Ladies and gentlemen, welcome to the Terminix first quarter 2022 earnings call. Today's call is being recorded and broadcast on the Internet. Beginning today's call is Jesse Jenkins, Terminix's Vice President of Investor Relations, FP&A, and Treasurer. I will now turn it over to Mr. Jenkins, who will introduce the other speakers on the call. Thank you. Good morning and welcome. Before we begin, I'd like to remind you that throughout today's call, management may make forward-looking statements to assist you in understanding the company's strategies and operating performance. As stated in the appendix, all forward-looking statements and cautionary statements, including those about the proposed Rentokil transaction, are subject to the forward-looking statement legends contained in our public filings with the Securities and Exchange Commission. These forward-looking statements are not guarantees of performance and are subject to the risk factors contained in our public filings that may cause actual results to vary materially from those contemplated. Information discussed on today's call speaks only as of today, May fifth, 2022. The company undertakes no obligation to update any information discussed on today's call. This morning, Terminix issued a press release filed with the SEC on Form 8-K, including our unaudited first quarter 2022 financial results. The press release, 8-K, and the related presentation can be found on our investor relations website at investors.terminix.com. We will reference certain non-GAAP financial measures throughout today's call. In order to better assist you in understanding our financial performance, we have included definitions and reconciliations of these measures to the most comparable GAAP financial measures. Joining me on today's call are Terminix CEO Brett Ponton and CFO Bob Riesbeck. Slide three of the presentation, posted on the investor relations section of our website, lays out the agenda we will cover today, with Brett opening with highlights, a Terminix Way update, and an update on our termite damage claims mitigation efforts, followed by Bob reviewing our financials, and then returning to Brett for a brief Rentokil merger update, closing comments, and questions. I will now turn it over to Brett Ponton. Brett? Thanks, Jesse, and thank you for joining us. Overall, it was a strong start to a transformational year at Terminix. I am pleased with the momentum of our performance and excited to start off by sharing the progress the team has made on our strategic priorities. In the first quarter, we reported revenue of $496 million, reflecting growth of 5%. Organically, we had a strong quarter in our residential business and sequential improvement in our commercial business, with strong price realization across all channels. Termite revenue grew 6% organically, driven by volume growth in recurring core services as well as home services. Residential pest grew 4% organically, with improved retention rates and better cross-selling of mosquito and bed bug sales volume. Commercial pest grew 2% with organic declines of 1%. Excluding the impact of foreign currency and approximately $1 million of disinfection revenue in the prior year, commercial pest organic growth would have been approximately 2%. Commercial pest continues to improve with strong sales, improved retention rates, and the disinfection headwinds now behind us. We are well positioned for growth in the coming months. In total, organic growth accelerated to 4% in the first quarter, which was in line with our own expectations and reflects the progress we have made in the business. First quarter adjusted EBITDA was $86 million for a margin of 17.3%. The decline in EBITDA in the quarter was driven by planned key investments in labor and staffing levels that are needed to support growth in the coming quarters. Like most companies, we also experienced some inflationary pressures in fuel, labor, and materials in the quarter, which we are expecting to continue throughout the next few quarters. In the middle of last year, we began investing in our strategic pricing capabilities and have been successfully increasing prices above historical rates with minimal impact to our customer retention levels. This program has continued for a few consecutive quarters, and I'm confident we can continue our progress into future quarters. We are confident that these price increases enhance our ability to cover inflationary increases as we move throughout the rest of the year, just as we did this quarter. Now turning to the progress we've made in advancing our strategic priorities. Just last week, I was in the Dallas-Fort Worth area for the launch of our Terminix Way pilot. This exciting launch puts into action all the work we have been doing behind the scenes to make enhancements for our front line that will make it easier to provide world-class service to our customers. I will share more on the changes implemented with the Terminix Way in a moment. The back office team is also making progress towards completing the Rentokil merger with pre-integration planning increasing across the functions, including finance, HR, and IT. Just last week, several members of the Rentokil team were in Memphis for on-site meetings in technology and operations. With progress on all conditions to close, we continue to see late in the third quarter as a target for transaction completion. The pending merger will enable us to further our important investments to drive organic growth, and we are excited at the prospect