Good day, and thank you for standing by. Welcome to the Park Lawn Corporation first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Jennifer Hay, General Counsel. Please go ahead. Thank you, Cheryl. Good morning, everybody. Thank you for joining us on today's call. Today's call is being recorded, and a replay will be available after it is completed. Please be aware that certain information discussed today is forward-looking in nature. Any such information is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. Please see our public filings for more information regarding forward-looking statements. During the call, we will reference non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our public filings for additional information regarding our non-IFRS financial measures, including for reconciliations to the nearest IFRS measures. I will now hand the call over to Park Lawn CEO, Brad Green, to open our discussion today. Thank you, Jennifer. Good morning, everyone. In addition to Jennifer, with me on the call today is our CFO, Daniel Millett. I'll begin with a discussion of our business highlights in the quarter. Dan will follow with a more detailed review of our financial results. I will provide a brief outlook of what we expect from our businesses going forward. We will take your questions. Similar to what we saw in the fourth quarter of 2020, Park Lawn again experienced significant revenue growth in the first quarter of 2021, achieving revenue of CAD 89.6 million for the three-month period ended March 31st, 2021. Revenue grew approximately 20% over Q1 2020, with revenue growth from comparable businesses of approximately 21%, excluding any foreign exchange impact. Park Lawn earned adjusted EBITDA of CAD 24.2 million and achieved an adjusted EBITDA margin of 27.2%, an increase of 300 basis points as a result of our continued focus on improving operations. The results for the first quarter of 2021 exhibited several similarities to what we saw towards the end of Q4. First, at-need volumes were elevated both in Canada and the U.S., in part due to COVID-19 mortality. Second, average revenue per contract continued to increase in those jurisdictions where restrictions have been relaxed, and as a result, we achieved growth over our Q1 2020 comparison. Third, we continued to see increased pre-need sales activity. We will continue to focus on improving contract averages and supporting our pre-need sales as we move through Q2 and Q3 in order to maintain our strong sales and operating results. In addition to focusing on operating results, our M&A activity remains dynamic, closing the three previously announced acquisitions in North Carolina, Tennessee, and Wisconsin by May 1st. Although we are first and foremost operators and believe highly in our ability to execute the day-to-day operations of funeral homes and cemeteries, we expect M&A to continue to be an extremely relevant and additive component to the growth profile of Park Lawn for the foreseeable future. We also continue to use our resources to support various organic growth initiatives and have, for example, begun the process to construct a new on-site funeral home in Waco, Texas. I'd now like to turn the call over to Dan to review our financial results in more detail. Thanks, Brad. Good morning, everyone. You'll find a detailed breakdown of our first quarter results in our financial statements and MD&A, which are available on our website and on SEDAR. My comments this morning will focus on the first quarter operating results. During the first quarter, we saw increases in call volumes both in Canada and the U.S. Correspondingly, our total revenue was CAD 89.6 million compared to CAD 71.2 million for the same three-month period in 2020. This represents an increase of CAD 18.3 million, or approximately 26%, over the same period in 2020. Excluding foreign exchange headwind experienced in Q1, revenue growth from comparable businesses was 21.4% over the Q1 2020 comparable. Acquisitions made after January 1st, 2020, were also a strong contributor to revenue in Q1, contributing approximately CAD 7.8 million in revenue growth. Moving into Q2, we expect to achieve some additional operating leverage in those businesses acquired during the 2020 calendar year. The company's operating expenses, including general and administrative, advertising and selling, and maintenance expenses, increased approximately CAD 7.8 million for the three-month period ended March 31, 2021, over the same period in 2020. The increase in expenses is primarily due to increases from acquired businesses and increased labor and sales expenses to address elevated Q1 sales demand. Relative to Q1 2020, corporate overhead experienced only slight increases that resulted from increased headcount in the corporate office that occurred during Q1 2020. As a result of another quarter of exceptional sales and a commitment to operations, our net earnings attributable to PLC shareholders for Q1 2021 was CAD 9.8 million, or CAD 0.324 per share, compared to CAD 0.7 million, or CAD 0.025 per share for Q1 2020. Furthermore, adjusted net earnings attributable to PLC shareholders for the first quarter of this year was CAD 12 million, or CAD 0.40 per share, compared to CAD 7.6 million, or CAD 0.26 per share in Q1 2020. This represents an increase of approximately 57% in adjusted earnings per share. Our adjusted EBITDA attributable to PLC shareholders for the current quarter was CAD 24.2 million, or CAD 0.81 per share, compared to CAD 17.1 million, or CAD 0.58 per share for the same period in 2020. This represents an increase in adjusted EBITDA per share of approximately 40% over the same period in 2020. Turning to the balance sheet, we ended the first quarter with approximately CAD 139 million drawn on our revolving credit facility, other debt of approximately CAD 11 million, and cash on hand of CAD 41.3 