Earnings call transcript: NFI Group Q2 2025 sees EPS beat, revenue miss

NFI Group Inc., with a market capitalization of approximately $988 million, reported its second-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.09, which exceeded analysts’ expectations of $0.0713, marking a 26.23% surprise. The company fell short on revenue, reporting $868.2 million against a forecast of $924.59 million, a 6.1% miss. Following the release, NFI Group’s stock dropped by 6.23% in after-hours trading, reflecting investor concerns over the revenue shortfall. According to InvestingPro analysis, the company appears fairly valued based on current market conditions.

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Key Takeaways

• EPS exceeded expectations by 26.23%, while revenue missed forecasts by 6.1%.
• Stock price declined by 6.23% in after-hours trading.
• Adjusted EBITDA increased by 19% year-over-year.
• Strong focus on zero-emission buses, with significant deliveries reported.
• Company maintains a robust backlog of 16,198 units valued at $13.5 billion.

Company Performance

NFI Group demonstrated a mixed performance in Q2 2025. Despite surpassing EPS expectations, the company reported a net loss of $160.8 million, primarily due to non-recurring expenses. The adjusted net earnings improved by $7.6 million, and the adjusted EBITDA saw a 19% year-over-year increase. The company continued to focus on its zero-emission bus offerings, delivering the second-highest count in its history.

Financial Highlights

• Revenue: $868.2 million (missed forecast by 6.1%)
• Earnings per share: $0.09 (exceeded forecast by 26.23%)
• Adjusted EBITDA: Increased 19% year-over-year
• Total liquidity: $326.7 million

Earnings vs. Forecast

NFI Group’s EPS of $0.09 surpassed the forecast of $0.0713, resulting in a 26.23% surprise. However, the revenue of $868.2 million fell short of the expected $924.59 million by 6.1%. This divergence between EPS and revenue performance highlights the impact of non-recurring expenses and operational challenges on the company’s financial results.

Market Reaction

Following the earnings announcement, NFI Group’s stock price fell by 6.23% in after-hours trading. This decline reflects investor apprehension regarding the revenue miss, despite the positive EPS surprise. Despite recent volatility, the stock has shown remarkable strength with a 58.9% gain over the past six months. The stock currently trades at $12.99, with a 52-week range of $7.09 to $14.35, demonstrating significant recovery from its lows.

Outlook & Guidance

NFI Group has set its revenue guidance for 2025 between $3.8 billion and $4.2 billion, with an adjusted EBITDA target of $320 million to $360 million. The company aims to deliver 6,000 units by 2027 and expects to resolve seating supply issues by Q3/Q4 2025. Analyst consensus remains optimistic, with price targets ranging from $16.03 to $19.63, suggesting potential upside. The company’s next earnings release is scheduled for November 12, 2025.

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Executive Commentary

CEO Paul Subri noted, "The first half of this year provided significant momentum," emphasizing the company’s focus on quality of earnings and deliveries. He also highlighted improvements in EBITDA per equivalent unit, indicating a strategic shift towards enhancing profitability.

Risks and Challenges

• Non-recurring expenses impacting net earnings.
• Revenue shortfall despite strong demand in public transit markets.
• Supply chain challenges, particularly in seating supply.
• Tariff impacts and ongoing negotiations with suppliers and customers.
• Potential market saturation in the zero-emission bus segment.

Q&A

During the earnings call, analysts inquired about the impact of tariffs and the company’s mitigation strategies. Discussions also covered changes in the zero-emission bus market dynamics and expectations for working capital. The company provided insights into challenges in the UK market, highlighting ongoing efforts to address these issues.

NFI Group’s Q2 2025 earnings report presents a complex picture, with strong EPS performance overshadowed by revenue challenges and market concerns. The company’s strategic focus on zero-emission technologies and operational improvements remains pivotal as it navigates the evolving market landscape.

Full transcript - NFI Group Inc (NFI) Q2 2025:

Conference Operator, Conference Call Moderator: Ladies and gentlemen, thank you for standing by, and welcome to NFI Second Quarter twenty twenty five Financial Results Call. At this time, all participants are in a listen only mode. After the speakers’ presentation, there will be a question and answer session. To ask a question during the session, you would need to press 11 on your telephone. You would then hear an automated message advising your hand is raised.

To withdraw your question, please press 11 again. Alternatively, you may submit your questions by the webcast. Please be advised that today’s conference is being recorded. And I would now like to turn the conference over to Stephen King. Sir, please go ahead.

Stephen King, Unknown (Likely Investor Relations), NFI Group: Thank you, Michelle. Good morning, everyone, and welcome to NFI Group’s twenty twenty five second quarter conference call. Joining me today are Paul Subri, President and Chief Executive Officer and Brian Dusnipp, Chief Financial Officer. On today’s call, we will give an update on our quarterly results, highlighting year over year improvement across numerous financial metrics, the strong demand environment for our products and services and another increase to our backlog. We’ll also provide an update on the various nonrecurring and unusual items that impacted the quarter and recap our outlook.

This call is being recorded, and a replay will be made available shortly. We will be referring to a presentation that can be found in the Financials and Filings section of our

Paul Subri, President and Chief Executive Officer, NFI Group: website. As we move through

Stephen King, Unknown (Likely Investor Relations), NFI Group: the slides via the webcast link, we will call out the slide number for those on the phone. On slide two, we provide our cautionary or forward looking statements, and note that certain financial measures referenced today are not recognized earnings measures and do not have standardized meanings prescribed by International Financial Reporting Standards, or IFRS. We advise listeners to view our press releases and other public filings on SEDAR for more details. In the appendix of this presentation, we have provided a list of key terms and definitions that will be used on today’s call. A reminder that NFI statements are presented in U.

S. Dollars, our reporting currency, and all amounts referred to are in U. S. Dollars unless otherwise noted. Slides three and four provide a brief overview of our company.

NFI is a global independent bus and motor coach mobility solutions provider. We offer a wide range of propulsion agnostic buses and coaches on proven platforms, and we hold leading market share positions in transit and coach markets. More detailed information is available on our website. Slide five provides some brief insights into NFI’s products and geographic mix and other milestones. I will now pass the call over to Paul to provide an overview of NFI’s results for the second quarter.

Paul Subri, President and Chief Executive Officer, NFI Group: Thanks Stephen. Good morning everybody. Thank you for joining us today. Second quarter was another strong continuation of our recovery and we expected or very excited to continue to see this momentum as we move through the remainder of this year. It was a busy quarter across our business as we successfully completed the refinancing of our first and second lien debt.