of accelerating the progress already well underway at Terminix. Starting on slide five, I will go a little deeper on the Terminix Way pilot and the enhancements we have in the pipeline in the coming months. Terminix Way is an initiative designed to give our front line the tools, training, and technology they need to provide consistent world-class customer service across our 50,000 customer touch points a day. Here at Terminix, we have always believed that the technician is the center of the customer relationship, and they need to feel supported in order to provide excellent customer service. We have seen a direct correlation between technician retention and customer retention, which led us to one of the guiding principles of the Terminix Way. All process enhancements should drive higher teammate retention. As we explored the first-year turnover data in our organization, we saw room for improvement in our teammate retention rates in the early months of their hires. In an effort to address this, we have created a white-glove process for our technicians, which we are calling their Journey to Route. Similar to a customer journey mapping exercise I have done many times in my life in marketing, we mapped the teammate journey from day one of hiring as a trainee through the necessary training courses and finally to graduation into a full route technician and have developed a thorough plan to address all the touch points in this experience. The 60-day period on average is our first chance to make an impression on our teammates, and we have mapped out a detailed daily activity list from day one that we believe will improve the experience. The process leverages best practices from branches with high teammate retention rates and touches all corners of the organization with involvement from our corporate talent acquisition team, region and division-level field leaders, and executive leadership. We're also working to modernize our training curriculums for all positions in the company. In addition to refreshing the graphics and content, we are making the training more interactive with the potential for both in-person and virtual sessions in small classroom settings to foster both a sense of inclusion as well as the more conducive learning experience tailored to the way our teammates learn today. We have created short videos that work well for independent learning and have pivoted to more of an on-the-job ride-alongs with current technicians guided by management and tenured teammates who have completed a recently launched certified trainer program. The certified trainer program launched in Dallas last month and pairs seasoned teammates with new hires, allowing our tenured teammates to pass on their practical knowledge as well as fostering meaningful peer-to-peer relationships with new hires. These enhancements will also help us move new hires through the training quicker so they can graduate to route techs in a shorter period of time and move directly from the classroom to serving customers with confidence. We plan to house these materials in a new learning management tool that will make it easy for us to make them available to anyone in the organization well after the initial training sessions are completed. These enhancements are in production and scheduled for launch in the coming weeks. We are excited about the benefits these actions will bring to help improve our teammate turnover in the coming months. As I mentioned last quarter, we have made tremendous progress in talent acquisition that has improved our staffing levels in the business, leading to an increase in productive technicians year over year at the end of the quarter. With this increase in new hires, we are making enhancements in our pay structure to ensure we make progress with turnover. For our hourly trainees, we have increased wages in certain markets to attract candidates to the job and help improve turnover. These increases are nominal on the total population but make a big impact at the individual level when having compensation discussions. We have also instituted additional pay certainty for newly promoted route technicians. These teammates will still graduate into a production-based position, but we have created higher minimum pay floors, so they can feel supported with more fixed pay if they need it as they transition to their new positions. While these changes are relatively new, the initial feedback from teammates has been positive, and we believe these changes will drive improvement in turnover in the crucial first year with the company. In total, turnover in the quarter for our route technicians was relatively flat to the end of the year in Q1, while we did see an uptick in turnover for our hourly positions. Our significant investments in labor in the quarter has led to a 35% increase in trainee headcount year-over-year in the quarter. These trainees will graduate in early Q2, and with these enhanced onboard training and pay structures, they will be better prepared to serve our customers in the vital spring season. Despite the challenging labor markets, we are encouraged by the capability we have built over the last few quarters that has positioned us well to capitalize on growth opportunities over the balance of the year. Turning to slide six, we also made some technology enhancements that makes it easier for technicians to become trusted advisors to our customers. In addition to simple step-by-step instructions for service delivery, there is a quick five question survey that will help