Good morning. Today is May 5th, 2021. Welcome to the Toromont first quarter 2021 results conference call. Please be advised that this call is being recorded. Your host for today will be Mr. Michael McMillan. Please go ahead, Mr. McMillan Thank you, Donna. Good morning, everyone. Thank you for joining us today to discuss the results of Toromont Industries Limited for the first quarter of 2021. Also, on the call with me this morning is Scott Medhurst, President and Chief Executive Officer. As noted in the press release issued yesterday, we will be referring to a package posted on our website. We encourage listeners to download it and follow along. At this time, and as noted on slide two of our presentation, I would like to advise listeners that this presentation may contain forward-looking statements and information that are subject to certain risks, uncertainties, and assumptions that may lead to actual results or events differing materially from those expected. For a complete discussion of these factors, refer to our press release from yesterday, which is available on our website. As is our practice, we will focus on key highlights for the quarter. Scott will begin with a few general remarks, followed by comments on our overall results, after which I will provide some highlights on our divisional results and financial position. After our prepared remarks, we will be more than happy to answer questions. Over to you, Scott. Thank you, Mike, and good morning, everyone. Before I begin, I would ask that you move to slide three of the package. Toromont's first quarter results reflect on our unwavering commitment to meet our customer needs as we continue to navigate through a complex operating environment. The Equipment Group reported strong product deliveries reflecting improved activity levels in the quarter. CIMCO revenues increased with good progress on its order backlog. Product support activity, particularly in the recreational markets, continues to reflect the impact of COVID restrictions. Operational efficiencies with continued focus on expense disciplines resulted in solid bottom-line growth. Turning now to our financial results highlighted on slide four. The company recorded good results in the first quarter of 2021. While we have seen higher industry activity levels, we still operate with caution given the rapidly changing situation driven by COVID-19 variants. Backlogs were CAD 912 million at quarter end, up 61% versus Q1 2020. In the Equipment Group, Mining and Construction represent approximately 39% and 35% of our backlog, respectively. CIMCO backlogs were 18% lower, reflecting execution on the large industrial orders received in Canada in Q1 of 2020. On a consolidated basis, revenues increased 13%, reflecting increased activity in many areas and solid execution from our teams. Product support revenues increased 2%, while rental revenues were 11% lower compared to similar quarter last year. Operating income was 27% higher on the higher revenues, coupled with relatively unchanged expense levels. Net earnings increased 28% in the quarter versus a year ago, while earnings per share increased CAD 0.13 to CAD 0.58 per share. We continue to provide essential services and solutions to our clients while remaining diligently focused on safeguarding our employees and protecting our business for the future. We appreciate our entire team's incredible effort and ongoing commitment to adapt to changes in the business environment. Although we experienced improvement in market activity in the first quarter of 2021, a tone of caution still exists given the changing status of the pandemic and response. Our order backlog was healthy heading into 2021, and new order bookings in 2021 are supportive. The diversity of our geographic landscape and market served, extensive product support offerings, and financial strength, together with our disciplined operating culture, continue to position us to build for the future. Mike, I'll turn it over to you for some detailed comments on the group results. Thanks, Scott. Let's put a bit more color on the operating results, starting with the Equipment Group on slide five. Revenues were up 11% in the quarter on improved equipment sales and product support growth, while rental revenue was weaker. Total new and used equipment sales were up 28% overall, or 34% and 12%, respectively. Sales increased across all markets and regions. Construction markets up 32%, Power Systems up 20%, Material Handling up 10%, Agricultural up 76%, and Mining up 3%. Rental revenues were down 11% year-over-year. Light Equipment Rentals were down 7%, with lower activity in most regions, where Heavy Equipment Rentals were up 8% across all regions. Relative to last year, Québec activity also improved. Power Rentals were lower 13%, and Material Handling rentals were down 5%. RPO revenues were down 48% on a smaller average fleet over the period. The RPO fleet was CAD 38.6 million versus CAD 62.1 million a year ago. Product support revenues grew 2% on higher parts up 4%, and lower service revenues lowered by 3%. Activity within Construction markets was up 6%, with increases in most regions, and both Material Handling and agricultural product support activities were higher. Mining activity was lower with product support down 2%, while Power Systems decreased 7%, reflecting timing of larger rebuild projects. Gross profit margins decreased 10 basis points in the quarter. Equipment margins and product support margins were largely unchanged. Rental margins were 60 bps higher, reflecting benefits from fleet adjustments, including selective dispositions and acquisitions, as well as a stronger utilization