million. Excluding the recently issued debentures, our net debt was approximately CAD 108 million. At the end of March, our leverage ratio was approximately 1.23x based on the terms of our credit facility, and approximately 2.22x including our outstanding debentures. We believe we are currently well-positioned for and expect future growth through M&A. Our current liquidity is approximately CAD 120 million after considering the recently completed acquisitions. We continue to see support from the broader debt and equity capital markets, and our operations continue to generate free cash flow available for strategic initiatives. I will now turn the call back to Brad for some comments regarding what you can expect as we move forward in 2021, and closing remarks. Thanks, Dan. The first quarter of 2021 continued to be trying for our team members, client families, and their loved ones. Our businesses remained extremely busy with both at-need and pre-need sales and services. Although the outlook for the COVID-19 pandemic remains uncertain, there is reason to be optimistic that a return to normalcy for our industry is in the foreseeable future. While it would be irresponsible to expect that at-need volumes recently experienced in Q4 and Q1 will be maintained in perpetuity, we continue to expect financial growth over our 2020 results, driven primarily through acquisitions, pre-need sales, and continued improvements in our operating performance. As we've begun to integrate the West, Wichmann, and Williams acquisitions, all which closed early in the second quarter, our business development team continues to actively discuss additional opportunities within our pipeline. We are reviewing opportunities of all different sizes, both in Canada and the U.S., to drive growth. Our pre-need business has also been a positive driver of top-line growth during the first quarter. The trigger event caused by the pandemic has focused many people's attention on end-of-life planning. As COVID restrictions relax in the various jurisdictions, we find we can more effectively engage with families and discuss their preferences for pre-need property services and merchandise, supporting our pre-need sales efforts. While we do expect to see headwinds from call volumes in the near term, our operating performance, as we've mentioned, is the primary focus for our company. We are constantly reviewing the operating structure of our business, looking for improvements in efficiencies, as well as how best to support the needs of our client families with relevant, innovative, and customized merchandise and services. During the quarter, we've experienced an increase in our average revenues over the comparable Q1 2020, and foresee a persistent desire of client families to remember loved ones with a service and permanent placement, supporting the likelihood for strong average revenues into the remainder of the year. That concludes our prepared remarks, and I will now turn it over to the operator for any questions. Thank you. If you would like to ask a question at this time, please press star one on your telephone handset. Our first question comes from George Doumet from Scotiabank. Please go ahead. Your line is open. Good morning, guys. Congratulations on a strong quarter. Good morning, George. Thank you. Yeah. Two-part question for you, Brad. Last quarter, you guys called out the positive impact on margins from the pandemic to be 150 basis points. Do you have that number for this quarter? Is it similar? We're obviously running well above our 26% margin goal. I think also Dan alluded to earlier in his prepared remarks to more gains from acquisition. Should we think of this more as a floor this year, with potentially some upside next year? Thanks. Both good questions. I'm going to take them in reverse, although I think the answer for both remains or are very similar. We're still trying to get a solid understanding of exactly how the COVID pandemic has impacted the margins. We've definitely seen the increase in at-need activity. We've talked about that. We've definitely seen an increase in the pre-need sales. We also believe very firmly that the changes that we've made in how we operate this business over the past couple of years and how we've integrated our legacy acquisitions as well as our new acquisitions are having the intended impact of getting to that sustainable 26%+ margin. When you ask me where the floor is, I would say we haven't moved our goal line from the 26% margin at the end of 2022, but it is very possible that we got there quicker than we anticipated, which doesn't surprise me at all. When you ask me to put a number on how COVID has actually impacted that, it's very hard to do. I think you said 150 basis points is something that was mentioned last quarter. It's probably more of us just saying a portion of it is definitely attributed to what happened with COVID, and a portion out of it is definitely attributed to the fact that we're running this business more efficiently. To put an actual number on that, George, I just can't do it. It is my expectation going forward that you guys are going to start seeing the margins in the range that we hope to be the end of 2022, the 26%. It would not surprise me if we're able to maintain margins in that range, going forward. It also wouldn't surprise me if we slip back a little bit, if the at-need volume drops significantly as a result of COVID-19 stopping completely in the summer. I think we're there. That's a long-winded answer, but I think it probably got you where you needed. Okay. That's helpful. Thanks. Just one more if I may. On labor, it's obviously affecting a lot of industries. Just wondering if it's specifically affecting yours, I guess sourcing the right labor from a capacity standpoint. Would you expect to maybe pass through some price? If the answer is yes to that, would we expect to pass through