Good morning, ladies and gentlemen, and welcome to the GDI Integrated Facility Services Inc. Q3 2021 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require any assistance, please press star zero for the operator. This call is being recorded on 11 November 2021. I would now like to turn the conference over to Stéphane Lavigne. Please go ahead. Thank you, operator. Mm-hmm. Good morning to all. My name is Stéphane Lavigne, I'm Senior Vice President and Chief Financial Officer of GDI. I'm with Claude Bigras, President and CEO of GDI, and David Hinchey, Executive Vice President of Corporate Development. Before we begin, I wish to remind you that during the course of this call, we may make forward-looking statements or projections regarding future events or the financial performance of GDI. There are risks that actual events or results may differ materially from these statements. For additional information on forward-looking statements and other underlying assumptions, please refer to our MD&A that was filed on SEDAR last night. I will begin with the call with an overview of GDI's financial results for the quarter, and then I will invite Claude to provide his comments on the business. In the third quarter, GDI recorded revenue of CAD 408.4 million, an increase of CAD 43 million or 11.8% over Q3 of last year, including 2.9% of organic growth. We recorded an adjusted EBITDA of CAD 32.7 million in the quarter, an increase of CAD 2.5 million or 8.4% over Q3 of last year. Excluding the one-time inventory reserve of CAD 1.4 million that we booked in our Superior Solutions business in the quarter, GDI's adjusted EBITDA would have stood at CAD 34.1 million. On a year-to-date basis now, revenue increased by CAD 117.2 million or 11.2% to reach CAD 1.16 billion, compared to CAD 1.05 billion for the same period of last year. Organic growth was 3.2% year-over-year, and revenue growth from acquisitions was 10%. Adjusted EBITDA in the nine-month period amounted to CAD 99.2 million, an increase of CAD 26.5 million or 0.4% over the corresponding period of 2020. Moving to our business segments. The Janitorial Canada business recorded revenue of CAD 132.5 million in Q3, a decrease of CAD 3.4 million or 2.5% compared to the Q3 of 2020. The segment also reported adjusted EBITDA of CAD 18.4 million, in line with the Q3 of 2020, representing margins of 13.9% and 13.66% respectively. Our Janitorial business continues to benefit from providing clients with COVID-related and end services. Our Janitorial U.S.A. business recorded revenue of CAD 85.9 million in Q3, an increase of CAD 2.2 million compared to Q3 of 2020. The revenue increase is mainly due to organic growth amounting to CAD 6.7 million or 7.9%, partly offset by the depreciation of the U.S. dollar in relation to the Canadian dollar by CAD 4.5 million or 5.3%. Adjusted EBITDA increased by 13.6% to reach CAD 8.1 million or 9.5% of revenue, compared to CAD 7.2 million or 8.6% of revenue in Q3 of 2020, despite the year-over-year effects and time. Our technical service segment recorded revenue of CAD 179.1 million, an increase of CAD 50.1 million or 38.8% over Q3 of 2020, with strong revenue growth coming from acquisitions of 28% as well as from organic growth of 11%. Adjusted EBITDA was CAD 10.4 million, and adjusted EBITDA margins was 5.8% compared to CAD 5.2 million and 4% in Q3 of 2020. Our technical service segment is operating close to pre-COVID capacity levels now. Finally, our complementary services reported revenue of CAD 14.8 million in Q3, a decrease of 31.4% compared to Q3 of 2020, and an adjusted EBITDA loss of CAD 1.1 million compared to adjusted EBITDA of CAD 2.4 million generated in the Q3 of 2020. The loss incurred is driven by an inventory provision of CAD 1.4 million booked in the quarter for the aging of some PPE inventory items facing lower demand. This business continued to experience lower than normal demand for day-to-day cleaning supplies and due to low occupancy rates in many markets and services. I will now turn the call to Claude who will provide further comments on GDI performance during the quarter. Well, thank you. Mm-hmm. Merci, Stéphane. Bon matin, and welcome to our call on theQ3 reports. Good morning to everyone, and thank you for taking the time to participate in our earnings call. I am pleased with GDI performance in the Q3 of 2021. We're encouraged to see COVID cases level stabilizing in almost all of the markets in which we operate, and we are expecting a gradual reopening of the commercial office market to continue through the end of 2021, with a return to a more normal occupancy levels in mid-2022, assuming that we do not experience a resurgence of the virus. Turning to our business units, our Canadian Janitorial segment performed very well in this quarter, delivering a level of adjusted EBITDA that was in line with Q3 of last year during the heart of the pandemic. As was the case last year, while many cleaning services clients were operating facilities at much lower than normal occupancy level, mainly in commercial office towers, many of our