identify possible opportunities to enhance protection for homeowners beyond their existing services, resulting in solutions such as mosquito control and Wildlife Exclusion. Our technicians are well-positioned to help customers understand the risk and limitations in their current services and offer solutions to those problems. One example that makes this easy is through prompts for pictures of the conditions that could lead to issues with these pests. With the push of a button, technicians can now generate proposals and sell some of our most needed services directly to interested homeowners. This technology built off our legacy platform will give our team the confidence needed to not just upsell customers, but provide value-added services and education to homeowners who may otherwise be unaware of potential problems. We also felt it's important to ensure that the customers who are not home when we perform our services also have access to this additional resource to receive better insights into the work we have completed, as well as any possible pest risk we identify while at the home. A new healthy home report is in development, and we will be system generating this based on inputs from the technician during completion of a normal service. We feel these valuable insights can be helpful in building better relationships with our customers, ultimately leading to better retention, a willingness to accept price increases, and to consider Terminix for additional recurring and one-time services. This is also a nice way to increase the pay of our dedicated technicians with additional commission opportunities as they deepen their relationships with customers on their routes. I was on site when we deployed this feature to our team in the Dallas-Fort Worth area, and the response was overwhelmingly positive, with technicians mentioning speed to execute and ease of use as the primary benefits. While this remains a very limited sample size, the results were quite impressive. We have seen more than double the technician-generated leads than we saw in the same time period last year, with significantly improved close rates. With those early results and the overwhelming field leadership and technician response, we are taking steps to deploy these features to other areas of the country as soon as possible. We've already made great progress with the Terminix Way, and I'm encouraged with the competency we have built in executing strategic initiatives, and it gives us confidence to hit our deliverables on future enhancements in the pipeline. We are making great strides to provide our field-facing teammates with best-in-class tools, training, and technology needed to provide world-class customer service. Before I hand it over to Bob for the full review of our financials, I also wanted to touch on the progress we have made on our termite damage claims mitigation efforts. We continue to feel that we are taking the right steps in our approach in this area despite historic inflationary pressure in building materials. Over the last couple of years, we have improved our visibility into claims across the country, and the data shows that our problem remains intensely focused in the region along the Gulf of Mexico within a 250 mi radius of Mobile, Alabama. This area accounts for almost 90% of the outstanding litigation, and over the last 12 months had a claim rate that is over five times larger than the rest of the country, despite representing only approximately 13% of our protection plan termite customers. Because this problem is local, our solution is local as well. If you'll remember, during 2020 we completed a comprehensive mitigation program that enhanced the protection of all of our customers in the Mobile Bay Area. That plan continues to pay dividends. New non-litigated claims in Mobile in the first quarter decreased another 10% year over year, and outstanding claims were 24% lower than the previous lowest reported numbers. During 2021, we expanded elements of the program to other high-risk areas and have seen similar claims reductions. In total, our new claims are down 55% from our highest reported peak in 2019. While claims counts have fallen drastically, we have been absorbing historic inflationary pressure in building materials and contractor labor costs, including the price of lumber that is still about three times the pre-pandemic levels. We also recently began a claims management transition from a third-party provider to an internal team in order to improve the speed to resolution for our customers. By leveraging a team with over 140 years of termite control experience, we feel we can better adapt to the unique needs of our customers and resolve issues quickly and effectively. The reduction in new claims and improvement in closing older claims have resulted in total outstanding non-litigated claims in the first quarter at the lowest levels we have ever reported. We are confident in our trajectory and our ability to continue to make progress reducing non-litigated claims in the quarters to come. On the litigated side, case counts have remained high, with 15 new cases in the first quarter, almost all of which are in a 250 mi radius of Mobile. Despite a few more claims than we were projecting, we are continuing to see a steady decline in the quality of these cases, with cost per case dropping 25% since the fourth quarter of 2019. While we did see an increase of about $3 million year-over-year in total termite damage claims expense, we remain confident we are taking the