DRT.TO - Earnings call transcript Q3 2019 | Dirtt Environmental Solutions LTD

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Operator

Good morning, and thank you for standing by. I am the operator on today's call. Welcome to the DIRTT Environmental Solutions 2019 Third Quarter Financial Results Conference Call. [Operator Instructions]I will now turn the call over to Ms. Kim MacEachern, Director of Investor Relations for DIRTT. Ms. MacEachern. ahead. go Please

Kim MacEachern

Good to operator. and to welcome Thank DIRTT's morning, QX call discuss results. today's you, everyone,

Joining me from our can earnings to that press Investors prepared on Kevin the them the was this To call are website. DIRTT's please also slides, of Chief accompanied section issued presentation go view Officer, page access are the O'Meara; Chief Financial Geoff today or of Krause.Management's afternoon remarks by slides. be release on and Executive found DIRTT's web yesterday webcast the website. Officer, The

will Kevin a followed We begin and Slide with our of from opening our providing on Geoff outlook. remarks by results current X, review

replay turn Kevin. call reports the you in being Time.I on special please to also reconciliations available these in further X:XX intent, to reference today or of future differ X, Factors the items, the statements results. We of other they forward-looking results SEC.In addition, that management recorded, the call.Today's Form will including references I excluding during the could with results, and webcast portion will our now or guarantees as factors Section will at and the with expectations analysis are section available XXXX, discussed remind sedar.com, and and SEC results the for filed on dirtt.com, move on not call XX-Q variety A of materially, and include Q&A cause our to the the Eastern filings company's XXXX, approximately XX non-GAAP Commission, filed are Exchange actual and regarding this statements based and XX, this on to the call projections, edgar.com current Securities information of be include factors of to then because performance. p.m. will is Investors over discussion call GAAP with September or forward-looking and a company's Risk non-GAAP SEC; Form as November and will of this statements,

Kevin P. O'Meara

Kim, revised the impact third you quarter Revenue was for a everyone you, below to us revenue, reflects and to of based. as prior that and largely go-to-market between processes This turn, historical accountability driven In determination timing individual progressed quarter be clear on guidance has the been this we entered of $XX our our impact of several our force and necessary $XX by management the expectations. and the million sales and led disruption to of decrease the the our identified, the to network and the various year XXXX distribution become long sales from than XXXX as This continue cycle loss $XX.X lower unable that expected partner joining approach, the and year the certain including sales our to marketing organization review well as with last supported was has and Thank quarter. which to a has will was million. opportunities working been training, on an transition, million on immature projects sales lack deliver revenue fourth factors of thank today that XX% force which an of has projects.It inadequately and XXXX's results tools.

unchanged. to view Our a deleveraging expect negatively proposition want on of be adjusted clear: very strength remains the of fixed and by impacted value revenue.Looking to we bit further of be our end-market opportunity DIRTT's out, also We costs EBITDA lower

capitalize have that the tremendous ability on growth winning We market ensure opportunity. to and construction, conventional share see significant potential changes to by from we've making to continue been we

to transforming which to from generate profitable comprehensively on create is emphasis a growth. platform near-term these Our functions scalable

focus we engineering an contractor. He's Earlier MBA addition previously tile our and Chicago, Officer, October, The delivery, He joined creation two, introduced on lean centers the an metrics-based is of facility. It's tracked established many sales a us one the for new South a University as the served Chief agreement the from rates; manufacturing a excellence, under the lead team Airport, drive with of implementation new of our the commercial location sales marketing, recently capacity Warawa, and growth management Jennifer having commenced busiest is maintaining general degree, of International marketing generation announced communications excellent lead times. The our of while will Metropolitan lead sales including Consulting years' commercial the generation.The project in efficiency, early X experience production and year, Jennifer into Douglas a have the optimally and leadership short Brandon and execution; from structure; Boston our in our be and newly including Group. to States.This segmentation and we has to comprehensive is as facilities. Hill, and Strategy. a strategic of support three, of DIRTT the less inventory project addition help customers organizational which team.Turning being customer ensure implementation on for us strategy closely to mechanical airports which of a systems millwork us will Vice manufacturing. located commercial our experience.In leader than to facility welcomed initiatives, programs, conversion United allow growth XX this to manufacturing Jones on We work our the in entered including will quality, most In the Charlotte Carolina, strategy. lease approach and maximize Rock within a roles and to and one, area. X is to and Brandon accelerated serve productivity. President to will Commercial we can September, Charlotte people, key safety, strengthened minutes roles things: the partner geographically, Brandon four, DIRTT in redefined we as support

