Black Diamond Group Ltd
TSX:BDI
| US |
|
Fubotv Inc
NYSE:FUBO
|
Media
|
| US |
|
Bank of America Corp
NYSE:BAC
|
Banking
|
| US |
|
Palantir Technologies Inc
NYSE:PLTR
|
Technology
|
| US |
C
|
C3.ai Inc
NYSE:AI
|
Technology
|
| US |
|
Uber Technologies Inc
NYSE:UBER
|
Road & Rail
|
| CN |
|
NIO Inc
NYSE:NIO
|
Automobiles
|
| US |
|
Fluor Corp
NYSE:FLR
|
Construction
|
| US |
|
Jacobs Engineering Group Inc
NYSE:J
|
Professional Services
|
| US |
|
TopBuild Corp
NYSE:BLD
|
Consumer products
|
| US |
|
Abbott Laboratories
NYSE:ABT
|
Health Care
|
| US |
|
Chevron Corp
NYSE:CVX
|
Energy
|
| US |
|
Occidental Petroleum Corp
NYSE:OXY
|
Energy
|
| US |
|
Matrix Service Co
NASDAQ:MTRX
|
Construction
|
| US |
|
Automatic Data Processing Inc
NASDAQ:ADP
|
Technology
|
| US |
|
Qualcomm Inc
NASDAQ:QCOM
|
Semiconductors
|
| US |
|
Ambarella Inc
NASDAQ:AMBA
|
Semiconductors
|
If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Utilize notes to systematically review your investment decisions. By reflecting on past outcomes, you can discern effective strategies and identify those that underperformed. This continuous feedback loop enables you to adapt and refine your approach, optimizing for future success.
Each note serves as a learning point, offering insights into your decision-making processes. Over time, you'll accumulate a personalized database of knowledge, enhancing your ability to make informed decisions quickly and effectively.
With a comprehensive record of your investment history at your fingertips, you can compare current opportunities against past experiences. This not only bolsters your confidence but also ensures that each decision is grounded in a well-documented rationale.
Do you really want to delete this note?
This action cannot be undone.
| 52 Week Range |
7.52
10.15
|
| Price Target |
|
We'll email you a reminder when the closing price reaches CAD.
Choose the stock you wish to monitor with a price alert.
|
|
Fubotv Inc
NYSE:FUBO
|
US |
|
|
Bank of America Corp
NYSE:BAC
|
US |
|
|
Palantir Technologies Inc
NYSE:PLTR
|
US |
|
C
|
C3.ai Inc
NYSE:AI
|
US |
|
|
Uber Technologies Inc
NYSE:UBER
|
US |
|
|
NIO Inc
NYSE:NIO
|
CN |
|
|
Fluor Corp
NYSE:FLR
|
US |
|
|
Jacobs Engineering Group Inc
NYSE:J
|
US |
|
|
TopBuild Corp
NYSE:BLD
|
US |
|
|
Abbott Laboratories
NYSE:ABT
|
US |
|
|
Chevron Corp
NYSE:CVX
|
US |
|
|
Occidental Petroleum Corp
NYSE:OXY
|
US |
|
|
Matrix Service Co
NASDAQ:MTRX
|
US |
|
|
Automatic Data Processing Inc
NASDAQ:ADP
|
US |
|
|
Qualcomm Inc
NASDAQ:QCOM
|
US |
|
|
Ambarella Inc
NASDAQ:AMBA
|
US |
This alert will be permanently deleted.
Black Diamond Group Ltd
You don't have any saved screeners yet
Good day
and
thank
you
for
standing
by.
Welcome
to
the
Black
Diamond
Group
Fourth
Quarter
2021
Results
Conference
Call.
At
this
time
all
participants
are
on
a
listen-only
mode.
After
the speaker
presentation,
there
will
be
a
question-and-answer
session.
[Operator Instructions]
I
will
now
hand
the
conference
over
to your
speaker
today,
Jason
Zhang,
Investor
Relations
Please
go
ahead.
Thank
you.
Good
morning
and
thank
you
for
attending
Black
Diamond's
fourth
quarter
and
year-end
2021
results
conference
call.
With
us
on
the
call
today
is
our
CEO
Trevor
Haynes;
and
CFO
Toby
Labrie.
We're
also
joined
today
by
COO-Modular
Space
Solutions,
Ted
Redmond;
COO
of
Workforce
Solutions,
Mike
Ridley;
and
CIO,
Patrick
Melanson.
Our
comments
today
may
include
forward-looking
statements
regarding
Black
Diamond's
future
results.
We
caution
that
these
forward-looking
statements
are
subject
to
a
number
of
risks
and
uncertainties
that
may
cause
actual
results
to
differ
materially
from
expectations.
Management
may
also
make
reference
to
non-GAAP
financial
measures
and
ratios
in today's
call,
such
as
adjusted
EBITDA,
free
cash
flow
or
net
debt.
For
more
information
on
these
terms,
please
review
the
sections
of
Black
Diamond's
fourth
quarter
2021
Management's
Discussion
and
Analysis
entitled
forward-looking
statements,
risks
and
uncertainties,
and
non-GAAP
measures.
This
quarter's
MD&A,
news
release,
and
financial
statements
can
be
found
on
the
company's
website
at
www.blackdiamondgroup.com
as
well
as
on
the
SEDAR
website.
Dollar
amounts
discussed
in
today's
call
are
expressed
in
Canadian
dollars
unless
noted
otherwise
and
are
generally
rounded.
I
will
now
turn
the
call
over
to
Trevor
Haynes
to
review
the
quarter.
Thank
you,
Jason.
Good
morning
and
thank
you
for
joining
us
to
discuss
our
fourth
quarter
and
year-end
2021
results.
I
am
very
pleased
with
our
recent results.
In
my
view,
the
business
is
running
really
quite
well.
And
I'd
like
to
acknowledge
and
thank
our
team
members
across
North
America
and
Australia
for
their
hard
work
in
delivering
a
fantastic
year
as
we
continue
to
set
new
records
in
rental
revenue
growth
within
MSS,
drive
record
booking
volumes
in
LodgeLink
and
posting
one
of
the
strongest
years
recently
for
WFS
based
on
improving
utilization
and
sales.
We
generated
consolidated
revenue
of
CAD 340
million
for
the
2021
year
and
reported
adjusted
EBITDA
of
CAD
64
million.
These
were
improvements
of
89%
and
58%
from
the
prior
year,
respectively.