right actions to reduce termite damage claims expense to baseline levels of approximately 4% of termite revenue. The experiences we have gained and the actions we are taking will help us move beyond those baseline numbers in the years to come. I will now turn it over to Bob to walk through the revenue drivers, the major fluctuations in costs, and the first quarter cash flow. I will come back with a brief update on the proposed Rentokil as well as closing thoughts before our Q&A session. Bob? Thanks, Brett. Let's start with a detailed review of our top-line performance. Overall, we have delivered revenue growth of $25 million, driven by $19 million of organic growth or 4% as well as 1% growth from acquisitions. Beginning with the termite and home services column on the left side of slide eight, revenue increased by $9 million or 6% in the quarter. Termite and home services completions were up 13% in the quarter, with core termite completions up 5% and home service completions up 19% year-over-year due to increased cross-selling to existing customers. We experienced strong unit growth in the quarter despite lapping 12% growth in completions in the first quarter of 2021. Termite renewals were down 1% due to lower volume, partially offset by better pricing in an inflationary environment. We are lapping a strong renewals period in the prior year and have continued to see pressure on retention and termite renewals from increased moves in the quarter. We are planning to launch a new mover program in the second quarter and are off to a strong start in early April. Residential pest grew 5% in the quarter, with organic revenue growth of 4%. Organic revenue growth was driven by improvement in cancel rates and trailing twelve-month retention rates, increased mosquito and bedbug sales volume due to improved cross-selling and strong price realization. Commercial pest was up 2% in the quarter, driven by M&A growth of 4%. Organic revenue growth of 1% was driven by a reduction in one-time services, including more than $1 million of disinfection revenue from the same period in 2021. International growth was negatively impacted by increased COVID-related sick leave in both Sweden and the United Kingdom that peaked in late January and early February. Growth was also impacted by unfavorable foreign currency fluctuations of about $1 million. Excluding the impact of foreign currency and the more than $1 million of disinfection revenue, commercial pest organic growth would have been approximately 2%. In the other service revenue line, product sales were up 18% organically over the prior year due to increased chemical demand as we lap the impacts of COVID-19. Overall, the first quarter continued positive momentum in the residential businesses, with growth in our termite and residential pest segments. We also saw sequential improvement in our commercial business, and with improvement in retention rates in that service line, we are well positioned for growth in the coming quarters. Turning to slide nine, you can see the financial summary and detail on the adjusted EBITDA drivers for the quarter. On the P&L at the top left of the slide, you can see the $25 million or 5% revenue growth we covered on the previous slide. Adjusted EBITDA of $86 million was down $4 million or 5% compared to prior year. Adjusted net income of $42 million improved $3 million or 7%. Adjusted EPS increased $0.05 or 16% to $0.35 per share. Across the bottom of the slide, you can see the adjusted EBITDA drivers for the quarter. Revenue growth added $13 million of adjusted EBITDA in the quarter for a gross margin flow-through of 52%, higher than our normal rates due to strong pricing we delivered in the quarter. Labor increased $6 million in the quarter, primarily driven by investments in staffing levels and talent acquisition to get ahead of peak season and drive growth in 2022. As Brett mentioned earlier, the bulk of the cost came from approximately 35% more non-productive trainee headcount in the quarter compared to the same period in the prior year. While most of our teammates are on a production-based plans, we did see some wage pressure on our hourly employees, but we're able to pass along price increases to cover that inflation. As we alluded in February, vehicle fuel increased $2 million, driven by higher prices per gallon. Given current fuel prices, we expect to see similar increases in future periods. As a reminder, we have approximately 90% of our fuel usage in 2022 protected with the fuel hedge, which gives us more certainty about these impacts despite the volatility we see in oil and pump prices. As Brett discussed in detail, termite damage claims increased $3 million due to higher litigated claims counts in the Mobile Bay area, as well as higher cost per non-litigated claim, due in part to inflationary pressures on building materials and contractor costs. Investments in Terminix Way increased $1 million as we deployed enhanced technology and training to our teammates in the quarter. Investments in staffing levels and training in both sales and service in our call center increased $3 million to support expected growth in the back half of the year. Finally, travel expenses increased $1 million due to the easing of COVID-19 travel restrictions. These results are in line with our expectations for the first quarter, and we remain firmly on our full year plan, with needed labor investments in the quarter, increasing our staffing levels to support continued growth over the remainder of the year. Turning