Good morning, ladies and gentlemen, and welcome to the GDI Integrated Facility Services Inc., Q2, 2023 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 0 for the operator. This call is being recorded on Wednesday, August 9, 2023. I would now like to turn the conference over to Stéphane Lavigne. Please go ahead. Thank you, operator. Bon matin à tous. Good morning, all, welcome to GDI's conference call to discuss our results for the Q2 of fiscal 2023. 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 VP of Corporate Development. Before we begin, I would like to make you aware that this call contains forward-looking information. 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 at the end of last night. I will begin the call with an overview of GDI's financial results for the Q2 of fiscal 2023. Then I will invite Claude to provide his comments on the business. In the Q2, GDI recorded revenue of $609 million, an increase of $83 million or 16% over Q2 of last year, which is mainly due to organic growth of 12%. We recorded an Adjusted EBITDA of $34 million in the quarter, a decrease of $4 million or 11% over Q2 of last year. On a year-to-date basis, revenue increased by $179 million or 18% to reach $1.2 billion, compared to $1 billion last year. Organic growth was 13% year-over-year, and revenue growth from acquisition was 2%. Adjusted EBITDA in the H1 amounted to $67 million, a decrease of $7 million or 9% over the corresponding period of 2022. Now, moving to our business segments. Our Business Services Canada segment recorded revenue of $144 million in Q2, a decrease of $1 million or 1% compared to the Q2 of 2022. This segment reported Adjusted EBITDA of $13 million compared to $19 million in the Q2 of 2022, representing a decrease of $6 million. Our Business Services USA segment recorded revenue of $180 million in Q2, representing an increase of $16 million when compared to Q2 of 2022, mainly attributable to the Kinsale acquisition in August 2022, and the appreciation of the U.S. dollar relative to the Canadian dollar. This segment reported Adjusted EBITDA of $13 million in both Q2s of 2023 and 2022. Both Business Services segments experienced flat to slight negative organic revenue growth that is attributable to a lower amount of COVID-19 related extra services as we compare to Q2 of 2022, which also led to lower Adjusted EBITDA margins. Our Technical Services segment recorded revenue of $264 million, or growth of 33% over Q2 of last year, with 31% organic growth revenue. The segment generated an Adjusted EBITDA of $12 million, representing an Adjusted EBITDA margin of 5%. Revenue growth from the business is attributable to a strong increase in project revenue and higher service revenue compared to the previous year. Finally, our Corporate and Other segment reported revenue of $21 million and a negative Adjusted EBITDA of $4 million, compared to revenue of $18 million and negative Adjusted EBITDA of $2 million in Q2 2022. The Corporate and Other segment is composed of GDI IFF, GDI janitorial products manufacturing and distribution business, as well as GDI corporate costs and the elimination of intercompany transactions. I would like to turn the call now to Claude, that will provide further comments on GDI performance during the call. Well, thank you, Stéphane. Bonjour à tous. Good morning, and thank you all for taking the time to participate in our earnings call this morning. I am pleased to report that GDI delivered another decent quarter, like Stéphane just stated, with $609 million in revenue or a 16% growth over Q2 last year, including a double-digit organic growth rate of 12%. As expected, our Business Services Canada segment continued to experience a reduction in EBITDA margin, as we have been adjusting to the new post-COVID operating environments, especially in the Class A office market, as we expected. I'm happy to say, however, that we feel we are approaching the end of the decline and expect EBITDA margin to begin to stabilize in the H2 of 2022. Our Business Services USA business has a good quarter, generating EBITDA that was in line with the prior year. We're also seeing an increase in bidding activities in both our Business Services business and I'm optimistic regarding organic growth in the coming quarters. Our Technical Services business is continuing to perform well. Ainsworth delivered organic growth of 31% in the quarter as it executed on its record backlog, while also generating higher levels of service revenue. Ainsworth EBITDA margin was 5% in what was usually the business' second weakest quarter. Again, this quarter, the business was able to book as much as it built, and the backlog remains near record level. I remain very positive on the outlook for Ainsworth going forward. Our manufacturing and distribution business continues to progressively recover from its COVID-19 lows. We have been seeing a gradual improvement in results almost monthly during 2023. Additionally, our Integrated Facility Services business is executing on its two inaugural contracts, as it has been building a pipeline of potential opportunity across North America. Overall, I'm very happy with how GDI performed in this quarter. We've delivered strong revenue growth. Our margin is stabilizing in the Business Services segment. The outlook for LT levels of organic growth is positive across all our business segments. One area where we have identified for improvements going forward is our working capital management and some improvements in our SG&A cost structure. Our Technical Services business growth is for sure, has generated a higher demand in working capital requirements. As a result, with strong organic growth during 2023, we have made significant investment in working capital to support this growth. We are actively working to identify and implement short-term and long-term strategies to reduce working capital requirements across all our business lines, we expect to see progress being made during the H2 of this year. Our balance sheets remain strong, our leverage is within our comfort zone, we have a healthy pipeline of strategic growth opportunity that we are actively working on. I'm looking forward to seeing our business perform in the H2 of this year. Thank you again for your time today, operator, you can please open the line for questions. 