And
even
more
importantly,
we
did
this
as
we
have
done
in
previous
years
with
health
and
safety
top
of
mind,
reporting
a
top
decile
total
recordable
incident
frequency
rate
or
DRIF
of
0.56
for
the
year.
Within the
year
we
reinstated
our
quarterly
dividend
on
the
strength
of
continued
stability
of
the
business
and
the
free
cash
flow
it
is
generating.
We
are
pleased
to
announce
a
20%
increase
to
our
quarterly
dividend
to
CAD 0.015
or
an
annual
dividend
of
CAD
0.06
per
share.
Highlights
in
the
fourth
quarter
include
total
rental
revenue
of
CAD 27.3
million,
up
51%
year-over-year,
which
drove
a
consolidated
return
on
assets
of
17%
for
the
quarter.
In
MSS,
we
recorded
the
eighth
consecutive
quarterly
record
for
rental
revenue
in
this
business,
along
with
continued
utilization
improvement
in
our
WFS
division
and
another
record
for
booking
volumes
within
LodgeLink.
We
generated
free
cash
flow
of
over
CAD
15 million
in
the
quarter
and
exited
with
available
liquidity
of
over
CAD 113
million.
Now
to
go
into
some
more
detail
on
the
portfolio.
In
the
quarter,
MSS
rental
revenue
grew
to
CAD
16.1
million,
up
42%
from
the
comparative
quarter.
For
the
year,
MSS
rental
revenue
of CAD
60
million
was
up
53%
from
the
comparative
year
and
EBITDA
of CAD
46.8
million
was
up
59%
year-over-year.
Our
MSS
business
continues
to
see
healthy
demand
in
all
regions,
and
we
anticipate
continued
growth
in
our
recurring
rental
revenue
base
through
an
expanding
fleet,
increasing
uptake
in
value-added
products
and
services
or VAS
revenue,
and
continued
escalation
in
average
rental
rates
across
the
fleet,
which
for
the
most
recent
quarter
was
up
9%
year-over-year
on
a
constant
currency
basis
while
Q4
utilization
was
strong
at
85%.
Moving
to
our WFS
business
unit,
we
are
seeing
continued
progress
across
WFS
driven
by
our
efforts
in
the
past
several
years
to
diversify
this
business,
streamline
operations
while
also
continuing
to
monetize
underutilized
assets.
Average
utilization
in
WFS
has
improved
to
49%
from
28%
the
year
before.
We
are
seeing
particular
strength
in
Australia
but
have also
seen
continued
improvement
throughout
Canadian
and
US
markets.
WFS
rental
revenue
for
the
quarter
of CAD
11.2
million
improved
67%
year-over-year.
EBITDA
of
CAD
9.7
million
was
up
126%
from
the
prior
year
as
WFS
also
benefited
from
stronger
sales
in
non-rental
contribution
in
the
quarter.
For
the
year,
WFS
rental
revenue
of
CAD 38
million
was
up
44%,
which
helped
to
drive
a
57%
improvement
in
EBITDA to
CAD
34.6
million.
We've
talked
some
time
about
the
existing
operating
leverage
within
our
WFS
business.
We
note
that
the
57%
growth
in
EBITDA
this
year
has
been
off
the
back
of
minimal
capital
expenditures.
We
expect
to
continue
to
realize
the
operating
leverage
potential
within
this
business
both
through
profitable
sale
of
excess
capacity,
but
also
through
our
diversification
efforts
and
the
resulting
improved
utilization
across
our
regions.
We
are
constructive
on
our
WFS business
into
2022 owing
to
existing
contracted
rental
revenues
in
place,
driven
by
near
full
utilization
in
Australia,
strong
demand
in
mining
markets
across
Canada,
and
further
supported
by
gradually
improving
build
level
activity
among
some
of
our
more
energy-weighted
customers.
LodgeLink,
our
digital
marketplace
offering
that
is
bringing
innovation
to
the
crew
travel
industry,
continues
to
scale.
Despite
initial
expectations
for
a
slowdown
during
the
fourth
quarter
holiday
season,
LodgeLink
delivered
its
highest
ever-quarter
for
room
nights
sold.
There
were
over
70,300
rooms
sold
in
the
fourth
quarter,
up
96%
from
the
comparative
quarter
and up
16%
sequentially
from
a
previous
record
high
quarter
in
the
third
quarter.
Net
revenue
for
the
quarter
was
CAD
1.1
million,
up
120%
from
the
comparative
quarter.
At
the
end
of
the
fourth
quarter
LodgeLink
had
over
6,300
listed
properties,
servicing
615
distinct
corporate
customers
and
their
thousands
of
crew
members.
LodgeLink
has
been
off
to
a
strong
start
throughout
the
first
two
months
of
2022
and
we
expect
ongoing
sequential
growth
in
booking
volumes
as
we
look
to
continue
to
demonstrate
a
unique
value
proposition
by
leveraging
increasing
sophistication
of
our
tech
platform
to
this
very
large
addressable
market
of
approximately
$60
billion
per
year.
As
we
reflect
on
our
accomplishments
in
2021,
I'd
like
to
once
again
recognize
the
hard
work
and
dedication
of
our
team.
We
implemented
a
strategy
seven
years
ago
to
scale
and
diversify
our
specialty
rental
platforms,
and
we
are
seeing
a
notable
shift
in
terms
of
the
quality
and
stability
of
our
overall
cash
flows
and
revenue
streams
across
Black
Diamond.
We
believe
we
can
continue
to
build
upon
this
momentum
and
will
do
so
by
expanding
our
MSS
business,
improving
utilization
in
WFS
and
aggressively
growing
our
B2B
travel
tech
ecosystem
in
LodgeLink.
I
will
now
turn
the
call over
to
Toby
for
some
further
details
on
the
fourth
quarter
financial
and
year-end
2021
results.
Toby?
Thanks,
Trevor.
Total
adjusted
EBITDA
for
the
quarter
was CAD
17.5
million,
an
increase
of
58%
from
Q4
2020.
For
the
year
total
adjusted
EBITDA
of CAD
64
million
was
also
up
58%
from 2020.
Most
notably,
total
rental
revenue
for
the
quarter
and
year
ended
2021
was
CAD 27.3
million
and
CAD
97.9
million,
respectively.
This
represented
year-over-year
growth
of
51%
and
49%.
