Welcome to Logistec's Q3 earnings call. Today's call is being recorded and will be made available. I would now like to turn the conference over to Carl Delisle, Chief Financial Officer. Please go ahead. Thank you. Good morning, everyone, and thank you for joining our call. Madeleine Paquin, our Chief Executive Officer, is here with me today. Before we begin, I would like to remind you that Logistec's Q3 earnings were released yesterday. Please stand by. Thank you. Hello, everyone. We apologize with team technology issues, I will get started again just to be sure everyone has all the texts we would like to share with you. Let me start by saying how pleased I am with our team's performance and with the momentum that continues to push Logistec forward. As I look at our Q3 performance, three highlights stand out. First, while there is much discussion about the global economy following the rise in inflation and interest rates and supply chain disruptions, our company continues to witness strong market conditions in both business segments, marine and environmental services. Second, the aspect of our business model that gets most discussed, marine services, and with good reason, is that our offering is at the core of essential services through the ups and downs of economic cycles. We expect demand to remain resilient due to the essential nature of the services our customers need from us and our ability to create more capacity for them. Last, the need for significant investment in the North American water infrastructure in the coming years, given the aging infrastructure and the effect of climate change. Leading water utilities are showing how the water sector could become one of the fastest to decarbonize using existing technologies at low cost. With strategies, the optimized operations build resiliency while cutting greenhouse gas emissions. There are strong structural tailwinds supporting the water sector. Turning now to our highlights for Q3. We delivered very strong results for the quarter and consequently recorded the sixth consecutive quarter in row with year-to-year improvements. Our team did a tremendous job delivering our commitments with discipline, execution on strong fundamentals, and the continued demand. This reflects our ongoing adjusted EBITDA reached CAD 58.7 million, representing an increase of 18% versus 2021, and 21% year- to- date versus 2021. The improvement is the result of higher level of activities. Now I will let Madeleine take you to our business results. Thank you, Carl. Good morning, everyone. I am really glad you could join us today. Yes, we are very pleased to report another strong quarter of operational and financial performance. As you have noticed, we continue to execute on our growth strategy through this quarter with the same passion and energy. The level of activity in our marine services segment continues to deliver robust results. In the Q3, despite hurricane season, revenue reached CAD 161 million, an increase of CAD 49 million or 44% compared to the same period last year. Earnings also grew substantially by 48%. We see strong volumes across all our industry groups and, in particular, those using our general cargo facilities throughout North America, and especially in the Gulf Coast region. The energy sector is a major contributor to this growth. Bulk remains steady, and in our container business, although volume increased only slightly, ancillary services generated new revenues in both our terminal and our port logistics sector. Given the supply chain congestion across North America and the globe, we are being very agile and looking at all possibilities to create new and flexible options for our customers. We are going to continue to lean into more fully utilizing our network of terminals and densifying all regions. This will strengthen our business even further and will help drive stronger returns. We expect continued strong activity into the remainder of the year as well as for the coming years. Our marine services team was honored to be named the 2022 Terminal Operator of the Year at the Heavy Lift Awards ceremony held in Hamburg, Germany in September. Delivering responsibly is at the heart of our operations, and our people are dedicated to making a difference as we move the industry towards a sustainable future. As the supply chain disruption continues across North America and around the world, we are pleased that Heavy Lift recognizes for the second year in a row the relentless efforts of our experts on the docks. We were also highly commended for our excellence in our environmental performance through our concrete ESG goals, smart investments, and continued focus on operational enhancements. Ladies and gentlemen, this is the operator. We are experiencing some technical difficulties. Please stand by. Thank you. Hello, everyone, and I apologize for the technical difficulties. We're not sure what happened with our phones, but we're now on the cellular network, so we'll start again on the environmental side. In terms of our environmental services, revenue closed at CAD 124 million, which is close to last year's performance for the same period. Earnings are slightly below last year. Our traditional environmental services performed well. These include site remediation, soil management, regeneration, and dredging and dewatering. These were somewhat offset by lower activities in our water technology sector throughout the network. This was linked to postponed contracts in the U.S., timing, and supply chain shortages in our manufacturing facility. Our team just completed an important community project in Q3 up north at Kangiqsualujjuaq. I just wanted to share this with you because it's a really interesting community project that was started in late July, and it's really the first of its kind in Nunavik. Our goal was to collect and recycle 4,000 tons of metallic residual materials, including metal waste, end-of-life vehicles, construction, renovation, and demolition work, household appliances, and metal drums and tanks from the municipal landfill and the community, so the surrounding environment can be recovered. The waste materials were segregated, compacted on-site, prepared for marine transportation, and