Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like to welcome everyone to Héroux-Devtek's Fiscal 2022 Fourth Quarter and fiscal year results conference call. Note that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star then one on your telephone keypad. If you would like to withdraw your question from the queue, please press star then two. Before turning the meeting over to management, please be advised that this conference call will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. We refer you to slide two of the accompanying presentation available on the company's website for the complete forward-looking statements. I would like to remind everyone that this conference call is being recorded today, Thursday, May 19, 2022, at 8:30 A.M. Eastern Time. I will now turn the conference over to Mr. Martin Brassard, President and Chief Executive Officer, and Mr. Stéphane Arsenault, Vice President and Chief Financial Officer of Héroux-Devtek. Mr. Brassard, please go ahead. Merci beaucoup, Sylvie. Bonjour à tous. Good morning, everyone. On behalf of all of us here in Longueuil, welcome to our fourth quarter and year-end earnings conference call for fiscal 2022. As usual, I invite you to follow along by referring to the financial statements, MD&A, press release, and presentation, which can be found in the investor section of our website. In many aspects, Q4 was somewhat similar to the seven prior quarters since the outset of the pandemic. Civil production rates remained slower, in particular for the Twin Aisle programs. Supply chains continued to be challenging, and the various waves of COVID required flexibility and adaptability to maintain throughput despite absenteeism and disruption. Yet, in other aspects, Q4 was also very different. As we were collectively beginning to live and cope with COVID, new factors precipitated the aerospace industry back to a more uncertain environment. The war in Ukraine and the rapid rise of inflation added more pressure on an already fragile industry-wide production system. I believe that these new dynamics will call for the same approach we have applied for the past two years. Agility, lower fixed cost structure, discipline, and resilience will be required to continue to deliver strong results. If this approach has worked well so far and will continue to be the cornerstone of our strategy, it is namely because of four critical factors. First, our diversification. About 60% of our revenue come from the United States, 25% from Europe, and 15% from Canada and other countries. This testifies a strong customer base. As well, we have a broad exposure to each of the civil and defense markets and sub-markets. The second critical factor is the strength of our balance sheet and our working capital management. Third, our close relationship with our customers. Finally, our culture of dedication at all level of the organization, from our leadership team to our entire group of employees. We take none of these strengths and attributes for granted and could not be more focused on continuing to nurture them. I would like to take this opportunity to thank our employees for their relentless commitment. Their dedication and hard work allowed us to achieve good results for fiscal 2022. Now onto our detailed financial results. Stéphane. Thank you, Martin, and good morning, everyone. As usual, please be aware that we will be referring to certain non-IFRS measures during the call, including Adjusted EBITDA, Adjusted net income, and Adjusted EPS. All non-IFRS measures are defined and reconciled in the MD&A issued earlier today. In Q4, consolidated sales decreased 4.9% to CAD 147.5 million from CAD 155 million last year. Defense sales were up 2.1% from CAD 107.3 million to CAD 109.5 million, while civil sales were down CAD 9.7 million to CAD 37.9 million, mainly driven by lower deliveries for large commercial programs. For the full year, sales were down 6.1% to CAD 536.1 million from CAD 570.7 million last year, in part due to the CAD 21.9 million negative impact of foreign exchange, representing 3.8% of sales. Excluding this factor, defense sales were up 6.6% for the year, reaching CAD 386.7 million, accounting for 72% of our consolidated sales, while civil sales decreased CAD 37.7 million to CAD 149.4 million. In Q4, gross profit increased slightly from CAD 25.2 million to CAD 25.9 million, while for fiscal 2022, gross profit decreased to CAD 91.1 million from CAD 94.9 million last year. As a percentage of sales, gross profit for Q4 rose from 16.2% to 17.6% and grew for the year from 16.6% to 17%. The increase in gross profit as a percentage of sales for the quarter and the year was mainly driven by the positive effect of our early restructuring initiative, including lower depreciation as well as a positive sales mix. These positive elements were partly offset by the effect of lower throughput and higher quality-related costs. For the quarter, operating income decreased to CAD 11.5 million from CAD 12.2 million due to higher non-recurring items. Adjusted EBITDA stood at CAD 22.1 million or 15% of sales compared with CAD 25 million or 16.1% of sales a year ago, due to the CAD 1.4 million negative year-over-year impact of foreign exchange, representing 1% of sales and to lower throughput caused by the current difficult environment. For the full year, operating income rose to CAD 