Bird Construction Inc. (BIRDF) Q4 2022 Earnings Call Transcript

Bird Construction Inc. (OTCPK:BIRDF) Q4 2022 Earnings Conference Call March 8, 2023 10:00 AM ET

Company Participants

Teri McKibbon - President & CEO

Wayne Gingrich - CFO

Conference Call Participants

Chris Murray - ATB Capital Markets

Yuri Lynk - Cannacord Genuity

Bryan Fast - Raymond James

Jonathan Lamers - Laurentian Bank

Naji Baydoun - IA Capital Markets

Ian Gillies - Stifel

Operator

Welcome, ladies and gentlemen, to nan Bird Construction Fourth Quarter and Full Year 2022 Results Conference Call and Webcast. We will statesman pinch Teri McKibbon, President and Chief Executive Officer's presentation, which will beryllium followed by a question-and-answer session. [Operator Instructions] As a reminder, each participants are successful listen-only mode, and nan webcast is being recorded. [Operator Instructions]

Before commencing pinch nan convention call, nan institution reminds those coming that definite statements which are made definitive management's expectations aliases estimates of early capacity and thereby represent forward-looking information. Forward-looking accusation is needfully based connected a number of estimates and assumptions that, while considered reasonable by management, are inherently taxable to important business, economical and competitory uncertainties and contingencies.

Management's general comments and responses to immoderate questions you mightiness inquire whitethorn see forward-looking information. Therefore, nan institution cautions today's participants that specified forward-looking accusation involves known and chartless risks, uncertainties and different factors that whitethorn origin nan existent financial results, capacity aliases achievements of nan institution to beryllium materially different from nan company's estimated early results, capacity aliases achievements expressed aliases implied by nan forward-looking information. Forward-looking accusation does not guarantee early performance. The institution expressly disclaims immoderate volition aliases responsibility to update aliases revise immoderate forward-looking information, whether arsenic a consequence of caller information, events aliases otherwise.

In addition, our position coming includes references to a number of financial measures which do not person standardized meanings nether IFRS and whitethorn not beryllium comparable pinch akin measures presented by different companies and are, therefore, considered non-GAAP measures.

I would now for illustration to move nan telephone complete to Teri McKibbon, President and CEO of Bird Construction. Please spell ahead.

Teri McKibbon

Thank you operator. Good greeting everyone, and invited to our fourth 4th and year-end 2022 convention call. Joining maine connected today's telephone is Wayne Gingrich, Chief Financial Officer.

Before we get started, I want to bring attraction to International Women’s Day and admit and observe nan inspiring women wrong Bird. It is besides important to admit nan on-going struggles successful nan pursuit of gender equity. Bird promotes nan value of diverseness and allied vessel [ph] successful nan workspace done our women astatine Bird, worker assets group and partnerships pinch organizations specified arsenic women building futures.

Together location is still activity to do and we are dedicated to enhancing inclusion and creating a much equitable and inclusive industry. We are pleased pinch a beardown decorativeness to 2022 demonstrating nan results of nan company’s strategy to reposition itself complete nan past respective years. Fourth 4th and afloat twelvemonth capacity bespeak our teams’ effort embracing a collaborative attack and driving our diversified consequence equilibrium exemplary forward.

During 2022, our capacity was supported by larger scopes connected self-perform work, greater extent of transverse trading opportunities and a immense mostly of revenues generated from little consequence statement types. The diligent attraction of our One Bird squad ensured we maintained a beardown financial position ending nan twelvemonth pinch important financial elasticity and liquidity to support nan company’s early maturation and disciplined superior allocation approach.

Turning to Slide 6, our squad delivered a important integrated gross maturation of conscionable nether 10% for nan 4th fourth successful which revenues of $657.2 million. We generated and adjusted EBITDA of $30.6 cardinal aliases 4.7% of revenues compared to $28.4 cardinal aliases 4% of revenues successful Q4 2021 while adjusted net and adjusted net per stock were $15.5 cardinal and $0.29 respectively which equates to 19% summation to adjusted net year-over-year.

Along pinch this important gross growth, we generated accrued rate flows from operations earlier changes successful non-cash moving superior successful nan 4th of $33.5 cardinal up almost 30% from 2021. On a afloat twelvemonth basis, nan grounds 2022 gross of $2.4 cardinal was driven by some acquisitive and integrated maturation representing a 7% summation year-over-year. The maturation was balanced crossed nan company’s activity programme pinch integrated maturation accounting for astir 5% of nan summation which included Dagmar maturation successful nan past 4 months of nan year.

In 2022, we delivered an adjusted EBTIDA of $101.2 cardinal aliases 4.3% of revenues compared to $108.1 cardinal recorded successful 2021. Adjusted net and adjusted net per stock were $46 cardinal and $0.86 successful 2022 compared to $51 cardinal and $0.96 per stock successful nan anterior year.

One of our cardinal strategical priorities is to execute a higher wide separator profile. Our business exemplary allows for it to amended negociate and stock inflationary impacts connected costs of building and this has and will proceed to support enhanced margins, summation our execute activity, strategical maturation successful cardinal markets, acquisitions, performance, and disciplined costs guidance besides support separator description .

The coagulated 2022 capacity was achieved contempt pandemic related impacts and nan challenges successful nan first half of 2022 pinch labour disputes permitting delays and proviso concatenation challenges. This eased passim nan twelvemonth and had constricted effect successful nan 4th fourth of 2022. No CEWS recoveries were recorded successful nan existent twelvemonth to offset pandemic related impacts compared to $21.9 cardinal of CEWS recoveries recorded successful 2021.

We proceed to spot precocious request for our services and self-perform scopes leaving nan institution to group a grounds for mixed back-log and pending backlog astatine December 31. The grounds mixed backlog and pending backlog of consequence balanced contracts and warrants pinch complete 70% successful a collaborative transportation statement displacement building uphold our assurance for nan upcoming year.

This type of displacement does not hap overnight, however, our concerted efforts and subject complete nan past fewer years person positioned nan institution pinch a beardown instauration that we are leveraging coming to execute continued maturation and heighten profitability. These efforts person solidified to support fundamentals that group Bird isolated successful our assemblage outlined connected descent 7.

We are assured successful our gross maturation and expectations for 2023 underpinned by our divers progressive activity programs operating successful a precocious request and precocious maturation sector. The grounds mixed backlog and pending backlog comprises nan divers operation of collaborative consequence balanced contracts and awards.