to slide 10, you will see the cash flow summary for the quarter. Working capital improved $11 million, favorably impacted by seasonal activity and the timing of interest and income tax payments. CapEx of $7 million for the quarter included recurring capital needs and information technology projects. Restructuring charges of $10 million primarily included costs related to our proposed acquisition by Rentokil. We expect to have additional restructuring payments related to the transaction in future periods that will negatively impact our expected free cash flow conversion rates for the year. Free cash flow conversion for the quarter was 73%. During the quarter, we borrowed $80 million from our revolver for short-term liquidity needs, repaid $50 million within the period, and the remaining $30 million subsequent to quarter end. While we did not complete any acquisitions in the quarter, we remain active with our small tuck-in acquisition program. We also used approximately $30 million to initiate a restructuring of our minority interest in several businesses in China. We expect to receive proceeds from those transactions in the coming quarters as the restructuring is completed. As we discussed last quarter, given the pending merger, we are not planning to be in the share repurchase market in the near term. We ended the quarter with 170 million in cash and 518 million in available liquidity with a net debt leverage ratio of 2x. Overall, we are excited by the momentum we have built in the business with accelerating growth rates and investments in staffing levels in the Terminix Way, positioning us for additional profitable growth in the coming quarters. While we are not providing guidance due to the pending merger, we are encouraged by the first quarter results and the outlook we have for the remainder of the year. With that, I will turn it back over to Brett for closing comments. Thanks, Bob. In closing, on slide 11, the first quarter was another quarter of progress against both our short-term goals and our longer-term strategic priorities. We delivered strong growth in termite and improved our growth rates in both residential and commercial pest from the fourth quarter. With our key investments in staffing levels across our technician base, we are well positioned for continued growth as we look to spring. Our strategic pricing plan has good momentum and runway to continue to provide support in this inflationary market, and I remain confident we will continue to pass along increasing costs in order to absorb increases in fuel, labor, and materials in the future. I'm encouraged by the positive feedback we have received from our front line after deploying the first phase of Terminix Way, and I look forward to further enhancements in the pipeline. We remain on track with our operating plan for the year, and we are well positioned to continue our trajectory into the peak season. In our back office, we are supporting the additional closing conditions on the pending merger. We are finalizing agreements for the sale of our UK and Norway businesses and are expecting an announcement as early as next week. Other integration planning is well underway, and we remain on track for a close toward the end of the third quarter. With that, I will hand it over to Jesse to lead us through the Q&A. Thanks, Brett. As a reminder, we are limited in our ability to discuss specifics on the timeline of the merger, but we are happy to take any other questions you may have at this time. Operator, let's open the line for questions. Thank you. If you would like to register a question, please press the one four on your telephone. You will hear a two-tone prompt to acknowledge your request. If your question has been answered and you would like to withdraw your registration, please press the one followed by the three. One moment please for the first question. Our first question comes from Tim Mulrooney with William Blair. Please proceed. Brett, Bob, Jesse, good morning. Morning. Good morning, Tim. Brett, I know you discussed pricing briefly in your prepared remarks, but I didn't catch it, so I apologize if you already addressed this, but we did wanna ask about pricing given the inflationary environment. I believe it typically averages between, I don't know, 1%-2% on an annualized basis. Curious how much you expect it to be this year on an annualized basis, like for the full year. We've spoken to a number of different, you know, private, privately held companies in the space over the last couple of weeks and over the last month who are talking about significant price increases, like 5% or more. Wondering if Terminix is thinking along the same lines, 'cause this could obviously impact how we're thinking about organic growth. Sure. Good morning, Tim, again, and, great question, by the way. First of all, just as a starting statement, I think we feel very good about our ability to price to recover any inflationary pressure that we're seeing in our material costs as well as wage inflation. Regarding specific targets for the year, we're not gonna provide specific numbers here, but I think it's fair to say, using the industry benchmark of 1.5%-2.5%, we feel like it's gonna exceed that, pretty significantly. A couple of things that's driving that for Terminix, I think if you remember last year, we talked about one of our major strategic initiatives was to establish a much more robust strategic pricing team, leveraging stronger analytics, better competitive intelligence, down at the hyperlocal