The
increase
in
our
core
recurring
rental
revenue
streams
resulted
in
an
ROA
for
the
fourth
quarter
of
2021
of
17%
and
an
ROA
for
the
full
year
of
2021
of
15%.
Our
balance
sheet
remained
strong
following
the
recent
extension
of
our
asset-based
credit
facility,
which
is
now
committed
out
to
the
fall
of
2026.
At
the
end
of
the
quarter,
net
debt
of
CAD 151
million
was
down
from
CAD 172
million
at
the
end
of
Q4
2020,
and
current
available
liquidity
sits
at
CAD 113
million.
Our
net
debt
to EBITDA
ratio
at
December 31, 2021
of
2.4
times
is
within
our
stated
long-term
range
of
2
to
3
times.
Equally
as
important,
our
average
cost
of
debt
in
2021
was
2.1%.
And
finally,
roughly
one-third
of
our
outstanding
long-term
debt
is
hedged
at
recent
record
low
rates.
Overall,
the
strength
of
our
balance
sheet
gives
us
access
to
plenty
of
flexible
and
relatively
inexpensive
debt
to
continue
to
grow
the
business
and
leverage
returns.
On
a
gross
basis,
we
invested
approximately
CAD
38
million
of
capital
in
the
business
in
2021.
On
a
net
basis,
after
accounting
for
US
fleet
sales,
net
CapEx
was
approximately
CAD
50
million
for
the
year,
as
used
sales
throughout
the
year
were
higher
than
expected
and
above
our
historical
range.
We
expect
a
fairly
similar
cadence
of
gross
capital
investment
in
2022
compared
to
2021,
but
currently
expect
a
more
normalized
level
of
used
fleet
sales
of
approximately
CAD 10
million
to
CAD 15
million. Within
our
portfolio,
MSS
reported
fourth
quarter
adjusted
EBITDA
of
CAD
13.3
million,
up
33%
from
the
same
quarter
last
year,
and
total
revenue
of CAD
51
million,
which
was
up
62%
from
the
comparative
quarter.
This
is
attributable
to
continued
growth
in
rental
revenue,
as
well
as
a
stronger
than
average
contribution
from
sales
revenue
in
the
quarter.
Adjusted
MSS
EBITDA
margins
in
the
quarter
of
26%
were
lower
than
the
comparative
quarter
of
32%
due
to
this
relatively
higher
proportion
of
consolidated
revenue
being
driven
by
sales
and
non-rental
revenue,
which
are
lower
margin
than
rental
revenue.
We
believe
that
the
full
year
2021
results
in
MSS
are
a
good
proxy
for
estimating
a
more
long-term
average
around
sales
and
non-rental
revenue
as
a
proportion
of
total
revenue
based
on
the
makeup
of
our
current
platform.
For
the
year,
MSS
total
revenue
of
CAD 174
million
was
up
85%
year-over-year,
and
adjusted
EBITDA
of
CAD 46.8
million
grew
59%
from
2020.
In
WFS,
Q4 2021
adjusted
EBITDA
was
CAD
9.7
million,
up
126%
from
the
same
quarter
last
year.
WFS
revenue
of CAD
45.1
million
was
up
81%
from
the
comparative
quarter.
This
is
attributable
to
increased
non-rental
revenues
from
several
projects
across
North
America
and
Australia
during
the
quarter,
as
well
as
increases
in
rental
and
used
fleet
sales
revenue
as
activity
levels
continue
to
improve
in
North
America
and
remain
resilient
in
Australia.
For
the
year,
WFS
revenue
of
CAD 166
million
was
up
93%
year-over-year
and
EBITDA
of CAD
34.6
million
was
up
57%
from
2020
levels.
We
continue
to
pursue
our
strategy
of
unlocking
the
operating
leverage
within
WFS
by
selling
underutilized
fleet,
diversifying
revenue
by
end
market
and
geography
and
increasing
utilization.
LodgeLink
is
continuing
to
scale
and
we
are
confident
in
the
significant
value
creation
of
this
unique
platform
as
we
continue
to
penetrate
a
very
large
North
American
market
of
over
$60
billion
with
a
differentiated
digital
solution.
We
continue
to
see
a
negative
cash
burn
from
this
business
based
on
– but
LodgeLink
is
profitable in
processing
current
volumes
against
the
existing
cost
structure.
However,
by
design,
we
are
continuing
to
invest
in
growth
G&A
as
we
exponentially
grow
net
revenue,
which
we
are
confident
will
continue
to
deliver
significant
long-term
value
creation.
On
a
consolidated
companywide
basis,
total
administrative
costs
as
a
percentage
of
revenue
of
14%
was
down
2
percentage
points
from
16%
in
the
comparative
quarter.
For
the
year,
total
administrative
costs
of
14%
was
down
4
percentage
points
from
18%
in
2020.
Total
administrative
costs
for
the
quarter
of
CAD
13
million
grew
43%
from
the
comparative
quarter,
primarily
due
to
an
increase
in
staffing
levels
following
the
Vanguard
acquisition,
continued
growth
across
the
company,
as
well
as
higher
profit
incentives
due
to
strong
performance
of
the
business.
Our
asset
rental
model
has
continued
to
provide
a
strong
base
of
free
cash
flow
generation
and
we
view
our
rental
assets
as
an
attractive
hedge
in
the
current
inflationary
environment.
We
continue
to
see
a
healthy
market
for
used
fleet
equipment
sales,
and
in
instances
where
we
are
selling
used
fleet
assets,
we
are
realizing
sale
prices
that
are
above
replacement
costs
for
producing
assets
and
are
driving
strong
economic
returns
for
shareholders.
In
summary,
by
almost
all
metrics,
the
business
has
performed
very
well
over
the
past
year
and
is
expected
to
observe
continued
growth
in
core
recurring
rental
revenues.
As
a
result,
we
also
announced
a
20%
increase
to
our
dividend.
The
board
has
declared
a
Q1
2022
dividend
of
CAD
0.015,
which
amounts
to
CAD 0.06
per
share
on
an
annualized
basis.
The
dividend
is
expected
to
be
paid
on
or
about
April
15, 2022
to
shareholders
of
record
on
March
31, 2022.
With
that,
I
would
like
to
turn
the
call
back
over
to
the
operator
for
questions.
[Operator Instructions]
Our
first
question
comes from
the
line
of
Matthew
Lee
from
Canaccord. You may begin.
Hey.
Thanks
for
taking
my
question.
Congrats
on
a
great
quarter.
