspective, we took CAD 5 million of that into the quarter, which was the cash flow impact on free cash flow. The balance of CAD 2 million will effectively work its way through over the course of the next 12 months. You have a bit of a divergence between the expense item and the cash aspect of it. The majority of it was taken into the quarter from a cash perspective. Understood. Okay, that's it for me. Thank you. Thank you. We have no further questions registered at this time. I will now turn the call back over to Natalie Medak. We'd like to thank everyone for joining us this morning. Please reach out if you have any other questions. Sylvie, with that, we can end the call. Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we ask you to please disconnect your lines. Have a good weekend.