Thank you, Michelle. Good morning, everyone.

Thank you for joining our Q3 conference call. As usual, I'm on today with Jeremy Rakusin, our CFO.

I'll kick us off with some high-level comments, and Jeremy will follow with more detail. We posted solid results this morning that in aggregate met our expectations and highlight the diversification of our business model.

Total revenues for the quarter grew by 6% over the prior year, with organic growth at 4%. We continue to face headwinds across a number of our businesses, and are very pleased to show this level of growth in a tough economic environment.

We believe it bodes well for our fourth quarter and into 2027. EBITDA for the quarter was up 3%, reflecting a consolidated margin of 11.1% compared to 11.4% last year, and earnings per share were up 7%.

Moving to our divisional results, FirstService Residential revenues grew by 5% over the prior year, reflecting the net of contract wins less losses. Condo HOA management is a price-competitive business, always has been.

Our teams at FirstService Residential continue to do a great job balancing organic growth with margin. Q3 represents the eighth consecutive quarter with some level of margin improvement while averaging mid-single-digit organic growth.

Jeremy will speak more on margins in his comments. Looking to the fourth quarter, we expect a similar result at FirstService Residential.

Moving to FirstService Brands, revenues for the quarter were up 7%, with strength at our restoration brands and Century Fire, supported by solid mid-single-digit growth at our home service brands, partially offset by revenue declines within our roofing platform. Revenues for our two restoration brands, Paul Davis and First Onsite, were up 10% from the prior year, better than expectation.

We mentioned during our Q2 call that we had made progress late in Q2 signing work and building our pipeline back to a healthy level. During Q3, we continued to see solid activity levels that were generally broad-based across North America.

We're geographically diversified across our two brands. Both Paul Davis and First Onsite have strong market positions in Canada, two of the top three companies by our estimate.

Also, First Onsite has a very strong position and is the market leader in Hawaii, which has been hit by a series of storms over the last several months. Activity across Canada and Hawaii helped drive our growth in Q3.

Conversely, claim activity in the continental US across the industry has been down year-to-date at the end of Q3. Notwithstanding, we've been successful in signing a number of large loss projects on the mainland that will be converted to revenue over the next many months.

In terms of named storms, Hurricane Isaias hit the Florida Panhandle on October 10 as a Cat 2 storm. It was primarily a wind event with some flooding and in general caused less damage than originally feared.

Industry insurance claims have been much lower than expected. Our restoration brands have secured some work from the event, primarily mitigation and board-up, but not a material amount.

Similarly, we've secured roofing repair contracts through our operations at RCA, but again, it won't be material to our Q4 results. We have a solid backlog at our restoration brands heading into Q4, and expect to show mid to high-single-digit growth for the quarter.

Moving to our roofing segment, revenues for the quarter were down 4% on a reported basis and high-single-digit organically. As expected, the roofing market continued to be a challenge during the quarter, particularly in a few of our larger markets.

I will say that we did start to see some green shoots across a number of our branches, and finished the quarter with a backlog that was up sequentially and at the highest level we've seen over the last year. Looking forward to the fourth quarter, we expect to show mid-single-digit reported growth, and organic growth that is flat to slightly down from the prior year.

As I mentioned, we will see some roof repair work in the Florida Panhandle from Hurricane Isaias, but otherwise the Florida market remains very difficult and is holding us back from showing more improvement in Q4. Now on to our Home Service brands, which as a group generated revenues that were up mid-single digit from the prior year, primarily due to the tuck-under acquisition of the Indianapolis California Closets operation in Q1 of this year.

Organic growth was positive, but modest. Our teams continue to battle headwinds and produce results in this segment.

During the quarter, we again improved conversion and close ratios, and drove a higher average job size to overcome a year-over-year reduction in leads and activity. Both the housing market and consumer sentiment worsened during the quarter, and are at historic lows.

Home improvement indices and forecasts are pointing to lower levels of activity in the coming months, and we expect to see that in our near-term results. Looking to Q4, we expect revenues to be flat in aggregate, and down low-single-digit organically.

I'll close with Century Fire, where we had another strong quarter, in line with expectation. Revenues were up over 10% versus the prior year, including high-single-digit organic growth.

Late in the quarter, we closed on the acquisition of A&A Fire Protection based in Greenville, South Carolina. A&A is a leading provider of fire sprinkler design, installation, inspection, and repair services to commercial customers across South Carolina and into North Carolina and north Georgia.

