Tribe Property Technologies Inc. (TRBE.V) Q3 FY2025 Earnings Call Transcript & Summary

Thank you, everyone, for joining us. My name is [ Hitin Sanny, ] and I will be the operator for today's call. Welcome to Tribe Property Technologies Fiscal Third Quarter 2025 Financial Results Conference Call. This call is being recorded. [Operator Instructions] We will be having a question-and-answer session at the end of the call. On our call today, we have Tribe's CEO, Joseph Nakhla; and the company's CFO, Scott Ullrich. I trust that everyone has received a copy of our financial results press release that was issued earlier today. Listeners are also encouraged to download a copy of our financial statements and management discussion and analysis on SEDAR+. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. Forward-looking statements are based on management's current views and assumptions. Please review our press release and Tribe's reports filed on SEDAR+ for various risk factors that could cause actual results to differ materially from our projections. We use terms such as gross profit, gross margin, adjusted EBITDA and recurring revenue on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definitions set out in our management discussion and analysis. In addition, reconciliations between any adjusted EBITDA and net income is included in the press release this morning. Please note that all financial information is provided in Canadian dollars unless otherwise noted. With that, I will turn the call over to Tribe's CEO, Joseph Nakhla.

Good day, everyone. Great to be with you. Thanks for taking interest on a Monday morning or afternoon for you in our company's results. Let me begin by saying we had made a strong endeavor to get our financials out earlier for all fairness. And with their permission, we do need to explain that due to some technical issues that our auditors unfortunately experienced in the last 2 weeks, they actually caused some delays. So our commitment to get our financials out earlier continues. I was actually quite pleased with the performance of our corporate finance team this quarter, but we will continue to endeavor to get this as earlier than essentially the last day. This was a great quarter for us, just a continuation of the direction of the company towards profitability. We achieved revenue of $8.3 million in this quarter. We improved our gross profit by 23% up to $3 million in the same quarter from last year. Adjusted -- we have an adjusted EBITDA of $84,000 in this quarter, very, very close to the number that we wanted to achieve. We can get into a little bit more of the cause of that, slight delays in new contracts coming through the door. continues to be an issue, but it's a very short-term issue, and we are quite excited about Q4 and Q1 coming up here. We closed, obviously, a $5.75 million public equity offering. So oversubscribed from $5 million with participation from a significant number of our shareholders, including our CFO and myself, the CEO. We launched Canada's first national conveyance document center that allows owners of condo units and new buyers and realtors instant digital access to all the certified data that's required. That is a product that there's a number of companies actually in Canada to offer the service. No one is doing it on a national level, and we're the first to actually be in the business of property management and actually deliver our own service on our platform, which is much appreciated by our customers, plus it's starting to deliver us improvement in gross margin and additional revenue streams. And then obviously, since Q3, we launched several rental service programs. I'll get into them a little bit more in detail what that means. I've spoken about them in the last couple of quarters of the value of what we need to do in terms of supporting a lot of our developers that are dealing with unsold condo inventory. I'm sure there's a lot of questions out there about the market conditions. We'll get into that a little bit more in detail here. But that being said, we've launched a number of rental products that have been really, really helpful for the company, and I can give a little bit more color on that shortly. Next slide, please. One of the big less than talked about performance metrics we keep an eye on as an organization is obviously lowering our debt profile. And this is just an indication of what we've done since Q2 of 2024. We've reduced our vendor take back by approximately 60%. This is in addition to obviously addressing some of the senior debt profile that we have. This is something that we're -- we continue to work on. We're quite pleased with this because, a, we want our ratio to continue to improve our senior bank that we work with is quite pleased to obviously see us bring that down, and it gives us more operating capital here to either reinvest into some of our products and services and/or continue to be aggressive with our M&A strategy. Next slide, please. I'm going to hand it over to our new -- not new to the company, but new to the role, CFO, Scott.

