Good morning, ladies and gentlemen, and welcome to the GDI Integrated Facility Services Inc. third quarter 2022 results conference call. At this time, all lines are in a 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 Thursday, November 10, 2022. I would now like to turn the conference over to Mr. Stéphane Lavigne, Senior VP and Chief Financial Officer. Please go ahead, sir. Thank you, operator. Bonjour à tous. Good morning to all, and welcome to GDI's conference call to discuss our results for the third quarter of fiscal 2022. I'm Stéphane Lavigne, Senior Vice President, 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 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 filed last night. I will begin the call with an overview of GDI's financial results for the third quarter, and then we'll invite Claude to provide his comments on the business. In the third quarter, GDI recorded revenue of CAD 563 million, an increase of a hundred and sixty-five million or 38% over Q3 of last year, made up mainly of growth from acquisition of 30% and organic growth of 7%. We recorded an adjusted EBITDA of CAD 40 million in the quarter, an increase of CAD 7 million or 21% over Q3 of last year. Additionally, during the quarter, we recorded CAD 2 million of one-time costs related to the Human Resources Information System project, which we expect to launch on January first, 2023. On a year-to-date basis, revenue increased by CAD 420 million or 36% to reach close to CAD 1.6 billion. Organic growth was 7% year-over-year, and revenue growth from acquisitions was 28%. Adjusted EBITDA for the first nine months amounted to CAD 212 million, an increase of CAD 13 million or 13% over the corresponding period of 2021. Moving to our business segments now. Our Janitorial Canada business segment recorded revenue of CAD 142 million in Q3, an increase of CAD 10 million or 8% compared to the third quarter of 2021, which was mainly generated organically. The segment reported adjusted EBITDA of CAD 17 million, compared to CAD 18 million in the third quarter of 2021, a slight decrease of CAD 1 million. Our Janitorial USA business segment recorded revenue of CAD 174 million in Q3, and adjusted EBITDA of CAD 12 million, representing increases of CAD 88 million and CAD 4 million, respectively, when compared to Q3 of 2021. These increases are mainly due to the acquisition of IH Services on December 31, 2021. Organic growth in the US segment was slightly negative, as IH Services experienced a reduction in COVID extra services as compared to the prior year, which was identified during acquisition due diligence and was expected. Our Technical Services business segment recorded revenue of CAD 230 million, a growth of 28% over Q3 2021, with 15% generated from acquisitions and 12% from organic revenue growth. The segment generated a record adjusted EBITDA of CAD 50 million, representing an adjusted EBITDA margin of 7%. The Technical Services segment is now operating at normal seasonal capacity levels after being weighed down by supply chain challenges at the beginning of the year. Finally, our Complementary Services segment reported revenue of CAD 24 million and adjusted EBITDA of CAD 1 million. This segment, which has been negatively affected by low demand for daily consumables, generated organic growth of 33% in Q3 2022, the majority of which was due to GDI IFS business unit, which was launched at the beginning of 2022. I would like now to turn the call to Claude, who will provide further comments on GDI's performance during the quarter. Merci, Stéphane. Bon matin. Good morning, and thank you for taking the time to participate in our earnings call. First, I am very pleased to report that GDI delivered another quarter of solid growth, generating record levels of quarterly revenues and adjusted EBITDA. Our janitorial business in both Canada and the U.S. continues to perform well. In Canada, we are seeing relative stability in commercial office occupancy rates relative to Q2 of this year, as most tenants have rolled out bespoke return to work policies for their staff, and we are working accordingly. Our Canadian business continues to perform well as we work with our Class A and corporate clients to support their needs in a dynamic office environment. Our clients and markets such as education, industrial, healthcare, and hospitality have generally returned to pre-pandemic occupancy levels. Integration of IH Services is continuing to go very well. Our teams are working well together and we are sharing client relationships and best practices. I remain very encouraged on the partnership with the IH team. I'm also pleased to welcome the team of Cascadian Building Maintenance, who joined the GDI family in September first. Cascadian Building Maintenance is one of the most reputable and trusted building service providers in the Greater Seattle market. Together with our existing operations, we are now what I believe is the second largest building service contractor by size in the Seattle market. Of course, I always believe that we are the best provider and best in class in our industry. Ainsworth, our technical service segment, also had a very good quarter. The supply chain issue that impacted their ability to close out jobs earlier in the year has subsided, and the business is now firing on all cylinders. Ainsworth continues to benefit from a record backlog as they are booking new business as fast as they are billing. The outlook for Ainsworth remains positive as the business enters into the fourth quarter, which is traditionally a very strong quarter. Our manufacturing and distribution business and our new integrated facility services segment had a respectable quarter. Our manufacturing and distribution business is continuing to be affected by low office occupancy rates relative to its historic level, but the business has been showing a progressive sequential improvement as commercial occupancy rate rises. Our IFS business is performing well. It successfully started operations, which is its second inaugural contract and is actively looking for more. During Q3, we added a new senior sales resource in the U.S. market dedicated to grow our IFS business. This week, we also released our second ESG report, and I can say that I am extremely pleased with our progress on the ESG front. We are still at the