Margin improvements will beryllium driven by our disciplined task action which has generated highly collaborative and debased consequence level coming allowing america to amended negociate inflationary impacts connected our costs of construction.

Cross trading our integrated solutions, ample scopes of self-perform activity and strategical diversification successful cardinal sectors further support separator description . Our yearly business readying process supply a bully feasibility for our outlook for 2023 and mixed pinch a affirmative momentum of 2022 fto our committee to o.k. an summation to our monthly dividend of 10% commencing pinch nan March 2023 dividend payable successful April.

Bird is delivering a apical quartile return floor plan connected specified metrics arsenic return connected equity and return connected invested capital. These person agelong opinionated value and are tied to executive capacity successful summation to nan robust return floor plan connected our beardown equilibrium expanse and compelling maturation for illustration enhancing our shareholder value.

We person nan financial flexibility, debased leverage and debased nett indebtedness to put successful operations and acquisitions, and support our balanced attack to superior allocation. The acquisition of Trinity Communications completed consequent to year-end was funded 90% done rate pinch nan equilibrium from communal shares. It is successful statement pinch our strategies to activity our tuck-ins, specialized aliases precocious separator imaginable offerings, further self-perform capabilities and sound integrated maturation imaginable station acquisition.

Bird’s biology societal and governance programme continues to mature successful consequence to business, works and manufacture demands. Bird’s robust self-perform capabilities person repositioned america to present power modulation projects specified arsenic renewables, nuclear, wasted power projects arsenic good arsenic sustainable caller bills and retrofits. Overall, these factors position america to present dependable maturation and an expanded and separator profile.

Business continues to germinate successful nan correct guidance building our gross and EBITDA trends connected descent 8. We are positioned pinch nan due equilibrium of contracts successful place, diversified crossed sectors and clients some nationalist and private. Our equilibrium activity betwixt institutional, commercialized and business remains comparatively accordant and inline to thrust much robust growth. The institution is good positioned successful nan existent economical scheme pinch a consequence balanced activity programme wherever nan mostly of contracts are considered debased to mean risk.

At December 31, 2022 nan institution carried a grounds mixed backlog and pending backlog astatine consequence balanced contracts and awards bolstering our assurance successful gross and net maturation for nan upcoming year. Pending backlog was $2.48 -- 9.9 cardinal [ph] compared to $1.624.7 cardinal [ph] astatine December 31, 2021, an summation of $865.2 cardinal aliases 53.3%. The company’s backlog was $2.636.5 [ph] cardinal down somewhat from its grounds level successful nan first 4th of 2022 owed to timing of task conversions from pending backlog.

Our backlog and pending backlog supply bully visibility successful nan early of gross and growth. The corporate request for Bird specialized self-perform capabilities successful infrastructure renewables, atomic environmental, telecommunications arsenic good arsenic our organization building capabilities is expected to thrust dependable maturation successful 2023. In addition, we person afloat offset nan gross and separator contributions from nan company’s LNG Canada Phase 1 activity program.

Over 70% of contracts successful our backlog and pending backlog person a collaborative transportation exemplary and Bird has developed a beardown estimation for delivering blase projects successful these types of frameworks. As nan institution has awarded much of these task and information successful early stages of nan task improvement rhythm tin consequence successful important magnitude of useful of awarded task worth being reflected successful pending backlog for longer periods of clip earlier transitioning to backlog, however, erstwhile transitioned to backlog collaborative contracts supply much predictable costs and value unit owed to little downside consequence owed to nan communal alignment of desired outcomes.

Growth successful recurring gross streams further supports our wide outlook providing visibility to early revenues. As we person highlighted successful nan past, we person important portfolio of maestro work agreements and different multiyear work contracts weighted astatine complete $900 cardinal astatine December 31, 2022.

Our precocious capacity attraction repair and cognition squad executes overmuch of this work, nevertheless successful 2022 we received announcement to proceed connected our first multiyear task bid for biology remediation of atomic science. This expands our recruiting gross watercourse wrong nan power assemblage and positions america for early activity connected 1 of Canada’s largest remediation projects. The institution remains focussed connected pursuing nan correct opportunities and projects, projects that bespeak and due consequence equilibrium and align pinch Bird’s mixed capabilities crossed nan country.

Bird’s 2022 to 2024 strategical scheme focuses connected nan further improvement of Bird’s team, beardown task execution and capacity and nan diversification of work offerings crossed Canada. We are executing good connected our strategy and spot cardinal attraction areas specified arsenic increasing self-perform, expanding transverse trading opportunities for M&A and soul business and disciplined task action contributing to nan enhanced fundamentals and our affirmative outlook.

A item successful 2022 was Bird becoming a founding personnel of nan Canadian Construction Safety Council pinch James to raise information standards and capacity crossed nan manufacture pinch likeminded partners and aligns pinch nan information first mind-set.

In 2022, we proceed to elevate our civilization of learning and basal driver successful engagement and performance. Bird’s learning civilization is simply a maturation civilization that seeks collaboration and caller ideas, methods and opportunities to prosecute and innovate together attracting retaining apical qualified unit remains an important differentiator.

We announced respective meaningful statement wins during nan twelvemonth and consequent to twelvemonth extremity representing divers scope of sectors and geographies. Subsequent to twelvemonth end, Bird was awarded a progressive creation built statement for a nett zero processing installation successful Ontario pinch a full task worth of complete $200. The dependable maturation expected successful 2023 is supported by nan patient backlog and our expertise to get caller activity successful competitory markets.

Slide 11 demonstrates Bird’s expanded self-perform capabilities and broad work offerings. Bird tin maximize crossed nan statement imaginable done this nationwide level and leverage our integrated, innovative customer solution to prosecute and present projects crossed galore standards.

The caller strategical M&A has further enhanced our expertise to unafraid and execute projects of accrued standard and complexity. Subsequent to twelvemonth end, Bird acquired Trinity Communication Services Limited, a diversified telecommunications and inferior infrastructure contractor based successful Ontario that specializes underground, aerial, commercialized in-site works and multi dwelling portion installations. These self-perform capabilities alteration transverse trading opportunities astatine Birds’ sizeable nationalist customer guidelines and service arsenic a maturation catalyst for nan company’s utilities portfolio.

Bird’s increasing powerfulness and sustainable power portfolio is leveraging Bird’s collaborative innovative and solutions focussed attack to thief our clients to meet nan sustainability goals. The pivot cleaner power is mostly limited connected enhanced electrification, but Bird has good established capabilities and is positioned to seizure opportunities for our business. In addition, we are not caller to nan early power and sustainable task situation having still performed nan important number of projects successful each sectors complete nan past years.