Thank you, Joseph. Let me first just start with a thank you to Joseph and our Board of Directors in their support of me filling this role as CFO. I know I have big shoes to fill by those who served before me. I'm now 1 month shy of 5 years of working with this great team here at Tribe, and I'm very excited about our future. But moving on here, this chart here, we've got the quarterly revenue comparison for the 3 months of Q3 and indulge me here, please. I'm going to go year-over-year from 2023 just to show our growth here. So Q3 2023 ended at $4.8 million and it grew 74% to $8.3 million in 2024. And then Q3 2025 remained stable at that $8.3 million mark. Now this was due to an exercise where throughout the year, we traded lower-margin contracts for higher-margin ones. This was a strategic move on our part, allowing us to basically do more with less. Our quarterly gross profit started at $1.5 million ending balance in 2023, growing well, doubling almost to $3 million in 2024 and 2025 saw a further increase of 23% to $3.7 million. Our gross margin percentage was 47% in Q3 2025 compared to 39% for the same period in 2024. This increase in profit margin, I think, highlights the benefit of us shifting focus on our client base as well as continuing our efficiency efforts. Our quarterly adjusted EBITDA, again, starting with our Q3 2023 ending EBITDA balance of negative $1.44 million. We improved this by 93% in 2024 to negative $105,000. And our Q3 2025 EBITDA has us at negative $84,000, which is still a 20% improvement over 2024. I want to point out here that our monthly EBITDA numbers for the months of August and September were positive with our overall Q3 number being negative only due to performance-based bonuses, which were paid out in July. Next slide, please. So this is showing our 9-month numbers, and it follows a similar path to what I just highlighted for Q3. Our 9-month revenue comparison using the 2023 9-month base of $14.3 million, revenues grew 39% to $19.8 million in 2024 and grew a further 23% to $24.4 million in 2025. 2025 saw our software and service fees grow 24% and our transactional revenues grow 19%. Our 9-month gross profit comparison starts at $4.5 million, 9-month ending balance in 2023, and this grows 60% to $7.2 million in 2024. And then 2025 saw a further increase of 41% to $10.1 million. Our adjusted EBITDA from negative $5.5 million in 2023 grew 50% to negative $2.6 million in 2024 and then 107% jump to positive almost $200,000 in 2025. This year-over-year improvement, I believe, demonstrates that our national presence and our operating model is starting to hit the desired outcome of supporting our long-term growth initiatives. Next. Thank you. This last slide of mine, shows our compounded annual growth rate over the past 5 years. To date, that number is 58%. And we are on track to finish this year with another record revenue number come December 31. This slide here also shows us hitting positive EBITDA, again, of almost $200,000. It was actually $197,000 for the 9 months ending 2025 September, and we are confident of improving that number by year-end. And this improvement, I believe, reflects our operational efficiencies, our disciplined cost managem and our continued investments in our growth initiatives. That concludes my financial update. Joseph, I'll turn it back to you.

Thanks, Scott. Great job to you and the team. And obviously, it is worth noting that one of the more unique things about Scott's background in the organization is his incredible leadership in both property management on the rental on the condo side, there's probably a handful of people in the country that would have accumulated the experience, both on the finance and on the operations side that Scott has. So we're incredibly blessed to have you in that role. So thanks again for a great job you and your team.

Thank you.

