Good morning. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to Savaria Corporation's Q4 2024 Conference Call. 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. To ask a question during the session, you'll need to press star, one, and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star, one, and one 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 March 5th, 2025, with respect to its Q4 2024 results. Thank you. Mr. Bourassa, you may begin your conference. Thank you, Sarah, and good morning, everyone. Today, I will start with a small recap of our Q4 and 2024 results. Steve will update us on financial, JP on Savaria One, and then we'll do a small Q&A session. First, I need to say that I'm very proud of our Q4 and 2024 results, as they were exactly in line, especially on the bid with our expectations during this transformation, and they show again that we're stable at this four good quarter in a row. Thank you to all the team of Savaria. Some of the key highlights of Q4 and last year, first, a very good performance on the Patient Care in the fourth quarter. It's their best quarter ever at 23.1% of EBITDA, so good job to the team. A good growth of 20% every quarter. They were telling me, "It's coming, it's coming, it's coming," but a very good fourth quarter. For sure, in 2025, we'd prefer to be a bit more stable each quarter, but a good end of the year. It showed again that we have the right structure to do $50 million of sales and more, and it fell at the bottom line. Good job. In North America, a good year, 8.4% of growth during the year. Yes, in Q4, it was more flat, but a very strong Q1, Q2, Q3. We have worked very much in 2024 to improve our operation so that we can take more volume in the future. Quite happy with the change. A solid performance from each division, from Europe to North America to Patient Care to improve our EBITDA of 3.1% for the full corporation. That's a good achievement. Our debt ratio of 1.63. Again, we have improved a lot of our working capital. We have improved our EBITDA, and that leaves us some available fund of $242 million, which puts us in good position for acquisition or investment, especially when there's a bit of turbulence. That can be good to have a good balancing. The growth in 2025, for sure, is going to be a key focus in the Savaria One in R&D. Right now, we're launching a through-the-floor lift, Luma elevator that we call. It's going to be sold worldwide. It's called Compliant, and we're starting manufacturing this week. I think in the next few weeks, we'll be able to ramp up the sales. Quite positive about the organic growth in the future on that. I think everybody at Savaria knows that I really like these products. Today, we'll try to be proactive and talk right away about tariffs before it comes in question in the Q&A. This is very fresh, and it happened officially last week. Excuse me, this week. The rules are still not super clear of what's happening one side to the other. Is it going to affect us on the very short term? Yes. Let's reassure, we are proactive. We have done some good planning in the last few weeks, and we're going to act quickly on this. Our operation and supply chain has always been a strength at Savaria, and I think we have demonstrated in the last five years from COVID to supply chain issue with containers, inflation. I'm feeling quite good about it. Through the Savaria One, I think our team just got better, so I think we're ready to overcome those challenges. First, in the coming week, there will be some small price increase to our customer dealer that we do in a fair way as our dealer. It has always been a strength of Savaria for the last 35 years, and it will continue under the family leadership. We take care of our customer and employee as we are there for the long term. Second, we are very lucky. We have some footprint already in the U.S. We have two factories, one in Greenville, one in St. Louis, and the one in Greenville has 60,000 sq. ft. available empty that we can use to make some assembly lines or finished products. Definitely, we are going to put that in exercise to use this extra capacity. We can even expand the building because we own a big land in Greenville. Fourth, as I said earlier, we have the right balance sheet with $242 million available, so we can make investment to go to the small challenges or opportunity that might come because opportunity can come and there's kind of a turbulence a little bit. Finally, you said that we revise our guidance for the 2025 years. We knew that with the sale of the car division last year that we did not replace the sales. Last year, in 2024, we chose to go for EBITDA in Europe over sales growth. All this to say that that's why we have revised the volume to $925 million of sales, and we're feeling good about that. The EBITDA, we have put a bracket from 17%-20% because on the short term, we need to readjust on the tariff, but I'm feeling comfortable. The target still, we want to make 20%, but we need to be realistic. That is why we put the bracket. As you know, just to finish, we know we are a very agile organization. We can overcome some challenges. I think we have the right team, the right employees. Again, thanks for all your effort that you did last year, and thanks for your effort that you will do in 2025. I am sure we will get through these challenges together. Steve, small bit on financial, please. Thanks, Sébastien, and good morning to everyone on the call. I'm excited to share with you today some remarks and highlights regarding our Q4 and full