I
want
to
maybe
understand
what
[ph]
went
through
the (00:17:29) decision
to
raise
your
dividend
again
after
understating
it
last
quarter.
What
has
changed
in
the
environment
that's given
you
more
confidence
to
elevate
the
payout?
Thanks,
Matt.
Yeah,
the
dividend
is
really
the
outcome
of
our
view
of
the
stability
of
the
business
and
we
believe
that
the
company
as
we
continue
to
demonstrate
the
stability
of
our
cash
flows
based
on
the
diversification
of
where
that
cash
flow
is
being
generated
by
region,
by
asset
type,
by
business
unit.
And
we
believe
that
that
stability
is
such
that
we
can
begin
paying
our
shareholders
again,
which
we
did
implement
in
Q4.
And
our
view
and
that
of
the
board
is
that
the
continued
performance
of
the
business
justifies
increasing
the
dividend
for
this
year.
And
we
hope
to
position
the
company
that
as
we
move
into
the
following
year,
we
also
have
the
ability
to
increase
the
dividend.
Of
course,
we
compare
it
against
our
full
panel
of
capital
allocation
options
and
based
on
where
our
priorities
are.
We
continue
to
see
really
good
metrics
on
investment
in
areas
of
our
business,
specifically
MSS.
But
also
our
Australian
business,
it's
bringing
us
really
strong
returns
and
in
certain
cases
refurbishing
or
adding
certain
assets
into
our
WFS
business.
And
so
the
growth,
certainly
growth
within
our
risk
strike
zone
is
our
first
use
of
capital.
And
then
looking
at
potentially
inorganic
growth
for
some
tuck-ins,
if
we
can
be
successful
there,
would
augment
that
growth
and
then
a
reasonable
return
to
our
shareholders
and
reducing
debt.
But
as
we
mentioned,
our
current
ABL
is
quite
reasonable
for
this
type
of
business
and
our
cost
of
debt
is
really
quite
low.
So
we're
looking
to
reduce
our
ratios
on
debt
by
increasing
our
cash
flows
or
EBITDA
by
growing
the
core
business.
So
that's
how
we
think
about
it.
And
as
we
look
through
that
equation,
certainly
room
to
increase
the
dividend
and
that
was
the
decision
of
the
state.
That's
great.
And
then
maybe
in
terms
of
fleet
growth,
I'm
a
little
surprised
about
net
CapEx
being
where
it
is.
I
would
have suspected
that
given
the
strong
demand
maybe
there
was
a
desire
from
your
perspective
to
add
to
the
fleet
faster.
Can
you
maybe
talk
about
why
you
kind
of
cap
net
CapEx
around
the
same
as
it
was
this
year?
I
think
the
importance
is
to
look
at
gross
CapEx.
That's
where
we
are
purposefully
allocating
capital
and
growing
the
business
and
the
cadence
of
gross
capital,
we
think,
is
still
quite
strong.
There's
still
a
bit
of
a
repositioning
within
our
fleet
that
you
saw
last
year.
And
if
you
break
down
the
sale
of
assets
that
informs
net
CapEx,
you'll
see
that
we've
been
selling
parts
of
our
workforce
fleet
where
there's
excess
capacity.
But
in
the
current
market,
we're
getting
a pretty
good
bid
[ph]
for
sale (00:21:08)
of
assets.
And
so
we
view
that
as
sort of
rationalizing
our
capital
and
being
able to
reinvest
that
elsewhere.
Also
through
acquisition,
often
you
get
non-standard
assets
and
so
we
look
to
rationalize
the
fleet
and
to
sell
down
some
assets.
And
then
we
have
certain
customers
who
will
be
renting
assets
and
it
makes
sense
for
them
to
own
them
over
the
long
term.
And
the
way
we
view
that
is
in
the
current
market
we
expect
to
get
and
have
been
getting
replacement
value,
even
though
the
cost
of
a
new
unit
has
been
increasing.
So
I
think
the
discipline
through
the
system
has
been
there.
Keep
in
mind
also
we
acquired
Vanguard,
which
was
a
fairly
large
piece
for
us
in
late
2020,
adding
roughly
2,000
units.
And
so
through
the
early
part
of
last
year
we
were
absorbing
that
acquisition
and
making
sure
we
understood
that
asset.
And
so
we
were
very
focused.
Also
we
had
taken
a
bit
more
debt
on
and
so
we
were
quite
cautious,
if
you
will,
on
the
net
CapEx
calculus.
And
then
as
you
saw
later
in
the
year
with
the
Vanguard
acquisition
performing
extremely
well, end
markets
and
demand
really
strong,
[ph]
that's
accelerating (00:22:34)
our
gross
CapEx.
So
as
we
move
into
this
year,
again,
we're
looking
to
add
to
our
fleets
and
we
expect
we
will
show
growth
once
again.
But
we're
also
continuing
to
look
at
some
areas
where
we
have
overcapacity
in
markets
around
our
Workforce
business.
And
so
you'll
see
a
cadence
of
[ph]
used
sale.
Probably
less
used
sale (00:22:57),
I
would
predict,
in
the
MSS
business.
All
right.
That's
very
helpful.
Thanks
again.
Our
next
question
comes
from line
of
Frederic
Bastien
from
Raymond
James.
You
may
begin.
Hi.
Good
morning,
everybody.
Good
morning,
Frederic.
[ph]
Hi. (00:23:21)
So
just
all
around
solid
performance
and
outlook
are
the
result
of
the
good
vision,
discipline
and
hard
work
for
many,
many
years.
So
I
want
to first
start
by
giving
a
big
shout
out
to
your
team.
Now
on
to
questions,
so
there's
a
lot
of
talk
about
inflation.
I
know
your
business
is
not
labor
intensive.
It's
really
asset
intensive.
But
I
was
wondering
if
you
could
provide
some
commentary
on
the
inflationary
pressures
that
you're
seeing
if
any.
Yeah,
for
sure.
And
it
is
interesting
how
we're
seeing
it
and
thinking
through
with
our
platform
out
of
how
to
best
respond.
So
perhaps
we
can
get
a
couple
of
our
team
members
to
comment
here.
Maybe
Toby,
you
could
kick
off,
and
then
perhaps
Ted
you
can
talk
about what
we're
seeing
in
our
supply
chain.
Sure.
Yeah.