44.8 million from CAD 34.1 million, mainly due to lower depreciation and non-recurring items. Adjusted EBITDA stood at CAD 83 million compared with CAD 88.3 million, in line with the prior year as a percentage of sales at 15.5%. Finally, earnings per share grew to CAD 0.33 in Q4, up from CAD 0.24 last year. Excluding one-time charges, Adjusted EPS reached CAD 0.38, up CAD 0.10 from CAD 0.28 last year. For the full year, diluted earnings per share grew sharply from CAD 0.55 to CAD 0.90, while Adjusted EPS increased to CAD 0.95 from CAD 0.80 recorded in fiscal 2021. Let's now turn to our financial position. The corporation's net debt position remained relatively stable throughout the fiscal year, closing at CAD 152.1 million, as free cash flow generation offset the CAD 43 million allocated to the NCIB. As a result, our net debt to Adjusted EBITDA ratio remains stable at 1.8x as at March 31st. We also extended our CAD 250 million revolving facility to one year to a maturity in June 2027. Finally, let me say a word on the normal course issuer bid. A few weeks ago, we completed the NCIB announced in May 2021, having repurchased 2.4 million of shares for a total consideration of CAD 43 million. Today, we are announcing a new NCIB to repurchase for cancellation up to 1.9 million outstanding shares. We believe that this flexible tool can allow us to pursue our objective to optimize capital allocation while enabling us to continue to seize opportunities, both organic and acquisition-related. Back to you, Martin. Thank you, Stéphane. Looking into the future, we do expect a challenging year, but the management team and myself believe that we are in a strong position to deliver strong results for fiscal 2023. As stated a few minutes ago, we are well diversified geographically, and we have good contracts in the civil and defense markets. We will continue to work closely with our employees and our suppliers with the objective of delivering on time and on budget. We have a strong balance sheet which allow us to implement a new NCIB while continuing to invest in our company and also look at potential acquisitions. In concluding, the future is very hard to predict, but the agility of our people, our great customer base, and our financial stability lead us to believe we will have a positive fiscal 2023. Sylvie, we are now ready to answer questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star then number one on your telephone keypad. If you would like to withdraw your question, please press the star then number two. Again, if you have a question, please press star one on your telephone keypad. We will pause a brief moment to compile the roster. Your first question will be from Konark Gupta at Scotiabank. Please go ahead. Thanks, operator, and good morning, everyone. Morning. Morning. Maybe my first question perhaps on margin. So like in the good quarter, I guess, margin very stable at 15%, throughout, you know, Q3, Q4 and, 16% before. Now, looking ahead, Stéphane on margin and, Martin, you know, where does the margin, you know, how do you see the margin profile from here, considering the inflationary pressures you're seeing across the, you know, raw materials, and labor? And can you remind us, you know, how do you mitigate those inflationary pressures usually through your contract? Yes. I'll take this question. There is cost pressure, right? To achieve that 15% margin, you can imagine with the disruption that we had in December, January, we had to, as Martin said in his quote, we had to deliver the quarter in two months, which is really amazing from our teams. Obviously this was done with higher costs, right? That's why the margin is lower at 15%. We don't see this changing in the coming quarters. I believe we'll still be challenged on that side, on the cost side, because of the higher utilities cost that we are incurring in some country like Spain. This cost pressure, we don't anticipate this will stay for the next quarter or so. For us, we're still navigating, you know, to maintain the margin. To your question, how do we do? We have different contracts with our customers, so Martin can better explain this part. Yes. Konark, you know that our contracts that we have, you know, are IP contracts. These are life of the program contract. Those are normally, you know, with escalation formula. We're applying, you know, these escalation formula to benefit, you know, not to benefit, but to adjust the price, in relation with the current environment. We do have contract in the aftermarket, you know, which is on PO-to-PO basis. We honor our PO. The repeat orders, you know, we can adjust the price according to the new cost structure or the inflation. That's how we adjust our price, you know, into this mechanism. Obviously, to cope with inflation, we need to drive efficiencies in our production system. We need to look out there, you know, for supply chain source, you know, competitive supply chain supplies. That's how we cope. We found good surprises, you know. Some people are increasing costs. Some of them that wants to do business with us. It's everywhere that we need to attack. Every cost needs to be put on the table, and that's what we're doing. After the closure of Alta Precision, if you remember, Konark, we closed Alta Precision. We said in this call that we will relocate production into other facility. We don't do