beginning stage of this journey, but we have already seen progression in our analysis, understanding, management, and enhancement of our corporate effort in all aspects of ESG. The second annual report illustrates our goals are taking root and growing, with ESG quickly becoming an everyday topic of discussion and an important aspect of our GDI culture. In conclusion, I would like to say again that I'm very pleased with the performance of all the business unit. We are operating in an environment with many challenges and a good deal of uncertainty, but it's related to incredibly tight labor markets, the unprecedented reimagining of office environment, and our historic move in interest rates cause economic uncertainty. With our dynamic and flexible business model, coupled with our relentless dedication to support our clients, GDI is built for time like these. Our balance sheets remain strong. Our leverage ratio is below 2.5 times, which is well within our comfort zone, enabling us to continue to deliver on our strategic growth objective. This time, I would ask the operator to open up the lines for questions from our research analysts. Thank you. Thank you. Ladies and gentlemen, we will begin the Q&A session now. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, please press star one. We will take our first question from Jonathan Goldman with Scotiabank. Please go ahead. Thanks. Good morning, guys. Good morning, sir. Just a question. Technical services sales are obviously very strong. You called out resolving these supply chain issues earlier in the year. I just I wanna know if there's any catch-up from the earlier in the year in terms of sales that would make that number larger than a normal seasonal volume or if there's any other drivers behind the strong organic growth that you'd like to call out. Well, for sure, the slow start of the year, you know, we were waiting, you know, there was supply chain issues which are, you know, are leveling to a normal pace. For sure, it has an accelerating factor on our revenues as we, you know, we perform the contracts and we make up for the lost time. Secondly, again, our backlog is at all-time level for the last year, so we have plenty of work ahead of ourselves. Unless there are significant changes in the supply environment, I think that we can continue to cruise at a very good pace. No, that makes sense, and it's good to hear things are firing on all cylinders. I guess my second question then, just on IH. I mean, seems to continue to outperform expectations really well. Is there any drivers specifically behind that? Is it revenue synergies or other things that's causing this performance to be really exceptional? Well, I will try to phrase it properly as we did our job very well in analyzing the business revenue and valuations and EBITDA. I think we partnered with IH at a moment where they were in an upswing line. That is helping the revenue. We had also already discounted the COVID enhanced service reduction with some major clients that we work with. All this put together, it can be very good result in 2023. I can say that the team has evaluated things properly. I would definitely agree with that. Thanks for taking the questions, guys. Thank you. We take our next question from John Zamparo with CIBC. Please go ahead. Thanks. Good morning. I wanted to start on the U.S. janitorial business and the EBITDA margin there was meaningfully lower than a year ago and also from Q2. Is there anything in particular in the quarter that impacted EBITDA margin in the U.S.? Well, I don't wanna make things complicated, but I think that, there, you know, what we're cruising at almost normal business in the U.S. on that front, but also, there is a significant, a major contract with one client in which for the next probably 4- 5 quarters, we have to pass through revenues and expenses as bill paying, bill payments with no margin. This is tricking a little bit our percentages. This should be resuming to normal probably by mid of 2023 at the contract renewal. The numbers are somehow a little bit tricked because of that. We are very confident going forward with our enhanced margin in the U.S. We have to cope with this little anomaly, if you allow me to say. Okay, that's helpful. Sticking with the U.S. janitorial business, I think you'd said organic sales declined modestly, and you pointed to IH, but just trying to better understand that 'cause IH wasn't in last year's numbers. Is that just saying that IH also declined on an organic basis? I wonder, was that decline that you reported similar for the business excluding IH as well? Okay. Yes. If we exclude IH, our organic growth was positive. When we have onboard IH in our financials, we use our last, you know, the trailing twelve months that included a significant amount of one-time COVID service revenues from some major clients. When we did our transaction, we knew, and we had anticipated it, and we had accounted for it, so it was not a surprise. Unfortunately, when you look at our trailing twelve months with these revenues and the normal situation that we knew that we were getting in, it creates a little bit of a negative impact. I can tell you that IH is actually growing well because we are replacing these one-time revenues with recurring service revenues, which is great for us. Got it. Okay, that's helpful. In Canada, on the janitorial side, I know there's lots of unknowns here, and we ask this every quarter, but to what extent do you think the Q3 margin represents a sustainable number and what can you say about conversations you're having with office clients in Canada, the requests for lower services or lower prices? Just any color you could add there would be helpful. Well, let me put it this way. We know exactly what we're getting into as probably all of us. There's no volatility nowhere, so it's easy. No, no, actually, we work very hard with the business, but we are all operating in a kind of volatile environment. So far, what we are forecasting is that we stay within those margins for the foreseeable future, with you know, maybe adapting the business mix, coping with inflation that also increase revenues and everything. I'm really, as I said, not relatively, but I'm optimistic to keep the same level of margins in the foreseeable future. Let's hope that things continue to evolve