Good morning, ladies and gentlemen, and welcome to the GDI Integrated Facility Services first quarter 2022 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 11, 2022. I would now like to turn the conference over to Mr. Stéphane Lavigne. Please go ahead. Thank you for that. [Foreign language]. Good morning, good morning to all, and welcome to GDI's conference call to discuss our results for the first quarter of fiscal 2022. My name is Stéphane Lavigne. I'm Senior Vice President, Chief Financial Officer of GDI. I am here with Claude Bigras, President and CEO of GDI, and David Hinchey, Executive Vice President of Corporate Development. Before we begin, I would like to make you aware that this call contains forward-looking information, and we ask listeners to refer to the full description of the forward-looking safe harbor provision that is fully described at the beginning in the MD&A file on SEDAR last night. I will begin the call with an overview of GDI's financial results for the first quarter of fiscal 2022, and then I will invite Claude to provide his comments on the business. In the first quarter, GDI recorded revenue of CAD 195 million, an increase of CAD 111 million or 29% over Q1 of last year, made up of organic growth of 4% and growth from acquisition of 25%. We recorded an adjusted EBITDA of CAD 36 million in the quarter, an increase of CAD 2 million or 6% over Q1 of last year. Our Janitorial Canada business segment recorded revenue of CAD 142 million in Q1, an increase of CAD 8 million or 6% compared to the first quarter of 2021, which was mainly generated organically. The segment reported adjusted EBITDA of $19 million compared to $22 million in the first quarter of 2021, a decline of $3 million compared to that quarter, which was a pandemic-era high for the segment. Adjusted EBITDA in Q1 of fiscal 2022 was higher than each of the last three quarters. Our Janitorial USA business segment recorded revenue of $163 million in Q1, an increase of $83 million compared to Q1 of 2021 due to the combined effect of the IH acquisitions and organic growth of 14%. Adjusted EBITDA increased by 62% to $13 million compared to $8 million in Q1 of 2021, primarily due to the IH acquisition. Our technical service business segment recorded revenue of CAD 172 million or 10% over Q1 of 2021, which was generated mainly from acquisitions. The segment recorded adjusted EBITDA of CAD 6 million, which was in line with prior year's quarter. Historically, the first quarter is the business' weakest quarter as this segment is affected by seasonality. Finally, our complementary service segment reported revenue of CAD 25 million and adjusted EBITDA of CAD 1 million. This segment has been negatively affected by low demand for daily consumables, such as tissue, towels, and soaps. Generated organic growth of 18% in Q1 fiscal of 2022 as building occupancy began to rebound. Now I would like to turn the call to Claude, who will provide further comments on GDI's performance during the quarter. [Foreign language]. Good morning, and thank you for taking the time to participate in our earnings call. I'm very pleased to report that GDI delivered another strong quarter of growth in both revenue and adjusted EBITDA. We're continuing to see a reopening of regional economies and many regions where we operate with all government-mandated restrictive regulations lifted. In both Canada and the U.S., we have begun to see a gradual reoccupation in office buildings and expect this to progressively continue to evolve in 2022. Outside the commercial office sector in markets such as manufacturing and distribution, education, healthcare, and retail, which represent the significant majority of our global janitorial business, occupancy rates did not fall for a sustained period during the pandemic, and as such, facilities in these markets are operating at levels comparable to pre-pandemic norms. We are continuing to see clients ask for our enhanced service offering and expect that as long as the COVID-19 virus remains a risk in our society, our business will continue to perform well as our client looks to GDI for expertise and enhanced support to keep their facilities safe. Our Canadian janitorial business delivered a strong quarter with 5% organic growth and adjusted EBITDA that was higher than each of our last three quarters. The business performed extremely well at the height of COVID, and it continues to perform well as Canada emerged from the pandemic. Our janitorial business enjoyed exceptional growth and more than doubled revenue in the quarter due to the acquisition of IH Services and an impressive organic growth rate of 14%. The acquisition of IH is going extremely well. Our operation teams have been working closely together to identify revenue synergies within the respective client base, and we have already begun sharing best practices in both operations and support services. IH was GDI's largest acquisition to date, and right now it's also looking like it will turn out to be one of our best. Our technical service segment has a respectable quarter with 10% growth in earnings