Greetings. Welcome to the Park Lawn Corporation Q3 2023 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to your host, Chief Strategy Officer and General Counsel, Jennifer Hay. You may begin. Thank you, Kelly, and good morning. Thank you for joining us on today's 2023 third quarter earnings call. Before we begin our prepared commentary on the quarter, please note that you can find a detailed breakdown of our 2023 third quarter results in our financial statements and MD&A, which are available on our website and on SEDAR. Today's call is being recorded, and a replay will be available after the call. Please be aware that certain information discussed today is forward-looking in nature. Any such information is subject to risks, uncertainties and assumptions, which could cause actual results to differ materially. Please see our public filings for more information regarding forward-looking statements. During the call today, we will reference non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our public filings for additional information regarding our non-IFRS financial measures, including for reconciliations to the nearest IFRS measures. I will now hand the call over to Park Lawn CEO, Brad Green, to open our discussion today. Thank you, Jennifer, and good morning, everyone. In addition to Jennifer, with me on the call today is our CFO, Dan Millett. I would like to start this morning by providing an overview of our performance in the quarter. Then Dan will provide some additional detail and color around that performance. And finally, I will wrap the call up with some closing remarks. Our third quarter results continued to display solid operational improvement in what continues to be a challenging environment. Those challenges included a decrease in the mortality rate in the United States of approximately 6%, according to the CDC. In addition, we continue to navigate a challenging macroeconomic environment with higher interest rates and significant volatility regarding future expectations of the economy and consumer behaviors. Despite this, we were successful in bettering our performance year-over-year. For the three-month period ended September 30, 2023, our revenue increased 8.2%, our Adjusted EBITDA increased 3.6%, and our Adjusted EBITDA margin increased 90 basis points, despite some extremely difficult comps. Our funeral businesses performed very well, with call volumes from comparable operations continuing to reflect better than the national mortality decreases published by the CDC. Further, our average revenue per call increased approximately 6.7% as we've continued to focus on operational execution while call volume normalizes. As I mentioned last quarter, we don't expect this type of growth to persist at this rate. However, this has been a focus for us as a company as we move away from the impacts of the COVID environment and have entered into a period of high inflation. The overall operation of our cemetery business also improved year-over-year. While the decrease in mortality and the often discussed irregularity of large group sales decreased cemetery revenue year-over-year, our pre-need property sales increased 2.4% year-over-year, when excluding a canceled contract from a cemetery project that operationally no longer fit within Park Lawn's long-term growth plan. While we do expect some headwinds from consumer pressures, our sales team is focused on regularly evaluating and implementing new programs and strategies to serve our customer families in this new economic environment. On the transactional front, this year has been another significant year for Park Lawn. We have announced over $120 million of transactions, acquiring 16 funeral homes and 2 cemeteries, and recently announcing the divestiture of 72 cemeteries and 11 funeral homes in Michigan, Kentucky, North Carolina, and South Carolina. The decision to divest these businesses was not an easy one, as the teams operating these businesses were not only aligned with our vision and mission, but they are also outstanding professionals in our industry, and I believe their professionalism, skill and operating acumen will be a benefit to Everstory. These businesses, however, did not fit with Park Lawn's long-term growth strategy, and we believe the capital generated from this divestiture will ultimately be accretive to the company's earnings per share and cash flow. With that, I'll turn the call over to Dan, who will provide some additional detail regarding our second quarter results. Thank you, Brad, and good morning, everyone. My comments this morning will focus primarily on our operating results from the third quarter 2023 relative to Q3 2022. For the third quarter, we saw revenue increase approximately CAD 6.6 million as acquired operations continued to contribute to Park Lawn's positive growth. However, with mortality again decreasing year-over-year and significant large group sales occurring in Q3 2022, which were not as present in this quarter, revenue from our comparable operations was down 4%. Although revenue from comparable operations was down 4% year-over-year, with a continued focus on operations outside of the COVID environment, our field margins improved and increased 90 basis points. Increases in average revenue per call and improved management of operating costs, such as labor, helped contribute to the margin growth. For the three-month period ended September 30th, 2023, our operating expenses, including our direct cost of sales, general and administrative, advertising and selling, and maintenance expenses, increased by approximately CAD 4.9 million over the same period in 2022. While increases are primarily due to acquired operations, decreases year-over-year were due to various labor costs, including field-level bonuses and benefits, management of repairs and maintenance costs, as well as changes in structuring and reporting relationships. As Brad mentioned, our funeral