Greetings, and welcome to the Limbach Holdings first quarter 2022 earnings. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. To ask a question, please press star one on your telephone keypad. You can press star two to remove yourself from the queue. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this call is being recorded. I will now turn the conference over to our host, Jeremy Hellman of The Equity Group. Thank you. You may begin. Thank you very much, and good morning, everyone. Yesterday, Limbach Holdings announced its first quarter 2022 results and filed its Form 10-Q for the quarter ended March 31st, 2022. During this call, the company will be reviewing those results and providing an update on current market conditions. Today's discussion may contain forward-looking statements, and actual results may differ from any forecast, projections, or similar statements made during the earnings call. Listeners are reminded to review the company's annual report on Form 10-K and quarterly reports on Form 10-Q for risk factors that may cause the actual results to differ from forward-looking statements made during the earnings call. With that, I'll turn the call over to Charlie Bacon, the President and Chief Executive Officer of Limbach Holdings. Good morning, and welcome, everyone, and thanks for joining us. Joining me today is our Chief Financial Officer, Jayme Brooks, and our Chief Operating Officer, Michael McCann. Matt Katz, our Executive Vice President of Acquisitions and Capital Markets, had a late personal conflict and won't join us for the call this morning. He will be available later today and this week if there are any follow-up questions. I'll be covering our business highlights and business conditions and will provide our financial guidance for 2022. Jayme and Mike will discuss our financial and operating results. I will also provide an update on the continued integration of Jake Marshall and discuss the current acquisition environment and pipeline. We have many employees joining us for these calls, and I wanna start off by thanking them. Collectively, we've worked our way through the past two COVID-impacted years while improving our operations across the board. From our strategy of moving to higher-margin ODR services to improving our GCR execution, I wanna recognize all of you for an incredible effort. All of this has been occurring while we uphold our we care core value, which led to another period of terrific safety performance. We closed out 2021 in a strong fashion, highlighted by solid execution, which saw us deliver a financial guidance that we provided earlier in the year. That marked two years of achieving our financial goals, all while successfully executing a transformational strategic change in our business and dealing with the impacts of the pandemic. We firmly believe that the results of the last two years confirm the validity of the strategic shift to ODR and our ability to successfully execute on that plan. Plain and simple, the ODR business has more predictable revenue, higher margins, and less risk of execution. As such, a business that fits this profile should trade at much higher multiples of revenue and cash flow than a GCR-focused business. Quarter-to-quarter results will reflect the volatility that is characteristic to our industry, but we firmly believe that the long-term trend of moving to the owner direct model while improving GCR execution will continue to improve results. On our last call, we also noted that we expected 2022 to be similar to 2021, with a decidedly stronger second half, and that continues to be our expectation. On guidance for the year, we currently expect revenue to be in the range of $510 million-$540 million and adjusted EBITDA to be in the range of $25 million-$29 million. Our goal is to close on at least one acquisition this year. However, this 2022 guidance does not include the financial impact of that transaction since the timing of any acquisition within the calendar year is uncertain. Before I hand the call off to Jayme and Mike to address finance and operations, I wanna touch on the general economic picture impacting the business. We think that the demand picture in our primary market sectors remains positive. Based on the recent FMI second quarter outlook, along with the American Institute of Architects Architecture Billings Index report, and what we're seeing on the ground, healthcare is forecasted for steady expenditures, but there could be a shift of capital from greenfield construction to retrofitting facilities due to rising utility costs, which should be positive for us. Data center spend is expected to accelerate, and we are continuing to enjoy a solid relationship with one of the major data center operators. Our Boston area operation is seeing good levels of research and development facility demand from the biotech and pharmaceutical industry. We also have greater opportunities in manufacturing and the industrial sector through the acquisition of Jake Marshall, and we expect there to be a steady increase in activity alongside onshoring of manufacturing investment. In the near term, tight supply chains appear to be driving more building owners to devote capital to maintaining