some price to the customer maybe later this year? Thanks. Good question. We have not experienced the labor problems that you read about every day, and actually driving up to the office this morning listening to CNBC, that was the main thing that was being covered while I was driving up to the office this morning. We just haven't experienced that. George, the only reason I can give you for that is a lot of people come into this industry because they want to work in the industry, and people find a place working here, and we have, as a general rule, a very happy workforce. We just haven't run into those problems. It's something that we've talked about, and if we start running into pressure on our salaries, then we would obviously have to look at price increases, but that's just not an issue that we have right now. Great. Thanks for answering. Good luck. Thank you. Our next question comes from Irene Nattel from RBC Capital Markets. Please go ahead. Your line is open. Thanks, and good morning, gentlemen. Morning. Good morning. Just sticking with the Q1 results. I was very intrigued by your comment around the rise in average revenue per contract. Where would you say we are, compared to pre-pandemic, and how do you see that evolving as we go through the year? I will give you some specific numbers on that. Throughout 2020, we used Q1 as a basis for the average sale. The reason for that is that was the first full quarter before things really got going with COVID-19. We noted that the second quarter fell about 8% from Q1, then it bounced back to only about 3.5% off in Q3, then only about 4% down in Q4. If you take Q1 of 2021, this last quarter, and compare it to Q1 of 2020, we're actually up 7%. Not only did we see it come back, we saw it improve, by my opinion, a healthy percentage. Where do I see that going for the remainder of the year? What we have seen is that the burial families have definitely come back and focused on services. There is still some improvements to be made on the cremation side with cremation families focused on services. If you remember, as we were being asked this question throughout COVID-19, when no one really knew where we were going to end up, we consistently said that people make choices on how to bury their mother, their father, a sibling, a child, or something along that line. They make these decisions based on what they have done in the past and what they want to do, and we did not think that COVID-19 was going to alter the choices that people wanted to make. As a result of that, I think the moment these restrictions were lifted, people bounced back to what their norm was and what they wanted to do. That doesn't surprise us at all, and I think you'll see that in the jurisdictions that still don't have restrictions. I think you'll see people bounce back and do what they want to do because it's about burying their loved one. The COVID-19 pandemic is not going to change their perception of how they want to celebrate that life. That's really helpful. Can you tell us what percentage of the markets were sort of open in that way? Most of our markets are completely open with the exception of Canada. Understand, we don't have a big presence in some of the places, I'll use California, for example, that the other two publicly traded companies do. There's a lot of impact that goes along with that. Most of the markets that we are in now are open to the point that the restrictions that exist do not impact our business operations. I'm not saying that they're completely open, but giving us the ability to have 100 or 150 people at a funeral service versus zero. 100, 150 people, we can work with that. Zero is very hard. With the exception of Canada, we're pretty much open. Some of our markets are completely open, no restrictions, no mask, et cetera. Wow. I wonder what that feels like? We pray for you and all of our other friends in Canada, Irene. Trust me. Yeah. We still have a curfew here. Just one other question, if I might. On the last call, you said that you were beta testing the FACS software in certain markets in Q1, wondering where you stand with that. Secondarily, as we go through 2021 and 2022, how, from the outside, we're going to see the impact of that sort of in the results or rolling through elements of the results? Good question. We ran FACS in one of our large markets, side by side with the legacy systems for getting the Q1 results, and they matched, which is, you know, when rolling out software, that's an important last step. Now we're taking that and we're starting to roll out basically our first version of this software to our other markets, which I plan to have in place by the end of 2021. What you would see, not necessarily what the benefit in our own organization is going to be, but what you would see and our investors would see is bluntly more detailed reporting, both in the financials and during these calls. We've got six or seven legacy systems that are all giving us numbers that we're then consolidating, and in order to have these phone calls and do what we need to do when we have a single system, I think we'll be more comfortable breaking down some of these consolidated numbers into more specific cemetery and funeral home segments and same-store and things of that nature. We do that now, but I think you guys will see even more of that because transparency is something we all believe in around here, and the more I can give you, the happier we'll be. That is wonderful. I look forward to it. Thanks. I'll get out and back in the queue if need be then. Thank you. Thank you. Our next question comes from Scott Fromson from CIBC. Please go ahead. Your line is open. Good morning, gentlemen. Well done on the quarter. Thanks, Scott. I'd like to dig in a bit on the accelerated pre-need sales. Do you have an idea of the breakdown of the acceleration between cemetery and funeral home? I