We announced the consultation process for our Scottish manufacturing operations. We worked with our customers in supplying our navigating the constant changing U. S. Tariff dynamics. We lowered our inventory of incomplete buses missing seats that were as a result of improved seat supply.

So today’s call will discuss these events and highlight a number of non recurring impacts we experienced in the quarter. Brian will give you quite a

Brian Duszniff, Chief Financial Officer, NFI Group: bit of detail. So I’m

Paul Subri, President and Chief Executive Officer, NFI Group: on slide seven now, it’s a summary of our Q2 results. Starting with demand, in the first quarter we recorded new orders of eight twenty two EUs with 95% of them being firm orders. This highlights the continued strength in the demand driven by a supportive government funding both in Canada and The United States. Our total backlog comprised of firm orders and options now total 16,198 equivalent units worth US13.5 billion dollars Our Q2 LTM book to bill ratio was 119.9% and our option backlog conversion rate remained steady at 74.9% on an LTM basis. Strength in our demand metrics is primarily driven by North American public transit and public motor coach operators.

Our Q2 twenty twenty five results also demonstrate a positive trajectory with a 19% year over year increase in quarterly adjusted EBITDA, a $7,600,000 improvement in adjusted net earnings and a 7.9% increase in return on invested capital. On the bottom of the slide, can see our total liquidity is now at 326,700,000.0 with a significant increase driven by our recent refinancing, which Brian will recap again later on this call. One other significant item during the quarter was our announcement that Alexander Dennis had launched the required government formal consultation process with the government partners, the union partners and our other stakeholders focused on consolidating production facilities in The UK to lower our overall manufacturing costs of Alexander Dennis. The driver for this activity is the rising number of UK and Scottish bus procurements being awarded to non UK based bus OEMs and primarily from China. These importers have a significant cost advantage relative to domestic UK manufacturers as there was no requirement to support the local economy nor create or retain local jobs.

We are working closely with the government partners in both Scotland and England to address this uneven playing field and remain optimistic that there will be increased focus on domestic manufacturing in upcoming competitions and specifically where taxpayer funds are involved in those procurements. While those government discussions continue, we’re focusing on Alexander Dennis’ cost to improve our competitiveness. We feel that actions that we’ve taken and that are continued to work on through this consultation will leave us in a much better position for 2026 and beyond. Slide eight shows our supply chain health from the 2020 until now, highlighting our high impact, high and moderate risk suppliers. We currently have just one company, it’s the same seat company we’ve had for a while that we consider high risk, high impact.

This is down from the peak of 50 concerned suppliers, high risk suppliers in 2022. This supply performance reflects the fantastic ongoing work of our sourcing, procurement and supplier development teams who are actively working directly with suppliers to improve delivery performance to our facilities. Slide nine provides updates on this specifically on this seat disruption supplier or this disrupted supplier. We’ve seen progress over the past few months with a number of new flyer buses built yet missing seats now down to 56 as of July 18. This is a sharp decrease from the peak in November and a decrease from when we started reporting this issue last May.

The supplier is still working on their recovery plan and we will continue to maintain active and deep engagement until the situation is fully resolved. As we reported before, a new Buy America compliant supplier began delivering seats to our production lines during this quarter. We expect them to ramp up their deliveries through the second half of the year, which now gives the market three seat suppliers helping to diversify risk going forward for this critical safety component on a bus. It also lowers our reliance on the challenged supplier as we increase our production rates. I’ll turn it now over to Brian Duszniff to discuss our results in more detail.

Over to you Brian. Thanks Paul.

Brian Duszniff, Chief Financial Officer, NFI Group: I’m now on slide 10. We’ll quickly recap the recent refinancing transactions that we completed in the second quarter. We now have a new four year first lien facility with $700,000,000 in total borrowing capacity. This secured facility replaced and consolidated our previous North American and UK facilities into one and was completed with the syndicate of 10 supportive banks. In June, we announced the completion of our new five year $600,000,000 second lien notes.

This was our first ever issuance of high yield debt in The US market, and we were pleased to see strong demand for the notes from American, Canadian, and UK debt holders. Through this process, we received our first ever credit rating, obtained a BB- rating from S and P Global and a B1 from Moody’s. Both agencies commented on our stable outlook and potential upside from backlog execution and deleveraging. Net proceeds from the twenty twenty five second lien debt were used to fully repay our existing higher interest second lien facility, a portion of the twenty twenty five first lien facility, and other existing debt fees and issuance expenses. The goal of these new facilities was to provide greater visibility, increase liquidity, improve covenants, and lower our interest expense.

We’re targeting liquidity north of $50,000,000 which as Paul mentioned is already at $326,700,000 and a total leverage ratio including all debt of 1.5 to 2.5. On slide 11, I want to explain the impact of several non recurring and unusual expenses that impacted our second quarter earnings. As you can see on the chart, we reported a quarterly net loss of $160,800,000 with a loss per share of 1.35 which normalizes to adjusted net earnings of $10,700,000 or $09 a share. We’ve categorized the major items, which I will summarize. Starting with the 2025 refinancing, it had the following impacts, all of which are net of tax.

A $7,500,000 early repayment fee associated with the twenty twenty three second lien facility, a non cash loss of $29,800,000 on debt extinguishment associated with the refinancing activities undertaken in 2023, and a net unrealized gain of $9,900,000 related to prepayment options in the second lien debt. The planned restructuring at Alexander Dennis in The UK resulted in a $10,200,000 restructuring provision for employee reductions, a $10,000,000 non cash goodwill impairment, and associated $80,900,000 non cash intangible asset impairment, a $4,300,000 non cash impairment of property, plant and equipment, and a $34,400,000 write down of deferred tax assets for the derecognition of tax assets associated with the Alexander Dennis UK operations. The impairments in the tax write down reflect downward revisions to the longer term financial projections for Alexander Dennis. Separately, we also had a $6,700,000 adjustment related to seat supplier disruption, reflecting the impact on manufacturing labor and overhead, and the impact of liquidated damages from certain customer contract delays. Our adjusted net earnings of $10,700,000 is an improvement of $7,600,000 or 245% from our twenty twenty four Q2.