year 2024 financial metrics. The key highlights for the quarter include, firstly, as Sébastien mentioned, organic growth of 20.6% in Patient Care, consolidated gross margin of 37.7%, which is an increase of 340 basis points versus last year, mainly due to improvements generated under Savaria One. Adjusted EBITDA margin of 19.2%, which marks now three quarters in a row of margin at 19 at least or above. Strong cash flow and working capital performance resulting in a reduction of our leverage ratio to our leverage ratio of net debt to adjusted EBITDA to 1.63, as Sébastien noted at the end of the year. Starting with consolidated revenues for the quarter, we generated revenues of $223.3 million, which is an increase of 3% versus last year. That growth is driven by 0.9% organic growth and a positive foreign exchange impact of 2.1%. As previously stated, we had very strong organic growth in our Patient Care segment of 20.6% due to increased medical bed frame sales and mattress revenues, as well as ceiling lift packages from increased projects closing in the long-term care markets. Our accessibility segment had a contraction of 1.9% in the quarter, driven by a 7.8% contraction in Europe and flat growth in North America. Europe continues to be a focus. Europe continues to be focused on higher margin sales, and we expect to see a return to positive growth in 2025 as we deliver on our customer win-back strategy, as well as introduce new products to the market. North America had growth of 8.4% for all of 2024, and we saw very strong growth in Q1 through Q3, which was tempered in Q4. The North American backlog remains strong as we look forward to continued sales growth in 2025, aided by the introduction of the Luma, as Sébastien mentioned, which is the new through-the-floor lift, as well as continuing to drive sales of the Maytot branded dumbwaiters and material lifts, which we acquired earlier in 2024. On a full year basis, the lost revenue from the divestments of Van Action and Freedom Motors, which were our manufacturing vehicle divisions, was greater than the benefit that Maytot brought to us in 2024, head-striving the overall negative net acquisition divestment impact of a - 1.4% for the year. Looking at our gross margins, our consolidated gross margin for the quarter was 37.7% and 37.1% for the full year. As previously stated, this is a significant improvement over a prior year, and as we continue to see benefits under Savaria One, the Savaria One program in all of our segments. The main drivers of the improvements are lower material costs from procurement improvements, improved pricing, and increased operational efficiency, as well as leverage, as we were able to hold our cost base relatively stable while increasing sales. Adjusted EBITDA was $42.9 million for the quarter and reached $161.2 million for the year. Q4 represents the third quarter in a row above the $40 million threshold. The resulting adjusted EBITDA finished at 19.2% for the quarter and 18.6% for the entire year. On a full year basis, this represents a significant improvement of 310 basis points over 2023, something that we are very proud of internally. We are clearly well on our way to our goal of 20%. Both accessibility and Patient Care saw good improvements in adjusted EBITDA margin. To provide more detail on accessibility, North America finished with 23.2% margins for the year, and Europe improved by a whopping 480 basis points to finish at almost 15% for the entire year. Improvements in adjusted EBITDA margin in all segments and divisions are driven primarily from improvements in gross margin that I previously mentioned, which was powered by Savaria One. We incurred $5.5 million in strategic initiative expenses for the quarter and $21.6 million for the year, in line with our expectations. These fees are mainly consulting costs, as we've been noting all year long. Finance costs were $2.4 million for the quarter and, excuse me, $18.5 million for the year, compared to $4.8 million and $21.8 million, respectively, last year. The main drivers of the quarterly and yearly decreases are lower interest rates on our debt, as well as a lower overall debt balance as we repaid that debt throughout the year, driven by our strong cash flows. Net earnings was $14.3 million for the quarter, compared to $11 million last year. For the full year, net earnings was $49 million versus $37.8 million in 2023, which is a large improvement of approximately 30%. I am not going to provide commentary on our balance sheet and cash flow. Cash flow from operations in Q4 was $34.2 million, including a reduction in working capital of $1.2 million compared to Q3. We were able to reduce inventory by $6.3 million in a few of our key manufacturing facilities, as well as increase our payables globally. Our trade AR increased in the quarter but finished below last year. Overall, we improved our working capital by 11 days versus 2023, which is above our internal target for the year. CapEx for the year finished at $20.1 million, which equates to 2.3% of sales and is in line with our guided range of 2%-2.5% of sales. Free cash flow after debt-related costs and dividends was $34.9 million for the year, which is $43.2 million better than 2023, a significant improvement. The strong free cash flow helped us to repay debt and reduce our leverage ratio to 1.63 and helps us ensure a strong balance sheet to start 2025 so that we can be prepared for any opportunities or challenges that come our way. For 2025 guidance, due to uncertainties around tariffs and retaliatory