over last year. Selling and administrative expenses in the quarter increased CAD 1.5 million or 1%. The increase is mainly attributable to mark-to-market adjustments on deferred share units due to the higher share price. This was largely offset by continued cost containment disciplines in discretionary expenditures such as travel. Allowance for doubtful accounts increased CAD 1.1 million on aging of accounts receivable. Operating income was up 27%, reflective of higher revenues. Bookings increased 103% in the quarter across all sectors. Mining bookings were CAD 242 million in the quarter, reflecting several large orders. Backlogs of CAD 736 million were 108% higher than this time last year across all sectors, approximately 80% of which are currently expected to be delivered this year, but subject to timing differences depending on vendor supply, customer activity, and delivery schedules. Let's turn now to CIMCO on slide six. Revenues were up 37% in the quarter, mainly due to strong package revenues on continued progress against industrial orders booked in 2020, slightly offset by weaker product support. Package revenues were up 105%, with increases in both recreational and industrial markets. In Canada, package revenues were up 98%, reflecting industrial revenues, where in the U.S., package revenues increased 159% on a smaller base, with higher revenues in both industrial and recreational markets. Product support revenues decreased 7% versus the first quarter last year on lower activity levels in both Canada and the U.S. Activity levels in 2021 are lower, reflecting continued site restrictions in most areas and reduced demand, particularly in recreational centers, which have been closed or severely restricted by the pandemic. The increased technician base and essential services designation continues to support our backlog and positions the business well for the eventual improvement of activity levels. Gross profit margins decreased 560 basis points in the quarter versus last year. The decrease in gross profit margin was due to lower package and product support margins, combined with a less favorable sales mix of product support revenues to total revenues. Margin mainly reflect activity levels, nature of projects in process, and construction schedules, which can be somewhat variable. Selling and administrative expenses were largely unchanged from the similar period last year, and expenditure control measures on discretionary spend remain in effect. A lower allowance for doubtful accounts on good collections focus on resolving outstanding items. Lower travel costs largely offset increased compensation expenses. Operating income improved to CAD 400,000, largely reflecting higher package revenues, partially offset by lower gross margins. Bookings were at CAD 38 million in the quarter, down 66% versus last year, which included an exceptionally strong level of bookings due to several large industrial orders in Canada. Recreational bookings were 28% lower on reduced market activity. Bookings in Canada were down 69%, while overall bookings in the U.S. were lower by 20%. Backlogs of CAD 176 million were 18% lower than the end of March last year, mainly related to the progress against industrial orders. We expect approximately 90% of this backlog to be realized as revenue in the year. Again, this is subject to construction schedules and potential changes stemming from the COVID-19 pandemic. On slide seven, I'd like to touch on a few key financial highlights. Non-cash working capital was substantially unchanged versus a year ago. Management of our working capital continues to be a focus as we position the company for the future. Accounts receivable aging receives continuous focus and is trending well, with the DSO down eight days compared to Q1 of 2020. Inventory levels continue to be adjusted in light of market activity and are below prior year levels. Accounts payable reflect the timing of purchases and the wind-down of certain extended terms with suppliers. We ended the first quarter with a strong financial position, with cash on hand of CAD 614 million and our balance sheet prepared to support changes in demand. Finally, as announced, the board of directors yesterday approved a 12.9% increase in the regular quarterly dividend, taking it to CAD 0.35 per share. This marks our 32nd consecutive year of dividend increases. On slide eight, we conclude with some key takeaways as we look forward to Q2. As one would expect, we continue to focus on our three key priorities: protecting our employees, serving our customers, and protecting the business for the future. We expect the business environment to remain fluid in 2021 and the tone of caution to persist, given the changing status of the pandemic, new variants, and the vaccine rollout schedules. We continue to proactively monitor developments closely and refine our business practices appropriately. We are well positioned to effectively respond to both customer requirements, market opportunities, leveraging our disciplined operating culture, our operating model, and strong financial position. That concludes our prepared remarks. At this time, we'll be pleased to take questions. Donna, back to you to set up the first call, please. Donna, over to you, please. Thank you. We'll now take questions from the telephone lines. If you have a question and using a speakerphone, please have the headset before making your selection. If you have a question, please press star one on your telephone's keypad. If at any time you wish to cancel your question, please press star two. Please press star one at this time if you have a question. There'll be a brief