the uptime of existing assets. That's positive for our ODR business, especially with our T&M work, which is a small but growing part of our business. We realized a 46.8% improvement over the same quarter last year with these T&M services. We expect that trend to continue while supply chain issues delay equipment replacements. While we've been impacted by supply chain-driven equipment delays, these high-margin T&M services will offset some of the equipment delay impacts. Humans need what we do, heat, air conditioning, water, power, and building automation that control the environments we create. We are diverse. We have built a diverse business allowing us to ship assets to where the opportunities exist from sectors to geographies. We move where the business opportunities are present. The pandemic response back in 2020 and how we executed is great proof of that. Finally, we continue to evolve. We keep evolving the business, which has supported the 120+ years of operation, and right now we're indicating that through our ODR transformation as well as a digital strategy. In the context of all these trends and how we operate the business, Limbach is well positioned, and we expect to see improving operating results. With that, I'll hand it off to Jayme. Thanks, Charlie. Our earnings press release and our Form 10-Q contain a detailed review of our financials. With that in mind, I will focus my discussion on some key areas. I'll start with gross margin. For the first quarter, ODR gross margin was 23.3% and GCR gross margin was 11.6% for a consolidated gross margin of 16%. This compared to 15.2% in Q1 of last year and 20.1% in Q4 of 2021. As we noted on our last call, the consolidated gross margin for Q4 benefited from an ideal mix of job cycle timing and the positive impact from a disputed claim settlement. The GCR margin of 11.6% in Q1 increased 50 basis points year-over-year due to generally improving execution. The GCR margin was solidly in the middle of the 11%-12% range that we talked about on the Q4 call as being appropriate for modeling long term. The ODR gross margin will fluctuate based on mix of services provided in any given period. For example, project work is delivered at a lower gross profit percentage compared to T&M work, so the relative mix of work will impact the gross profit percentage in any given quarter. That was the case this quarter, which is why the ODR gross margin was below the long-term range of being between 25%-28%. Our SG&A expense for the quarter was $18.7 million. First quarter SG&A was approximately level with the fourth quarter and increased $1.6 million from the prior year quarter. Similar to the fourth quarter, the high SG&A level was due to an overall normalization of operations compared with the prior year that was affected by COVID. In addition, we incurred a full quarter of Jake Marshall SG&A expense this quarter, as well as certain expenses related to the restructuring of several business units. During the quarter, the continued assessment of our operational expenses identified a number of areas to target for cost reduction. These include further centralization of certain services, a reduction in our real estate footprint, and an evaluation of areas where we believe we can further streamline certain corporate management services. For the full year, we expect to incur approximately $4 million-$5 million of costs related to several improvement initiatives, which includes the wind down of our Southern California operation and the GCR business segment in our Eastern Pennsylvania branch, as well as other non-recurring costs associated with these cost-saving initiatives. These costs will be included in the add-backs of adjusted EBITDA, and those incurred for the first quarter are in the adjusted EBITDA reconciliation table, which is found in our earnings release. A significant portion of these non-recurring expenses will run through SG&A. To cite one cost savings example, we have been assessing our real estate needs in light of flexible remote work schedules. We have focused on markets where we can reduce our footprint and are actively taking steps to rightsize those spaces. During the quarter, we determined the lease of our corporate office in Pittsburgh could be combined with our operational office. The total cash and non-cash termination expense for the quarter was approximately $0.8 million. This will save us just under half a million dollars per year of lease expense going forward. These expected cost savings and the add-backs to EBITDA are reflected in the guidance Charlie presented earlier. We currently have other cost reduction initiatives in play and expect to see further cost savings from these initiatives during the year, but will not realize a full year effect of those reductions until 2023. As such, we believe using Q1 as a quarterly run rate for SG&A should be reasonable, as there will be some fluctuation over the full year as we incur these one-time related costs to our cost reduction initiatives, as well as realizing long-term impact of those cost savings. Turning to the balance sheet and cash flow. At March 31st, our balance sheet continued to be strong. We ended the quarter with cash of $18.1 million