businesses performed well during the quarter. With our continued focus on providing our families with the highest level of service, the average revenue per call on funeral contracts increased 6.7%, helping to offset inflationary pressures. This increase, along with continued cost management, helped offset the decreasing mortality year-over-year. On the cemetery side, the irregularity of certain transactions, as well as decreased at-need revenue, affected the adjusted EBITDA margins year-over-year. However, they're right in line with our expectations for these businesses. As mentioned, our earnings, our earnings calls for the third and fourth quarter of last year, in the back half of 2022, saw significant large group sales occur in the Northeast region. These businesses continue to have strong group and park sales. However, year-over-year for the quarter saw a decrease in group sales of almost 50%. Additionally, during the quarter, we decided to cease continued development of a cemetery project in the region, which we believe no longer fits within Park Lawn's long-term growth strategy. This resulted in the cancellation of an approximate $1 million group contract, impacting recognized revenue for the third quarter. When considering the impact of these transactions, pre-need property sales continued to see growth year over year, displaying the strength of our cemetery operations and sales teams. From a corporate perspective, we continue to make investments in our corporate infrastructure, not only to support our past growth, but also our anticipated future growth. During the year, we made improvements to our processes, structure, and technology to create a more fully integrated platform. As we have communicated in the past, we expected to see an increase in corporate, general, and administrative costs during the year. During the quarter, we saw several projects were undertaken to improve the back office support of our operations. We expect that over the next four quarters, before considering the impact of any dispositions, we should see these costs gradually decrease and believe in the long term, we should be able to operate at approximately 8% of revenue. However, this ratio may experience further volatility as we address the aforementioned disposition of 83 businesses. At September 30, 2023, we had approximately CAD 197 million outstanding on our credit facility, other debt of CAD 16.7 million, finance leases of approximately CAD 14 million, and cash on hand of CAD 27.6 million. Excluding our debentures, our net debt was approximately CAD 200 million as of September 30, 2023. As of September 30, our leverage ratio was approximately 2.38 times, based on the terms of our credit facility, and approximately 3.15 times, including our outstanding debentures. Following the anticipated disposition of businesses in Michigan, Kentucky, North Carolina, and South Carolina, we expect to utilize the cash proceeds from the transaction to reduce the outstanding balance on our credit facility, which, as of September 30, would reduce our leverage ratio to approximately 2 times, based on the terms of our credit facility, and 2.8 times, including our outstanding debentures. Although there were many puts and takes in the quarter, net earnings for Q3 2023 decreased relative to Q3 2022. Net earnings for the third quarter were CAD 3.3 million, or 9.4 cents per share, compared to CAD 5.3 million, or 15.3 cents per share in Q3 2022. Furthermore, adjusted net earnings for the third quarter decreased year-over-year and was approximately CAD 5.4 million, or 15.3 cents per share, compared to CAD 7.8 million, or 22.4 cents per share in Q3 2022. Net earnings and adjusted net earnings were impacted during the quarter, primarily by the increase in interest rates. Over the past year, our borrowing cost has increased over 300 basis points, affecting net earnings per share by approximately 4 cents. Additionally, the cost of property increased in the quarter as a result of certain items, such as the delivery of a mausoleum in Kentucky and additional depreciation related to finance leases entered into in conjunction with the Ward acquisition. Those two things have impacted earnings per share together by CAD 0.03. I'll now turn the call back to Brad for closing comments. Thanks, Dan. Although the near-term outlook suggests mortality will continue to decline year-over-year and consumers will face increasing pressures on their discretionary spending, we believe our current portfolio of businesses still provides tremendous growth potential. To put things in perspective, excluding the 83 businesses that we expect to be divested by the end of the year, over 60% of our businesses have joined Park Lawn in the past 5 years, and during 2 of those years, we were operating in a global pandemic. We've always been thoughtful operators of our businesses, and given more time and the ability to focus on these high-growth potential businesses, we believe that significant improvements will be achieved in the near term. Our operations team remains highly focused on operating our businesses within our operating model, which includes managing businesses to the actual death rate. We believe 2023 has seen the most normal operating environment in the past three years, even though death rates are still declining year-over-year, and we expect to see some additional low single-digit decreases in mortality during 2024. That being said, we still expect to see our Adjusted EBITDA margin improve as we focus on providing high-quality service to our client families, managing operating costs to our expectation of long-term mortality, streamlining our back office functions to provide better support and information to our operators, and continuing integration efforts of our recent acquisitions to achieve our forecasted underwriting. We have a very strong company, and we firmly believe that our share price does not reflect our future