tariffs, we did revise our guidance. As Sébastien noted, we are going to be guiding to approximately $925 million of revenues with an adjusted EBITDA margin between 17% - 20%. At this point, it remains very difficult to estimate the total upside or downside from tariff-related impacts. With that, this completes my prepared remarks, and I'm now going to turn the call over to Jean-Philippe to provide further details on how we're progressing with Savaria One. Super. Thank you, Steve, and good morning, everyone. While the U.S. tariff situation will certainly trigger actions and set new priorities for the months ahead, the plan we're executing with Savaria One is still highly relevant. The tariffs will increase pressure on our results for some time while we adapt, as Séb mentioned, but our business is diversified both geographically and in terms of market segments, and the majority of our business is not affected by tariffs. Therefore, the impact on Savaria One will be limited and involve only a handful of colleagues who must now put in place mitigation measures, while the rest of us carry on our work. In the long run, Savaria will succeed because of its great products, an excellent dealer value proposition, a sound customer experience, a competitive supply chain, and safe and reliable manufacturing facilities. Those are all things that we are focusing on with Savaria One. Expect us to remain focused and diligent in making Savaria fundamentally better and stronger through 2025. 2024 was our first full year in Savaria One as we launched the effort towards the end of 2023. I'm happy to report that we reached the objective we had set for ourselves and delivered more than $30 million of in-year EBITDA improvements in 2024 through a combination of commercial, operational, and supply chain improvements. In fact, I was recently looking back at our Investor Day presentation from April 2024 to review the plan as we communicated it then, and I was happy to see that we implemented pretty much everything we had line of sight on at that time. For example, we talked about cross-selling, and in fact, we grew sales of Garaventa platform lift products to Handicare dealers in Europe, and we also grew acute care sales in the U.S. for the therapeutic purposes of sales for the acute care sales in the U.S. in 2024. We also grew the sales of services across accessibility businesses with new commercial offers for maintenance and modernization of existing lifts, both in North America and in Europe. We expanded the capacity of our main facilities like Brampton and Surrey for elevators, but also reorganized the Kings Langley facility in the U.K. to a one-shift work schedule, and that was a big success as we now produce as much with one shift in the day as we used with two in the past. We nearly doubled the throughput of our Mexico facility, which now supplies Brampton and Surrey, but also Beamsville, our beds manufacturing facility. We're also now set up to assemble a new product, the Luma, all in Mexico and for all markets around the globe. We completed just north of 50 procurement RFPs or price renegotiations in 2024. We're experiencing negative cost inflation in most of our businesses thanks to those efforts. In Patient Care, we added new reps to expand the geographic footprint of our acute care business. Those reps generated even more sales than what we had planned for in the first year. Finally, we scaled up the reconditioning line for used stairlifts in the Netherlands, and this allows us to reduce our environmental footprint while also addressing the needs of local authorities. We are now setting up a similar reconditioning line in the U.K. so we can better serve that market too. Those are just a few examples, and in total, we implemented about 200 distinct initiatives since starting Savaria One. In terms of impact, we estimate that about half of the gains realized to date relate to commercial actions and the other half to operational and supply chain optimization ones. The one place where we can still do better is in growing the top line, either by growing share of wallet with our dealers or expanding our network of dealers or growing our direct store operations around the world. In 2024, we made conscious trade-offs of volume for better margins, which we believe were appropriate to set the business on stronger economic foundations and instill discipline in our pricing. Yet, our goal in 2025 is to cautiously re-energize the top line, especially in Europe where we have the most room to grow in the short term while preserving those strong profitability foundations. I will caution us all that it is unclear what kind of growth we may experience in North America in the very short term given our elevator business is correlated with economic growth, new house starts, and at the moment, given all the changes happening in the U.S., it's hard to predict where those drivers are going to be headed. Also, we continue to have momentum. It's important to remember that we will have tailwinds from our 2024 initiatives through 2025. For example, all the recurrent cost reduction measures implemented in the second half of 2024, whether they relate to process changes, headcount reductions, material cost reductions, or other levers, will only give us full year benefits in 2025. Furthermore, we continue to add new ideas to our pipeline. Only in Q4 of last year, for example, we added $6 million worth of new ideas, almost all of those related to cost reductions. Through our monthly and quarterly business reviews, we continue to identify new