and had outstanding debt, including the short-term portion of $47.7 million. The senior leverage ratio continued to be under 2x our adjusted EBITDA. Our net underbill position declined $13.3 million from December 31st to $7.9 million, and we are confident that the significant reduction in our underbill position shows that we are making progress working towards a neutral billing position. As we do so, we expect working capital to be positively impacted in the long term. We consumed $3 million of cash from operating activities during the first quarter, which was a dramatic improvement from the first quarter a year ago when we used $17.4 million of cash. During the first quarter, if we start with the net loss, add back primary non-cash operating activities of $4.7 million, and then subtract $200,000 for capital expenditures during the quarter, the business generated $3 million of cash flow before taking working capital changes into account. As we suggested in Q4, this is a reasonable way to view cash generated from the operation of the business. Based on the projected earnings this year, less capital expenditures, we expect positive cash generation from the business in 2022 before working capital changes in our debt amortization payments. I want to emphasize the nature of our business is such that working capital will fluctuate in the short term due to project timing, among other things. Over time, we do expect working capital to have a modestly positive impact on the business as we shift our model to ODR work and smaller projects. I'll now pass the call to Mike. Thanks, Jayme, and good morning. Continuing with Charlie's early comments about market activity, we see two primary themes in the market. First is short-term repair work and retrofit work. Our customers are well aware of the current supply chain issues, so they know they simply can't afford to have their equipment fail. Due to that fact, we've been focused on direct building owner relationships, and we are in a good position to capitalize on this lack of optionality in our trusted relationships. Second is that our customers are starting to realize that deferred capital expenditures on building systems infrastructure that accrued during the pandemic can't continue. At some point, existing systems cannot be repaired any further and need to be replaced. Given the overall strength of demand in the market, building owners know they are effectively in competition with each other to lock down commitments for scarce capital equipment. The net result for us is an active sales pipeline where we're seeing both increased backlog from larger infrastructure projects and quick-hitting revenue from repairs and maintenance. Of note, first quarter project sales were up 74.4% from last year's first quarter, which was really great to see. At March 31, ODR segment backlog was $106.9 million, up from $52.9 million a year ago, 102% increase. Additionally, ODR backlog grew sequentially by 9.1%, which reflects a continuing focus on consistent sales activity. We think we're well positioned to deliver solid year-on-year growth in ODR revenue in 2022. For the full year, we expect to see ODR account for an increasing portion of overall revenues as we track towards our 2025 goal of a 50/50 segment revenue split. Recall that in 2021, the ODR segment contributed 28.6% of revenues, up from 22.4% in the prior year. We feel good about the overall trend. We expect the percentage split in 2022 to be in the range of 32%-37%. While our backlog has benefited from an active sales pipeline, I also wanna note that due to supply chain delays, that backlog has taken more time than normal to convert to revenue. That is a primary driver behind our second half-weighted outlook for the year. We have the business in hand, and we continue to see good evidence of our strategy becoming reality. Our local branches are continuing to look to maximize the return on their resources that has naturally driven them towards ODR revenue and its comparatively attractive margins. There is ample demand for those small projects across many of our market segments and in many of our branches. First quarter GCR segment margin was 11.6%, up from 11.1% a year ago. Keeping with our emphasis that longer time periods offer the best lens with which to evaluate our business, trailing 12-month segment gross margin is 13.2%, compared with 10.5% at this time a year ago. When we merge these two themes of ODR expansion and improved GCR execution, we have confidence we're going to continue to deliver growth in revenue and generate improved bottom line contributions. The ODR sales momentum and market demand will continue to drive the company closer to a 50/50 ODR GCR revenue mix. Let me hand this over to Charlie for comments on our acquisition activities, then wrap up before Q&A. Thanks, Mike. Let me move on to Jake Marshall and how that's going. The integration is proceeding well and is on schedule, which is a testament to the focus and determination of everyone involved inside both organizations. The partnership gets stronger every day, and we continue to find new ways to work together as one company. We've really only just started to exploit the potential sales, marketing, and