Good morning, ladies and gentlemen, and welcome to the GDI Integrated Facility Services Inc. fourth quarter 2022 result 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 Thursday, March 2nd, 2023. I would now like to turn the conference over to Stéphane Lavigne Please go ahead. Thank you for that. Good morning, all. Welcome to GDI's conference call to discuss our results for the fourth quarter of fiscal 2022. My name is Stéphane Lavigne. I'm Senior Vice President and Chief Financial Officer of GDI. I am with Claude Bigras, President and CEO of GDI, and David Hinchey, Executive Vice President of Corporate Development. Before we begin, I'd like you to make aware that this call contains forward-looking information, and we ask listeners to refer to the full description of the forward-looking safe harbor provisions that is fully described at the beginning in the MD&A found on SEDAR last night. I will begin the call with an overview of GDI's financial results for the fourth quarter and then will invite Claude to provide his comments on the business. In the fourth quarter, GDI recorded revenue of CAD 580 million, an increase of CAD 155 million or 36% over Q4 of last year, made up mainly of organic growth of 10% and growth from acquisitions of 23%. We recorded an adjusted EBITDA of CAD 41 million in the quarter, an increase of CAD 7 million or 21% over Q4 of last year. Additionally, during the quarter, we recorded a one-time implementation cost of CAD 1 million related to the Human Resources Information System project, which we launched on January 1st, 2023, for a portion of our U.S. operations representing more than 5,000 employees. On a year-to-date basis, revenue increased by CAD 575 million or 36% to reach close to CAD 2.2 billion. Organic growth was 9% year-over-year, and revenue growth from acquisitions was 26%. Adjusted EBITDA for the year amounted to CAD 153 million, an increase of CAD 20 million or 15% over 2021. Moving to our business segments. Our Janitorial Canada business segment recorded revenue of CAD 144 million in Q4, an increase of CAD 4 million or 3% compared to the fourth quarter of 2021, which was all generated organically. The segment reported adjusted EBITDA of CAD 16 million compared to CAD 18 million in the fourth quarter of 2021, representing a decrease of CAD 2 million, which was expected given the lower COVID impact. Our Janitorial USA business segment recorded revenue of $176 million in Q4 and adjusted EBITDA of $14 million, representing an increase of $87 million and $6 million, respectively, when compared to Q4 2021. These increases are mainly due to the acquisition of IH Services on December 31, 2021. Organic growth in the US segment was slightly negative, mainly due to additional incremental services provided in last year's Q4. Both Janitorial Canada and Janitorial US were impacted by the expected decline in COVID-related services provided in the quarter compared to the prior year, partially compensated by contractual recurring revenue increases. Our technical service business segment recorded like revenue of CAD 250 million or growth of 32% over Q4 2021, with 20% organic revenue and 9% generated from acquisitions. The segment has generated a record adjusted EBITDA of CAD 17 million, representing an adjusted EBITDA margin of 7%. The Technical Services segment is now operating at a normal seasonal capacity level. Finally, our complimentary services segment reported revenue of CAD 25 million and negative adjusted EBITDA of CAD 1 million, compared to revenue of CAD 18 million and negative adjusted EBITDA of CAD 1 million in Q4 2021. The segment recorded organic growth of 39% in Q4 2022, the majority of which was due to GDI IFS, which was launched at the beginning of 2022. I would like to turn the call to Claude, who will provide further comments on GDI's performance during the quarter. Thank you, Stéphane. Thanks, everyone, for taking the time to listen to our earning call for our last quarter of 2022. I'm very pleased with how all of the GDI business units performed in the fourth quarter. Our janitorial businesses in both Canada and the United States continued to deliver strong results, even while one-time COVID extras have been progressively decreasing. Occupancy rate in the commercial office market in Canada are slowly rising as most of the tenants within our clients' building have rolled out hybrid return to work policies. This is important to GDI as the Class A office market is the largest component of our Canadian janitorial portfolio, representing approximately 30%-35% of revenue. All of the other markets that we service have largely returned to pre-COVID occupancy levels. It's worth mentioning that for the first time in GDI history, our Janitorial USA business surpassed the size of our Canadian janitorial business. The Ainsworth Technical Services business had a very strong quarter, recording CAD 250 million in revenue and an EBITDA margin of 7%, combined with an organic growth of 20%. The last quarter is typically