Q1 2021 Toromont Industries Ltd Earnings Call

May 5, 2021

[music].

This conference is being recorded so the schools the holes at the old as you say.

Please standby your of meeting is about to begin good morning today of May 5th 2021 welcomed to the term out the first quarter 'twenty 'twenty. One results conference call. Please be advised of this call is being recorded.

Host for today will be Mr. Michael Mcmillan. Please go ahead Mr. Mcmillan.

Thank you Donna and good morning, everyone.

Thank you for joining us today to discuss the results of term on the industries limited for the first quarter of 2021 also on the call with me. This morning is Scott met Hurst, President and Chief Executive Officer.

As noted in the press release issued yesterday, we will be referring to of package posted on our website, we encourage listeners to download it and follow along at this time.

And as noted on slide two of our presentation.

We'd like to advise listeners that this presentation may contain forward looking statements and information that are subject to certain risks uncertainties and assumptions that may lead to actual results or events differing materially from those expected.

For a complete the discussion of these factors refer to our press release from yesterday, which is available on our website.

As is our practice, we will focus on key highlights for the quarter Scott will begin with a few general remarks, followed by comments on our overall results after which I'll provide some highlights on our divisional results and financial position.

After our prepared remarks, we will be more than happy to answer questions.

Over to you of Scott.

Thank you, Mike and good morning, everyone.

Before I begin I would ask that you move to slide three of the package.

<unk> first quarter results reflect our unwavering commitment to meet our customer needs as we continue to navigate through a complex operating environment.

The equipment group reported strong per arm product deliveries, reflecting improved activity levels in the quarter.

Simple revenues increase with good progress on its order backlog.

Alex support activity, particularly in the recreational markets continues to reflect the impact of COVID-19 restrictions.

Operational efficiencies with continued focus on expense discipline resulted in solid bottom line growth.

Turning now to our financial results highlighted on slide four.

The company recorded good results in the first quarter of 2021.

While we have seen higher industry activity levels, we still operate with caution given the rapidly changing situation driven by COVID-19 variance.

Backlogs for $912 million at quarter end up 61% versus Q1 2020.

In the equipment group mining and construction represent approximately 39% of 35% of our backlog respectively.

Typical backlogs were 18% lower reflecting execution on the large industrial orders received in Canada in Q1 of 2020.

On a consolidated basis revenues increased 13%, reflecting increased activity in many areas and solid execution from our teams.

The support revenues increased 2%, while rental revenues were 11% lower compared to similar quarter last year.

Operating income was 27% higher on the higher revenues, coupled with relatively unchanged expense levels.

Net earnings increased 28% in the quarter versus a year ago, while earnings per share increased 13.

To <unk> 58 per share.

We continue to provide essential services and solutions to our clients, while remaining diligently focused on safeguarding our employees and protecting our business for the future.

We appreciate our entire team's incredible effort in the ongoing commitment to adapt to changes in the business environment.

Although we experienced improvement in market activity in the first quarter of 2021.

Tone of caution still exists given the changing status of the pandemic and response or <unk>.

Order backlog was healthy heading into 2021 of new order bookings in 2021 are supportive.

The diversity of our geographic landscape and market served extensive product support offerings and financial strength together with our disciplined operating culture continues to position us to build for the future.

Mike I'll tuners, I'll turn it over to you for some detailed comments on the group results.

Thanks Scott.

Let's put a bit more color on the operating results starting with the equipment group on slide five.

Revenues were up 11% in the quarter on improved equipment sales and product support growth while rental revenue was weaker.

The total new and used equipment sales were up 28% overall, our 34% and 12% respectively.

<unk> increased across all markets and regions construction markets up 32% power systems up 20% material handling up 10% agricultural up 76% and mining up 3%.

Rental revenues were down 11% year over year low.

Equipment rentals were down 7% with lower activity in most regions, where heavy equipment rentals were up 8% across all regions.

Relative to last year, Quebec activity also improved power rentals were lower 13% and material handling of rentals were down 5%.

<unk> revenues were down 48% on the smaller average fleet over the period. The ERP of fleet was $38 6 million versus $62 1 million a year ago.

Product support revenues grew 2% on higher parts up 4% and lower service revenues lower by 3% activity within construction markets was up 6% with increases in most regions and both material handling and agricultural products support activities were higher.

Mining activity was lower with product support down 2%, while power systems decreased 7%, reflecting timing of larger rebuild projects.

Gross profit margins decreased 10 basis points in the quarter equipment.

The equipment margins and product support margins were largely unchanged rental margins were 60 bps higher reflecting benefits from fleet adjustments, including selective dispositions and acquisitions as well as a stronger utilization over the last year.

Selling and administrative expenses in the quarter increased $1 5 million of 1%. The increase is mainly attributable to mark to market adjustments on deferred share units due to the higher share price.

This was largely offset by continued cost containment disciplines in discretionary expense expenditures such as travel allowance for doubtful accounts increased $1 1 million an aging of accounts receivable.

Operating income was up 27% reflective of higher revenues booking.

Bookings increased 103% in the quarter across all sectors mining bookings were 242 million in the quarter, reflecting several large orders.

Backlogs of $736 million or 108% higher than this time last year across all sectors, approximately 80% of which are currently expected to be delivered this year, but subject to timing differences, depending on vendor supply customer activity and delivery schedules.

Let's turn now to <unk> on slide six.

Revenues were up 37% in the quarter, mainly due to strong package revenues on continued progress against industrial orders booked in 2020 slightly offset by weaker product support.

Package revenues were up 105% with increases in both recreational industrial markets and Canada package revenues were up 98%, reflecting industrial revenues were in the U S package revenues increased to 159% on a smaller base with higher revenues in both industrial and recreational markets.

Product support revenues decreased 7% versus the first quarter last year on lower activity levels in both Canada and the U S activity levels in 2021 of our lower reflecting continued site restrictions in most areas and reduced demand, particularly in recreational centers, which had been closed are severely restricted by the pandemic the.

Increased technician base and essential services designation continues to support our backlog and positions of the business well for the eventual improvement of activity levels.

Gross profit margins decreased 560 basis points in the quarter versus last year. The decrease in gross profit margin was due to lower package and product support margins combined with a less favorable sales mix of product support revenues to total revenues.

The margin mainly reflect activity levels nature of projects in process and construction schedules, which can be somewhat variable.

Selling and administrative expenses were largely unchanged from the similar period last year and expenditure control measures on discretionary spend remain in effect of <unk>.