trajectory. We look forward to the opportunity to prove the current market valuation of our company to be wrong. That concludes our prepared remarks, and I will now turn it over to Kelly for any questions. Certainly. At this time, we will be conducting the question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Please hold just a moment while we pull for questions. Your first question is coming from Martin Landry with Stifel. Please pose your question. Your line is live. Hi, good morning. Good morning. I would like to touch on the growth in your revenue per service. You know, it's up 6.7%. I did ask the same question last time, Brad, so apologies, but it looks really nice there. So, is it fair to say that it that inflate for maybe a couple more quarters before we...? A little bit, what's driving that nice update? Right. And I do remember, Martin, you asked the same question last quarter, and it was the first question, so we'll just keep it in line with that. Look, but part of what you and, and last quarter, I said, "Don't expect to see this type of increase, consistently," and here we are with it being even more this quarter. But I think the answer remains the same. You obviously have us focusing on what we should be focusing on, which is serving our client families consistently and better. And, and when we do that, we see an increase in our averages anyway, because they, they are presented with all of the options. And when we do that, provide good service, you see those averages go up. You're also certainly seeing price increases in there. We've been very transparent about looking at those on a monthly basis, on a rooftop basis, to make sure that we're keeping up with inflationary costs. Of course, the cremation rate can affect that, but that actually went a different direction this quarter. I'll summarize that by saying, yes, we're seeing good increases. I hope it's because of our focus on the client families and obviously us paying attention to the prices, but I would not expect this to continue. I mean, at some point, it would have to level off to a more normal average increase, which would obviously be lower than the 5% to 6% range. Martin, I might add a little bit to that, noting that, you know, we did talk about last year, you know, adjusting prices, being focused on prices, and we saw a lot more of that impact happen in Q4 of last year. So just by relative comparatives, you know, you're not going to see the same percentage increase quarter-over- or year-over-year. Okay, that's helpful. Maybe more of a higher level question on the industry. You know, you are getting share as yours is declining to a lesser extent than the mortality rate, and it does look like your publicly traded peers are in the same pattern as well, gaining a bit of share. So wondering, who are the share donors in all this? And, you know, is it the solo operators that are maybe a little bit experiencing some of that lower volume? Just trying to understand a little bit the puts and takes here. Yeah, I can't really—I can't speak to the other companies because I don't work there, but I believe one of them doesn't break out their same store sales anymore, so it's hard to figure... It's hard to actually look at that and compare that directly to ours. But just talking about our company and how we look at it, I think during COVID, there was a fair number of single and double rooftop funeral homes out there that had a hard time keeping up with the traffic that was coming in, and some of them actually reached client families or couldn't keep up or maybe people got sick in their business, and they had to close down for a week or two. I think if you had larger operations, and it doesn't have to be the big consolidators, it could have just been someone with three or four locations in a market, you know, they could move their families around from one location to another. So I think if I were to, and this is a guess, if I were to guess why the, why the consolidators were able to, probably keep market share, it was just the having the businesses remain open and having the resources to move people around from one location to another and just being able to react more quickly. That would be my, that would be my guess. Okay, that makes sense. And then last question for me, it's on your asset divestitures. Just trying to understand a little bit how that translates into your strategy for next year. You know, does that... Are those proceeds will they accelerate the pace of M&A for you guys? Or are the proceeds going to be more used towards, you know, reducing your financial leverage? Yeah, that, that's a, that's a good question, and I would just say I can't really answer that right now because I'd like to remind everyone that the ink isn't dry. So those, I'm sorry, that's our internal way that we're referring to the, those properties. But those divestitures haven't happened yet. So just yesterday in our board meeting, for example, Martin, we're sitting around talking about that exact subject matter. With the capital markets the way they are, interest rates the way they are, acquisition opportunities, the way they are, what we're going to do going forward, assuming, assuming these businesses close, will be a significant point of conversation in December and January. And I look forward to telling you all exactly what we're gonna do at year-end when we talk again in February. Okay. All right, that's- Your next question is coming from George Doumet with Scotiabank. Please pose your question. Your line is live. Yeah, good morning, guys. I just want to get a little bit more color on the deliberate action to cancel the large group contract in the pre-need sales side. Brad, can you talk a little bit, little bit about that? Yeah. So when we, Park Lawn, when Park Lawn purchased a group of businesses in New Jersey in 2018, there was a cemetery project that was already there, it's a management agreement