Good morning, ladies and gentlemen, and welcome to the GDI Integrated Facility Services fourth quarter 2021 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, March 2, 2022. I would now like to turn the conference over to Mr. Stéphane Lavigne. Please go ahead. Good morning all, and welcome to GDI's conference call to discuss our results for the fourth quarter and the full year of fiscal 2021. My name is Stéphane Lavigne. I'm Senior Vice-President and Chief Financial Officer of GDI. I'm with Claude Bigras, President and CEO of GDI, and David Hinchey, Executive Vice President of Corporate Development. Before we begin, I'd like to make you aware that this call contains forward-looking information, and we ask listeners to refer to the full description of the forward-looking safe harbor provision that is fully described at the beginning in the MD&A file on SEDAR last night. I will begin the call with an overview of GDI's financial results for the quarter and then will invite Claude to provide his comments on the business. In the fourth quarter, GDI recorded revenue of CAD 133 million, an increase of CAD 68.4 million or 18.7% over Q4 last year, including an organic growth of 5.1%. We recorded an adjusted EBITDA of CAD 33.5 million in the quarter, an increase of CAD 1.4 million or 4.3% over Q4 of last year. Adjusted EBITDA in our general business continued to be positively influenced by enhanced services delivered to clients whose facilities remain open or partially open during the pandemic. Our technical services business had another strong quarter, especially when compared to the prior period, as the business rebounded from the COVID pandemic and benefited from the acquisitions completed this year. On a full year basis, revenue increased by CAD 185.6 million or 13.1% to reach CAD 1.6 billion compared to CAD 1.4 billion last year. Organic growth was 3.7% year-over-year, and revenue growth from acquisition was 11.2%. Adjusted EBITDA in the year amounted to CAD 132.8 million, an increase of CAD 27.8 million or 26.65% over 2020. Now, moving to our business segments. The Janitorial Canada segment recorded revenue of CAD 140.5 million in Q4, an increase of CAD 2.5 million or 1.8% compared to Q4 of 2020. Janitorial Canada organic growth amounted to 1.4% in the quarter due to COVID-19 related revenue fluctuations in certain market segments. This segment also reported adjusted EBITDA of CAD 18.4 million, slightly higher than Q4 of last year, representing margins of 13.1% in Q4 of both years. Our Janitorial USA segment recorded revenue of CAD 89.2 million in Q4, an increase of CAD 4.8 million compared to Q4 2020, despite a negative FX impact of CAD 2.8 million. The organic growth rate was 8.9% or CAD 7.5 million, resulting from increased volume with existing clients as well as new client wins. Adjusted EBITDA margins decreased from 10.8% in Q4 2020 to 8.6% in Q4 2021, mainly due to higher amounts of one-time COVID-related service in Q4 of 2020. On December 31, 2021, the Janitorial USA segment completed the acquisition of IH Services, Inc. and its subsidiaries, adding approximately 8,000 employees and approximately $260 million in annual revenue generated across 29 states, significantly expanding GDI's janitorial business in the U.S. Our technical service segment recorded revenue of CAD 189.6 million, an increase of CAD 64 million or 50.9% over Q4 of 2020, with strong revenue growth of 37.8% coming from acquisitions and a healthy organic growth rate of 13.9% as the business rebounded from the negative COVID effects. Adjusted EBITDA was CAD 11.8 million, and adjusted EBITDA margins was 6.2% compared to CAD 7 million and 5.6% in Q4 of 2020. Finally, our Complementary Services segment reported revenue of CAD 18.2 million in Q4, a decrease of 15.2% compared to Q4 of 2020, and a negative adjusted EBITDA of CAD 1.2 million, which included a CAD 1.3 million change related mainly to a revision of inventory valuation. Now, I would like to turn the call to Claude, who will provide further comments on GDI's performance during the quarter. Stéphane, thank you. Good morning all. Thank you very much for taking the time to participate in our earnings call. Overall, I'm very pleased with GDI's performance in the fourth quarter and the full year of 2021. During the quarter, both our Canadian and U.S. janitorial segments delivered strong results. At the beginning of Q4, we were seeing a reduction in restrictive COVID measures across most regions. We were working with our clients to provide enhanced services as their facility began to reoccupy. Midway through the fourth quarter, the Omicron variant landed in North America, and a number of regional governments introduced restrictive measures designed to reduce the spread of the virus. The restrictive measures differed greatly by geography and were more pronounced in Canada than in many of the regions where we operate in the United States. While many of our clients in Canada and the U.S. continued to require enhanced COVID-19 services, we saw a lower amount of one-time services in our U.S. segment than we experienced at the previous year. Moving into the first quarter of 2022, as the threat of Omicron is subsiding, we have been experiencing a relatively rapid easing of restrictive COVID measures, and many clients are implementing reoccupation plans as we speak. We expect that as the pace of reoccupation intensifies and the population of buildings densifies, our clients will