Lower allowance for doubtful accounts on good collections focus on resolving outstanding items lower travel costs, largely offset increased compensation expenses.

Operating income improved to 400000, largely reflecting higher package revenues, partially offset by lower gross margins bookings were $38 million in the quarter down 66% versus last year, which included an exceptionally strong level of bookings due to several large industrial orders in Canada Rec.

Recreational boat bookings were 28% lower on reduced market activity bookings in Canada were down 69%, while the overall bookings in the U S were lower by 20%.

Backlogs of $176 million were 18% lower than the end of March last year, mainly related to the progress against the industrial orders.

We expect approximately 90% of this backlog to be realized as revenue in the year. However, again this is subject to construction schedules and potential changes stemming from the COVID-19 pandemic.

On slide seven I'd like to touch on a few key financial highlights.

Non cash working capital of substantially unchanged versus a year ago.

The management of our working capital continues to be of focus as we position the company for the future accounts receivable aging receives continuous focus and is trending well with the DSO down eight days compared to Q1 of 2020.

Inventory levels continued to be adjusted in light of market activity and are below prior year levels accounts payable reflect the timing of purchases and the wind down of certain extended terms with suppliers.

We ended the first quarter with a strong financial position with cash on hand of $614 million and our balance sheet prepared to support changes in demand and finally.

As announced the board of Directors yesterday approved of 12, 9% increase in the regular quarterly dividend, taking it to 35 per share. This marks our 30 <unk> consecutive year of dividend increases.

On slide eight we conclude with some key takeaways as we look forward to Q2.

As one would expect we continue to focus on our three key priorities protecting our employees, serving our customers and protecting the business for the future.

We expect the business environment to remain fluid in 2021, and the tone of caution to persist given the changing status of the pandemic, new variance and the vaccine rollout schedules, we continue to proactively monitor developments closely and refine our business practices appropriately.

We are well positioned to effectively respond to both customer requirements marketed opportunities leveraging our disciplined operating culture.

Our operating model and strong financial position.

That concludes our prepared remarks at this time, we'll be pleased to take questions Don back to you to set up the first call. Please.

Don over to you please.

Thank you we will now take questions from the telephone line. If you have a question and using a speakerphone. Please go ahead said before making your selection.

You have a question. Please press star one on your telephone keypad, if at any time you wish to cancel your question. Please.

Star two please press star one at this time, if you have a question there'll be a brief pause participants register thank you for your patience.

And the first question is from Jacob bout from CIBC. Please go ahead.

Hi, good morning.

Good morning Jacob.

A solid uptick in equipment backlog, maybe just talk about the uniformity across groups of equipment.

Sure.

The smaller larger horsepower outperforming and are you seeing sustained the sustained level of bookings so far in the second quarter.

So what we saw in the quarter was true.

Tremendous activity for Q1.

And it was.

It was in all areas I mean, we were pleased with construction construction bookings I think we're up over 30%. So it was very fluid the industry activities in that quarter.

Very strong I mean, if you break it down the the larger iron we saw much better activity than we did.

The comparative on a quarter over quarter.

That was up almost.

60% and.

Significant.

Industry activities in the smaller units of the compact construction products. So.

Very active quarter, we're monitoring buying behaviors because.

It was very strong.

And that led to some.

We were pleased with the performance relative to the bookings.

And that was throughout all areas of the business.

And do you see that are you seeing that sustained level through.

The second quarter.

What we're what we're doing we're monitoring things very closely obviously because that was the Q1.

It's usually you see of build and that was a very active quarter.

Very strong the industry numbers, we were pleased with our performance and we were able to react I think it shows some strong disciplines from the team in the second half of last year, and how we're working through our pipeline and forecast processes.

So we'll see how things develop but it was a very active environment.

Because of the other thing to layer on here is just kind of talking about the semiconductor shortage.

Possibly impacting deliveries later this year do you think there was a kind of a poll of affected into the quarter.

No I don't.

Like our customers.

They read into their own situations I think a lot but.

There was a lot of variables in there I guess when you look at it but it was strong.

We were pleased that we could react to it and again getting back to those the team's disciplines on the ordering processes. Like these are outcomes from how you're reading things from the second half of last year right. So.

I think.

We're in a.

We're monitoring things closely and we'll see how things continue to develop of that was a very active environment Q1, okay.

Okay, Okay I'll leave it there thank you.

Jacob Thanks Jacob.

The next question is from Michael <unk> from Scotiabank. Please go ahead.

Hey, good morning, guys.

One of Michael.

In the typical mining recovery, we usually see products the port recovered well in advance of new equipment purchases, but that doesn't appear to be the case. This time around I mean, what dynamic do you think is driving that.

And can you comment maybe on the strong bookings, whether they reflect demand for re fleeting or mine expansion.

So in terms of the product support side I think it represents.

The fluid environment, we continued to operate in relative to COVID-19.

It's persistent rate.

The raise aware of what's going on with these variance.

So again, we're operating in a very cautious complex environment.

The demand signals are fluctuating on the service side.

And you got to remember when you're doing the comparisons last year first quarter January February that those were normal operating environments right.

So.

You know theres, a cautious environment out there, it's very complex due to the COVID-19 situation.

In terms of the mining orders, we were we were very delighted and honored that we were awarded to US from packages. There were some multiple deals in there.

Some of it was.

Expansion and some of it was.

Some newer projects so.

Again, it's just I think we're in we're monitoring where we were.

Pleased and the team really delighted with the team's performance and that was all work that was done last year right to get some outcomes in the first quarter. So.

So we continue to monitor things very closely on the product support side.

We're not operating in the normal environment that's right.

Neither of us.

I guess, Michael on the costs.

Last year, you talked to us about phasing of costs back into the business as the backdrop and group.

<unk>.

Have most of the costs maybe outside of the August ones like travel been added back I'm just the SaaS.

It's going to get a better sense. If we're at the stage, where we can begin to make assumptions about permanent cost.

Cost reductions through the through the cycle.

Yes, Great question, Michael I think a couple of things to consider.

First of all when you look back at Q1 of last year, we started to see the pandemic take hold here call. It in March right and so we did see normal run rate of spending I suppose you would say in the first couple of months and then it started to taper pretty quickly.

I wouldn't say that what youre seeing in our financials right now reflects normal activity. We are we are bringing people in and out of say remote mine sites, but it's very controlled and very different the construction side of the other parts of the business I mean travel is significantly restricted and so I would not.