pause. Participant's register. Thank you for your patience. The first question is from Jacob Bout from CIBC. Please go ahead. Hi, good morning. Morning, Jacob. A solid uptick in equipment backlog. Maybe just talk about the uniformity across groups of equipment. Did smaller or larger horsepower outperform, and are you seeing the sustained level of booking so far in the second quarter? What we saw in the quarter was tremendous activity for Q1. It was in all areas. We were pleased with Construction. Construction bookings, I think, were up over 30%, so it was very fluid. The industry activities in that quarter were very strong. If you break it down, the larger iron, we saw much better activity than we did on a quarter-over-quarter. That was up almost 60%. Significant industry activities in the smaller units, the compact construction products. Very active quarter. We're monitoring buying behaviors because it was very strong. We were pleased with the performance relative to the bookings. That was throughout all areas of the business. Are you seeing that sustained level through the second quarter? What we're doing, we're monitoring things very closely, obviously, because, Jacob, Q1, usually you see a build, and that was a very active quarter. Very strong industry numbers. We were pleased with our performance, and we were able to react. I think it shows some strong disciplines from the team in the second half of last year and how we were working through our pipeline forecast processes. We'll see how things develop, but it was a very active environment. The other thing to layer in here is just Cat talking about that semiconductor shortage possibly impacting deliveries later this year. Do you think there was a kind of a pull effect into the quarter? No. Our customers, they read into their own situations, I think, a lot. There was a lot of variables in there, I guess, when you look at it, but it was strong. We were pleased that we could react to it. Again, getting back to the team's disciplines on the ordering processes, these are outcomes from how you're reading things in the second half of last year, right? I think we're monitoring things closely, and we'll see how things continue to develop. That was a very active environment in Q1. Okay. Will leave it there. Thank you. Thank you, Jacob. Thanks, Jacob. Thank you. The next question is from Michael Doumet from Scotiabank. Please go ahead. Hey, good morning, guys. Morning, Michael. In typical mining recoveries, we usually see product support recover well in advance of new equipment purchases, but that doesn't appear to be the case this time around. What dynamic do you think is driving that? Can you comment, maybe, on the strong bookings and whether they reflect demand for refleeting or mine expansion? In terms of the product support side, I think it represents the fluid environment we continue to operate in relative to COVID. It's persistent, right? Everybody's aware of what's going on with these variants. Again, we're operating in a very cautious, complex environment. Demand signals are fluctuating on the service side. You got to remember, when you're doing the comparisons, last year, first quarter, January, February, those were normal operating environments, right? There's a cautious environment out there. It's very complex due to the COVID situation. In terms of the Mining orders, we were very delighted and honored that we were awarded some packages. There were some multiple deals in there, and some of it was expansion, and some of it was some newer projects. Again, I think we're monitoring. We were pleased and really delighted with the team's performance. That was all work that was done last year, right, to get some outcomes in the first quarter. We continue to monitor things very closely on the product support side. We are not operating in a normal environment. That's right. No doubt. Neither are we. I guess, Michael, on the costs, last year you talked to us about phasing costs back into the business as the backdrop improved. At this point, have most of the costs, maybe outside of the obvious ones like travel, been added back? I'm just asking to get a better sense if we're at a stage where we can begin to make assumptions about permanent cost reductions through the cycle. It's a great question, Michael. I think a couple of things to consider. First of all, when you look back at Q1 of last year, we started to see the pandemic take hold here, call it in March, right? We did see normal run rate of spending, I suppose you'd say, in the first couple of months. It started to taper pretty quickly. I wouldn't say that what you're seeing in our financials right now reflects normal activity. We are bringing people in and out of, say, remote mine sites, but it's very controlled and very different. The Construction side, the other parts of the business, travel is significantly restricted. I would not model off of what you're seeing in Q1 yet. We're far from seeing normal activity levels. Then balancing to what we think that new level of discretionary spend will be. Perfect. Thank you, guys. Yeah. Thank you. Thank you. you. The next question is Sabahat Khan from RBC Capital Markets. Please go ahead. All right, great. Thanks, and good morning. Good morning. Just maybe wanted to get a little bit more color on the rental side from you. Just the difference between light equipment and heavy equipment during the quarter, as well as just your thoughts on taking down the inventory a little bit. Is that just a bit of caution? If you can just provide some color on what you saw in the quarter and your thoughts looking ahead. Well, on the rental side, again, tough comp