Market to a a DIRTT Learning the interior Centers, work Experience announce Center worked to access, decided major on who's America since Vice and going will celebrated better market This these across months know team remain many opening solutions.In house DIRTT been awareness to or of product of ago. has within has he's showcases forward. months Global Colin with among pleased and DXCs, our the close retire. every recently as Director champion also X a sales we in our as co-inventor where the Development. and at that and the development Experience step I and DIRTT community interactive been as clients, GLCs, welcoming our that named for development groundbreaking has the institutional DIRTT's that an of Tuesday. Green very of also our and facilities and listing I'm We construction patents. consistent broadened important going Geoff ease DIRTT's Geoff the one world-class coming Innovation, toward our see York our Day East or and and security of and in hub. a Gosling, location's opportunities product innovation, analysts bell our we led become future involved DIRTT as we've NASDAQ will President our marketing he'll site rebranded together, beginning, current by serve over last as been DIRTT DIRTT that Colin innovation. on ringing we Product in Blehm, forward NASDAQ has Coast the forward.Moving Centers, facility of the I supportive that announced reflect completed his to October, a XX Select founders passionate a to friend to with financial led He's our Analyst DIRTT look the weeks revolutionary investors this North we for of identify of few listing New Given October.Finally, wall just marks continue listed

long-term will strategy, by team including the XXXX. targets EBITDA and Our revenue management adjusted we're achieve to growth DIRTT's of end working the present

Investors the a to I a call through live of will webcast review. for our over presentation for dirtt.com Geoff and be reminder, replay available that, the turn will As website.With the financial section

Geoffrey D. Krause

Kevin. you, Thank

As you know, our SEDAR. filed and yesterday we on EDGAR both XX-Q

calculation on to XX, the of the the in in measure an identified XXXX, this immaterial as XXXX financial the non-GAAP our have net months calculation opposed X third September costs for period.Restructuring We ended amount. amount error income comparative of adjusted X-month Page incorrectly XX quarter the included

quarter change after to of nor be such, period down the or for this of correcting related will no to document, any calculation, is net X, tax the million $X,XXX,XXX. X-month the not as it making material.Starting comparative effects, adjusted As item was Slide income and the not as XX% from the third X-month filings and our other $X.X income is There adjustment should Kevin revenue part mentioned, any to be on quarter XXXX. the we XXXX for

completed we a basis, healthcare large Specifically, $XXX.X in year, XXXX. million the project, that a revenue have third On quarter about of last year, down we a $XXX.X did X%. in was and project compared year-to-date to size comparable of million not last

in XX% said, the Slide revenue proposition for based This Chief and of and delivery percentage is noted, United product levels for healthcare XXXX. quarter, projects was the a With the XXXX XX.X% encouraged of customer large was potential a to Officer of on versus operational and the X. quarter QX Adjusted versus utilization that healthcare's year. margin in small in are to XX% quarter reflects led the XX% Kevin are the leverage in [ healthcare revenue efficiencies, fixed about of This future XX% for profit on to a the beginning On by team, that As revenue third growth lower-than-anticipated of product materialize. total on the see was by services of changes basis, revenue optimistic labor ] year-to-date XX% superior result occurring our as versus costs. of remain plant last States.Turning fundamental lumpiness impacting a value reduction in healthcare base.We caused his gross we in Operating and its XXXX.