market level. I'm really pleased with the progress the team's made last year, that we're now starting to see the benefits of us being able to take the necessary price. We feel like there is an opportunity to take. Also, with mitigating the impact we see on customer retention. We feel very good about striking that balance. Net-net, I think we feel very good about our ability to recover any inflationary pressure here and also see an opportunity here to close a potential gap that we found in certain markets relative to the market, which I think over the long term helps fuel our objective of expanding margins in this business over the long term. Yeah, that's really helpful, color, Brett, and I appreciate that. Because Jesse forgot to limit us to one question, I'm gonna go ahead and dare to ask a second question really quickly. Just as a follow-up to that to ask, when your price increases typically go into effect. I think one of your competitors said second quarter is typically when the annualized price increase goes into effect, but I'm curious how you think about layering in those price increases and, you know, is it just for new customers or for existing customers as well? Thank you. Yeah, good question, Tim. We don't have an annualized price increase schedule that happens a certain time of year. Our pricing are at the customer-specific level based upon the terms of the contracts that we have with those customers. In effect, we're taking pricing actions every month in this business based upon the terms that we have with our customers, which as you would expect, gives us a lot of flexibility to deal with any short-term trends that we might see that will impact our, you know, overarching pricing objectives that we would establish there. Again, we just feel very good about the capability that we've built in this area. Having foreseen, I think, some hyperinflationary environments that we were expecting, like the investments we've made and strengthened our pricing analytics is certainly starting to pay off here. Our next question comes from Ashish Sabadra with RBC Capital Markets. Please proceed. Hi, thanks for taking my question. If I can just build on Tim's last question, and would it be possible for you to provide any details on what percentage of your portfolio has already been repriced higher for the inflationary environment? Well, as I said, I think, and I'll ask Bobby to add some color to this. Look, we price on a rolling basis here. We look pretty strongly at customer demographics in certain markets. We look at competitive dynamics based upon a set of local and regional competitors. It's those two decision points, I think, that we take into consideration in addition to our input costs that we're seeing there. In terms of the impact on a percentage basis of customers, I'll let Bob add some color to that. Yeah. And if you recall, we started taking price really in Q3 of last year. We're just continuing that momentum. I mean, Brett mentioned the fact that we put together a team that started looking at it more strategically in the back half of last year. We are seeing some kind of tailwinds in the first quarter and second quarter of this year, but it'll start to level off in the back half of the year. That's very helpful color. Maybe just on my follow-up, I just wanted to drill down further on the cross-sell opportunity. There was several references to improved cross-selling, and now that you're well-staffed, we could potentially see better cross-selling going forward. I was just wondering if it's possible to provide any color on how much of your existing customer base is penetrated. How do you think about the cross-sell opportunity? Any color there will be helpful. Thanks. Yeah. Great question. Maybe I'll point back to a metric we shared on our last call. There's four core services we offer to customers at Terminix: general pest control, termite, mosquito, and Wildlife Exclusion. Across those four services today, on average, our customers are buying 1.3 of those four services. About a year ago, we identified this as a significant growth opportunity for us to develop deeper relationships with our customers in an effort to drive higher penetration. I'm really pleased, as I made in the prepared remarks, that we launched our first initiative to fully capitalize on that opportunity by launching the first phase of the Terminix Way in Dallas. Now, there's two parts to the Terminix Way. One's focused on training and onboarding our technicians to create a good experience that allows them to get to their full performance faster. There is an element of Terminix Way to unlock the power of the upsell or the cross-sell by putting in the hands of our technicians an easy-to-follow inspection process that allows us to quickly translate the results of that inspection into an upsell opportunity with the customer, but also make it really easy for the technician to do that. We talk about one-button execution of amending contracts on the customer's front step, if you will. That makes it really easy to do that. As we shared in the prepared remarks, although the data is a pretty small sample size, I'm very, very encouraged by how quickly our team is ramping up and driving better leads through this process that we implemented, as well as a higher close rate on those leads as well. Naturally, as you would expect, the excitement that we're seeing with that cross-sell opportunity is allowing us to challenge the team to accelerate rolling that initiative out across our branch network