Q4 2019 Earnings Call

[noise] all participants please standby youre, calling from says I need to begin good morning, ladies and gentlemen, and welcome to the fourth quarter 2019 conference call for more no Chapelle Inc. Please note that this conference call with something for once looking statements, which reflects management's current beliefs and expectations regarding.

The corporation future growth and results of operations actual results could differ materially from those anticipated.

It's not like to China meeting over to Mr., Stephen lift truck, President and Chief Executive Officer of more no shipped <unk> Inc. Please go ahead Mr. Josh.

Good morning, and thank you for joining us on the call with me today is Greer Coulter, our Chief Financial Officer yesterday after market close we released Warner Chicago's financial results for the full year fourth quarter of 2019.

Like always you can access the earnings release financial statements and our Mdna on our website.

You called out.

I'll briefly summarize our performance for the business at year end.

We were covering the financials and that as usual, we'll take your questions.

We indicated the earnings release, we delivered a very solid year built on a foundation of strong growth on the top and bottom line.

Good organic growth across our lines of business accelerated total and organic growth in the U.S.

Integration of the life works acquisition and build out of our well being platform.

In closing in integrating the acquisition in mid year, I'm Mercer Standalone large market health and defined benefit pension plan administration business in the United States, which as many of you know opened up the very large corporate markets for our services.

In 2019 were pleased with our overall growth you expanded margins and the significant steps we made against our five year strategic plan.

With life works, we're pleased that we delivered what we expected in terms of the platform.

Aggression and synergies not to mention changing the conversation with our clients from 82, the total well.

There please.

2019 was a year of strategic expansion as we continue to deliver profitable growth, while maintaining strong client satisfaction levels.

Turning briefly to the fourth quarter last year, we delivered results that are consistent with a full year for most of the reasons I've already mentioned.

In addition, I'll cover some key business highlights.

With life works, we want to large mandates for a total well being solutions one to a large Canadian communications company and another two a midsized public sector client.

In the United States in the quarter, we landed a sizable mandate for an ERP program with a fast growing Fintech company.

The total well being market as a high potential high growth opportunity for us the sales cycle. However is longer solutions impact more parts of an organization and need to be more integrated.

We're confident that our value proposition in this evolving market is uniquely strong.

Today, we have converted over 2.2 million lives to our core welding platform.

Up from 1.8 million in the previous quarter, and we anticipate seeing that number continue to grow.

Our health and productivity business turned in a strong fourth quarter as our focus on absence management and mental health takes hold in the market.

One of the solutions that we're most excited about his or internet consummated cognitive behavioral therapy I see.

Which we named ability CBT, a therapist assisted internet based CBT program that can be accessed from any device anytime. We recently sold the solution to an existing large public sector client.

We're also that to launch a pilot project in partnership with Kim age to provide our solution that patients in their mood and anxiety Oh place outpatient clinics in its highly atypical for can they used to using outside provider for mental health services. It speaks volumes about the level of confidence they have.

Our solutions.

These wins represent positive steps towards leveraging our strike in this promising high growth market for mental health care offered on digital platforms.

We're also starting to see considerable interest and I see BT in the U.S., which tends to be an early adopter market for these kinds of technology enabled solutions.

We're actively pursuing opportunities to roll out our solution in the U.S. ahead of our original schedule, which bodes well for growth opportunities in other geographic markets outside of Canada.

Our administrative solutions business has been on a growth trend for sometime now thanks to strong organic growth some significant wins at our acquisition of Mercers large market pension and benefits admin business.

In Canada, we won a large onetime implementation of the state based organization over the next three to five years.

The U.S., we want a significant contract with a large retailer.

And finally in a retirement solutions business in Canada, we want to contract for core actuarial services with a large public sector client.

As many of you know last week on March 2nd we announced the sale of our benefits consulting business. The hub international diversified global insurance broker as part of our strategic planning process, we continuously assess our businesses across the enterprise to ensure that they align with our strategy to be the clear market.

Leaders in the businesses in which we operate to be the leader in total well being market and to accelerate growth through global expansion and drive world class delivery through people and technology.

Well benefits consulting has been an important business in Canada for mono Chapelle with great clients in a talented team and no longer fits into our roadmap for the future.

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Her hand is committed to the growth of benefits consulting as a core business, which makes him a great partner for this transaction.

The transaction will allow us to more effectively leverage distribution partners, such as insurance carriers and brokers for many other services.

With the closing of the strategic acquisition, we have also entered into partnership with hub.

Hub is selected us as a key partner in delivering internet cognitive behavioral therapy, or I see BT and other employee wellbeing services to their clients.