Bird’s mechanical electrical instrumentation and civilian and structural capabilities are delivering sustainability projects ranging from hydroelectric infrastructure and different ample inferior standard renewables to activity programs connected each of Ontario’s atomic sites from discarded power betterment astatine Toronto -- infirmary to heighten capable to various discarded h2o and integrated discarded processing accommodation crossed nan country. Bird is besides executing nett serial agro nutrient processing facilities.

The increasing civilian infrastructure squad catalysed by Dagmar is processing existent projects and supporting nan improvement of nationalist proscription networks. For our buildings teams nan modulation to a little c characteristic presents galore opportunities to use a domiciled developed sustainable building solutions including wide timber and modular heavy power retrofits, nett zero buildings, innovative typical projects and smart building technology.

Overall, Bird is competitory pinch position successful this assemblage which is expected to summation much of value successful nan future. The company’s existing civilization and robust governance building mixed pinch dedicated activity complete nan past fewer years to build our semipermanent ESV strategy guarantee soul readiness for forthcoming disclosure requirements. We look guardant to sharing much astir nan sustainability travel successful nan upcoming 2022 sustainability overview.

With that, I’ll move it complete to Wayne to spell complete our financial results.

Wayne Gingrich

Thank you Teri. Despite nan challenges that we faced successful nan first half of nan year, we wrapped up 2022 pinch a beardown 4th fourth of gross growth, profitability and superior procreation making for a coagulated twelvemonth overall. For nan 4th quarter, we reported a 9.9% summation successful building gross to $657.2 cardinal compared to $597.8 cardinal successful 2021.

Gross profit for nan 4th was $58.1 million, aliases 8.8% of revenues. This compares to $51.3 million, aliases 8.6% of revenues successful Q4 2021. General and management expenses successful nan 4th were $34.5 million, aliases 5.3% of revenues, compared to $37.1 million, aliases 6.2% of revenues, successful nan 4th fourth of 2021.

Adjusted EBITDA successful Q4 2022 amounted to $30.6 million, aliases 4.7% of revenues compared to $28.4 million, aliases 4.8% of revenues successful 2021. Adjusted net and adjusted net per stock for nan 4th were $15.5 million, aliases $0.29 respectively compared to $13 cardinal and $0.24 successful Q4 2021.

Turning to our afloat twelvemonth results. We reported building revenues of $2.4 billion, for 2022. This represents a 7.1% summation year-over-year compared to $2.2 cardinal for nan afloat twelvemonth 2021. The year-over-year maturation was driven by [Indiscernible] successful integrated maturation pinch beardown capacity by Dagmar passim nan year.

Gross profit for nan afloat twelvemonth 2022 was $201.8 cardinal reflecting an 8.5% separator up from 8.4% successful 2021. Our summation successful gross profit separator was complemented by alteration successful wide and administrative expenses arsenic a percent of gross representing 5.6% of revenues arsenic opposed to 5.7% successful 2021.

Adjusted EBITDA for 2022 was $101.2 cardinal representing a 4.3% separator arsenic compared to adjusted EBITDA of $108.1 million, aliases 4.9% separator for afloat twelvemonth 2021.

Adjusted net for nan afloat twelvemonth 2022 was $46 million, aliases $0.86 per share, compared to $51 million, aliases $0.96 per stock successful 2021. In nan 2nd 4th of 2022, Bird received a onetime $7.6 cardinal summation related to nan colony of historical building buildings and related liking charges pinch nan customer.

This was excluded from adjusted net owed to nan onetime nature. however, it was a affirmative result for shareholders. As a reminder, 2021 included nan effect of $21.9 cardinal of CEWS recoveries that thief offset nan impacts of pandemic related task delays and further costs. No akin recoveries were recorded successful 2022 resulting successful pandemic related impacts being absorbed successful existent twelvemonth results.

CEWS effect will nary longer effect year-over-year comparisons connected a go-forward basis. Bird remains committed to maintaining a beardown equilibrium expanse pinch important financial elasticity and liquidity. In December, nan institution successfully amended its syndicated in installments facility, extending nan maturity of nan installation to December 15, 2025 and expanding magnitude disposable nether nan committed revolving installation by $35 cardinal to $220 million.

The 4th fourth generated important rate travel arsenic non-cash moving superior was released, resulting successful a year-end rate equilibrium of $175 million. In addition, we had $172 cardinal of disposable capacity nether our committed syndicated in installments facility.

At December 31, 2022 nan institution had moving superior of $184.6 cardinal aliases an summation of $32.8 cardinal aliases 20% year-over-year improvement, driven by nan company's performance. The company's existent ratio astatine twelvemonth extremity further improved to 1.23 times compared to 1.21 times astatine year-end 2021.

Bird’s equilibrium expanse and disposable liquidity creates a beardown instauration to support continued maturation and thrust robust return metrics. Our superior guidance measures are good wrong our comfortableness level astatine twelvemonth end.

Bird’s superior allocation priorities stay balanced betwixt superior finance successful nan business, dividends, M&A and indebtedness repayments. For nan 4th quarter, we generated rate travel from operations earlier non-cash moving superior of $32.4 million. We reinvested $7.7 cardinal by measurement of CapEx successful nan quarter, bringing america to $27.8 cardinal per year. The summation successful superior expenditures was reflective of projected requirements and greater readiness of instrumentality to acquisition successful nan existent year. We besides distributed $20.9 cardinal successful dividends to shareholders passim nan year.

The spot of nan company's equilibrium expanse successful entree to financing supports our disciplined attack to investing successful Bird’s early growth, some organically and done opportunistic tuck successful acquisitions. We are good positioned to prosecute accretive tuck-ins and cardinal sectors, and stay unfastened to larger opportunities wherever it makes sense.

In December 2022 nan institution announced a 10% dividend increase, raising nan monthly dividend to $3.58 per stock commencing pinch nan March 2023 to beryllium paid successful April. The Company expect important maturation successful net per stock and adjusted EBITDA successful 2023 capable to execute an expected dividend costs ratio beneath 40% of nett income for nan year.

Overall, I'm pleased pinch our financial strength, expertise to capitalize connected integrated and inorganic opportunities successful our respective position wrong nan Canadian building industry.

With that, I'll move it backmost to Teri.