Next slide, please. One second here. Great. So just a way of reminding everyone, we have 2 big segmentation that have multitudes of revenue streams. We have what we call the recurring -- the sticky recurring business, which is the tech elevator or tech-enabled management services where we license our software and services to either condos, condo corps developers and/or big rental portfolio holders or landlords. And we obviously have a long list of transactional revenue streams where that sit under multitudes of umbrellas. Some are very much rental based, some are condo-based. I mentioned earlier the launch of our online condo document management system that in real time prepares all the paperwork that's required for you to conclude on a sale or a purchase of a condo and other things as well on refinancing and so on. All these different products and services sit and generate additional revenue for us. So some of our in-app purchases, some of them are just a suite of products and services that a homeowner or a condo corporation can actually purchase for their own needs for the community, and that continues to grow for the year. We will keep adding more of those products. You'll see more and more of these types of partnerships. We used to put 1 or 2 of them per announcement. Now we have a larger number of them. So we're actually accumulating them and compounding them in our announcement just to let the street know what we've got available to them in their homes in the marketplaces. One of the more unique things we're starting to see now in the large master planned communities that we're securing is the ability for our marketplace to connect the new tenants or the new homeowners purchasing in a larger community with a lot of the businesses that exist into that community that they're moving in. So a lot of these places have retails where we're working on places that are big communities that are attached to malls, where actually the retailers can actually use our marketplace to communicate and deliver offers to the homeowners. So you'll see more news on that in the next couple of quarters here. Next slide, please. Okay. What's the day in your life as either investors, shareholders or bankers of not listening to somebody tell you how important AI is. So I will tell you the following. We are actually putting serious efforts in the organization to be an AI-first platform. So we -- as you may know, we are considered to be the most advanced platform as far as technologically affecting our service delivery in property management, specifically in the condo space. That's already known. However, we think there is a monster opportunity to really impact our -- improve our gross margin while delivering even more superior service to our customers. You'll have seen in our financials like a major improvement in our gross margins. At the end of the day, our cost of goods is our biggest line of item, a lot of our salaries. And the idea here isn't just to make cuts for the sake of cuts. The idea here is to actually grow our revenue and grow our revenue streams and the number of homes that we service and allow our team utilizing AI to actually deliver more service to more communities. And that's the point that Scott touched on earlier about this trading higher-margin business, meaning we can do more, we can manage larger margin and better margin communities with the same number of people or the incremental increase that we need on the number of people is less than the actual benefits we're receiving. So this initiative that I've been speaking about here for about a quarter is well on its way. We have not deployed it fully yet. It's not going to shock you to know that whether you're looking at Agentic or Generative AI things are changing significantly. I'm very, very pleased with our decision to be very deliberate in testing and figure out where there's hype and where there's reality in terms of value creation for us, what can actually move the needle for us. Certainly not here to tell you that we've nailed it 100%. However, it is well documented that actually less than 5% of AI projects in companies right now are actually yielding value. So everybody just sprinted quickly to AI, just try to deploy for the sake of deploying it. We've seen bits and pieces of it even in our own industry with major failure, our resistance to just do it for the sake of doing it and actually really, really converting our service delivery model to really start benefiting directly either for the customer or for ourselves. And our measurement tools, obviously, our customer satisfaction and essentially cost of goods per door. We're starting to see those results. It's a little early, but I think '26 is a transformational year. But I need to tell you that we're incredibly committed to actually making sure that everything and the incredible amount of data stack that we accumulate every day about the buildings and the performance is going to be sitting within an AI platform that is actually going to predict the health of the building, give us insight and let us know if things are working out or not working out, provide better service and actually ensure that our cost of goods do not grow at the same level as the revenue we anticipate to grow in the next couple of years. And then really from a -- our early focus is going to be around that resident request and escalation management, really suited for AI, the governance tools. It's not going to surprise many of you that have ever lived in HOAs or condos or gated communities that there's a significant amount of governance that we do and obviously, a lot of self-service tools. We've always been self-service champions essentially. We have in the tens of thousands of tickets whereby homeowners and tenants interface with us and get answers to issues that they want to do, but we think we can even enhance that significantly. Next slide, please. Okay. We spoke about these new products. We put a press release on it. I recognize if you're not in the space in the industry every day, this might not completely land as far as their value proposition. And I can tell you that our industry is quite excited about what we're doing here. So let's go through those very -- at a very high level. Rental pool programs, maybe let me just set up the scene for you. So a significant number of developers, and again, we work with about 105 of them across the country. A significant number of those developers, when they are completing due to interest rates and market dynamics are sitting on inventory of units that have not sold. Their thought on it will be that they're eventually going to sell. There's a significant number of people that are sitting on the sidelines waiting out some activities around the affordability issues, the interest rate issues and obviously, the tariff conversations that are occurring. So until these