that existed. It's pretty significant project in terms of complexity, and those have been some of our best performing businesses that Park Lawn has purchased since 2018. There's no reflection on that. But when we started looking at this particular project and what was going to have to go into it, over time, the sales of the property just didn't justify the expense of continuing that development. So we knew what it was gonna look like. We knew it was going to be painful to do it, but the long-term decision on capital would dictate, and I think everyone would agree, that we walk away from this particular project. It's unfortunate because even as I was reading some of the early reports last night, I think it appeared on the surface that somehow our preneed sales faltered last quarter, and that's actually not true. With even with a significant decrease in the group sales, our traditional preneed property sales made up that gap. So without us intentionally terminating a contract and knowing this was gonna happen, our preneed property sales would have actually increased. But, that decision needed to be made, and I think we consistently tell our investors that we make decisions based on the long term, and that decision was made a couple of months ago, and we knew we were gonna have that cancellation this quarter. That's helpful. Given your outlook on mortality for next year, just wondering about our ability to grow the business, I guess, from an organic growth standpoint. Yeah. So look, we, we know that we have the headwinds that are, that are still gonna... Well, we think we do. I think across the profession, everyone consistently believes that you're gonna see that low- to mid-single-digit decrease in mortality for 2024. And I think at that point, everyone consistently agrees that the effect of COVID will be muted. I still believe that we can grow organically at least on an Adjusted EBITDA basis. But I think there are things that are going on with this organization as we continue to improve our acquisitions, as we continue to focus on, we have a cremation strategy that we're really focusing on now, as we continue to rely on facts more. I just don't see that it's going to be a problem, maybe more flat to mid- to low single digit type growth in 2024. I'm not gonna say we're gonna blow it out of the water, but I don't see it being negative. Okay, that's helpful. Just one last one, if I may. I know the divestiture hasn't closed, but given that we're able to, you know, sell, quote-unquote, those lower quality assets for a similar valuation that we're currently trading at, just wondering if it makes more strategic sense to perhaps deploy capital, more capital at least, towards buybacks at this point versus M&A, given, I guess, given that you have the balance sheet to do it. Look, that is an excellent question. When our company is trading at a multiple that is at or less what we just divested those assets for, it definitely begs the question of utilizing capital for additional buybacks. And as I said, that was a subject of discussion at the board even yesterday, and it will continue to be a subject of discussion, but it's really premature until we've actually closed those businesses and have that capital. But I agree with you. I think that's something that Park Lawn's gonna look long and hard at, and will execute accordingly. Okay. Thanks, Brad. Your next question is coming from Irene Nattel with RBC. Please pose your question. Your line is live. Thanks, and good morning, guys. I just want to take a- Good morning, Irene. a step back. Morning! I just want to take a step back and look at sort of a couple of sort of what we've been talking about, the divestitures of the underperforming assets, the decision to walk away from this cemetery project. It looks and feels to me as though now that we're coming out of COVID, and you guys have been there for longer, there's really a sharper focus on quality and returns of projects. So I guess my question is, you know, A, is that in fact the case? And does that play into how we should think about the business and decisions that you make going forward? ... That's exactly the case. I think I've said in the past, if people go back, and you may be tired of hearing me say it this way, but this management team really took, really was put in charge of Park Lawn in March of 2020, which was on the front step of COVID. And I think we did a really good job in a difficult environment, getting our arms around what was going on there. And 2023 is probably the first year where we can really see how things are normalizing. The businesses that we're divesting, you know, when we start saying low quality or not, those are good businesses, and there are good people working there, and they have, we've taken those businesses as far as we think we probably can. And so they don't really fit how we could grow them in a public setting. And so I think we looked long and hard for the right buyer for those businesses. And so if you look at... If you kind of were sitting in our executive room and we're talking about doing this, your question actually has the answer in it. We're focused on making sure that we're buying the assets that the Signature Group would have bought prior to us joining Park Lawn. And those businesses are going to be higher growth potential, higher margin businesses, things that we can really go in and improve. And that's what we're looking to do. And so when you see us looking, canceling projects that don't make sense on a capital basis and things of that nature, that's right. We're looking to make sure that we get to where we're extremely efficient in our operating, and then we can return more consistent numbers quarter over quarter. Taking that sort of one step further, Brad, should we be expecting more of, more of these types of announcements? Maybe not of the same, but, you know, of a, sort of the smaller end, but how would you categorize