Jay Gilstrap, president of A&A, will continue to lead day-to-day operations. A&A represents another in a long line of exciting partnership transactions at Century Fire that have expanded our geographic footprint and enhanced our service capability.

Looking forward for Century, our quarter-end backlog ticked up sequentially again, and we expect to finish the year with a similarly strong 10%-plus revenue growth. Let me now hand off to Jeremy.

Thank you, Scott. Good morning, everyone.

As you just heard, we were pleased with our consolidated third quarter results, particularly given the organic top-line performance, which exceeded our expectations. For the quarter, we recorded revenues of $1.53 billion, up 6%, and adjusted EBITDA of $170 million, a 3% increase relative to the prior-year period.

Our consolidated EBITDA margin for the quarter was 11.1%, down modestly from last year's 11.4% level. Adjusted EPS during Q3 was $1.89, resulting in growth of 7% quarter-over-quarter.

For the nine months year-to-date, our consolidated financial performance includes revenues of $4.3 billion, up 4% over the $4.1 billion in the prior year, adjusted EBITDA of $437 million, a 3% increase year-over-year, with our overall EBITDA margin at 10.2%, relatively in line with the 10.3% margin for the prior-year period. Lastly, adjusted EPS year-to-date is $4.57, reflecting 4% growth over the $4.39 reported for the same period last year.

Our adjustments to operating earnings and GAAP EPS in providing adjusted EBITDA and adjusted EPS, respectively, are disclosed in this morning's earnings release and are consistent with our approach in prior periods. Turning now to our segmented performance, I'll start at FirstService Residential.

In the third quarter, we generated revenues of $633 million, resulting in 5% growth over the prior-year period. EBITDA was $71 million, a 7% increase over the third quarter of last year.

Our current quarter EBITDA margin came in at 11.3%, with the 30 basis points of margin expansion versus the prior-year quarter, matching our year-to-date margin improvement as our operating teams further optimize labor costs and find incremental efficiencies. In the fourth quarter, we will see a continuation of these efforts, and together with the seasonal benefit from exiting non-core aquatics operations earlier this year, we expect our FirstService Residential division to show more significant margin expansion than the year-to-date performance.

Looking next at our FirstService Brands division, we generated revenues of $898 million during the current third quarter, up 7% over Q3 2025. EBITDA for the division was $102 million, matching the prior-year level.

Our margin of 11.3% compressed 80 basis points compared to the 12.1% margin in last year's third quarter. The lower margin was primarily reflected in our roofing operations, which was impacted by both the declining revenues that Scott noted, as well as gross margin compression due to competitive market pressures at certain key branches.

In addition, the division profitability included a modest decline in home improvement margins, partially offset by an uptick in margins at restoration brands on the back of their strong revenue growth in the quarter. Now I'll provide a summary of our cash flow and capital deployment.

During the third quarter, we generated almost $125 million in cash flow from operations prior to working capital, up 6% year-over-year in line with earnings growth. Our cash flow after accounting for working capital requirements was $84 million, with the decline quarter-over-quarter due to higher work-in-process inventories and accounts receivable in conjunction with increased activity and pipeline levels in our restoration brands.

Year-to-date, we have generated more than $300 million in operating cash flow at a healthy 70% of EBITDA conversion rate. Capital expenditures during the quarter totaled $28 million, and spending year-to-date sits at $88 million, below our 2025 levels.

We expect full-year CapEx to now come in at approximately $125 million, in line with last year and lower than our original 2026 budgeted CapEx of $140 million. With modest tuck-under opportunities tempering our acquisition spending at $25 million for the quarter, we focused our capital deployment efforts on buybacks of FirstService shares.

In Q3, we repurchased 2.2 million shares at a cost of a little more than $300 million under our normal course issuer bid. Year-to-date, since the beginning of the second quarter, we have now repurchased 4.1 million or 9% of our outstanding shares.

This has contributed to stronger EPS growth in our Q3 results, and we believe that this investment will yield attractive returns over the long term. We currently have remaining capacity to buy back an additional 2.6 million shares under our existing normal course issuer bid, which expires in late August 2027.