Teri McKibbon

Thanks Wayne. We're pleased to decorativeness 2022 connected a precocious statement closing successful nan twelvemonth pinch beardown gross growth, profitability and rate travel generation. We person a diversified and consequence bound business exemplary pinch nan extended stuff, execute scopes, transverse trading opportunities and a highly collaborative portfolio of contracts. Increasing levels of self-perform work, accretive acquisitions and transverse trading opportunities successful nan robust and bidding situation that allows america to beryllium selective connected pursuing caller opportunities, our drivers of early separator improvement.

Additionally, we expect to leverage nan existent costs building further to amended separator arsenic nan institution grows. Bird made strategical investments successful building technologies starring to optimized productivity, information and collaboration, enables america nan transportation of innovative solutions for clients.

As we move done 2023, we expect to support our mid-to-high standard azygous digit gross maturation for nan year, capitalizing connected nan company's grounds mixed backlog and increasing recurring gross streams. We expect nan seasonality revenues and net return to much normalized patterns successful 2023 pinch humble gross maturation successful nan first and 2nd 4th and much robust capacity successful nan 3rd and fourth.

We were excited to invited Trinity Communications to our squad successful February. Now our attraction is connected integration and moving together connected early maturation imaginable done costs trading and caller services to our nationalist customer base. Our instauration is set, it is beardown and we are good positioned to execute profitable maturation and heighten shareholder worth successful 2023.

With that, I'll move it backmost to nan usability for questions.

Question-and-Answer Session

Operator

Thank you. We will now statesman nan question-answer-session. [Operator Instructions] The first mobility is from Chris Murray from ATB Capital Markets. Please spell ahead.

Chris Murray

Yes, thanks, folks. Good Morning. Just possibly turning to immoderate of nan disclosure astir nan backlog and Teri I emotion your position connected immoderate of these things. Book-to-bill successful nan 4th [Indiscernible] was really astir apt a small spot weaker than we would person expected fixed wherever you're at, but I conjecture a mates pieces of this.

If I look astatine nan disclosure astir recurring revenues, that surely seems to beryllium growing, but really should we beryllium reasoning astir backlog successful nan coming quarters arsenic you return connected much of these collaborative creation projects and possibly if you want to possibly reside location was a project, I deliberation you guys were doing for OPG. There was a wide timber building that possibly sewage changed aliases cancelled. If you could possibly reside really that would play done backlog possibly arsenic an example, that would beryllium helpful.

Teri McKibbon

Certainly, we pinch nan collaborative quality of nan projects that we are presently heavy focused on, location are astatine times, it tin beryllium a spot heavy, much heavy weighted successful pending, arsenic a task evolves successful that regard. So I deliberation you're seeing, a spot of that and if you look astatine it quarter-to-quarter astatine times, location tin beryllium immoderate variability from a 4th to a 4th if we were simply booking fixed lump sum creation build projects, it would beryllium a much definitive, little pending. But nan pending broadside surely is affected by projects for illustration that. We're conscionable pointed, evidently that OPG didn't proceed pinch their wide timber assignment, and we were pleased to triumph evidently against nan toughest title successful nan country. But sometimes that those things hap and things person been slow, and that's why those types of projects are impending. So…

Wayne Gingrich

And I conscionable opportunity Chris that OPG task is not successful immoderate of our year-end reported numbers. It's removed from those figures.

Chris Murray

Okay, truthful I conjecture on those lines is it adjacent to deliberation that we'll astir apt spot for illustration historically pendings ever been benignant of MSA statement wrong nan adjacent 5 years, but it's adjacent to deliberation that nan pending bucket will beryllium much astir your mentation of wherever you deliberation immoderate of these progressive creation build projects will extremity up complete time. Is that possibly nan correct measurement to deliberation astir it?

Teri McKibbon

Yes, for illustration we're uncovering that arsenic you triumph immoderate of these collaborative contracts, it conscionable takes longer to finalize nan creation and get nan proprietor to motion disconnected connected everything. So while we've been awarded connected it, we person been fixed constricted notices to proceed to possibly commencement immoderate early useful aliases those types of things. nan last scope of nan project, it takes a small longer to finalize. And erstwhile that is finalized, that's erstwhile you statement it, and erstwhile we bring it in.

From a -- you'll spot a bully summation successful our pending backlog successful Q4, and we were awarded immoderate of nan projects. But nan -- portion astir collaborative contracts is now erstwhile it comes to doing a property release, there's a batch much fierce group to collaborate with, and it takes longer to get it out, but -- we did immoderate bully wins.

Wayne Gingrich

I deliberation nan different portion of it is erstwhile you're -- erstwhile you're successful an inflationary situation you're sometimes going backmost to nan drafting committee to redesign to offset those inflationary impacts. If we were sitting successful a lump sum environment, we'd beryllium wearing that, and we'd beryllium moving feverishly to effort and offset that. So 1 of nan benefits of moving successful a cloudware situation arsenic a client's sewage that consequence and it downsizes that sometimes you -- it takes your longer to afloat statement because you're moving done replacement materials and replacement designs to get FID. But surely a batch of activity, nan OPG assignments beautiful uncommon that we person thing that gets to a constituent of being announced successful our pending backlog and past doesn't proceed, but was logical erstwhile nan GM building became disposable correct astir nan area it made a batch of consciousness that they should see that arsenic opposed to building thing new, but would person been bully to build a authorities of nan creation wide timber building astatine Darlington.

Chris Murray

Yes okay. And truthful and truthful I conjecture what I'm trying to get astatine aliases effort to make judge I understand correctly, truthful moreover though patient backlog is down you still consciousness comfortable astir that, that azygous digit type maturation number successful 2023 because your sources of gross are going to beryllium coming from areas different than conscionable retired of your fixed backlog that you're burned down complete nan adjacent twelvemonth is nan champion measurement to deliberation astir it.

Teri McKibbon

Yes, and I deliberation nan gait of business correct now, nan activity level is higher than we've seen. So we're very assured astatine nan existent gait that we'll person a very beardown twelvemonth successful 2023.

Chris Murray

Okay, great. And past possibly conscionable moving connected to possibly that recurring bucket and convey you for nan disclosure. It is absorbing to spot really it's grown complete time. Can you talk a small spot astir nan Trinity acquisition, precisely what that brings to you and really that will activity crossed a number of nan different areas that you're moving in, and really does that, dovetail possibly pinch what you've sewage successful [Indiscernible] West?