Generally,
we
are
seeing
inflation
in
our
input
costs
throughout
the
business,
direct
costs
of
delivering
services,
although
we
don't
carry
a
lot
of
those
services
ourselves. We
are
seeing
some
inflation
with
our
vendors.
And
so
those
input
costs
are
going
up,
but
we
are
seeing
that
being
matched
with
the
price
increases
that
we
are
realizing
on
the
rental
and
sale
of our
assets.
And
so
with
those
input
costs
going
up
on
the
operation
side,
but
also
on
the
cost
of
our
fleet,
we
are
seeing
the
manufacturing
costs
increasing,
but
we
are
continuing
to
realize
above
our
hurdle
rates
on
deploying
new
equipment.
And
so
the
benefit
of
the
price
increases
on
our
existing
fleet
far
outweighs
from
a
returns
perspective
the
inflation
that
we're
seeing
across
the
other
parts
of the
business.
Maybe,
Ted,
you
can
elaborate
on
that
from
what
we're
seeing
specifically
in
the
MSS
business?
Yeah.
Thanks,
Toby.
Yes,
we
are.
We're
seeing
material
shortages
and
material
cost
increases
although
our
repair
and
maintenance
cost
for
2021
decreased.
So
we're
managing
that.
We're
trying
to
order
further
in
advance
for
our
repair
and
maintenance
needs. We've
also
formed
a
supply
chain
group
within
our
Operational
Excellence
Group,
and
they're
focused
on
negotiating
strategic
sourcing
agreements
and
doing
some
of
these
volume
purchases.
So
that
program's
been
working
well
and
we'll
continue
to
work
on
that
as
the
year
goes
on.
As
Toby
also
mentioned,
for
new
manufacturing
units
we
are
seeing
price
increases
and
again
we've
been
increasing
our
rates
to
offset
that
and
we've
also
in
some
areas
even
increased
our
hurdle
rates
for
new
investments.
Again,
to
deal
with
manufacturing
shortages
we're
just
– we're
trying
to
book
line
time
out
further
in
advance
while
still
leaving
ourselves
the
flexibility
that
if
we
don't
need
that
line
time,
we
can
trade
it
for
other
line
time
or
not
take
the
line
time
based
on
a
commitment
window.
So
I
think
we're
doing
our
best
to
manage
it.
And
really,
I
think
the
main
thing
we're
trying
to
do
is
push
higher
rates
across
the
system
to
compensate
for
that.
And
as
Toby
said,
since
we
might
grow
the
fleet
somewhere
between
5%
and
10%
per
year,
depending
like
organically
and
how
much
acquisitions
we
do.
But
that's
a
small
portion
of
our
total
fleet
and
the
rate
increases
go
across
our
entire
fleet.
So,
again,
I
think
we're
on
the
positive
side
of
the
inflation
trend
based
on
that.
Thanks,
Ted.
Thanks
for
that
call.
But
I
guess your
ability
to
pass
on,
I
mean
higher
– those
higher
costs
and
increased
prices
is
really
a
function
of
also
demand,
demand's
been
strong.
Just
wondering
if
there's
any
inflation
that
you
index
into
your
contracts
and
how
quickly
do
those
contracts
roll
over?
And,
wondering
if
there's
any
ways
or
at
least,
is
there
any
lag
with
respect
to
your
ability
to
pass
on
higher
prices?
Yeah.
I
guess
we're
protected
because
we
have
so
many
contracts
across
the
platform.
And
so
you've
got
this
– even
though
we
were
to
place
assets
where
they're
going to
have
an
extended
duration
with
that
customer
at
that
location,
we
still have
a
turnover
where as
assets
go
out,
they
go
out
and
do
rates.
And
so
you
get
this
gradual
increasing
in
rental
rates.
What
we
have
done
recently
is
look
where
a
contract
comes
to
term,
but
the
customer is
continuing
to
use
the
asset.
In
the
past,
we
would
just
let
that
go
month
to
month
and
be
happy
for
the
utilization
as
we're
building
into
our
contracts
these
days
at
maturity
of
that
contract.
That's
where
we
would
stipulate
in
advance
what
the
increase
in
rate
is.
And
that's
a
response
to
a
different
environment.
If
the
customer
doesn't
want
to pay
the
rate
and
it
actually
comes
back
to
us,
well,
we
have
more
demand
than
we
have
assets
in
most
of
our
categories
right
now.
And
so
they'll
go
out
to
work
at
market
rates
elsewhere.
So,
that's
one
of
the
ways
that
we've
responded.
But
as
you
point
out,
I
mean,
we've
got
in
our
MSS
fleet roughly
9,000
buildings.
And
so
if
you
think
of
those
costs
being
fixed
and
if
we
can
get
higher
and
higher
rental
rates
against
that
original
fixed
cost,
that's
where
you'll
see
a
bit
of
an
exponential
profile
in
ROA
if
inflation
does
continue
or
accelerate.
And
as
you
mentioned
earlier,
we're
not
labor-intensive,
although
on
the
people
side
we
do
feel
cost
pressure,
but
it's
not
a
big
component
of
our
business.
And
so
far
outweighed
by
the
upside
on
an
asset
management
business
in
an
inflationary
period.
And
go
ahead, Mike.
Just
a
couple of
other
points,
Frederic,
on
some
of
our
longer-term
contracts
as
well.
We
have
CPI
built
in
to
the
contracts
that
we
are
able
to
get
increases
throughout
the
duration
of
the
contract.
And
then
secondly,
when
we
put
our
assets
out
to
work
is,
as
you
know,
there's
often
a
transport
installation
component.
And
with
rapid
rising
material
prices,
labor
prices,
we're
able
to
sort
of
drive
to
sort
of
a
cost-plus
model
where
we're
not
really
impacted
by
inflation
as
much.
Yeah.
And
maybe
finally,
I
think
what
you're
getting
at
as
well,
Frederic,
is
that
the
9%
rate
increases
that
we're
seeing
on
average
in
the
MSS
business
that
is
the
average
through
the
fleet.
And
so,
at
the
margin
we're
seeing
rate
increases
quite
a
bit
higher
than
that,
probably
averaging upwards
of
20%.
And
certain
markets
are
seeing
more
strength
than
others,
but
certainly
the
9%
is
an
average
because
we
do
have
the
turnover
of
our
assets.
As
Trevor
mentioned,
we
are
pushing
rate
increases
on
those
more
frequently
than
we
have
in
the
past.
Awesome.
Thanks
for
that
very
detailed
answer,
guys.