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 touch tone 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 polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Derek Lessard with TD Cowen. Please go ahead. Yeah, good morning, everybody. Hope you're having a great summer. Thank you. You too. Yeah, thank you. In the press release and in your pre-prepared remarks, Claude, you did mention that you expect the Adjusted EBITDA margins to stabilize in the H2. Just curious if, you know, one, if you're referring to both for Business Services segments or just Canada? The EBITDA margins came in at 9%, and if I interpret this right, you're expecting, you know, it to come in around 8% by the end of 2023, and that's still above, you know, the 6%-7% pre-pandemic level. Could you just maybe help us bridge the gap there, and what would be a reasonable long-term expectation for those margins? Well, you know, Derek, I think you are stating it correctly. You know what? I cannot be extremely precise, my apologies, on exactly the numbers, but we are. This is the fact: We are stabilizing on the revenue side with GDI Canada. GDI US has been stabilized for a while now because, you know what? The business has been going back to a normality a little bit faster than Canada. In Canada, we're still, you know, there is volatility. We are still dealing with office and income inoccupancy, reductions in prices, and the diminution, the diminution of all the extra work, a significant diminution of extra work. What we have seen, you know, in the last probably month, month and a half, is now there is a certain stability, so we have a more, a little bit more visibility on the revenue. I was saying before, I do feel like going forward, we're going to have an increase in the margin because of many factors. Yes, I think that we will be in the 80s, 90s. This is what we are expecting towards the end of the year. Okay. I, I guess I'm curious on what's, what's driving sort of that step up in, in the, the margin profile in Canada. Well, listen, you know what? I don't like to talk about the recipe openly all the time, but let me put it this way, is for sure with the reduced occupancy, we are able to optimize a little bit our efficiency and it helps. We are still having, you know, a certain, certain amount of, you know, extra work generated by the post-COVID, you know, by the COVID, pandemic, you know, tail. It makes it overall, the mix together, enables us to do a little better than traditional. Okay. Thank you. That's, that's, that's helpful. The one other question I have before I leave you is, you also noted an active pipeline of repeating opportunities in, in Business Services. Could you maybe add some, some color to that? You know, what type of markets, what type of properties those are? Well, listen, actually, you know what? We are... Okay, let me, let me be sound politically on this one. We have a mas- you know, yes, we are pursuing business services both in Canada and the US, but I would say that we have a, you know, I'd say we have a bigger focus in the US, actually. We have completed some technical acquisitions during the year. We're still working actively on, on this front. I just can tell you that David Hinchey and the teams are not, they're not at home, in vacation. They're working hard on a few things. Okay. Thanks for that, Claude. Okay. Sorry, I cannot tell you more. Your next question comes from Jonathan Goldman with Scotiabank. Please go ahead. Hi, good morning, thanks for taking my questions. I wanted to ask about the Technical Services margins. You mentioned that Q2, the second weakest quarter seasonally, margins were close to flat quarter on quarter. How should we think about the cadence and margins for the balance of the year and going into 2024? Well, you see, the way that, you know, like, like I was saying before, is we don't have a great seasonal, seasonal, seasonality, you know, in our revenue, but we still have a little bit of it. Example, in the Technical Services, you know the, you know, the service, the break fix and open, you know, the maintenance, opening up air conditioning, setting up system for air conditioning. You know, the Q1s we have, you know, we have, you know, holidays, we have less working days. In the, the Q2, we really start making, you know, working heavily with service calls and everything toward, towards the half of the Q2, and it goes along all the Q3 and fourth. When we say weakest quarter, is the business mix is different. We do a lot more project than maintenance and break fix calls. As the Q2 comes in and the Q3, these margins are really picking up and, you know, providing us with a better overall return. Also, in the summer, it is a time where, you know, we execute a lot of installs, and it certainly is healthy for the margin as well. So that- 2024, I think, I think it's going to repeat itself. You know, allow me to just add up a little bit on this. Yes. You know, with the