Teri McKibbon

Yes, truthful it's a really bully fresh for america because it's a precocious performing business. First of each connected a standalone ground without further integration wrong Bird. Obviously, nan business is specialized successful communications and successful today's world, astir homes are striving for much data, truthful there's a precocious request to create faster data, much sources of data. And successful galore things we build today, we're putting progressively putting fibre optic sensors and things for illustration that, whether that's connected an business tract aliases connected a vertical building. So there's a batch of request for that type of capacity successful nan specialized capabilities of slicers and things for illustration that.

We person immoderate of those capabilities successful Northern Alberta wherever we work our power clients, truthful it does fresh together. And past connected nan campsite, evidently we are typically much successful our lane connected nan electrical side, if we're doing a task for a customer and evidently having this now successful our wheelhouse will summation our capabilities connected projects to besides connection communication solution successful galore of nan projects we built coming are typically for blase clients that person a batch of -- a batch of sensors, a batch of opponents wrong nan installation that are wired and communicating connected a 24/7 benignant of basis, whether it's an power installation aliases a show of everything from information to monitoring systems and things for illustration that.

So it's a very bully fit. And arsenic you know, we're besides moving successful nan U.S. predominantly successful communications pinch different facet of our inferior business activity crossed nan 11 states complete nan past mates of years installing connection and hydro distribution for immoderate of our existent clients, some successful renewable projects and besides successful communications, transmission successful various states. And obviously, nan Trinity capabilities don’t capable nicely into that arsenic well. And there's immoderate overlap opportunity has provided surely solutions for immoderate of our clients connected an independent basis. Now being, a benignant of a full solution wrong Bird, it's a overmuch broader offering for galore of our clients. So we're really pleased, bully team, awesome civilization and we continue, we expect to leverage that akin to what we've done pinch Dagmar.

Chris Murray

Alright. Thanks, I'll time off it there. Thanks folks.

Teri McKibbon

Thanks Chris.

Operator

The adjacent mobility is from Yuri Lynk of Cannacord Genuity. Please spell ahead.

Yuri Lynk

Good morning, guys and congrats connected a really bully quarter.

Teri McKibbon

Thanks Yuri.

Yuri Lynk

Teri, it’s been nan cardinal portion of nan occurrence of nan past fewer years is that collaborative contracts. I mean, astatine this point, pinch ostentation wherever it is, I mean, there's much value consequence than ever. I mean, if I was a client, I'd beryllium -- I'd want nan contractor to proceed to deterioration arsenic overmuch consequence arsenic possible. So what's successful it for nan customer to spell on pinch these collaborative contracts and does nan truth that they're becoming much prevalent, speak to possibly a displacement successful pricing powerfulness for deficiency of a amended word towards nan contractors?

Teri McKibbon

Yes, for sure. I deliberation that's been shifting. And besides deliberation it -- it is simply a facet of immoderate challenging P3s, and we evidently publication astir successful nan paper. I deliberation clients person realized that nan justness successful a bully ending is contempt nan truth you deliberation you've transferred each nan consequence to nan contractor. You extremity up successful extended litigation, and there's nary happy ending to it, truthful location has to beryllium a balance. And I think, but they're decidedly pinch nan request successful Canada for our services. We tin beryllium very disciplined and conscionable clasp our crushed successful negotiations, and we've been very successful successful doing that. But you evidently person to beryllium very disciplined and you person to person an attack that you've sewage to beryllium prepared to locomotion away, and we've sewage beautiful bully astatine that. So nan request for blase services still very, very high. So clients, evidently person been receptive to collaborative model because ultimately, marketplace for illustration this they're going to salary for it 1 measurement aliases another, right. So successful that sense, I deliberation it's inappropriate.

Like immoderate clip you tin build a mega task that's sewage scale, and you tin commencement much collaboratively pinch nan squad and create nan creation and worth motor successful nan creation and activity each your measurement done it and activity done a fund transparently and past work together to that framework. It's a really smart measurement to do business. And I deliberation complete nan years immoderate beautiful smart into these retired location that are our clients person looked astatine it and said, this whitethorn beryllium a amended way. It's a much, much productive and a overmuch much meticulous measurement to contract.

So for many, galore years I've ever believed this is simply a amended measurement to statement connected really blase work, and we thin to do really blase work. So arsenic specified those types of clients are consenting to find balance, and they're besides consenting to judge that erstwhile nan projects complete you person to be, nan contractors sewage to beryllium healthy. So we activity retired those types of clients, and we've been fortunate to build a large portfolio of that type of interface.

Yuri Lynk

I conjecture it wasn't that agelong ago, though, that -- location were location were different companies retired there, world aliases different that would travel successful pinch an charismatic fixed value offered to these clients, and are, are you seeing, are you seeing little of that now? Like because we've each publication astir nan number of companies that person near nan abstraction and I'm conscionable trying to tie a statement towards if that really happened aliases they really gone, and is that what's allowing you to return little consequence and yet people immoderate of nan highest gross margins we've seen successful years, for illustration usually those 2 are inconsistent pinch 1 another?

Teri McKibbon

I deliberation there's a spot of that, Yuri. There's surely little caller world entities entering nan market. The ones that are still successful Canada are very mature, and I deliberation mostly person an attack not dissimilar to our approach. You still spot nan overseas institution travel successful that's, that's present for nan first time. Ultimately there's capable of a I'd opportunity a, a way grounds wherever immoderate of these entities person failed. And I deliberation clients person sewage wiser to signing up for an unproven entity participate successful Canada.

It’s not easy to activity successful Canada erstwhile you're coming successful for nan first time, and you're starting to negociate done nan seasons and negociate done nan various labour platforms and negociate through. And besides deliberation immoderate contractors person go a batch smarter to that arsenic well. So astir of nan large guys that travel successful don't really bring immoderate resources they've sewage to trust connected nan section resources. And their section resources are beautiful tight. So successful that consciousness it's beautiful difficult to get established present successful nan existent situation conscionable because nan request is beautiful high. That will swing, that pendulum swings sometimes and it will plaything immoderate day, but there's conscionable -- it feels for illustration a cleanable large wind of request crossed galore different industries and we were -- we've been fortunate to very well, fortunate and smartest to beryllium focused connected a diversified platform. So we're getting taking advantage of those industries, specified arsenic nan various caller power benignant of markets that are evolving successful specified an accrued attraction connected renewables and mining is evidently sewage a batch of activity.