Not.

Model off of what Youre seeing in Q1, yet we are far from seeing normal activity levels, and then balancing to what we think that new level of.

The discretionary spend will be.

Perfect. Thank you guys.

Yes.

Thank you. The next question is snap hot content RBC capital markets. Please go ahead.

Alright, great. Thanks, and good morning, just maybe wanted to get a lower net color.

Just want to get a little bit more color on the rental side from you just the difference between light and equipment.

Light and heavy during the quarter as well as the sort of thoughts on taking down the inventory a little bit of that just a bit of caution because of just provide some color on what you saw in the quarter and the thoughts looking ahead.

Well on the rental side again tough comp because January and February last year, where were normal.

Environments.

And we started to feel.

The COVID-19 pandemic impact in the latter part of March.

We've seen progress on the rental demand signals as the quarter progressed.

We were down.

On the rental.

Equipment of light late equipment market, we saw some slight improvement in utilization.

Sure.

But when we were very pleased with our Quebec rental.

M business.

Starting to see some improvement in there and some of those operating disciplines are starting to come through so that was good to see.

So you know what I think a lot of when you look at the rental revenue down what was it 11% part of that is due to the.

The.

Sort of shift in the our appeal of that rental purchase option business that that rent to rent business.

<unk> was down on rental income and the inventory level I think.

Down over 60% there so usually you see of build in the first quarter on the <unk> business.

The shift that so theres a lot of different behaviors going on in here demand signals. So thus the monitoring things closely.

One other one other part of that too I think sort of is when you think of the mix of the say the battlefield business.

Exterior work and things again continues as we saw through COVID-19 to be reasonably strong the interior things, especially when you have lockdowns of site restrictions that does restrict some of that activity. So when you think of the.

The composition of the rental income it is still realizing the effects of COVID-19 right and so that will persist for a period of time, yet until we clear the right.

No that makes sense and then I guess just on the margin side you indicated that there was some improvement there that really just associated with the dispositions or is it just that business just that it's made some progress post some of the investments of some additional color there. Please.

Yes, I think two or three factors. There one was one was I think.

Utilization, we touched on so we're seeing better utilization of the existing fleet in the last year, we did pull back a bit and optimize that fleet. So.

I would say we're seeing some good dispositions, we're far from seeing the full cycle. If you will know Quebec business. We're still a few years away from that but we are in the rest of the business. We're seeing some some benefits of some of the dispositions better utilization across the base.

And.

And so that sort of gives you a flavor of where you are starting to see it in Quebec, as Scott mentioned, showing better activity levels and return to growth.

There was some strength in the the heavy rental of disposition, which shift.

<unk>, yes.

Okay, Great and then if I could just squeeze one last one and just maybe a broader question on the entire rental space, where you've got a couple of these large global guys operating in Canada. The I've been laying of some growth strategies recently can you maybe talk about just the competitive intensity in that business and how you are planning on it.

Is it really just continuing to invest in battlefield, how youre planning on sort of maintaining our position in the rental space heritage from Canada.

Yeah, well I mean, the great thing is we operate.

Obviously in the rental services business as you were referencing but also in the heavy rents and the power of rentals as well and now we're in the material handling rentals. So theres a lot more components in there.

Strategically we're very focused on that.

Continue to look at and examine our footprint things.

We like the business, we're going through.

Continuing our integration plans in the Quebec Maritimes.

So it's competitive yes, but.

It's always been competitive and so we're committed to strategically and we'll continue to work forward with the.

With our operating disciplines on that front.

Great. Thanks very much.

Okay. Thanks.

Thank you. The next question is from Yuri Lynk from Canaccord Genuity. Please go ahead.

Hey, good morning, guys.

Yeah.

Good morning, I think I'm going to ask another question about why the cycle is different than the others, but it's interesting.

What's the.

The rental would normally you would normally see the pick up.

First of I think our investors are sort of clients are rather cautious so they'd rather rent then own but we're seeing the opposite here.

What are your any feedback you can share with us with the.

The mood of of your customers, because youre, saying, they're cautious, but the rushing out to buy equipment, rather than rather than rent just based on what the numbers of telling us.

I'd say we're cautious.

Sure.

It is a.

I think there is some uniqueness to this.

And that's why when we look at those industry numbers they are.

Very strong so youre really we're monitoring the buying behaviors and.

We'll see how it plays out I mean, I wouldn't want to start the spec.

Type of an environment.

I think theres been some of what we saw in the quarter with some release of some sort of infrastructure work, which is positive and im sure our customers were reacting to some of that.

I mean, we'll see I mean, theres some good mix in there and that backlog with construction mining and I mean, even in our AG material handling business was good.

And the the small contractor business. So I mean, we'll see how it plays out.

The very active quarter.

Yeah, No understood last one from me just just capital allocation essentially no deaths here because of the generating lots of the task or understand the dividends of a priority but anything.

Beyond that.

Where would you like to run this business long term in terms of leverage level.

Yeah, Yeah. Good question a couple of a couple of quick things there we did see.

Some some decent sales in the quarter and so we had anticipated when we started the year about call. It 200 plus million below sort of normalized inventory levels. As an example, we anticipate our level of investment to support demand changes in the business throughout the course of the year and so we're still down a couple of hundred million from where we would see last year.

<unk> expect from a capital perspective top priority is always supporting the business activity that's through the investment there to support demand.

But also.

On rental fleet and things like that as we start to look at it.

We will have capital available to support investment in the rental business as demand dictates.

<unk>.

And so as we I don't think anything has changed too much there is a bit of a shift.

Perhaps with Q1, but it's also I think the pandemic is overriding some of those themes right. We saw delays, we tapered capital investment and we start to see that come back in this year, we're trying to monitor that and as Scott said very carefully based on our customer requirements and so that'll be job one for us.

Our leverage is.

One of our historic low levels, we're happy to be in that position, but we are also planning on this type of investment of a couple of hundred million through the course of the year and then we'll see how things transpire going into next year.

Okay I'll turn it over the next.

Thank you. Thank you.

The next question is from Cherilyn radbourne from the <unk>.

TD Securities. Please go ahead.

Thanks, very much and good morning.

Good morning, Sheryl its price.

First question I guess is more around expenses.

In looking through the numbers last night that you were probably managing things pretty tightly and of volatile environment, which may have created some unusual operating leverage just given the price product deliveries that you saw in the quarter, just curious how youre thinking about.