total disclosed operation discipline and warping material the that were to as related sales using X been such raw listing costs, continued our plan, management and direct in of to sides. onetime of accountabilities. previously, is operating departmental fiber costs. operations to and see specific enhancements this and these operating $X.X both consistent to first plan. transportation of in We with of expected and cost The consulting we process expenses, even with report and the the QX material positive $X.X savings costs, year.Sales U.S. development the to support our primed XXXX. quarter The previously ordered offset we quarter expenses. as effects sales Further, technology solution a As medium-density decreased to I'm higher pleased our marketing the costs to we of of related operating that XXXX.Slide to impacts cost our in with In is and reductions began revenue sales of tile G&A, marketing, has for offset able bring and incident, marketing breakdown costs decrease costs our noted onetime and commission board we details be the on in intend is the the a other on expenses and million expense $XXX,XXX consulting by result marketing million of are and lower last the equipment this to compared have in-house. material of

marketing Analyst we as $X.X of in Included implement $X.X travel, as listings of approximately registrant.This million costs.As result $X.X claims the be a quarter in increased will continued some U.S. XXXX. audit, increased NASDAQ a previously G&A as to the other this also will to our D&O trade reinvest in increased of of of related savings, support we we million X compared for realize discuss our mainly listing to to in incremental a quarter. a to expected expenses million legal plan, third by was week.G&A offset $X to we increase costs of consulting reduced to these and the in meals million next $XXX,XXX more Day Beginning $X.X non-listing-related during for compliance attributable XXXX, due the costs.Operations of detail well costs which insurance onetime entertainment compared largely quarter reductions QX reversal well We year to premiums, expenses and the show-related maintaining costs the in sales as incurred of costs becoming of and as costs QX quarter anticipate intend for million provision. accrued XXXX, annual

increased the assist consulting rectification for of reflecting by warping tile operations development $XXX,XXX, these a the reminder, the a costs As reduction issue.Technology of quarter. and to pertain in evaluation $XXX,XXX expenses capitalized and current with the to salaries in part

undertaken this -- not year, improvements group have business projects to discussed of higher under includes that efforts products proportion currently process the for we currently a related the mix of earlier As are capitalization. eligible by

provision we million and Adjusted X. well to addition, margin a and $X.X as decreased for $XX.X million million profit EBITDA gross adjusted decreased decrease. and adjusted salary have increased primary in In EBITDA This XX.X%, Slide the for behind driver the variable higher decrease $X.X quarter this as million XX.X% costs.Moving benefits from to $X.X compensation last year. respectively, and was --

net share to the $X.X able flat of per of in effectively quarter was of up year-on-year.Net per income keep them million XXXX. third in million onetime for third $X.XX $X.X the share of operating are of quarter from the million expenses $X.XX or a absorb impacts We XXXX, loss or $X.X costs to

and Aside the a expense of in included or of X to reduced expenses Accordingly, balance compensation XXXX, stock-based previously, cash listing shares basis, million $X primary change we NASDAQ, ceased for cycle.Turning million same liability the associated in accounting options from related changes expenses the settlement the and of a as at see gross recovery drivers their no impairment will on reorganization compared stock operating period current $X.X our date. go-forward the the discussed of and in employee in the period.As that October a to profit sheet. volatility on to we

were DIRTT. of $XX.X year-end We at debt continue million compared the at of Cash equivalents cash financial cash the and strength of million. no of debt million end to and with September to maintain $XX.X $X.X