units sell, what we've been able to do is create a rental pool program that can actually allow either the developer and/or people that are actually purchasing from the developer an income that's coming from that rental pool. Sometimes it's just a function of treating the developer as the landlord and taking that off their hands so that way they don't have a big monthly commitment that they have to do on all fronts. Obviously, once the -- let's say, developers get 250 units and they sold the 150, but they're selling 100 units. Essentially, every month, they are responsible. The developer is responsible as an owner of those 100 units actually pay the monthly fees that pro rata to those units. And so that becomes a bigger issue for their LPs and their operating companies. So we're actually starting to take some of that off their hand to actually put them in a market and create a rental pool program. We're also helping them put together what they call a rental guarantee program that has essentially been able to, for the first 12 months, 18 months, 24 months, turn around and actually guarantee the buyer who is purchasing the unit from them. So the developer will guarantee that this unit will generate x amount of dollars over the next 12 months, 18 months, 24 months. And that program is actually on its way. This is to make the units more enticing or make the homes more enticing for the investor types to actually purchase those units. We're also going through a significant number of condo conversion consulting services. This is a fancy way of saying a lot of developers that broke ground are going back to their cities, their counties and actually renegotiating to actually convert the condo development that they were -- that they started into a rental development. And a lot of those developers don't really know much about managing and operating rental. So they come to us and we help them navigate through the requirements, help them navigate through the budgets that affect them as they're going to be the landlord essentially of that and also help them through the composition of what these need to look like, what the amenities should look like. And then we've also launched our own software platform in -- that is called -- it's essentially Tribe Home, but just purely for institutional rental. It's tailored for that type of larger community that's all rental owned by a REIT and/or a big developer or even a group that -- of LPs or family offices. It has all the documents, updates, maintenance requests, amenity bookings. So all the stuff that we're very famous for on the condo side is all now available on the rental platforms that we're supporting. And obviously, it is designed with all of our property managers in mind in terms of ensuring that they can do more with less. Next slide, please. So market update. A lot of good questions about where we at. I mean, look, there is no doubt that presale, this would be when the developer is planning on building a 200-unit building, has a sales center and the project has already started, but they're in the middle of selling. That has slowed down. There's just no doubt about it. And the impact of that on us, once they break ground, they have to deliver because they've already borrowed the money for construction loans and nobody just halfway through the project will stop. So anything that has a crane and already broke ground will complete. What we're doing now is we're taking this rental products that we've got to actually give the developers a peace of mind and/or help them with a big pivot if they're moving from condo to rental. In both cases, we obviously generate revenue. We are in the business of managing these buildings one way or the other. There's still all those developers are utilizing our software. So the market dynamic is not really impacting the reality of there is a national housing shortage still. So despite of what you're hearing about there's a lot of rental units coming into the market, yes, it does impact the rates. It does not impact the fact that we still have a massive shortage in housing in this country. So the opportunity for us really is converting those condos to rental, taking that inventory off the developer and creating portfolios that generate revenue for them. Think of it as asset management essentially for those developers and a number of those rental pool programs that we discussed earlier. So that's why we've launched all these new products. The big advantage we have, obviously, is that we have the relationship with the developers. We're the first call to get when they're dealing with either slowing down of the presale and/or completion of a building that they haven't sold all of it, and we actually help them with solutions to help them with the cash flow issues. We obviously got those products that you're familiar with now, the PropTech products that we've taken to the market, and we're going to keep adding more to that. And then really, we're very well known to be a one-stop shop. Every single piece of the services I laid out to you today, really, there's nobody in the country that can actually stand and actually illustrate the value of that to the developer, both on the rental side on the condo side, not alone on a national level. That's what's most unique about our organization. So that's why we are frontline essentially dealing with and helping with the developers deal with some of these challenges that they're facing. Next slide, please. So growth, '26 profitability, continuous profitability focus. I'm sure there's a lot of questions about is, are there more levers for us to leverage while we're growing organically and non organically next year? And the quick answer is yes, big AI push within the delivery metrics I shared earlier, it needs to impact our gross margin and significantly improve our customer satisfaction in terms of interaction, which will open up more doors for us from a revenue point of view. And we'll continue to increase our organic growth. That's an area that I think the market is ripe for. There's some challenges that some of our competitors are dealing with either lack of technology and/or inability to navigate through the difficult times in the markets, and we just continue to grow. So we're feeling really, really good about this. At the end of the day, more and more people are moving into the types of homes that we're servicing, either moving into rental communities and/or moving into these condo communities. And that's not going to slow down anytime soon. That is the future of living. And we feel incredibly blessed to be in that spot. We see a direct path to significantly increasing our revenue and significantly and delivering gross margins that the industry is not familiar with. Next slide, please. Great. That concludes our presentation. Happy to take any questions. I'll hand it back to you.