Of course is in expenses going forward to make sure you have enough flexibility to capture opportunities but.

Don't get too far ahead of yourself based on an unusual Q1.

Yeah. So.

Certainly in this environment continue to be very focused on discretionary and well.

Also.

Being a very in tune with our long term rate and I think theres a balance in there we've been talking about we will continue to do that.

Certainly when it comes to our hiring of technicians and things of that nature. We are very we're trying to be very aggressive in there I think.

We can do more in there to prepare for the for the long term, so where we are.

Certainly keeping an eye on long term well.

Monitoring that discretionary areas that won't impact our ability to support our customers. That's the key right. We're thinking through this over the over the long term.

Okay, and then in terms of the supply chain. You know obviously you are in constant dialogue with customers trying to get a read on what they may need them through the balance of the year.

How do you position yourselves in the context of an environment where.

Eventually we may be looking at extended lead times.

The potential of the semiconductor issue, how do you make sure that you're positioned to satisfy customer requirements.

Great question. This is where the started last year and again I think.

We're very pleased with how the team is sticking to the disciplines of pipeline forecasting and all the all of the businesses with all our suppliers not just caterpillar it's up to us to give those are our supply partners. The demand signals that started last year and that's why we were very pleased with.

The performance from the first quarter that we were able to react.

Cuz of those disciplines of those pipeline forecasting that took place last year and will continue to take place. It's a situation that we're monitoring closely.

And I think that's.

You take care of the things you can control and that's what we're doing right now with some disciplines on are the monitoring demand signals into our ordering processes.

And the last one from being very active not just on new we're trying to be very active in used areas as well.

Which kind of feeds into the last thing that I wanted to ask you used equipment sales grow off of a pretty strong prior year comps. So I just wanted to understand if that was primarily disposals from the rental fleet or whether you're sourcing team made a contribution in the quarter.

Yes, the combination of and we again we have been.

I'd say last year's second half strategically we shifted to be try to be opportunistic in early.

On the purchases will continue we're continuing in that space.

And.

That's part of our strategy, we like the used equipment business, we're very focused on rebuilds.

And supplying customers with different types of value propositions.

Great. That's all from me. Thank you. Thank you. Thank you. Thank you.

The next question is from Maxim.

Please go ahead.

Hi, good morning, gentlemen.

Part of Max.

I was wondering if you don't mind, maybe commenting around the into play around of high steel price and obviously strong growth Canadian dollar.

In terms of sort of the this.

Countervailing dynamic impacting pricing and how are you guys positioning vis vis some of your competitors. So that's possible.

We've been through this before.

This is not something that that I'll call. It that's just the business.

Compared to what the other dynamics for dealing with here with the Pandemics.

And the <unk>.

Complexities around that in logistics. So we've worked through the dynamics of the.

Shifting dollars and.

Commodity prices and how it impacts.

Hum pricing things of that nature of.

You just you just make sure we're ahead of it.

And.

Worked through it is appropriate and it all comes down again to the the value propositions that we're offering customers. So that's how we sort of think through it we certainly stay close to those dynamics to referencing and try and stay ahead of it.

And just on that maybe just to add to that too Max.

I think theres a couple of dynamics, there, we mentioned the lower inventory levels and things as a result of the pandemic.

You mentioned the Canadian dollar I mean, we we.

Hedge we like certainty around those variables and so we actively manage those pieces I think.

As we go forward it's the.

The operating discipline I guess im emphasizing here is just that we can like Scotts is we like to work closely with the customer.

I'd like to take some of those those variables off the table.

We do a deal by deal and very actively to lock in rates and make sure that we don't have an unforeseen variances.

No that makes a lot of sense.

I wanted to circle back to the chip shortages.

Right now given sort of the demand signal of that Youre seeing from your customers.

You feel that you're going to be able to fulfill sort of of the timelines that you are telegraphing in terms of being able to look to deliver the equipment from county is that what youre seeing on the ground right now.

It's complex and.

I think we are.

We're working closely with all our suppliers and on that front.

We saw part of the the reason the inventory on a comparative to last year Q1 came down as it was very active occasionally we will see of bill and our inventory in Q1, but the.

The great part is we were able to meet those those demand signals and the.

The ready.

So I mean, we saw some slippage in the first quarter, but.

We're working closely with our suppliers and the.

We will try and do our best to give them the proper demand signals and we'll see how things play out.

Okay Fair enough and then just a couple of for the quick ones in terms of mining the might be.

The potential of disclosing was it.

I don't know one of our goal the combination of the two.

What's driving the.

The backlog additions.

We had a good mix in there.

Certainly both of those those areas you spoke of we were very fortunate to secure and sort of some orders and so.

There is a mix and there is some there were some large multiple orders in there that were we were delighted with and delighted to our customers.

Hi.

The confidence in our products and services.

Okay Wonderful and then one last question of pork from Mike maybe.

Do you mind, perhaps updating us in terms of how we should be thinking about the rental capex.

All of this year.

It's possible.

Yes, I think very consistent with what we were talking about last quarter Max.

I think we certainly tapered our capex investment and fine tuned our fleet.

As a result of the pandemic last year and so although we don't provide guidance I mean, we did two things I would say one is we will likely be somewhere between 19% and 2020 levels, but also we have the capacity.

Paucity, there of demand warrants to invest and respond to that demand in the will.

It will be very conscious of that and trying to manage manage the right fleet in the right places range. So.

Okay.

Wonderful. Thank you. Thank you so much left from me.

Thank you Max.

Once again, please press star one at this time, if you have a question and the next question is from Brian <unk> from Raymond James. Please go ahead.

Thanks, Good morning.

Hey, Brian Brian.

I'm just looking for further color on the material handling segment, we've seen strength in bookings equipment.

Sales are up year over year.

How is that vertical been performing I guess relative to your expectations.

Still very much work in progress.

But.

Last year of lot of work was done on the integration, we still have some more work to do with our with our system platforms.

So that integration plan is very much alive as is the entire integration plan.

But specific to that area, we worked hard last year on really net.

The narrowing in on the rental fleet and the the product the diversity in there.

That a bit.

And on the retail side I think we really worked hard on our coverage. There is still more work to do on the coverage, particularly in Ontario, Ontario's the very large market opportunity and we've got to go prove that out so I would say, Brian we're making progress but still of lot of work to do there with the.

The coverage.