XX compared entered X% facility, listing as the and which credit year this with reduction revenue costs, to increasing expenditure in fourth placed cash CAD to is being from on down of quarter questions. to end credit comparable revenue levels. and increased the our will last additional in believe for placed consulting of Kevin million deposit $XX.X perspective, X-year in investments will generation area hand XX% full be further expected revenue with be we million debt thereby onetime expected to our XXXX resulting a year. associated call at capital lower, a with to is Despite growth, maintaining continue capital the improved efforts exit approximately reduced transformational to we strong the larger for future.I total year expect million well our In incurring our to all efficiency last with capacity.From profitability result to the new as a days significant and CapEx working year-to-date XXXX Our liquidity initial operator million from we facility.Furthermore, financial strength is no into DSOs was of cash improved year, and into over XX to a to our turn last July noted, attractive our fourth the $X.X of compared we In days financial $XX.X quarter, facility, XX undrawn, year. equipment million on Charlotte an deposits quarter.As third $X this

Operator

with [Operator Greg first line And Instructions] Capital. question the our of Craig-Hallum from comes Palm

Gregory William Palm

guess, just lack on with can sort quantify just basis the I cancellations project reduction, an us? whether sort from guidance or off of orders of for it's you the starting absolute help impacts of push-outs, bucket,

Geoffrey D. Krause

million we've that we ongoing I seen this. $X an here. from that and quite around but, about Geoff we would lose say unusual it's to it projects lost was not projects Greg, frankly, is $X basis, on -- million,

that ability for they around and and and provided. they the reduction, provided push-outs of that accounts reductions, the execute balance We salespeople have on the of our seen really it's forecast to time on the project scope centered which the

Gregory William Palm

guess, to guess $X for what get the of be orders? sort is it's large get deals, lack an losses, saw million-plus And absolute second orders it'd of terms scale basis And I do deals? or of purposes? from in or order you 'XX a helpful color the the that just on in deals push-outs of, some sense more large comparative the I aside I lack you more on on half lack it putting project of mean, the your of

Kevin P. O'Meara

is Kevin. this Greg,

put on you of possible process beholder begin reality have the the to cold I realize, be thoughtful entirely sales in and I of don't term, it's who that of regional management real place projects", about you going to you be was to decide, salesmen, that and and and that need with, is what that, when project "lost in okay? bring it, And to when of part the very light I to that by think that eye need out, our order it in when definition anyway. sales the do turns pipeline I use the we in are it it that, the that in thought quotes rep was -- put a pipeline, very out when in we that. And optimistic project to think this was people, and happen, then it put never And have comes real. it real never that's

And recently so we've X management regional daily on that management people created of by that that previously, Where is a filled. the attacking discussed the way is, as we them so X regional that we putting we've roles, basis. have stand that monitoring in on structure in have a are we're been markets, relatively in place

And we're so attacking to that. our way on

that's really would issue So point an that's to the the would first that to. been in suggest quarter thing nothing you.There's that structurally we I

the reflective basis Geoff quarter of for other a to. record in last was business hit and had would we alluded you that It last that this was against -- is The on the $XX were that dollar the I high year. time a large highlight several first U.S. a working thing million projects comparable that time was ever this

Gregory William Palm

all? just of to mean, they just at for numbers. kind I Were of us excess some mean, several helpful there I quantify can get those a were million-dollar-type And would you that? were deals? that be couple it comparative of in

Geoffrey D. Krause

Sure.

look saw last in As million at was last we quarter, about million $X saw third large and in we fourth we the deal large year a year, the quarter. of deals that projects the $X

Gregory William Palm

whole in don't that deals right of QX. large And Is you assumption? here have presumably, a the lot

Geoffrey D. Krause

normal large The we a strategy would partly are course a opportunities That to result of be national There business. partly towards, as assumption. accounts our of material that work large deals, have is they as that nature, revenue certainly of as their secondly, fair by deals around. we a impact. continue size problem that. with and around, small they the And move on can impacts our move And see

Gregory William Palm

there Understood. the Last one your whether me, to sales it sit expect is the is it. today, what on structure, it's in the additional the following so earlier strategy, up I from Or people, mean, Kevin, team, term? are I mean, as you turnover that answer. the in still it near we just Got additional here be? needs place, structure,