popcorn. We had to transfer machine, transfer tooling, transfer methods and programming, do first article. That's what we've done. This is complete. Now it's the phase of reoptimize, you know, those contract, you know, in reducing the cost by automation and also our current programs that we're actively pursuing automation in order to cope with the inflation that could cause into our labor. Different aspects. All the team is committed. We have people traveling the world. We have people that are focusing and improving the current production system. That's our intent to adjust and making sure that our price reflect the current market, because. There's a lot of work to be done, and we're committed to make it happen. Does that answer your question, Konark? Yeah, that answers my question. Thanks so much for that. Maybe my last one before I turn it over. Boeing is having a lot of issues with several commercial programs here, like that's out there in the media, obviously. How is that impacting the recovery in your civil segment? You're talking about the 777X delay, is what you're referring to, Konark? Mostly 777X delays and then, like, I think there was some chat about 787. I know you have small exposure there, but you know, like Boeing in general is having you know, issues with their programs. Does that you know, hinder your ability to recover the civil business or you know, it's kind of unaffected given your contracts? No. It's indirect impact, I would say. You know, 777, the delay of 777, 777X, Boeing made it public, so they will replace those production rate in the short term, you know, the units that were to be produced on the X by freighter, 200 freighter. They want to keep their production rate somewhat slightly up compared to this year. That's the intent. But again, you know, it's a different dynamic. We're ready to increase our production rate on the 777, and we're ready to meet the demand of Boeing. Now, Boeing needs to make sure that all of its supply chain, you know, will follow, so to adjust to this, so. Then 787, we have limited exposure, so I don't have any opinion there. It is still fragile. You know, the twin-aisle market is still a market that is somewhat fragile. We're looking forward to have the 777X, you know, in service. It's a fantastic airplane, and there's a lot of airplane in the backlog. We're looking forward to have the production rate increase in that airplane in service. That will increase our top line, that's for sure. Again, Konark, you know, the strength of our company. We showed it, you know. We won new contract in the solid market, which is the military market with F-18, F-15, MQ-25 and CH-53K. We have the business aircraft also, Dassault. You know, we'll enter in service the Dassault Falcon 6X. The other one, the 10X will enter in service, you know, in three years from now, I believe, you know. The thing is the orders are there. You know, we believe it's the way to make these orders and to produce them efficiently. That's our main concern, you know, for the fourth quarter to come, right, Stéphane? Yep. Do you agree with that? Absolutely, yeah. Okay. That's great. Thanks so much, and congrats on a good quarter. Okay. Thank you. Thank you, Konark. Next question will be from Benoit Poirier at Desjardins. Hey, good morning, gentlemen. Good morning. Morning, Benoit. Yeah. Just to come back on the 777X program, is it fair to say that Boeing is still looking to increase the rate from two per month to three per month in calendar year 2022, despite the 777X delay? It's really fair to say that. Okay. Perfect. Okay, that's great. Stéphane, when we look at your EBITDA in the quarter, it seems that there was. Could you confirm whether the government assistance positively impacted EBITDA by about CAD 2.5 million in the quarter, and what we should expect in terms of government assistance or the CEWS for fiscal year 2023? Well, the CEWS ended at the end of December. There was not much benefit on the Canadian side on that part. There's a program that ended at the end of March in the U.S., but it's not that significant. It's really R&D tax credit for us that we have a lot of activities right throughout the company, developing new product for our customer, either in Canada, in Spain or in the U.K. That's mainly the favorable impact in the quarter on that side. Okay. Which is about CAD 2.5 million, Stéphane, right? Yeah, yeah. Slightly below CAD 2 million because there's a portion, like I said. Okay. is a West grant. Okay, perfect. In terms of overall government assistance, would it be fair to expect still some contribution in the fiscal year 2023? Well, we always have R&D tax with this, so these are programs that are in place with the different authorities across the world I mentioned where we operate. Mm-hmm. This will continue in the coming year. Okay. Perfect. That's great. When we look at the overall defense spending, obviously we've seen with the unfortunate war, we've seen the response from the U.S. in terms of defense spending, the NATO countries. I'm just wondering now when you look at your bidding pipeline, whether you've seen an increased momentum, increased interest on the bidding activity? Yeah, we will see, Benoit. We will see some interest. We're seeing the first sign of it, you know. When we have a airplane flying, you know, you have a aftermarket, but it takes some time