continue to require enhanced services to keep occupants safe. Our technical service segment has fully recovered from the negative headwinds it faced during the pandemic of 2020 and in early 2021. Our service business is performing well. Our clients are increasingly seeking our advice and support on optimizing the air quality in their buildings, and our project business continues to enjoy backlogs at an all-time high from ongoing success we are having in winning new business. Additionally, we conclude a highly strategic acquisition in early Q1 of this year with the addition of Énergir to our family. Énergir is the leading energy advisory and energy service business in the province of Quebec, providing turnkey energy efficiency solutions that reduce clients' energy consumptions, reduce gas emissions, thus reducing their carbon footprints and enhance their overall ESG profile. Ainsworth will be a key part of Ainsworth and GDI's value proposition to the market well into the future as the ESG movements gain momentum and our fight for global climate warming as will undergo a more serious or more intensive attention. Our Complementary Services segment, which consists of our product manufacturing and distribution business, recorded a decrease in revenue and adjusted EBITDA during the quarter. This business continues to be affected by low demand for daily consumables like soap, towels, and tissues as a result of the low occupancy rate we are experiencing in facilities. However, this slowdown is transitory, and we expect the business to recover as occupancy rate rises. As I look back at 2021, I can't be more proud of the team at GDI and what was accomplished. First and foremost, we acted as an expert advisor and trusted partner to our clients and played a critical role in keeping the occupants of their buildings safe from the virus. We also concluded a number of significant strategic acquisitions. Since January 1, 2021, we have concluded 6 acquisitions: The BPAC Group in New York City, Enginuity in Pennsylvania, Fuller Industries in Kansas, IH Services in South Carolina, and [uncertain] and Énergir both in Quebec, adding over CAD 550 million in annual revenues. Operationally and geographically and strategically, we considerably have strengthened three of our business segments and provided us with the tools and talents to continue to be extremely relevant to our customers. On a pro forma basis, GDI has reached CAD 2 billion of revenue milestone. We have doubled our revenue over the last 4 years, and we have almost tripled our EBITDA. On sites, you know, we have completed some 46 acquisitions over the last 10 years, which has been a tremendous amount of work, and I congratulate the team for that. As we begin 2022, I am very optimistic for GDI business. After two years of uncertainty, the outlook for the pandemic is more clear, and our clients can focus on implementing reopening and reoccupying plans with confidence. We expect that as facility reoccupies, our clients will continue to require enhanced service from our janitorial business, volume in our manufacturing and distribution will increase, and our technical service business will continue to perform well. Even after 6 acquisitions since the beginning of last year, our balance sheet is strong, our leverage ratio is around 2x, and we are well-positioned to execute on our strategic growth plan. Lastly, I would like to take a moment to thank Mr. David Galloway, one of our board member that has been with us since 2015, and that has notified us of his resignation at the end of 2021 for personal reasons. David is a true gentleman and brought to GDI his business experience and wisdom, and we sincerely thank him. At the same time, I would like to welcome Madam Anne Ristic, I'm sorry, to the GDI board of directors. Anne brings a wealth of experience, having spent more than 20 years in a large national law firm as co-managing director. Welcome to GDI, Anne. We are sure that your contribution will be tremendous. That concludes my remark, and I will now ask the operator to open the lines to analysts for questions. Thank you. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by one on your touchtone phone. You'll hear a three-tone prompt acknowledging your request, and your question will be pulled in the order they are received. Should you wish to decline from the polling process, please press star followed by two. If you're using a speaker phone, please lift the handset before pressing any keys. One moment please for your first question. The first question comes from Michael Dumais with Scotiabank. Please go ahead. Hey, good morning, gentlemen. Nice quarter and congrats on all the deals. Yeah, thank you very much. Claude, you talked about it, you know, we've lived with this pandemic for two years now. Are your customers getting to a point where they're looking to embed some of these specialty cleaning services into their contracts? Is that giving you better visibility, you know, on the longer term opportunities as well as pricing conditions for their services? Mike, I think we are going to see a little bit of everything. Mind you that in the commercial building sector, most of the enhanced work is provided through the occupants of the buildings. The landlord portion is more related to public areas. You know, I cannot predict the future with certainty, but we have seen a mix of both. Some will require it in their contract and some would like to keep a certain, I