We will continue to judiciously balance our share repurchases after taking into account other factors, including our acquisition pipeline opportunities, the market valuation of our FirstService shares, and balance sheet, all with the intention of driving long-term value for our shareholders. On the topic of our balance sheet, we ended Q3 with net debt of $1.4 billion, resulting in leverage of 2.4 times net debt to trailing 12 months EBITDA, and up sequentially from 1.8 times at the end of the previous second quarter, largely due to our share buyback activity.

This capital structure remains conservative and well within our comfort level, given the strong free cash flow model of our enterprise. We also have approximately $500 million of total cash and credit facility capacity, providing us with ample financial flexibility and liquidity.

Wrapping up with our balance of year outlook, the aggregation of the brand-by-brand top-line indicators Scott has provided will drive to similar mid-single-digit consolidated revenue growth for our upcoming fourth quarter as we delivered in the third quarter. This will also culminate in mid-single-digit growth in consolidated annual revenues for the full year and at the upper end of the range we expected at mid-year.

On the EBITDA line for Q4, we expect consolidated margins to be slightly higher than prior year, driven by FirstService Residential, as noted in my earlier comments. For the full year, we are maintaining our target provided at the end of Q2 of mid-single-digit consolidated annual EBITDA growth and margins relatively in line compared to prior year.

During our February year-end earnings call, we will provide more details on our outlook for 2027. That now concludes our prepared comments.

Michelle, you may now open up the call to questions. Thank you.

Hi, good morning. Thanks for taking the questions, and congratulations on the strong quarter.

It's good to see Brands organic growth return in the quarter. I just want to ask a question on the margin, appreciate you touched on it there, Jeremy, on the roofing.

Are you able to break out how much of that pressure in the roofing business is truly competitive pricing pressure versus lower volumes? Then as it relates to that, just with competition pressure continuing to increase or at least remain consistent, do you expect the margin profile in that business can recover before the roofing volumes return?

It's hard to parse out how much of it is due to top-line declines versus margin compression. Both are contributing factors, and we're obviously taking the approach in this competitive environment to make sure we're being competitive to get enough projects in the hopper and protect the top line as best as possible.

We expect these competitive pressures to be there for a decent period of time. It's mainly concentrated in Florida, but it is in some other locations across our branches as well.

Equally meaningful contributions due to the decline in revenues as well as the gross margin impact. Scott, I don't know if you want to provide any further outlook on the top-line competitive pricing dynamics?

No, I think certainly in terms of line of sight, we expect it to continue to be very, very competitive over the near term, yeah.

Maybe just a follow-up on that. How much visibility would you say that you have into this business?

Because I appreciate there's several branches kind of spread across several states. What would you say in terms of your visibility into the next 12 months?

Listen, we're just starting on our ERP implementation, right now we're working off 12 different systems. Our visibility relative to our other businesses is limited.

The visibility we have is related to our backlog and our bid activity, and then trying to assess timing around converting that backlog into revenue. Honestly, we've had difficulty forecasting that the last several quarters.

We're implementing this system. It will improve our information, data, and visibility markedly, we'll be through that in 2027.

That's helpful, thank you. Maybe just one more from me on the restoration business.

Just as we think to Q4 and the impact from Hurricane Isaias, sounds like from some of your prepared remarks that the impact to FirstService might have been a bit lower than we had anticipated. Any color you can give us there in terms of how we should think about modeling named storm revenue for Q4 would be helpful.

It will be immaterial to our results. We have a lot going on in restoration, but it's not really tied to the recent hurricane.

We've learned over the years that every storm is different. Hurricane Isaias sort of tempered quickly as soon as it hit landfall, and the water damage wasn't near what was feared.

There were strong winds. We do have some roofing repair work, some restoration work, but it's not material and doesn't form a big part of our backlog at all.

That's helpful. Thanks, Scott.

I'll pass the line.

Thank you. Good morning, guys.

Just wanted to follow up on the residential business. Maybe just specifically on restoration.

I guess, notwithstanding the fact that the Hurricane Isaias is not that material to the backlog, can you just talk a little bit about what your backlog sort of looks like right now and whether you saw it grow from what you had referred to or what you talked about at the end of Q2?

It's about the same level as Q2, Stephen. During Q3, what we did see is more water mitigation work than was visible at the time of our Q2 call.

Mitigation really never hits our backlog. It's quick turn work.