Our rentals are rental processes still aren't where we want it to be.

As well as the retail side on the coverage and then we're very happy.

The actively involved with our operational excellence I'll call. It on the product support side of our processes.

Customer support for us to see across the.

Quebec, and Ontario, Manitoba, So still of a lot of work in there, but we were we.

We were satisfied with the progress that we saw in Q1.

Alright, Thanks, and then the switching gears I just wanted to get your thoughts on on telematics and the.

Connectivity of the fleet.

Can just talk about how of that is progressing and the opportunities that youre seeing there.

Yes, so we're making good progress in there we continue to move forward on connecting the assets of pretty good pace.

What I am delighted of boat is how we're we're now picking up data signals working closely with caterpillar on prioritization and how we execute on the data signals being more proactive with customer solutions.

We just had an update from the first quarter on how our win ratios are and I think I think we're starting to see.

Providing.

Proactive solutions to our customers, which is good we have a ways to go and we just have better connectivity now better data flow starting in the.

We're pleased with how we're progressing there but.

So we're on the journey there.

But I think I think some of the fundamentals, we're doing working closely with caterpillar working out there.

Fairly well.

Okay. That's it from me thanks.

Thanks, Michael.

There are no further questions at this time I would like to turn the meeting back over to Mr. Mcmillan.

Great. Thank you Donna.

Concluding the call I'd like to remind listeners that our annual and special meeting of shareholders will be held today at 10 a M. This is a virtual meeting only website our website details.

Are available at <unk> Dot com and in our press release as well.

Thanks again for joining us this morning, I wish you all of a very safe day and that concludes our call take care.

Thank you Mr. Mcmillan. The conference has now ended please disconnect your lines at this time.

Thank you for your participation.

[music].

Good morning today is may 5th 2021, welcome to the Tor them out first quarter 2021 results conference call. Please be advised of this call is being recorded your host for today will be Mr. Michael Mcmillan. Please go ahead Mr. Mcmillan.

Thank you Donna and good morning, everyone.

Thank you for joining us today to discuss the results of term on the industries limited for the first quarter of 2021.

Also on the call with me. This morning is Scott met Hurst, President and Chief Executive Officer.

As noted in the press release issued yesterday, we will be referring to of package posted on our website, we encourage listeners to download it and follow along at this time.

And as noted on slide two of our presentation I would like to advise listeners that this presentation may contain forward looking statements and information that are subject to certain risks uncertainties and assumptions that may lead to actual results or events differing materially from those expected.

For a complete the discussion of these factors refer to our press release from yesterday, which is available on our website.

After our prepared remarks, we'll be more than happy to answer questions.

Over to you of Scott.

Thank you, Mike and good morning, everyone.

Before I begin I would ask that you move to slide three of the package.

<unk> first quarter results reflect our unwavering commitment to meet our customer needs as we continue to navigate through a complex operating environment.

The equipment group reported strong prime product deliveries, reflecting improved activity levels in the quarter.

Simple revenues increase with good progress on its order backlog.

Alex support activity, particularly in the recreational markets continues to reflect the impact of COVID-19 restrictions pop.

Operational efficiencies with continued focus on expense disciplines resulted in solid bottom line growth.

Turning now to our financial results highlighted on slide four.

The company recorded good results in the first quarter of 2021.

While we have seen higher industry activity levels, we still operate with caution given the rapidly changing situation driven by COVID-19 variants.

Backlogs for $912 million at quarter end up 61% versus Q1 2020.

In the equipment group mining and construction represent approximately 39% of 35% of our backlog respectively.

Typical backlogs were 18% lower reflecting execution on the large industrial orders received in Canada in Q1 of 2020.

On a consolidated basis revenues increased 13%, reflecting increased activity in many areas and solid execution from our teams.

Product support revenues increased 2%, while rental revenues were 11% lower compared to similar quarter last year.

Operating income was 27% higher on the higher revenues, coupled with relatively unchanged expense levels.

Net earnings increased 28% in the quarter versus a year ago, while earnings per share increased 13.

The 58 per share.

We continue to provide essential services and solutions to our clients, while remaining diligently focused on safeguarding our employees and protecting our business for the future.

We appreciate our entire team's incredible effort and the ongoing commitment to adapt to changes in the business environment.

Although we experienced improvement in market activity in the first quarter of 2021.

The tone of caution still exist given the changing status of the pandemic and response or <unk>.

Order backlog was healthy heading into 2021 of new order bookings in 2021 are supportive.

Mike I'll turn it I'll turn it over to you for some detailed comments on the group results.

Thanks Scott.

Let's put a bit more color on the operating results starting with the equipment group on slide five.

Revenues were up 11% in the quarter on improved equipment sales and product support growth while rental revenue was weaker.

Total new and used equipment sales were up 28% overall, our 34% and 12% respectively.

Sales increased across all markets and regions construction markets up 32% power systems up 20% material handling up 10% CAGR cultural up 76% and mining up 3%.

Rental revenues were down 11% year over year light equipment rentals were down 7% with lower activity in most regions, where heavy equipment rentals were up 8% across all regions.

Relative to last year, Quebec activity also improved power rentals were lower 13% of material handling the rentals were down 5%.

<unk> revenues were down 48% on a smaller average fleet over the period. The ERP of fleet was $38 6 million versus $62 1 million a year ago.

The product support revenues grew 2% on higher parts up 4% and lower service revenues lower by 3% activity within construction markets was up 6% with increases in most regions and both material handling and agricultural products support activities were higher.

Mining activity was lower with product support down 2%, while power systems decreased 7%, reflecting timing of larger rebuild projects.

Gross profit margins decreased 10 basis points in the quarter equipment.

Operating income was up 27% reflective of higher revenues booking.

Bookings increased 103% in the quarter across all sectors mining bookings were $242 million in the quarter, reflecting several large orders.

Let's turn now to <unk> on slide six.

Revenues were up 37% in the quarter, mainly due to strong package revenues on continued progress against industrial orders booked in 2020 slightly offset by weaker product support.

Package revenues were up 105% with increases in both recreational industrial markets and Canada package revenues were up 98%, reflecting industrial revenues were in the U S package revenues increased 159% on a smaller base with higher revenues in both industrial and recreational markets.

Increased technician base, an essential services designation continues to support our backlog and positions of the business well for the eventual improvement of activity levels.

Margin, mainly reflect activity levels nature of projects in process and construction schedules, which can be somewhat variable.

Selling and.