backlog that we have and the way that we're building it and that we are positioning it, is our visibility is 2024 will be... is, is looking to be a very good business year also for Energère. Like I said, our challenge is to cope with the increased revenues. We have to work on the margins. We need to be better on our working capital management. You know, we need to change a little bit our approach on the financials as the interest rate has grown significantly. This is where we have to work. On the revenue side and profitability, I don't think we have a, I don't think we have a big issue at this time. Okay. Just to follow up there on the margin, what's your confidence level that you can get back to 2019 margins or even exceed that 6% high water mark? Also, what would it take to get there or above that? Well, yeah. Well, yeah. Well, well, maybe, maybe we misunderstood each other. What I'm telling you- Yeah is the technical business by the end of the year will be within its margin as the next two quarters, the next two quarters are usually very profitable on the business. It's not like, what are we gonna do to get back to the margin? I think we are right working towards that with the next two quarters. Now, I think on the Business Services side, that we actually will perform, going forward, we perform slightly better than our 6% margin. We're not into a recuperating mode. The business is right into it. No, that makes sense. Thank you for clarifying that. No problem. Next one on capital. Oh, no, one on capital allocation. I guess just given where the stock's trading and also what you're seeing on the deal flow side of things, how do you assess the relative attractiveness of M&A versus buybacks? Well, you know, on the, we still believe that, smartly acquiring businesses, integrating them and optimizing them is the most, the best value creation. There is still, we're not in a position where we don't see opportunities. We are still working on our $3 billion by 2025. We are very well into it, as you see. I don't see the need to actually, you know, invest heavily on using capital to buy back shares. I think the opportunity is still into growth going forward. That one makes sense, and it seems to have worked in the past as well. Thanks for taking my question. Hey, my pleasure, my friend. Thank you. Your next question comes from John Zamparo with CIBC. Please go ahead. Thank you. Good morning. Good morning, sir. Good morning. I wanted to start on the working capital dynamics and you identified some efforts you're taking to improve this. I wonder if you can give some detail on what exactly these efforts are? What's the kind of timeline you expect to have them in place? Okay. Can you just repeat, please? Because the, the first part, you know what? I did not hear you at all. Sure. The, the press release and, and also your prepared remarks, you, you referenced some improvements you're trying to make in working capital and, and reducing that level. I wonder if you can talk about some of the details of, of what exactly these efforts are and what kind of timeline you expect to have these remediations in place. Okay. No, thank you very much for repeating. Okay, working capital strategy. You know what? We are, we're working on, you know, 3, 4 fronts at the same time. Let's go 1 by 1 very quickly. First front is, you know, when the interest rates were 1, 1.25, 1.5%, you know, we had a tactic to, you know, to, you know, ensure the best service by being a, a fast, payer. Now with the new environment, now we're getting, we're getting a bit more savvy on the way we treat our money outflow on that front. Secondly, on the revenue side, especially in the Technical Services group, is we are redefining our strategy, meaning that, you know, requiring deposit from our customers on projects where there is heavy equipment to acquire. You know what? Improving on our order-to-cash segment. You know what? Implementing more and stringent, stringent AR collections effort. As you see, it's many pieces like this that will improve overall. If we reduce our DSO by 4 days, we increase our cash inflows through deposits. Example, improving our WIP, because for me, my order to cash, there is a portion in work in progress that is, you know, shows in the revenue but is not, you know, billed directly to our customer. Now we're working extensively to reduce that gap. This should improve significantly our working capital requirement in the Technical Services segment. On the Business Services segment, is we are reorganizing our subcontractor base into, you know, more advantageous terms of payments. Okay. That's, that's great color. Thank you for that. Just to follow up on that, is, is more of the source of the increase in receivables, is it, is it fair to say it's coming from Technical Services rather than, rather than your other two segments? Well, yeah, you know, you're not far from the truth. They both have experienced a little bit of lag. You know, interest rate is growing, and we see it in our receivables. People are a little bit, you know, more savvy by paying. Yes, for sure, the Technical Services business is a big user of our working capital lately. In receivables, because we're working with commercial real estate, where contractors working within the space, we need to be a little bit more annoying, let's put it this way. Okay, fair enough. Well, just 1 more on, on the receivables. I, I didn't see a, an aging schedule in any of your filings. Can you say approximately what% of the $550 million or so in receivables would be considered overdue on your terms? Well, listen, you know what? I think that traditionally, no, not