sort of the network as it stands today? Oh, I love that question because it gives me the opportunity to be a little arrogant, which we both know I like to do anyway. We're strong, right? I mean, this really takes us a long way, right? We've been looking at these properties for so long. It's been part of what's been going on with our margin pressure. As I look at the company now, these two things that we've done, I'm not going to say that there's not one or two other things that we can do as an organization, and then we'll be completely done. But you've seen two big ones. I mean, there could be one or two more that I would like to do, but whether or not we even do those is a question mark. So I think right now, when we get into 2024, you're gonna see a completely different organization that can operate... Again, I think the larger Park Lawn can operate. This management team was used to doing before joining Park Lawn, and there are any number of reasons for that. I mean, the legal structure, the HR structure, facts, sales now with our new senior VP of sales, our senior VP of ops is strong. I mean, all of those things are coming together, so we can actually do what we do for a living. So that was me getting excited. But, yeah, I think you're right on. That, that's great. Thank you. And far be it from, for any of us, not to give you an opportunity to say what you want to say. Can we just turn for a second to M&A and what you're seeing out there now? And as the whole industry is now kind of oof able to take a breath after COVID, but is facing lower mortality rates, how would you describe the M&A pipeline in terms of number of opportunities, quality of opportunities, and expectations around valuation? Yeah, another good question. Don't take our not doing acquisitions at the same pace as people have seen in the past, as there not being opportunities out there. I would just say that and that's why I said it in my prepared remarks this way: Doing the divestitures was as much as not more work than doing acquisitions, and it's the same team that does both. So, you know, our acquisitions this year are on the lower side of where our the range that we normally talk about being in or what we've done in the past, and that's literally because we're doing the divestitures. That doesn't mean that there isn't opportunities out there. Now, having said that, what I'm seeing is the interest rates have certainly dampened what I thought was an overly frothy response to some of the acquisitions that were out there in 2021 and 2022. So some of those players that you saw being very aggressive back then have all but gone quiet. So now it's back to what I would consider the normal situation, and that means for some of the higher end, whether they're brokered or non-brokered, you're gonna start seeing the same people that were in there in 2018 and 2019 acting more rationally. So yes, there's opportunity out there. I think that the seller's expectations are probably behind a little bit on what the buyers are willing to pay. I mean, when you start looking at the, at what the multiples the publicly traded companies are trading at right now, it's kind of hard to pay people some of the multiples that they're looking for. So yeah, I mean, I think that the opportunities are still out there. I think we're gonna have plenty of opportunities to make acquisitions if that's de- or we continue to decide to deploy our capital. And I think we're gonna have more opportunities to do it because we didn't overlever ourselves in 2021 and 2022, like a lot of people did. So we have-... a lot of capital, but we're being very selective now on the acquisitions that we're going to go forward with, because in my mind, they have to be immediately accretive, and we have to be able to bring them online faster in this type of capital environment with our investors' expectations. That's very helpful. Thank you. Your next question is coming from John Zamparo with CIBC. Please pose your question. Your line is live. Thank you. Good morning. I appreciate the thoughts on the mortality rate for next year. I wonder, when it comes to the headwinds of excess deaths pulled forward during the pandemic, how are you thinking about the duration of that? Because it sounds like you and the rest of the industry considers it to be a relevant factor for 2024. Is there any reason to think that might exist after that? Yeah, I just think it's gonna be but I, I'm almost not the person to ask. Yeah, I have -- if I got it right 90% of the time, I would say, "Listen to what I have to say." I get comfort in as we see it, as the death rate is normalizing and you start seeing seasonality come back into our profession on a quarterly basis, it kind of makes you think we're getting to the tail end of that. I know that we share the same opinion that other people do in our profession about where this is going. So I would say, yeah, I think 2024 is probably gonna be the last year that we're talking about this in anything other than a minimal form. But, you know, far be it for me to get to 2025, and you say, "Well, what happened?" I'm gonna say, "Well, I don't know," but it sure feels like 2024 is it. Okay, that's helpful. On the quality of the network question, I wanted to follow up on that, and granted, your existing divestiture plan hasn't closed, but closed as planned. Are you considering other divestitures? Would it just take an attractive offer to get you to consider doing more on that front? I'm wondering how you're thinking about that. Yeah, if there were, if there were divestitures, they would... It would not be nearly on the scale of this. So, and I'll tell you kind of the way I would look at it, and I think it'll make more sense to you. A lot of the businesses we buy, and the reason why they join us, is they're multigenerational businesses, and their names are on the side, and they're from individuals that stay in their community and