Good morning, afternoon, and evening. My name is Norma. I'll be your conference operator today. At this time, I would like to welcome everyone to Savaria Corporation's first quarter 2024 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question-and-answer session. The three speakers for today's conference will be Sébastien Bourassa, President and Chief Executive Officer, Steve Reitknecht, Chief Financial Officer, and Jean-Philippe De Montigny, Chief Transformation Officer. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. This call may contain forward-looking statements, which are subject to the disclosure statement contained in Savaria's most recent press release, issued on May 8, 2024, with respect to its first quarter 2024 results. Thank you. Mr. Bourassa, you may begin your conference. Thanks, Norma, and good morning, everyone. So today we'll start with a small recap of our first quarter results. Steve will update us with our financial section. JP will update you on the progress of the Savaria One. And we're going to have a small Q&A session at the end. So fortunately, overall, revenue growth in Q1 was below expectations. First, we lost some sales with a divestiture of our Van-Action in Canada. Europe has a small decline of 3.4%, but we saw later that they had a positive EBITDA improvement, so good job on that. And we are going against a weak second quarter of 2023, so we're expecting to have some growth in the second quarter to bring us back to the normal point. Patient care had a flat first quarter, but we are against a strong first half of the year in 2023 with a weaker second half. So we're expecting some growth for this year. It's part of Savaria One. And remember, in the last two years, we have increased our sales by 30% in that segment. Positively, in North America, we saw growth of 11% in the first quarter. We have deployed our dealer partner program named Access Plus. In North America, the reception was very good, and we had our best quarter ever in terms of booking for Garaventa and Savaria in North America, so quite positive. So ups and downs in the first quarter, but in the long term, we are still very confident in our ability to grow the business to CAD 1 billion by 2025 with the aging population, our unique value proposition for the one-stop shop, and the wide range of products that we have. With the expansion in R&D, with new products, and bringing some new existing products in Europe, I think we have all the tools in our hand to succeed. Overall, Savaria remains a very attractive business for a dealer in all different markets, the one-stop shop, the wide range of products we have, a global footprint, and a vertically integrated supply chain. We continue to expand our build-out in Mexico. Now we have 75 employees, which will be there to support the next generation of manufacturing, improve our costs, bring some resilience to our supply chain that puts us in good position. Our operation continues to improve in all our factories in terms of safety, quality, and throughput, so quite positive. That brings us a bit to the next section, which is the EBITDA improvement by 2% in the first quarter, to 16.6% in historically our weakest quarter of the year. That shows some very positive signs of operational excellence that we are developing through our Savaria One program. Improvement of 2% in Europe, going from 10% to 12% with lower sales, so that shows some sign of improvement with the Savaria One. The team is working very hard on this, and JP is going to explain it in this section later. North America accessibility improvement of 2%, going from 17.5%-19.8% due to higher output in Brampton, Surrey, and good performance in our direct store, so very happy with that. Patient care went down to 18.5%. I think it's mainly due to the product mix and lower sales, but not very far from our target of 20%. As discussed in our last investor day, our target by 2025 is to be a company of approximately CAD 1 billion in sales at 20% of EBITDA, and it will be possible with our Savaria One program. Our results in Q1 show that we are moving in the right direction. Savaria is also very well positioned with its balance sheet, but we continue to do some small tuck-in acquisitions to reinforce our product portfolio to continue to improve the margins. In the first quarter, yes, we divest our van conversion in Canada, but we have replaced some portion of the sales with Matot, dumbwaiter that's going to start from April, and that's a very good example. Small tuck-in to bring some new products to continue to be the first choice for a dealer and be able to integrate that in our supply chain to bring some synergy. Very important, we had a good quarter in terms of cash generation, which Steve would talk about in detail, but I want to highlight that we're generating cash from operations while we are growing the business, and this is where we want to be. Finally, I would like to thank all our employees, our dealers, our suppliers, and