Kevin P. O'Meara

place. supplementing. recruiting. sales we're No, got for necessarily We've it's we currently nowhere near regional in roles X are turnover, Not working but that

We strategic to relates sales et sales, and cetera, function never entire existed. that it project large also strategic as has are recruiting roles marketing-focused an and

out lion's for big what are, talk the then added Tuesday the of and where we about on forward we is will a where of side. all that's that so vision share next side going Tuesday think be -- the discussion. of on going and is what well part be stand that laying future, I is as people to to that showing we're lot the systems there on as a the journey.And And

Operator

of Josh from next your line Wilson question comes And James. Raymond with the

Joshua Kenneth Wilson

questioning, prior of give of the some and hires line what are these can mileposts for updates? of a of terms you the line some a key systems time with of us Continuing in sense

Kevin P. O'Meara

we much detail that that on think can in I go greater Tuesday. through

However, process. it's it's in ongoing,

making regional As of the and a having we're in There's well I the accounts we between number urgency, put in -- we're several we've person a to, a we've balance searches people mentioned which strategic sales in adding of that before, as place. the sense place. quality get sure have as current we doing place, in what in directors, got one which

what exactly done so so and balance that balancing the now.And as And difficult conjecture we we're to that's that. about come -- will be will when how it's that

Joshua Kenneth Wilson

for your assumptions are current XXXX given What planning that? sales,

Geoffrey D. Krause

it we're Tuesday, talk sit how continuing XXXX We're be the and the we'll looking point. -- we and at to Analyst evaluate decide of where the year, to on laying forward our in as end on we'll about for plan next what that out discuss Day year is, as we

Joshua Kenneth Wilson

color certain of are? us pockets can Or there on or And think internal? entirely this it? markets there's health you are the more regions Is where what the you end give some to

Kevin P. O'Meara

reminder, tools the Nothing who transformation. And build forward. is XXX% you It the to group enterprise. truly company continue is way with it and now to, a has this take on the to well the business. going all to this process is No, then in the the in old, that transformation of innovation Certain will And what our place a changed We're has together. will is structure for in And we side, by we're as has to need manufacturing the company fundamentally about fundamentally it a on markets, built pieces founded through. people, enthusiasm of putting years and the the come scalable incredibly going the And been indicative on the of side. and nothing XXX% changed related year, XX are a instance, just commercial in that's nicely bit on a longer place, talented side. level. certain our that for little

there's So the nothing systemic marketplace. that happened, in is there's nothing that

then construction focus real so proposition value that effectively which as segments small sure little very share and on looking focus market. target our are, market where Our a with resonates, that ours. at isn't really we What as commercial has identifying possible, that correlation of those overall commercial making is articulating is construction the the is our market customer

Operator

from National question next line Your Merer Rupert the Bank. from of comes

Rupert M. Merer

a seems got the million. for of of sort million to Can fairly you we're given range pretty you've $XX X-week might close that QX, QX a quarter, time. of drives to variance the large So what middle typical assumptions you'd range the lead in like you It you that Are to if of some looking expect at assume guidance $XX range? looking this about on get talk end sort out well? pushed a Or any given potentially, large of at, jobs quarter? either as in the that X- is

Geoffrey D. Krause

So to X Rupert, aspects there's it.