Ministry of expenses were largely unchanged from the similar period last year and expenditure control measures on discretionary spend remain in effect.

A lower allowance for doubtful accounts on good collections focus on resolving outstanding items lower travel costs, largely offset increased compensation expenses.

Recreational boat bookings were 28% lower on reduced market activity bookings in Canada were down 69%, while overall bookings in the U S were lower by 20%.

Backlogs of $176 million were 18% lower than the end of March last year, mainly related to the progress against the industrial orders.

We expect approximately 90% of this backlog to be realized as revenue in the year. However, again this is subject to construction schedules and potential changes stemming from the COVID-19 pandemic.

On slide seven I'd like to touch on a few key financial highlights.

Non cash working capital was substantially unchanged versus a year ago.

Management of our working capital continues to be of focus as we position the company for the future accounts receivable aging.

<unk> continuous focus and is trending well with the DSO down eight days compared to Q1 of 2020.

The inventory levels continued to be adjusted in light of market activity and are below prior year levels of accounts payable reflect the timing of purchases and the wind down of certain extended terms with suppliers.

We ended the first quarter with a strong financial position with cash on hand of $614 million and our balance sheet prepared to support changes in demand and finally.

As announced the board of Directors yesterday approved of 12, 9% increase in the regular quarterly dividend, taking it to 35 per share. This marks our 30 <unk> consecutive year of dividend increases.

On slide eight we conclude with some key takeaways as we look forward to Q2.

As one would expect we continue to focus on our three key priorities protecting our employees, serving our customers and protecting the business for the future.

We are well positioned to effectively respond to both customer requirements Mark true opportunities leveraging our disciplined operating culture.

Our operating model and strong financial position.

That concludes our prepared remarks at this time, we'll be pleased to take questions Don back to you to set up the first call. Please.

Okay.

Don over to you please.

Thank you we will now take questions from the telephone line. If you have a question and using a speakerphone. Please pick the headset before making your selection.

You have a question. Please press star one on your telephone keypad, if at any time you wish to cancel your question. Please price.

Star two please press star one at this time, if you have the question there'll be a brief pause participants register thank you for your patience.

The first question is from the Jacob bout from CIBC. Please go ahead.

Hi, good morning.

Good morning Jacob.

So the pick in equipment backlog, maybe just talk about the uniformity across groups of equipment.

The smaller or larger horsepower outperforming and are you seeing sustained the sustained level of bookings so far in the second quarter.

So what we saw in the quarter was.

Tremendous activity for Q1.

And it was.

It was in all areas I mean, we were pleased with construction construction bookings I think we're up over 30%. So it was very fluid the industry activities in that quarter were very strong I mean, if you break it down the the larger iron we saw much better activity than we did the funnel.

Comparatively on the quarter over quarter.

That was up almost.

60%.

Significant.

The industry activities in the smaller units the compact construction products. So.

Very active quarter, we're monitoring buying behaviors because.

It was very strong.

And that led to some.

We were pleased with the performance relative to the bookings.

And that was through all areas of the business.

And do you see the are you seeing that sustained level through.

The second quarter.

What we're what we're doing we're monitoring things very closely obviously because that was the Q1.

It's usually you see of build and that was a very active quarter very strong the industry numbers. We were pleased with our performance and we were able to react I think it shows some strong disciplines from the team in the second half of last year, and how we're working through our pipeline and forecast process.

Yes.

So we will see how things develop but it was of a very active environment.

Because of the other thing to layer on here is just kind of talking about the semiconductor shortage.

Possibly impacting deliveries later this year do you think there was a kind of a poll of affected into the quarter.

I don't I don't like our customers like the.

They read into their own situations I think a lot but.

There was a lot of variables in there I guess when you look at it but it was strong.

I think.

We're in a.

We're monitoring things closely and we'll see how things continue to develop but that was the very active environment in the Q1 okay.

Okay.

Leave it there thank you.

Jacob Thanks, Jamie.

The next question is from Michael <unk> from Scotia Bank. Please go ahead.

Hey, good morning, guys good.

Morning, Michael.

In the typical mining recoveries, we usually see products in port recover well in advance of new equipment purchases, but that doesn't appear to be the case. This time around I mean, what dynamic do you think is driving that.

And can you comment maybe on the strong bookings, whether they reflect demand for re fleeting or mine expansion.

So in terms of the product support side I think it represents.

The fluid environment, we continued to operate in relative to COVID-19.

It's persistent rate.

Average aware of what's going on with these variance. It. So we're again, we're operating in a very cautious complex environment.

<unk>.

The demand signals are fluctuating on the service side.

And you got to remember when you're doing the comparisons last year first quarter January February that those were normal operating environments right.

So.

Theres, a cautious environment out there, it's very complex due to the COVID-19 situation.

In terms of the mining orders, we were we were very delighted and honored that we were awarded to US from packages. There were some multiple deals in there.

And some of it was.

Expansion and some of it was.

Some newer projects so.

Yes.

Again, it's just I think we're in we're monitoring we're pleased and the team really delighted with the team's performance and that was all work that was done last year right to get some outcomes in the first quarter. So.

So we continue to monitor things very closely on the product support side.

Our net operating in a normal environment that's right.

Neither of us.

I guess, Michael on the costs in the last year, you talked to us about financing costs back into the business as the backdrop improves the point.

Most of the costs, maybe outside of the obvious ones like travel been added back I'm just.

With the asking to get a better sense. If we're at a stage, where we can begin to make assumptions about.

Permanent cost reductions through the through the cycle.

Yes, it's a great question, Michael I think a couple of things to consider.

Wouldn't say that what youre seeing in our financials right now reflects normal activity. We are we're bringing people in and out of say remote mine sites, but it's very controlled and very different the construction side. The other parts of the business I mean travel is significantly restricted and so I would not.

I would not.

Model off of what Youre seeing in Q1, yet we are far from seeing normal activity levels, and then balancing to what we think that new level of discretionary spend will be.

Perfect. Thank you guys.

Yes.

Thank you. The next question is GAAP Hot content RBC capital markets. Please go ahead.

Alright, great Thanks, and good morning.

We wanted to get a lower net color off for it.

I just wanted to get a little bit more color on the rental side from you.

The difference between light and equipment light.

The light and heavy during the quarter as well as the sort of thoughts on taking down the inventory a little bit of that just a bit of caution. If you can just provide some color on what you saw in the quarter at.

The thoughts looking ahead.