clients still require additional enhanced services and specialty services. Our Janitorial U.S. segment also performed well during the quarter, delivering an organic revenue growth of 7.9% and a net loss of CAD 8.1 million, despite a negative FX effect during the quarter. As with our Canadian business, margins in our Janitorial U.S. segment continued to benefit from providing clients with COVID-related services. Until the COVID-19 virus is no longer considered to be a threat within society, we expect to continue to support our clients with these type of additional services. Our Technical Service segment has recovered gradually from the COVID-induced slowdown and is now operating at close to normal capacity level. Our janitorial service and preventative maintenance business is now back to pre-COVID level. While our project business is still lagging a bit as bottlenecks in the supply chain for certain pieces of equipment are causing some project delays. We do not expect this to have a material impact on the segment business or financial performance. Our Complementary Service segment was quite soft in the quarter as we are still experiencing lower demand for consumables and the low occupancy of buildings. Additionally, we felt it was conservative to book a one-time inventory provision for some of the PPEs that we had on our books for a while. We remain committed to the business and are confident that as occupancy levels begin to rise, we'll see a rebound in demand and a return to its pre-COVID profitability profile. During Q3, we continued to execute on our growth through acquisition strategy with two acquisitions in the U.S. market. On 1 September, we completed the second acquisition in the U.S. in our Technical Service segment with the acquisition of Enginuity, which has operation in Pennsylvania and Maryland. Enginuity is also proving to be a great addition to the BPAC Group, the platform acquisition we completed in the U.S. in January of this year, and it is well-positioned to work closely with our janitorial operations in Pittsburgh and Philadelphia. Additionally, on 15 September, we completed the platform acquisition in the U.S.A. on our product manufacturing division with the addition of Fuller Industries, which operate a large manufacturing plant in Kansas, producing janitorial chemicals, brushes, and a range of plastic products, which will allow us to offer U.S. clients a domestically manufactured made in America product line. Both of these companies are very strong fit with our culture and values, and we are excited to have their team join our family. I continue to be very positive on GDI future. As buildings will reoccupy and things normalize, we will gain the missing revenues we had so far. Our financial position is very strong. Our leverage ratios remain at historic lows, and we are well positioned to continue to execute on our business plan with the internal goal to get to CAD 3 billion in revenue with 6%-7% in the margin by 2025. That concludes my remark, and I will now ask the operator to open the line for analysts for questions. Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order that they are received. Should you wish to decline from the polling process, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment for your first question. Your first question comes from John Zamparo from CIBC. Please go ahead. Thanks. Good morning. Maybe start on the Janitorial U.S. business. I wonder when you think about the mix of services in that business, whether it's standard or specialty or enhanced sanitation, did it change much over the course of the quarter or subsequent to it? I'm trying to get a sense of what the mix of each cleaning service is at this point versus, say, a quarter or two ago in the state of the pandemic. Thanks. Actually, if I can say, most of the services remained stable over the last two, three quarters, on extra enhanced services. We have not seen a major reoccupancy yet. It's starting now. I think that within the last quarter and the next quarter, the Q1 of 2021, we're gonna still regain revenue on reoccupancy. So far, we have not seen a dramatic shift. Now, you know what, the past is not, I would say, the guarantor of the future, but so far it's very stable. Okay, understood. On the labor side, and I suppose this is Canada and U.S., you commented last call that you'd seen some pretty meaningful labor inflation across both countries. Have you seen any changes to that since the last quarter? Is there any shortage of labor that's impacting sales in any way? Well, you know, we are dealing with the labor shortage as of now. We are reinforcing our recruitment strategies. You know, at one point, for sure, we will do some triage between the customer we need to serve and the customers that are not, you know, providing much value for the business if we come to that in our labor choices. So far, we have no significant impact on sales as we are starting business. Yes, it's a challenge, and we're working actively into it. Mind you that, labor increases will happen and, if it happens, it will happen, we