Some of the activity I described in Hawaii and across certain regions in Canada comprised a healthy level of mitigation, and that was a big driver for us in Q3.

That's helpful. Thanks, Scott.

Then maybe just on the Q4 margin outlook, you gave a lot of color, specifically on the residential business, you gave a lot of color around the top-line expectations for Q4. I'm just curious, would you expect that the margins will continue to remain under pressure in the residential business into Q4?

You mean

when you say the residential business, they're going to...

Oh, sorry, I meant Brands.

Sorry, I

meant to say Brands.

Brands margins will be modestly lower. We're going to grow EBITDA in our mind, but the margin will be down, again, largely due to the same dynamics as in Q3, with roofing margins down and every other business sort of roughly in line to partially offsetting that.

Right. Okay.

That's great. Then just...

Oh, sorry, go ahead.

No, I was just going to say, and the full-year the full-year indicated inside I gave for consolidated margins being, in line with us growing mid-single digits should get you to be able to sort of fill in the missing pieces for Q4.

Yeah. Okay.

That's great. Thanks, Jeremy.

Then maybe just finally on the NCIB, you've obviously been very active. You still have the 10% NCIB out there with 2.6 million shares of capacity.

Barring any other change in the acquisition pipeline, would you expect to continue to be sort of very active on that NCIB?

We'd be active, but not as active as we have been starting at the beginning of Q2. We started with a much lower leverage level.

I think right now it's going to be in lockstep with generating free cash flow, which our businesses always collectively do, and we'll be using free cash flow to buy back shares, assuming that the stock price is at red levels that we feel are attractive to be doing that, and as also qualified, as you said, by our acquisition pipeline opportunities.

Yeah. Okay.

That's great. Thanks, guys.

Appreciate it.

Hey, thanks. I wanted to ask a follow-up question on roofing margins.

It's great to hear that the backlog there is improving, but curious, I guess, are the competitive pressures getting any better or worse than you've seen in the prior few quarters? I guess has there been any changes, I guess, in bidding activity and what that could mean for margins as we think about fourth quarter and into early next year?

We think that the margins will continue to be under pressure. As I said, definitely into Q4, we'll go through budget with the business, as we do with all of our brands for the balance of the year and have a better outlook for 2027.

I think any green shoots that Scott articulated in his comments will be slow to materialize, and I think we'll have more to say on the margin profile for our brands collectively with indicators for each in our February call.

Got it. Then just as follow-up on residential, sounds like you're expecting similar growth there in the fourth quarter as the third.

Wanted to specifically ask about, I guess, the new business pipeline, how that's shaking out to win new contracts and support new communities. Then what that means, I guess, for your visibility into growth for next year?

Stephen, when you say new communities, are you talking about new development?

New customers, whether it's new development or competitive wins against, yep.

Yeah. We have a strong sales pipeline in that business, working on it all the time.

I did say in my prepared comments, we're trying to balance price and margin, organic growth and margin, and because these situations are always very price-competitive. Our focus is on larger, more complex management opportunities, high-rise and master-planned.

Historically, we have benefited from new development, and that is slower in this environment. There's a higher proportion of our new wins coming from existing communities.

I would say it's solid and similar to the level it's been at the last several quarters, which is, I guess, reflected in a stable organic growth rate that you're seeing.

Good to hear. Thank you.

Thank you, and good morning, everyone. Just on roofing, first question.

What is the preference or strategy here? Are you looking to preserve margins or go after organic revenue growth?

Are you open to take low-margin business in the roofing side?

Himanshu, it's not dissimilar to my comments on residential. We're trying to find that balance.

We are certainly choosing not to bid in certain situations. In others with long-term relationships, with strategic relationships, we are adjusting our pricing methodology to be competitive for important customers and relationships.

We're picking our spots. Those decisions are being made at the local level.

The situations vary different from branch to branch and market to market. We've talked about Southwest Florida.

We've talked about Vegas. Those are somewhat unique situations, but it is the strategy a little bit different, market to market, depending on the competitive situation.

Thank you. Then just talking about market to market here, how many branches in roofing do you think are showing negative growth on organic growth basis?

Just trying to see that how widespread is the pocket of weakness beyond Florida and Las Vegas?

We are overweight in Florida, just as a percentage of our revenue, if you will, and opportunity. That does weigh on us.