Well on the rental side again tough comp because January and February last year, where were normal.

Environments, right and we started to feel.

The COVID-19 pandemic impact in the latter part of March.

We have seen progress on the rental demand signals as the quarter progressed.

We were down.

On the rental the.

The light equipment of light light equipment of cockpit, we saw some slight improvement in utilization.

But when we were very pleased with our Quebec rental.

The business that we're starting to see some improvement in there and some of those operating disciplines are starting to come through so that was good to see.

So what I think a lot of when you look at the rental revenue down what was it 11% part of that is due to the.

The sort of shift in the our appeal that rental purchase options business that that rent to rent business was.

It was down on rental income and the inventory level I think we're down over 60%. There. So usually you see of build in the first quarter on the <unk> business.

Thats shifted so theres a lot of different behaviors going on in here and demand signals. So thus the monitoring things closely.

The other one other part of that too I think Saturday is when you think of the mix of let's say the battlefield business.

Exterior work and things again continues to as we saw through COVID-19 to be reasonably strong the <unk>.

The things, especially when you have lockdowns of site restrictions that does restrict some of that activity. So when you think of the <unk>.

Composition of the rental income it is still realizing the effects of COVID-19 right and so that will persist for a period of time, yet until we clear the strength.

And from where that makes sense and then I guess just on the margin side you indicated that there was some improvement there is that really just associated with the dispositions or is it just that business just that it has made some progress post some of the investments of some additional color there. Please.

Yes, I think two or three factors. There one was one was I think.

Utilization, we touched on so we're seeing better utilization of the existing fleet in the last year, we did pull back a bit and optimize that fleet. So it's a.

<unk>.

And so that sort of gives you a flavor of where you are starting to see it in Quebec, as Scott mentioned, showing better activity levels, right and we need to get there.

There there was some strength in the the heavy rental disposition, which shift.

Contributes.

We're planning on is it really just continuing to invest in battlefield, how youre planning on sort of maintaining our position in the rental space here and he's from Canada.

Yeah, well I mean the.

The great thing is we operate.

Obviously in the rental services business as you were referencing but also in the heavy rents and the power of rentals as well and now we're in the material handling Reynolds so theres a lot more components in there.

Strategically we're very focused on that.

We continue to look at and examine our footprints things and we like the business we're going through.

Continuing our integration plans in the Quebec Maritimes.

So it's competitive yes, but.

It's always been competitive and so we're committed to strategically and we'll continue to work toward with the.

With our operating disciplines on that from.

Great. Thanks very much.

Okay. Thanks.

Thank you. The next question is from Yuri Lynk from Canaccord Genuity. Please go ahead.

Hey, good morning, guys.

Yeah.

Good morning, I think I'm going to ask another question about why the cycle is different than the others, but it's interesting.

What's the.

The rental would normally you would normally see the pick up.

First of I think our investors sort of clients are rather cautious so they'd rather rent then on but we're seeing the opposite here.

Just what are your any feedback you can share with us with the.

The mood of of your your customers, because youre, saying, they're cautious, but the rushing out to buy equipment, rather than rather than rent just based on what the numbers of telling us.

I'd say we're cautious.

Sure.

It is the.

I think there's some uniqueness to this.

And that's why when we look at those industry numbers. They are very strong so youre really we're monitoring the buying behaviors and.

We'll see how it plays out I mean, I wouldn't want to start to speculate from this type of an environment.

I think theres been some of what we saw in the quarter with some release of some sort of infrastructure work with which is positive and im sure our customers.

Some of that.

So I mean, we'll see I mean, there is.

Theres some good mix in there and that backlog with construction mining and maybe even in our AG material handling business was good.

And the the small contractor business. So I mean, we will see how it plays out.

A very active quarter.

No understood.

The last one from me just just capital allocation essentially no deaths here because of the generating lots of cash or understand the dividends are a priority but anything.

Beyond that Oh.

Where would you like to run this business long term in terms of sort of leverage level.

Yeah, Yeah. Good question a couple of a couple of quick things there we did see.

<unk> expect from a capital perspective top priority is always supporting the business activity that's through the investment there to support demand.

But also.

On rental fleet and things like that as we start to look at it.

We will have capital available to support investment in the rental business as demand dictates.

And so as we I don't think anything has changed too much there is a bit of a shift.

Perhaps with Q1, but it's also I think depend NAMIC is overriding some of those themes right. We saw delays, we tapered capital investment and we start to see that come back in this year, we're trying to monitor that and as Scott said very carefully based on our customer requirements and so that will be job one for us.

Our leverage is.

I'll turn it over thanks.

Thank you. Thank you. Thank you.

The next question is from Cherilyn radbourne from the <unk>.

TD Securities. Please go ahead.

Thanks, very much and good morning.

Good morning, Charles strength.

First question I guess is it more around expenses.

Flexibility to capture opportunities but.

Don't get too far ahead of yourself based on an unusual Q1.

Yeah. So.

Certainly in this environment continue to be very focused on discretionary and well.

Also.

Being very in tune with our long term rate and I think theres a balance in there we've been talking about we will continue to do that.

Certainly when it comes to our hiring of technicians and things of that nature. We are very we're trying to be very aggressive in there I think we can do more in there to prepare for the for the long term. So we're certainly keeping an eye on long term well.

Monitoring that discretionary areas that won't impact our ability to support our customers. That's the key right. We're thinking through this over the over the long term.

Okay, and then in terms of the supply chain. You know obviously you are in constant dialogue with customers trying to get a read on what they may need through the balance of the year, how do you position yourselves in the context of an environment where.

Eventually we may be looking at extended lead times. There is the potential of the semiconductor issue. How do you make sure that you're positioned to satisfy customer requirements.

Great question. This is where the started last year and again I think we're very pleased with how the team is sticking to the disciplines of pipeline forecasting and all of the all the businesses with all our suppliers not just caterpillar.

To us to give those are our supply partners. The demand signals that started last year and that's why.

We were very pleased with.

The performance from the first quarter that we were able to react because of those disciplines of the most pipeline forecasting that took place last year and we will continue to take place. It's a situation that we're monitoring closely.

And I think.

You take care of the things you can control and that's what we're doing right now with some disciplines on are the monitoring demand signals into our ordering processes.

And the last one from being very active not just on new we're trying to be very active in used areas as well.