our customers for the success in the first quarter. As I travel all the world to visit different sites, I'm always impressed with the good ideas from our employees, and I thank them for all their participation in this successful company. I think our employees appreciate the effort that we are getting and some direction on where to go. Their participation is good, and we saw that in our last engagement survey in the company. So in closing, keep in mind that Q1 tends to be the slowest quarter of the year. While we have a revenue growth challenge, we are quite pleased with the profitability and improvement in our margins. Steve? Thank you, Sebastian, and good morning to everyone on the call. I'm excited to share some remarks regarding our Q1 2024 results. So starting off, some key highlights for the quarter include strong EBITDA margin improvement driven from gross margin improvement, North American accessibility revenue growth of 11%, and strong cash generation from operations, including from working capital in our seasonally weakest quarter. So for the quarter, we generated revenue of CAD 209.4 million, a decrease of CAD 2.2 million or 1% versus last year. The decrease mainly came from the divestitures of Van-Action, Freedom Motors, and the Norway operations, partially offset by organic growth of 2.6%. We also experienced positive foreign exchange fluctuations. I'm pleased to report that the corporation delivered improved gross margins not only over Q1 of 2023 but also higher than any quarter in all of 2023. We delivered record gross profit and gross margin of CAD 75.4 million and 36% compared to CAD 72 million and 34% in Q1 2023. The increase in gross profit of CAD 3.4 million is explained by better gross margins in both of our segments due to favorable product mix, improved pricing, and favorable cost of material as well. As Savaria One continues to be the major driving force toward our targets, we incurred CAD 5.3 million for strategic initiative expenses in the quarter in line with previously stated expectations. Adjusted EBITDA and adjusted EBITDA margins finished at CAD 34.7 million and 16.6% compared to CAD 31.2 million and 14.7% last year. The increased profitability is mainly explained by the increased gross margins as a result from the effective realization of our ongoing Savaria One initiatives, and JP is going to speak to this shortly in more detail. Now looking at our segmented results, revenue from the accessibility segment was CAD 160.4 million, a decrease of CAD 2.4 million or 1.5% compared to last year. The decrease was mainly related to the divestitures. In addition to the execution of some of our pricing initiatives and pricing optimization, we saw strong demand in both residential and commercial sectors, partially reflected in the organic growth of 3.3%. Adjusted EBITDA and adjusted EBITDA margin for accessibility stood at CAD 27.6 million and 17.2% compared to CAD 24 million and 14.8% last year. The increased profitability was mainly due to improved gross margins coming from favorable product mix, improved pricing, and favorable cost of material for both regions in line with our cost efficiency focus. The accessibility backlog remains strong and grew slightly versus where we ended the year. We consider our backlog level to be healthy as we have a good mix between short lead-time products such as stairlifts, which will ship out quickly, and longer-term home and commercial lifts, which will be shipping out within a few months or longer. To provide some further color on our regions, revenue from our North America accessibility region increased 11% over last year. The Adjusted EBITDA margin rose to 19.7%, an improvement of approximately 200 basis points versus a year ago. Revenue from our Europe accessibility region declined 3.4%. The backlog remained stable. Adjusted EBITDA margin improved here to 12.7%, also an increase of approximately 200 basis points over last year. Switching gears to discuss our patient care segment, we saw revenues for this segment reach CAD 49 million for the quarter, an increase of CAD 0.2 million or 0.4% compared to last year. We experienced healthy traction inside the United States, which led to increased revenues, while we saw a decrease in Canada explained by certain large construction projects delivered in Q1 2023, not repeating this year, as well as reduced government spending. As a reminder to everyone on the call, our patient care business is driven in large part by project-based sales, which can be lumpy from time to time. Throughout the quarter, the patient care backlog remained stable. Adjusted EBITDA and adjusted EBITDA margin for patient care stood at CAD 9.1 million and 18.5% compared to CAD 9.8 million and 20.1% last year. The decrease in both metrics was mainly due to an unfavorable product mix on certain projects versus last year and higher selling expenses, partially offset by pricing initiatives and pricing optimization. We have communicated on previous