So you commencement adding those into nan operation and you adhd successful Ag pinch potash, evolving successful different Ag processing accommodation and conscionable mostly a existent uptick successful Canadian manufacturing business manufacturing, this really seems to beryllium gaining a batch of momentum.

When you look astatine each those areas and past coupled retired pinch nan infrastructure projects, which is wherever you benignant of spot nan internationals coming in. It's a tighter, tighter capacity. So we're enjoying it.

Yuri Lynk

Sure. That’s helpful. Before I hop successful nan queue, I conscionable wanted to inquire a speedy 1 connected make judge I understand nan guidance, humble gross maturation successful Q1 and Q2 I get that. Does that clasp existent for EBITDA is peculiarly successful Q1, and I'm asking because Q1 of past twelvemonth looks for illustration a spot of a apical reliable comp from a separator perspective. So could we spot gross somewhat up, but possibly autumn a small short of past year's EBITDA, astatine slightest successful nan first quarter?

Teri McKibbon

I deliberation that's precisely what you're going to spot Yuri and nan logic for that is. In Q1 past twelvemonth we had our activity programme astatine LNG Canada successful afloat swing, and we're benignant of moving done immoderate of nan wintertime months and had bully publication of that self-performed activity and those margins flowing into nan quarter, which surely helps surely helped our wide separator percent. This twelvemonth those projects person benignant of -- early wrapped up. We still surely person immoderate things connected nan go, but not to nan aforesaid extent.

And we person announced that we person replaced nan publication and revenues from nan LNG Canada pinch different things. It's conscionable I deliberation you're going to spot much seasonality of that, wherever you're going to spot that, that prime up for nan twelvemonth is going to be, busier successful nan summertime months, truthful nan cardinal 1 is going to person a package publication from this outperform, but it really is conscionable going to beryllium a timing rumor done nan quarterly flows this year.

Yuri Lynk

Hey, acknowledgment guys.

Operator

The adjacent mobility is from Bryan Fast of Raymond James. Please spell ahead.

Bryan Fast

Yes, bully morning.

Teri McKibbon

Hi, Bryan.

Bryan Fast

And I was conscionable hoping to get immoderate comments, possibly connected labour readiness and conscionable labour rates. How is this trended of precocious and do you consciousness immoderate of those pressures that you endured complete nan past fewer years person somewhat normalized aliases alleviated?

Teri McKibbon

Yes, I don't -- we don't consciousness immoderate alleviation correct now. The unit is still there. I deliberation we have, arsenic we've spoken previously, we person nan use of specified a collaborative attraction pinch our various districts that are adjacent to seashore that we tin ebb and travel and return immoderate of nan peaks and valleys retired of immoderate of that those demands. And we've had bully occurrence successful doing that. A collaborative effort, we've made astatine Bird to activity harmoniously crossed each our divisions is really, really paying off, and that's worked well. But I'd opportunity that nan labour request particularly successful bigger municipality centers for illustration Toronto and Vancouver are very high. And there's there's decidedly a tight labour marketplace there.

The Ontario labour agreements are fundamentally locked successful now for nan adjacent 3 to 5 years, depending connected nan extremity of nan twelvemonth you're contracted with. So there's nary unit connected price. It's much a usability of availability. And different markets person different timing, but we're not truthful concerned astir value connected word costs of labor. It's much readiness of labour depending connected nan type of activity and wherever you're operating, but we're successful truthful galore centers. We conscionable person a existent advantage to tie from communities that mightiness not person that aforesaid request profile.

Bryan Fast

Okay thanks. And possibly conscionable to travel connected your comments connected nan U.S. Could you framework conscionable really overmuch gross is generated southbound of nan separator and possibly conscionable broader comments connected your strategy and positioning for that market?

Teri McKibbon

Yes, to beryllium honorable pinch you it's been a -- it's been an effort to really really break, break way aliases break crushed successful nan U.S. conscionable to get a consciousness of various states. So we've had a -- we've had a 3 years successful regaining a batch of experience. Typically moving for clients that we worked for, already successful Canada and immoderate of nan specialized services we have. It's not important for america successful nan 15 cardinal astir apt scope connected a normal twelvemonth but increasing and astir importantly, giving america a really bully lens of nan attractiveness and nan demands successful those states and what are immoderate of nan challenges pinch labour and unions and things for illustration that. And we poured immoderate successful immoderate of nan tougher states successful nan U.S. and immoderate of those states that are much reasonable to travel successful and turn in. So we've sewage a really bully model evolving, and we expect to proceed to spot maturation complete nan mean word successful nan U.S.

Bryan Fast

Okay, that's it for me. Thanks.

Teri McKibbon

Thanks.

Operator

The adjacent mobility is from Maxim Sytchev of National Bank Financial. Please spell ahead.

Unidentified Analyst

Hey, guys, this is Kasem [Ph] speaking successful for Maxim today. How are you gentlemen?

Teri McKibbon

Hey bully morning.

Unidentified Analyst

Good morning. I conscionable -- my first mobility is regarding what early accretive tuck-in that you mentioned successful your MD&A successful your outlook section. Is that nan strategy that you're going guardant aliases larger deals not retired of nan question, fixed your nett rate position connected your equilibrium sheet.

Teri McKibbon

Yes, certainly. We were continuously moving connected smaller tuck-ins. We’re only because there's a number of them retired there, and it conscionable seems for illustration a bully situation correct now. So we're perpetually evaluating nan smaller ones. The larger ones don't ebb and travel very often. So it really has to do pinch uncovering things that fresh for us, but you typically don't spot nan larger transformational deals very frequently. So I deliberation it's nan measurement we qualify it arsenic a mini to mean sized tuck-ins are what we're focused connected predominantly because that's what's retired there. But if thing comes on pinch it’s -- our interests and evidently is accretive and we've sewage a comfortableness level pinch our equilibrium expanse comparative to that, evidently we will transact, and we person shown that successful nan past.

So successful that respect we're excited astir nan M&A markets overmuch stronger than it was a twelvemonth ago. It seems to be, a number of companies looking for succession and a batch of these are. fresh nicely into our existent house. So...

Unidentified Analyst

Thank you. That's bully color. In position of nan seasonality I cognize personification asked earlier arsenic well. Do you, could you for illustration divided it up betwixt for illustration nan first half and 2nd half, what do you expect nan divided to beryllium because we are expecting for illustration package gross successful nan first half, and nan aforesaid for EBITDA?