shipped safely to an authorized recycling facility. This project was carried out for the Kativik Regional Government in collaboration with the Public Works Department of the northern village of Kangiqsualujjuaq. It's an important project for that community, and it speaks to our implication with First Nations. I also want to share a Circular Initiatives Award that we had the privilege of receiving. We were awarded, SANEXEN, the 2022 Circular Initiatives Award by the organization Québec Circulaire. With our unique facility in North America, where our teams of experts transform construction, renovation, and demolition debris into value-added byproducts, SANEXEN has once again taken a step forward as an environmental leader in innovative solutions. In our water technology sector, we continue to focus on growing our rehabilitation business while also delivering on our new PFAS solution. National Research Council Canada have confirmed the excellent results of our PFAS pilots from over the summer, and our team is now focusing on finalizing our commercial terms for long-term contracts with major American landfill operators. Returning from WEFTEC, the most important water conference in North America, we see more and more opportunities for additional field testing in other key markets, namely airports and industrial sites, due to the increasing focus on combating PFAS. It will take some time to build this business, but we strongly believe in its full potential. In terms of future quarters, we are pleased to have been awarded a number of important projects in the last few weeks, boding well for Q4 and 2023. Our backlog until year-end stands at some CAD 64 million. All in all, our team is delivering strong results in a very dynamic environment. I can't thank them enough for their dedication, their relentless focus, and their positive impact. Let me now hand it back to Carl. Thank you. Thanks, Madeleine. To recap, our team has come together to produce, again, a record quarter. As I mentioned at the beginning of our broadcast, strong market conditions across both business units and geography, continued solid demand and performance from the Logistec team shows our ability to deliver. One other demand trend that will persist through the cycle, and in fact is set to increase, is the growing response to climate change. As Madeleine was stating, cities around North America and the world are committing to net zero emissions. At the same time, they are investing in mitigating the impacts of climate change that are already here. Like those we have seen in the summer in the form of historic and tragic flooding in the U.S. They are generational challenges. Innovation and new approaches are absolutely essential to solving them, because water management and infrastructure is a significant carbon contributor, accounting for up to 10% of greenhouse gas emissions globally. Yes, the utility market's emission equal to the entire global shipping industry. The market will be required to reduce its carbon intensity in line with the commitments of cities, municipalities, and countries. While we still have work ahead of us, we strongly believe that with ALTRA, we are in a unique position to support our water utilities in their sustainability commitments. This is very much in line with our commitment to our own respective ESG roadmap. Step back. We are very confident that the macro forces are driving good news for the whole Logistec company. Strong continued demand and the kind of performance we are seeing from the Logistec team show our ability to deliver. With that, operator, let's start the Q&A. Thank you. We will now start the dialing Q&A for anyone who has the option to ask a question, please dial in the provided number. 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. If you like to retry your request, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. We do not have any questions at this time. We do have a question coming from Colin Stewart from JC Clark. Please go ahead. Hi, Madeleine and Carl. Congratulations on a good quarter. I just had a few questions. On the first point, I know you addressed it on the call, but there's a lot of evidence of some economic slowdown and a lot of people talking about concerns of a recession and just trying to understand specifically, I guess, on the marine terminal side of your business, are you seeing any evidence of that at all or any areas of weakness? Trying to get a better sense of exactly what signs you're seeing in that and what the outlook is over the next several quarters. Sure. I'll answer that. Thank you, Colin. The strength of Logistec is really the diversity of its network. There are pieces of it that we expect will slow down, but there are pieces of it that are very strong and we expect will continue to be strong over the next years. I'm talking in fact of, we are really close to the energy sector, and that's where we've seen a lot of strength in our network. With the war in Ukraine, I'm just not seeing this sector slowing down, in the next couple of years. In fact, the oil and gas industry continues to be strong, but we're also very much in line with the transformation of that industry to renewable energy. We're very well positioned to be able to benefit from all the project cargo that will be coming in and out of North America, to ensure the offshore and onshore windmill programs. That is a very strong part, and solid into the future for Logistec. Where we see that there may be some slowdown in the industry is on the retail side of the container business. I would say that I'm not concerned for us on that angle either, because in Montréal, we do expect steady and increasing container volumes from our customer, MSC. MSC continues to grow, continues to take market share. As you know, we've got a very long-term contract with that customer, and our challenge is always to be able to handle the increased volumes that they give us. Things may slow down a little bit in the retail sector overall in North America, but I'm really not seeing that impacting us just because MSC will continue to grow their market share. We've been benefiting from ancillary revenues, and that's because of the volatility in