Next
one
would
be
around
whether
Omicron
has
had
any
impact
on
lodging
occupation
in
Q1
thus
far? I
assume
it
has,
but
– and
obviously your
diversification
efforts
have
allowed
this
business to
become
less
meaningful,
but
just
curious
how
that
business
is
doing?
Thank
you.
Yeah,
Mike
Ridley,
why
don't
you
add
some color?
Yeah.
It
actually
from,
sort
of
as
we
kick
into
this
new
year,
it's
had
very
little
impact,
quite
frankly.
Our
team
is
very
diligent
in
terms
of
how
we
monitor
it.
And
we
have,
for
example,
at
many
of
our
camps,
we
have
set
aside
dorms
where
if
they
do
come
down
with
a
case
they
need
to
be
isolated.
So
we're
not
really
seeing
it.
I
think
we're
coming
out
of
it,
which
is
great
and
sort
of
on
a
go-forward
basis,
we
just
don't
see
it
being
as
much
of
an
issue,
but
we're
certainly
not
taking
our
eye
off
the
ball
operationally
on
how
we're
dealing
with
it
and
the
service
that
we're
providing
to
our
customers
and
making
sure
we
have
the
appropriate
manpower
at
our
camps
in
the
event
that
we
end
up
with
a
few
cases
here
and
there.
But
at
this
point,
it
has
not
really
had
that
much
of
an
impact.
Thanks,
Mike.
I
have
other
questions
about, but I'll
pass
it
on.
I
will
get
back
in queue.
Thanks.
Thanks,
Frederic.
And
our
next
question comes
from
the
line
of
Brent
Watson
from
Cormark
Securities.
You
may
begin.
Hi,
guys.
I
guess
my
question
was
related
to
the
supply
chain
there.
Maybe,
if
you
can
kind
of
quantify
how
order
lead
times
has
changed
in
the last
three,
four
months?
Yeah.
Thanks,
Brent.
As
Ted
alluded
to,
we're
having
to
adjust
our
typical
methodology
by
committing
farther
ahead
for
line
time
to
ensure
that
we've
got
access
to
supply
to
match
up
with
what
we
see
in
our
sales
pipeline,
not
just
for
rental
contracts
coming
up,
but
also
we
do
it
in
certain
regions,
a
healthy
amount
of
new
project
sales
where
the
customer
is
buying
the
asset,
but
we
handle
the
full
turnkey
transaction.
So,
there's
certainly
a
change
that
way.
And
it's
also
somewhat
regional.
Certainly
in
all
three
countries,
we
have
seen
strong
demand
and
the
demand
for
line
space
from
manufacturers
has
increased.
And
so
the
offline
from
order
time
has
expanded.
I
would
say
we're
seeing
on
average
a
six-month
turnaround,
where
a
year
and
a
half
ago
would have
been
six
weeks.
And
so
it
does
change
how
we
approach
the
supply
side
of
the
business.
That
said,
I
think
our
team
has
done
a
really good
job
and
we've
got
long-term
relationships
with
our
core
manufacturers.
And
so
we're
working
to
ensure
that
we
do
have
capacity
available
to
us,
slightly
different
adjustment
in
risk,
but
also
looking
at
ways
that
we
can
have
some
flexibility
with
our
manufacturers.
And
just
to
flip
over
to
the
manufacturing
side,
I
mean, they
have
struggled
as
most
businesses
have
that
are
more
labor
intensive.
They
have
struggled
to
get
their
staffing
levels
up.
They've
struggled
with
increases
in
wages
to
attract
when
we
look
at
whether
it's
the
US
or
Canada
or
even
Australia.
And
so
they've
got
challenges
that
way.
And
then
they
have
challenges
in
all
type
of
material
components,
whether
it's
–
everything
from
lumber,
insulation,
drywall
to
a
lot
of
the
adhesives
and
paints,
etcetera,
overhang
from
the
Texas
freeze
up
a
couple
of
years
ago.
So
it's
just –
it's
very
complicated.
And
so
if
you
think
of
it
from
a
positive
side,
high
demand
in
the
marketplace,
the
industry is
struggling
to
add
capacity,
which
means
we
should
see
continued
high
utilization
and
reasonably
strong
rates.
I'll
just
pause
there.
Ted
Redmond,
it impacts
MSS
perhaps
more
than
WFS
currently,
any
additional
color
you
would
add
to
that?
Well,
I
think
that
was
very
comprehensive,
Trevor.
So
we've –
like
Trevor
said
we've
got
great
multi-year
relationships
with
our
suppliers,
so
we're
literally
working
with
them
on
a
daily,
weekly
basis
and
making
sure
that
we're
booking
ahead line
time
and
they're
reserving
space
for
us
based
on
our
estimated
CapEx
and
custom
sales
needs.
So
we
just
work
very
closely
with
them.
Our
sales
team
is
also
well
aware
of
the
lead
times
and
pushing
our
customers,
which
helps
us
close
deals
quicker
because
we
tell
our
customers
if
they
want
their
building
by
their
deadlines,
they've
got
to
give
us
quick
decisions
and
get
their
orders
in.
So
that's
a
positive
as
well.
So
I
think
we're
managing
the
situation
quite
well,
but
we
have
to
stay
on
top
of
it.
Okay.
Great.
That's
fantastic
color.
Maybe
just
a
quick
one
here
on
LodgeLink.
Do
you
see
the
head
count
expanding
much
this
year
or
do
you
think
you're
at
a
point
where
you
can
push
kind
of
the
next
level
of
sales
with
the
current
count?
As
Toby
mentioned,
from
a
growth
G&A
perspective,
we
did
have
a
push
on
the
commercial
side
last
fall
to
give
us the
capacity
for
the
sales
and the
opening
up
of
markets
that
we
had
planned
for
this
year.
Where
we
do
struggle
a
bit
is
on
the
technology
side
and
trying
to
meet
our
objectives
in
terms
of
enhancement
of
the
sophistication
of
the
tech
platform.
And,
Patrick,
why
don't
you
give
us some
color
around
our
expectation
for
not just
increasing
head
count,
but
the
access
to
talent.
Thank
you,
Trevor.
Yes,
the
access
to
talent, I
think,
is
well-documented
where
[ph]
technologists (00:38:26)
are
in
demand
right
across
the
planet.
We'd
love
to
have them
in
Calgary
here
in
town to
work
with.
