Black Diamond Group Limited

Thank you for standing by. This is the conference operator. Welcome to the Black Diamond's fourth quarter 2020 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Jason Zhang, Director of Investor Relations, for opening remarks. Please go ahead.

Thank you and good morning. Thank you for attending Black Diamond's fourth quarter 2020 results conference call. With us on the call today is our CEO, Trevor Haynes, and CFO, Toby Labrie. We are also joined today by COO of Modular Space Solutions, Ted Redmond. and COO of Workforce Solutions, Mike Ridley. After formal remarks, there will be a question and answer session. 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 measures in today's call, such as adjusted EBITDA or net debt. For more information on these terms, please review the sections of Black Diamond's fourth quarter 2020 MD&A 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 as well as on CDAR. Dollar amounts discussed in today's call are expressed in Canadian dollars unless otherwise noted 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 2020 year-end results. I'd like to start by saying that I'm extremely proud of our team at Black Diamond for the accomplishments achieved this past year against the unique and challenging backdrop brought on by the COVID-19 pandemic. We have continued to execute on our plan to grow and diversify our business and believe the fourth quarter results are yet another data set that shows that our plan is working. We expect to carry on this momentum into 2021 and are seeing supportive tailwinds across essentially all of our segments. Highlights in the quarter include the acquisition of Vanguard Modular, record rental revenue generation in our MSS division, a $3 million funding grant from the Opportunity Calgary Investment Fund to support growth of LodgeLink, and another quarterly record of room booking volumes within LodgeLink. Since the start of the 2021 year, We've also secured new project awards that increase our WFS contracted revenue by over $36 million. In the MSS segment, rental revenue grew to $11.3 million, or by 31% from Q4 2019, which is a fourth consecutive quarterly record. Included in our fourth quarter results is one month of contribution from our acquisition of Vanguard Modular. As mentioned, during the quarter, the company closed the acquisition of Vanguard Modular Building Systems for $61.7 million U.S., including U.S. $3 million of deferred receivables. The transaction added approximately 2,200 modular space rental assets to our U.S. MSS fleet and strengthened our position in the attractive, high-return education markets in the Southeastern and Gulf Coast states. To date, integration of Vanguard is progressing with annual synergies of approximately US$500,000 targeted for exit Q4 run rate. More importantly, we are experiencing increased opportunities through our combined platform in all segments within Black Diamond, allowing us to leverage our larger market presence. The MSS segment remained resilient throughout 2020, And the outlook remains positive as we are seeing ongoing opportunities to put organic growth capital to work at attractive rates of return across North America. We expect steady and continued growth in rental revenues as a result of strong utilization, increasing rental rates, ongoing fleet additions, and increased returns through value-added products and services, or VAPs. Despite COVID-19 related challenges throughout the year and into the fourth quarter, our WFS business unit is also seeing positive momentum. Since the start of 2021, as I mentioned, the large format camp rental business has added more than $36 million of new contracted revenue, which includes our previously announced Australian contract, additional assets and services in support of the Coastal GasLink project, and further contracts with mining customers in eastern Canada. It appears that our U.S. well site and lodging businesses have troughed in terms of utilization and are seeing a gradual recovery which depending on the pace with which COVID-19 restrictions ease should continue throughout the year. Australia continues to experience strong utilization rates and we expect this business unit will continue to put organic growth capital to work. We also remain very well positioned with respect to the Goldboro LNG project. As we had announced in October of 2020, Black Diamond and our Mi'kmaq Indigenous partners in Nova Scotia received a letter of award to provide the Goldboro LNG project with a turnkey accommodation solution for up to 5,000 workers. We remain highly engaged with the customer and key stakeholders However, we understand that the project must still clear funding hurdles before a final investment decision can be made. Finally, we remain very positive regarding our LodgeLink platform, a digital marketplace offering that is bringing innovation to the crew travel industry. LodgeLink set another quarterly record in room nights booked in the fourth quarter, with approximately 36,000 room nights of bookings, despite pandemic-related headwinds for the travel industry. At the end of 2020, the platform had approximately 2,500 listed properties, representing roughly 242,000 rooms of capacity, and services 582 distinct corporate customers. Key growth indicators, including room-night bookings, customer and supplier growth, continue to scale higher in the first quarter of 2021. We believe the platform is positioned for strong growth this year, assuming pandemic-related travel restrictions continue to ease in the US and Canada. During the quarter, we also announced that LodgeLink had received up to $3 million of funding from the Opportunity Calgary Investment Fund. The funding is conditional on various hiring metrics being achieved over the next five years. This ground will allow the platform to efficiently recruit tech talent to our Calgary technology hub. As we look forward, we expect to show increased diversification by region and industry segment as the full effect of Vanguard is included and our WFS segment continues to grow in the mining sector of Eastern Canada. Overall, we are optimistic that 2021 will show improving results as we continue to progress our strategic objectives of growing and diversifying our MSS business, unlocking operating leverage from our existing fleet of remote accommodation assets in WFS, and scaling our LodgeLink travel tech ecosystem. We are off to a good start. I will now turn the call over to Toby for some further details on the fourth quarter financial results. Toby?