the container business. I don't think that volatility will really go away. Our strength will be to be able to deal with the ups and downs and the agility that we need. The bulk sectors, we're not seeing a slowdown. Natural resources from Canada are very much in demand. I think we're in pretty good shape to face any kind of slowdown that this world gives us. Okay. That's helpful. I just had a couple other quick ones, if that's all right. On the environmental services, I think in the press release, you mentioned something about some delays and project changes that impacted the quarter. Maybe you could just elaborate on that a bit. Is that a temporary thing where you sort of expect to recover that business in future quarters, or is there some sort of more permanent change there? Then I guess the second question would just be if you could just make some general comments on the current M&A environment and what kind of opportunities you're seeing. Yeah. On the environmental side, what we saw in the quarter and what was really disappointing is continued delays in some of our projects in the U.S. We're really trying to build the U.S., the infrastructure, the pipe lining business, because there's such a need for it. It's a much more economical solution and much more eco-friendly as well than having to rebuild from scratch. We're hoping that some of the funds offered by the federal government will come into play. This is maybe why the project was delayed, hoping for them to get funding through these projects. Unfortunately, in the last couple of years, and through COVID, we've seen projects being delayed and delayed. Now they're programmed for 2023, and we hope that they will not be delayed again. Other than that, we're growing our footprint for these ALTRA liner projects. We're getting more and more business into Western Canada from our affiliate, FER-PAL. FER-PAL also saw some delays in their U.S. portfolio. No, I wouldn't call this a structural issue. I would call this something temporary, and hopefully once we get it back on track, it'll become annual contracts like those we have in Montréal, Toronto. On the M&A- Great. Okay. Yeah. Yes? Sorry. I was just going to say thanks. If you could just comment on the M&A side as well. Yeah. M&A, I'm just going to be fully honest. We have been looking at a couple of projects in the U.S., the U.S. is so strong in our sector that, for one reason or another, they've decided to postpone some of these sales. We're going to continue to stay on top of those. We're looking at some others in Canada. One, unfortunately, we were working really hard on, it just didn't work out. We continue to have some active projects, I would say probably more at the early stage at this point. Okay, great. Thank you. Your next question comes from Stephen Takacsy from Lester. Please go ahead. Thanks. Congratulations on another great quarter. Never ceases to amaze me. Colin stole most of my questions, but I still have a few here. I had trouble getting on the call for the questions. Apologies if I'm repeating something here. The growth on the marine cargo side, can you just sort of explain in a little more detail what's driving that growth? Yes. Hi, Stephen, thank you for your kind remarks. The growth in the marine sector is really coming from the general cargo facilities. I'm going to give two high impact sectors that are leading this. One is the energy sector, so lots and lots of activity in the Texas area for steel pipes, steel of all kinds that go into the oil and gas sector. The other one is also on the energy front, lots of projects on the wind sector, more to the north of the U.S. Those two have really done well. We've also got a lot of forest products that are coming into the south area. That may or may not continue into the next year, but we certainly benefited from it in this quarter, and we should benefit from that as well in the next quarter or two. All right. It's really break bulk, and you said bulk was stable, and I caught that the container was fairly flat, if I understood you correctly at the beginning. Yeah. Containers was fairly flat, but lots of ancillary cargo revenues there because we had a lot of storage revenues. As you may know, there's a lot of imports coming in, and the importers are not able to take their cargo because they don't have storage space. They're on the docks. They're storing it into our MtlLINK facilities. We're in solutions mode to try and help them decongest their own warehouses. Right. Regarding the environmental backlog of CAD 64 million, how does that compare to last year, and what's the nature of it, given that your statement here, traditional environmental services delivered their entire backlog for the quarter? You can explain that as well. We're talking more on the environmental services front rather than rehabilitation because ALTRA contracts really come out in Q1 for the upcoming season. On the environmental services front, I would say that we're ahead of last year. There seems to be a lot more opportunity into the marketplace. We also are optimistic on a few other projects that are not quite in the backlog yet, but they're pretty close to getting there. Right. The CAD 64 million, how would that compare to a year ago? It's better, but I don't have the number from last year. Sorry. Okay, comparable or better, right? Yeah. When you're talking about traditional environmental services, that's the remediation. Yes. -ALTRA. Yes. That's the remediation. Okay. That's pretty much done for the year, basically, is what you're trying to say? No. They're not done for the year. They're still very active, and as long as the season continues to be mild, we'll continue to work in that sector. Okay, great. Thanks a lot. That's great. Thank you, Stephen. Ladies and gentlemen, as a reminder, should you have a question? Please press the star followed by the one. Presenter, there are no further questions at this time. Please proceed. Thank you very much, everyone, for joining us today. We appreciate the time and the interest in Logistec. Thank you, everyone. Ladies and gentlemen, this concludes your conference for today's call. We thank you for joining and ask that you please disconnect your lines.