and they were in line with Q1 last year. As you know, Q1 is seasonally the weakest quarter in the business and less work on certain type of buildings such as HVAC units is done during the winter season. This year, the business was also affected by the slowdown that many businesses are experiencing in the global supply chain, which is affecting the time it takes for us to receive equipment to install on certain projects. The good news is that delay does not equate to margin risk as we typically order equipment when we win the job and secure pricing at the time. Because of this, the backlog at our Ains worth business continued to grow to near historic levels. Our manufacturing and distribution business delivered positive results in the first quarter and is showing early signs of recovery as office buildings progressively reoccupy and demand for daily consumables grow. The Fuller Industries acquisition that we closed in September last year is progressing well. We took the step that we needed to take to rationalize manufacturing operations and the cost structure, and we have retooled the sales teams to focus on targeted growth. I think it is fair to say that our manufacturing and distribution business has turned a corner, and I expect successive improvements in results moving forward in 2022. I am also pleased to announce that the new GDI Integrated Facility Services business unit that we launched at the end of last year began executing on its first contract in 2022. GDI IFS offers clients a single source supplier for all their facility operations service needs. A single point of contact, comprehensive billing, and direct accountability for its operation and maintenance of the facilities. It adds yet another service offering and tool in the drawer to help GDI to differentiate itself in the market and satisfy all our client needs. I'm very encouraged about the outlook of the business for the remainder of 2022 and in the year that will follow. We are excited because that COVID-19 pandemic with all of the IFS and all of the GDI business units performing well. Even after completing seven acquisitions in the past 18 months, we continue to have a healthy balance sheet that, you know, we're cash strong and our debt level at two times level makes us very comfortable, and it can support our additional growth that we're seeking. We have a strong operating platform and are one of the leading companies in our industry in North America, and I have never seen GDI in a stronger competitive position. I am very much looking forward to see how the year will evolve. That concludes my remarks, and I will now ask the operator to open the line for analysts for questions. Thank you, sir. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to ask a question, press star, then the number one on your telephone keypad. If you'd like to withdraw your question, press star two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from John Zamparo with CIBC. Please go ahead. Thank you. Good morning. I wanted to start on the labor side and I was wondering if you could share what level of labor cost inflation you're seeing year over year compared to the prior quarters. Just generally, how are you finding your ability to pass on these cost increases? Yes, thank you very much. Good morning. At this time, you know, we are dealing with our labor situation normally, but quite effectively. We have to understand that, you know, half of our business is covered with union agreements that are not issued, that will be issued over time. So many markets are relatively stable on the price, on the cost side. For where we need to work with our labor costs, we're dealing with it according to market conditions. Like you know, you know, we have a very strong capacity to pass through our increases to customers. So for us, it's not exactly a bad news. It's work, but it's not bad news. As time will evolve with our collective bargaining agreements, you know what? We will adjust our labor costs according to the market economy requirements, and we will work with our customers throughout it. We always have to find solutions to work with our customers in cost increases. Okay. That's helpful. Thanks. How would you describe the level of behavior or the pricing from your competitors? Is it generally pretty rational across the industry or are there any competitors that are trying to price more aggressively in this environment? Well, I tell you some things. We always have to work with a very aggressive competition, my friend. This is why we are always aiming to be the best in our line because that's the first condition of survival. This being said, you know, it's hard for me to describe exactly how each, because each market evolves differently. Yes, we are dealing with tough competition, but we find our way, my friend. Okay, fair enough. On your latest acquisition, MTI, are there any metrics you can share on this? Anything about deal size or recent growth rates or margins? Well, you know, but it's this business. Actually, I can tell you this, it's a very fine contractor in the GTA area, servicing mostly