guess what I'm looking at is, does the business mix with higher percentage of cemetery have kind of a multiplier effect on growth versus the industry average? It depends on what you're talking about. Our pre-need funeral was up about 22%, but a lot of that is insurance, and so you're basically recognizing commission at the time. Our pre-need cemetery sales as a whole. I'm sorry, yeah, pre-need cemeteries as a whole is up about 40%, you have to remember in that number is not necessarily what was being sold, but what was being recognized in the quarter. What you really probably want to look at when it comes to cemeteries is the pre-need property sales, because that's what's actually happening in the quarter, and that's what's making it into the number, and that was up about 47%. If you cook all that together, that's where you see some significant pre-need sales. Remember, in this industry, there's a distinction between what is being sold and what is being recognized, and that trips people up at times. Anyway, I think that answers your question. It does. Maybe just to dig a little bit deeper, are you seeing changes in the demographic groups buying pre-need cemetery? In other words, is the average age of a purchaser going down? Not really. I think we're seeing more of what we saw pre-pandemic. In other words, the demographics of the individual coming in and talking about this hasn't changed. There are just more of them, which gets back to quoting what Jay Dodds said at the very beginning of this, and just to let you see behind the curtain a little bit, this was him telling me this at the very beginning, and when it was just he and I talking, he said, "This is going to be a trigger event." Those are words that y'all heard us use multiple times through the pandemic, and it's turned out to be true. Pre-planning is in the forefront of a lot of people's minds because you never know what's going to happen, and we've just got reminded of that. The demographics are not changing, but the sheer volume of people coming in are. Does that make sense? It does. Final probe, do you have a sense of if you're gaining market share versus competitors on that pre-need sales portion, particularly cemetery? The short answer to that question is yes. That has nothing to do with COVID and everything to do with that was our focus pre-COVID. It's been our focus after COVID. We have a very robust sales organization, and that's always been a focus of this company's executive operating team who's been together for 13 years in different spots. Yeah, we're gaining market share, Scott, but we're doing that because we expected to do that no matter what. That's great. That's very helpful, Brad. Just one quick further question on U.S. dollar-denominated revenues. Do you have a strategy for dealing with the translation risk? I would calculate your U.S. revenues at about 90%, but the CAD continues to strengthen. Hey, Scott, it's Dan here. Yeah, that's something that's definitely on our mind, and we started looking at that earlier this year. Obviously, it's really a presentation risk as much less of our actual cash needs need to be exchanged. Looking at some ways to manage that, I think one thing you'll start to see going forward, is utilizing a little bit more U.S. debt. We have that ability on our credit facility to manage some of that FX risk, as well as U.S. dollar presentation currency. We're investigating that as well. Those are things we're thinking about, and when we have something more to discuss, we'll talk about it. Perfect. Thanks, gentlemen. I turn it over. Thank you. Our next question comes from Maggie MacDougall from Stifel. Please go ahead. Your line is open. Thanks. Good morning. Hi, Maggie. Can you guys just get into a little bit of sort of the 12-month, 24-month expansion plan on the organic side? I'm kind of curious what kind of expansion opportunities you have in the portfolio that you might be looking at, and how we should think about sort of that latent opportunity to capture growth through just expansion of assets and building out on what you already have. If you back up, that's really a question about the utilization of our capital and how we go out to the market, whether we're buying acquisitions or whether we're taking current properties that we have and improving on them. The answer is, those are constantly happening, Maggie. If you're asking me to look out 12 to 24 months, there's literally a spreadsheet of organic build projects, whether it be cemetery mausoleums, developing cemetery property, developing cremation gardens, things of that nature. Our ongoing projects right now, we've got things going on at Eternal Sunset, Forest Lawn here in Houston, the Westminster Funeral Home's still going on. We're building a new funeral home in Waco. Just last night, we were looking at a new build cemetery on property that we have. Those things are constant and ongoing. It just depends on what's going on at the time with acquisitions on where we're going to deploy that capital. I guess another way to kind of add a little bit more detail to that is we never run out of these organic projects that we could work on. We just try to decide which ones that we can work on while doing the acquisitions and while running operations. It's just kind of a constant measured drumbeat of improving or doing organic projects as we go through because we can't be in the construction business. If I have four funeral homes being constructed at the same time, it's going to take away from somebody else doing something else in the company, if that makes sense. Yeah, for sure. Allocation of internal human and financial resources, obviously is what you're discussing. The other question I had is just around the margin and coming at it from a slightly different angle than what we've already discussed on the call, and that's just around looking at the strong