operational opportunities. The Jake Marshall leadership team has also been invaluable from a perspective of offering advice on industrial markets and fabrication capabilities. So a special thanks to the team in Chattanooga and our colleagues at Limbach. It's been a great team effort. The industrial and institutional markets continue to strengthen in the Tennessee region. As we've seen elsewhere, J. Marshall's backlog conversion to revenues experienced a modest shift to the right, mostly on one larger project, but we're seeing quick replenishment of sales pipeline overall and a steady growing base of bread and butter industrial maintenance activity. There's a lot of upside in those markets, and over the next several years, and we expect that we have the right team to capture it. We'd love to find a local and regional tuck-in acquisition type opportunity for both product and service providers to further expand Jake Marshall's capabilities, and we'll see what the market has to offer. We continue to evaluate a steady stream of acquisition opportunities of locally dominant, privately owned businesses. As we've said before, we're discriminating buyers, and I don't think that's materially impacted, thoughtfully and with maximum impact. While we'd like to get more than one deal done this year from a planning perspective, ultimate target company quality will be a key determinant of our success there. As I noted earlier, we feel good about the continuing improvement and consistency of our overall execution. Our ODR transition has us well positioned to benefit from current market dynamics as evidenced by growth in the project sales of over 74% from last year, as Mike noted. ODR backlog was up significantly from last year and improved 9.1% from Q4 of 2021. We are certainly feeling great that there's terrific momentum in the business. You've also heard us talk about a 50/50 segment revenue split for some time, and that continues to be our goal. We're focused on organic growth efforts on the ODR model and also continuing to hunt for acquisitions that include a significant ODR component. In ODR, we continue to expect realized gross profit margins in the 25%-28% range. Just to be clear, that range is what we expect to see over the long term. In any given quarter, we may see margins move above or below that range due to timing of our workflows. In GCR, we are emphasizing gross profit dollars and are allocating resources to that segment where we have proven execution. We expect to realize GCR gross margins in the 11%-12% range. As we continue to see ODR contribute a greater portion of our revenues with the 50/50 split, we also expect to see an upward bias in our gross margins. As Jayme commented, we are working aggressively to achieve and then maintain our SG&A right sizing. Over the long term, we expect SG&A to run at approximately 13%-13.5% of revenue, which reflects a combination of efficiencies and operating leverage from scaling up the business up to the 50/50 split. In terms of M&A assumptions embedded in our goals, we see plenty of opportunities available to us. From an operational perspective, we feel good about our ability to integrate anywhere from 1-3 acquisitions per year. As our integration of Jake Marshall demonstrates, our branch-based model facilitates the bolting on of acquired businesses without any disruption to any of our other operating units while concurrently allowing for a two-way exchange of best practices. One last point I'd like to reiterate is that we're optimistic and confident about the business. Each one of us on the call here today, along with several board members and other executives, made open market stock purchases early in the second quarter, and many of us did as well throughout 2021. We are firmly committed to executing our strategy and delivering on our financial growth targets. With that, we'll take your questions. Thank you. At this time, we will conduct our 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 that 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. One moment please while we pull for questions. Our first question comes from Rob Brown with Lake Street Capital Markets. Please state your question. Hi, good morning. Good morning, Rob. Morning, Rob. Wonder if you can comment a little further on the service shift in terms of what you're seeing as maybe some equipment delays flow through and how you're seeing the quick turn service business ramping, and how do you sort of see that playing out throughout the year here? Thanks, Rob, for the question. One of the things that we've definitely seen a significant shift, I think, I would especially since from an internal perspective, we're really trying to make sure that from a capital allocation, we're allocating to the highest gross profit opportunity. And that's kind of led our business towards increasing resources to the Owner Direct side. We're seeing really two different things from a market perspective is short term, quick hitting T&M work built from our maintenance base that continues to increase. At the same time, from a larger project capital spend perspective, I think with rising energy prices and inflation, it's kind of led to our strategy as