The transaction as a win win situation for all parties is a clear example business that has different value in different hands.

Going forward, we're focused on the businesses, where we are can be clear market leaders top three in the market, where we compete as part of that approach. We wanted the investor capital and grow our business in support of our strategy, which has three pillars today.

On the total well being space globally.

Accelerate growth through geographic expansion.

Good leverage technology to deliver a seamless experience for clients and their employees.

Overtime, we expect our Canadian business to produce growth in the mid single digit range.

With high single digit growth in the United States and outside North America.

As we move forward today, we do so with a confidence that murdo chappelle is well positioned strategically.

Operationally and financially to deliver profitable growth.

No let me turn it over to Greer to review the financials.

Thanks, Steven and good morning.

29 team has a solid year for financial results and we made progress and taking our global expansion to the next level by executing on a strategy to Steven talked about.

Let's turn to the numbers for the year.

Revenue grew 23.1% to $888.9 million with adjusted EBITDA, increasing by 33.2% to $182.5 million.

You mentioned the main factors and this upswing in our results being the mid year acquisition of Mercers Standalone large market administration business the United States.

All year of life works revenue.

And organic growth across our core lines of business, which came in at 5.7% for the year.

Adjusted EBITDA margins increased to 20.5% from 19.0% in 2018.

This increase is primarily due to the impact of adopting I for US 16, and transformation initiatives, partially offset by Mercer being a lower margin business.

For the fourth quarter of 2019, the company produced revenue growth of 23.3% versus prior year to $247.5 million.

Adjusted EBITDA increased 34.7% to $48.0 million.

With adjusted EBITDA margins, increasing to 19.4% versus 17.8% in Q4 2018.

The factors and companies improved quarterly performance include revenue from the Mercer acquisition organic growth across our per lines of business and the impact of adopting off for us 16.

The fourth quarter represents a strong finish to the year and we're pleased with the integration of our acquisitions and more recently the transaction announced subsequent to the quarter with huh.

As Steven mentioned, the sale or benefits consulting business and able to.

The business that was less strategic to us.

And it provides the company with additional liquidity there will be redeployed as a component of the company's overall capital allocation strategy.

Despite the divested business, having higher margins, which will have a small negative impact on our overall margins.

We're very happy with the economics of this transaction.

Ultimately, we are generating results our shareholders expect from us and these will be critical and funding our growth plans.

Adjusted EBITDA per share for the year was $2.76, a 21.1% increase compared to $2.28 per share in 2018.

Profit for the year was $19.0 million compared to 21.8 million last year.

The decline is due to higher amortization charges related to acquired intangibles from acquisitions.

And due to higher finance costs.

Normalized free cash flow for the year increased by $18.4 million to 993.5 million compared to 75.1 million for the same here in 2018 due to higher cash flow from increased adjusted EBITDA.

The company is maintaining its policy of paying a monthly dividend of 6.5 cents per share.

And finally, a few comments about our strategy is to maintain our financial strength and flexibility as we go forward in Q4 2019, the company increased as existing revolving credit facility by $100 million with the same terms and conditions.

Combined with the proceeds from the sale of our benefits consulting business, we have the capacity to execute on our strategy.

And finally in December.

Company issued a redemption notice in respect of the outstanding 80.7 million of convertible debentures.

The principal amount 79.2 million was converted into 3.2 million common shares conversion price of $25 in time sounds age.

The remaining 1.5 million was redeemed through a cash payout at face value.

And with that I'll turn the call back to Steve. Thanks career before we move to the culinary I'd like to address that question that likely on your minds about our response to co that 19.

We are committed to unprepared to address the evolving risk posed by covert 19 with activated our comprehensive business continuity pandemic plant at a very active executive and management groups coordinating our response globally.

We have regular communications with employees updating them as new information is available we're continually assessing and updating our approach based on the changing environment, including things like travel restrictions for non essential travel self quarantines in certain situations working from home restrictions on alert gatherings.

People et cetera, we're communicating best available information.

Nice to help protect our employees, we're also providing support to our clients and their people.

In terms of impacted the business based on how things are unfolding at this moment.

We anticipate the impact to be fairly neutral in some areas. We're seeing an increase in service like more cases in the absence in disability business and then others, we're seeing a slight decrease like face to face training.

It is a fluid situation and we'll continue to evolve and as I've said, it's something that we're very actively monitoring.

I'd like to thank everyone on the call for your time, so far today, we'd be pleased to now answer your questions mode. You go ahead and open the line.

Thank you Ms. furniture.

Please let's stop.

Fine.