to reflect it in our numbers, right? Of course, you know, what is happening will make this defense market I am expecting bigger. Yes. Okay, perfect. Looking at the Canadian fighter program, obviously leaning toward the F-35, any thoughts on the opportunities for Airbus to increase your content given the IRBs in place? Well, this is not a contract with IRB, I believe, right, Benoit? F-35 Canada decided to join the program back in the 1990s and that's the reason why we have some content on the F-35. Of course, you know, of course we use that to get some additional business with Lockheed Martin, and Lockheed Martin is very satisfied with our performance. We never know. That helps somewhat. We never know if we could increase or offer more service and get a better share on the F-35. That's for sure. Okay. For fiscal 2023, Stéphane, could you maybe talk about the levers that could impact organic growth for commercial and military? What are the puts and takes to what kind of organic growth we might expect from both segments looking at fiscal year 2023? On the large commercial side, really this year, fiscal 2022 was the adjustment from the lower rate on 777, but also if you recall the repatriation of the business from tier two to tier one customer. That's really finished now on that side. Really, the business jet, as Martin said, we're looking at delivering success, continue to increase the rate on that part. This is positive, right? On the large commercial side, as Boeing is increasing their rate to three a month, that will be also positive. I think it should be a plus. On the civil side and on the defense. Really what will make the difference in the next fiscal year, we're very busy on the aftermarket side in the U.K. for both MRO and spares. We also have the Boeing F-15 that is starting this year. We had no sales in the last fiscal year, so it's gonna be positive. For us, it's really not a question of having the order in the business. It's more a question of the execution in the current environment. I think this is where we are facing our challenge. Okay. Last one for me, Stéphane. Could you mention some color about the CapEx expectation and given the growth prospect for fiscal 2023, whether there will be some investment required in the working cap? CapEx side, the range remains about the same, right? Around the CAD 25 million mark. I know this year we finish at CAD 19 million. So it's really around the CAD 25 million mark, so plus or minus for the capital expenditures. On the working cap, as the business is the top line is increasing, right? It will eat some working cap. We'll need some working cap for the sales growth. Perfect. Thank you very much for the time. Thank you, Benoit. Thank you. Next question will be from Tim James at TD Securities. Thank you. Good morning, everyone. Good morning, Tim. Quick question here on just looking at your total defense revenue. Is it possible to give us a bit of a sense in percentage terms, I guess, what proportion of your defense revenue as you've kind of exited fiscal 2022, what proportion of it is based on legacy or sort of steady state volume programs? I would maybe lump aftermarket in there. Then the balance being sort of new programs for Héroux-Devtek that are ramping up, such as F-18, you know, CH-53, the F-15 this year. If you could just give us a bit of a sense for the breakdown between those two buckets of revenue just within your defense business. Okay. While F-18, it's gonna be a growth again in this year, fiscal 2023. F-15, as I said to Benoit, we're starting delivery in fiscal 2023. We have started delivering our first year to the customer this quarter. Those are the two main program. Where we see a phase out, we have completed our contract with AAR. Right now we are phasing out this contract as expected. This is being completed this fiscal year. As I said, aftermarket is very strong in the U.K. On the defense side, again, a lot of business on the MRO side and on the spare side. For us, it's good opportunity. The risk remain on executing all these order. That's what I explained to Benoit. For us, it's really a risk of execution right now. Maybe just to follow on from that, if we think about your major or your more significant defense programs that are ramping here, F-18, CH-53, F-15, I'll throw the MQ-25 in there. When should those programs hit a steady state in terms of volume? Like, what fiscal year will the growth on those sort of hit full rate for you? F-18, F-15 this year. CH-53K is gonna be a growth that will continue over the next couple of fiscal years. MQ-25 is, you know, you know that they're in the EMD phase, so that will, I don't know, in two, three, four, five years from now, depending on how many. We're still working on developing, you know, our in the R&T group, you know, with Lockheed Martin defense program. That, that's another good sign. Over in Europe, you have the FCAS, you have the Eurodrone, those are good opportunities also. You know, we're pursuing actively new business and expanding, like I said, in previous calls. When you have a platform, it is really important for us to maximize the revenue on these platform by offering, you know, not only the OE business, but also the spares and then the MRO. We could fully serve our customer and that's our strategy to continue developing our business portfolio. It's really important for