help us grow their businesses going forward. In order to get those businesses to join you, they're not only, they're not only looking at me and whether or not I'm gonna be here to fulfill the promises made to them. They're looking at who's behind me and the strength of this organization. It would not be easy, nor would I think it would be smart, to take those businesses like that and divest them out of the company just because someone wants to pay more for them, because often someone wanted to pay more for them when they sold them to us, so it would be fairly easy to do. Those businesses aren't leaving our organization. These businesses were different types of businesses. They didn't share... Now, I'm not saying that the owners who sold them weren't very important and important to our profession, that they're, they were good people and are good people. I'm not saying anything about them. It's just a different type of business and not the type of businesses Park Lawn buys today. So no, I would not expect any significant divestitures out of us. Now, if there were one or two rooftops in some larger thing we bought, and that current owner didn't think we needed to keep them open or something like that, maybe. But the answer is, I think you're seeing divestitures for a specific reason, and this is a nuance. Got it. Okay, understood. And then one last one, and for Dan, on the corporate G&A side, I may have missed it, but the 8% target, what's a reasonable timeline to get there? I think previously we talked about 12 to 18 months. Is that still the case? And is it a fairly linear improvement to that point, or is it, front-end or back-end weighted? Yeah, no, I think, excuse me, John, I think that's very much the case. I think, you know, starting this quarter, we should start to see some gradual improvement there. You know, I think, I've said in the past that I thought Q3 was probably going to be the peak. But we're really focused on it, right? We're thinking about this company for the next 10 years and improving our infrastructure to support our operations with the impetus being, you know, we're focused on our field margins, and we want to provide the best information and back office support to let our operators operate the business to the best of their abilities and meet the goals set out by the operations team and the benchmark model. That's what we've been focused on, and we're gonna continue to focus on that and, you know, integrate facts and automation into our processes and utilize it better within the company to create efficiencies. I expect that to kind of make its way through the system over the next 12 to 15 months. Got it. Okay. That's very helpful. Thank you. I'll leave it there. Thank you. Your next question is coming from Zachary Evershed with National Bank Financial. Please pose your question. Your line is live. Good morning, everyone. Good morning. If we're looking at seasonality, are you seeing the usual uptick to the degree that you were expecting thus far in Q4? You know, it's kind of hard to gauge that because you don't know what's happening with the COVID pull forward, right? So it's, and especially hard to say that when you've only got, so I know we're going there. Do we see a seasonality uptick in the first month? Yes, but I am not going to be able to tell you if that's gonna look like it normally looks at the end of this quarter. Because you just can't know right now. It's just, it's just too hard to predict that, Zach. I'm sorry. No problem. Second question: Will the impact from the divested businesses on consolidated EBITDA, will that impact be much different from the 350 basis points you pointed out for the field EBITDA margins? I'm looking at Dan. So, yeah, Zach, I'm not, I'm not sure I completely understand what, what you're getting at with that question, but if you're, if you're asking, you know, how will... Other than just the kind of operational financial impact, that we've kind of articulated that these businesses will have, will there be a broader impact? My answer would be yes. And let me put it this way: You know, we're divesting of 83 locations, and we're, you know, for $70 million. We'll take that cash and redeploy it in kind of, let's just say, similar, metrics for now, in, call it 16 to 20 different locations, right? So that, you know, not having all those individual locations to manage will definitely have an impact on, you know, the corporate back office and the executive team going forward. Is that what you're getting at, Zach? Exactly. The proportional drop in the back office. Yeah. So look, back of the envelope calculations, I think, I think that number you threw out there would have been an increase in our margins without them in it and a proportionate drop in the corporate expenses. Now, don't go expecting that day one, because there's several, several things that have to come out of the system to make that happen, and believe you me, we're focused on that. So yeah, you're gonna see an immediate increase in the margins, and that number you threw out there is about right, assuming that all the corporate costs flushed immediately with the divestiture, and I think the expectation would be there is that's gonna take a minute. I think that's probably more what you were asking. That's very clear. Thank you very much. I'll turn it over. Okay. There are no additional questions in queue at this time. I would now like to turn the call back over to Brad Green for closing remarks. I'd like to thank everyone for joining us today. We certainly have a long-term vision for this organization as an executive team. We're not gonna be swayed by a misguided or an irrational market. We're a strong company. We will perform over the long term. For those investors that are gonna stick it out with us, you guys are gonna be rewarded, so thank you for that. Have a great rest of your weekend. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.