Let me put it to you this way. Ex-Florida Q4, we would show single-digit organic growth.

We have a few branches that are still showing weakness, but the majority of them are looking to grow in the next quarter and certainly next year. Part of that is we're coming up against weaker comps, also, but the majority of them are growing.

That's very helpful. One follow-up now.

You mentioned roofing backlog has improved on a quarter-over-quarter basis. Is the improvement led by reroofing business or are you starting to see some backlog from new construction as well?

We're seeing a little from new construction. It's heavily weighted to reroof, but we are seeing some wins recently, new construction wins.

Okay. Is that the reason you mentioned green shoots, because starting to see some new construction as well?

It's part of it, but it's really just the pickup, which is, by the way, it's modest, right, but it is an increase in activity. New construction's part of that, but we're also seeing it in other areas, also.

Thank you. Maybe last question now on restoration.

On restoration, I think I just want to clarify, you mentioned backlog in Q3 is similar to Q2, but pipeline is stronger. Is that fair to say that?

Eventually, we will see that translating from pipeline to backlog?

Let me approach it a few ways. We're still working on a number of jobs that involve mitigation, quick turn mitigation that never really hits our backlog.

While the backlog is at a similar level, we are very active on a number of different projects. Then to your pipeline comment, we do have some activity that could lead to some larger projects that will hit the backlog and see a tick-up by the end of Q4, but that's certainly not a certainty at this point.

There's a lot that depends on that.

Got it. No, I think that's helpful.

Maybe just one last question on capital allocation. Is there a target leverage here in the context of you being very active on buyback?

Would you do more buyback and increase the leverage here?

No, and that's syncing up with my earlier comments on a prior question. Mid-2s of leverage, we're at 2.4, we're in the zone of still at our comfort level, but don't want to go much higher than that except for very temporary periods.

That's why I think our buyback activity will be, again, more judicious and in lockstep with free cash flow generation.

Thank you so much, and I'll turn it back.

Thanks very much, good morning. Just wanted to think about the roofing business and how it relates to your M&A strategy.

Has any of your learnings or observations around the competitive environment, kind of the dynamics between reroofing and new construction, your kind of geographic footprint, how does that come into play as you think about your M&A approach with roofing going forward?

Certainly, many of those factors come into play, Tim, but our focus on roofing acquisitions really hasn't changed from the beginning. We're focused on reroof, we're focused on commercial, and we're focusing on partnering with founders and long-time owners and continuing to grow the business with them in partnership.

That hasn't changed. When we partnered with the RCA team, we bought a number of branches.

We were 70% reroof, 30% new construction. We would like to tilt that more towards reroof as we move forward with acquisitions, and also significantly increase the service component, which we've been successful at doing in Century Fire, and we're very focused on at RCA.

Thank you. If I could just kind of follow up on that.

You mentioned overweight to Florida, and I think some of the types of customers, maybe less data centers, government, etc. Did your kind of exposure or lack of exposure in some regions make you that much more incentivized to kind of expand your footprint, or diversify your footprint, diversify your customer base, or does it really just come back down to the economics and finding a business that fits, regardless of kind of where it is across the country?

No, that's a good point, and I should have added that certainly we're focused on expanding our geographic footprint, and we have a particular focus on white-space areas for us where we want to be. We won't buy the businesses we own in local markets, those are our partners.

We're not going to double down in those markets. Yes, we have priority white space that we're focused on.

Okay. Thank you very much.

Those are all the questions I had.

Hi, good morning, guys. Competition for M&A targets has been quite intense for some time.

Are you seeing any signs that the recent rise in interest rates is making financial buyers a bit more cautious and potentially easing competition for you guys, creating maybe a more favorable acquisition environment?

It would be modest, Frederic. Multiples remain very high.

I think there are fewer bidders, on average, for situations we're seeing. Our focus is really on developing relationships like the A&A Fire deal that we announced this week.

That's a family-owned business. They're familiar with Century Fire, familiar with Century's reputation, familiar with other companies that have achieved great success post-partnership with Century.

We're trying to really differentiate ourselves in situations like that rather than competing on opportunities that are being widely marketed, if you will. Honestly, I don't see the competition reducing right now.

Okay. What do you think needs to change for this environment to become more favorable?

I think that in roofing, in restoration, we will see private equity-owned companies that fail. It's a tough environment in both.