us to be able to offer to the customer, you know, the full suite of services. That's our strategy. Does that answer your question, Tim? Yes, yes. Thank you, Martin. That's very helpful. And then just my last one, it actually kind of returns to the theme of a question asked earlier. Just kind of thinking about your margin profile in the future, you know, you're currently dealing with a number of challenges that are a drag on your margins. You know, your performance, I think is exceptional really, given the conditions. A lot of inefficiencies there. As you look forward over the next couple of years, do you feel that as these inefficiencies sort of move out of the system, you know, you reprice contracts and POs to as you're able to, that the inflation as you see it, as you look forward over the next couple of years and your higher costs, do you think your sort of levers on the revenue side and the inefficiencies you can get out of the system are significant enough to still drive margin expansion? Well, Tim, you're long-term, right? The line of sight is very short. If you tell me that everything will be back to normal, you're damn right. You're right on the spot, that's for sure. Well, that's our goal is with efficiencies and improve our margin, right? The volume, obviously. The volume. The volume is. Our volume. Just think about 777 back to, let's say only 70 a year, right? Okay. That's great. Thank you very much. Those are the only questions I had. Okay. Thank you, Tim. Thanks, Tim. Next question will be from Nauman Satti at Laurentian Bank. Please go ahead. Hi, good morning, everyone. Good morning. Good morning. I think you guys alluded to in your prepared comments and in some of the answers that, you know, execution and sort of supply chain, those are some of the challenges that you have up front. I'm just wondering if you can provide a little more color on that. Is there something that sort of worries you that, you know, there may be a timing issue or there are some contracts that, you know, you may not be able to sort of complete in the budget that you have. Any color on what those execution risks are? Is it just labor driven? If it's like supply chain, what are some of the components that you're not getting your hands on? Any color there would be appreciated. Thanks. Yes, I know that it's tough when you are the fourth one to ask a question. I guess we need to put you in line first, right? Nauman, It's coming. This is why I'm focused so much on agility, you know? To pinpoint right now a single factor is very difficult. What we're asking our people to do is to have eyes all around their head, you know, to mitigate those risks. We're supplying, you know, just imagine. We're supplying landing gear that requires 1,000 parts, right? And you have Boeing, as well as Airbus or Bombardier, you know, that are producing aircraft with millions of parts. You gotta be close to your supply chain. You gotta be close to your employees. You have to evaluate the risk. Once you see those risks or you see those traps, you gotta make decision rapidly. You gotta make decision rapidly and get the product in so we can deliver the assembly. Agility, resilience, those are the quality that you need in this type environment. I believe that we have proved it during the last two years. Last quarter was a good example, and we're gonna continue to do so. Okay. No, thank you for that. Just the second one on the M&A side. I know you guys have been looking for it, given how strong your balance sheet is. You've spent quite a bit on buyback as well. Are the prices too elevated or is it just that the environment is such that it's difficult to sort of do the due diligence, or is it a matter of time that you just couldn't find the right fit so far on that front? That's right. I think, you know, the strength of the balance sheet in today's environment is a strength. We want to bring an accretive transaction, so it will be very important, you know, to identify the synergies, you know. The synergy needs to be there to make the transaction accretive, not to eliminate the impact of inflation on the potential, you know, profitability of the target. We're looking at all that. We don't want to put in this type of environment also abnormal leverage, you know, debt leverage on the company. But we have, again, lists of targets. We're traveling. Once we have the right one, you know, we'll be ready to announce it. In today's environment, I believe that, you know, the strength of our financial situation, our project to improve efficiencies and to improve costs, cope with the inflation, are very important to manage the business on the long term. Once the right acquisition that complement our offer is there, we'll do it. That's for sure. Okay. That's great. Just one last one from my end. I think in your MD&A, you've mentioned that you did not reduce the debt because of the optimal capital structure. I'm just wondering that for this year, if you don't find any M&A and given your ability to generate that FCF, like down the line, can you expand that buyback or, you know, potentially there could be a dividend or how are you thinking about that capital allocation in absence of M&A? Yeah. Capital allocation is in the heart of our discussion. We have those discussion at the board level. Very good question, but I cannot share, you know, any detail. We're not