would say, grasp on the spending, so they keep it aside. Got you. That's helpful. You know, with the U.S. reopening a little bit more quickly here, you know, I think we're all looking to your Janitorial USA business for signs of things to come in Canada. I wonder if that's the right way to think about it, because obviously the business mix in the two countries are very different, and with a lot more commercial office exposure in Canada, is there an argument that can be made where, you know, some of this higher margin work could stick around for longer and maybe in higher quantities, and that, you know, could just see higher margins in Canada? Or, you know, is the conclusion eventually that they could converge? Yeah. Well, listen, I think that both segments will benefit from enhanced services and occupancy levels going forward, as you know, building occupants are more or less now densifying the space to a healthy level because COVID is not out of our lives for the foreseeable future. You're right, U.S. has a different build business segment. They have reopened more quickly than Canada. I would, without making a forward-looking statement, I would presume that Canada will retain a strong enhanced business service level. As you said, the business mix is more on the, you know, commercial building and commercial real estate that require those services. Yes, it will come back to a more normal service level, but we are anticipating a higher enhanced service level overall. Perfect. Those are my two questions. Thank you. Hey, thank you. Have a good day, Mike. Thanks. Thank you. Your next question comes from John Zamparo with CIBC. Please go ahead. Thank you. Good morning. I want to start with the Good morning. IH Services. Good morning. I wanted to start with the IH Services acquisition. It seems like there's an opportunity for revenue synergies there. I wonder if you can provide any color on how significant that might be, and historically on deals of this size, how long does it typically take to capture revenue synergies? We are at the beginning of the story, as you know. For sure there will be efficiencies that we will extract out of the business. We're still working actively on it. Mind you that they operate very specific industrial segments, and there's a great deal of talent. At this time, yes, for sure there will be some, there will be positive synergy, but I'm shy to advance any size or timelines as we are, you know, working together with this team in order to identify exactly the best synergistic approach without compromising any of the service level provided. Yes, there will be some, and for sure in the next quarter we'll come up with. You know, unlike others, we'd like to study in depth before we come up with a business plan in the synergy areas. We don't anticipate, but we try to do our homework first, if you allow me to say. Okay, fair enough. On the other acquisition on Énergère, can you give some details on this business? You've said CAD 45 million in revenue, but can you add any commentary on growth of that business over the past few years or how margins compare to the rest of the GDI business? Okay. Well, listen, I can say that the margins are more or less comparable to our business. The rationale behind it is they have a unique talent structure and a unique knowledge into what I would call the future of real estate demands. You are all aware of the global warming crisis that we are all living. Over the next 10 years, it will be an extremely focused need for our real estate clients to reduce their carbon footprints to enhance their energy efficiency. We wanted to make sure that we have the talent and the team that can enable us to penetrate through our other regions like in Canada and the U.S. Our objective is, as we have released lately, we have created the energy segment and technology segment we just created actually in the last couple of weeks, that will encompass Énergère and other technology-driven services that we are rendering in order to really grow revenues. It's more, you know what? It will be more than just Énergère. It will be a business development segment that will provide work into our business segment, you know, mainly Ainsworth, but some others as well. It will be a key driver of growth for us going forward, and we're building a whole business plan around it. Am I saying it clearly enough to you or would you like me to talk more on it? I'll always take more, but that is clear and understood. Seriously, it's customers. You know what? We have an extremely strong trade business across Canada and the U.S. We are CAD 800 million plus. We have about 4,000 techs and specialists on the road. Now, you know, the new needs for the customers, you know, they will still need to have upgrades and replacement and break fixes and service calls and maintenance, but we want to move into, you know, being on the offering side, you know, providing customers with solutions for the needs they are facing going forward. In order to do that, we needed the talent, the expertise, the knowledge, the, I would say the reference, and this is what Énergère is providing us. It's providing us the, if you allow me, the springboard in which we're going to multiply, you know, our energy and technology segment in Toronto and Vancouver and Calgary and New York and Pennsylvania. This is the idea behind it, is this whole segment will provide the, you know, better understanding of customer needs going forward. Okay. That's