On slide 12, we recap quarterly deliveries. Transit deliveries were primarily down to the lower UK deliveries, reflecting the competitive market environment. In North America, deliveries were up year over year, but were still negatively impacted by seat supply disruption. Coach deliveries were down due to lower private sector deliveries in the quarter, mostly related to timing, with expectations of a strong second half of the year, which is consistent with the seasonal nature of the business. Reflecting our improved backlog, we experienced a 27% year over year increase in the average selling price for heavy duty transit buses and a 20% increase in average coach selling price.

We had another record quarter for low floor cutaway bus deliveries with 197 equivalent units, which is up 30% year over year. The average selling price was up 10% with demand for the product continuing to be strong. Turning to slide 13, aftermarkets saw a slight decrease in Q2 with gross margins of 26.4%. This was down year over year reflecting a unique sales mix and an expected in program related revenue in North America. A reminder that customer program revenue was elevated in 2024, driven by certain large scale midlife retrofit projects.

In the manufacturing segment, gross margin saw an increase year over year going from eight percent to 10.6%, even with lower total deliveries. This reflects an improving backlog profile flowing through quarterly results in a geographical mix with lower UK deliveries. Slide 14 walks through year over year changes in adjusted EBITDA with our reporting segments. Manufacturing EBITDA was up by 18,600,000 reflecting favorable sales mix and improved pricing. Similar to our previous quarter, an adjustment was made to recognize the adverse impact associated with seed supply disruption in North America.

Our aftermarket segments saw a decline in EBITDA, driven by reduced sales volume, primarily from the North American program revenue as previously discussed. Corporate adjusted EBITDA declined by $2,800,000 primarily due to negative impacts of foreign exchange, including a lower US dollar and higher SG and A expenses. Turning to slide 15, you can see LTM adjusted EBITDA for both manufacturing and aftermarket segments from 2021 to 2025. Both segments have seen strong improvements. Our manufacturing segment recovery has been especially notable with $109,000,000 improvement year over year on an LTM basis.

On slide 16, free cash flow was positive with a strong increase driven by many of the same items that impacted adjusted EBITDA. We invested $44,200,000 in working capital in the quarter, driven by higher accounts receivable and finished bus inventory. This was offset by increases in deferred revenue associated with milestone payment structures now in place in North America Transit And Public Coach. I’ll now turn the call back to Paul to discuss our outlook. Thanks Brian.

I’m now on slide 18.

Unknown Speaker: As we

Paul Subri, President and Chief Executive Officer, NFI Group: look at the rest of 2025 and beyond, we project that NFI will continue to grow revenue, gross profit, adjusted EBITDA, free cash flow, return on invested capital and net earnings. And I’ll walk you through some key factors underpinning this continued momentum and our expected growth and comment on the key risk factors in our operating environment. On Slide 18, we had eight twenty two EUs in the quarter, helping drive 6,299 EUs in LTM orders. Our North American production slots remain in high demand with slots sold well now into 2026 and options are going all the way out to 02/1930. On slide 19, you can see the makeup of our backlog of over 16,100 equivalent units of which 38% are firmed and 62% are options.

The firm orders provide significant visibility into our H2 and first quarter twenty twenty six deliveries, while the options offer runway over the long term. The black line represents the total dollar value of our backlog. Over the past three years NFI’s backlog has grown by $8,000,000,000 showcasing the significant and continuing demand for our products. Similar to the first quarter, we saw higher new orders for internal combustion engine buses, which has led to a slight decline in zero emission percentage of our total backlog, which now we think reflects the new U. S.

Administration’s platform and customer procurement activity. Our total backlog and firm option profile is displayed on slide 20. The chart shows the increase in average sales price or ASP per equivalent unit in our total backlog, including both firm and total options. The ASP has increased for both heavy duty transit buses, which is the dark blue line, sorry in dark blue and the motor coaches, which is in light blue. Year over year average selling price for heavy duty buses was up 2.7% and up 68% since 2021.

ASP for motor coaches was up 25.254.5% over the same time periods. We saw a slight increase in both transit and coach backlog average selling price this quarter, with a strong sales mix of new contracts that were awarded to NFI. Overall, these higher selling prices will continue to translate into our income statement over time. We saw this in the 2025 and expect more improvement with approximately 60% of our annual adjusted EBITDA coming in the second half of this year. The bidding environment remains strong in North America, which is reflected in our bid universe on slide 21.

We ended the quarter with a total active bids of 5,855 equivalent units. This includes 4,144 in the bids submitted and another seventeen eleven bids in process. The black line in the chart shows new awards to NFI. We saw some decrease from the previous quarter, which primarily is a result of timing of new proposals and the annual US funding being released in May 2025. I’ll point out that the correlation between bids submitted in the light blue and contract awards typically have a lag of a few quarters from the submission of the award.

Our five year expected public bid forecast, which is compiled from the customer fleet replacement plans remains very strong at 22,769 equivalent units. This demand is driven by both available funding, the increasing fleet age, which nearly half of the North American bus fleet in service is now beyond twelve years of age. On slide 22, I want to highlight the positive funding announcements from the US administration for the fiscal year of 2025. The FDA released apportionments for $20,600,000,000 in total funding with dedicated bus programs remaining at the same levels as we saw in 2024. This strong funding support should make for another positive year in the Low or No Mission grant program where NFI was the named partner on nearly $340,000,000 awards in 2024.

Slide 23 shows our book to bill and option conversion ratios. NFI’s overall option conversion ratio has improved significantly since a low in 2022, coming in again at 74.9% on an LTM basis. This is driven by increasing new order volume, exercised options and our improved competitive positioning in the overall environment. Slide 24 reflects our guidance ranges for key metrics for 2025, which we have once again reaffirmed. We continue to project revenues of 3,800,000,000.0 to $4,200,000,000 to drive adjusted EBITDA ranging from $320,000,000 to $360,000,000 for this year.

The ’25 guidance ranges for the selected financial provide taking into consideration our year to date performance and our current outlook and specifically our well defined master production schedule. NFI’s 2025 guidance range does not include any material impact from tariffs or any further changes resulting from U. S. Policy developments. On slide 25, we provide our latest views on the macro tariff environment, which as we saw yesterday evening, continues to be very fluid.

During the quarter, we were directly impacted by tariffs on the imports of steel and aluminum to The U. S. And Canada and tariffs associated with the imports of certain goods from outside of North America that is used in our Canadian U. S. Manufacturing and aftermarket businesses.