ready to share any detail yet. You know that we have announced the NCIB, right, this morning. There's a new NCIB that has been announced this morning as well. Yes. That we believe that is a very good tool. It's a flexible tool. We used it, and if we need the money to do an acquisition or to improve or to invest in a new program, that gives us still the flexibility to do so. Okay. Thanks for taking my questions, and congrats on the quarter. Thank you, Nauman. Thank you. Have a good day. As a reminder, ladies and gentlemen, if you do have a question, please press star followed by one on your touch-tone phone. Your next question will be from Cameron Doerksen at National Bank Financial. Please go ahead. Thanks. Good morning. Good morning. Good morning, Cameron. I guess I just want to come back to the, I guess, maybe the same question everybody else has asked here, and it's really, I guess, about around the outlook. I mean, it does sound to me like you know you fully expect to have revenue growth. But you know, if I'm reading you right, the caution here is just around you know concerns around things that maybe you don't know as far as supply chain inflation, things like that. But let's assume that there isn't any sort of major changes to where the supply chain is today over the next 12 months, I mean, would your expectation be that you would be able to grow the bottom line as well as the top line? Yes. Are you asking if the profit is higher? Yes, Cameron. Well, exactly. I mean, I understand there's your caution because there's things you just don't know, and it's an uncertain world. You know, if you're gonna grow revenue, you know, you've done a pretty good job in the past of being able to, you know, maintain margins. I mean, the assumption, my assumption would be that you'd still be able to grow the bottom line in that environment, absent any major additional disruptions beyond what we're seeing today. Yes. Yes, we expect that. Yes. We're cautious because as just an example, utility costs increased five times in one year, right? In Spain. If you tell me that we block this inflation, you know. This is in the results, right? Five times, this is in Q4 results. We don't know where it's going, right? Right. Let's say it's difficult to tell you more than what we told you today, right? It's No, that's fair enough. On the, I guess, maybe a couple of questions just around some specific programs. I mean, you've got this actuation program with Boeing. Can you just again remind us when we, you know, how that ramps up this year? Yeah. Very good question. You know, Cameron, very good question. Yes, we have delivered. We have a team to deliver. We have delivered and prove out industrialize the first four. Now we're ramping up. By the end of the year, you know, calendar, we should have all the product industrialized. Now it's full year revenue in fiscal 2024. It will depend on the rates, you know, that Boeing will have. 787. We have some 787 in there. We have 767, we have 747 and 777. Then it will become a rate expectation. Right. Okay. Full run rate next fiscal year, but some contribution sort of growing through the year. This year. That's right. Got it. Okay. What about business jets? I mean, you know, you mentioned the 6X, you know, I guess we're gonna see increased deliveries in the next few years on that program. What about the existing Embraer business jets? I mean, the backdrop for business jets is pretty positive. Sounds like Embraer is getting a lot of order activity. You know, can you discuss rate expectations on those programs? Yes. I encourage you to go and see the Embraer. I don't know if you you probably have done it yet. It's you look at their delivery, you know, on the business jet. They're it's a very nice product. Of course, they want to increase production rate. It's a very nice product. It looks like it's selling well. Like, I you know, but you know that they're very secured on the backlog. No, it's a great company and yes, there's some. That's an area, like I said before, at the beginning of the pandemic, it was somewhat concerning. That company and Embraer performed very well with the Legacy 450 product or the Praetor product. It's pretty resilient, I can say, Cameron. Okay, good. Maybe just final question just for Stéphane. Your expectation for tax rate in the coming fiscal year? Yeah. Well, typically, we have a tax rate at about 25%, right, of income before taxes. This quarter, we had a favorable adjustment from a deferred tax asset recorded following the repurchase of the CESA minority interest, essentially. We still expect based on what we've seen this year, it's around 25%. You know, if we take into account this, the special item we had in the quarter. Okay. That's great. Thanks very much. Thank you, Cameron. Have a good day. Thank you. At this time, Mr. Brassard, we have no further questions. Please proceed with closing remarks. Well, thank you very much, everyone, for having joined us today, this morning, as well as for the quality of our discussion. Thank you very much for your interest and support towards our company, and we're committed to make a stronger company. Thank you very much and have a great day. Thank you. Ladies and gentlemen, this does conclude your conference call for today. Once again, thank you for attending. At this time, we ask that you please disconnect your lines.