downtown customers. That is exactly in our area of expertise. You know, I think whatever we could disclose, we put it in our press release. Stéphane, would you like to add something on that front? No. We've not disclosed like the really that acquisition separately, but it's not. I think it's a tuck-in in Ontario for us, so it's not. Yeah that significant. Yeah, exactly. It's not significant financially, but it's significant in servicing our customers and our core. Understood. Okay. Just a couple more. On the technical side, the global supply chain shortages you referenced in the press release, can you add some color on what parts of the technical services business that impacts in particular? And have you seen any alleviation of those problems? Well, again, you know what? By operating in 20 different markets at the same time, we don't deal with the same issue everywhere. I can say globally that, you know, our backlog is very strong. To convert the backlog into revenues, we have project delays. Contractors are having issues with other contractors, other subcontractors on the contract, so it stalls projects. Equipment reception takes a little longer. We have some delays. For example, we order AC units, we have some delays. All those things together, you know, add up to a conversion that is maybe 10%-15% less than usual. You know what? We're working very hard. We pre-order our stuff. We work with our GCs, and we work with our customers. I think it's a reality in 2022 that we deal a little bit with these problems. This being said, like I said, it's not critical, but it's just. Let me put it this way, it's annoying. This is where we are. All that's helpful. Okay, last one for me. On the buyback program, I just wanna get a sense of your intent to use this. Is the goal to use the full amount of that, or is it really just an option you view at your disposal if M&A opportunities aren't what you'd like to see this year? Our intent is to be opportunistic with our purchase program. We do not have any set objective outside that we would repurchase up to 500,000 shares. As you see, it's a very, very balanced approach in the sense that this program does not impede our objectives of growth. We, you know, want to be opportunistic in the market at light of you know, the stock positioning. I think it's an investment. Actually, it becomes within our range of capital allocations. We want to participate a little bit there, but we continue to work on our main objectives. It does not impede us to continue to work on M&A and corporate development. Okay, understood. That's very helpful. Thanks so much. I'm sure you understand. Thank you. Thank you. Your next question comes from Zachary Evershed with National Bank Financial. Please go ahead. Good morning, everyone. Thanks for taking my question. Good morning. Good morning, Zach. Can you give us a refresher on your relative exposure to your various end markets? Are there different considerations for passing through pricing in each one? No, it's not. You see, gentlemen, let me put it this way because you know what? I'd like to quantify risk, you know. Supply chain is a risk. You know what? Market conditions. You know, inflation is not, in my book, considered a critical issue because as I've been saying, we work with our customers to, you know, to work with those increases. Again, you know, it's not. Now we're not into a critical phase because we have collective agreement in all main markets. Each market where we have to work on our cost increases, we work swiftly with our customers. The objective here is to be as harmonized with our customer, with our increases. This is where it's very important. I don't see it as a critical risk actually. Again. Thank you. I'm not saying that it has not happened. I'm not saying that the increases are not happening. I'm just saying that the way we handle this risk, I think, mitigates the negative results. Absolutely. Very interesting new business unit in complementary services. Who's the ideal customer for this segment, and how can you better service them through GDI IFS than through your traditional offerings? Okay. You're talking about the IFS segment, not the computer, not the product manufacturing segment, Zachary? Just to make sure, because I could give, with these two businesses, an answer. On the IFS side, you know, the beauty of IFS is that the customer does not have to work with all the business units to receive its service. We have a team, a structure that handles the totality of the customer's needs on the forefront. In the back office, it also works and organize the work with the existing business unit in each markets and each business, like the technical services, the janitorial services, or even complementary services. This is how it works. We see it with a very, very significant customer we started to work with in 2022. It's very promising, and this business will continue to grow and service customers that want to concentrate their, you know, their operations and maintenance with one professional service contractor. With the current structure, are there any capacity