Joseph. We will now open the call to questions. Just a reminder that questions will be given prior to equity analysts. First question comes from Daniel Rosenberg from Paradigm. He asks, are you seeing any impacts from softness in the real estate sector? We see some developers convert their unsold inventory to rentals. Would this be a headwind or tailwind for Tribe?

Yes, that's fair. I think probably the question was written before I spent the time I did on that slide. So we were thinking the same way. So thanks for that, Daniel. Yes, we're seeing opportunities really. Like I mentioned, the first call we usually get from those -- we are the first call usually to be made when a developer contemplates and/or decides to convert from condo to rental, and we deliver -- we have a playbook essentially for that to help them navigate through it to ensure that they navigate through, a, again, the highest NOI and net operating income per square foot essentially, and they may convert those rental in the future back to condos. And sometimes that is the arrangement. So we help them with that. So we are seeing that as a big opportunity.

We also have Essey on the call. Essey Tesfay with Stifel.

This is speaking on behalf of Suthan. I guess first question, maybe if you can speak to just the pipeline generally and maybe talk about new build deliveries.

Yes, great question. So for those that are curious, new build isn't the largest pipe of revenue for us. So while we spoke a lot about it and a lot of people kind of concerned or curious about the impact of the new starts or new completions, it isn't -- at the end of the day, we still generally generate most of our revenue from existing communities that either leave the traditional property management company and come to us or continue to grow with us. It could be multiphase projects. That being said, what we're seeing is just slight delays. It's actually easing up a bit. I've been on this call explaining how frustrating it was for a lot of developers coming out of COVID, slowdown in getting permits and then we moved into one of the lack of finding labor essentially. There was massive labor shortages and a lot of developers were kind of getting a little bit of the slower end of that. I'm actually seeing normalization of that. We're seeing slight delays in some of the completion of these projects, but actually nothing too significant. Of course, I'm saying that as we dealt with a couple of quarters of delays. But just because of our size now because we're much larger now, we're dealing with a much larger number of projects. And there are some delays there, but not big stuff at worst, it's a quarter, 90 days, maybe 180 days at worse. We haven't seen much worse than that.

Got you. That's perfect. And maybe following up on maybe the competitive landscape and maybe get your thoughts on the competitive landscape and if there's any changes, the pace of competitive displacement and how that strategy is going? And what's driving that today?

Yes. I mean we are -- I'll be direct and answer this way. Our presence has been very disruptive. There's no doubt about it. We were first, the small guys coming in. We're now national. We're on the rental side, considered to be second largest in the country, on the condo side, third largest in the country. So it's difficult to ignore us. And we are uncompromising in ensuring we deliver a high level of service, and we like to get paid properly for it because we think a race at the bottom is not a really good strategy for the industry. If anything, we think there's ways to us, and we've been proving that quarter-over-quarter in terms of dollars per square foot. We can still deliver fantastic value to our landlords and our condo owners and condo corporations. We can make sure that their monthly fees don't escalate and continue to grow while we're still getting paid fairly as an organization. So we're seeing an effort by some of our competitors to really just raise the bottom, and we're holding our own. And we're saying, no, we're not going to be the company that's going to lower its rates for the sake of lowering its rates. And we're quite pleased to see that when we even traded up, as Scott mentioned earlier, we've been trading up in terms of margin. So as competitors fear us within the context of wanting to compete on something other than our service delivery, they like to compete up pricing, and we're not too concerned. We continue to deliver value for our homeowners. Think about it, if you're a home condo owner and maybe many of our audience here have experienced that, nobody ever wakes up in the morning very upset that they're paying their property management contract too much. Everybody wakes up upset that their maintenance fees are going up for no good reason or without perceived value coming back. So our job is to make sure that the buildings are well managed, they're healthy. money is being allocated properly to the projects. And if your community is healthy, you're not really too concerned and you're not paying significantly more in your maintenance fees, you're not really too concerned about how much your property management company paid. If anything, you want to make sure that they're well paid and well compensated. So that's kind of our position on it.

Okay. That's great. That's great. And thirdly, maybe on M&A. I know last quarter, you guys spoke on synergies from recent M&A and sort of speaking, I guess, more specifically on the cross-selling with the acquired capabilities. And so I was curious to know what cross-sell traction has looked like since if it's early days and just overall, how that's going?

It's going well. So to paint the picture, we've obviously, in the last 18 months, we're active in increasing our footprint in Ontario. Since then, Ontario has grown to be almost half of our revenue as an organization. That's a market that we didn't have much presence in and some presence, very small a couple of years ago. And now that's changed significantly. And we're going to double down on our growth there. We think our type of service delivery, both in the rental and on the condo side is quite unique, and we're just scratching the surface on that. And then on the -- from a cross-selling point of view, we've acquired a single unit management firm, ACE agencies out of BC that's actually we're quite pleased with, where, a, on its own, it's performing quite well. But to complete the picture on what I was saying earlier about taking products and services to developers to help them take these individual units that haven't been sold, put them in a bigger pool of inventory and be very active with that. That cross-selling function is well on its way. The leader of ACE Agencies has been integrated nicely into our executive management here and it's got more responsibilities than just ACE agencies, the single unit division of ours. So that's going quite well. We've got a great, great team in DMS Dell Management Solutions, a company that we acquired out of Ontario. And that team, the operating team there has got a significant amount of experience and really interesting products that we can take into our BC product. We are in the midst, quite frankly, of a large amalgamation project that's going to yield us significant not only levers on the efficiency side, but also on our ability to take some of these products and services under one umbrella branding and compliance-wise to be able to sell products and services into both markets that come from the different divisions. I'd say early days on that, but we're quite excited about that lever as well.