positively, not negatively globally. Got it. Okay, that's helpful. One last one for me, a housekeeping question. I wanted to ask about working capital. That's been a significant drain on cash flow so far this year. I wonder if you could add some color there and over what time period do you expect that to reverse? Well, listen, the working capital for sure is as we saw the business coming back to a more normality. We see there's a little drain on accounts receivables, DSO. We're working very hard on it. We have also some one-time CapEx expense related to our IT initiatives. Yes, but I don't expect that. We expect the working capital to resume to its normal level within the next quarter or two. Got it. Okay. That's all for me. Thank you very much. Thank you. We take our next question from Zachary Evershed with National Bank Financial. Please go ahead. Hi. Good morning. It's actually Thomas calling in for Zach. Most of my questions have been answered. Would you mind sharing some thoughts about where your balance sheet stands, given the heightened risk of a recession and maybe how you would expect an economic slowdown to impact the different segments? Thank you. Okay. Unfortunately, the line is not very good. I don't know if it's me or you, but let me just repeat the question to make sure I understood well. You're asking me, how is our balance sheet standing now and what we expect the effect going forward into a recession. Is it what you're asking me? No, well, close. I was asking how you thought about your leverage and where your balance sheet stands, given the heightened risk of a recession and Okay. Sorry. How you- Okay. Actually, as I said earlier on, our leverage ratio is below 2.5x, which is well into our comfort zone. I think that we have the power, the means and the fuel to continue to grow our business through our acquisitive strategy. That's good news. Secondly, in the recession, for sure, there is a positive and a negative. The positive is usually if we work well within the recession with our clients, our resistance or our adaptability remains very strong. Usually we don't do bad in the recession if we work well. But yes, we have to be more prudent on receivables and the way we allocate our cash. We have a tendency to be a little bit more conservative in our way of working with the balance sheet. So far, I don't have any significant headwinds. We don't see any significant headwinds that could change significantly our balance sheet position. Again, you know what? We have to be prudent and we have to deal with uncertainty, so we are a little bit on the conservative side. You touched a little bit on it earlier, but is technical services performing at the upper end of its potential now? Or is there still a little bit of like potential for improvements to margins and the overall performance? It's nice. Always asking for more. No, but seriously, our labor is close to its capacity because we work within our technical staff. We measure every week what our utilization level is. We are almost to its potential. This being said, you know what? As business grow and everything, our people are recruiting and we are, you know, we are always aiming to continue to grow our business. You know, but if there is no acquisitions in the next 3, 4 quarters, which I'm just saying we have a healthy M&A portfolio ahead of us. This being said, I think, yeah, we're close to our potential, but there's always room to increase by a couple of points our revenues. Thank you very much. That's all I had. Thank you. As a reminder, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. We are taking our next question from Frederic Tremblay with Desjardins. Please go ahead. Bon matin. Good morning. Good morning. Question on Janitorial Canada and their 7% organic growth in the quarter. Can you help us maybe understand if that was mainly driven by volume, so demand for recurring services, or was there a bit of pricing in there as well? Okay, you're talking Janitorial Canada. Yep. Right? Okay. Sorry. I think my phone has a little issue, so it's difficult for me to totally hear. Well, you know what? In Janitorial Canada, we still have a, you know, I would say a significant demand for enhanced services. So, that is fueled in part by that. Also with contract increases and, you know what? With adjustments to inflation, it's also fuels a little bit our organic growth. Okay, perfect. Just on acquisitions, IH is obviously performing very well. It was a large acquisition in the new region. Just wondering if IH is sort of generating new leads maybe for you guys in the Southeast in terms of other acquisitions, if you're interested in enhancing the platform there, either in janitorial or technical services. Well, that's a very interesting question, Frederic. It's something that we are actually working actively on is because IH has a, I would say, dual role in the business. First role is they have a significant expertise in industrial service sectors. They are operating in almost every state in the U.S. through their industrial segment. They're growing their healthcare segment very well, which is also not geographically bound, but they also are our regional Southeast business. We are now focusing on providing support, M&A strategies and growth into their own regions, going from Carolinas to Florida. They have a dual role, but now we have to build the second one. Great. Very helpful. Thank you. Thank you. Just a gentle reminder, ladies and gentlemen, please press star one to ask a question. It seems we have no further questions at this time. With that, I would like to turn the call back over to you for any additional or closing remarks. Thank you. Well, thank you, operator. Well, just in closing, I would like to, you know, to share with everyone how this, you know, the GDI team is dedicated to achieving results and make us the best in class again in our industry. It's impressive to see how people are aligned and focused, and I would like to thank everyone, every single one of them, because everybody is contributing to the success of GDI. We're working in the future. I think we are well equipped to work in the future. We work with our talents, and I'm sure that we will continue to deliver very good results. Thank you. Thank you. This concludes today's call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.