But
the
reality
is
some
of
them
will
work
from
home,
the
pandemic
has
made
that
easy
for
all
of
them
to
take
on
jobs
around
the
planet.
Flip
side,
this
is
an
opportunity
for
us
to
retain
talent
from
around
the
planet.
But
it
is
highly
competitive
in
the
market.
We
are
not
Silicon
Valley-based,
but
we
still
have
an
offering
that's
very
appealing
to
certain
segments
of
the
development
community.
And
we
do
our
best
to
retain
the
ones
that
we
do
have.
We
have
a
good
complement
of
what I consider to
be
very
seasoned
experts
in
our
technology
team.
We
keep
working
at
bringing
in
the what
I
call
intermediate
and
junior
developers
into
our
team
to
round
out
support
and
other
needs
in the
business.
And
lastly,
I
would
say
that
with
some
partnerships
with
vendors
to
augment
what
we
need
in
the
space
where we
want to
have
good
partnerships,
not
just
transactional
vendors that
are
coming
off
our
platform,
we
want to
protect
our
intellectual
property
very
carefully. We
have
those
in
place
as
well
to
ensure
we
can
meet
our
product
development
requirements.
And
I
would say
overall,
Brent,
to
meet
our
plan
for
this
year
we
issued
a
head
count
increase
of
between
20%
and
30%.
So,
a
lot
of
what
we
require
is
already
on
team
as
we
exited
the
year
and
entered
this
year
in
order
to
deliver
that
meaningful
growth
over
the
course
of
the
year.
And
then
we
probably
see
if
we're
on
plan
the
next
level
of
growth
in
terms
of
head
count
would
be
later
this
year
going
into
2023.
Okay.
That's
great.
I'll
turn
it
back.
Thanks.
Thanks,
Brent.
And
our
next
question comes
from
the line
of
Trevor
Reynolds
from
Acumen
Capital.
You
may
begin.
Good
morning,
guys.
Good
morning,
Trevor.
Just
curious
where
you
guys
see
WFS
utilization
getting
to
in
the
current
environment
and
if
more
capital
investment
is
required
or
what
that
kind
of
looks
like?
Yeah,
happy
to.
Well,
fortunately,
broadly
speaking
we
continue
to
have
capacity
to
match
up
with
increasing
demand
and
as
the
team
continues
to
build
our
network
into
other
end
markets
like
mining
and
disaster
recovery.
So,
it's
more
repositioning
some
maintenance
capital
for
assets
that
haven't
worked
for
some
time
as
we
match
them
up
with
the market.
But
Mike,
why don't
you
give
color
there?
Yeah.
Just
further,
just
sort
of
the
capital
side
of it.
In
Australia,
we
continue
that
capital
to
our
[ph]
silver
space (00:41:19)
rentals
piece
over
there. And
strategic
capital
on
our
workforce
where
we
can
get
good
term
and
good
rate.
In
this
market
here,
though,
Trevor
and
Toby
both
touched
on
our
strategy
and
really
super
happy
with
how
well
we've
done
with
it
the
last
few
years
and
put
ourselves
in
a
good
position
where
we
really, we're
not reliant
right
now
on
the
oil
and
gas
sector.
So
we
really
spread
our
network
of
opportunity
geographically
and
industry-wise.
So
we're
in
the
US
now.
We're
starting to
see
some
of
our
large-format
camps
be
marketed
and
sold
and
rented
into
the
United
States.
Eastern
Canada,
as
I
think
we
noted,
we're
up over
2,000
beds
now
in
that
marketplace
focused
primarily
on
mining.
We're
out
in
Labrador
where
we've
spread
very
far.
We
weren't
like
that
several
years
ago
and
construction,
government,
homeless
initiatives,
social
housing.
So
although
there
are
some
oil
and
gas
contracts
still
in play,
we're
a
much
different
company
than
we
were,
so
I
still
see
opportunity
for
our
utilization
to
improve. It's
a
longwinded
answer,
but
there's
just
more
opportunity
for
us
in
the
West.
Upside
on
utilization
but
not
a
lot
of
capital
investment...
Correct.
...to
meet
that
demand.
Got
it.
And
then
just
in
terms
of
Australia,
you're
fully
utilized
there.
Are
you
guys
looking
to
grow
that
fleet
or
just
harvest the
cash
flow?
What's kind of
the
plan
there?
Australia
is
performing
really
well.
Our
team
has
done
a
fantastic
job.
We
are
investing
in
Australia.
I
believe
it's
less
than
the
cash
flow
we're
generating
there.
So
a
little
bit
of
both
in
our
answer
to
your
question.
Harvesting
and
investing.
The
return
metrics
on
an
ROI
or
ROA
basis
are
some
of
the
strongest
we
see
across
the
platform
and
where
we
talk
about
being
close
to
100%,
that's
on
the
workforce
side.
So
that's
the
camp
and
housing
side
of
the
business
as
we
see
some
of
the
commodity
end
markets,
whether
it's
iron
ore,
coal,
certainly
the
gas
side
of
the
business
supporting
some
of
the
drillers
and
producers,
but
also
remote
infrastructure,
disaster
recovery,
education,
using
dormitories,
etcetera.
So
it's
quite
robust.
But
then
the
other
part
of
the
business,
we
do
a
very
healthy
business
in
education,
providing
classrooms
and
schools
to
the
state,
to
school
districts.
Really
nice
return,
solid
utilization
there.
And
then
our
general
modular.
So
we
do
have
a
blended
platform
in
Australia
and
we're
seeing
strength
as
we
are
in
North
America
in
all
three
of
those
verticals.
And
based
on
the
returns,
it
does
warrant
investment
and
we're
continuing
to
invest
in
that
business
and
we
really
like
that
market.
Got
it.
And
then
last
one,
just
in
the
LodgeLink
sector
with
a
lot
of the
jobs
going
remote
there.
Are
you
guys
going to
be
able
to
take
advantage
of
that
opportunity,
Calgary
Investment
Fund,
that
you
guys
qualified
for
last
year?
We
believe
so,
Trevor.
COVID
kind
of
threw
a
wrench
in
things. OCIF
is
based
on
partnering
to
bring
tech
talent
to
Calgary
physically
and
to
physically
work
here.
And
as
you
can
imagine
as
we
have
picked
up
team
members
in
various
parts
of
the
world
that
they
tended
to
work
remotely
more
than
moving
them
here.
And even
if
they
did
move
here,
I
mean
we
haven't
been
working
in
person
as
you
know
for
the
better
part
of
a
year
and a
half.