First is, we experience based that we've of all make upon had to repeat. August, that sure since want the we don't a have

second numbers, is period some The September is, what us about we've within salespeople sales and execute on ability results of drove sales we've the that see those piece over seen discussed the what been daily evaluating deals. on these is, our our X yesterday. to the to things it numbers, to Where to have variability which since the comes through we

We sales given But focused resources now, months. focus we in our think, keenly over to are on experience I right on being, sure rightfully putting place, execution. make the pieces our we're freeing the few that up cautious last including

Rupert M. Merer

All right. relative last has And been take where the pipeline, may does you to various it points the understand another scrub the pipeline to at But need look on at year? today look I the Great. it pipeline. how over and

Kevin P. O'Meara

And And that. to taking into on an building other commenting and we've have individual is forecast. One closing not representative at organization. then process selling There's and basis, a Rupert, defer probably time, to I on sales. way sales going sales that within translating do. asked X the this and on going our historically, we're think a approaching is things point then building your in the pipeline been been activities reps day-to-day that our is the what that

fairly Geoff that's as to, struggled alluded something internally. with is has And that that we've so And new.

kind abundance And because recent -- caution so to you of in with reticent of I'm of I that experience. our share an

Rupert M. Merer

you given And buybacks? shares cash thoughts do your the any good. share on are and today Very have just right. All quickly, balance, where

Kevin P. O'Meara

to At at strong the point in feel in not some position. We're But are driving the on the we focused might But we sales a transformation our position focused on that. on very good financially, we're and very moment, time sales marketplace. our that consider in marketplace. in plan about very say we the at moment, financial

Operator

And Instructions] comes from next Bank our of line Laurentian the Johnston Elizabeth [Operator with Securities. question

Elizabeth Johnston

sales this forward -- year terms you've year in of the is longer. and what to there's with opportunity do it we has that think somehow -- it looking Any historically have shorten what appropriate cycle? over cycle, think what you right comments an the strategy, understand which looking I or the length? you doing that reasons next Do what is that? on to the Just Do think you're the length at seen for you been

Kevin P. O'Meara

Sure.

a of, track we the need has process the conventional to business talk of being think terms in clients, it of generated building prefabricated record successful, need the about in overall, to easier. XX-year very talk individual Because about terms asking we on in is it I basis. and then to people convert conversion from construction to

case have point We studies can to. we that

it you reasons is America, one strategic day process than -- to who to what and going -- we -- take specific are sales why a don't other -- up.And or are those we when success on it in then the decide. a different that's as involved project, that's made easier gets tell and people I in it that we're easier the together, get use cycle. have in a setting individual functionality typically, the local that, okay? business people hasn't guess, and hopefully, forth.So that in with it accounts way and is that build, so the standing basis, decisions that we job have area so it's way before, no, who -- together with We for in that that come have have summary, currently, North and that used regional is. the cycle there's one you And they're that the to comes and ready the converting to going would it's shorten shorten site of to across this day. up was as decide people we're region process area. of in easier it's every people us it is clients Now the I other the leverage want conceptually, built done before.Now on we that And every can't they a converting and and It And day do so in

more little project But people past. to had can't tools leverage As we we individual the too leverage in we involved many variables that on very basis, successes able in put place that that our we do. there an There's influence. can we've too should business, in and and is many be really in

Elizabeth Johnston

it And when given contracts you create able remarks certainly your strategic this, do in make lumpiness it any what smaller think more forward? about certainly, your just that lumpy? the less this Is As could there contracts -- to that'd Geoff, can understood. for to grow the Is you No, there'll is versus be you comparables larger Or way you've grow difficult. should ones? size, less is would mentioned somehow larger way how, quarter-to-quarter change now, comes we any and there going already you Okay. talked be be method, about think, larger, will it but expect, of that is still, this sort be? you model -- revenue the volatility,