limitations to growth? How fast do you hope to scale up that customer base? Well, listen, you know, I would always say that impediment to growth is in our head, but there is a reality. We need to be able to acquire the labor and the, you know, the equipment and everything. I don't see it again. I don't see it. I would love to have growth to a point where it becomes a problem, but I don't think we're there yet. Fair enough. One last one for me. How do you prioritize capital allocation now that the NCIB is in the mix? We keep the same priority as we have been for the last, you know, for the last how many years, except and accept that, you know, we see as a capital allocation, we saw the capital allocation that we took to repurchase some of our shares was good for the business, and we just position ourself. As you see, you know what? We took a pretty reasonable and balanced approach to this program. You know, we're not in no way we want to signal that we want to prioritize share purchase, share repurchase instead of continue to grow the business. It's absolutely not the case. In light of, like I said, of what's happening over the last month, it's, it'd be, you know what? It becomes an opportunity for GDI as well. That's helpful. Thanks. I'll turn it over. Thank you. Your next question comes from Frederic Tremblay with Desjardins. Please go ahead. Thanks. Good morning. Good morning. My first question for me is on the U.S. technical services with the acquisitions that we saw last year. Just wondering if you could provide an update on how this business unit is performing, and maybe if you can contrast if there's any sort of differences between your U.S. platform and Canadian platform, that'd be helpful. First of all, we don't see many differences between the U.S. and Canada platforms. Both are working hard. They have little differences in the service offerings. You know, we do a little bit more design build than in Canada. We don't, we do not have significant electrical activities. In Canada, it's a significant unit. In the service offering mix, it's a little different. As you know, we're growing our U.S. business. One thing I can tell you is, you know what? We're very, very satisfied of our partnerships we developed since the last two years and our technical service in the U.S. I think that we're building a strong, well-positioned, well-respected technical service business, and we will continue to grow this platform because we have a solid team, solid base there. We have a very, very healthy backlog. So far it has delivered at least as expected, as you know, after our acquisition. The perspective looks very good. Again, you know what? Like any other businesses, you know, the post-pandemic, we need to be prudent, and we need to make sure that we can get our materials and the projects are, you know, being executed swiftly. That's the challenge on both sides. We're working on it very hard. Perfect. Just on the IFS business, I'm just wondering if it's a way to consolidate your existing services, or is there also an opportunity moving forward to add additional services to that, maybe like security or parking services? Or is it really just concentrating on the services that you currently offer? Well, Frederic? That's a very interesting question. I don't know exactly. Just to make example, like, you may not know, but, with our acquisition of IH Services, we end up with. I would say a small but effective security services business. We're still looking into how we want to operate and develop this segment. My point is, IFS objective is to be able to have a coordinated approach and seamless eco approach with customers that needs to encompass all their operational needs, facility operation needs within one single contract. You know, we have an FM teams and a structure to service those customers. You know, gentlemen, it doesn't look like it, but when you combine 4, 5, 6, 7, 8 or 10 services for one customer, it cannot be treated within business units. You know what? It's not efficient, and it won't deliver the customer transparency or the customer interface that they desire. This is why we created this single division that has specifically the structure and the depth and the expertise to execute on that front. As we see now, the market is demanding more and more of those services in a centralized manner, so this is why we are focusing on it. Again, we're not delivering real estate services or leasing and all this. We are an operation and maintenance business. We stay focused on our expertise. Perfect. Thank you. Thank you. There are no further questions at this time. Mr. Bigras, you may proceed. Okay. Well, thank you very much again for taking the time of this early morning call. Like I said, you know what? 2022 looks very exciting and winning on all fronts, so it's gonna be an engaging year. Again, I'm very happy to have such a dedicated and professional team alongside. I'm sure that in 2022, it will stay and be a very exciting year and positive years. Thank you very much again. Bye-bye. Good day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.