Ainsworth's strongest quarter, the business is also benefiting from a strong competitive position, which is enabling it to gain market share. The backlog at Ainsworth continued to stand at an all-time high, we have a positive outlook for the business as it moves through Q1, which is traditionally its weakest quarter. Our integrated facility services business is executing on its first two contracts, the team has built a solid pipeline of opportunities to pursue in Canada and in the US. Our janitorial product manufacturing and distribution business, unfortunately, is still suffering from lower occupancy rates in the commercial office market, but we expect the business to gradually improve as occupancy rate rises. As I look back on 2022, I can't be more proud of what the team at GDI has accomplished. We surpassed the CAD 2 billion revenue milestone last year while generating a healthy level of profitability. GDI has come a long way from its IPO in 2015, when our Janitorial Canada segment represented 75% of its total revenue. Today, this segment represents 26% of our total business as a result of our diversification strategy. Our technical service business has become our largest business segment, with CAD 850 million in revenue in 2022, which represents alone 38% of our overall business. Today, revenue generated by GDI is almost at par between Canada and the U.S., and our U.S. business is growing rapidly. We have built GDI into one of the largest, and what I feel is a leading, fully integrated facility service provider in North America. There are very few companies in North America that delivers the full range of services that GDI offers on a self-performed basis. GDI has proven that it has the ability to perform well in a variety of difficult environments. As we face a potential economic slowdown or protracted recession in 2023, I am confident that our business has the flexibility and the resilience to execute on its growth strategy. Our balance sheet is strong, our leverage ratio is well within our comfort zone, and there remains a significant amount of room to continue to grow our business and capture potential opportunity as they arise. I'm very confident on the long-term prospect of GDI. Well, thank you again for taking the time to listen to our call this quarter. Operator, you can open the line for our analysts. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order they are received. Should you wish to decline from the following process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Derek Lessard with TD Securities. Please go ahead. Good morning, everybody. Congratulations on a strong year, managing some really tough challenges. Thank you. Just wanted to start with the technical services segment. Clearly a strong result for you guys. It's a two-part question. The first is, maybe could you just talk about your thoughts around the sustainability of the organic growth you saw in Q4 heading into 2023 and the record margins? The second part which tie into the first is, you did point to new contract wins and share gains. I was just wondering if you could add some meat to those bones. Yes, absolutely. That's a good question. Well, first, if you remember the start of 2022 on the tech segment, we had a kind of slowdown because of supply chain challenges and, you know what, job sites restructuring because of COVID. This was a slow start, but during the year, this problem has been overcome. With a very, very, very strong backlog, we were able, as the year grow, to execute and convert this backlog into revenue. Q4 has been extremely active on that front. Yes, our 20% growth is, I'm very happy about it. If you were asking a long-term perspective, I think that you know what? In the high single-digit or very low two-digit, maybe around the 10-ish, we don't give forecast. Please help me here. It will probably be the more sustainable figure, understanding that we still have, you know, an all-time high backlog for 2023. We don't see any particular major problems. This is a bit where we are. On the second part is market share, through some of the acquisitions, it enabled us to really participate in jobs or contracts that we were not doing originally, like large piping projects, large building retrofit projects like in the U.S. This being said, it gave us some very, very good wins in 2022 and going into 2023. This is a little bit what we figure by market share. Okay, Claude. That's, and that's very helpful. Another one for me is, I guess if I'm looking at the national class A vacancy rates in Canada, clearly, you know, they're obviously up 50% since the pandemic started, at least according to the CBRE. Just wondering how you guys squared that away with what's going on in your markets and maybe the outlook for the janitorial market? Okay. Well, it's a moving target, to be very honest. I can tell you that, like I've been saying since the beginning of our discussions, is we expected that post-COVID, the extra services will get almost to a normal but maybe a