well too, because larger construction projects have taken longer. They're worried about inflationary cost, and it's kind of pushed potentially those building owners to think about the capital expenditure and infrastructure projects, which has really helped us from that perspective. I also think you have the whole energy and utility jump in expense causing owners to see the opportunity for energy retrofits. Rob, we're pretty excited about that. I mean, we have the customer relationships, now we'll be able to leverage that as customers think about improvement to facility, cost reduction, with the utility costs spiking. We think it's an excellent opportunity for us to take advantage of that. Okay, great. Thank you. Maybe just the SG&A costs. You talked a lot about some of the efforts to improve there and get some leverage. Do you see getting leverage in the SG&A costs this year over last year, or is that more of a 2023 trend line? That's gonna be more long term. Charlie was talking about the 13-13.5 as a long term range as we get closer to the 50/50 split. We'll be realizing partial savings this year as we actually realize the cost savings, but then the full year impact won't be until 2023. We step back over the past quarter and take a very hard look at how we're deploying SG&A. I think we've made some great moves, both in terms of some reduction in personnel in the center, as well as looking at just how we're deploying those SG&A dollars. I'm just gonna reinforce, we're shifting GCR dollars over to ODR. We're just getting much better returns as our numbers demonstrate. I think there's a very smart focus on leveraging that. The 13%-13.5%, yeah, long term, I'd actually refer to as maybe mid-term that we'll get there, but it's definitely actively being acted upon. Okay, great. Thank you for the color. I'll turn it over. Thanks, Rob. Our next question comes from Chip Moore with EF Hutton. Please go ahead. Hi. Good morning. Thanks for taking the question. Good morning, Chip. Morning. Wondered if maybe just first we could expand a little bit on revenue visibility for the year. How do we think about handicapping some of the risks, whether it's supply chain or for the macro concerns that you touched on in the back half of the year? You know, looks like at least backlog coverage is something like 80%, so very good. And leading indicators are good, but just wanna handicap some of those potential risks in the back half. The backlog coverage with both our segments at this point in the year are fairly strong, so we're really happy with what we see. But what I will share with sales especially in the ODR side of the equation, are really up year-on-year. You heard those percentages of backlog up 102% year-on-year. I'll comment the month of April just continued to see very strong sales on the ODR front, actually improved over what we saw the first three months of the year. It's really good to see that our strategy around ODR is taking off. Backlog right now is sitting fairly strong. We're satisfied with where we stand today for the year, tied back to the guidance I provided. Also sales, especially on the ODR front, continue to remain extremely strong. That's helpful, Charlie. Maybe for my follow-up, more so on Jake Marshall specifically. it looks like things are going very well there. I think you talked about maybe looking to add some resources there. Just give us an update on the end market. I know there's a major automotive OEM who I think that is an existing customer that's talking about building a new production site and a new battery plant in the Chattanooga area. Just maybe some more end market insight from Jake Marshall. Yeah. The Tennessee market is actually on fire right now, similar to a couple of hills markets we're in. Very, very busy. What's happening with manufacturing down in Tennessee, we're thrilled that we did this deal, and I think the owner that sold to us is thrilled too. He's working in partnership with us. He actually attended our senior management conference recently and offered a lot of insights on how he thinks he can help Limbach, which I thought was just great to hear him say. Going back to the particular market conditions down there, first of all, Jake Marshall is in very good shape backlog-wise. They are exceeding our expectations for the year already. When you take into account what's happening with Ford, the battery plants, I mean, those are multiple billions of opportunity to us. We've had conversations with those customers. Right now we're gonna be very careful about labor and supply to make sure we don't oversell our capacity to deliver. Right now they're in great shape. Obviously, when you have those types of market dynamics, supply and demand curves are clearly in our favor. You can see improvement to margins happening into the future as that market continues to throw out so much opportunity to us. Very, very pleased with how things are going down there in the manufacturing and industrial side. We're pretty pumped up about it. It's not only about Tennessee, but exporting their knowledge on manufacturing and industrial, mainly in our Midwest markets. There's just a lot of opportunity right now in the Ohio and Michigan markets that