calls that Q1 and Q2 of 2023 were exceptionally strong and likely not to repeat in the short term. Our EBITDA margin of 18.5% this quarter is higher than what we saw in the previous two quarters, being Q3 and Q4 of 2023, and is a very good start in our progress towards our target of 20% EBITDA margins. On a consolidated basis, net finance costs were CAD 3.1 million compared to CAD 7 million last year. Interest on long-term debt decreased by CAD 1 million, primarily due to the reduced balance of debt. We also experienced unrealized movements on financial instruments. Net earnings were CAD 11 million or CAD 0.16 per diluted share for the quarter compared to CAD 6 million or CAD 0.09 per diluted share last year. The increase in net earnings and net earnings per share was mainly due to the higher Adjusted EBITDA and lower net finance costs, partially offset by higher net income tax expense and strategic initiative expenses. The higher net income tax expense resulted from the bottom-line increase, the increased profitability, but does represent a slight decrease in our effective tax rate from 24.8% for all of 2023 to 24.3% for the current quarter. Turning now to capital resources and liquidity in more detail. For the quarter, cash flows related to operating activities before net changes in non-cash operating items reached CAD 23.8 million compared to CAD 18.1 million last year, explained by higher EBITDA generated by the business. The net changes in non-cash operating items increased liquidity by CAD 2.7 million compared to a decrease last year of CAD 2.1 million. The increase was mainly due to decreased accounts receivable and increased payables offset by slightly higher inventories. As a result, cash generated from operating activities in Q1 stood at CAD 26.5 million compared to CAD 16 million last year, a very large increase of over CAD 10.5 million. Our DPO and DIO measures improved versus last year's end, while DSO remained stable. In line with our efforts to optimize our supply chain and working capital levels across the business, we continue to focus on improving working capital as we grow the company. Cash flows used in investing activities were CAD 2.4 million for the quarter compared to CAD 7.7 million last year. We dispersed CAD 3.8 million for fixed and intangible assets compared to CAD 4.5 million in Q1 2023. Since some investments were delayed to future quarters, we are expecting capital expenditures to stay in our historical range of 2%-2.5% of revenues for the entire year. We also did receive CAD 6.4 million from the divestments this quarter versus CAD 12.4 million last year. Cash used in financing activities was CAD 29.6 million for Q1 compared to CAD 6.3 million last year. The variation is primarily explained by a reimbursement of the revolving credit facility of CAD 13.5 million following the inflows coming from operations and the divestments compared to a draw of CAD 8.5 million last year. Looking at net debt, as of March 31st, our net debt position was CAD 271.1 million, and the ratio of net debt to Adjusted EBITDA stood at 2.03 in comparison to 2.07 at the end of 2023. Looking forward with regards to the guidance for the future, as previously stated, Savaria is not providing guidance for fiscal 2024 as we focus on the achievement of our targets of approximately CAD 1 billion in revenue and approximately 20% Adjusted EBITDA margin by 2025. The global team is focusing on delivering these 2025 objectives, and it remains difficult to pinpoint exactly where we're going to finish 2024 in the quarters therein. Various future prospects are promising, driven by strong market demand, the progress of Savaria One, and potential tuck-in acquisition opportunities that will enhance our market position. With that, this completes my prepared remarks, and I'm going to turn the call over to JP to provide further details on how we're progressing with Savaria One. Thank you, Steve. Q1 2024 was the first quarter where we saw the impacts of Savaria One. As one can see in our financial results, our Adjusted EBITDA increased by approximately CAD 3.5 million versus same quarter last year on CAD 2.2 million less revenues. This is quite a success, especially given Q1 tends to be our slowest quarter in the year. Outside of divestitures, those results can largely be explained by initiatives implemented during Savaria One. Given our investor day was just a month ago, and the examples shared that day are still recent, let me point to a few examples and link those to our financial results. Our accessibility sales in North America were up 11% versus last year, which is in great parts due to our efforts to increase the throughput of our factories in Surrey and Brampton for our best-selling products like the Eclipse, for which we closed 8.3 units per day in average last year in this quarter and 10.5 units per day in this quarter in 2024, which is an increase of about 25% year-over-year. Also in North America, in parallel to growing our