are still adjusting our revenues accordingly. Okay, that's helpful. Thanks. One more for me. When you think about the 2025 guide, and particularly on the margin side of 6%-7%, you're still at an 8% margin in this quarter. It's come down from a couple others, but is there reason to think that there's upside over the long term, or at the very least, that you'd be at the high end of that range? I know there's a world of time between now and then, but just what you've seen during the pandemic, does it make you feel more encouraged that you might be on the higher side of margin or that we could take an optimistic perspective on long-term margins in the business? Well, listen, I'm the first one to adhere to what you said. You know what? It's a general statement. 6%-7% is traditionally our net margin of growth, EBITDA. Yes, as we are getting out of the pandemic and everything, we do feel that there would be an upward, no, not pressure, but trend on EBITDA as our enhanced services are always providing a little bit better margin. Yes, you know, I cannot, like I said, I cannot do a forward-looking statement, but I sincerely hope that it would be the case. Yeah. Yeah. Okay. Understood. That's all for me. Thank you. I'll pass it on. Thank you. Your next question comes from Jeff Fenwick from Cormark Securities. Please go ahead. Hi. Good morning, everyone. Good morning. Claude, just wanted to talk about the Canadian market then. Just wanna understand better the planning cycle for you. I know a number of large Canadian employers are looking to bring back their staff at the beginning of the year. Do you get much advance notice around their requirements for this and that might give you a bit of a line of sight on activity and occupancy picking up for you as you enter 2022? Well, listen, you said Stéphane. Are you addressing the questions to Stéphane or you want me to answer? Go ahead, Claude. Okay, good. No, we have, listen, we are starting to see yes, some advance notice. For example, the government in Quebec just stated their employees will start coming back to their offices alternately around 15 November 2021. We have those signs from several places. We also have some signs that companies are aiming for early Q1 to start reintegrating. There's no major trend, I can tell you, but I can tell you that our customers are reengaging either on a normal occupancy or hybrid occupancy or part. They are reengaging as we speak progressively. Between now and probably the end of Q1, we should be. Again, it's our opinion, but it should be probably back to almost normal. Maybe a little gap in occupancy, you know, negative gap, but so much the better. I think this is what's gonna happen by Q1 2022. Okay, thanks. That's helpful. I want to talk about the M&A pipeline here. Nice to see a couple of tuck-ins happen for you recently. You know, what is the pipeline looking like now? Is the cadence maybe gonna pick up here a little bit just given that it's a little easier to travel? And maybe a comment on expectations around multiples being paid right now. Are they roughly where they were pre-COVID or have they gone up perhaps? Well, listen, yes, we are keeping a healthy pipeline, and for sure, traveling enables us to be in contact with more and more. I have our Chief Legal watching me, but I can tell you that the M&A team is very busy. Let's put it this way. Okay. Okay, great. Thank you. Yes, the expectations of vendors. Do you see some inflation now on multiples? I mean, the industry in general I think has done pretty well through COVID. How are those potential vendors- I just wanna make sure I understand. Can you just repeat to make sure I fully understood your question, please? Sure. Just are your targets out there expecting higher multiples now, just given that, you know, margins have been better, demand has been very good, and do you think you're gonna end up having to pay a little bit more on an EBITDA multiple basis? Well, for sure, you know what? It's you know, again, it's always the quality of the company we're looking at that will drive our focus. Yes, people do better margin overall, so for sure it gives a certain premium to the price. Again, like I was saying, it's always a little bit the uncertainty in the future that is also a kind of not an obstacle, but an element we keep in consideration when we do our business valuation. Yes, for sure, globally, there is an upward trend on margins and on multiples for sure. Okay. Great. Thank you for that color. I'll requeue. Thank you, sir. Ladies and gentlemen, as a reminder, should you have a question, please press the star followed by the one. There are no further questions at this time. Please proceed. No, thank you very much for listening to our call. Well, I don't think we won't be speaking before Christmas, so I would like to give you advance wishes for a merry Christmas and family this year, hopefully, and stay safe, and I look forward to our next call to discuss together. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and I ask that you please disconnect your lines. Thank you. Thank you.