little bit more than usual because there's still clients that would require a little bit of services there. But the occupancy for the occupied space being a little bit reduced, it enables us more or less to generate a little bit better margin. Overall, it will be positive for us in terms. What we are prepping for is we are changing from a very stable bidding organization to a dynamic, flexible, customized, service menus to our clients, because it would be different approach depending on which companies. I think you figured that out already. Yeah. Okay. That's helpful, Claude. Thank you very much. I'll queue. Thank you. Thank you, sir. Your next question comes from Jonathan Goldman with Scotiabank. Please go ahead. Good day. Hey, good morning, guys. Good morning. We were positively surprised by the janitorial margins in the U.S. It's 8%. You know, not out of line from pre-COVID levels. I think on the last earnings call, you called that a legacy contract with a major customer that would weigh on margins until the middle of this year. I'm just trying to figure out the moving parts of the margin in the quarter and kind of expectations for the margin trends in 2023. Yes. Well, the legacy contract, just to make sure that I explained it very well because I don't recall exactly. The legacy contract is we have a very important customer in the U.S. that we like actually, but through this contract, there is what we call pass-through expenses. We had to pass through some significant expenses at zero margin tag on those. That artificially has impact our percentages. This taken out is we are running relatively normally. This is probably what you're referring to in the U.S. Yeah. That's exactly I was talking about. Yes. The contract is due sometime this year, and we intend to work with our customer to, I would say to, upset that particular... You know, it's an accounting thing. So we try to figure out the best way to go forward with them because we actually are very pleased with this customer overall besides that. No, that's good, Claude. I appreciate that. Then just maybe circling to the organic growth trend in Janitorial Canada. If I look at the 3-year trends over the past 3 years, it seems the organic growth rate is about half of what it was pre-COVID. Like, I know there's a lot going on there. There's especially the cleaning volumes coming up, occupancy rates are still below pre-COVID levels. Are there any other dynamics going on that would disrupt that historical GDP plus type growth trend in that business? You know, no. Listen, I can tell you that the only thing I would like to point out, Jonathan, and I'm very open, is we had a little bit of a bigger churn in central Canada that I would have expected for X, Y, Z number of reasons, not especially related to service, related to pricing. Besides that, the rest is almost business as usual. You know what? Over time, I realized that, first of all, COVID was pretty disturbing to start with. 2022 was not our greatest vintage on new contract acquisition. Now being a month, two months in 2023, I feel like after a slower year, here comes a very good year in growth. I'm expecting 2023, without doing forecast, I think it will deliver on its growth because it looks very promising so far. 2022 was not a great vintage on new acquisition of contracts. Okay. Perfect. If I can just squeeze one more in on the Technical Services. I mean, obviously your organic growth is strong, and you talked about expectations for that business. I'm not sure how to phrase this question, but you talk about the business running at normal seasonal capacity. How much excess capacity do you have in that business? Or is there a point where you're gonna have to invest more in resources or people to maintain the current pace of growth, especially with the share gains? Well, you know what? You're absolutely on the point. If we had more capacity, probably we would have been able to convert another little more. For sure, acquisition of talent, training of talent is one of our worrying that we have. This being said, the good news is we are disseminated in about 40 markets. It enables us to recruit in 40 different markets where we can accomplish and deliver more services. If we were concentrated in one market, we would have a challenge to recruit. Since we're very disseminated, at least this is a plus. Yes, we're not 102% capacity. We probably are maybe at 98 on the labor. I mean, on the tech side, because we always measure on technicians, labor hours. We're recruiting and we're growing our workforce. No, that makes sense, and it seems like probably a good problem to have. Well, I'll leave it there. Thank you. Yes. Yeah. The only thing you don't want is to get into overtime, and you don't want to put a speed, a process where you can endanger the health and safety of our workers. We always work on the line of safety and durability. This is the priority of the business. Well, absolutely. That's obviously always good to hear. Thanks, guys. Thanks. Your next