because January, February last year were normal environments, right? We started to feel the COVID pandemic impact in the latter part of March. We've seen progress on the rental demand signals as the quarter progressed. We were down on the rental. The light equipment, I'll call it, we saw some slight improvement in the utilization. When we were very pleased with our Québec rental business, we're starting to see some improvement in there and some of those operating disciplines are starting to come through. That was good to see. You know what? I think when you look at the rental revenue down, what was it, 11%? Part of that is due to the sort of shift in the RPO, the rental purchase option business. That rent-to-rent business was down on rental income. The inventory level, I think we're down over 60% there. Usually, you see a build in the first quarter on the RPO business, and that shifted. There's a lot of different behaviors going on in here and demand signals, thus the monitoring things closely. One other part to that, too, I think, Saba, is when you think of the mix of, say, the Battlefield business, exterior work and things, again, continues, as we saw through COVID, to be reasonably strong. The interior things, especially when you have lockdowns or site restrictions, that does restrict some of that activity. When you think of the composition of the rental income, it is still realizing the effects of COVID, right? That'll persist for a period of time yet until we clear this, right? No, that makes sense. I guess just on the margin side, you indicated that there was some improvement there. Is that really just associated with the dispositions, or is it just that business, that it's made some progress post some of the investment? Just some additional color there, please. Yeah, I think two or three factors there. One was, I think, utilization we touched on. We're seeing better utilization of the existing fleet. Last year, we did pull back a bit and optimize that fleet. I would say we're seeing some good dispositions. We're far from seeing the full cycle, if you will, on the Québec business. We're still a few years away from that. In the rest of the business, we're seeing some benefits of some of the dispositions, better utilization across the base. That sort of gives you a flavor of where you're starting to see it. Québec, as Scott mentioned, showing better activity levels, right? We need to grow there. There was some strength in the heavy rental disposition, which certainly contributes. Yeah. Okay, great. If I could just squeeze one last one in, just maybe a broader question on that entire rental space. I know you've got a couple of these large global guys operating in Canada that have been laying out some growth strategies recently. Can you maybe talk about just the competitive intensity in that business and how you're planning on, is it really just continuing to invest in Battlefield, how you're planning on sort of maintaining your position in the rental space here in Eastern Canada? Yeah. Well, the great thing is we operate obviously in the rental services business as you were referencing, but also in the heavy rents and the power rentals as well, and now we're in Material Handling rentals. There's a lot more components in there. Strategically, we're very focused on that. We continue to look at and examine our footprints and things, and we like the business. We're going through continuing our integration plans in Québec Maritimes. It's competitive, yes, but it's always been competitive. We're committed to it strategically, and we'll continue to work forward with our operating disciplines on that front. Great. Thanks very much. Great. Thanks, Saba. Thank you. The next question is from Yuri Lynk from Canaccord Genuity. Please go ahead. Hey, good morning, guys. Good morning. Morning. I think I'm going to ask another question about why this cycle is different than the others, but it's interesting. Rental, you would normally see this pick up first, as I think clients are rather cautious, so they'd rather rent than own, but we're seeing the opposite here. Just any feedback you can share with us with the mood of your customers, because you're saying they're cautious, but they're rushing out to buy equipment rather than rent, just based on what the numbers are telling us. Well, I'd say we're cautious. I think there's some uniqueness to this. That's why when we look at those industry numbers, they're just very strong. Really, we're monitoring the buying behaviors, and we'll see how it plays out. I wouldn't want to start to speculate in this type of an environment. I think there's been some of what we saw in the quarter was some release of some infrastructure work, which is positive, and I'm sure our customers were reacting to some of that. We'll see. There's some good mix in there in that backlog with Construction, Mining, and even in our ag and Material Handling business was good, and the small contractor business. We'll see how it plays out, but a very active quarter. Yep. No, understood. Last one from me, just capital allocation. Essentially no debt here. You guys are generating lots of cash. I understand the dividend's a priority, but anything beyond that, where would you like to run this business long term in terms of leverage levels? Yeah. Good question. A couple of quick things there. We did see some decent sales in the quarter, and so we had anticipated, we started the year about, call it +CAD 200 million below, sort of normalized at inventory levels, as an example. We anticipate a level of investment to support demand changes in the business throughout the course of the year. We're still