opportunities and add initiatives to our pipeline. Finally, we plan to launch another round of ideation involving all divisions in Q3 of this year. All this to say that putting aside the disturbances and financial impacts tariffs will certainly have on our business in the short term, we are continuing to make strong progress with Savaria One and are expecting sustained improvements through 2025. I will be repeating what Séb said before, but even in Savaria One, we are adopting a long-term perspective on our business and continue to make choices that support the long-term growth and the long-term success of Savaria as a global leader in the accessibility space. We're excited to see all the progress made and the roadmap ahead of us for 2025 and look forward to see the results materialize in our numbers. Thank you for your attention. Séb, any closing remarks? Thank you, JP, and Steve, a very good overview of what's happening at Savaria. Again, we are lucky, good industry, aging population, tariff on up. This is not going to change. As you mentioned, JP, Europe is not related to tariff. This is not going to change. It can continue the same game plan. The Patient Care manufacturing in the U.S.A. could be a positive thing for them. Again, I'm feeling good about what's happening in the business. I think, Sarah, we are ready to have some questions from our analysts, which are making a fantastic job to cover Savaria. You did some good report yesterday. You understand well the business. Let's see if you have some questions about last year or just on tariff, but we are ready. Thank you. If you would like to ask a question, you'll need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Thank you. We'll now go ahead with our first question. First question today is from Derek Lessard from TD Cowen. Please go ahead. Yeah, good morning. First off, great quarter, everyone, and absolutely great year. Too bad about the political climate. I did want to, I guess, address the elephant in the room right off the bat and fully realize that the situation is fluid and every company in Canada is trying to assess the impact. Maybe I'll frame the question a little bit differently. Are you aware of any advocacy groups or lobbyists or lobby groups, for that matter, in the accessibility industry? Can you just talk about what you're hearing from them on the ground and maybe from some of your U.S. clients and maybe your partners and dealers? Thank you, Derek. For sure, again, it's very, very new. It has been officialized this week that there will be tariff from Canada going to the U.S. and a very small territory on the other side. We have the FDA. It's a medical industry for many of our products. Yes, hopefully people will do their job. It's very new. I think this is definitely on our list of to-do to work with them to see how we can make maybe an impact on a tariff. We saw yesterday that they have removed something for 30 days on the car industry. They started with that. It's on the agenda to review. As of right now, we try to do what we control in our hands, right? Yeah, absolutely. Okay, that's fair. Just maybe switching gears, I just want to dig in a little bit more on sort of residential and commercial demand in North American accessibility. You did mention in your remarks that it was flat this quarter and that you said it was a more difficult U.S. market. Could you just maybe talk about some of that, what you're seeing in terms of near-term demand, obviously irrespective of tariff implications? Thank you. For sure, the person that has started the house a few months ago, again, the tariff situation now, they are continuing to build. I think, again, I do not see any impact on the short term. We are busy. We are building home elevators. The orders still come in. It is quite good. It is good that sometimes our growth from one quarter to the other is, again, it can be challenging. We have some deadline on price increase. We can have a spike in our backlog. We did a lot of effort last year to push, push, push our production to understand, again, what is our capacity to free up some volume for the future. Yes, we have a bit of a backlog in Q1, Q2, Q3. That is why Q4 was a bit more flat in terms of residential and commercial accessibility. It's not necessarily because there's no permits or there's no construction. I think it's just a result of how we have executed our backlog last year. Steve, you want to add maybe something? Yeah, I just want to add, Derek, there is a little bit of lumpiness on the overall business in North America, but one really strong indicator that we have is the backlog in our direct stores. Our direct stores are the entities that are installing products, whether it's residential or commercial. That backlog has actually hit an all-time high. We have been growing that backlog. We feel good about what that means for the future. Typically, our direct store backlog is anywhere from within a few weeks, but that can reach out to a year and a half to two years, depending on the construction timeline. The really positive sign for us is that backlog has never been higher. A good indicator for us for 2025 and going forward. I think with some new products, through-the-floor, the Luma, again, this is a growing segment. This is something our dealers were requesting. Why don't we have a through-the-floor? This product is going to be installed in a day, very fast to install. This is going to help to generate some growth. Again, we're feeling quite good about the future in North America and in Europe. Yeah, I