question comes from John Zamparo with CIBC. Please go ahead. Thanks. Good morning. Good morning, John. Good morning. I wanted to start on technical services and a comment you made earlier, Claude, it sounds like you're quite bullish on that segment continuing to grow. I wonder if you can share, as you grow the top line in that segment, do you see efficiency benefits that would trickle down to an expanded EBITDA margin? Or should we expect the case of EBITDA to grow around or similar to the case in sales growth? Well, I tell you something, John. This is the idea. The growth of our revenue certainly would have a positive effect on the bottom line as our internal structure will, you know, in percentage will reduce in percentage. The mathematical approach is, yes, it will increase the EBITDA. We have a specific target for Ainsworth, and they're starting to be around the target that we wish for. Now, the only thing I could see is our business mix is very important, and we are focusing a lot on building up our maintenance and service business, for the reasons that we know is the market where it's going and the sustainability of the margins. This, with higher margin services like this, it should certainly affect positively the bottom line. It is within our focus, but even at its present state, we're very bullish on it. Got it. Okay. on your complementary division, do you need to see a certain level of office occupancy to get that segment back to the EBITDA margin it was at from pre-pandemic? It would help for sure, but we're more into reorganizing our line, because you see a lot of things happened in this business unit after the pandemic. You know, we had to deal with excess inventory. We had to deal with prices variations. It has been a, I would say, a challenging ride for our chemical manufacturing. This being said, now we have established a plan. We have acquired a plan in the US. We're doing what we have to do. Also in our expense, we invest some money into partially retrofitting the plans. You know what? You're gonna have to go along on the ride with us. Probably will be 2023 to really put back the business where it's supposed to be. It's a work in progress, but we're working hard on it. We don't leave it. We certainly don't leave this business as an option. We're working hard on it. Okay, understood. I wanted to follow up on your answer to a prior question when you said 2022 wasn't your best year for winning contracts in Janitorial Canada, do you attribute that to increasing competition or a more price-sensitive consumer? You referenced behavioral changes from COVID, but just would like to better understand that dynamic. If I had the engineering answer to that, I'd be very happy. I'm not that smart. I can tell you this, I did that for 30 years. We have two, three, you know, a great year, two, three normal year, suddenly we have a lower year fueled by, you know, what? The contract renewals, economical. I think people were getting out of COVID, they wanted to try to capture some of the savings. You know what? I have no particular, no particular reason. I think it's a sum of many things. In general, we usually grow about 5%-6% on our, you know, renewal and new contract wins. This year was around two-ish, it was a slower year on that front. I think part of it was because we have a little higher churn in one of our regions. What I'm saying is, it's not a bad year. Don't get me wrong. You know what? When we sell $90 million plus per year, it's not bad. You know what? We could, I think, a great year, we should do maybe 30% more, and this really helps on organic growth. Okay, that's great color. Just a couple more. On Energere, I wonder, does this business have any U.S. clients currently? If not, how easy would it be to gain U.S. customers? The reason I ask is about recent legislation in the U.S., and specifically the Inflation Reduction Act, it seems to throw some incentives towards using renewables. I wonder, is there any reason you couldn't operate that business in the U.S.? There's no reason. Actually, beginning of the year, we had a meeting between our U.S. business and our Canadian, Energere, to bridge a working environment structure to enable us to be able to offer to our U.S. clients. You know, we have acquired, you know what, maybe 10, 11 months ago. The first three, four months, we passed through learned business, and we had to look into some inner working to, you know what, challenges that we had to manage. Now we are geared for growth in 2023. We have a good backlog in Canada. You're absolutely right, you know, I don't think there's a bad market like, I think we should be doing good in a market like New York or the five boroughs. Our New York office is starting to work closely with Energere. Don't say it too loud. I don't want our competitors to know that. Fair enough. Just one more on the housekeeping side. I asked about this last quarter as well, but I'm wondering about your working capital needs. That was a pretty significant investment in 