down a couple of hundred million CAD from where we would see last year. I would expect from a capital perspective, top priority is always supporting the business activity. That's through the investment there to support demand, but also on rental fleet and things like that as we start to look at it. We will have capital available to support investment in the rental business as demand dictates. I don't think anything's changed too much. There's a bit of a shift perhaps with Q1. I think the pandemic is overriding some of those themes, right? We saw delays, we tapered capital investment. We start to see that come back in this year. We're trying to monitor that, as Scott said, very carefully based on our customer requirements. That'll be job one for us. Our leverage is at one of our historic low levels. We're happy to be in that position. We are also planning on this type of investment of CAD, a couple of hundred million, through the course of the year. We'll see how things transpire going into next year. Okay. I'll turn it over. Thanks. Thank you. Thank you. Thank you. The next question is from Cherilyn Radbourne from TD Securities. Please go ahead. Thanks very much, and good morning. Good morning, Cherilyn. First question, I guess, is more around expenses. My sense in looking through the numbers last night is that you were probably managing things pretty tightly in a volatile environment, which may have created some unusual operating leverage, just given the prime product deliveries that you saw in the quarter. Just curious how you're thinking about resources and expenses going forward to make sure you have enough flexibility to capture opportunities, but don't get too far ahead of yourselves based on an unusual Q1. Yeah. We're certainly in this environment continuing to be very focused on discretionary, and while also being very in tune with long- term, right? I think there's a balance in there, Cherilyn, that we've been talking about. We'll continue to do that. Certainly, when it comes to our hiring of technicians and things of that nature, we're trying to be very aggressive in there. I think we can do more in there to prepare for the long term. We're certainly keeping an eye on long term while monitoring that discretionary areas that won't impact our ability to support our customers. That's the key, right? We're thinking through this over the long term. Okay. In terms of the supply chain, obviously, you're in constant dialogue with customers trying to get a read on what they may need through the balance of the year. How do you position yourselves in the context of an environment where eventually, we may be looking at extended lead times? There's the potential of a semiconductor issue. How do you make sure that you're positioned to satisfy customer requirements? No, great question. This started last year, and again, I think we're very pleased with how the team is sticking to the disciplines of pipeline forecasting and all the businesses with all our suppliers, not just Caterpillar. It's up to us to give our supply partners the demand signals. That started last year, and that's why we were very pleased with the performance in the first quarter, that we were able to react because of those disciplines and those pipeline forecasting that took place last year and continue to take place. It's a situation that we're monitoring closely. You take care of the things you can control, and that's what we're doing right now with some disciplines on our monitoring demand signals into our ordering processes. Last one for me. That is why we are being very active, not just on new, we are trying to be very active in used areas as well. Which kind of feeds into the last thing that I wanted to ask. Your used equipment sales did grow off of a pretty strong prior year comp. I just wanted to understand if that was primarily disposals from the rental fleet or whether your sourcing team made a contribution in the quarter. Yeah. Combination of, again, we've been, I'd say, last year, second half, strategically, we shifted to try to be opportunistic and early on purchases. We're continuing in that space, and that's part of our strategy. We like the used equipment business. We're very focused on rebuilds and supplying customers with different types of value propositions. Great. That's all for me. Thank you. Thank you, Cherilyn. Great. Thanks, Cherilyn. Thank you. The next question is from Maxim Sytchev. Please go ahead. Hi. Good morning, gentlemen. Morning, Max. I was wondering if you don't mind maybe commenting around the interplay of high steel price and obviously, stronger Canadian dollar, in terms of this countervailing dynamic impacting pricing and how you guys positioning vis-a-vis some of your competitors, if it's possible? We've been through this before, Max. This is not something that I'll call; it's just the business, compared to what the other dynamics we're dealing with here with pandemics and complexities around that, and logistics. We've worked through the dynamics of shifting dollars and commodity prices and how it impacts pricing, things of that nature. You just make sure we're ahead of it and work through it as appropriate, and it all comes down again to the value propositions that we're offering customers. That's how we sort of think through it. We certainly stay close to those dynamics you're referencing and try and stay ahead of it. Just on that, maybe just to add to that, too, Max. I think there's a couple of dynamics there. We mentioned the lower inventory levels and things as a result of the pandemic. You mentioned the Canadian dollar. We hedge; we like certainty around those variables, so we