In May, we saw an increase in the number of our suppliers issuing letters and invoices to NFI with updated prices reflecting tariffs, as we begin to build this into our pricing for our new contracts and aftermarket sales. We expect the most significant tariff impact on NFI will be the indirect tariffs applied to component parts and raw materials imported in The U. S. By our suppliers, which are then used to build products and components that we buy and install in our vehicles. A reminder that buses and coaches and shells continue to move across the Canadian US border, continue to be tariff free as they comply with the USMCA agreement.

For existing contracts, we are working closely with our customers to make them aware, show them our details, negotiate and record current and as amended by The U. S. Tariff price changes as we expect to pass on our contractual regulatory change clauses. There is some risk that we may not be able to pay recoup all tariff costs and there could also be cash flow timing impacts as we await customer reimbursements for tariffs that we have paid. On an overall basis though, we remain highly confident that tariffs will mostly be a pass through item for NFI.

We’re actively watching The U. S. And Canadian trade discussions and we’ll evaluate any changes of any legislation that comes from this and we’ll continue to forecast that going forward. Closing on slide 26, a few comments to recap and then we’ll open the line today for questions. The first half of this year provided significant momentum, our refinancing effort provided us with the right capital structure as we execute on our record multi year backlog.

Our seat supply, while still painful, is improving. Margin profile increased year over year and we saw significant improvements in adjusted EBITDA and our return on invested capital. NFI’s total backlog of 13,500,000,000.0 provides significant opportunity and our high option conversion rate and strong book to bill ratios remain supportive of both our near term forecast and our longer term outlook. This quarter NFI delivered our second highest zero emission bus deliveries in our company history, which reflects the strength of our product offerings and our operational performance. NFI’s aftermarket business, while slightly down in the 2025, continues to be a very strong contributor, providing steady recurring revenue streams and a solid margin foundation and solid free cash flow generation.

As you’ve heard on this call and previous calls, The UK market demand for Alexander Dennis continues to be behind our expectations. We’re taking actions there that will lower our costs and improve our competitiveness. Full year, we expect declines in the overall UK market deliveries, but we have several active procurements underway that should support our 2026 performance. The Scottish Government has recently committed to exploring all viable options to support Alexander Dent’s Scottish manufacturing operations. We will continue to engage with our government partners in both Scotland and England with the focus on our people and cost management as we complete the required consultation process and as we continue to support our customers.

While The UK poses an overall challenge, that market represents approximately 15% of our total quarterly revenue and generates lower margins than our North American business. The aftermarket business in The UK however, which is reflected with NFI’s aftermarket segment totals, continues to perform well based on our installed base. The overall political environment in North America remains fluid with changing dynamics related to trade, tariffs and funding. As I’ve mentioned before, we were very pleased to see the US administration’s focus on advancing numerous funded projects through its America is Building Against campaign and through the release of the 2025 FTA apportionments. We continue to track trade developments and will continue to take all actions possible to ensure an appropriate response to tariffs.

While there will be some headwinds, our domestic production, nimble aftermarket position and pricing, strong backlog and the new contractual provisions that we have in our manufacturing contracts leave us feeling very well positioned for a solid second half in 2025. With that, I’ll now open the line to questions. Michelle, please provide instructions to our callers. Thank you.

Conference Operator, Conference Call Moderator: Thank And the first question will come from Chris Murray with ATB Capital Markets. Your line is open.

Chris Murray, Analyst, ATB Capital Markets: Good morning folks. The first question maybe just thinking about the ramp in the second half. Thanks for the update on the seed supplier. But I guess what I’m trying to maybe understand is sort of twofold. One, can you maybe walk us through and maybe even some granularity, how the plan looks for the next, call it, couple of quarters?

And if you can talk a little bit about the rest of the supply chain outside of seats, and if there’s any additional updates you can give us on seats other than like where you are right as of today, even beyond July, that would be helpful. Then Brian, if you can just maybe remind us what the expectations are for leverage by year end that would be great.

Paul Subri, President and Chief Executive Officer, NFI Group: Thanks Chris, that’s a bunch of questions. But first let’s start with overall supply chain health. You know the chart that we showed today, we’re kind of down to one act high risk supplier that continues to be that seed supplier that has been recovering. We continue to work with. I will tell you that let’s call it a year ago that supplier provided almost 60% of our seats.

We’re now through customer choices and through managing as best we can in the back half of the year that suppliers down to maybe 30% or 35% of our seats. So our total reliance is less and their performance continues to get better. In terms of the other suppliers across our overall business, if you walked into our production facilities and you looked at the metrics boards and so forth, you look at the roll ups we see across the company, we’re now somewhere in the 99.5 to 99.6 range of parts available in station on time. And now that’s kind of where we were pre COVID. Of course COVID and supply chain hell and all the dynamics caused tremendous disruption to that where that number dropped into the early 90s.

And of course missing one part is one thing, but missing key parts that have cascading inch issues, if you don’t have the seats, you can’t install the stanchions and so on and so forth, has massive production impact. So our labor efficiency is up as a result of really strong performance. We’ve talked a little bit today and in previous calls, beefing up our sourcing teams, our procurement teams, added some really solid team members. And then, of course, adding a significant resource to our vendor development or supplier support teams has really helped that performance level. So we’re back to pre COVID in terms of the health of supply chain.

And I’ll just always caution, highly customized, small batch, variable products will always by definition have complexity to get to 100% supply chain. In terms of the production, you noted kind of the second half lift over the first half. With the exception of say the private market in North America and maybe a little bit of the retail, private coaches in North America, a little bit of retail in The UK, all of our slots are effectively sold through the rest of the year. And now we’re booking well into 2026. I’ve used the expression before, to some extent we have to sell retail units, but this is very much around execution of what’s already under contract, what we’ve already done the engineering on and so forth, and well working on supply as opposed to worrying what we’re going to sell.

So there is some retail dynamics in the motor coach business and a little bit of the Alexander Dennis business. The rest of the businesses we’re feeling very comfortable on. I’ll hand it over to Brian now to the questions you had for him.

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, thanks, Paul. Yeah, with regards to leverage, we’re I think at the end of Q2, we were 4.9, if you include the converts, so 4.9 total leverage. And then as we’ve said, a number of times, we’re targeting 1.5 to 2.5. And we’re working toward that. We don’t expect to get there by the end of the year.

We expect it’ll be sometime in likely in 2026 that we’ll get into that range.