2022. It was almost entirely from accounts receivable. Are customers asking for deferrals? Is there any change in terms that would stretch out the cash conversion cycle for the future? Well, you know, working cap has been interesting during 2022. We started at a point at the end of Q3 and, at the end of Q2 and getting into Q3, there was a spike because of projects. You know, a lot of working capital requirements were fueled by an acceleration in project delivery. We worked on it very closely in Q4. We were able to get back to somehow a better normal than it was. Our objectives in 2023 is to reduce our working... David, I can say the number or Maybe a range though. Maybe a range. Maybe a range. Okay. We are planning to reduce probably between CAD 41 million and CAD 39 million. Okay. That's very helpful. Thank you very much. Okay. Your next question comes from Jeff Fenwick with Cormark Securities. Please go ahead. Hey, good morning, guys. It's Leah on for Jeff. Good morning. I wanted to dig back into Canadian janitorial. I know that you mentioned a number of the higher margin COVID-related services have fallen away, but it looks like margins have largely held in. Do you expect the EBITDA margins to remain around the current level going forward? If so, what is keeping them so high at current levels and going forward? Well, again, I think the sustainability of for sure, the 2022 margins were fueled by a larger demand on extra services, which is, like I said, has depleted substantially. We still have some, but not to the level we experienced at beginning of 2022. If you look at Q4 margin, I think that if things are all equal, I think we could live within the same area for 2023. Okay, that's helpful. Just to switch gears on to labor, on the financials noted that 17 labor contracts have expired and then a further 46 are set to expire this year. Do you see any risks in terms of labor disruptions? You know what, can you repeat the question? You cut out the first part. I'm sorry. Can you repeat it, please? Yeah, no problem. No. I was just referencing a note in the financials that said that 17 of the labor contracts expired and about 46 are going to expire this year. I was just wondering. Okay. you can anticipate the risk for any labor disputes related to those, or labor disruptions, sorry. Well, you know what, again, I don't have a crystal ball. The general condition being that we have done and executed on many significant labor contracts in 2022. We have a relatively clear vision on the what the market, what the demand will be. We're pretty confident that we can get through most of them. Now, this being said, we are having 150 plus CBAs. Sometimes we fall on the more, I would say, I don't know how to say that, but the more difficult labor relation negotiation. We are prepared and we cope with it, and we do our job. At the end of the day, we are also the guardian of reasonability to service the real estate market. You know, we cannot just shuffle the extra costs. You know, most of our business is really, is a cost passing to our customers. It doesn't give us, you know what, like a freebie to do anything we want. We have to be very reasonable. We negotiate with our partners. So far we have been able to maneuver over the last 30 years. This being said, inflation will create a little bit more of a volatility, but we have a pretty significant, pretty clear vision of what the market looks like, so we are working accordingly. Okay. That was actually going to be my next question. If the wages were to move higher, and how quickly you could pass that higher cost on to customers. I guess it sounds like it's a bit of a negotiation customer by customer. It's a negotiation. It's a, you know what? It's a really driven process. You know, we negotiate collective bargaining agreements to be very, it's the best environment. We are negotiating a collective bargaining agreement. Boom, new wages. Next day, client has the new wages and contract. You know what? It's probably 80%-85% of the contract. Non-unionized areas, it's a, you know what, it's a process. We need to be very on top of it, and we need to track. Anyway, to make a long story short, we're very experienced to manage our increases to Mr. Customer. Some customers where the markets are more difficult, like the office market, as you all know, we reorganize ourself and our service level to cope for increases. Again, it's a process where you have to be very rigorous. That's the key. The leakage is minimal if you do it well. Okay, that's very helpful. That's all for me. Thank you. Thank you. Next question comes from Derek Lessard with TD Securities. Please go ahead. Hi there. Hi again. Oh, sorry about that. Hi again. Yeah, this may be just a few follow-ups for me, and particularly on the last question, and it's more related to, I guess increasing minimum wages and stuff in Quebec. Just wondering if there's any other geographies that you're keeping an eye on. I guess I was wondering the same question is how do you look at that