Black Diamond Group Limited (BDIMF) 10 May 212021 Q1 Earnings call transcript

Thank you for standing by. This is the Chorus Call conference operator. Welcome to Black Diamond's First Quarter 2021 Results Conference Call.

As a reminder, all participants are in a listen-only mode and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. now turn would to conference I Mr. Instructions] like the to over [Operator Zhang. Jason sir. Please go ahead,

and Thank well morning call. Redmond; Solutions, operator. Trevor joined first Solutions, the you, today Good Workforce today and Haynes; quarter as Black for call Ridley; EVP, of Labrie. Mike XXXX COO Diamond's and attending by CFO, Patrick of results We're our COO Melanson. Ted conference is With CIO Toby on and us as CEO, thank also you Space Modular

may comments call reference Diamond's differ number to may Our non-GAAP to as subject forward-looking statements future that results. include in results make or EBITDA adjusted a today forward-looking statements materially financial measures regarding from We net of to such these uncertainties debt. actual Black risks expectations. and caution today's Management that cause also are may

information For non-GAAP Diamond's management's quarter XXXX on please of risks sections uncertainties, terms, analysis statements, Black more review first forward-looking and and these discussion the entitled measures. and

This on unless news website generally well in call dollars, on expressed as found and at otherwise turn Dollar www.blackdiamondgroup.com statements Trevor the as financial quarter's are can to rounded. to release review SEDAR discussed in I'll Haynes company's website. Canadian amounts today's call MD&A, are now the noted the be and over the quarter.

COVID-XX to face work a start pressures joining their discuss our all for resiliency some to strong us first and thank our year Jason. you, the for like team results. and good members in And We've XXXX you Thank the from increased of and hard to had pandemic. thank morning quarter of I'd the

this business contract the Workforce in XXXX. Solutions another adjusted plan execute for an unit on revenue to our quarter contracted generation and EBITDA and our and so in progress by booking regard. set demonstrating are the positive that our yet unit, million Highlights $XX.X have include in Modular wins record QX results revenue over for Total business LodgeLink, Solutions quarter increased was another grow record We volumes rental year. within from $XX to million, our first diversify XX% data our quarter continued believe strong business Space have this of increase far

We $X.X also reported positive XXXX, consecutive fifth by grew on to quarterly in record. or QX In earnings net share of compared XX% quarter, $X.X from $X.XX rental diluted segment, per comparative the million to a the million the million, basis, in of loss or is a MSS a quarter. $XX.X which revenue

from ongoing. seeing we're MSS attractive three at results first a full outlook across return acquired integration of put ongoing Vanguard duration the work growth quarter North America. to opportunities Our of capital The we which to months organic in remains of positive, and include for is of contribution contract Modular, rates November which XXXX, as

We in strong expect fleet rates, our steady utilization, value-added of and VAPS. rental revenues driven by additions, and and continued penetration growth rental or products increased services, ongoing increasing

benefiting recovery is to end-market geography. our efforts by further segment WFS Our diversify of and and showing signs from

has our WFS GasLink Coastal of $XX rental which year. new which latter second and the XXXX, Australian of revenue, the added contracted previously contracts momentum A generating Canada. project the mining of customers million the start the in throughout contracts of revenue strong in revenue part with should Eastern further includes number into provide growth these will support the quarter, more assets since begin rental of additional second mentioned, As in half services contract, than and announced of

XXXX. Last good months. the of by customers. it the market positive excited that the for strong record strong the sequentially should but another certainly innovation representing related remain travel At headwinds in We with servicing quarter, Australian the about continues night from well respect bringing room is positioned QX the a booked had the and XXX,XXX crew rental LodgeLink, LodgeLink we project, the and with nights distinct decision despite experiencing listed remain quarterly services. continued from well to pandemic offering digital platform with XX,XXX this across We was and bookings the room to contract rates award the Our investment final quarter, perform to approximately the year. positioned X,XXX believe corporate our contract XX% Goldboro rooms, is roughly business. comparative is for proponent with recent This XXX% durations least, industry. marketplace set receive not LNG coming project very travel platform in properties, end approximately growth up XXX utilization

throughout in awarded leverage assets is we make further accommodation contracts and our operating further the fleet positive travel momentum diversifying turn which and across to some show over the ecosystem. unlocking visibility, the now balance Diamond the from results driving the year as for we're of the growing to-date Toby on and on optimistic quarter will businesses, the existing first of continued of LodgeLink MSS Black strategic our results. business improving our objectives that our WFS, I'll increased Given tech call details scaling business, remote progress financial

was revenue quarter, compared the million streams. from million attributable growth to of revenue XX% for EBITDA XXXX. the the in share, $XX.X quarter income up revenue from continued quarter all EBITDA consolidated a total Adjusted net of increase from was million million Thanks, diluted adjusted was $XX.X $X.XX comparative QX $XX.X $X.X comparative of MSS last to XXX% Black or is an $XX.X total Net year, respectively. the in of first This per Trevor. and Diamond million, and loss for quarter and same up quarter. XX% reported XXX% in the $X.X of million

full in comparative quarter Solutions WFS X% mentioned, due in last quarter, fleet acquisition our Modular EBITDA U.S. down quarter quarters As Vanguard from revenue million, contribution results XX% of from same was to the the used include from growth million was mainly Adjusted contribution positive first for year. up the of also the sales of quarter. XXXX the from Workforce $X.X $XX.X

America quarter, sequential should of recently segment $XX.X to XX% increase performance improvement within including expanded to these see as in funding base range leverage due primarily Total strength XX-month calculate a be sales, The debt personnel from due Vanguard and of LodgeLink end EBITDA overall with EBITDA, contracts. $XXX up comparative ratio addition at to of an administrative million million Vanguard. the to continue target two of a Net quarter of this trailing There the acquisition the debt in WFS back the the were Excluding to increase costs, the the the awarded to exited was to borrowing and company on X.X, been remain adjusted for adjusted results steady $XXX quarter of to the the levels quarter, company's also platform. costs within of under expect the X.X, personnel. we including has costs staffing end approximately our ratio assets XXXX. the revenue we of primarily was focused Excess growing QX a Vanguard's quarter. opportunities down facility fleet growth a comparative net for rental continued million, the the percentage capacity MSS asset-based down seeing growth from in was with consistent We're drive in eligible U.S. which the revenue credit value our end as focus XX% Net this growth million At XX% the $XX organic is $XX across March was approximately MSS borrowing a North Total as throughout administrative $XXX of to points of and XXXX stated fleet two ample was quarter. percentage with MSS of on net the million rental of from by used XX, majority and in fleet in CapEx expect of ongoing of million, was growth organic company's XXXX. debt approximately of year, particular times of strategies. three the

a in to the Trevor our we this as coming to XXXX, believe strong expect to As we're to execute strategies. build now we to the and call momentum growth we'd on on Operator, quarters call start open like the off over to questions. turn - in continue mentioned,

Thank now [Operator the Instructions]. question-and-answer you. begin We'll session.

question Bastien first The ahead. Please go James. from Frederic with is Raymond

morning. Good

morning. Good

morning. Good

how I the available end hoping I for doing. of stats get at Guys this color were just you on breakeven platform to platform around that like of LodgeLink to But understand a you all is got the MD&A. kind in know more QX. bit be

I'm can just if get you. So I wondering an there? update Thank

Frederic. the some Yes, thanks question, give to there? Toby, do for you want color

absolutely. Yes, good that's Frederic, question.

to platform. continue believe And we we with created see is there see ongoing to the path focus growth do booking the on XXXX do there. our see currently as breakeven. that LodgeLink, breaking to value for tremendous even LodgeLink in primary increased not near-term. We're with revenue. that net Our volumes a margins in We but expect is We improve

Okay. Thanks for that.

Finance I to, or at in implications color there and your any Wondering, guess whether the Black the if some acquiring space Second some April. for they there's was in United on General get activity Corporation, relates last announced mid-month can general question industry thoughts that I least Rental for Diamond?

with And certainly ourselves. perspective, rates we business. platform. to ask Obviously, question. intent continue the of Mini, last competition ModSpace, We're Redmond to operates the pace of announcing paying United Diamond least of mind pathway larger who attention a the to over Black to potentially the that's attention and to for our then generally across have players, We've being as see platform so of you Ted, just the But you the more the marketplace. good point. transactions being Rental increase considerably around the any positive paid. grow Corp make? and a speaking expansion multiples consolidation this seeing the the in We're comments to, as competitive accelerating to the General years and a the than want that our business. note trend end-markets they're from transactions we're it's If higher and multiple with been our inorganic Mobile that MSS acquiring EBITDA Yes, couple of consolidation and I'd combining number to seen recently Finance the with a other would improving MSS We're WillScot or such leaves at platform us acquire. some paying acquiring on our Ted

business the strong and we've concur increases additional both including the more just your rate the No, drivers probably WillScot generally resulted the and with this in also as I result economy fewer space, because in of for across consolidation, a comments, also including of needed seen large business COVID. industry but our competitors generally acquisitions space

just currently Okay, I run overlaps know to with I your this understand that, of I mean, General that if wondering they understand Finance. asset division. but base Pac-Van

some there. if traded. publicly on just there's overlap I how basic And any So Rentals United understanding mean wondering

if wondering just I'm get there So I'm you disciplined a guys, sure bunch of well? some they're color but as

Yes, Modular structured the number is and the look in assets. the the U.S., focused way at Modular regions speaking, is market when there geographic Space and Pac-Van, U.S. different Certainly, generally our segmentation, is BOXX there marketplace we on been segment. that a businesses But within we've Vanguard have similar of the

huge but a amount space. the not overlap, So of in certainly same

other volume which business, more it singlewide there's we is Corp that as in. business, United that rental is more that interested The which look construction and is the oriented, view way a more at transactional, we the container market Rental trailer of

sophisticated turnkey a as work larger of of more is buildings, for on assembly, et more and business type construction cetera. mix, Our the markets asset such require skill focused the around commercial buildings, of set multi-sectional that a type applications government, education, more

asset different you along and the to stronger customers. difference you space, of So competitive services feel that the larger the perform oriented plus, being we take when on can the Do or stay larger fewer potential because multi-sectional project longer we built the that our the offers if higher of for volume asset a transactional are higher rental part this time that a margins, and touch rent landscape, complement. blended platforms sophisticated between more assets we periods we like there's know think, for tend market, competitors, versus our with with

market the and platform vision our lenses, proven it constructive And those for we couple so of as very when what we're through at we look view building. for our

given throughout performance That's these successes the given we my should the contracts from color. of expect? expect should of of from we to Should steady $X see thanks. steady to for QX. particular then nice But one And for this had lumpiness curious from timing Great, perform Last me. you division my more we contracts? this I million EBITDA Just should guess expectations mean, adding reported? great I expect how segment WFS MSS. met perspective, Or the a the you've growth year? bit we we've seen

Mike last at where the with very of seeing inherently view and we've very And achieved performance we're degree focused we've as contracts the WFS constructive Yes, area And add an working some signing, MSS to get been based on forward are you, as volatility strategies we're years growth out what look mining, over with these these a of been think longer et Over Mike? is business. our time, pleased And build color our project-oriented several cetera. to around Canadian who been we'll broaden a lumpiness, there. contract we've leads within Western all a of and to network is oil we've up the our business. gas, on. what We've markets always we're growing cycle. in business, be beyond It rental performance we government, but been the WFS able less today When stream such WFS. takes disaster such, sales I'll our of with good that's wins to of question. and behind diversity Ridley, and recovery, our we business on sort our marketplace, in and It's inform end there on

in We're the move there Thanks, companies for on a place on been feel We've about really oil that good and Frederic. disaster away GasLink Australia very business, business of with ahead. really well. Yes, working those that, and mining our deployed Construction good strategy. that rentals years when Eastern that occur. Canada. the with Also, business was Trans sector also and number strong from And the steady these workforce heels it pleased over last the hard education Coastal as Trevor. perform recently assets continues well. And gas - for on occurrences announced, we market, and Hi, quarters sector, of the good already few we've the government, a partnered diversify to relief to to contracts and Mountain. are pretty have we're into the continues our so contracts with space further around market

looks. made the way the year balance So progress like pleased with we've the of the

Okay, great. Thanks.

To took finish asset question Frederic. who the equipment on larger we there, rental. to your QX, benefit did customer of have also sale In a a

revenues line. subsequent more see from into the as more, contribution QX rental projects But what I and move growth As think and beyond, we will and is quarters multiple more we'll performance in of then mix with show the in well.

Thank it. Got you.

Thank you.

from is Please question next The ahead. with Watson Cormark go Securities. Brent

Hi, this COVID? thanks. maybe relative can us on to might activity of looking characterize if users point promising at bidding just guys have a that kind sort been of what of now going of level sort we Yes, for kind to to And Workforce, point? you prior of about are most the end where

But quite areas. robust our again, Yes, different lots of COVID. And question. give of it's don't there? different in the color through so why some are things pipelines with did part a initial projects see customer good Mike, often you We looking

requirement a good. would even it's Sure. good in some activity for of of question, cetera. side better The pipeline terms Yes, are social the of continues be business, with Brent. more it COVID. the they ahead And COVID, of configured, et space in actually, I with for how was as as say actually, than rooms, well space opportunities have created lunch it's rental distancing, dorms additional to

earlier, fair of as opportunities, country more the I of Canada and down It's the than lot it's a yes, less Australia. touched construction of in the terms to on active sector. Eastern market it's well and oil across in bit And a with pretty So the as opportunities mining into and a certainly type gas. U.S.

very Thanks much. Great.

Capital The Markets. next from go is question John BMO with Gibson ahead. Please

all. morning Good

I or it get But First capped trying certain of mean, it continued to is sort it's utilization from wonder, just upwards, on question will is to world, high how will. to XXX%? a MSS nice a or that to I'm in be at here? a could see at trying perfect I'm could guess, it not level? utilization, get Or it trend I just move like,

that we because from My of supply. don't of that have the in becomes has been transactional customers. buildings competitor That's a on you always we're And if view up simply get we shorter-term able a the inefficient that, in it our hand, good do have up mid-XXs, and not as customer question. fact, the into then to end to losing service customer availability potentially needs

look of on above to look it replenishing look we So as to rising then our look rate, replenishing, hurdle utilizations in as adding at at we utilization, XX%. capacity, for fleets and based also ROI, we trailing additional our add course, assets. then And

constrained utilization, our through optimal in terms do of of So fleet coming to we we the to But on running, additions plan. have some with cash the sure more end to cetera. were CapEx is and our system taking now understood Vanguard that in right how brought debt business the fairly and I after make et consistent that, guess were we internally, year we just on QX flows the do

healthy rental possible. and So this type those That's comments? of business. Ted you is would not XXX% to add unusual anything, for

said, on covered comment XXX% completely my month a I take weeks can because it it of timing rent, around would back and the to be, there. come our rent guess only turned off possible, as assets pretty few needs. difficult them is it's get very a you as No, other of customers' or just but Trevor because

don't where higher we're much than, get to want too So we at. currently

are got slightly them higher, lower, markets numerous… our and of of because some Some are we've

still we you Ted No, are there. lost Ted there? Hello,

just around much hit I of more, quarter recently will That you in million of one had worries. versus breakdown? If contracts wondering I'm those WFS during provide could sort any the it's segment. of just how answer. move future $XX No just into sort quarters? what a was great signed

a contracts happens can roll out it's understanding next sort some Yes, important those good over and how color business. give while? of what question Mike, you the in our and WFS next on

some into You'll bulk revenue trends that see rent, and of sort roll is revenue QX the it's year. - sort rental of QX like and upfront QX, will small but even into parts the and you'll QX of and into install next some with beyond of see

appreciate I Okay, it great. the I'll color. turn back.

of and rental up have number commitments behind those to A them. XX-month contracts

and to our that recurring cash up up rental for which rental and operational unutilized near-term, in recurring flow worked as for development. assets of we're a is stream build will nice show generating a as our assets aside be those us from for starting will monthly quite revenues recurring new base So number the we're receive steady about of in will what business that revenue to the WFS haven't positioning the work those going are which some years excited really

back. Okay, great. Thanks again, I'll turn it

Thanks, John.

The [indiscernible]. is ahead. next question Please from go

just Hi, question LodgeLink. a good I on had morning.

third-party point some guys do help like to up at aggressively not it this the And Why the difficult of a are means charge building turbo value this to opportunity makes invest very resonating you of highlighting think in And the you more VC a to a just macro as some business level? take growth that here? to here? next with sense how quarter. the a just bring put customers, impressive backdrop against product well the really You growth given is size

Good our question. question your I view, In break if down.

which context yes, of of XX% in with was one even to due travel headwinds. the about business the at point to in industry, down First we're pandemic. as of getting is LodgeLink pleased the And today really continues have volumes, the traction terms off,

is a in the the faster, of have the we time et showing we point, the increase. We've to that, think of we're been of into platform. some that It cetera. LodgeLink. meaningful adding adoption second that the user takes resources feel don't volumes the the corporate seeing we we're of been light constraining in then To and convert platform customer on growth a So terms very meaningful, slightly there quality product, your

add of customers, it bit of amend customer beginning support, cetera. then And already gives benefit so internal of pilots the initiating from visibility we as demos, the of well we as to have all our to which at how pipeline and pace users the conversations, which et customer works to cetera need and then to onboard through teams, running a et being and us product, our success, able gauge building the

And we increased in mentioned. we've been have So the fact, Toby in headcount feel, don't throttling business back. we as LodgeLink the

is different there's best deal and Diamond whether of growth and value all question, shareholders at is continue The accomplish the of help I Black terms or to look in strategic to at we or the unlock partner by any value that other generate we'll of what the revenue there's drive businesses, we number of as growth then that of becomes more can a a them. much inform intent But net third look value. business volume means of And performance which as it scales, in And that think we as over and yes, our we there, we our can valuable. to do near-term, time. mean need the business including outcome to great a potential possible LodgeLink all for of we the need in can that ways

you. Thank Great.

Thank you.

with from next Jeff Co. Instructions] [Operator & The question Fetterly ahead. Please is go Peters

Good morning, guys.

pushing a on the CapEx platform side Just operational talked the Whether the What's CapEx. about? balance beyond of in comfort question it's you've XX your or level sheet. number the

cash or allocation, of a That's at forward question. flows, the cetera. contracted In are, et good levels, how factors. capital cash a debt Certainly number flows CapEx, looking we're

had expectations point. at the So positive what we're what this is on now right from very been our seeing platform

thoughts at allocated sales, And on support we're than running point sale us full gives we other it fleet net we've business. we Toby, with at not variability asset WFS CapEx million there? and QX, the so at this the some anticipated any had also stronger look $XX and the when to However, in

trending quickly ratios that our quickly more get program. more doing just originally leverage planned, back of more modest our as been capital debt to to I had starting and mentioned, than we've through combination And Trevor we target repayment. Yes, to a allocate have

And so throughout increasing see continuing year. to EBITDA that's the We that our generation. improve

Trevor opportunity deploy think to think a primarily, CapEx to basis, And anticipated. capital. on so down. get we we on headroom mentioned, coming that than have with And more continue we net that there some quickly we're we'll But potential combination, that and leverage back we as more first focused

of much unallocated how at point? this million is the And $XX

have a third We probably about of that unallocated.

Okay.

So do couple you expect that for get or could a that will program? quarters to fairly more visibility be quickly your spoken full over it take

we'll ground. when out construction we as U.S. MSS school with our business Black even markets Diamond the I we coincide starts now, the props in of into the Vanguard demand is period And usually with QX, majority winter as System, within coming just oriented. of look the the go think Typically, have the visibility going in softer Canadian sees slows months, as into in QX. system a in their

this And so time around for the year. school of push big cetera et additions, is

usually a QX QX, it's So CapEx demand.

So, would to off. allocated. And we through if and early allocated that the it'll take That the will based of then those majority spent. it's deliveries the CapEx have But been has before our we'll taper doesn't expect summer. that not end mean on of all, then been fall, factors,

on Vanguard BOXX the limit so the from the VAPS, that question quick would Is VAPS side over on anything one structural level? time on towards about BOXX. in MD&A the penetration Vanguard gravitating the between comment there differential VAPS versus Just

on back call, but… the Ted's if know don't I

Yes, I am.

out Yes, of education it was to assets the so but for Ted. VAPS, going I market just the over and turn point you, I'll to difference

Okay, philosophy applies, at the probably the VAPS I been that. think their shopping, different we customers education our units. access where between We've easier think have less certainly businesses. market one-stop VAPS. I But maybe there outfitting would is successful and a give The to same can and difference

there's market. the within the the And MSS opportunities products come-up and VAPS So to there's with also rest the our increase Vanguard adoption platform we increase to in VAPS then VAPS opportunities some across that that definitely also of can offer new customers. still usage

the expect basis on basis both we dollar and percentage growth on of So continued side time. VAPS over a a

think that there stretch in could internal you go? target an where for VAPS Is you mind have

I VAPS basis. mean, we're an targets setting annual on our

So an like VAPS probably we're dollar internally growth absolute XX% year, over on per definitely targeting on, basis.

I Trevor, that? you maybe if So guess have any additional about, that's color on

notionally ratios that revenues in is mean, the customer they source trying our and and I other the on torque the include would that to items the on VAPS overriding return have our that investment asset can elsewhere. convenience to get up No, we that operational they require, itself then to philosophy,

XX% can my we product so to by And if differ and of by XX% get rental mind, in between ourselves type. and our market, and revenue, it's going

we which renting the regions that that we So, our else buildings. business, we what don't add ask is dictate through could convenient will the system, main be to our our customer that connects to

it. color. for Thanks the Appreciate

Jeff. Thanks,

Greg from ahead. Investor. Please go Bennett, is question next Private The

spending would contract? quarter. good there to that in If all Or there year XXXX? your fulfill pushed doing is is that another the that for is any, into revenue that this contract on XXXX? order And Congratulations forecast are be Goldboro CapEx you'd awarded, change is any

work this calendar do Geotech view and put been permitting us, the final which right that out so for very decision go its site all XX, their the investment Goldboro, works it will site. date get the assets year then based revenue the need the as where would by far we CapEx does involved that's if the get and we way if as we little and can it light place entails June the what's rent. revenue But would on achieve operational on of the on And current light initial phases. the by our first some if be of anything, be on very project in site of end proponent being in civil Yes, Pieridae, year, on for is front the in cap to that have may the fairly prepare in and to the to permits

you XXX wondering, X,XXX. I any your from to of could went the you customer track fourth over count? that have and/or market keep to went or your what quarter Switching count as I and X,XXX properties be of LodgeLink, estimate customer of customers and count, as Do I'm count. size from guess to property the for in Okay. XXX property guesstimate far

the look size spend. rooms, the and of Global Usually, seats, tracked globally airplane called a $XXX travel they And the travel. That's services, trade good we essentially And which by Business as of sector track GBTA, of the track a about that's is buyers Travel they Association billion ERM, question. et or cetera. market, between crew sub at the

And a that very Melanson, on travel at Officer property, I as but billion if point the room. certain $XX and know our in on a a to that we and crew even call and know number North potential sort over bit Technology When market, ones the don't sizable of team guess I properties. Patrick. down course, Chief the so of any is camp addressable hotel think it lots America in, in numbers. a any look I It's technically, zero or America, pre-pandemic we becomes certain got data more our properties, of difficult we've when Patrick market, of lodge focused don't North for is are is has or brands you've been suitable seen that is most the and narrows into this about

have quality a cautious call want be we enlisting add can customers and properties. let's on properties for the of our color them suitable that Trevor that purposes, I we very stay we're Yes, control in to little bit

brands. going stick we So to after

they about the that sub we're think large with. worker, crew And brands brands all the germane traveler. that So are have to familiar

those. affiliated. have smaller we many because a are We're not But which number the sometimes and those the have control our as to many, And properties we'd risk capacity. to So cautious brand, quality With here. will don't certainly those of of beyond. that not with might want without be we a at properties in limited I America they across what that North on respect two putting do. focus that there not properties gas be desirable, be

disclosure. get America, that the brands there can for So a to number is for a future for perhaps we North

or? or the This would Microtel's Tru be Hilton like the

correct. Correct,

from then ahead. sorry, I'm And customer, right. all a go Yes,

geographies. North different far Yes, going across our very work on side, differentiator. basket we're to to is concerned, beyond bread good finding gone now customer the was Canada, And U.S. as have that companies verticals crews, the Southern because know, been customers yet or mostly part and that's the of of many, There's will many, that in America in the verticals. knowledge the started in gas. I'm different of strategy go we which and and oil with is, Western but verticals expansion or we've butter XX, all in scratch after construction, where as mining five after U.S. And our have we crews concentrated we've We our other in surface take we've and back do the by a

these got terms companies In to numbers, of I XXXXs. ways We've long would customers, think I it it the be be a mean, could in go.

not, advantage, mover you that can. you're I and that the as have Have no is you have other competition growing fast what new you I that you're correct? guess Okay. And guess constraint seen there's you first any Or market? as under people

do we're up and so addressing purchase and efficiency-oriented what turn control a number the and customer, costs perspectives, against travel internal for tracking they can more et a AFEs Speeding we inefficiency crew Well, the software cost of is is for quickly their of customers. what our orders, the complexity around lot cetera. of invoice different administration from

a yes, isn't and book the but So search component, differentiator. it is the

agencies think the been yes, onto at at in or space, look have looking companies we into travel hotels and book But on if particular world. integrated these focused whole - involved travel through bring been that this business of airplanes. few really, part tools. of one the and there's tools travel efficiency helping So we're the to We cycle, the trying digital booking travel

target So of I LodgeLink we or competition is traditional what with others going peripheral core. think, little others of there at core we are the fairly after. aren't consider for on our But wouldn't got moment, what the the say that offerings we've

Thanks. Thank you very you are a great doing. for I guys job. appreciate, Thanks much. all

Thanks for your you. Thank questions.

for Gentlemen, turn this time. remarks. back Mr. like registered Jason questions to the [Operator are more no over there Instructions] any at conference closing I'd to

safe. and to We'll quarter. talk all you next Thank you joining for stay

you. Thank

conference This call. concludes today's

you your lines. Thank and pleasant have participating You day. may disconnect a for