top line, we made a number of changes to our commercial terms, which increased our contribution margins. Those included the launch of the new dealer partner program, also adjustments to pricing, and various commercial tactics that improved our mix and average margins. Note that given the depth of our backlog, we only got partial benefits from the price-related adjustments in Q1 and expect those to really materialize in Q2. In Europe, our EBITDA margin increased from 10.8% to 12.7%, while revenues declined by 3.4%. So we generated a higher EBITDA in absolute dollars on a smaller top line. Improving profitability has been our priority within Savaria One in Europe, given the lower EBITDA margin of that region. We have plans to stimulate growth and cross-selling, but chose to prioritize actions that would improve our profitability, even at the expense of revenues in some cases. This improvement in profitability is the result of a mix of commercial and operational changes. I shared during our investor day an example of how changing our commercial terms in one business segment in the U.K. improved our margin. This is just an example as we have been reviewing all the lower margin segments of the business and developing plans to improve their profitability. We also made efforts to reduce costs in our factories and within SG&A. For example, I shared how we reduced the labor costs in Kingswinford through moving to one shift and how we increased the recovery and reconditioning of units in Heerhugowaard to our reconditioning initiative there. We also reduced reliance on temporary labor, agency workers, and reduced the administrative personnel in Europe over the last quarter. Those initiatives, as well as many others of that nature, enabled an almost 2% margin expansion on lower revenues in Europe. In patient care, our results show flat sales year-over-year in Q1 and lower margins. While we would prefer stronger results, we knew Q1 and Q2 of 2023 were exceptional in the patient care division. We did expect the impact of our Savaria One efforts to take longer to materialize in that business as well. In fact, at this stage, our plan consisted mostly of investments in strengthening sales and marketing activities, which we expect will accelerate our growth through the back end of 2024 and 2025. So we did not expect Savaria One to impact sales at this point, but knew it would increase our costs in Q1, which is something we see in our results. Finally, as shown during the investor day, we are very active in addressing our cost of goods sold through procurement and supply chain optimization initiatives. While we have secured CAD millions in savings already through RFPs and contract renegotiations, we saw almost no impact from those savings in our Q1 results, given the time needed for us to work through our stock of parts. Yet, we believe that the fact that we were actively sourcing and negotiating prices for many of our goods and services categories enabled us to keep prices constant and even get some concessions. So as a result, while our accessibility business within our accessibility business, for example, we saw our material costs as a percentage of sales decline by 2%. At the end of Q1, as per our calculations, we were on track with our plan, both in terms of quantity of initiatives implemented and their financial impact. While this is not the forum to expand too much on it, I would also like to mention that through Savaria One, we are continuing to improve our systems, our processes. We're strengthening our organization and building a path to continue to grow past the billion-dollar in sales. In that regard, our organization is mobilized more than ever. And as Sebastian mentioned earlier, we do measure the engagement of our employees and just completed an engagement survey now that shows a material improvement versus when we started Savaria One. I would like to thank my colleagues, as well as all the managers and employees of Savaria for their leadership, their contribution to our success, and for driving the hundreds of initiatives that are making us progress towards our goal with Savaria One. Finally, I just wanted to remind us that the gains we are accruing by implementing Savaria One initiatives are recurring in nature, that we continue to implement improvements every month, as well as add new ideas to our initiatives pipeline every week. With that, we remain confident in our ability to reach our goal of CAD 1 billion in sales, as well as approximately 20% EBITDA in 2025. Thank you for your attention. Let me turn it back to Sebastian. Thank you, JP. And thank you, Steve, for the call on Savaria One and on financials. So I guess no more. We are ready for some questions. Thank you. As a reminder, to ask a question, you'll need to press star 11 on your telephone. To withdraw your question, please press star 11 again. Please wait for your name to be announced. Please stand by while we compile the Q&A roster. One moment for our first