in the upcoming months. As a reminder to register a question, please press the one followed by the four on your telephone. Our next question comes from George Tong with Goldman Sachs. Please proceed. Hi. Thanks. Good morning. You mentioned that the merger is on track to close in Q3. Can you discuss what remaining closing conditions there are in order to successfully complete the merger? Also the divestiture in the UK, any elaboration on that? Sounds like something might be announced over the next several days. Thanks. Sure. Good morning, George. This is Brett. As we said, we're still targeting late Q3 for the close. There is 3 or 4, I think, remaining steps that we need to take here. As you characterized the first one, the Terminix needs to execute is the sale of our UK and Norway assets. I'm really proud of the progress our team has made there. We've run a pretty robust process, a lot of interest in those two assets. We would expect in the next week or so to be in a position to announce the future direction of those two assets in our company. We're on track there to get that condition to close completely. In parallel, of course, we're working on the proxy, and all that work is, you know, on track. The SEC, of course, needs to review that proxy and, you know, mark that proxy effective, of course. That will allow us then to send, you know, the proxy to our shareholders. We would expect the vote then to be taken probably 34-45 days later. All those major events, we're still comfortable with a late Q3 timeline. It's probably worth noting here that these items we talked about at this point are very procedural in nature. It's just a matter of us executing the process. The team is fully focused on this, and we remain committed to this late Q3 closing timeline. Yeah. George, this is Bob, by the way. One thing we would like to call out also related to the UK and Norway is those two assets combined represent about $60 million annually from a revenue perspective and less than $10 million from an EBITDA perspective. Got it. Very helpful. Thank you. Our next question comes from Brian Butler with Stifel. Please proceed. Good morning. Thanks for taking my questions. Morning. Good morning, Brian. Can we start with the EBITDA bridge that you provided, which was very helpful for the first quarter? Can you talk maybe about how that trend in the give and takes look heading into the second quarter and maybe the remainder of 2022? Yeah, we gotta be careful, obviously. We're not providing any type of guidance here. Very similar to what we had mentioned last quarter is that obviously our revenue conversion rate should be consistent with what we said in the past, which is roughly a 30% flow through. The labor investments that we made in the first quarter will obviously continue through the second quarter. We did make some investments in the back half of last year. They'll start to taper off in the back half of the year. There are some investments in Terminix Way, you know, it was only a $1 million in the quarter, but it is a significant amount during the balance of the year. The largest headwind, I would say, would be fuel. Even though we are hedged, it is at about $1 per gallon more than the prior year. On a usage of 10-12 million gallons, it's rather significant headwind. Maybe just to add some color here, Brian, to some context here. Look, first of all, we're right on where we thought we'd be at the end of Q1 here. If you go back to last year, if we remember, we had pretty strong margin performance in Q1 of last year, driven by, you know, probably the unfortunately lowest labor staffing levels that we've seen in a long time coming out of COVID-19. Rebuilding our staffing levels really positions us well heading into the peak quarters of Q2, Q3. If you remember last year, we had some headwinds, I'd say due to, you know, shortness in staffing and when you overlay the Copesan insourcing work that we took on in Q2, Q3, that certainly created a little bit of a headwind for us. We're now lapping that this year in a much stronger labor position as a result of the investments that we've made in Q1. We feel like we're well positioned to capitalize on probably accelerating performance in our business in the second half of the year. Yeah, I think some of the conversations we've had in the past about margin expansion throughout the year, I think that, you know, we're on track to this point and to have that occur. Okay, that's helpful. Then as a follow-up, when you talk about organic growth in the commercial, it was negative in the first quarter, but you know, looking to trend positive kind of in 2022. How does that work through the year? Is that gonna just be you know, it's gonna be positive, you know, a little bit, you know, kinda going in the second third? Or is it gonna really be back end weighted with a lot more, you know, organic growth potentially in the third or fourth quarter? Yeah, I think, first of all, maybe just to clarify here. Yes, as reported, we were down 1%, but when you adjust for FX dispositions, actually plus 2% growth, organically here. That's a sequential improvement versus Q4. We're encouraged by the momentum that we're seeing in our commercial business, on the domestic front, and an improving environment, I think now in Q2 in our international business. We would expect to see, I think, acceleration in our commercial business as we progress through the year here. There are no further questions at this time. Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.