Teri McKibbon

Yes, truthful for nan year, we said mid to precocious azygous digit gross growth. I deliberation you're going to spot much muted maturation successful surely successful nan first 4th and starting to ramp up 2nd 4th and past nan mean retired successful that range. You're going to beryllium precocious azygous digits and possibly a small double digits, and successful nan summertime months. I deliberation you're going to spot a travel of EPS specified that you mightiness person 70% successful nan 2nd half of nan year, and you're going to spot ramp up successful Q2 towards that level, truthful you tin publication into what Q1 mightiness look like, but it surely will beryllium little than nan $0.12 we delivered past year. And it's really conscionable a timing rumor for us.

Unidentified Analyst

Great, convey you. That's awesome color. Lastly, really should we deliberation astir CapEx for this twelvemonth and nan next? I cognize this twelvemonth we saw an uptick versus last. Was that mostly maintenance, aliases are you focusing much connected maturation this year?

Teri McKibbon

Yes, I deliberation it's a blend of some successful that number. I deliberation nan number that you saw successful 2022 reflects a much normalized situation and readiness of equipment. Through nan pandemic, we astir apt had much cautious attack to CapEx and really focused connected maintenance. This year, we returned backmost to immoderate of nan maturation CapEx and evidently attraction arsenic well. We're besides doing immoderate activity pinch our IT systems and capitalizing immoderate of nan intangible assets there, and that's going to proceed this year. So I deliberation erstwhile you look astatine 2023 I don't deliberation that nan $28 cardinal that we spent successful 2022, but I deliberation it will beryllium akin to that successful 2023.

Unidentified Analyst

Great, convey you. Just nan past 1 last 1 for maine is, are you guys seeing immoderate accelerated grant wins for your electrical infrastructure business connected nan commercialized side? I cognize location is for illustration a batch of trends going connected towards electrifications. Are you seeing that person successful position of awards wins?

Teri McKibbon

Well, surely we're not seeing yet. Yes, it's astir apt a spot early days connected immoderate of that. Although we're surely successful that abstraction but obviously, there's -- it's a multifaceted situation pinch procreation and transmission and distribution, and each of nan various facets that tied together. So a very breathtaking early for us, and arsenic we said previously, we employment astatine times complete 2 1000 electricians, truthful we've sewage a large service fresh for that type of work. It’s astir apt early days. We are engaged pinch their normal people of business currently.

Unidentified Analyst

Okay, sounds good. Great. Thank -- that's it for me. Thank you, guys.

Teri McKibbon

Thank you.

Operator

The adjacent mobility is from Jonathan Lamers of Laurentian Bank. Please spell ahead.

Jonathan Lamers

Good morning.

Teri McKibbon

Hi, Jon.

Jonathan Lamers

Morning. Following up connected nan seasonality comments, Wayne, are you capable to speak to nan caller business contracts that are ramping up and conscionable supply america a small spot of colour connected really you expect those to motorboat possibly which months they mightiness commencement in?

Wayne Gingrich

Yes, I mean, surely if we haven't property released it by now, it intends we can't, and immoderate of those are successful pending backlog and further on successful that preconstruction fees, and we'd dream that we'd beryllium coming up pinch immoderate property releases present successful nan coming months that would show on. So difficult to springiness nonstop colour connected it. But we do person nan activity successful hand, and past we did person a mates of bully property releases successful Q4. We talked a small spot astir immoderate of nan larboard hope, area inaugural activity and besides nan 1 business works is good recently.

Jonathan Lamers

Okay, sewage it. Thank you.

Operator

The adjacent mobility is from Naji Baydoun of IA Capital Markets. Please spell ahead.

Naji Baydoun

Hi, bully morning. I conscionable wanted to inquire you benignant of a longer word question. At nan gait that you're going, it's benignant of look to possibly deed that $3 cardinal a twelvemonth tally complaint gross wrong possibly a 4 aliases 5 twelvemonth clip frame. Can you conscionable thief america possibly what could thief accelerate that gait erstwhile you've upside nan credits, you upsize nan in installments facility. Do you request to do that? But is that conscionable nan much benignant of much motion of much M&A aliases really could you accelerate maturation and what's successful nan M&A pipeline today?

Teri McKibbon

Yes, truthful we surely expect to get to nan $3 cardinal faster than your clip framework conscionable because of nan gait of business and nan magnitude of activity. And we've been somewhat stunted pinch pandemic and COVID related impacts. So if you'd portion those distant and you move forward, we move guardant notionally, moreover successful 2023.

So I deliberation nan level that we're on, nan resume that we've built coming retired of complete a cardinal dollars astatine LNG Canada has fixed america an outstanding resume to, to beryllium a partner of prime connected a batch of nan caller power growth, mining growth, Ag maturation successful Canada. And those are longer word successful that sense, multiyear assignments, multibillion dollar projects evolving, whether that's successful caller assignments successful hydrogen aliases LNG aliases early phases of LNG programs, whether it's successful ample mining and potash mining for illustration opportunities of PHP and things for illustration that.

And past conscionable mostly successful nan Ag sector. So those are, those are breathtaking and I deliberation each of that coupled together I'm really, really pleased pinch nan efforts our squad has made to collaborate internally and diversify into caller areas. And truthful each of that mixed is giving america tons of momentum.

Naji Baydoun

And I conjecture conscionable connected nan 2nd portion of nan question, what benignant of M&A are you targeting aliases reasoning astir to thief you get nan number faster?

Teri McKibbon

So I deliberation it's a operation of things successful nan business mechanical electrical capabilities that heighten nan existing activity we're doing. We're surely really excited astir nan [Indiscernible] business we acquired, successful nan MRO side, and location seems to beryllium a batch of maturation opportunities there. Consolidation to a definite scent successful immoderate markets, we attraction on. So there's opportunities successful that regard. We're very excited astir our maturation and infrastructure and looking for opportunities for further maturation successful that assemblage of nan company. But obviously, there's specified a candidates get specified a divers power assets guidelines that it surely gives america a batch of opportunities to turn successful power capacity and capabilities successful that regard. And then, conscionable successful nan full connection information successful those areas pinch telecommunications, which we're increasing successful now and obviously, that's a large maturation area wherever we request to waste execute a ample information halfway very successfully present successful Ontario for Microsoft.

So we sewage things for illustration that are evolving and successful that sense, we proceed to look for agencies that tin complement nan attraction we person successful these various markets. And truthful acold nan effort we've made is really paid dividends. Dagmar has been a awesome acquisition. Trinity, we expect it'll beryllium a awesome acquisition for us. The [Indiscernible] gave america a full bid of caller offerings. So continuing to augment areas that we're diversifying successful is really what we're, what we're seeking and there's surely a batch of request for our services, and arsenic such, puts batch of assurance successful nan continued acquisition maturation successful those areas.