today. Lately, I think we're saying about, you know, hopefully I won't get, I won't get in trouble with my team if I make a number, but I would say probably between 12% and 16% is usually our going rate on overage, and not overage, but over 90 days plus. Okay. No meaningful change to that versus historical levels? Well, you know what, I'm used to take about 12%, 10-12, so it's a little bit there, but the big gap is not so much on those over overages, because we are very we are added, regularly. You know what I'm saying? Continuously. It's the 45-55-65-75 that are moving upward. You know my, you know my point? And there is a lot of money there. The slide is not from 40-120, but the slide is from 45-60 or 65. This is what I'm saying, that I want to improve by four days. Got it. Okay. That's, that's good color. Just two more subjects. The first is on, on labor. We've seen an increase in labor disruptions and labor disputes and strikes across different service industries. Has there been any change in your relationships with, with labor? I was wondering how you characterize the relationship at the moment. Well, we have great union relationship. We love them all, and we're all happy together. No. Okay. Okay, I'm sorry. I was dreaming for a moment. You know what? Traditionally, we are a business that is quite stable on that front. We rarely experience significant labor, labor shortage. I don't, I don't expect any major, major issues going forward. We're gonna have a large union agreement negotiation next year. You know, we're working with unions that are sensible to the economics. For sure, the inflation has provided a point of pressure in our negotiations, but we went through most of our business service in Canada on the larger ones, and we were able to reach agreements and work with our customers into that. I don't expect major, major issues, but we will... I, I hope that 2024 and 2025 will have a certain stability on inflation and interest rates, and, you know, I think it will help better. Yeah, understood. Okay, just one final one. In, in your prepared remarks, Claude, you referenced that you're looking to cut some costs out of the business. What, what segment does that relate to? Can you quantify what, what level of costs you'd like to reduce? Okay. Well, listen, again, I don't know if I can put a number, but if I were to think to reduce by 5% over the next 3 quarters, it would be not out of the gate. We are doing it on every segment. Each segment, we can find better efficiencies. You see, I would say something maybe not nice, but you know, COVID was very, very, very destabilizing overall, and I'm sure that you have that in many business. Now what I'm doing is, and what we're doing, because I'm not alone in that, the management working as a team on that, is we are straightening up our, our approach. We are refocusing on the business necessities. You know, we're, we're tightening up the ship. This is what I'm saying by cutting costs is, you know what? We're trying to remove whatever is not supposed to be there, and we are we change from managing volatility to efficiency management. This is the shift. It, I will say that like this, is, we I'm not moving to crisis mode, but I'm saying is we have to be extremely prudent, and we're acting accordingly. Does it make sense to you? Yes, that's, that's very clear. All right. I appreciate all the insights. I'll leave it there. Thank you very much. Thank you very much. Your next question comes from Zachary Evershed, with National Bank Financial. Please go ahead. Good morning. Good morning, Mr. Zachary. I'm curious if there are further levers that you'd like to pull for margin expansion in Technical Services. Once you've looked through the working capital and that's optimized, what's the next step for the, for that business segment? Well, the next step is to, you know, to, I would say, improve our customer projects and margins. We have a very extensive backlogs. Probably in some regions, it gives us a little bit of flexibility on improving our gross margins, and for sure, this will affect the bottom line. This will be one strategy to be a little bit more aggressive on our project pricing. This is one thing. Secondly, the same thing I said for our overhead, for sure, the Technical Services require far more support than expected. By growing, I think we can find a little bit more efficiency. At the end of the day is, Stéphane and the financial teams are working actively into our new systems, that when, you know, our, our future in technology and systems. We also think that this will provide more visibility, more flexibility, and also overall financial efficiency in our overhead spends. Good color. Thank you. I did miss the beginning of the prepared remarks, so apologies if you've covered this already, but did you provide any color on the ERP unification project? The ERP unification project? The ERP. Oh, okay. I'm sorry, I was saying, I said I did not know we were in Europe. Okay. Okay, okay, I'm sorry. Okay, the ERP. Well, actually, ERP is, as you know, we are completing the integration of our HRIS systems. Now we have most of Canada on, and all the US is on board, and we're completing the transition. By the end of the years, we should have completed the integration of the whole company. Beginning of May 2024, we should be done and integrated. This is our main focus right now. There is a little team preparing and working around the products and the systems and building up, you know, what, the skeleton of it. This project will really see the light of day starting early 2024 going on. It's still in the... It is in the project. We have the