question, please. Our first question comes from the line of Kyle McPhee with Cormark Securities. Your line is now open. Hi, everyone. On the accessibility segment, organic revenue growth in North America was very strong, but Europe was down. Can you provide some more detail on the source of the decline in Europe and whether or not this dynamic will repeat a few more quarters before it's lapped? Hey, good morning, Kyle. So for sure, from one quarter to the other, we are judged on every decimal on the financials, which is always a bit difficult. But if we start with North America, yes, we have seen it in the last year or two. The booking has been very strong. Maybe in the past, we had some issue in our factories with some of the output, but it has been a core focus on the Savaria One to improve the flow in our factory, improve the efficiency. So I think we are starting to see some color out of it. So quite happy with that. And in Europe, again, it's just one quarter. Right now, we are making a lot of effort on our Savaria One, on our product mix, pricing initiative, dealer initiative. The good news, we're going against a weak second quarter in Europe. So I'm expecting things to be back to normal after six months in terms of growth. And the teams, they know that we need to go to CAD 1 billion of sales, which implies 8%-10% organic growth. So going forward, we're going to see some growth as well in Europe, Kyle. And as we bring some new products as well of Savaria, because right now we are mostly a stairlift and incline platform company in Europe, as we'll bring some more vertical platform, elevator in the future that should help us also to have some organic growth. So I'm confident for the future. When you say you're changing the mix in Europe accessibility, are you implying that maybe you're giving up some sales that's lower margin stuff, and that's part of the reason gross margins shoot way up? Are you passing on certain sales, and that's manifesting as that revenue decline in Q1? For sure. Again, since it's not just about growing the top line, it's also taking care of the bottom line. Yes, we're reviewing which channel, which profitability, and that can imply some decision, some choice that we have to make. Got it. Okay. And then again, on accessibility, the big 11% organic growth for North America, was there any new price gains feeding that organic growth, or is it still just the price that I think started to kick in Q2 last year that hasn't been lapped yet? For sure. In fact, Kyle, our formula is always a bit complex, right? We have different brands with price increase at different times. So yes, in North America, we did a price increase in the first quarter, but it goes a bit against our good size backlog. So we are expecting to see some improvement on the margins more in the Q2 towards the price increase of last year. But price increase, no, don't forget, it goes maybe against some additional costs that we have in the business. At one point, we cannot just increase the price of our customer. No, we have to work also on our productivity and efficiency to improve the margins. Okay. Is it fair to say, though, that that 11% North American accessibility organic growth still included a good chunk from volume, or was it heavily weighted to price? It was mostly volume for the first quarter, yes. Got it. Okay. Thank you. That's it for me. Thank you, Kyle. Thank you. One moment for our next question, please. Our next question comes from the line of Gabriel Moreau with Scotiabank. Your line is now open. Hi. So like you said, Q1 is usually your weakest quarter, and the margin increase goes to 2%. So how should we think about the cadence of margin expansion through the rest of the year? I assume second quarter comes easier given the ERP, but what about the second half? That's a tough question, Gabriel, because again, we don't give guidance per quarter in terms of EBITDA margins. If we go in 2025, we want to be a 20% EBITDA company. We have been crystal clear in our investor day that's the mandate. I think as we go with the Savaria One, we know there's a bit of hockey sticks. We are going to get better as we go with the procurement. It takes a bit more time, the cross-selling. So I think it's a new stage for us, 16.6, and I will expect that this year through the next quarter, hopefully, we'll have the chance to beat that. But again, we got to be careful. We are working on the mid-long-term target, not just on the short term. Maybe Steve will add color on the margins expansion. I think you answered it very well, Sebastian. Just to echo that point, I mean, we're focused on improving margins sequentially, quarter after quarter, to reach that 20% target in 2025. We are expecting incremental growth over the coming quarters. Thank you. And on the pricing, you said you did a price increase early this year. How does that compare to last year? And with the Savaria One, should we think about the pricing opportunity as more progressive