Black Diamond Group Limited

Thank you for standing by. This is the conference operator. Welcome to the Black Diamond third quarter 2021 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 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and 0. I would now like to turn the conference over to Jason Zhang, Director of Investor Relations. Please go ahead.

Thank you. Good morning, and thank you for attending Black Diamond's third quarter 2021 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, Modular Space Solutions, Ted Redmond, and COO, Workforce Solutions, Mike Ridley, as well as 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 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 third quarter 2021 management's discussion and analysis entitled Forward-Looking Statements. risks and uncertainties, and non-GAAP measures. This quarter's ND&A news release and financial statements can be found on the company's website at www.blackdiamondgroup.com as well as on the CDAR website. Dollar amounts discussed in today's call are expressed in Canadian dollars unless noted otherwise and are generally rounded. I'll 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 third quarter 2021 results. We are very pleased with how our platform performed in Q3. MSS set a seventh consecutive record for rental revenue and is showing steady growth with strong utilization and good rate traction. LodgeLink posted record booking volumes with triple-digit year-over-year growth rates and double-digit quarter-over-quarter growth. And WFS generated the strongest revenue quarter in several years with strengthening utilization and rental revenue. These results show that our three core strategies undertaken several years ago to grow and diversify the MSS business, unlock the operating leverage in the WFS asset base, and scale LodgeLink are working. The result is a much more stable and diverse base of recurring revenue and, we believe, enticing upside growth and value creation potential. As a result, management and the board has the confidence to reinstate a quarterly dividend. We expect that the strength in our core recurring rental revenue will continue into 2022 based on the demand we are seeing in several end markets and continue to believe there is ample opportunity for organic growth in our diversified rental platforms. We also continue to generate exponential growth and scale of our B2B travel technology ecosystem and are increasingly optimistic around the value being created within this business. In addition to the highlights already mentioned for the quarter, we also generated free cash flow of over $17 million and exited with excess borrowing capacity of $116 million. In the MSS segment, rental revenue grew to $15.3 million, up 55% from the comparative quarter. The outlook for MSS remains positive, And we continue to see opportunities to put organic growth capital to work at attractive rates, rates of return across North America within a number of industry verticals. We expect continued growth in rental revenues driven by robust utilization, increasing rental rates, which were up 9% year over year, ongoing fleet additions, and increased uptake of our value-added products and services, or VAPs. Bidding activity within MSS is strong throughout every market in which we operate. A little under a year ago, we acquired Vanguard Modular Building Systems, which doubled the scale of our US MSS platform and gave us a strong presence in the education market. The acquisition has performed better than initial expectations, owing to very strong execution from the Vanguard team, strong demand from new and existing customers, and continued tailwinds from government-related stimulus. Third quarter sales and non-rental revenue was higher than normal, but management continues to view these variable revenue streams as a derivative of our core rental revenue. Rental revenue continues to see healthy levels of growth going to strong utilization, rates, growth in VAPs, and fleet growth. Our WFS business unit is showing further signs of improvement and continues to benefit from our efforts to diversify by end market and geography. Management is seeing increasing strength in areas including mining and energy markets, as well as ongoing activity in government-related sectors. Within Australia, we are also experiencing robust market conditions and strong utilization particularly in the education market for space rental assets. EBITDA in WFS during the quarter improved 180% year over year, driven by ongoing increases in utilization, as well as a number of project-related revenue items that contributed to the quarter. The WFS segment realized a large increase in non-rental revenue in the quarter, from installation activity and non-recurring project operations work for projects in both Australia and North America. Several previously announced contracts also began to contribute rental revenue during the third quarter, and we expect steady utilization for workforce accommodation assets to continue throughout the fourth quarter and into 2022, owing to the contracted rental revenues associated with these projects. LodgeLink, a digital marketplace offering that is bringing innovation to the crew travel industry, continues to scale and delivered its highest ever quarter for room nights sold. There were over 60,000 room bookings in the quarter, which was up 87% from the comparative quarter and up 39% sequentially from the second quarter of this year. At the end of the third quarter, LodgeLink had approximately 6,200 listed properties representing roughly 600,000 rooms, servicing 605 distinct active corporate customers. We expect a moderate seasonal slowdown during the fourth quarter holiday season, but we continue to see a healthy ramp up in key performance indicators across this business. We are adding customers, properties, and believe we will observe increasing crew travel activity with existing customers as we demonstrate the value proposition of LodgeLink amidst normalizing post-pandemic travel volumes. As mentioned, given the continued free cash flow generation of our platform, we have also reinstated our quarterly dividend at a rate of one and a quarter cents per share per quarter, or five cents per share on an annualized basis. Over the last several years, the strategic transformation of the company to scale and diversify our specialty rentals businesses has resulted in what we believe to be a stable underlying base of recurring revenue. This stable and growing base of free cash flow is expected to provide increasing returns to shareholders through continued compounding organic growth as well as through a dividend that grows with the platform. Management believes this to be achievable while also maintaining our targets around long-term debt ratios. At this point, I'll turn the call over to Toby Libre for some further details on the third quarter financial results. Toby.