Which kind of feeds into the last thing that I wanted to ask you used equipment sales can grow off of a pretty strong prior year comps. So I just wanted to understand if that was primarily disposals from the rental fleet or whether you're sourcing team made a contribution in the quarter.

Yes, the combination of and we again we have been.

I'd say last year second half strategically we shifted to be try to be opportunistic and early on purchases will continue we're continuing in the.

That space and.

That's part of our strategy.

Like the used equipment business, we're very focused on rebuilt.

Supplying customers with different types of value propositions.

Great. That's all from me. Thank you. Thank you Pedro Thanks Shannon.

Thank you. The next question is from Maxim net DTA.

Please go ahead.

Hi, good morning, gentlemen, good.

Part of Max.

I was wondering if you don't mind, maybe commenting around the into play around.

High steel price on the obviously strong growth Canadian dollar.

In terms of sort of the this.

Countervailing dynamic impacting pricing and how are you guys positioning vis vis some of your competitors of what's possible.

We've been through this before Max I mean.

This is not something that that I'll call. It that's just the business.

Get the compared to what the other dynamics for dealing with here with the Pandemics.

And <unk>.

Complexities around that in logistics. So we've worked through the dynamics of the.

Shifting dollars and.

Commodity prices and how it impacts.

Pricing things of that nature.

We just you just make sure we're ahead of it.

And.

Worked through it is appropriate and it all comes down again to the the value propositions that we're offering customers. So thats, how we sort of think through it we certainly stay close to those dynamics to referencing and try and stay ahead of it.

And just on that maybe just to add to that too Max.

I think theres a couple of different from X. There, we mentioned the lower inventory levels and things as a result of the pandemic.

You mentioned the Canadian dollar I mean, we.

The hedge we like certainty around those variables and so we actively manage those pieces I think as.

As we go forward it's the.

The operating discipline I guess I am emphasizing here is just that we can like Scotts is we like to work closely with the customer.

We'd like to take some of those those variables off the table.

We do a deal by deal and very actively to lock in rates and make sure that we don't have an unforeseen variances.

All of that makes a lot of sense and just I wanted to circle back to the chip shortages.

Right now given sort of the demand signal of that Youre seeing from your customers.

You feel that you're going to be able to fulfill of sort of the timelines that you are telegraphing in terms of being able to look to deliver the equipment from county is that what youre seeing on the ground right now.

But it's complex and.

I think.

We're working closely with all our suppliers and on that front.

We saw part of the reason the inventory on a comparative to last year Q1 came down as it was very active occasionally we will see of bill and our inventory in Q1, but the.

The great partners, we were able to meet those those demand signals and the.

The ready.

So I mean, we saw some slippage in the first quarter, but.

We're working closely with our suppliers in the.

We will try and do our best to give them the proper demand signals in the we'll see how things play out.

Okay Fair enough and then just a couple of for the quick ones in terms of mining you might be.

The potential of disclosing was it.

I don't know one of them or goal of the combination of the two that was driving the.

The backlog additions.

We had a good mix in there.

Certainly both of those those areas you spoke of.

We're very fortunate to secure and some orders and so.

There is a mix and there is some there were some large multiple orders in there that were we were delighted with and delighted to our customers.

Had the.

The confidence in our products and services.

Okay Wonderful and then one last question from Mike maybe do you mind, perhaps updating us in terms of how we should the thinking about the rental capex.

This year.

The mall.

Yes, I think very consistent with what we were talking about last quarter Max.

I think we certainly tapered our capex investment and fine tuned our fleet.

As a result of the pandemic last year and so although we don't provide guidance.

The two things I would say one is we will likely be somewhere between 19% and 2020 levels, but also.

We have the capacity there if demand warrants to invest and respond to that demand in the.

We'll be very conscious of that and trying to manage manage the right fleet in the right places range. So.

Okay.

Okay wonderful. Thank you. Thank you so much less of honey.

Thank you Max.

Thank you once again, please press star one at this time, if you have a question.

And the next question is from Brian <unk> from Raymond James. Please go ahead.

Thanks, Good morning.

Hey, Brian Brian.

I'm just looking for further color on the material handling segment, we've seen strength in bookings of equipment sales are up year over year, how is that vertical been performing I guess relative to your expectations.

Still very much work in progress.

But.

The last year of lot of work was done on the integration, we still have some more work to do with our with our system platforms.

So that integration plan is very much alive as is the entire integration plan.

But specific to that area, we worked hard last year on really.

Narrowing in on the rental fleet and the the product the diversity in there we've narrowed down a bit.

And on the retail side I think we really worked hard on our coverage. There is still more work to do on the coverage, particularly in Ontario, Ontario, the very large market opportunity and we've got to go prove that out so I would say, Brian we're making progress but still of lot of work to do there with the.

Coverage.

Our rental our rental processes still aren't where we want it to be and as well as the retail side on the coverage and then we're very happy.

The actively involved with our operational excellence I'll call. It on the product support certain of our processes.

The customer support as can see across the.

The Quebec, and Ontario, Manitoba, So still of a lot of work in there but.

We were satisfied with the progress that we saw in Q1.

Alright, Thanks, and then the.

Switching gears I just wanted to get your thoughts on on telematics and the connectivity of the fleet.

Can just talk about how of that is progressing and the opportunities that youre seeing there.

Yeah. So we're making good progress in there we continue to move forward on connecting the assets of pretty good pace.

Well Im delighted of boat is how we're we're now picking up data signals working closely with caterpillar on prioritization and how we execute on the data signals being more proactive with customer solutions.

We just had an update in the first quarter on how our win ratios are and I think I think we're starting to see.

Providing.

Proactive solutions to our customers, which is good we have a ways to go and we just have better connectivity now better data flow starting in the.

We're pleased with how we're progressing there but.

So we're on the journey there.

But I think I think some of the fundamentals, we're doing working closely with caterpillar working out there.

Fairly well.

Okay. That's it from me thanks.

Thanks, Michael.

There are no further questions at this time I would like to turn the meeting back over to Mr. Mcmillan.

Great. Thank you Donna.

Concluding the call I'd like to remind listeners that our annual and special meeting of shareholders will be held today at 10 a M. This is a virtual meeting only website our website details.

Are available at <unk> Dot com and in our press release as well.

Again for joining us this morning, I wish you all of a very safe day and that concludes our call take care.

Thank you Mr. Mcmillan. The conference has now ended please disconnect your lines at this time and thank you for your participation.

Q1 2021 Toromont Industries Ltd Earnings Call

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