Restoration, I think we're sort of breaking the mold a little bit because claims have been down for a few years. There haven't been gulf storms.

We had one recently. A lot of companies really depend on that activity.

In roofing, it's just a very weak demand environment, and we're seeing distress situations. We're getting lots of calls from folks inquiring about joining our platform.

I think it's going to have to be an extended period of weakness here to see some of these things. I think the multiples in roofing are probably coming down a bit.

We're not seeing it in fire or FirstService Residential, residential property management, but I think in roofing we are seeing multiples come down a bit.

Thanks, Scott. That's helpful.

Good morning, everyone. I just wanted to ask on the restoration business if the new large contracts that you have in the pipeline, would these be traditional jobs that you would have worked on in the past, or are these new construction with a different, I guess, revenue and earnings profile to them?

Are you taking on more execution risk and fixed-price contracts to grow that pipeline?

No. We're not taking on or looking at any fixed-price contracts or any sort of different type of contract that we'd not be deploying our typical expertise.

There's no additional execution risk. We have in the last few quarters started to look at opportunities that are with the same customer base and in the same verticals, but involve more capital improvements and new construction.

We've been asked to submit bids really based on our experience and reputation. We do have a few wins and we're waiting to hear on other opportunities.

It would be very similar to what we do in a large loss restoration job. I hope I answered your question, yeah.

No, that's helpful. That's helpful context.

Then just one last one in terms of roofing in Florida. Is there a dynamic where we had a whole lot of storms five and six years ago, and then no storms the last couple years.

Do customers defer and wait for the next storm to make an insurance claim, as opposed to paying to reroof now? Or is that a dynamic that's at play that you see at all?

No, I think what really happened was the reroof work got pulled forward with Hurricane Ian. That sort of pulled forward a few years of reroof work, and really more so than we even understood.

While our business is benefited at the time, and even at this time last year had some Hurricane Ian in the backlog, the fall-off has been pretty significant since then. They're not waiting.

It's just the storm basically created all the reroof work at a point in time.

Got it. That's helpful.

That's all for me. Thanks very much.

Yes, hi, thank you. I wanted to ask about margins in the residential business.

I think, Jeremy, you mentioned that you expect to see more significant margin expansion in the fourth quarter than the year-to-date performance, and think you mentioned exiting the non-core aquatics operations. Just could you just double-click on that and give us a bit more color on the impact there?

We've been run-rating for the year at around 30 basis points of margin improvement, so that's kind of core and expect that to continue for Q4. Then overlaying on top of that would be again not having this residential aquatics business that typically loses money in the seasonal trough period of Q4 not in our numbers.

I'm not going to put a precise number on where we'll get to our margin improvement, but I'm going to say at least double the 30 basis points that we've seen year-to-date.

Great. That is very helpful.

Then just on the Home Service brands business, I think you talked about positive organic growth, and sounds like you're expecting a modest decline for Q, which makes sense given the environment. I was just curious on margins there, because I think you said there were some margin headwinds, but I'm not sure if that was just sort of M&A dilution, because you did make an acquisition there, and sort of how should we think about margins in that business in Q4 if that's decelerating?

Within the Brands division overall or one of the particular businesses?

I was just curious on Home Service brands, if it's just that top line or if it's more of an M&A impact that's going to make margins worse or better.

No, Home Service brands, our expectation is they've been down the last couple of quarters, combination of flat to flat revenues, lower volumes, and marketing spend to support the top line. We'll be roughly in line in Q4's, again, depending on, we're always tweaking the dial there around our marketing and promotional activity to support the top lines.

We're looking at that in the context of our lead flow and other front-of-the-funnel indicators. Home Services margins should be roughly in line with Q4 of last year in the upcoming quarter.

Perfect. Then just last one.

I know you've made a bunch of small tuck-under acquisitions, I'm wondering if you could give us a sense of, as we look ahead to 2027, what's the net impact of M&A that's already been announced on the top line so far for next year?

There's not a lot. We've only spent $25 million of spend in the current quarter.

It's going to be on a quarterly basis, we're talking about mid-single digits of revenue. Some of the other acquisitions that we did were a lot earlier in the year, we'll be lapping most of that next year.

Most of our growth into 2027, again, we'll give more color in February, is going to be organic, unless we close other acquisitions in the balance of the fourth quarter.

Great. Thank you so much.