appreciate the color. That's a great color. Maybe just one housekeeping for Steve in terms of your expectations for, I guess, working capital in 2025 and maybe a word on your CapEx plans? Sure. Yeah. So working capital, we did very well in 2024. We reduced our working capital days by 11. That was over and above our budget, to be transparent. We're likely not going to get another 11-day reduction in 2025, but we are still targeting a reduction. We still think there's a few pockets that we can do better on inventory. AP days are pretty good and AR days are pretty good, but we still think we can do a little bit better there as well. There will be improvement. We'll see on a dollar basis. It depends on how much we actually grow sales, but on a working capital days basis, 2025 should be better than 2024. Your second part of the question around CapEx, we've historically always been the 2%-2.5%. 2024 was 2.3%. 2025, depending on what happens with operations in the U.S., we're probably going to be closer to that 2.5% mark, Derek. I think if you're putting in your model, I would say 2.5% is probably a safe way to go. Okay. Thanks for that. Again, great year, everybody. Congratulations. Thank you, Derek. You too. Thank you. We'll now move to our next question. This is from the line of Frederick Tremblay from Desjardins Capital Markets. Please go ahead. Thank you. Good morning. I wanted to start with the margin range you provided for 2025, just on the 17%. I'm curious to maybe hear your thoughts on what the main assumptions are there. Specifically, I know in prepared remarks, you mentioned a small price increase. Is that included in there? Is there any other mitigating actions that are in that 17%? Just a bit more color on that, please. Yeah, for sure, we have widened the range from 17%-20%. Again, you see that with the results we had towards the end of the year, we're really turning towards 20%. I think that was happening. The tariff will bring some short-term challenges. Again, we have a solution and we're going to act quickly. For example, price increase, we need to reduce tariff by assembling locally. I think we have a good game plan. All this is very fresh. We do not want to remove our guidance and have nothing for an investor, that's not our style. That's why we say we do from 17%-20%. Again, 17% is probably our worst-case scenario because we are doing action, but it's hard to quantify everything. For sure, towards the second half of the year, could we turn back again in the 20%? I think the answer is yes, but as a full year, we're guided to 17%-20% because this is on something right and left. Let's reassure we're doing things quite quickly because we don't like to do that. Okay. That's helpful. Just, I guess, maybe as a follow-up to that, you mentioned the 20%. With the scenarios and the plans that you put together, do you feel that you will have what you need to get to that 20% level? Maybe, I think you said maybe potentially late 2025, but certainly in 2026. Would that be the goal for potentially for 2026 to get to that 20%? Yeah. I think you saw a bit how we finished the year. Again, we have improved by 3 points last year from 15.5% to 18.5% for the full year. Again, many divisions have done many times over 20%. Yes, we need to cover their head office costs. At the end, I think we have a good game plan. The Savaria One, JP is still present. He's still there. He's pushing, pushing with the team. I think we're feeling good about that. All this to say, I did not change the discussion with my team. We still talk about 20%. I'm not going to change the speech to 17%, but it's just because of tariff. We have to moderate our guidance. Definitely, the mindset did not change. Fred is 20%. Okay. Great. Maybe last one before I get back in the queue. Just on competition, how do you feel about Savaria's competitive positioning in the current environment? I'm thinking obviously about U.S.-based competitors. Do you feel like you're still well positioned to keep your market share and potentially improve market share in the coming years? Thank you, Fred. Again, Savaria, we have 12 factories. I think we're close to 1 million sq. ft. of manufacturing. It's the biggest in the industry, in our small industry. I think, again, inflation or the tariff, it's a bit for everybody, right? Because even the U.S. manufacturer, they import some parts from right and left from Asia, from Europe. It was a worldwide economy, right? Definitely they will be impacted and they will need to do some price increase as well. Canadian companies export to the U.S. Yeah, everybody will need to do some. I think I'm feeling quite good about our position and I don't think this would change anything. Even we'll probably find some way to be stronger. I think we have always been good with our dealer. They have been good with us. I think that will just continue. Thank you, Sébastien. Thank you. We'll now take our next question. This is from Zachary Evershed from National Bank Financial. Please go ahead. Thank you. Good morning, everyone. Good morning. Good morning. Really impressive growth, organic growth out of Patient Care. I heard you mention more reps serving the acute care market. Do you think you can continue pushing the Patient Care segment to grow at a similar organic rate than the quarter's head? I think, again, Zach, we have seen it. We saw the Patient Care after COVID. They had two good quarters, Q1, Q2, 20%. Again, they did 20% again in Q4. I wish we would do 20% each quarter, but it's not realistic, right? I think everybody knows