actively manage those pieces. I think, as we go forward, the operating discipline, I guess I'm emphasizing here, is just that, like Scott says, we like to work closely with the customer. We like to take some of those variables off the table, and we do it deal by deal and very actively to lock in rates and make sure that we don't have unforeseen variances. No, that makes a lot of sense. Just, I wanted to circle back to the chip shortages. Right now, given the demand signals that you're seeing from your customers, you feel that you're going to be able to fulfill the timelines that you're telegraphing in terms of being able to deliver the equipment from Cat? Is that what you're seeing on the ground right now? Look, it's complex. I think we're working closely with all our suppliers, and on that front. Part of the reason the inventory on a comparative to last year Q1 came down is it was very active. Like usually, we'll see a build in our inventory in Q1, but the great part is we were able to meet those demand signals and be ready. We saw some slippage in the first quarter, but we're working closely with our suppliers, and we'll try and do our best to give them the proper demand signals and we'll see how things play out. Okay. Fair enough. Just a couple of other quick ones. In terms of Mining, do you mind maybe potentially disclosing, was it iron ore or gold or a combination of the two that was driving the backlog additions? We had a good mix in there. Certainly, both those areas you spoke of. We were very fortunate to secure some orders. There's a mix, and there were some large multiple orders in there that we were delighted with and delighted that our customers had confidence in our products and services. Okay, wonderful. One last question for Mike, maybe. Do you mind perhaps updating us in terms of how we should be thinking about the rental CapEx this year, if it's possible? Yeah, I think very consistent with what we were talking about last quarter, Max. I think we certainly tapered our CapEx investment and fine-tuned our fleet as a result of the pandemic last year. Although we don't provide guidance, two things I would say. One is, we'll likely be somewhere between 2019 and 2020 levels, but also, we have the capacity there if demand warrants to invest and respond to that demand. We'll be very conscious of that and trying to manage the right fleet in the right places. Okay, wonderful. Thank you so much. That's it for me. Thank you, Max. Thank you. Once again, please press star one at this time if you have a question. The next question is from Bryan Fast from Raymond James. Please go ahead. Thanks. Good morning. Good morning, Bryan. Morning, Bryan. I'm just looking for further color on the Material Handling segment. We've seen strength in bookings. Equipment sales are up year-over-year. How has that vertical been performing, I guess, relative to your expectations? Still very much work in progress. Last year, a lot of work was done on the integration. We still have some more work to do with our system platforms. That integration plan is very much alive, as is the entire integration plan. Specific to that area, we worked hard last year on really narrowing in on the rental fleet and the product diversity in there. We've narrowed that a bit. On the retail side, I think we really worked hard on our coverage. There's still more work to do on the coverage, particularly in Ontario. Ontario is a very large market opportunity, and we've got to go prove that out. I would say, Bryan, we're making progress, but still a lot of work to do there with coverage. Our rental processes still aren't where we want it to be, and as well as the retail side on the coverage. We're very actively involved with our operational excellence, I'll call it, on the product support side and our processes and customer support with consistency across Québec and Ontario and Manitoba. We still have a lot of work in there, but we were satisfied with the progress that we saw in Q1. Okay, thanks. Just switching gears, just wanted to get your thoughts on telematics and the connectivity of the fleet. Can you just talk about how that is progressing and the opportunities that you're seeing there? Yeah. We're making good progress in there. We continue to move forward on connecting the assets at a pretty good pace. What I'm delighted about is how we're now picking up data signals, working closely with Caterpillar on prioritization and how we execute on the data signals, being more proactive with customer solutions. We just had an update in the first quarter on how our win ratios are, and I think we're starting to see providing more proactive solutions to our customers, which is good. We have a ways to go, and we just have better connectivity now, better data flow starting, and we're pleased with how we're progressing there. Still, we're on a journey there. I think some of the fundamentals we're doing, working closely with Caterpillar, are working out fairly well. Okay. That's it for me. Thanks. Thank you. Thank you. There are no further questions at this time. I'd like to turn the meeting back over to Mr. McMillan. Great. Thank you, Donna. Before concluding the call, I'd like to remind listeners that our annual and special meeting of shareholders will be held today at 10:00 A.M. This is a virtual meeting only. Our website details are available at toromont.com and in our press release as well. Thanks again for joining us this morning. I wish you all a very safe day, and that concludes our call. Take care. Thank you, Mr. McMillan. The conference has now ended. Please disconnect your lines at this time, and thank you for your participation.