very helpful. Thank you for that. If I can just sneak in one more, housekeeping qu- Yeah. A housekeeping question. In the janitorial segments, when you segregate recurring services versus on-call services, am I correct in assuming that the kind of the one-time disinfection services, that's considered on-call, whereas your enhanced sanitation is still considered recurring? Is that fair? Yes, exactly. In-house business are treated as recurring revenues, yes. I mean, whenever it's regular and it is within the day-to-day service segment, it goes out to a recurrent. Got it. Okay. That's all for me. I'll pass it on. Thank you. Thank you. Thank you. Your next question comes from Maggie MacDougall with Stifel. Please go ahead. Good morning, Maggie. Morning, Claude. Thanks for taking my question. I wanted to switch gears here and just talk a little bit about sort of the tail risks that we're seeing in economies, markets, generally speaking. Your supply chain of chemicals, is there any impact whatsoever that we should be thinking about from the really tragic events that have unfolded over the last week? I'm thinking through sort of the commodity complex and how that may feed into cleaning chemicals. I'll let you just answer that question and then I'll have a follow-up. Okay. Thank you. Well, Maggie, first let me say that our thoughts and our heart goes with the Ukrainian people that, you know, a week ago they were living a normal life and now hell gets loosed in their country. We are very, very disturbed by that emotionally, and I'm sure I'm speaking for all of us at GDI. This being said, I would say, first of all, we do not have much transaction with Eastern Europe as far as our supply chain to start with. That's one thing. Secondly, you know, I would say this, thank God we own the manufacturing and distribution company in the pandemic. We were able to deliver services and get our raw material that we needed to execute. I think it was a good positive for us. Going forward, yes, we were overstocked in 2021 because there was an overproduction, mainly in the disinfecting and sanitizing segments. You know, going forward, we have acquired a large manufacturing facility in the U.S. because we are reducing our exposure to global supply. At this time, we have some bumps with our Asian partners. We're working through it. As you know, you know what, how can I say this? Transportation. Maybe, you know, shipping and transportation costs have exploded, so we're coping with the increase of costs. Again, we are looking to manufacture more and more in North America to reduce our exposure to international market events or international supply chain bumps that we have in the future. Are you saying? Did I cover it properly for you, Maggie? You did. Thank you. Then the second question I had was the other major concern that's been out there for a lot of different companies is just wage inflation and labor markets so tight in the United States. People have serious- Yeah. Rapid escalation there. I'm wondering, you know, you've got really good pricing pass through. If there's anything further to add to that, it's really more just a box checking exercise here with the question. Yeah. Well, absolutely, Maggie. You know what? You put your finger in my day-to-day, you know, worrying, if you allow me. Yeah, for sure. You know, first thing is, we are fairly fortunate. We have most of our large markets are unionized, and we have mid- to long-term union agreements in place. So that makes it a little bit more secure on the salaries exposure. This being said, yes, it's the labor market has tightened up, and we have to deploy several initiatives in order to recruit and train because recruiting is one thing, training is another. And as the market does not reopen totally, we still are good with our service level. As the market reopens, we need to really focus more and more. My risk at the end of the day would not be to not service customers, it would be to have to assume a little bit of overtime, which is not a good thing in the business. We're not there. You know what? I can tell you that we are working upstream to not go towards this problem. At least, I would say that we are one of the best employers in our trade, so we attract a lot of people that work in maybe more difficult or less rewarding business environments. We count on that as well to support us. Lastly, if there are some markets where we really have a, you know, bigger than anticipated problem with labor, we will service. We will have to define our customer customer pool. If we have to, you know, to divest from some customers to have our labor working in the best environments, we will do so. We're not there yet. We're working actively towards it because I don't want to live the problem, so we try to resolve it before it happens. Mm-hmm. Mm-hmm. Appreciate that. One final one. The energy services business that you've started, it obviously looks really interesting from a bunch of different angles. I'm wondering how success in that part of your strategy will impact consolidated profitability over the long term. In other words, is that a margin business that is like janitorial, better than janitorial, worse than janitorial? Does having another tool in your toolbox with regards to your product offering for your customer base help you with share of wallet or market share growth in ways that are more than just one plus one equals two? Absolutely. Maggie, you know what? For