that we were targeting 8%-10% growth. It's just that it was an accumulation of projects and everything has happened somehow in Q4 to deliver, to finish the install, to send some quick turnaround products. I think definitely for the year, again, we're expecting a modest growth as all the other divisions do. Hopefully they will surprise us again and do the same thing. I think basically we have to think it was a very special quarter. It was because Q1, Q2, Q3 was flat, right? Good color. Thanks. I was kind of surprised to hear that you're experiencing lower raw material costs in both segments again. Any color on what's driving that and how sustainable you think it is? Yeah. So it's not happening. It's JP. It's not happening out of luck or it's not because just the commodities are going down. It's because we took a lot of proactive action. You can imagine, as I mentioned, we had 50 different price negotiations or RFQs. We went through all of our bill of materials, anything that we could challenge because it's not been challenged for a long time, we did. I think at the end of the day, when we did negotiate prices, we got very steep reductions. If you add up all these reductions in average, that's why we see some negative inflation. Mind you, suppliers will always come and try to get some price increases, but I think our procurement team is doing an excellent job to both counter this, but also sometimes reduce the costs. It is the sum of all these efforts that allowed us to reduce our material costs. Excellent. Thanks. If you're thinking you can get back to 20% adjusted EBITDA margins in the back half of the year and guiding towards 17%-20% for the full year, does that mean that you're looking at a pretty substantial drop in Q2 before your actions can work to raise that EBITDA again? I think it's a tough question, Zach. Again, it just happened yesterday that the tariff were official. I think in the next, and again, January, February, there was no tariff, right? I think we're going to turn around in the next few weeks. Could we have a tough March and April? Okay, we will see, but we are going to turn around quickly. Again, we're there for the mid-long term. We're not just for one month or one quarter. We have been in the business for 35 years. Again, we target over 17% for the full 2025. To do the exact what will happen in each quarter, we have never really done that. We don't do guidance per quarter. Okay. Sorry, Zach. Fair enough. Just one last one for me. How did January and February go so far in the quarter? My lawyer will not be very happy forward-looking guidance. We do not like it. Again, we just continue a bit. We are planning to have a good year this year. Things need to be split over four quarters. I think, again, we are happy with the beginning of the year. Now we see what happens in the next few weeks, but we are going to turn around quickly, as I said, on tariff. We will have a good year. We are busy. I am feeling good about it. Thank you. I'll turn it over. Thank you, Zach. Thank you. We'll take our next question. This is from the line of Julian Hung from Stifel. Please go ahead. Hi, good morning. It's Justin Keywood. Just some additional questions on the tariffs. We understand there's significant U.S. capacity, 60,000 sq. ft., where production could potentially shift if needed. What are some of the parameters there where you would increase investment into the U.S.? Or perhaps price increases is the appropriate route. How do you balance those options? I think, Justin, if I am just not correct in your question, I would mitigate that. It is a mixed bag, right? A bit of price increase to our customer after that product that we have tariff. How can we mitigate that and maybe do the final assembly in the U.S.? How can we find a different supplier in the exact country where we need to do the assembly? I think it will be a mixed scenario that will give us some results. Be assured that in the next few quarters, I think we will be able to give you some color on the size of tariff we got on each quarter, what we are doing, how we see things. It is very fresh. It just happened yesterday. All the scenario we have done in the last few weeks, we're going to fine-tune it, and we're going to put that into execution. Understood. Thank you. The balance sheet's in pretty good shape, 1.6 times levered. The valuation, it's at a 2020 low right now. We're calculating it at 8 times the guided EBITDA. What are some of the capital allocation priorities? Is buybacks or an SIB on the table? I know that Savaria has been acquisitive in the past. Are there any M&A opportunities perhaps in the U.S.? I think, again, good question. Yeah, we are very lucky. We have a good balance sheet. You see balance sheet is important when there's a bit of more turbulence. The guy that doesn't have a good balance sheet makes it much more difficult. Again, M&A, our friend Nicolas is still working with us. He's doing some phone calls. For sure, we are still looking at that. Again, it'll be more some talking than some major acquisition. We're going to close one this week. I think we'll see where to see what happens with the tariff. Definitely, this is on the plate. I think Steve said earlier, CapEx. Again, we continue to make investment in our R&D because it's important to launch some new products, to buy equipment, to improve our factories so we become more productive. We're going to continue a bit at the same rate we were doing in the last few quarters. Right? Steve, you want to add something? No. That was a good summary. Great. Just