team to do it, we have the means to do it. Now the focus is to really complete our HRIS transition. Gotcha. Thanks. Just one last quick one. In the M&A pipeline, do you think you have a greater focus on scope, scale, or geographic expansion? Scope and scale- not scale, but scope and geography. You know, again, I don't want to jinx anything, but I do believe that we saw a lot of activities in the COVID time on acquisition, you know, acquisition and everything. We do believe that within the next couple of years, there will be opportunities that will present themselves. Now, you know, the interest rate is going up, and, you know, we, we have not seen the end of it, I mean, as far as the effect on businesses. Now what we are doing is we stay focused on our usual path, prudent approach, and I just wanna make sure that we're ready when opportunity shows up, probably in the next four, five, six quarters. We do believe that there will be opportunities. Great. Hello. Thanks. I'll turn it over. Thank you, sir. Your next question comes from Frederic Tremblay, with Desjardins. Please go ahead. Good morning, Frederic. Good morning. Good morning, everyone. On the positive organic growth outlook in Business Services, you highlighted that you also highlighted in the call that office was kind of stabilizing over the past month, month and a half. Should we understand by that, that the organic growth outlook is stronger in other end markets, such as industrial or maybe education or healthcare? Can you just maybe comment on sort of the organic growth outlook by end market, if there's anything that stands out? Well, we are redefining, you know, that's a very interesting thing, because we're working and redefining our target sector, because commercial real estate, I don't think it's, it's a news to everyone, it would be a little bit under the weather for a while. Yes, for sure, we're focusing a lot on industrial, a little bit in healthcare. Education, education, Frederick, again, I don't wanna make a statement here, but I will do a little bit. You know, it's very interesting, you know, there's a lot of revenue to pick up. Bottom line is not always at the rendezvous, so I'm a little bit conflict on education. You know, what we have done best so far is pick and choose properly, and this is the key. A good business mix, a good geography, focus on margin, don't, you know, try to not take, you know, negative projects. It has been a recipe that has worked so far. I intend to keep it like this. You know, we're not for the show. You know, I'd love to show 8%, 10% organic growth top line, but this is not my main focus. We have to grow organically, yes. We have to grow with the right project. So far, you know what? You know, beginning of the year was a little bit, I would say, you know, shaggy. As the year goes on, I'm encouraged with our good, our good structure and everything. You know what? I don't see it, I don't see, I don't see it extremely-- I don't see it as a out, you know what, an out of this world growth. I see that there's good potential. Great, that's very helpful, thank you. Maybe switching to Technical Services, when speaking about, you know, margin and leverage, you mentioned pricing for projects. Anything to do on the on-call services? Are those maybe higher margin than projects? Perhaps you could try to shift the mix, if that's possible at all, in either organically or through future M&A. My friend, what do you think we're doing? Absolutely. You know what? Recession times, are dangerous times, you want to make sure that you're the break fixer of everyone. You know what? We have a vice president, we shift a vice president and a team, 100% focused on developing and, you know what, promoting and, growing our, break, fix, and service call, and maintenance business, because we do believe that if tough time comes, again, I'm not saying that it will come, but, better safe than sorry. We are focusing actively to bring back our business to, you know what? I should not say it, but to a 50/50, probably, mix between projects and service business. There's an old saying, if, if service calls pays for the whole overhead, you can go through any storm. Great. One last question for me on, maybe on Energère and your energy efficiency solutions. Can you maybe provide an update on, sort of the demand and demand environment and backlog, maybe there, just general comments, and just an update as well on your, I guess, ambitions to grow your energy efficiency solutions outside of product? Okay. Okay, Energère. We acquired this business February last year. There was a lot. Let me put it this way, in a very blunt, really way, there was a lot of legacy project we had to complete, which were not fantastic, so we suffered a little bit on that front. Secondly, over the last three, four months, they have turned the corner into profitability where they're supposed to be. Thirdly, we have significant wins in these divisions, so it's very, very encouraging going forward, that the business is going to deliver on the promise. This is one bucket. Second bucket, we are very involved in pursuing our development in energy, energy efficiency and technology. Our head of the technology division has now moved to Montreal, and he will oversee this segment as a global segment. Thirdly is, we have issued a press release lately, regarding, you know, an alliance with energy and an energy engineering firm in Ontario. This will enable us to participate in partnership with them into microgrid development projects. Yes, it is a very, very big focus in the business, and we're, and we want to be- we want to make sure that we will be the