So
as
we
get
past
the
restrictions
of
COVID
and
start sort
of
forging
the
new
path
of
what
our
workplace
looks
like,
I
think
that's
where
OCIF
comes
back
into
frame
for
us.
And
Toby,
I
don't know
if
you
want
to add
anything
on
the
OCIF
side.
Yeah,
I
think
our
ambition,
as
Trevor
mentioned,
is
to
continue
to
bring
tech
talent
into
Calgary.
So
far,
that
hasn't
quite
met
our
original
plans
based
on
the
headwinds
that
have
been
put
in
place
by
COVID
and
other
factors
and
the
tight
tech
market.
And
as
Trevor,
or
I'm
sorry,
as
Patrick
discussed,
the
ability
for
a
lot
of
those
individuals
to
work
remotely
and
essentially
create
a
worldwide
pool
of
talent.
But
we
are
continuing
to
work
with
OCIF,
and
we
believe
we're
working
in
the
spirit
of
the
agreement,
we're
making
some
headway,
but
perhaps
not
as
much
as
we
originally
contemplated.
Perfect.
That's
all
for
me.
Thanks.
Thank
you.
[Operator Instructions]
Our
next
question
will
come
from the
line
of
Frederic
Bastien
from
Raymond
James.
You
may
begin.
Hey,
guys.
You
[ph]
note (00:47:11)
that
travel
bookings
represented
9%
of
your
quarterly
gross
bookings.
Just
curious
what
qualifies
as
travel
booking
or
not?
Yeah. Thanks
for
the
opportunity
to
clarify
that.
We
acquired
a
full-service
travel
agency
about
a
year
and
a
half
ago,
so
that
in
addition
to
managing
the
accommodation
requirements
of
our
customers
moving through,
we
could
also
offer
them
the
airline
booking,
car
rental,
all
of
the
other
elements
of
full-cycle
travel.
Although
the
tech
platform
and
the
core
transaction
and
what
we've
been
building
in
terms
of
lines
of
code
is
to
solve
the
complicated
elements
of
moving
large
groups
of
people
to
and
from
accommodation,
increasingly
we're
wrapping
around
that
the
ability
to
provide
them
services
for
airline,
etcetera.
And
as
we
continue
to
build
the
platform,
it
will
become
more
integrated.
So
when
we
break
out
that,
we
do
have
some
customers
who
we
organize
charters
for
them
to
move
their
crew
in
and
out
of
remote
mining
sites,
for
example,
and
then
just
generally
more
of
the
airline
travel.
And
for
some
of
our
mid-sized
customers,
we'll
handle
even
their
management,
travel,
etcetera,
so
it's
all
one
stuff.
And
Patrick,
maybe
from
the
platform
perspective,
if
you
could
just
give
some
more
color
on
the
difference
between
the
two
revenue
streams
and
Toby
as
well.
Well,
the
core
offering
at
the
moment
is
accommodations
for
large
crews.
They
tend
to move
in
trucks, cabs
[ph]
before
(00:49:05)
on
a
convoy
kind
of
thing.
So
they're
more
ground-based.
And
because
crews
are
large,
their
movements
are
somewhat
unpredictable.
[ph]
Coming
in
late (00:49:15)
substitutions
and
so
on,
[ph]
this
is
always
our (00:49:18)
sweet
spot
in
our
offering,
where
the
common
mainstream
travel
platform
just
do
not
accommodate,
the
$60
billion a
year
addressable
market
that
Trevor
was
speaking
to.
So,
we're
totally
focused
on
that.
The
small
travel
agency
that
we
acquired
does
complement
today.
It
helps
us
understand
the
needs
of
our
customers
as
well
when
they
ask
which
tend
to
be
B2C
of
time.
But
we're
focused
on
B2B.
But
as
we
blend
the
two
together
over
time,
we
believe we're
going to
have
something
pretty
powerful
to
offer.
Toby,
anything
to
add
on
the depreciation
of
the
revenue
streams?
I
think
just
as
we
move
forward
part
of
our
ambition
is
to
integrate
that
into
the
technology
offering
currently
on
the
side
a
little
bit
as
a
bit
of
a
manual
offering
that
we
provide.
But
in
the
future,
we
see
it
being
an
integral
part
of
the
LodgeLink
service.
Okay.
Super.
How
should
we
think
about
the
EBITDA
eliminations
at
the
corporate
level?
We
saw
a
bit
of
a
step
change
in
the
second
half
presumably
due to
some
share-based
compensation
expenses.
But
any
guidepost
you can
provide
for
us
looking
at
2022?
Yeah.
I
think
a
big
part
of
the
increase,
Frederic,
besides
the
standard
increase
that
we
saw
for
the
full
year because
of
the
Vanguard
acquisition
and
the
people
and
G&A
cost
that
came
with
that,
obviously
that
increased
thing
–
the
admin
costs
on
a
year-over-year
basis
for
each
quarter
of
this
year
compared
to the
same
quarter
in
2020,
but
especially
on
the
second
half
of
the
year,
we
started
to
increase
our
provision
for
bonuses
and
profit
incentives
as
we
had
a
really
strong
year.
And
so
with
that
we
saw
a
fairly
significant
increase
and
we
carry
those
costs
in
2021.
We've
carried
those
costs
up
to
corporate
level
for
the
full
business and
so
that's
the
majority
of
what
you're
seeing
there
in
addition
to
the
addition
of
Vanguard.
So
as
we
move
forward,
we
hope
to
outperform
our
growth
expectations
in
the
future
as
well.
But
I'd
say,
this
was
a
fairly
exceptional
year
on
that
basis.
And
so
looking
forward,
I
would
necessarily
model
in
the
same
level
of
G&A
for
a
standard
growth
assumption
over
top
of
2021.
Got
it.
Got
it.
And
then,
if
you
end
up
recording
the
same
amount,
well,
that's
a
good
news
story.
Exactly.
Yeah.
Okay,
thank
you.
Thank
you.
And
I'm
not
showing
any
further
questions
in
the
queue.
I'll
turn
the
call
over
to
the
speakers
for
any
closing
remarks.
Thank
you,
operator.
Thank
you
everyone
for
joining
us
today.
And
we
thank
you
for
spending
some
time
with us.
Take
care.
This
concludes
today's
conference
call.
Thank
you
for
participating.
You
may
now
disconnect.
Everyone,
have
a
great
day.