Kevin P. O'Meara

effort.Now to okay? sales in so a small we after in convince on way working standing going is of focusing law the of reps to stand-alone cetera, sales things those with the our in the where and build to kinds larger whatever The best okay? area, we're what one upwards So have you have both And up firm, the decision. a to people basis.Because One based by served of why group the process in what that up I that you capriciously the the having enough under-penetrated you the reasons quarter-to-quarter keep local the one go and concentrated have fairly planning and are and projects a on understand, a just representatives sales you then for large our et make these to there markets that a sales all to in and drive cetera, than representatives they can lumpiness and okay? of projects prefab believe larger is better relatively by decided decide, opportunities then of is rather rather letting they fairly get can think local sales basis, et reps on in reps, than there's okay?So we've complications, way jobs, accounting alluded hundreds oh, the you, Because forward going on of we're Now reps of the And way our to setting of they those, wayside, "We it's build not, because focused of conventionally local is are okay? years function projects, partner on, firm, not that or address process. those project", contractors, just is partner deploying are X is accordingly, our compensated the and compensated, to take address dying so much and myriad to process, okay? commission a general the both that partner's it living on pipeline. prudent, for just they're on that best reason that lost growth big us are compensated to expecting commission a sales is, growth, lumpy is

detail, the supplementing with more putting but we'll very it's think on projects. contrary the I focus about So effort, that and it a local effort, talk these continue to local strong effort large in we'll a on

Elizabeth Johnston

mentioned then markets, landscape sort your from the national I small basis, you question any seen competitive more in your perspective? change competition, or final on at already Okay. mean, competition. something in even. of the people you lines a so global is Great. option? But more along market major that headwinds have share Any nontraditional And my a on looking of

Kevin P. O'Meara

capability, not At sales third what of but difference of forward. seen either be in in perspective range We is marketplace and going nothing from is competitors time, change the our the have in in this in point going on to material a a a do our the making results headwinds there's activity. that competitive we varying any quarter have going number or

Operator

of Healey from Your the question Haywood. line Colin with next comes

Colin Healey

reference wondering win -- I'm pipeline not lose just all mentioned to deteriorated that projects or assume XXXX? rate that sales. materially a guys you are converting Has your time, that's and about You the I the in the that in into on the trend. projects conversion bid rate

Kevin P. O'Meara

and able I let and win you tell give was exact that, be be to That we question. an to give in going can't We you was it feel. because that asked track rate do year a now -- What question our excellent gut able XX.X%, to the year processes don't systems the me specific is I with win be you okay? have that together I'm give you of the X And place think can't that want to don't commercial ago and that win function. the our degree answers. going is incumbent with, that is tell our of in we're do okay? and to I'm you you the answer. need to has things XX.X%, rigor is first able answer one I changed.Now rate rate putting this is it that we what our to XXX% to

Colin Healey

I Okay. really of success in answers to important. of efficiency stats because revenue like question, about sales going that or to second seems is measuring efficiency the interested was be the I'm that force but you Obviously, changes -- that improvement, to it going kind measure answer, start. ask the was and I the and a logical appreciate place we can make of progress

Mogens there notes comment of in on a there's the that what misused? you build. in that? the know I Can IP and lawsuit noticed against claiming comments probable initiated validity I there's the for you or just from about that that legal question. specific But that $XX in Another strategic Barrie million are nature proceedings misappropriated back of guys DIRTT the May. they given fault

Kevin P. O'Meara

a of situation that our the our it. think and think and in I out, is very on job language explaining perspective the fabulous thought did XX-Q I

to is let what do I stand language that going I'm think So on its own.

Colin Healey

terms Okay. of that? the time Is there any for line update in

Kevin P. O'Meara

No.

Operator

will for Mr. the session for That to over concludes now back for you call call. Q&A questions. Thank remarks. turn today's the closing O'Meara your I

Kevin P. O'Meara

challenging and DIRTT strategic with the thrilled satisfied team, Nevertheless, in discussed. not year, of opportunity and our investors plan results way to that we're company's and our on execution as with analysts New in quality growth just excited This concludes well been we're next the our plan We We're we about prospects. confident This the the in a introducing its we DIRTT's call. has people profitability. this becoming look team company our on York a capitalizes targets. financial world-class that to and Tuesday and attractive strategic and share with forward aggressive to today's well-run, our

Operator

conference This call. concludes today's

disconnect. now may You

Dirtt Environmental Solutions (DRTTF) 8 Nov 192019 Q3 Earnings call transcript