Yes, we fall small participants logistical question.

We thank you for utilization.

Our first question is from Stephanie play some CNBC. Please go ahead.

Good morning money Stephanie.

Just a bit 19 cents you just mentioned that can you talk generally about what you've seen historically in terms of the EPA well be utilization.

Hi, downturns in periods of uncertainty.

Yeah really good question I'll put it into two parts Stephanie the first would be a recession or a financial downturn, where for a when that happened during the financial crisis previously.

We saw an uptick in calls coming into our ERP related to stress and anxiety as you could imagine.

And more clients would ask them to go onsite and help them.

Downsizings and things like that in our pension administration business, we would have seen more activity relating to needing to do calculations for people around retirement and things like that.

Taken more specifically to your question around Covidien 18, when we take a look at Baghdad, Sars or H, one and one or something like that we did not see a large uptick we would have seen a small uptick.

In calls and things like that but nothing material are substantial okay. Thanks to the color and then in terms of.

The Mercer acquisition looks like revenue was a little bit higher than just modeling. This quarter can you talk a bit about the growth you're seeing in the business and whether it was in line with your expectation.

Yeah, I'll start Stephanie as Stephen their turnover degree or I think the first comment I would make is as we've been out talking to our new clients that's Mercer clients.

We've been really pleased with the interaction has been really pleased with.

There are openness to talk around how do we do things differently. What other things can we do together, which really opens a lot of doors to continue the partnerships to build.

As you would have noticed that revenue is higher than what we would have expected that obviously puts some pressure on margin percentages not margin dollars, obviously and that really is I would say tied into a couple of things it's tied into.

Less turnover of those clients that we would have expected.

Some onetime work that I think came our way as those clients saw a long term player in the industry rather than necessarily an organization that they weren't sure we're going to be in that business longer term.

Okay, and when you think about that Oh, sorry, when you think about that one time work should we think of that going into next quarter as well or was it pretty much wrapped up in the quarter.

No one of things out it it's career Stephanie I.

I view this as when we looked at what we thought Mercer would be and what it has been we're obviously very very pleased with that both revenue and EBITDA.

When we manage assumptions in our acquisition model, we made some assumptions about clients. It would stay in clients that were maybe not stay and a big part of the over performance is ER as than we've had.

The good result in terms of clients that we've been able to continue to work with.

Sorry, the reason why I'm, saying that I think it's there are some opportunities to grow this portfolio I think it's really that we saw some over performance at the beginning of it.

So it's not like we're going to see this outperformance again and again and again, so I wouldn't look at us hyper growth more as.

We're really pleased everything's converting a lot better than we thought we've got great value here.

I don't look at it as a huge growth engine and I do think just on your question around onetime Stephanie I do think that was a little bit of pent up demand.

Rather than necessarily those growth rates continuing okay. Thanks, and I'll throw one more and that you mentioned the eyes CBP quite a bit in your in your prepared marks Steven I was wondering how you kind of so that in tea is it mainly sold into existing well being clients and is that kind of a revenue add to your existing existing revenue and well being space or how do we.

But.

Yeah, we really think about it as part of what I would call our continuum of care, which moves from.

The lower end of the continue or where you're talking about recognition and having people feel involved in the workplace.

Two elder care childcare up to the other areas that exists from an <unk> think about anxiety depression and things like that and then it really moves into I CBT. So at a very simple level on rather than going to see a counsellor face to face you're essentially moving through modules online with a counselor in the background assessed.

Can you as required and then beyond that when you do need to face to face or you move into being off work you move into our disability management business. So I CPT was a really nice fit into that overall continuum, we do sell it as an extra product and we've seen good take up on that again, it's very small it is.

And our health and productivity business, but we do you see that as being a growth driver in that business and that did help contribute to the nice growth that we saw in Q4 in health and productivity.

Great. Thanks, so much.

Thanks, Stephanie.

Thank you.

I mean question is from James line from National Bank Financial. Please go ahead.

Yes. Thanks, Good morning range and first question just going back to that so onetime work.

Going into Mercer, how much would that have contributed in the quarter I guess, what I'm trying to get out is what would be sort of the run rate revenues is that the 36 that you generated or is it something couple of million dollars lower.

Little bit more color.

Yes, and let me say it again, so I think the run rate is probably a pretty good one Jim aside from seasonality and stuff like that but I think that's that's a good run rates on wasn't so much as it was the one time nature of it it was.

We converted more on an ongoing relationship with more than we thought so don't look at it as one time, but it converted so is that I guess, an increase onetime over what we thought but we'll continue so its recurrent.

Okay, that's great.