through the year and maybe more dynamic? Again, we got to be careful on pricing, because again, we have different brands, different products. So yes, we did some pricing initiative this year, approximately a 4%-5% increase in different brands. But when you go after that pricing, sometimes you have some product that you sell at low margins, or you have to focus on a product that has maybe better margins. So it's a mix of all this and pricing initiative that we're working on, finding some new customer, some new segment where there will be better opportunity. And again, the different brands of that. And then it's complex. We have a direct store, which has a longer backlog in the factory. So it's hard to pinpoint sometimes just in one quarter. And we cannot be just about pricing. It had to be a mix of everything, right? Thank you. That's very helpful. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Michael Glen with Raymond James. Your line is now open. Hey, good morning. I'm just hoping the strategic initiative expenses of CAD 5.3 million in the quarter. Are you able to maybe just unpack that expense a little more? Is it cash, non-cash? Does it include some restructuring? Just some additional details as to what's included in that specific line item. Yeah, sure. Good morning, Michael. I'll take this one. So the CAD 5.3 in the quarter, this is in line with what we had previously stated at the investor day on April 9th. So the CAD 5.3 is mainly made up of consulting and other training costs. There's really no restructuring costs. This is consulting and training fees that we've incurred, and they're all cash costs, Michael. Okay. And so if we think about the Savaria One program coming to an end at some point in the future, those expenses just completely go away from the company? Yeah, exactly. So we are expecting what we saw in Q1 to continue for the remaining quarters of 2024, so expenses of roughly CAD 5.3 million for the remaining quarters. These are one-time costs. These are not ongoing costs that are reflected in the underlying business. So just to reiterate, one-time costs, but the benefits from the Savaria One program that we're starting to see, the JP's been talking to, that we've been talking to, the improved margins, gross margin and EBITDA margins, sales as well, those are all recurring in nature. So the fees for this project are all one-time, and the benefits are recurring. We're going to see those year after year building on each other. As you progress through the undertaking, do you see is there a potential that we could see a larger restructuring charge roll through at some point in time as you analyze all of the businesses and all the plants and what's happening there? So far, my colleague, no, the Savaria One is about growth. It's about finding some initiative within the business. It's not a restructuring plant or this kind of project. CapEx, Steve mentioned before, we are running at the same historical rate. So as of right now, we're not expecting any significant change from the guidance we have provided before, right? Okay. And then just on inventory specifically, Steve, what do you when you look at where inventory was at the end of Q1, how should we think about the inventory opportunity within working capital for the business? So there is an opportunity there, Michael. We finished Q4 with a large reduction in inventories, right? If we look at Q2, Q3, and then Q4, Q4 inventory really ratcheted down. Q1, it came up a little bit from where we finished Q4, but still lower than where we finished Q2 and Q3 of last year. So we are very focused on inventory as part of our working capital, and we are expecting to decrease that over the coming quarters. And I mean, not only are we expecting a decrease, we're obviously expecting an increase in sales as well. So it's going to be very favorable when we're thinking about DIO metrics. For Q1, DIO was flat versus last year on higher inventories, and we're expecting DIO to decrease as well as inventory over the remaining quarter. So there's definitely opportunity there, Michael. Okay. Thank you for taking the questions. Thank you. Our next question comes from the line of Michael Glen with Raymond James. Your line is now open. Just Norma, he just asked a question. I'm sorry. Zachary Evershed with National Bank Financial. Your line is now open. Thank you very much. Congrats on the quarter. Thanks, Zachary. So I was hoping you could give us a little bit more color on the recent acquisition of Matot. What are the cross-sell opportunities there as you add dumbwaiters to your product portfolio? Very good question, Michael, and thanks for reading the news on Savaria. But yeah, Matot is a very nice small acquisition, a very long history, I think close to 100 years of making dumbwaiter and material lift very well, good reputation. Fortunately, they had a small dealer network. Now we come into Savaria, we have a bigger dealer network. So there's opportunity to bring that to