Chris Murray, Analyst, ATB Capital Markets: Okay, that’s helpful. Then just a couple of quick ones on top of that. When corporate EBITDA was a lot higher than I think we’ve seen it in some time, normally this is kind of like a plus or minus de minimis number. So I guess two things. One, was that tied to a lot of the refinancing and restructuring issues and just the magnitude of that?

And should that settle down? And how should we think about that on a go forward basis?

Paul Subri, President and Chief Executive Officer, NFI Group: Yes, so a couple of

Brian Duszniff, Chief Financial Officer, NFI Group: things in this quarter, we did have some FX that got to us there. And the other piece is we do have some exposure through some of our comp programs to our actually. And so with the appreciation in Q2, we had some added expense there just from our internal comp programs. So we would expect just expect in the second quarter that we had a little bit more expense than we would normally expect.

Chris Murray, Analyst, ATB Capital Markets: Okay. Just what was the amount of

Unknown Speaker: the stock based comp roughly?

Brian Duszniff, Chief Financial Officer, NFI Group: I don’t have that figure in front of me now, but it was a chunk of the year over year increase of that we saw, which I think was around $3,000,000 I think most of that was related to the comp program.

Chris Murray, Analyst, ATB Capital Markets: Okay. Cool. The last question is just really quick. There was a note in the press release about the fact you’ve taken over operation of the, I guess, the Alexander Dennis product at Big Rig. I guess two questions on that.

Can you just maybe give us more color on what that is or why that’s happening? And what does that kind of say about what you’re seeing in terms of demand on that double decker product in North America?

Paul Subri, President and Chief Executive Officer, NFI Group: Great question, Chris and know it’s a fairly small part of the business. So we didn’t settle our time or communicate talking about it. Just a little context, there’s about a thousand double deckers that have been sold and operating in North America from Alexander Dennis over the years. The first couple of approaches to that when ADL showed up in North America, Dean twenty years ago was to use build partners, as they do in The UK and as they do for certain things in the Asia Pacific region. Of course that facility, that strategy then translated to when we acquired Alexander Dennis in 2019, they were operating their own facilities in the Elkhart, Indiana area.

When COVID kicked in, the demand dropped dramatically for high capacity vehicles and so we made the decisions to rationalize the facility in Middlebury, Indiana as well as there was a chassis facility in Toronto. Demand has recovered and we originally weren’t sure the pace at which it recovered. Now that’s two issues, certain new customers wanting double decks in their fleets, as well as the aging of the installed fleet and customers wanting to replace them. So we made the decision to set up BRM to do this in Las Vegas. It was adjacent to down the street from a facility they already had.

BRM’s parent company, Big Rig Collision is a repair oriented facility and they wanted to get into manufacturing. So we worked on as a partnership for about a year, that supplier couldn’t deliver at the pace performance that we wanted. We made a deal to just absorb their people, we bought their work in process associated with it and put in some kind of a transition contract with them. As of about a month ago, we now are operating that facility. Demand and order book continues to grow both for double deck diesel buses, which we’re building today and we’re starting to build an order book for double deck electric buses in North America.

So it’s not massive, there’s I don’t know 120, 130 people there. It’s a brand new facility. Our supplier partner never really set it up and operated the way we wanted. It’s now ours and it’s becoming and looking like a very much like an NFI facility and quite frankly the outlook there is quite positive.

Chris Murray, Analyst, ATB Capital Markets: Okay, that’s interesting. All right, I’ll leave it there. Thanks folks.

Stephen King, Unknown (Likely Investor Relations), NFI Group: Thanks, Chris. Thanks, Chris.

Conference Operator, Conference Call Moderator: And the next question will come from Daryl Young with Stifel. Your line is open.

Unknown Speaker: Hey, good morning, guys. Just wanted to touch on the working capital in the quarter and maybe a little bit more color on that $40,000,000 investment. I was under the impression, be a little bit more neutral or maybe even positive working capital this year, but just curious what the outlook is for the remainder.

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, Daryl. So, you know, we working capital will continue to fluctuate in the business. So normal course, we would, you know, look to build a little bit of working capital over the course of the year. And with the private market and a little bit in The UK private, sorry, private North American coach market and a little bit in The UK have some seasonality where the inventory build in the middle of year would then be relieved at Q4. We have had some additional noisiness there with some of the seating issues we’ve had.

So we did relieve some in Q1 and we built a little bit back in Q2. But that would be the normal pattern would be kind of Q1, Q2, Q3 a little bit of growth and then relieve that in Q4, which and we do expect that we will see a reduction in the fourth quarter this year.

Unknown Speaker: Okay. And for the full year, are you anticipating being relatively neutral or will there be working capital investment?

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, I think as you would remember, we’ve talked about how we entered 2025 a little bit heavy. So despite the higher volume we expect in 2025, we do expect to be about neutral from a working capital standpoint, even with that volume increase between 2425.

Unknown Speaker: Got it. Okay. And then around the tariff commentary, you gave a lot of great details. Trying to flush out how real the risk is in the short term that some of your maybe your margins are impacted or your cash flow is impacted such that, you know, this is a real meaningful issue versus a be aware, no one unknown type of thing?

Paul Subri, President and Chief Executive Officer, NFI Group: Yes, it’s a good question and of course it’s changing every bloody day depending on the impact of what we buy, where it comes from and the tariffs The US applies to these different jurisdictions. So as we said in the script that you know we’ve been dealing with the direct steel and aluminum tariffs, it’s not massive but we’ve been managing that and embedding in our price and there’s no issue there or we don’t foresee an issue. The indirect taxes as I alluded to are really the biggest area of concern because we see that through a supplier invoice, you know, here’s $8 for the windshield wiper but then here’s an extra portion of invoice that relates to the tariff. And of course when the customer or the supplier provides that to us, we’re paying them on certain terms. We are current with all of our suppliers, but there could be a lag between when we’re paying that and when our customer finally pays us for the tariff that we invoice.

We are invoicing our customers separately, so here’s the price for the bus and there’s a secondary invoice for the calculated tariffs. We’ve hired one of the big accounting firms to help us audit our methodologies and our calculations and so forth that we can present that to the customers. We’ve had numerous communications with the customers. There is no question some of the customers have agreed with the methodology and are starting to pay the tariffs as required. Some of them are asking for more detail.