Naji Baydoun

Okay, that's helpful. Thank you. And conscionable immoderate investor that you highlighted benignant of respective power modulation benignant of maturation avenues? Can you conscionable possibly talk astir which ones that you spot nan astir opportunity successful today? How does it look for illustration erstwhile you deliberation astir renewables versus Nuclear aliases LNG aliases Storage, conscionable reasoning astir positioning successful those markets.

Teri McKibbon

Well, Nuclear is surely exciting. We're moving connected each of ample atomic sites successful Ontario. And there's conscionable specified a large marketplace and specified a wide request of things that are required, and we've sewage a really beardown resume aft shifting our attraction distant from caller superior finance successful lipid and state into nuclear, and it's really paid disconnected for us.

If you look crossed nan different power markets, evidently there's an emerging request for nan capacity to build hydrogen facilities. There continues to beryllium improvement successful LNG. So things for illustration that are happening. We would expect to spot much maturation successful existing LNG accommodation successful nan future, which we person a very beardown resume. The renewable level is high. We're building renewable programs coming for successful upwind and we've sewage an extended level of business successful Ontario successful hydro. So there's those types of opportunities evolving, and there's surely much and much hydro than it's expected to beryllium built successful Canada. It will beryllium good positioned for.

So it is nan power broadside is much dynamic, astir apt much move and we've seen since nan large lipid booms and it's each non-oil which is really interesting. So there's a batch happening and we expect that that'll beryllium a beardown request for america for nan adjacent 5 to 10 years.

Naji Baydoun

Okay. That besides helps benignant of reasoning astir wherever you you'd beryllium looking to grow into. And conscionable nan past question, not truthful overmuch astir 2023, but conscionable benignant of a erstwhile you deliberation astir margins, is location a northbound prima that you're aiming for? Where do you benignant of spot that afloat imaginable of nan business benignant of overtime?

Teri McKibbon

Well certainly, we want to proceed connected a yearly ground to turn and person accretion of our EBITDA separator profile, and we are good connected our measurement towards that successful 2023 and we expect that increasing successful 2024. So that's nan focus. It's a small early days to supply immoderate benignant of longer-term targets extremely, but we're very, very focused connected subject of ensuring and refocusing connected opportunities that we tin summation accretion from.

Naji Baydoun

Understood, convey you.

Operator

[Operator Instructions] The adjacent mobility comes from Ian Gillies of Stifel. Please spell ahead.

Ian Gillies

Good greeting everyone.

Teri McKibbon

Good morning, Ian.

Ian Gillies

With respect, nan equilibrium sheets evidently successful bully shape. You've talked a batch astir bolt-on M&A here, but there's besides going to beryllium a beautiful decent magnitude of free rate travel procreation this year. Has location been immoderate further chat astatine nan committee level that you'd beryllium consenting to stock pinch america connected nan thoughts of brownish [Ph] putting successful and past CIP fixed wherever nan banal sits coming and nan capacity of nan business?

Teri McKibbon

Not astatine this point. Obviously, connected a quarter-over-quarter basis, our committee is -- it surely is it's a taxable that is discussed. I’d opportunity that we've tended to attraction connected a dividend platform. And successful that consciousness whether astatine NCIB becomes portion of nan discussion, we'll see. But astatine this constituent our attraction has been has been much astir nan dividend.

Ian Gillies

Okay, that that's adjacent enough. With respect to nan progressive contracts that Metro legs rolled retired a small while ago. You've seen immoderate contracts towards there. I presume you've taken a person look astatine them. Has it changed your position astatine each aliases your desire to prosecute immoderate of nan larger, I guess, transit related infrastructure projects successful Ontario, aliases really are you reasoning astir that circumstantial portion of your business, correct now?

Teri McKibbon

Yes, we're progressive successful those wherever we tin beryllium complementary and person this work capacity for if Dagmar has made a immense quality for america and gives us, a Toronto based dense civilian obstruction contractors. So we've been sought aft arsenic a partner because of that. I deliberation our resume connected building ample attraction accommodation for illustration we built for metro links retired of nan eastbound rail. A number of years agone we've sewage surely a very beardown resume successful area, and we're building stations surely presently successfully successful Ottawa for our customer location which is nan Phase II squad that are building -- truthful that's going good for us. So I'd opportunity that we person a number of areas wherever we person capacity successful offering to those projects and arsenic such, we're willing successful those and are pursuing those that fresh our capacity.

Ian Gillies

Yes, that's that's helpful. And past past 1 for me, if you look astatine smaller mean sized businesses today, they're mostly characterized arsenic having succession issues. Sale processes are going to go nan norm. Would -- is that really you qualify immoderate of nan smaller, mean sized building businesses that you spot successful Noelle [Ph] successful Canada astatine this point. I cognize you can't overgarment them each nan aforesaid way, but I'm conscionable curious.

Teri McKibbon

I think, and it whitethorn beryllium conscionable coming retired of COVID. There's accelerated that succession. It feels for illustration there's a existent uptick successful that space, and it could beryllium conscionable that, they're coming retired of COVID and location is simply a spot longer statement of show to performance. So, it's an easier transaction. We've been focused connected companies that first and foremost provender our culture. We don't for illustration to participate successful in a waste process that relates to an auction. Periodically do, but we conscionable we're not that willing successful those. We're willing successful targets that want to go portion of our team, portion -- and evidently unlock nan imaginable of nan business pinch each nan skills and work offerings we have. So we're seeing that type of point successful galore areas and our specified person a squad afloat clip focusing successful that area, and truthful we expect to proceed to spot that complete nan complete nan adjacent term.

Ian Gillies

Okay. That's adjuvant arsenic well. Thank you very much. I admit nan item today.

Teri McKibbon

Thank you.

Operator

This concludes nan mobility reply session. I will manus nan telephone backmost complete to Mr. McKibbon for closing remarks.

Teri McKibbon

Thank you everyone for taking nan clip to subordinate our net telephone this morning. And convey you to nan full Bird team. We are proud of nan activity executed each day, moving safely, moving together and building worth for our company, our clients, our communities and our shareholders.

Operator

This concludes today's convention telephone and webcast. And you whitethorn disconnect your lines. Thank you for participating. And person a pleasant day.