go-to guy for decarbonization and energy management projects. Now it's a built up, it's a, you know, it's work in progress. I think that within the next year and a half, we should have a structure that we'll be able to service every segment of the business. Great. That's good. Your next question comes from Jeff Fenwick, with Cormark Securities. Please go ahead. Hi, good morning. Good morning. Good morning, sir. I think most of my questions have been answered, but I'd appreciate the color. I wanted to circle back to the M&A discussion. You mentioned there may be some opportunities on the horizon out there. Could you put that in the context of your, your balance sheet position? When I look at your debt level today, debt to EBITDA is around 3 times, I would imagine, on a go-forward basis. How comfortable are you with the leverage level there, and would you still feel comfortable taking on a bit more debt if you find the right, the right acquisition? Yeah. Well, as I was stating, I'm prepping, you know what? We're prepping for this opportunity, so it means that for sure, this is why we are, you know, we are investing a lot into, you know, improving our working cap. That takes a significant part of that, paying the debt. We want to get the money in. That's one thing we're doing in order to be better prepared. This being said, we have room. I'm sorry, one moment, please. This is the operator. Did I mute you? His line has been disconnected. One moment, please. Hello, hello. Hi there. I'm, can you hear me? I'm still on one. My apologies. Technical difficulties with the provider, I don't know what happens. Okay, where was I? Well, yeah, working cap. Yes, we are in our comfort zones. We have maneuvering. We have a margin of maneuvering. If we find the right opportunity for sure, you know what, we are comfortable to, you know, take a little bit more room into it. The general idea is to be the best prepared in the next four to six quarter to be, you know, with maximum capabilities. We have great relationship with our bankers. I don't think there is any discomfort at this time. We'll do it one thing at a time. Yes, you know what? I want us to improve our debt level so we are, we are able to gain when we have good opportunity. Growing it down and reducing the debt for that. Absolutely. Then from the working capital, I think the build this year has been about $65 million. You think there's an opportunity to recover a meaningful amount of that back into cash through the back half of the year, or is it more gradual than that? I think it will be gradual. I think it will go over three, four quarters. You know, the gang is working very hard to provide me, you know, their specific day-to-day planning. If I were to say a number, probably we could recuperate half of that. You know what? Taking out timing issues, you know what I'm saying? I think that Stéphane and the teams are working to recuperate, probably, I would say, half of it. Again, it's a, it's a guesstimate. I don't want to, I don't want to you to, to, to go with it and make it a statement. Okay, that's very helpful, Claude. Thank you. I'll leave it there. Thank you. Your next question comes from Derek Lessard with TD Cowen. Please go ahead. Yeah. Thanks, Claude. I appreciate the, the follow-up. I just, I wanted to hit on another one in Technical Services. Curious as to what's preventing you from converting more of the backlog in, in, into revenue? Well, people, to start with. You know, there's a limitation on the usage. You know, we're working now, I would say, to the high 90s, on our labor utilization. You know, it goes with technical. We are close to our capacity. Secondly, is also in projects, we have to go with the flow of the general contractors. We cannot install more than we are provided for as a space to work. I would say that I would privilege higher margins than growing, making more revenue. Mind you, that we try to work on both. The good news is, since we have a very good reputation, we have been able to attract quality technicians to work within, within the group. That's a good news. We have a good pace of work. Example, just to give you an example, we have acquired and we are installing laser cutting equipments on our piping division in order to be able to execute more and improve margin. I'm working more on the efficiency than absolutely beating the top line all the time. Okay, Claude, that's, that's helpful. Thank you. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one. There are no further questions at this time. Please proceed. Well, thank you very much for your questions and for taking the time to listen to this call. I would just say in closing that we're focusing on what I call my four, the four to-dos that we have: improve working cap, increase the margin, work on the debt, and these are points that we're working and continue on to our prudent acquisition mode. So these for me are very important. The second thing I would like to share with you is, we just have lived a tremendous time. You know, we, we have lived very, very special times with a lot of volatility, a lot of new changes, and we have to adapt to that. I think the good news is that we are in the tail of it, so I think we're starting to have more visibility. I hope in the next quarters, we'll be back to our stable, stable result and stable growth that we have been doing for the last 10 years, but with an improved margin. It's not all bad, but we're still coping with all the, the, you know, all the changes that we have to go through. Thank you again, and I look forward to the next call with you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect.