Black Diamond Group Limited (BDIMF) 4 Mar 222021 Q4 Earnings call transcript

Good day, and thank you for staying and by. Welcome to the Black Diamond Group Fourth Quarter 2021 Results Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jason Zhang, Investor Relations. Please go ahead.

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

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

and and For terms, of review more Diamond's sections non-GAAP on Statements, the please these Risks and entitled measures. Analysis Forward-Looking Management's Uncertainties Fourth information Discussion Black Quarter XXXX

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

in XXXX hard for And and revenue continue record to across in LodgeLink am We volumes like us thank were results. Jason. improving from thank and to WFS reported EBITDA XXXX the you, strongest $XX of XX% and one Australia in and of of fourth rental records done we frequency America their revenue adjusted or and improvements year. a health work million $XXX sales. I'd view, safety new we rate the you more consolidated a previous years MSS, year-end top my the posting very growth for in did TRIF of and fantastic acknowledge million. XX% and this based our reporting really for In and generated I drive year, of These members year as set quarter incident team well. for on delivering booking recently have and respectively. importantly, within for year discuss X.XX running even Thank we And recordable North prior results. pleased quite morning, mind, with the our recent years joining of Good the as to with total our is top-decile business utilization

year, dividend on the the of our Within it cash and business free generating. is reinstated quarterly of stability continued the strength we the flow

in an business, per liquidity improvement for announce quarter $XX.X rental in within increase quarterly recorded and for the this of in with record million eighth LodgeLink. utilization a WFS rental consecutive free our drove We for million. continued share. exited generated a we dividend of the revenue division assets on flow are the which quarter In $XX $XXX our in $X.XXX in quarter. of of booking and - cash We pleased over XX% XX% $X.XX the Highlights to volumes another year-over-year, with over up XX% to record MSS, revenue available annual dividend return along fourth for million, of to quarterly consolidated total include

from to In rental $XX.X Now quarter. portfolio. MSS revenue some the the more grew up quarter, on into the million, go to XX% detail comparative

of revenue the $XX.X from For year year-over-year. was up million the comparative rental XX% XX% million was year, $XX up MSS of EBITDA and

constant increasing X% recent regions, continues currency value-added strong on VAS an for utilization and at a uptake year-over-year quarter in all was expanding to QX revenue demand escalation rental while and XX%. which, in the continued see growth fleet, products revenue across rental business anticipate healthy and basis, MSS average was base in most services fleet, up rates the in continued or recurring Our our through we

unit. business WFS our to Moving

Average seeing are streamline driven before. to past WFS XX% the operations, underutilized progress our also while XX% several this year assets. from improved diversify continued in continuing WFS business, monetize in by years efforts across utilization to the has We to

Australia, throughout rental in revenue benefited strength Canadian as and XX% up contribution stronger also have quarter. particular markets. seeing prior the also quarter in million continued the WFS year-over-year. of nonrental U.S. improvement $X.X but and seen for $XX.X from of are XXX% million WFS EBITDA was from We improved sales the year

drive WFS in a rental some time off to business. million. the up in year $XX of of EBITDA back minimal growth which the helped the revenue WFS that note year, was expenditures. about this We existing leverage $XX.X EBITDA XX% within We've XX% For been our the XX%, talked million improvement to capital operating has

operating potential We utilization of leverage diversification profitable the this continue sale expect and our to through both the also business, excess through improved within across regions. capacity, realize efforts but our resulting to

up quarter from to our utilization more is There XX,XXX in up expectations over constructive WFS driven across customers. XX% revenues mining platform the quarter the fourth properties crew members. listed rooms the activity from USDXX market record a high this per fourth the our of At the had travel to markets tech expect to Despite demonstrate room industry our digital their and addressable demand approximately crew on to our into quarter. level existing energy-weighted $X.X near strong from continues for scale. of volumes further ongoing of a booking third some year. months start look the been by two thousands quarter business unique sold has by holiday we to nights end full supported by growth are fourth to LodgeLink offering the Canada LodgeLink strong Australia, marketplace of as slowdown gradually proposition corporate increasing we and for leveraging customers We to throughout XX% sophistication over sold. and billion field its in of up off revenue highest distinct the value LodgeLink, 'XX, XXX in comparative sequential X,XXX place, quarter, initial delivered large in and the a very previous contracted continue in among quarter. 'XX, a servicing the LodgeLink bringing first season, improving in owing rental comparative million, for was Net sequentially of quarter were quarter quarter, that XXX% ever during innovation

scale implemented hard we and XXXX, terms flows and the our ago again seeing like diversify the I'd As of on accomplishments stability strategy years reflect of recognize specialty cash overall our are and in rental streams and revenue some team. believe our upon a build expanding shift to and platforms, our I WFS the to dedication our some in momentum further once quality on we and fourth LodgeLink. do travel work We notable ecosystem a Diamond. in We we can turn improving XXXX year-end quarter financial to call aggressively Black details growing and Toby for our we'll business, results. to continue Toby? will in of now tech and BXB across MSS over utilization this by so the

Trevor. for XX% from the was $XX.X an Total adjusted Thanks, quarter QX million, EBITDA XXXX. increase of

$XX.X XX% full XXXX recurring year, year-over-year revenue our of quarter ROA was year total XXXX revenue notably, increase of and also The for up the total from for adjusted streams and the represented of Most XX.X an For XX%. growth XX%. for XXXX. ended million, year an EBITDA quarter and $XX the in was resulted rental rental XX% of million ROA core This respectively. in and XXXX XX% of of fourth the

from end At following Our balance the million current XXXX, the $XXX committed now remains our of $XXX of XXXX. end down facility, and strong sheet fall extension the sits credit net at million. asset-based of quarter, of available the of liquidity to recent debt is $XXX was at which million QX the

roughly invested a for our was gross million basis, long-term year grow the times. range. XX, sheet used higher range $XX Equally average strength balance in ratio basis, of fleet low long-term access throughout our of sales is we were debt is sales, expected X.Xx in us plenty important, of outstanding hedged in one-third recent XXXX year our leverage within cost gives of relatively the was $XX million to used debt-to-EBITDA and of rates. XXXX, business stated as Overall, three two Our accounting of to and And at the CapEx net the X.X%. debt the of than to net inexpensive flexible record our a On at December to as returns. continue for debt approximately and our XXXX. approximately after On net historical business capital above finally,

XXXX up quarter. quarter was a in from sales believe full makeup revenue of adjusted of currently around is compared on due a sales revenue, continued by proportion and the XXXX our approximately of well used revenue of a platform. than driven but the rental same EBITDA to from estimating quarter. more comparative expect rental of proportion of the normalized for nonrental our total relatively current revenue nonrental are consolidated revenue fleet fourth portfolio, revenue $XX.X XXXX, than are fairly to in Adjusted million, MSS comparative long-term similar this which year of million, XX% the expect Within $XX margin a quarter the quarter million. being lower reported were in MSS margins capital sales $XX from We good lower more as the up gross results We of level million proxy of investment that attributable and MSS total $XX quarter which EBITDA cadence XX% contribution year stronger-than-average average in last sales as This the to higher revenue. based growth as a in to XX% XX% a of revenue and

adjusted was as the XXXX is continue revenue resilient activity XXX% revenues improve across North year, XX% and million, XX% the Australia. from EBITDA revenue was in during from the America up of well from as fleet In increased remain and same comparative projects from last This up Australia was million quarter and quarter year. $XX.X XXXX. $XXX North WFS, XX% nonrental increases total several up used million EBITDA sales attributable rental $X.X the WFS levels QX in of America to in million to $XX.X For grew revenue of MSS as adjusted quarter. and year-over-year

and year, XX% For the up was XXXX EBITDA of XX% $XX.X revenue up $XXX was year-over-year million WSS from of levels. million

diversifying American and unique as to revenue we confident to billion a selling in and of pursue significant the end creation digital fleet, are by platform leverage by utilization. market North and continue our continuing USDXX a we to penetrate differentiated geography scale, very We WFS value operating this solution. LodgeLink increasing over large market underutilized of of continue is the unlocking with within strategy

a current current - cost this the in LodgeLink profitable from see continue processing cash burn business existing We in is against to negative - on based volumes structure.

as down G&A exponentially a revenue, which continue growth by design, significant deliver to costs grow basis, company-wide revenue in we we continuing value the However, confident are of comparative two consolidated of will XX% creation. to was invest long-term total points we as XX% percentage from in are net a On percentage quarter. administrative

in For the XX% the continued down the costs incentives the XX% year, four percentage strong million XX% as XXXX. of an profit the company of across of in from costs primarily Total following points performance $XX to as grew administrative to administrative well due levels business. due higher growth from comparative the Vanguard was acquisition, total quarter, increase quarter staffing for

current a free the as inflationary generation, view to our rental continued flow assets and strong model an has rental provide cash asset environment. base hedge attractive of we in Our

In business core healthy market over returns see well continue very that revenues. we economic in we fleet used where rental prices sales. producing has and expected for shareholders. strong instances fleet assets We assets, far observe and year realizing performed driving is a selling the the used growth replacement summary, in for sale all cost to are And for by metrics, are continued are equipment past to recurring almost above

would dividend on As a we our annualized XXXX $X.XX of XX% The announced $X.XXX, The QX per increase declared XX, also dividend. April XXXX. shareholders paid expected March to basis. that, for be record is I to a an on back like result, the which or call share dividend With over Board a to to has to XXXX, of turn amounts the about questions. to XX, operator on

from question Lee Matthew first Canaccord. Our of Instructions] from line [Operator the

may begin. You

elevate when your again great more quarter? to has wanted What what decision stating Congrats that's to last - the after on the understand environment given to in the changed quarter. raise I dividend payout? it you confidence maybe the

we where flow that that dividend view outcome region, by is the is stability the on believe of based And the is of such that and in generated ability as the we that, asset shareholders business cash Yes, implement believe the dividend. the we performance that company, the hope we by justifies our we can And of the following demonstrate did the into stability position And cash have diversification increase we unit. begin the view to that that stability for continue continued of of dividend again, increasing really the paying QX. also And of our that our as which move being business the this we business. to Board is year, the our flow of company year. we is to type, by

it full on options allocation capital our where Of of against are. course, and panel compare priorities based we our

certain certain and on but into Australian see business. investment specifically also good It's refurbishing assets us our or strong really in adding bringing returns We areas MSS to WFS metrics business. continue business, in our cases, our of really

a certainly within tuck-ins there, strike shareholders looking inorganic really then reasonable growth business, our growth, cost and is But risk and debt as low. quite that would potentially of our augment type quite capital the debt. our return current Toby successful we is this then can our ABL so to for for of some and is reasonable growth reducing and mentioned, growth use at of And be first if our

looking EBITDA business. debt flows by cash on our by our ratios So we're increasing growing or core the to reduce

state. that So and we increase look of we that's to And about certainly as dividend, was how room the think decision it. through the that the equation,

of surprised fleet about around to the net strong great. maybe desire was the faster. maybe was there suspected add as kind being perspective CapEx demand, growth, little kept this Can a talk in fleet same given your from a the to year? That's terms it would why of CapEx have it net where you about you And I'm I is. that then maybe

capacity, we importance That's quite saw I to still still are gross look fleet that repositioning a cadence our we There's strong. a is you capital allocating where think CapEx. the and of gross the think capital, and the growing at purposefully business market, of bit is within last year. of there's informs been of pretty that you'll And workforce getting bid sale we've where for sale see a if excess you but fleet of our the that good CapEx, break in selling current assets we're down parts assets. net the

and to elsewhere. nonstandard being as reinvest acquisition, of that rationalizing often, And through so we our sort view get capital assets. that able Also you

cost to to we And and then sell will look long the the get to for view it makes is a and has been we we the to over assets. rationalize fleet customers that down replacement some have fulfillment been And And value, market, have and so the them who them unit certain getting we expect assets increasing. term. current be own of renting even new the way sense in

adding we the late mind X,XXX XXXX, roughly system Vanguard, there. also, in large I piece the acquired in for So was think through discipline has which a fairly Keep us been units.

and early last sure were asset. of that year, through acquisition we the absorbing And understood that making we so part

were on. very focused. a bit had debt And Also, we taken so we more

CapEx And year as we us so demand will, were you cautious, if And Vanguard on net quite CapEx. later acquisition with performing gross well, you the calculus. strong, extremely in then end saw our accelerating really and markets the

expect we once to to fleets, we continuing into where move some looking as our business. again, at year, we we're and also we around have to workforce markets our add But again. overcapacity growth show areas we're So in this will look

predict less us your of And a I cadence MSS so would in the sale, sale, business. you'll see probably

Raymond line from Frederic come Bastien question next James. from of Our

begin. You may

discipline work and outlook many hard many, around solid of a are all years. vision, performance this for So good the result and

to to a I by first start want So big your team. shadow giving

Now on to questions.

intensive. a So any? wondering lot inflationary if provide commentary about if not labor-intensive. some asset there's But could It's your of know seeing, on I is business that pressures talk inflation. if you're was I you really the

is through interesting it our to platform, how sure. and we're for it seeing respond. Yes, And best how with thinking

perhaps, a chain. to and Maybe, if about you we could team seeing perhaps supply in Toby, our get comment can off then couple of So can members Ted, you what kick our here. we're talk

business, seeing we a Yes. services, those services delivering input of Sure. costs in the although lot of our direct Generally, are carry we inflation costs don't throughout ourselves.

inflation with seeing on We are some - vendors. our

up, input we those we with assets. going and so on that costs matched of the increases are are our but And that seeing being the are price realizing rental sale

on continuing are rates - operations new but hurdle input fleet, of those increasing, the And on on our also above equipment. we but going cost costs we manufacturing the our to side seeing so with are on the realize the deploying costs up

benefit increases Ted, from specifically existing MSS our we're that fleet, perspective, you returns on price business. so elaborate from can Maybe, the the And business. across seeing what other far that of of a inflation the the seeing parts on the outweighs the we're in

and Yes. decreased. material Thanks, seeing increases, and XXXX cost for Toby. our although costs Yes, maintenance repair we're material shortages

we're that. and advance We've volume operational So doing group sourcing and some for to order our and agreements a in within trying excellence of focused also purchases. repair chain they're our maintenance We're further needs. managing supply negotiating on these group, formed strategic

we'll has continue program year well, that as on goes So to on. that the work working been and

even new also, in units, increasing mentioned, increases. are we've Toby our price we seeing been for - As And offset And some that. investments. for manufacturing rates rates our hurdle again, also to increased we've areas, we've new

or time to ourselves manufacturing book for just shortages. don't trying time we windows. still based if we not that can line time, out in with deal leaving commitment the on other line further trade need flexibility - line We're take to that the time again, are, line we're while it We advance

thing per to best really, might do doing the And the we higher rates the entire how we're main our like across since across our small system go trying we it. increases much to portion somewhere do. acquisitions fleet rate is I year, that. and But XX% organically think and Toby of grow between depending is our I total to a manage we're compensate for fleet. push So and the as said, And fleet X% think that

we're the - based side that. the inflation positive we're trend again, of I So think on on

also been pass Thanks really - those higher demand. ability color. - increased to Demand I prices and function has higher mean, I your is the that But for of guess on, costs strong. a

Just wondering roll any how you wondering to over? there's contracts there your at pass your index respect those least if there's ways And is inflation if to any into and quickly contracts that any lag or ability on prices? higher with

We because we platform. - the across protected contracts I guess so have we're many

you've even duration have work customer where we with out new turnover have that go this so rates. though at extended an to And still out a at place we assets going location, they whereas assets got - to they're that and go

gradual this comes be get let the we you asset contract customer increasing look in and utilization. the happy in would is term, for we go a to recently that rates. past, rental continuing have the use is so where just month-to-month And to What the done but

a we're building rate in categories doesn't advance most customer have assets As into the what would to now. of asset stipulate in rate And that to If increase pay days the we environment. that's us, of contract, sort right well, of we and our than have our back we different demand in response more want comes the contracts to maturity is. a where these at the that's

we'll go to market out work at so rate elsewhere. And

our you So got that in I But mean, fleet we've that's roughly buildings. as out, we ways one of responded. X,XXX the MSS point

where or bit feel exponential against if get business as an we do you outweighed our and you asset not of earlier, people in on and cost, profile although if an if you'll see being management a labor-intensive, rental inflationary so And the and inflation upside far rates by an on cost think continue those original of but not mentioned ROA does costs pressure, so fixed we're it's of accelerate. side, And big in component fixed that the we a period. business that's higher can higher

as well. of points, on couple a our other of Frederic, some longer-term Just contracts

work CPI have secondly, we're able of to rising of a when out And contract. sort as able assets built by are model, you to not inflation transport is, often that get there's impacted contracts we duration prices, know, into We our throughout installation the with to much. the And really then the sort we increases of component. labor we're material as a prices, to drive rapid cost-plus put where

at And that as seeing the business, finally, the MSS average I is Yes. through the well, the we're rate on that X% maybe fleet. then is think average you're getting Frederic, in that increases what

than because assets. seeing so of And upwards the quite is we a markets more strength XX% certainly, higher the averaging the certain turnover increases X% rate that, at seeing are of margin, have than an we're bit our and But do really average others.

past. As than Trevor rate those we have more on are increases we mentioned, frequently the pushing in

Awesome. answer, detailed that guys. Thanks very for

Next one become but on that assume occupation is obviously, lodging far, business this how would I has, but be meaningful, around thus whether diversification QX it Omicron has doing. efforts business curious allowed in have - just your less had any impact and

Ridley, Mike you don't add color? some Yes. why

as we at terms set It they many have, frankly, diligent be sort down Quite actually year, need monitor have into we're the very we case. of for They our it's had from how little team aside kick come it, and example, to where of this in doors do is impact. our we very in new camps, - we of isolated.

it. we're not seeing So really

great. coming think I out which is of it, we're

point, at much appropriate at go-forward dealing on certainly But of being issue, the ball operationally that just a how sort has our and not we're an end this on And few we here that it customers had cases the up don't our but in taking we're really our impact. of not with and sure off event manpower and see we eye it have a much the making basis, it with not that camps of to we an service there. as providing we're the

line come Brent Watson Cormark of And the Securities. from our next will question from

may You begin.

order there. times question the my chain can quantify you related lead the in months? was last Maybe if how of changed to four kind three, supply has guess I

Thanks, Yes. Brent.

to, regions, for adjust to for in contracts see we're got sales having healthy time pipeline, ensure our rental project but up supply to alluded new with we line turnkey to we've we methodology Ted handle committing buying the further access by not amount but As match coming ahead our a that what to certain where customer sales also in of full up, just the do transaction. a asset, is typical we

change a we also that certainly regional. seen for there's And have demand somewhat manufacturers way. increased. it's line space So Certainly strong for in countries, has all three the and demand

And order I six expanded. been so seeing, would the X.X ago, where month six on would average, off-line has from it have weeks. time years say we're turnaround a

have we some labor They've struggled with to manufacturer And U.S. wages They up. slightly it's capacity even so And over are think to flip or also intensive. in I Australia. their attract but labor can has done staffing have they to to side. our job, we're Canada increases to as most and that have whether do the mean, or have we've we to in - said, our get the at how struggled when more the with and I with just look business. manufacturers. flexibility have businesses that levels we struggled side risk, our looking of us, really supply a working got team available ensure ways the it long-term approach relationships at adjustments different does we change manufacturers, That in good core so that

drywall, challenges they've it's et years up cetera, paints, a whether in type Texas of And they And of the a components, the insulation, overhang got challenges so that of way. then to lumber, have everything and from from freeze ago. adhesives couple material all lot

- complicated. just it's very it's So

you continued to? marketplace, would utilization you add color WFS think from should I'll of MSS, demand if currently. Ted struggling reasonably which more strong perhaps capacity, we than impacts so pause additional it in and the rates. high add there. positive high Redmond Any means side, just industry see And is a the to

that very think Trevor. Well, I was comprehensive

like we've got Trevor So with great multiyear - said, suppliers. our relationships we've

space estimated daily, booking and in we're our - sure reserving a them their and CapEx on So weekly a with literally booking working we're on that making us based needs. headline time sales custom basis for

So closely just them. very we work with

team deadlines, quick lead customers, also if they've they sales their their our in. our well got and quicker to decisions their get we because times tell pushing orders building is us aware deals of helps want and the which give us Our close by customers

positive that's So as well.

I we're think situation to top on So the but we managing it. well, of quite stay have

think at one Great. see the Okay. Maybe That's of Or year? on expanding Do next count LodgeLink. level just of you fantastic much head point do the a kind this count? color. with you quick push the here you you're current a where can sales

opening just up us Patrick sophistication expectation around is had markets the to growth push objectives the access G&A for sales mentioned, the do headcount, Toby enhancements a the of and to - we have but bit And our give tech on trying and from in of As commercial increasing this Where struggle color we talent? that did and a not perspective, we to year. a give the for terms planned on why meet we the side for you capacity call of some the our don't technology side platform. last

Yes, the with, the here it the all planet. planet, in chart to Calgary opportunity side right Flip but documented for is competitive jobs the of take around from reality access in is to to where I will them some the retain highly on easy in in the market. demand talent, of work home, think, are for have to pandemic town around us that made love them an the is the to planet. has but technologists is We of well across work talent from

what out do We are and say we want technology We not certain segments I appealing the be we the the developers have working I protect experts vendors men ones that very our the seasoned whom call, our platform. best still partnerships and want very out the, community. do that space offering we needs team. carefully. Valley very business. have on the to We team our we to with in other we we round good based, have and And in an that where need of intermediate are would our bringing to And of with to And lastly, augment retain what in have. not coming some to of keep that's to Silicon in a partnerships, property to transactional just intellectual to development junior but support vendors couple good

can We requirements. have sure those meet development in our product place to as we make well

I would meet say see and this between headcount And we XX%. plan to increase of our for overall, XX% Brent, year, a

of what to growth year the in year year. deliver on exited the entered And course we we're headcount we 'XX. we this would already is of the over lot going terms of see a be then meaningful on probably this that year and later order into of require the if team next So as growth plan, in level

And our of next Trevor Acumen question from the Capital. line from Reynolds

You begin. may

capital you of utilization environment? Just more WFS curious like? is in kind to And required or if guys what looks getting investment the current where see that

other to the increasing we capacity happy disaster build with to. have Yes, markets and to to our the match into demand. end Well, like And as continue network mining speaking, recovery. team continues fortunately, up broadly

some you why maintenance there? up with repositioning that some So color don't market. more But them as it's time assets haven't for give match for we the Mike, capital worked

how on of sort good in of it continue our sort ourselves they're market happy on of add position good last this Australia, were and put our we over done strategy on. capital can get capital both though, and piece it Trevor just rate rentals where we've really space workforce we where super here, sector. on well Yes. a with and the in strategic oil with Toby capital we and a term there the or relying to not to further, few side In gas and and years good now - just touched really the

to of spread opportunity So our we and geographically really network wise. industry

we several noted, we we're we're as marketplace, the out to government, of Labrador spread housing. and up sold rented I where in social we've - and in over marketed format weren't U.S., now States. be Eastern Canada, some on and homeless in So large beds we're very think initiatives, our like X,XXX where the we starting construction, far ago focused primarily into mining. that We're years camps now United that see

gas there we gas play, plates, we're much are different than a oil oil some in company although contracts and and So were.

So I our us opportunity utilization improve. for more the but West. just for answer, opportunity still A see to there's long-winded in

utilization, capital on of demand. meet but lot investment not to Upside that prior a

just harvest flow, in you grow what's Got the there? guys fully it. terms fleet there? Are Australia, And of just looking cash or utilized you're plan to that then

Australia is really well. performing

Our done team job. a fantastic has

Australia. We less I it's we're believe cash are in investing there. than the flow generating

harvesting investing. to a answer of question, the strongest basis we return platform. The bit on or metrics where we that's our see little of some being are to ROA across close your And the both and an XXX%, So workforce talk in on ROI about side. the

the gas commodity of ore, the cetera. the as business remote the but and some also iron that's of see whether of some using housing disaster producers, we recovery, and it's infrastructure, inventories, drillers door the business education, end of et supporting markets, So side coal, certainly, side camp the

So nice then modular. a general there. healthy business, it's very quite do state and And our then solid providing the we to other classrooms of the schools school the districts, business part return, robust. education, in But utilization really

it all investment, we're returns, blended does do verticals. in warrant a really invest So And we're Australia, and and like that in have business, those are strength and that we of in we we seeing continuing three market. the based North America to as platform in on

And in Calgary the jobs guys take that just going be advantage going Are to guys remote to - there. with last the lot of one, of sector qualified with able a last for opportunity, investment that you LodgeLink it. year? that then Got fund you

various move you they've been mean, moving if the world, of for tended up better here, of of X.X more team in We part talent even OSS as kind members Covid work they parts to believe And imagine, remotely in physically renting bring them to picked Trevor. here. did we based working to partnering can to person, we haven't on Calgary is and you here. the work tech have physically know, years. And so, things, I through than as as

of comes start where So want the forging sort as restrictions anything don't to OSS add I side. the you workplace we us. of And like, path COVID Toby, I think get back of if OSS looks into for that's and new past the our frame what know on

Yes.

think talent I to continue to we bring Trevor into - our Calgary. ambition, is as tech mentioned,

in OSS, the as the a plans we're individuals lot worldwide other COVID for tech we're believe but place remotely the with hasn't the type and based working market. agreement, are been sorry, have discussed spirit talent. and contemplated. we we met making perhaps the that those not And of essentially we that to Trevor far, of our ability and on headway, So much continuing - work some of and by - to a factors put as original But headwinds work create in as originally quite pool Patrick and as the

from Frederic [Operator Raymond the Instructions] from line line Our the question next - James. from come of Bastien will

begin. may You

travel that represented You your gross of note bookings quarterly bookings. X%

Just booking travel not? qualifies as curious or what

we Yes. That's the acquired also managing customers in them travel agency to thanks X.X of moving that. accommodation all opportunity through, of other a the car to We requirements our addition ago, airline offer could so elements clarify full-cycle years for the full-service of the that rental, booking, - about travel.

solve that, to is as terms services core continue been And code Increasingly, et wrapping people to of Although accommodation. transaction moving we're in complicated for to what elements ability airlines, of lines cetera. large we've and of platform, the build provide break tech we we'll generally, airline midsized organized for of And And more customers will et move just become of in sites, out the more handle crew to out some even do who and management so example. cetera. travel. of have for them integrated, their their travel, we customers, our some we and platform from the for we the to charter when of them remote that, it and around mining groups the building the then

stop. Patrick, just revenue well. if more And one all the some and on it's color you the platform two maybe difference Toby as from streams could the between perspective, So give

at is crews. and accommodations move the of They to offering a in cabs X on for moment trucks, core thing. the convoy large Well, tend kind

the early, base. ground more the leave Trevor year offering Coming where is and are speaking in in $XX travel platform they're large, addressable the market on. movements are that So was late And or common This because just somewhat so accommodate substitutions billion our not to. unpredictable. the do crews a our spot mainstream sweet

on time, BXC we travel but The does us to believe they of needs complement two acquired be offering. as that helps blend as small agents focused an together have BXB. something totally we're well tend customers So time, over at when going on focused that. we pretty to understand the But as It we're today. powerful our which the we're we ask,

to anything on the revenue depreciation streams? Toby, add the of

think future, that forward, service. the provide. I ambition an currently. offering integral our that technology offering bit we we it of into sits a just part the But side as bit we move as the part little in LodgeLink is being integrate on a to manual of It of see a the

to the eliminations Okay. looking provide How of level? we XXXX? you But should a can the saw second any bit us half, some in compensation guidepost at think We Super. at for share-based due the change step EBITDA a corporate presumably about expenses.

Yes.

year of had year. for we each increase in the started a compared quarter we increase for But for provision year, on this and basis acquisition a G&A people profit besides of year-over-year XXXX. and the incentives as think part especially year costs increasing because a to big same I came that in to strong obviously, Frederic, we and that saw the standard our admin that second half with of costs that, the the full quarter the bonuses the Vanguard the increase, really

that, with costs saw And business. fairly XXXX. increase. significant full so at in We've level carried we the those costs we corporate those And a the carry for

majority So of to the there that's addition what in addition the of you're Vanguard. seeing

hope in we expectations growth was on So that our a well. fairly say I'd forward, - we as the this future basis. as for exceptional But move year to outperform

necessarily XXXX. the so model assumption looking same growth standard level of in over wouldn't a And forward, top the of for G&A I

amount, it. Got then story. well, it's you end good And Got recording a a news it. if up same

not in closing showing I'll the I'm speakers to remarks. call turn the queue. for And further over any the any questions

Thank today, care. us. thank with joining you, you operator. and we Take everyone, for you, us spending Thank for time some

This conference call. you concludes participating. Thank for today's

have may You now Everyone, disconnect. a day. great