Jake Marshall will be helping us on, especially with prefabrication of modular components. Perfect. Appreciate it. Thanks very much. Thanks, Chip. Our next question comes from Gerry Sweeney with ROTH Capital Partners. Please go ahead. Good morning, Charlie, Jayme, Mike, thanks for taking my call. Good morning. Morning. I wanted to stay on the ODR topic. Obviously, it's a focus of yours. I wanted to see if you could give us maybe a little details or thoughts on maybe how you're going to market with that strategy and what the competitive environment looks like and how you are differentiating yourselves, and from some of the competition. This is a long question, I apologize. Maybe even if some regions are better suited for the business today as opposed to other areas and how you can develop those areas. Yeah. I apologize, long question, lots to unpack there, but I think it's important. Gerry, I wrote down, I think, the multiple components of that question. If I miss something, we'll just ask again if I miss a point. All righty. That's great. Number one- You get the gist though, I think. No, yeah, absolutely. Yeah. Number one, we put more feet on the street over the past number of years, and that's allowed us to go into buildings where we didn't have a presence in with new customers. We're really targeted on account management, looking for those ODR relationships where it's not just one building but multiple buildings. That's gone really, really well. Number two, expansion of what I call the wallet share. We have over 1,200 owner direct relationships, and what we're looking to do is what else can we do for them? We have our traditional core service offerings, but now we're talking to them. Look, there's opportunity for us to actually act as what we call MEP prime, where if there's a central utility upgrade, you really don't need a general contractor. We can do that for you because it's minor in the nature of kind of steel or drywall. We're more focused on mechanical, electrical, plumbing, and building automation, and they love that. We're having great success at sharing those concepts with owners, and they're buying it. Finally, we're also expanding product and services that we can offer the customer. We are working aggressively on our digital transformation on, we've talked about this in the past, predictive analytics, digital asset management. There's a lot of different things we can provide. I'll take it one step further. We recently had a management offsite, and we brainstormed. We have all these relationships. What else can we sell them? We started talking about different things that we do today, and our business is extremely well. I'll put this out there, something like safety. We are experts at safety in so many regards, and we're the leaders in the industry. Why can't we export some of those services to a building owner that needs additional safety coverage? There's also things like program management that we started in Nashville last year. That's gone extremely well with our healthcare customers. Can we start offering those program management services to other types of market sectors? There's a host of things we're doing to expand what I call wallet share, but, more feet on the street, grabbing more market share, selling a different additional products and services. All of that's gonna continue to you know, add up to the rapid growth of the ODR segment. When you talk about more feet on the street, is this a sale directly to the building manager, or is there an opportunity to sell to building owners, especially if they own a portfolio of buildings? It's both, Gerry. Yes. Yes. We really target getting into the C-suite if that's an option for us. We work hard to figure out how do we get to the key decision makers. Sometimes it's a facilities engineer. I just heard a story last night where one of our employees actually was having dinner at a restaurant in Clearwater, Florida, and they overheard at the next table somebody talking about our company, and she couldn't help herself but get over there and have a conversation with the individual. She introduced herself as an employee of the company, but she just overheard. Turns out he was the facilities director of a major resort where we're doing some big work directly for the owner, and he was singing our praises. We actually circulated that email last night to our key managers in the business list. That was just a great story. The point I'm making here is we're working at all levels, whether it's a facilities director or getting into the C-suite. I made a comment a moment ago, we're looking to really latch on to customers that have multiple building facilities, not just a one-off opportunity. Yeah. All of that's gonna continue to allow us to rapidly grow the ODR segment. Are there areas within your sort of footprint that ODR is more better positioned for growth than certain other areas that maybe you have to make some investment in? Just curious or are you just seeing broad across the board type of growth? Jerry, one of the areas that we're really seeing that, and it's really a vertical market sector. We've looked at all of our local businesses and I think from a national approach have focused on