in terms of the revenue margin and your contract negotiation? Well, it's, you know what, we have example in Canada, we have four region. In the U.S., we have four regions as well. Derek, I don't know exactly how to pass the information. Quebec is an actually very specific market because 100% of the industry is regulated through a government agency. It's a very clear path forward with Mr. Customers. They all know the rates. Everybody is acting on the same momentum. For us, it's an easier path, if you allow me, in Quebec. The rest of Canada, again, Derek, is our rigorousness to track our contracts and track increases and pass them to customer through a very well-documented process is the key to successfully pass on the expense and the increases. Now we have a fairly good assessment of the Central Canada market because we have negotiated several collective bargaining agreement, and one of them being the major one in Toronto and the other one, a major one in Ottawa. After this, you know, it gives an alignment for all the other smaller CBAs that we have disseminated around the, across the province. In the West, you know what, labor shortage is a little bit, it's a little bit critical, if you allow me to say. In the West, we have nothing. Our collective bargaining agreement in British Columbia is still not mature, and the rest is non-unionized, so it's a question of when we are increasing rates of our people, the customer needs to be aware and needs to agree on it. Okay. Thanks, Claude. another one is, do you have an update on what you're seeing maybe in terms of, you know, cross-lead or cross-selling opportunities between Janitorial, US Technical Services one year after the acquisition? You know what? Unfortunately, Derek, I do not have a specifically documented response to that. I hope that through our IT restructuration, where we're gonna implement a global ERP with a global CRM, we will be able to really encompass our wins and deliver a more structured response to that. I go with, you know what, we live day to day. There is continuous discussion between our technical and janitorial business. I would say the janitorial business traditionally generate more leads on the technical side than the other way around. It's a work in progress. So far, I don't have a specific. If I were to guess, I would say that probably 10% of our customer or 15% of our customer works either or with the two services. Yeah, that's fair, Claude. Maybe some quick follow, some quick housekeeping. Depreciation, D&A was higher in Technical Services and Janitorial USA. Just wondering if there's any one-time items in there, and how should we be thinking about your level of D&A going forward? Stéphane, you'd like to be answer this one you have your numbers? Yeah. No, there's nothing special. It really comes from the from the acquisition. It's all pretty much all M&A related. Okay. Maybe one last one this time. The MD&A says the HRIS fully implemented by mid-2023, and then total cost should be about $10 million bucks. You spent about half of that. Just wondering if it's, you know, how we should be looking at that, the remaining in terms of cost in 2023 and how much would be capitalized. Also the ERP implementation starting soon. Just wondering when you'd expect to complete that and how much of CapEx should be expecting? On the HRIS, most of it at this stage is really OpEx. Like, there's not that much CapEx from the remaining portion. We said that we had mentioned CAD 10 million. That's where we are with what's left, and we would be below the 10 from what we see right now. You can put CAD 3 million, CAD 4 million more maybe in 2023 to finalize the HRIS. On the Dynamics, we're still at the early stage of the planning, the business case, we've not completed that yet. We're working on it's too early to provide a schedule and a date of completion of this project. As you know, these projects are long, lasting timing projects. We're not there yet. May I just add something, Derek? I would like to add something on the Stéphane's comments, if you don't mind. Yeah, absolutely. I think one thing I would like, one thing I'd like to share with you is, you see large IT projects, you know the stories, you know the project that goes well, we don't hear about them. The project that goes bad, we hear plenty. I can tell you this, we took a position of maybe overdoing it a little bit instead of being money pinching on this approach. I think it paid off so far because our first launch of the U.S. business has been pretty significantly successful with a success rate over 98%. It gives us a good comfort zone to continue and finish HRIS. I think this, I wanted to share that with you. Again, for sure, Dynamics with the ER people. I'm sorry. I didn't wanna put names, but the ERP component, we will have the same approach. I don't mind to overdo it a little bit to ensure success of the operation. Thank you, everybody. Helpful. Thank you. Your next question comes from Zachary Evershed with National Bank. Please go