some of our existing dealer. And some of our existing dealer, example, maybe we're buying some dumbwaiter from the competition. So over time, we're going to try to convert that to buy from Savaria. And after that, I know we have a great supply chain. We're global, so I think we'll be able to bring it into a supply chain. That's our target by the end of the year. We'd like to manufacture that in Toronto. So I think we'll be able to, again, the one-stop shop that we order it to one location, one sales rep to service, one technical department, one shipping, maximize the shipping fees by shipping some other product at the same time. So we have a great expectation for the future, and hopefully, with our products, we'll continue to improve our margins. Maybe Steve or GP want to complete something on Matot? No? Agree with that? Good. Good color. Thanks. Yeah, just one more, actually. On the topic of easing material costs you mentioned in the commentary, could you give us some more detail on the trends you're seeing there and in which raw materials? For procurement, GP, do you want to go? Because it touches a bit with the Savaria One procurement that we're working on. Yeah, I don't think I can go into details of which categories, Zach, to be honest. What we see is two things, right? So through Savaria One, we are going through each category of spend, essentially, right? So we group our spend in different categories, and we organize to go to market and source at the best price possible, those categories. So we're going through them one by one at the moment. But what we also saw, and we see this every day, right? So sometimes in this period, suppliers would normally come in and ask for a price increase, but then as they see that they're put in competition through an RFP, they tend to back off from the price increase, right, and then do the opposite and help us reduce some prices. So we've seen this across many categories. But I cannot tell you specifically by material what the trends are, unfortunately. So fair to say that this is an internally generated reduction in costs rather than anything market-related? Yeah, yeah, to that point. So we're not particularly exposed to market prices, right, because many of the even the parts we buy, even the raw materials are transformed. So typically, I think the share of raw material exposure is relatively limited. That's it for me. Thank you. I'll turn it over. Thanks, Zach. Thank you. As a reminder, to ask a question, you'll need to press star 11 on your telephone. One moment for our next question. Our next question will come from the line of Justin Keywood with Stifel. Your line is now open. Hi, good morning. Maybe just to follow up on the M&A commentary. There was mention of pursuing possible tuck-in acquisitions in the press release to replace some of the revenue from the divestitures. I'm just wondering, would these tuck-in acquisitions be margin accretive? I assume there wouldn't be a pursuit for fixer-uppers just given the goal of the 20% EBITDA margins in the near term. Sure, Justin. Again, we like to have tuck-in that would make sense for Savaria, a good product to bring, to offer more to a dealer, something that we can maybe use a global supply chain dealer network where there's going to be no succession, or we have not been good in one area. So all this makes sense for Savaria. And yes, when it is vertical integrated, that's usually at best to improve our margins. Are we going to buy something, one of those days, that there's zero margins, but we see a benefit to bring into a supply chain or a product? Everything's possible, but we try to focus on something that could bring some value immediately to a shareholder and the company. Understood. Any indication of the amount of targets that you're looking at, potential multiples and size of transaction? Right now, we're very focused on the Savaria One. I think we have enough on our plate for the next two years with the Savaria One, the CAD 1 billion. Again, some small tuck-in. In the past, we did sometimes two or three small tuck-in. So could we digest that without the disruption to the business? The answer is yes. But a more midsize, big acquisition, I think it's not the focus for the next two years. In terms of pricing, but I guess you know more than me what kind of multiple we usually pay, you can look a bit at the history of our transaction, right? Understood. Thank you. Thank you. I'm currently showing no further questions at this time. I'd like to turn the call back to Sebastian Bourassa for closing remarks. Okay. Thank you, Norma. So it was a shorter period of questions. So I guess it was we did some good delivery on the message, GP and Steve. So again, thank you very much for your comments, for following Savaria. I think it was a great first quarter, and you will see the next few quarters, we'll have some good things that we're going to deliver as well. So thank you, Norma. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.