It’s very difficult to be able to say to customer X or Y, this specific dollars for that specific part on your bus on this specific day. So there’s quite a thorough process of calculation and so forth. We have that had a customer blatantly say, I’m not paying your tariffs, but there was a negotiation and a dance and then you can communicate it goes with that. As I kind of alluded, there could be a month or two of working capital of the tariff portion that gets delayed from when we pay it to when we actually get paid. At this point, we have no indication that we’re not going to get paid the tariffs and that’s why we refer to it in our script here as kind of a flow through type dynamic.

But we are cautious and we are in our own minds managing our way through the whole tariff dynamic as it relates. And of course as it changes, a tariff yesterday was X on one country and now it’s Y. So the parts that we have have a certain tariff, the parts that we bring in next week will have a different tariff for the same bloody part. So you can just imagine how fluid the thing is. We are feeling very comfortable that it will as I said before be a flow through.

Unknown Speaker: Got it and presumably with $340,000,000 of liquidity, you’re feeling very good about no real cash.

Paul Subri, President and Chief Executive Officer, NFI Group: Yeah, there’s no question about that. The sheer size of the tariff, just give you a macro context. If we annualize the tariff as of before yesterday, before last night, for all of that we buy that comes through indirect, there’s somewhere in the neighborhood of a 40 to $60,000,000 tariff run rate exposure or value. So the impact in the next little while could be 10 or $15,000,000 in terms of total tariffs. It’s not going to be, we need $200,000,000 to fund the tariff dynamic for a period of time.

Unknown Speaker: Got it. That’s super helpful. Thanks Paul. I’ll get back in the queue.

Stephen King, Unknown (Likely Investor Relations), NFI Group: And

Conference Operator, Conference Call Moderator: the next question will come from Jonathan Masayagin with CIBC. Your line is open.

Chris Murray, Analyst, ATB Capital Markets: Good morning. If I’m not mistaken, this is the first time since early twenty twenty one that you’ve had only one or fewer high risk severe impact suppliers. And I know you talked a little bit about this, but looking long term how do you see supply risk evolving from here?

Paul Subri, President and Chief Executive Officer, NFI Group: Well, thanks first of for recognizing that because most of my hair is falling out and I know it won’t grow back. But our supply base and David White who’s the head of our supply has done a phenomenal job with his team. And so some of it is just the uncertainty of our suppliers, the changes and the impact, components whether the globally sourced microprocessors blah blah blah. We spent a lot of time going further to the supply chain now than we did before. We’re working two or three levels down or before we just ordered an end item.

We have built up our team to be able to look for alternates where they’re available to reengineer parts where we might be able to. We’re carrying more safety stock. We used to brag that we were kind of seventy eight days of inventory pre work in process. We got up to call it twenty five or thirty, we’re now down in the early 20s, but we are laying in more inventory on the shelf, in line side than we did before just to make sure that because the cost of nonproductive labor and then offline and ripple effect of not built in station and so forth is massive. So never say never about supply dynamics for us, just given the nature of high variability and high customization.

But our team, our methodologies, our audit methodologies of our suppliers, Another example, we used to spend a lot of time focused on delivery performance and quality. We’ve added company viability, we’ve added a whole bunch of other elements in our monthly assessments of all these suppliers And we focus on the top seven fifty suppliers for the group. So it’s always going to be issue. We feel way better about the position we’re in and all the things we’ve done associated with it. We’re actually feeling really good about the impact that will have on the second half productivity.

Chris Murray, Analyst, ATB Capital Markets: Thank you. That was very helpful. And one more question. What’s your long term vision for The UK market? Given the tough competitive landscape, do you think the consultation will be enough to maintain competitiveness?

Paul Subri, President and Chief Executive Officer, NFI Group: It’s a really good question. The game is still, I don’t mean that disrespectfully, the process of analysis with the customers, with the governments is still happening. The root of the issue is historically ADL had a very significant number one market share position. The customers were mostly PLC or public companies that were buying with long histories, long visions and so forth. For the top five customers in The UK are now private equity owned, which may have a different focus or time horizon on their businesses.

The second issue, there hasn’t historically been government funding to support purchasing because that market is private operators bidding on routes and then outperforming a public service and trying to make money off that operation. When the world started to move their shift to zero emissions, the Scottish and the English governments decided to help fund the transition to assist with their decarbonization plans. So they’ve been helping with X percentages of dollars to pay the delta between an ICE bus and a zero emission bus. What they didn’t do in our frustration is say, if you’re going to use taxpayer money to assist the operators, they really didn’t put any requirement to have local capability, local jobs, local sourcing, no nothing. So a privately held business, you can buy a cheaper bus from China did just that.

So the consultation is a very formal expression of we must go through negotiations with, as I said before government unions, our employees and so forth. We’ve announced that what we want to try and do is rationalize the facilities Scotland into less facilities inside the English facilities and so forth. I must tell you the Scottish Government has really stepped up to try and work with us on ways of retaining the jobs. I think my personal opinion is we’re going to see any taxpayer supported activities going forward will have way more job creation, economic benefits, supplier requirements in their selection criteria. So our whole dynamic around the consultation was to go after our competitors and our cost structure.

The fleet needs to be replenished and there still is very focused positions for both the Scottish and English governments on decarbonization. In The UK, you have more franchising moving from the central purchasing to purchasing within the individual mayors. And that will provide, in our opinion, more focus on that local or that domestic requirement. So we’re not abandoning that market. It’s an important market.

We’re a strong market position. We have spent lots of money to rejuvenate our platforms. We’re now building all of our ICE as well as zero emission on all of our platforms ourselves, our own chassis. And quite frankly, we just have to adjust our cost base to improve our competitiveness. So anyway, we still think it’s a very important market.

Although as I said in my script, it’s really 15% of our revenue opportunity. So it’s not massive, it’s just an important element. The other dynamic is as we deliver those new products, gain experience and performance, there is still international opportunities we want to go after. Okay, thank you.

Conference Operator, Conference Call Moderator: The next question will come from Cameron Doerksen with National Bank. Your line is open.

Daryl Young, Analyst, Stifel: Yes, thanks. Good morning. I want to ask about the, I guess, the guidance range for this year, $320,000,000 to $360,000,000 still pretty wide range. Obviously, we’re halfway through the year here. So I’m wondering if you can maybe describe what has to happen to get to, I guess, the low end of the range and what has to happen to get to the high end of the range.

I mean, it seems like a lot of variability given that you’ve got, I guess, better visibility on your delivery slots, at least for the second half of the year.