ahead. Good morning, everyone. Thanks for taking my questions. Sorry. In terms of the M&A pipeline versus where the balance sheet stands at the moment, you've had some comments on improving the working capital position so far this year. How is your dry powder position looking versus the strength of the pipeline at the moment? So far, you know what we have so far, again, I don't want to make disclosures, but we have a very active pipeline. So far, it's everything in like normal for us. We have enough dry powder to execute on our, you know, acquisitions in the foreseeable future. Should a monstrous opportunity come out, it would be maybe a different conversation. For what we are working within, which is our usual bread and butter, we're pretty well, you know, charged up, and I don't foresee any issue on our financial capacity to execute. If you were to see that monstrous opportunity or the pace of smaller opportunities increases, is your preference to take your foot off the gas and crew or issue equity? Oh, listen, you know what? I'm, you know what? I worry when I have the problem in front of me, if you allow me to say. You know, you know what? What we have, we're very good. Our strategy works well, and we, you know what? We are, we have the capacity to do it. This is what I'm focusing on because this is our bread and butter. Something come up, you know what? There's different models that we can look at. I don't want to speculate on something that is not realistic in front of us. Fair enough. We'll cross that bridge when we get to it. I think that's all for me. Absolutely. I have enough things to worry about without worrying for something that is not there. Your next question comes from Liam Bergevin with Desjardins Capital Markets. Please go ahead. Hi. Good morning. It's Liam for Fred. Good morning, sir. Uh- Can you repeat your name, please? Liam for Fred. Okay, thank you. Okay, thank you. Yeah. My first question would be on the integrated facility services. Would you be able to discuss a little bit on your execution so far on your two initial IFS contracts? Is there any notable learnings from these contracts that are potentially applicable to future contracts? You know, Liam, we always learn from everything we do. It's a new, not a new approach, but it's a more structured approach to multi services. As we go, we are learning to address customer requirements. We built our team. We have actually now we have one more resources on the US development side. We learn every day. Now, is there any significant learning we captured? I cannot... You know what? I don't have anything that comes to mind. The good news is the two large clients that we have taken, lately are we are delivering on their expectation, and the contract delivers on our margin expectation, which is already a good start. You see the big risk, Liam, the big risk in those, test contract is misunderstand the customer requirement and miscalculate the cost of operation. We're very, very structured in that front to minimize our impact. Great. Thanks. Maybe as a follow-up on the Technical Services, strong organic growth. Is there any specific facility types where you are seeing significant momentum like industrial or offices? Or are your market share gains widespread across essentially all building types? Well, yes. I don't have a specific, you know, number per segment, per region, but being disseminated in several regions that deliver sometimes different type of services. I can tell you at end that through our U.S. business, we have developed significant capacity in piping HVAC controls and, like I said, high-rise building retrofit that fueled a lot of projects. On the Canadian side, I think we have a very good year in terms of controls and building automation system contracts, which is a very big area for us. The rest is disseminated in every market where, you know what, there is a bigger customer demand than we are able to acquire better market share in each of our segments. Great. That's all for me. Thank you. Which is that? I'm sorry. Me. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by the one. There are no further questions at this time. Please proceed. Well. Thank you again for taking the time to discuss with us. I hope we were able to answer your questions to the best of our knowledge. As we're getting into 2023, we will work hard to continue on our strategy. We will watch the market. We will also watch the credit market closely. You know, the post-COVID, as you know, has been providing a lot of volatility. Interest rates are rising. Labor and inflation are also in the equation. I'm lucky to have such a great, you know, and talented team that is able to cope with all those variable and making sure that we protect the business and our employees in this variable environment. That can also lead to very, very nice opportunities and time. Thank you very much again, and I look forward talking to you guys in the month of May, I presume. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.