healthcare. Healthcare is one of the sectors, and I think from one of our competitive advantages, is we're able to offer our full suite of services in a connected approach. There's not multiple people showing up to sell controls or maintenance or projects. I think if we look at that healthcare sector, and there are a lot of other mission-critical sectors that we look at as well, but we're looking at those where we can offer those services, where it's mission critical, where the need is as important, maybe even more important than price. I think from a even a bigger picture approach, we wanna be in the facility. We wanna be doing the smaller work. When we're there and we're connected and we have that trusted relationship if there's a larger project that comes along and maybe it's on a GCR sector, then we're embedded in that facility and we can capitalize. We're looking for mission critical life type healthcare vertical market sectors. Healthcare luckily is really a sector in all of our branches where we can offer those services and be there for the life of the building, and especially as that facility grows as well too. We're there and we're trusted. Got it. That's really helpful, especially the mission critical and pricing a secondary sort of notion on some of that business you're looking for. I'll jump back into you, but I appreciate it. This has been helpful on the ODR side. Okay, Gerry. Thanks. Thank you. Just a reminder, to ask a question at this time, press star one on your telephone keypad. Press star two to remove yourself from the queue. Our next question comes from Jon Old with Longmeadow Investors. Please state your question. Good morning, everyone. Good morning, John. Thanks for the great results. Yeah. First question, for Jayme, real quick, just sort of a follow-up on the expense savings. You talked about one specific example on the lease costs. If you're looking at going into 2023, what do you think the total overall run rate dollar savings could be as we head into the following year. Yes, we haven't specifically called out what 2023 is going to look like. It's basically from the timing of the real estate is really probably the most tricky piece to factor in because we're looking to do subleases or terminations to get out of some lease space. That's why we kind of put out more of the guidance of the long-term outlook for where SG&A could land when we get to that 50/50 split. Okay. All right. Yeah, I mean, you just mentioned half a million per year in leases. You don't have the total number for all the areas you're looking at. Yes, we're working through that. Jon, we're actively marketing several of our properties, for either sublease- Yes. various transactions. You know, we did. Right. Really great job out in Southern California, John, with getting rid of that property. I mean, that was a really good outcome. Then the Pittsburgh move we just made was also, you know, terrific. I'm very, very pleased. The other properties that are on the market, we're seeing interest, and we're working with a group that I think has just done a terrific job at marketing the property. That's gonna help us. Yeah. John, just to be clear, the savings go beyond real estate, right? That's just a very smart play. Yeah. Right. We're looking at other aspects of cost reduction. We got a healthy list, and we're checking them off, and I'm excited about the progress. Right. Your margin target is for 2025. That's not before that. Uh, the thirteen to thirteen and a half. Yeah. Yeah. Yeah, yeah. We're working towards those numbers aggressively. Okay. We're working hard. I mean, I noticed, I mean, obviously the use of the revolver is in the balance sheet. The average balance for the 10-Q was virtually nothing. It was like $0.1. Obviously you used it right at the end of the quarter. Is it still in place or have you since paid that down? We've since paid that down. Just an item to point out too as well on our term debt. We have a payment that was came due for our excess cash flow payment as well as we had some claim recovery. Per our agreement, we need to pay down our term debt with that, and that was about $5.5 million that actually took place here at the end of April. You'll see that come down from the term debt here once we post Q2. That's where we look to leverage our revolver so that, we can borrow it back based on the revolver. That way we're only borrowing it when we're covering off different needs of cash. Yeah. Okay. Okay, good. Obviously it, you know, the GCR segment is obviously declining, and that's planned. Do you see that leveling off at some point this year? Or is that just gonna continue? I know as a percentage it's gonna go down, hopefully as ODR grows rapidly. At some point, does it organically sort of stop going down and stay flat or grow modestly? Jon, thanks for that. Yeah. We expect that to be flat plus or minus a few basis points. I think we're really focused on getting the best return from a gross profit perspective. Allocating our resources accordingly. That may tend to drive each individual opportunity to the higher gross profit. More or less, we're looking to be relatively flat. Jon, the discipline we put into the business, you know, it was interesting