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, so good question. So, you know, I think you would have noted that while we’ve made improvement in seating, we’ve not, you know, that number is not zero right now. And so, you know, we talked, early in the year about kind of a Q2 getting to zero there. And obviously we didn’t make that. And so that’s some of the reason why you’re seeing a bit of a wider range is that we just have some uncertainty there with what our pace of deliveries will be, particularly in the New Flyer Transit business in the second half of the year.

So I think you’re going to see that just kind of continue to be some variability and some and the range will stay where it is. And so with respect to the lower end and the higher end, really, our business is mainly about deliveries and that’s what’s going to determine kind of lower to higher end of the range there. And Q4 is always a bit disproportionate in terms of the number of deliveries we have with a strong coach delivery quarter. And that’s why there’s kind of more variability than you would normally see in a regular business. We should have a little bit more uncertainty in the fourth quarter given the nature of the private businesses, you don’t have a ton of visibility into those orders and you wind up getting a lot of them in Q4 and consequently delivering a lot in Q4.

Daryl Young, Analyst, Stifel: Okay. No, that’s helpful. And if I just think about, I guess, the delivery profile here, I mean, obviously, you’re not prepared to talk too much about 2026. But assuming that the seat situation is kind of cleared up by the end of the year, I mean, I know that there’s a bit of target out there to eventually hit 6,000 unit deliveries. I’m just wondering if that’s a realistic kind of goal for 2026.

How does the I guess the situation in The UK affect that kind of longer term target? Just any thoughts around kind of the delivery profile as we look ahead over the next twelve to eighteen months?

Paul Subri, President and Chief Executive Officer, NFI Group: Yeah, thanks, Cam. That’s a good question. And yes, we had always kind of said we wanted to get back to that 6,000, which was kind of our pro form a 2019 number when Alexander Dennis got included. So you do have a muted dynamic in The UK, that’s one thing that will affect the 6,000. The other issue is you’ve heard us over the last quarters is our focus on zero emissions because they’ve been, you know first challenge to get up to learning speed of building them delivering them commissioning with our customers charging infrastructure readiness and so forth.

So we’re now way more focused on quality of earnings and quality of deliveries than pure quantum for the sake of it. So I would suggest that 6,000 is still kind of our target. I wouldn’t kind of think we’re headed there for 2026, but definitely, know, ’27 is probably more the time we’ll hit that rate.

Daryl Young, Analyst, Stifel: Okay, that makes sense. And maybe just one quick final one for me, thinking about The US funding. I mean, you talked a little bit about the, I guess, low no program and, you know, it does seem as though that the current administration is maybe more focused on the, the low as opposed to the no emissions. You had any customers that have orders in the book now that have changed from a ZEV bus to something else? I mean, wonder if they’re even allowed to do that.

So just any thoughts around what you’re seeing from your customers on how they might be shifting their focus as far as the type of propulsion system?

Paul Subri, President and Chief Executive Officer, NFI Group: It’s really a good question and really for a lot of discussion on it. But imagine you and I walked into a transit agency, they’ve been working to a five year or ten year fleet replacement plant at some pace to move to battery electric or fuel cell electric or in some cases middle ground with hybrid electrics and so forth. So now you have a new government whose stated position on meeting zero emission targets is not the same. You have funding dynamics locally that and operating cost dynamics and so forth. We also just saw the release of the apportionment, whatever is a month or two ago, which reinforced the last year of

Brian Duszniff, Chief Financial Officer, NFI Group: the

Paul Subri, President and Chief Executive Officer, NFI Group: IIJ Act. So I would suggest we’re really in the early phase of what you just asked about Cameron, customer is saying, so what are we really going to do here? With the launch of that program, we still put in, I can’t remember, it’s 150 or so proposals to customers to team for the low no applications. I think we’re probably going to see that customer, depending on if they do or don’t get awarded that stuff, start to make those decisions on their next procurement as opposed to current procurements. There is no question we still got some customers that today have zero emission buses on order and they have a program to set up their charging infrastructure and in some cases, holy smokes, charging infrastructure is delayed, so maybe we don’t need the buses as fast.

That kind of stuff is just normal noise. Because we’ve got such a good backlog, we’re able to adjust. There is though, we think there is going to be less of a pressure and a focus. So right now our total percentage of deliveries of zero emission is somewhere, Stephen, in the mid-30s, right? Yeah, 30.

And so we had expected by ’twenty that might get up to ’twenty eight, ’twenty nine, that might get up to 50%. We’re now wondering whether that’s going to be the case. I also believe certain operators that are well into the electrification journey are not going to stop and reverse. They may slow down the pace of adoption. So that’s a lot of way to say the game has just really kind of started.

But the additional money this year, or the completion of that last year, IJ kind of level set, and we’ve got people asking for it. The second issue is there’s been a letter this past week or two weeks ago from the FDA to the operators to say, hey, we’ve been getting people asking us about our position as a federal government relative to zero emission. And how should we think about that? So the FDA issued a letter to all the operators to say, if you want to change your plans on propulsion, whether you’re already in RFP stage or OPF options and so forth, tell us what you want to do and we’ll evaluate them. And that’s the first time we’ve seen that.

Because up to this point in time, there’s been you have a contract for an ICE engine or for a zero emission. You can’t make changes to the cardinal changes to the propulsion dynamic. You’ve to issue another new RFP and so forth. So that will also whatever they get back in terms of ask and request will also signal what that might do to the overall adoption of zero emission. So I’m not trying to allude the question, but it’s kind of a little bit too early to answer.

We do know that some of the larger operators, for example, New York and so forth, is really rethinking the pace at which they’re going to adopt a zero emission fleet. In New York, for example, there’s 5,900 or 6,000 buses. And so there’s massive dollars at play. Hopefully, Ken, that gives you a little bit of color and maybe next quarter we’ll have better understanding of what the low knows happened this year, what awards happened, whether it was more low and less no, we’ll see on that.

Daryl Young, Analyst, Stifel: Okay. No, that’s super helpful. Appreciate the time. Thanks very much.

Brian Duszniff, Chief Financial Officer, NFI Group: Thanks, Thank you.

Conference Operator, Conference Call Moderator: And the next question comes from John Gibson with BMO Capital Markets. Your line is open.

Jonathan Masayagin, Analyst, CIBC: Good morning. Thanks for taking my questions here. Just first on manufacturing margins, obviously, a nice jump here in Q2. Do you expect them to hold at these levels in the back half of the year? And I guess, what drove them higher this quarter?