sure, the margin are in line with our global margin. That's one thing. Secondly, going forward, as I said, it will be more of a development tool for our trade business as well. I anticipate that Énergère will probably triple in size over the next couple of years as we would pollinate the business into our other markets. Also it will provide extensive warranty and enhanced technologies to our clients, which is traditionally better margin, if you follow what I'm saying. Yes, we anticipate that overall it will provide us better margin and better stickiness with our clients. It will also respond to specific needs. Instead of being at the tail of the process, you know, of the project process, we want to be ahead of the process, if you allow me. You know, forgive my bad English. Your English is excellent. You do not have to make any apologies there. Thank you very much, and I hope you have a great day. Thank you very much, Maggie. Thank you. Your next question comes from Zachary Evershed with National Bank Financial. Please go ahead. Good morning. Thanks for taking my question. Hey, good morning, Zachary. Balancing out the new acquisitions in technical services, against some of the impact from the pandemic, the read-through's gotten a little muddled. Could you clarify if the segment should follow historical seasonality patterns for revenue and margins going forward? You know what, Zachary? I'm sorry. I had some noise around me. Can you repeat the question, please? Absolutely. Do you think that the technical services segment should follow historical seasonality patterns for revenue and margins as we emerge from the pandemic, taking into account the new acquisitions? You know, I have nothing at this time that tells me that we will, you know, move away from our seasonality because you know what? Mind you, the seasonality is really mild. It's not like in summer we do business and in the winter we lose, we don't do any business. There is a mild seasonality. I don't see anything so far that would make it different. Going forward now with, you know, if we undertake larger energy management project, will we break some of that seasonality? I cannot tell you yet, Zachary, to be very honest. Fair enough. Actually that's a great segue, but thinking about the new revenue mix in technical services with Ainsworth, with the other large acquisition, do you see anything stopping the segment from getting back to the 7.4% EBITDA margin that you hit in Q4 2019? You know, again, I don't want to do a forward-looking statement. We are working to enhance our margin to exactly what level going forward. Mind you, Zachary, you know what? We have to take the time to achieve the mission. As you know, we've been at it for many years. You know, yes, we are working on our overall margin, which would be, you know, I would say better than our traditional 6%, but it's work in progress. Definitely. Thanks. Just the last one again on Énergère and the new Ainsworth Energy and Technology segment. There seems like there's a lot of potential there. How large do you estimate the addressable market is there currently, and how large do you think it'll be in five years? You know, because you understand that if you take the mechanical HVAC and technology segment, we're talking $90 billion in North America. Now, with the global warming, what would be the add up on this market? We anticipate that it will be significant, but I don't have a number to offer to you, Zachary. More in five years from now. What I come to realize that the market shift very quickly, but for sure, Zachary, you can take that to the bank that the market will increase significantly over the next five years. I'm sure we have everything in front of us to make a statement there. All righty. Thanks for the color. I'll turn it over. Thank you. Thank you. Your next question comes from Frederic Tremblay with Desjardins. Please go ahead. Morning, Claude, Stéphane and David. Morning, my friend. Good morning, sir. First question for me. I just wanted a bit more color on the growth strategy in the U.S. moving forward. You know, until recently I was under the impression that creating a one-stop shop in the Northeast and the Midwest was the kind of the short-term goal. You know, obviously seeing the acquisitions of Fuller and IH Services, which have added exposures to other regions and services in the U.S. Which is a good thing, don't get me wrong, but you know, given the evolution and just the strategy unfolding there, I just wondered your thoughts, Claude, on the U.S. strategy moving forward in terms of, you know, regions- Yeah. services that you're targeting. Yeah. Okay. Well, thank you very much. It's a good question. Okay. It's twofold. Okay, let's talk about Fuller. Fuller is not a geography play per se. It is that we wanted to acquire sufficient manufacturing capacity and distribution capacity in the U.S. as we intend to grow our business segment, following the growth also of our janitorial services. So we were able to add on, you know what, mostly, you know, plastic molding manufacturing, brushes manufacturing and a state-of-the-art chemical production plant, located, you know what, in exactly the middle of the United States. It was an occasion that we could not let pass. And it was a very attractive price that we paid for it. So that's one thing. You understand that the strategy is not related to segmental. It was more segmented development than geography or market penetration. Now, this