Our second question from Daniel Rosenberg is, what are your capital allocation priorities now that you're approaching EBITDA positive for the year?

Yes. We've got -- we still continue to have levers on the gross margin improvement side. So that's good news. We're quite excited about that. I kind of hinted to the amalgamation now, but there's more products -- more projects in our mix with that, that will impact our EBITDA numbers, and that's before even AI gets meaningfully deployed. On the capital expenditure side, I would say, not monster investments, but I would say material investments in our AI platform is going to go into this. We are currently working, and it's okay to say it, with Microsoft on a pretty exciting plan that we'll be speaking about in the near future. And that's that -- it's an upgrade to our data structure. It's an upgrade to our way we deploy software. It's also going to be a big upgrade to the user experience with our platform in terms of rental tenants and/or landlords and also on the condo side. So that's probably an area that we're going to be making some investments in. And I think it's a really high-yielding ROI types of investments.

Our final question from Daniel Rosenberg of Paradigm Capital is, where are you with integration efforts? Are there more incremental savings on the cost side to be recognized?

Yes, there is. We won't give numbers out, but there is. Scott and I have been working on that plan for a couple of quarters now. It's -- we're at the end of it. As you can imagine, when you're working on these amalgamation integration projects, despite the fact that you may conclude the project, you don't see the benefit of that project for a while. In some cases, you've got salaries that get paid over a specific period. You don't start seeing the benefits of it for another quarter or 2. But I will say this, we've got more levers to pull. We haven't seen the benefit of a lot of the integrations we've done. Scott articulated and gave, I think, a good macro view of our last 3 years and the investments we've made, the improvement in our EBITDA improvement in our revenues and gross margins, you'll see significant improvements in the next year as well.

Joseph ph, we have a few questions from the audience. The first one is, congratulations on the new rental programs. Could you specify what cities these rental programs have been rolled out to and if this will be a national product?

Yes, I'll start with the easier part of the question. Yes, this will be national where we're starting. The single unit where we're going to our backyard where first, so we've deployed that in BC. However, the asset management program, I think Scott and his team have a win or 2 out East already. We haven't seen the results of that yet revenue-wise, but the contracts are done. So we're seeing benefits there as well. But the goal is to take all these products and launch them nationally. Now it is important to explain that despite of the fact that us in Vancouver and Toronto, we think the whole world is revolving around us. There are many, many markets that are actually doing really well and not experiencing some of the challenges that we're experiencing in those specific 2 markets. So we are launching that product. We think we're underpenetrated in Alberta. We love that market. We have big plans in '26 for Alberta. So that's an area that we're going to be going after. And we think outside of the traditional downtown core of Toronto, we think there's a lot of good opportunities there that we're starting to engage with developers that are doing some interesting work there. So think of us with those products being national, slightly customized based on the market due to compliance. But overall, you should find us in '26 in all the markets with all these products.

Maybe Joseph, our final question from the audience is, does Tribe ever intend to enter into the U.S. market?

Scott is smiling.

Want me take that one, Joseph?

Yes. Why don't you take that one?

So I also hit up our M&A side of it. And over the past 4 years, we've actually looked at 5 opportunities in the United States. Obviously, we haven't closed on any of them. They haven't quite met the -- what we are looking for as a partner in the U.S., but we are always actively involved in U.S. as well, obviously, as Canada.

Thank you, Scott. There are no further questions. I will now pass the call back to Joseph Nakhla for closing remarks.

Well, thank you so much for taking time of your busy Monday and your interest in our organization. We're very pleased where we are leaving 2025 going to '26. We think we've been able to build that national footprint, which is a unique -- makes us a unique asset, not alone in the fact that we deliver service in all the different residential living types of communities, which makes us essentially an asset of its kind, not only in Canada, but all over the globe, to be honest. And we're quite pleased with the financial performance of the organization. We all have enough grades to understand how microcaps work. We're believers. We're investors in our own company. We love the opportunity in front of us. We see a direct path to a very, very profitable and a large organization. We're already, like I said, second and third in different categories that really matter in the space. And '26 is absolutely going to be a transformational year in terms of us making a big dent into our EBITDA numbers and cash generation. So thanks for your interest. We hope to see you in the market, and feel free to reach out to us. We're generally easy to get a hold of. Thanks, guys.