Just improved pricing, manufacturing or any other factors here?

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, great question. Paul alluded a little bit to better efficiency within our facility. So that certainly played a part where, as we continue to get more continuity of supply and as we continue to heal a little bit from American Seating, we’re not all the way there, but that’s led to better efficiency. So you’ve seen the labor efficiency contribution there. As we look at the back half of the year, we would expect more of that.

And then of course, as well heals a lot of stuff. And so as we see the second half of the year with our expectation increase volume, we would expect that those margins would continue to push through and push upward.

Jonathan Masayagin, Analyst, CIBC: Okay, great. And then last one for me, just as we think about the guide for the year, maybe asking this in a different way, how much of an improvement with your original seed supplier does meeting your guidance imply that kind of back to normalized operations by Q4 or somewhere kind of in the middle from where you’re currently at?

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, so the guidance that we’ve given and our expectation would be to get healthy with our seating supply sometime middle to end of Q3. And depending on how a few other factors go, that’s about the timeframe when we would need to see that and potentially, we might narrow the range of guidance as we get on our Q3 call. And so that’s our expectation as we go forward and we’re working hard for that.

Stephen King, Unknown (Likely Investor Relations), NFI Group: And the only thing I’d add, John, we have the benefit in the second half of our new seed supplier, a new Buy America compliant seed supplier has come online in Q2, and they ramp up more of the volume in the second half, so that’s also a help to kind of our second half having that more diversification in the seed supply.

Jonathan Masayagin, Analyst, CIBC: Okay, great. I appreciate the responses. I’ll turn it back here.

Conference Operator, Conference Call Moderator: And the next question will come from Jonathan Goldman with Scotiabank. Your line is open.

Cameron Doerksen, Analyst, National Bank: Hi, good morning team and thanks for taking my questions. I apologize I joined a bit late. A housekeeping one to start. On the 2025 guidance, was there any change to the underlying assumptions for EU deliveries this year, the 5,000 plus?

Brian Duszniff, Chief Financial Officer, NFI Group: No, we have not changed any guidance with respect to that.

Cameron Doerksen, Analyst, National Bank: Okay, perfect. And then I guess dovetailing on the previous question, like the unit profitability showed a significant step up, at least on my numbers, your EBITDA per EU is 50 ks, the highest since 2019. Throughput should be ramping in the second half. Backlog pricing is even higher than the latest pricing. Maybe there’s some mix in there.

But is it reasonable to think you’re on your way to exceeding your prior peak profitability back in 2017?

Paul Subri, President and Chief Executive Officer, NFI Group: Profitability as a percentage of dollars per unit or percentage or sorry, just clarify what you exactly mean.

Cameron Doerksen, Analyst, National Bank: Yes, sorry. I guess I’m talking about on a per unit basis EBITDA per EU. I think you were around 64, 65 k back in 2017. You ended the quarter at 50 and it just seems like things are working in your favor.

Paul Subri, President and Chief Executive Officer, NFI Group: So a couple of just some context. When we were just pure New Flyer, a transit bus only in Canada United States, that was a very meaningful measure of the health of what we were building and bidding and building and delivering. And so as we added ARBOC much smaller units, different margin profile because in most cases the chassis provided so the percent dollar unit is per unit is low but the percent per unit is higher. When we added MCI, it wasn’t that materially different than the New Flyer business. But when we added Alexander Dennis, the margin profile domestically, internationally are very different, both on a dollar and a percent basis.

So now part of the challenge to answer your question is we’re dealing with all kinds of like averages and blend of all those kind of things. As volume has recovered, and Brian just alluded to this, yes, we worked on our overhead and cut our overhead where we could. But as volume comes up, the overhead recapture has as significant an impact as the actual pricing per unit. So we haven’t been giving quote unquote EBITDA per unit guidance. We’re thrilled to see it recovering and growing.

We’re very encouraged by the quality of the pricing and the expected margins in our backlog, as well as that volume increase that captures more overhead. So we would expect to see continued improvement in that EBITDA per EU at the global calculation perspective. So again, not trying to be too elusive, but there’s lots of things that come into that calculation. So it’s not as simple as straight math.

Cameron Doerksen, Analyst, National Bank: No, that’s fair. There was some good color on those moving pieces. And I guess one more then on cash flows. Again, a lot of moving pieces in there. Can you help us parse out what would be a onetime cash expense or maybe an unusual element in the quarter, whether it’s higher bank fees or redeeming debt?

If you can give us kind of a global number of a drag on free cash flow, it’s one time. And then the second piece of this is on the cash taxes, looked a bit high in the quarter. Maybe anything there to call out and how we should think about cash taxes for the balance of the year?

Brian Duszniff, Chief Financial Officer, NFI Group: Yeah, think so I’ll take the first question first. So in quarter, if you looked at a number of the adjustments, most of that was non cash, but you would have seen the prepayment or the payment associated with the early extinguishment of the second lien that we had prior to the refinancing. So that was round figures, I think 10,800,000 and then the labor and overhead and a portion of liquidated damages. So round figures another $10,000,000 would be cash affected as well. And I believe the balance of what was in the adjustments were non cash.

And so those two things together just round figures are about $20,000,000 of cash drag in Q2. And then with respect to taxes, we do have some high variability in our taxes in the different jurisdictions. And so we will look kind of abnormally, higher in taxes than you would normally expect if we were kind of balanced across all of our jurisdictions. There’s certain tax attributes and interest expense limitations that are affecting us, which will have us at a bit of a higher tax rate, at least through 2025. And then as we get into 2026, we should be able to take advantage of some of the positive tax attributes in some of the other jurisdictions.

So hopefully that was helpful.

Cameron Doerksen, Analyst, National Bank: No, that’s good color. Thanks. It’s good for modeling. I’ll get back in queue.

Conference Operator, Conference Call Moderator: Am showing no further questions at this time. I would now like to turn the call back over to Steven for closing remarks.

Stephen King, Unknown (Likely Investor Relations), NFI Group: Yeah, thanks. Thanks everybody for joining and thanks as always for the questions. If you want to follow-up, please reach out to us at any time or check the website for the latest information And we look forward to talking to you all soon. Thanks so much and have a great day.

Conference Operator, Conference Call Moderator: This does conclude today’s conference call and thank you for participating. You may now disconnect.

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