one final one on Europe and Handicare. Are there any sales into the U.S., or is that contained? Since we did the acquisition, we brought back everything to manufacture in North America. Now the Handicare doesn't ship from Europe to the U.S. Great. Thank you for taking my questions. Thank you. Thank you. We'll take our next question. This is from Jonathan Goldman from Scotiabank. Please go ahead. Hi, good morning, guys. Thanks for taking my questions. A lot have been asked already. I guess a couple from me on tariffs. The first one, Savaria, whoever wants to take this. The last time there was tariffs in North America, specifically on steel and aluminum, were any of your products exempt at the time? Was there a special carve-out for medical devices, and were your products classified that way? Last time, again, it's really the first time that we have really an impact from Canada going to the U.S. Before, it was always a little steel or aluminum or something from China to the U.S. We have always been able to figure it out and not been really impacted. This time, it's really the first time that we have to review what we are doing. Okay. Makes sense. I guess my second question, how easy is it for a dealer to switch between elevator brands or stairlift brands? Again, our dealer, many of our dealers work with us for many, many years. Now they invest some time to train on some of our products. After that, we always talk about the one-stop shop. It's one phone number for the sales, for the tech support. It makes it very easy for them to make business with us. They can go on our configurator to buy their products online to see the status of their orders. Yes, they can always switch, but they will need to retrain their sales team, their admin team, their installer. Again, I would think it's a bit more difficult to change. After that, sometimes you're successful in one area because you sell one brand. Maybe next door you have a dealer that sells a different brand. It does not mean that the next day you have access to the other brand, right? I think, again, we are comfortable and we will work with our dealer and everything will be okay. Okay. Makes sense. Maybe one more going back to the M&A question. How would you think about either shifting production from where you are to excess capacity in the U.S. or maybe buying capacity through a deal? How would you balance the two options versus the financial commitment and the timing of those? Which would make more sense? I think, again, we go through I do an M&A of a competitor. He's not going to manufacture my Savaria product. My dealer wants to buy the Savaria product. Again, for me to shift production into an empty factory where I have Patient Care management or to just shift it to an M&A, for me, it's the same effort. I think right now, again, we want to continue with a one-stop shop. That's one of our strengths. We'll see how we need to balance things in the next few weeks. Okay. Thanks for the color. Thank you. Thank you. We'll now take our next question. This is from Michael Glen from Raymond James. Please go ahead. Hey, good morning. Just maybe a couple of questions for me. You gave some outlook commentary for the elevator segment in North America. I'm just wondering if you can give some thoughts on the stairlift outlook in North America, industry-level type numbers in terms of what we should think about for industry organic growth in 2025. Again, unfortunately, we do not really disclose it for products. For sure, again, the food family, we are targeting approximately 8% growth. Definitely, stairlift, this is an area that since we brought back the manufacturing from Europe, North America, lead times are fantastic. If you want a straight stairlift, I ship it the same day or within 24 hours. A curved stairlift lead time is like five days. I think we are in a very good position with our manufacturing. Definitely, this is something, and we hope that we can continue to grow. Again, if you look at the new product, the Luma, you start from scratch, which has fantastic growth. For us, it is a mixed bag. One product goes a bit not as good, the other one goes better. The success of Savaria is the diversity. How would you characterize? I recognize this might be a tough one to answer, Sébastien, but how would you characterize your competitor's manufacturing footprint in the stairlift market? Is it primarily domestic-based, or there's a lot of import product associated with the U.S. stairlift market? I think, again, there are a lot of factories established in the U.S. that manufacture locally. Again, it is a global supply chain. Some people might bring some parts from Asia, from Europe, this, that, that. I think it will be inflation for everybody and not just for Savaria. Okay. Okay. That's it for me. Thanks for taking the questions. Thank you. Thank you. As a reminder, if there are any further questions, please press star one and one on your telephone and wait for your name to be announced. That's star one and one to ask any further questions. There are no further questions coming through, so I will now hand back to the speakers for any closing remarks. Okay. Thank you. All the questions were analyzed. Again, you're doing a fantastic job to cover Savaria. Thank you again. Sarah, I will say it was a good call. Thank you very much. We'll try to give the best color we can. I'm sure we'll succeed in the next few weeks, three months to overcome those short-term challenges. Thank you very much, Sarah. See you. Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.