over the past couple of months. We had some interesting opportunities that we were pursuing, and we were given what's referred to as last look. Will you take it for this price? We said absolutely no. I'm so happy we did that because it's the right decision. One, our backlog is strong to begin with. We're in good shape, but we're holding firm. We're all about creating more bottom line off the GCR side. We see the right opportunities in our markets that execute and execute well. We'll take that business on. Where we see margins low and we just, you know, we're gonna wait or deploy it over to ODR. It just makes perfect sense. We gotta maximize the return off the human capital assets that we have. That's the focus. Right. Okay. That's all for me. Thank you very much. Thanks, Jon. Thank you. Our next question comes from George Melas with MKH Management. Please go ahead. Thank you. Thanks for taking my question. I have a question on ODR. You gave us sort of some long-term gross margin sort of range for the business of 25%-28%. Given the fact that the business right now is quite big, right? This quarter was $43 million. I'm very puzzled by the quarter-to-quarter fluctuation in the gross margin. I mean, at some point last year, it was 29%, now it's 23%. Can you help me understand why a business of that size that has so many small project would have that much fluctuation in gross margin? Sometimes it's project timing because some of the projects are larger in scale, George. You might have a project that's moving along. The larger projects, the margins are going to be smaller, just the nature of some of those deals. The majority of what we do, though, are the smaller projects that are very high margin, but it's a timing issue. We saw the fourth quarter, all right, it was a terrific quarter. The first quarter, we saw some big work going through the books. We expect to see some write-ups as that work wraps up, but that happens in a future quarter. The fluctuation from quarter to quarter will be there. The general trend should be in the 25%-28% range. I've been saying that for quite some time. Were there any special payments or special costs in the past few quarters and in this quarter that explain that fluctuation? No, not really. Mike, do you have any further comments on that? Just like you said, it's based on project mix, life cycle, depending on we have multiple sources of owner direct revenue from small projects to maintenance to larger projects. It all depends on the mix in that particular quarter. George, I know we live in a quarter-to-quarter world, right? We all get that. There's going to be some fluctuations with quarter-to-quarter. Okay. I think we've been down this trend now the past couple of years, but the good news is the overall trend continues to show upward movement, which is just great to see. That's what we had expected to see, so. If you look at the $43 million this quarter, how many projects is that? How many POs? Oh my goodness, there's hundreds of small projects, and there's some big ones in there too. It's actually hundreds because some of the projects are only $10,000, George. It's small in and out. No, true. What would be the biggest projects that you booked that you recognized revenue in this quarter? There's some work we're doing for the TVA, which are large scale projects. That's on the lower end. We have some other projects out there that, you know, are probably in the, like, $2-$3 million range that might be on the lower end. When I say lower end, you know, 15%, 18%, 20%, that type of range. If those projects are burning and maybe some of the smaller projects aren't burning as quick, that could impact, you know, say, going down to the 23% number that you just saw in our numbers this particular period. We do expect, again, that range of 25%-28%. That's the way people should be modeling out our business. Okay, thanks for taking my question. Okay, George. Thank you. There are no further questions at this time. I'll turn it back to management for closing remarks. All right. I wanna thank everybody for joining us today. All of us here at the company, the board of directors, our senior management, and many of our shareholders are excited about our strategic direction and what that means for our future. We have established the proper foundation and business practices for growth in both our top line and bottom line with a continuing track record of execution, and we have a terrific trajectory. We firmly believe we are undervalued. Our peers are trading at multiples more than twice our current multiple, and as we continue to execute our plan, we expect that gap to narrow. There is incredible value here, and that's why a number of insiders have continued to buy our shares. We look forward to speaking to you again when we report our second quarter results in August. If you have any additional questions, please reach out to Matt Katz, who will be back in the saddle later today, or our investor relations firm, The Equity Group. Their contact information can be found on our investor page on our website. Again, thank you for your interest in Limbach. Thank you. That concludes today's conference. All parties may disconnect. Have a good day.