In terms of the benefits consulting transaction with hub.

It was noted in the in the statements or be in do you have any any additional color you can provide us or the size of that gain in Q1.

For sure. So I look at it the two different pieces I look at our cash flow. So one thing I. It's important to understand is that there's no cost talks on this transaction. So again that we should be.

64, 65 million kind of zone out of this and redeploy that cash obviously, an interim will apply it to our credit facility until we find a place for it.

On the accounting side.

I'm just going to give you a number obviously there is still stopped moving around but it's probably in the.

It's in the 30 to 40 I know, it's a wide range, but it's in the $30 million to $40 million range on game.

Okay Thats quite substantial.

Shifting to free cash flow and normalized free cash flow ticked down year over year. This quarter, primarily because of what looks like higher capex tied to the other Mercer transaction.

First off I guess, how much of that 14 million Capex tied to Mercer is going to repeat in 2020, and then second part would be can you refresh us on what your Capex budget and plans are for 2020 in 2021.

Yes, so so for Mercer it it's not recurring so there on the capex side of it I'm not going to get into specific numbers necessarily but.

The the Mercer is not as nonrecurring some one time capital that we made identify side you know.

Kind of 50% is only going forward, that's probably close.

In terms of Capex for for 2020, it will be somewhat elevated.

Versus a kind of where we came in in 2019, if I said 60 million type zone, that's probably relatively close.

Plus or minus you know as we.

As a bunch of kind of onetime initiatives that will be taking place over the next 24 months. So I think the capital validated through that period and then when it comes through to.

2022, that's where we see a capex kind of coming back into a more normalized.

And Jane just as Stephen a little bit of color just on the elevated pieces. Most folks know we're looking at a new office location in Toronto capital.

Tied to that as we move through we're implementing.

Workday across the enterprise doesn't integrated systems between finance, HR, and 10 entry and things like that and in addition, we've got some work just.

Due to meet some client commitments that were quite excited about in terms of the lifeworks platform and as we've talked before getting.

Pension benefit data integrated into the platform.

Okay.

And I just wanted to I was actually and follow up on that but since you mentioned the the pension benefits.

Component and what you're working on there can you give us a little bit of update around how that's progressing feedback from from clients from initial testing and then maybe comment around timing.

Yeah, I think a couple of things. So the first thing we are working very closely with a one client who is very determined to lead a witness in the marketplace and we're co developing and.

It's going well either teams are working very hard.

I think we've got fairly aggressive timelines.

We're still working towards having this done by the end of Q2.

And we're on track, but they are aggressive timelines.

We have tremendous amount of interest from other clients in that but we're really focused on getting it done on the one first of all.

And then everyone else is kind of waiting and we will move forward and talk to them as we get through the development.

Okay, Great and then last theme for me.

Q for some maybe some quick one rights.

As around margins.

Maybe I.

I'm trying to just sort of.

Run some math here and make some adjustments to neutralize for the I have for a 16 impacts and then Mercer so.

Stop me, if I am going a little bit to two off track here.

Taking a look at the adjusted EBITDA of 48 million.

If I use the 4.7 million payment of lease liabilities as the adjustments Ryan for Ics 16.

Is that correct adjustment and that would lead me to about a 17.5% adjusted EBITDA margin just on the eye for 16 impacts is that is that fair.

Yes, I got to be honest enough knowing all your math, what I would say is a desire for US 16 adjustment is order of magnitude, probably 130 basis points or something like this.

No what I would do as I kind of reset where the margins are right. So when you look at last quarter. I think were 19.6. This quarter were 19.4 EBITDA margin, what we said on the last call which.

We continue to thing is the right zone is that our overall EBITDA margin for 2019 will be consistent with 2020. So document at 20.5, we're still thinking thinking the same. So obviously, we have bill margin improvement into our forecast for the year and we're still confident.

Okay, Okay, all taken offline that and maybe run through some some different numbers. Thank you.

Okay.

Thank you.

Once again, please press star one at this time for any questions or comments.

Following question, if some grant writing from TD Securities. Please go ahead.

Hi, good morning.

Maybe I could just start.

On the free cash flow side.

You know I heard your comments on the Capex just working capital are noncash working capital CV a bit of a drag in 2019 is there any color there on what specifically is driving that it is there any.

Expectation that that will be less of a drag going forward, just thinking about free cash flow and payout ratio.

Yeah, I grants career, so Oh I think if you look at 29 on a whole lot wondering to start looking for I think that's probably more relevant here so that.

The working capital in Q4. The primary reason why that happened was ER was the web so our weapons so little bit higher.