being said, IH is located in South Carolina, yes, and it services what I would say the Southeast. You know, we are strong in the Northeast. A lot of work to do still to develop the Northeast, but now we have our footprint in the Southeast. Mind you that IH Services provided a significant amount of revenue and services in the Northeast also. It does not take us out of our strategy to, you know, develop our strength in the Northeast, because there's a significant part of business in the Northeast. Coming back to this is why we're working around how we will manage the business and how things will integrate themselves over time. I don't think we are getting out of our original objective. We are still working very intensely into the eastern seaboards, and I think it provided us. It's not every day, Fred, that you can acquire a significant business like this at a reasonable multiple. I'm sure you have seen what's happening lately in the acquisition market. We kept our heads cool, and we were looking to find the right talent, the right business at the right price. It has been the success of this business, and we don't intend to move out of it. This represents exactly what we are looking at to develop. Now we have a footprint in the South. We are anticipating our business in the North. I think we are all good. I don't know. This is how we see it. Yeah, perfect. That's awesome. Thank you. Maybe a follow-up just on Fuller Industries. I think one of the things that was mentioned in your press release yesterday was that for 2022 there's going to be a focus at Complementary Services to grow the U.S. business volume. I was wondering if you could get maybe a bit deeper into some of the initiatives that you intend to implement to drive volume growth from that business in the U.S. Well, actually, okay, my thing is now we have a team that is dedicated now to develop the U.S. We have leadership that is actually now focused more on the U.S. to some extent. Thirdly, we have very strong relationship with major distributors that are active in Canada, but very active in the U.S. We intend to leverage our relationships in order to really develop our white label product lines. Secondly, now we are able to manufacture our, I would say, base products like, you know, packaging goods and everything that also provide, which provided us with a better price point on our chemical distribution. That's another good positive. Thirdly, we are... Like I said, we are diminishing our dependence on our Asian market supply to where now we will manufacture probably all of our plastic goods in our plant in the U.S. As you see, these are all pieces that put together makes us, I think, a good player going forward in the U.S. market. Great. Thank you so much. Just finishing that to tell you that market is more sensible now into manufacturing in North America with all the supply chain bumps that we're experiencing. Yeah, that makes sense. Just a last question, you know, on technical services and the backlog there. I guess it's a twofold question. Are you witnessing any cost inflation either on the labor or material side in technical services? And then the second part of the question is, if you're seeing inflation, is there a risk that contracts that are in your backlog right now won't produce the margins that you were expecting when the contracts were signed? I'm just trying to maybe better understand those dynamics in terms of the cost and Yeah. What's in the backlog there? Okay. Well, that's it, yeah. Well, you know, I don't want to get too technical, but you know, our equipments and, you know, larger equipments, et cetera, et cetera, are price-secured with our supplier partners. As we actually provide pricing, these prices are secured. There's no major issue there. Like I said, you know what, our labor market in these segments are fully unionized with midterm to longer term salary structure. We are able to pass off increases as all the new bids are always working with the last pricing. No, we don't anticipate a degradation of our margins according to inflation. Now, I'm not saying that it will be 100% true, but certainly it will be 95% true. Good. That's very helpful. Thanks, Claude. Yeah. Thank you. There are no further questions at this time. Mr. Bigras, you may proceed. Well, again, thank you very much. It was, you know, for the last two years we have lived extremely, I would say a challenging moment coping with the changes that were occurring. You know, it's not by the week, it was almost by days. Business opening, business closing, business reopening, work from home, go back to the office, work from home. You know what? It was extremely demanding for the team, and I cannot tell you again how proud I am of the team that has remained totally resilient. Our talents are working with us into the future, so that's all good. We were able to execute and continue to grow the business in this pandemic time. Now we're seeing more clearly ahead, you know, I don't want to jinx it, but we're starting to see a more, you know, you know, I would say predictable environment going forward. I'm very positive and I'm excited about the future. We have new tools now to address the market. Bear with me, we're working hard into the future to continue to deliver on our goal of our CAD 3 billion revenue with I would say healthy EBITDA margins. We're working toward that. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day. Thank you. Have a good day.