gross margin you reported, how do I separate the lift in that from sort of the change in business mix? You guys have added a lot of funeral assets. It used to be that Park Lawn was very overly cemetery. Now it's a bit more balanced, reflective of the industry, versus pricing changes because as Irene questioning unveiled by, you did see a pretty good recovery in that average revenue per contract. Can you just unpack that gross margin just a bit for me? Yeah, we're going to see an improvement in the margin with what we've done through an acquisition because the funeral segment has a higher margin than the cemetery segment does. To that extent, that's going to have a positive impact on the margins anyway. Bluntly, though, that's all part of the plan. We knew, even probably before Jay and I joined, Park Lawn knew that it couldn't and would not, if it was going to grow, continue to buy cemeteries at the rate that it had in the past, because there just aren't the number of large cemeteries properties out there to consolidate as there is funeral homes. What you're also seeing in the margin improvement is we are buying infinitely better businesses now than what was occurring with some of our legacy transactions. Not that they were bad, but if you're buying a business that's got a single-digit margin and you're working hard to take it to a 20% margin, it's a lot easier to buy a business that's operating at a 28% margin and taking it to a 35% margin. I think the addition of the funeral homes to the cemetery mix that we have at Park Lawn, yeah, you're seeing it, but that was always part of a larger plan anyway, just by the nature of how the business looks. We are also extremely balanced right now. I think our EBITDA is 50/50, almost exactly 50/50 in Q1 between cemeteries and funeral homes. The last thing I'll say about that, Maggie, is we're agnostic when it comes to buying cemeteries or funeral homes because we can operate both. They're very different. In my mind, it's what's the next acquisition out that we can best deploy our capital on? It wouldn't bother me one bit if it got to where we got heavy cemetery again because of a couple of transactions or went the other direction. It just doesn't matter for us as operators. It could have an impact on the margins if we go back in and start buying some larger cemeteries that have lower margins. We'll just have to see what happens there. Okay, thanks. Just one last one from me. If I look at your same-store sales growth being in the 20% range, that's really high. Are you able to bifurcate that by volume versus price? Let me see. I got something up front here that should help me with that. Let me see this. I don't have that actually in front of me, Maggie. I'll let Dan get back to you on that, because if I start. Okay Spouting this off, I may actually be wrong, and I don't want to tell you the wrong thing, because that would be very embarrassing to me. Dan can get back to you on breaking that apart. Thank you so much. Maggie, I do have a couple of those things in front of me. Looking at relative to 2020 Q1, our calls are kind of up in total about 25% with our averages up about 7%. That kind of gives you a bit of the idea of how that flows into the numbers. Okay. Thanks a lot, guys. Have a good morning. Thanks, Maggie. Thank you. Our next question comes from Zachary Evershed from National Bank Financial. Please go ahead. Your line is open. Good morning, everyone. Congrats on the quarter. Morning. Thanks, sir. With FEMA funeral funding being retroactive, are you seeing any families come back to spend that money a few months down the line? That's actually had no impact on us that we have seen. It's a reimbursement program anyway, as opposed to a forward-looking program. When it was announced, there was a discussion internally as to whether or not to help facilitate those payments. Since it was a government-run program, we decided it was best for us not to get in the middle of that, and I'm glad we did, because it's been bumpy. We have seen no impact or discussion about that whatsoever. In large part, Zach, because I think it's a reimbursement program, not a submit the bill to the government program. Understood. Thanks. Labor, obviously, you're not seeing any issues there. How about any upward pressure on the products that you use, caskets or urns, that kind of stuff? We haven't seen any of that yet. Obviously, with our largest vendors that are publicly traded, I listen to their phone calls myself, and they're starting to talk about pricing pressure. For example, with the casket vendors, which are two large vendors of ours, they kind of have an annual price increase that's baked into their product anyway, I think because it has been for decades, and so they can still get away with that. We haven't seen anything coming at us yet. Again, we read and listen to the same things you are, and one would anticipate that that could happen, and we'll deal with it when it hits. It's kind of similar to the same conversations we're having now from an operational standpoint. That is, if you know or anticipate that the at-need volume is going to drop and have an impact on revenue, where are the costs going to align with that? If we get a question like that, or if we start seeing cost increase in our product lines or through our vendors, we're going to have to deal with it in one of two ways. We'll be ready for it when it comes. That makes sense. Thank you very much. I'll turn it over. Thank you. That concludes the questions in our Q&A session. I'll turn the call over to J. Bradley Green for closing remarks. I really appreciate those of you all who dialed in today for doing that, and continue to support Park Lawn, and look forward to talking to you all next quarter. Thank you very much. Thank you for joining us today, ladies and gentlemen. This concludes our call. You may now disconnect.