I'm a big reason for that as we have one specific client, where we're doing a fairly large implementations theres milestones in the contract. So we've built up five or $6 million and lift for the specific.

Client projects going on plan as well in all that kind of stuff. It's just a we've built up an unusually large amount for this particular client.

Yes, I mean I've got to me explains most of it we should see that reverse in Q1.

Okay. That's helpful.

Your comments around integrating.

The pension medicine men into the into the life works.

Platform.

You are working to one client and you're looking to roll it out with the rest is there any.

I guess the benefit there I presume from a client's perspective, it's just it's a better overall product and free for you. It would be better client satisfaction retention is there any economic benefit from actually integrating pension benefits admitted into the lifeworks platform.

Hi, Graham as Stephen here.

First thing I would say is I do believe in as you move into a platform world that the winners will be the ones who have people using the platforms on a regular basis and we think we've got very strong usage on the current platform as weve rolled it out a though we think adding pension and benefit data will just drive subset.

Actually more second thing I would say is as I know, they're talking to Ceos Chr arose.

What we see quite often is they've got a number of programs in place in their organizations that have no utilization.

And it's really a fact that it's buried on the website and hard to get too and if we again can have something that employees are going to and using every single day off for all of the key information. They havent just becomes way more valuable than trying to find something very so we think it's phenomenal from an end user satisfaction standpoint, we think it's really good from our cloud.

Standpoint.

To answer your question on economics.

Okay.

Yes, if we have someone who's a current client with pension and benefit and we're integrating that data under the Lifeworks platform. There is no direct economic benefit.

We've got someone who would like the pension and benefit data put on the system and its not residing on our systems. Obviously, there will be charged to do that and there would be obviously, an economic benefit tied to it but I think the bigger thing is I think about it as you think about this platform continuing to expand in us putting more and more.

Our products services and solutions on the platform, we will overtime AD solutions that we can charge an extra one $2 per employee per.

And they will be things that are clients and HR leaders truly value in their employees values. So I think it's just setting the platform up getting more utilization in that that will be the thing that gives use more and more and we will be able to recognize economic benefit overtime.

Understood makes sense.

And then just one last question the.

There was an acquisition just earlier.

Last week.

Announced.

And then Willis towers Watson I'm, just wondering from your perspective any impact on on the competitive landscape for read through to your business is that deal does go through close.

Yeah really good question, obviously, a show we have been close to following it and everything has been on enough. The rumor mill for a good year on as we think about it.

What I would say first of all of you think about what that business really as a it's somewhere between insurance and consulting.

So for the most part we don't play in the insurance space and we've got a retirement solutions business that would play in consulting.

Not in the benefits space anymore as you know so it would be in what they have we tied to a very small part of our business. When we think about it and it is a Canadian only part.

On the one other thing I would say, though is as you think about less and less players in this space.

As our peace come up in the retirement solutions space. There are less people bidding on it and that is a business that we like it fits into our total wellbeing model and everything.

So we would expect overtime, probably more opportunities showing up just with less competitors in that space.

That's it for me thank you.

Great. Thanks.

Thank you.

Following question is some James line.

No financial please go ahead.

Yes. Thanks.

Two quick follow ups first that just looking at the no four of the financial statements showed a 7.5 million negative adjustment on the goodwill for life works. It looks like it was netted out by their adjustments, but maybe you can walk me through what what drove that.

No I mean dream I don't we're going to take that one offline.

And then second one I just going back to the margins I meant to also ask guy.

Last quarter, we talked about Mercer being about 100 basis points drag given the revenue was much larger this quarter is that number still appropriate or is it something different.

Yes on Mercer, it's certainly north of 100 basis points, it's probably closer to kind of 121 30.

Okay that makes sense. Thank you and Jane just building on what Gary said before the way I kind of thinking.

We've got a run rate going right now on margins similar to lean Nike for a 19 sex and we're working fairly hard before.

The hub piece gets factored into AD, we would anticipate about 100 basis points on as we move into 2020 on that number obviously that will be pulled down a little bit with the transaction with hub just because of benefits consulting business had slightly higher margins.

Of course.

Thank you.

Thank you we have no further questions, but just so at this time I would now like to turn the meeting back over to Mr. of trap.

Thank you mode I'd like to end by expressing my thanks, everyone on the call. We continue to appreciate your interest in our company and we look forward to other opportunities in the future, including these calls to keep yesterday on what we're doing to driver growth and success as a business. Thank you.

Thank you the conference has now ended.

Disconnect your lines at this time and we thank you for your participation.

This conference is no longer being recorded knowledge is promoted confidence at Delta home.

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