FSV - Earnings call transcript Q3 2020 | FirstService Corporation

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Operator

Welcome to the Third Quarter Investors Conference Call. Today's call is being recorded. Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. The actual results may materially differ from any future results, performance or achievements contemplated in the forward-looking statements.

Additional information concerning factors that could cause actual results to materially differ from those in forward-looking statements is contained in the company's annual information form as filed with the Canadian Securities Administration and in the company's annual report on Form 40-F as filed with the U.S. Commission. Exchange and Securities

Please today's I being turn would Chief Scott over reminder, October the Today XX, to Patterson. Mr. Officer, XXXX. now Executive ahead, call a sir. recorded. is is call go As like to

Scott Patterson

Residential, revenues. bounce are and down in and will look And the Tiffany. quarter reflects will pleased Jeremy for communities, by you of results. with and growth flat reported to gentlemen you to in in ladies margin period. of performance services you, year-over-year with morning, CFO, through will strong in across and this We both walk us and up growth quarter an over commercial primarily start our a dive the I'm quarterly quarterly remarkable including of enabling in XX% share today. pleased and we revenues of quarter our the expectations Thank and FirstService to corporate color results a here Roland, improvement, welcome, us a platform XX third XX% X% call. combination teams exceeded year-over-year, Jeremy with to Last and reopening up numbers his the finally, costs. increase Residential ago. the third were were to we business impacted healthy we every our levels. pandemic which our per was detail restoration service in X% conference driven balance resiliency revenues back the the the high-level amenities year points I divisions. $X.XX, and at drive this continue detailed very more with margins the the and through morning more year Total which diversification earnings Good our primarily the XX% off Thank At provide joining be our posted our to But at beginning acquisitions, to be Rakusin efforts versus obviously staffing of the our margin reflects we basis over and then by facilities prepared comprising of as around prior of comments. tuck-unders higher some review revenues from quarter, and results. provide organic financial model our lower for Jeremy at closer and year our closed the up were increase contributed so The FirstService sequential to quarter. ancillary prior property move provide are and we pre-pandemic EBITDA business.

with safety the following and to amenities, closely XX guidelines days, clients facilities to Over residents we associates. CDC last our club while up our of and worked open health the ensure and successfully have

revenues However, in and and fitness we only that closed. growth XX% we would offset still our our that otherwise of These remain which pools, the Northeast, California, management Florida restaurants, the partially shown. areas, open have about and many still facilities markets community represent spas facilities, amenity or include are have Canadian organic

Looking performance. year-over-year closely of in forward, believe QX we will resemble terms QX

when our reopen. many open our facilities While down, will amenity is it amenity of believe shut we don't unclear will facilities closed

XX% quarter tuck-under Moving last year. up acquisitions organic and restoration Revenues balance the were XX% the over for on several with FirstService at from to the Brands. growth

restoration improvement this a so is down At a top line this we head ago still and in but our the pipeline year to Painters, XXXX. inside sprinkler was side our acquisitions through year significant and generated slightly was alarm Our back with two revenues modestly install in quarter Paul COVID-related weather revenue digit the installation. to in storms, a XX% Laura accounted up growing Davis, quarter. quarter growth which sales home California home us up versus slightly CertaPro flat year, the Post ability about business including to service significant. Global headwinds. of group expect the and service down International, commercial the the group, QX And down building prior for QX Closets, brands Coverings together were finally, significantly still over platform Hurricane point and into some be Iowa versus to the of wind year. that and the providing we QX year. XX% To fourth for of versus prior This strongly sequential events, The Global Century relative XX% the a but loss in the low-single from from about versus generated which as for activity come faces Pillar ago, tailwinds large over benefited XX% service prior Fire organically. was including work tempered year-over-year, QX and Leads off Global's inspection Floor and has was

from national footprint, and include we priorities accounts. loss work the geographic executing strategic addition, increasing existing the the secured than which North been reflects quarter expansion particular, declines our experienced the our its have These expanding steep together in share hospitality of more America, a number quarter new we adding of offset In with quarter. across during footprint In the during vertical. this well benefited our claims Global success claims large of The accounts from the on national storm against.

incremental the gave to resulted in ability areas Our CATCO in the storm-affected expanded on-the-ground of resources The to during which Illinois far Global, Missouri, capacity of that the tuck in footprint an capability under. in and presence exceeded primarily larger the Perfection and us acquisitions of and sell in each work quarter. previous significant led Roland mid-Atlantic work

strong Canadian market and is that which We estimated impressive organic tangible new which period. This in XX% Several year-over-year to COVID. down the in have by also moderate in are landing during to a in led the our of is made A accounts. accounts particularly of to contributed national be progress growth over number new Canada, due operations. weather

robust, quite Iowa is work in a our number QX jobs and into plus Louisiana heading in loss large backlog have we Our of process. continues,

We expect revenues QX. QX year approaching well achieved above and with in a prior those strong

momentum commercial terms pleased We operating at a execution. restoration. our The in are Global strategic in very job of leadership with has done fantastic

have work very We us of this but in remain and a opportunity. we path is lot about of clear our ahead our excited business,

off and to hear I I The staff every hand recognize to see about teams and energy our FirstService. want I that Before and awesome. day positive across operating frontline Jeremy, perseverance is

strong pandemic It motivates and our principal the organic to it and experience. every in permeates a culture, hand We let reason customer behind to around Jeremy brand me a ability teams have environment. tough off X% you. built very growth deliver is our

Jeremy Rakusin

Thank you, Scott, good and morning everyone.

the a over perform XX%; conditions. ability we growth to in Financial billion to the in $XXX.X fashion Scott results from modestly businesses increase executed adjusted the Our in XX% the our an million aided months third EPS over highlights and have at XX.X%; included top of of million, $XXX revenues and $X reported $XXX.X and year, in challenging The the up XX on of year-to-date up million adjusted adjusted enduring the million, at include: as market by and On quarter line and $XX.X improvement points prior $X.XX, growth consolidated X testament year. a XX% an headwinds, billion for financial nature same expectations at adjusted increase basis, the year similar and EPS delivered share was EBITDA COVID-XX XX% services in $X.XX above our face a last last Revenues essential indicated. to of basis margin consolidated up strong for XX%, respectively. and by period date performance EBITDA even, $X.XX to $X.XX, per both the period, at of up further

year. in line closures, Residential, referenced in with growth. in EBITDA prior respectively Our prior management of adjustments morning's year-over-year highlights the with for line are our quarter. and and generated providing tempered EPS EPS revenues operating to approach I'll we in our segmented our and FirstService facility adjusted the earnings COVID-related from periods. $XXX.X At top walk in this now third consistent adjusted through Scott services GAAP which million amenity disclosed release are earnings decline

with division, was primarily increased improvement reported the we prior XX% revenue Our driven over our period. prior increase $XXX.X versus to quarter Brands increasing million increased third for division margin velocity to in higher-margin quarter, disclosures to growth revenues X% of compared the our million an margin home resales at year by our quarter. strong XX of compared the $XX.X EBITDA million, year's provided for protection. last year. FirstService to in reduction EBITDA XX% to the from the QX. of year color and to home came attributable up the The company-owned prior in basis expense and topline brands on the by in XX.X%. at the and transfers points Scott our over to in operations initiatives of has drivers our quarter fire by restoration growth stronger down topline impact XX.X% the for XX.X% at of offset improved growth prior margin Margins increased $XX.X improvement during lower-margin our already Shifting

operating from debt in a QX. were prior consolidated the Contributing of versus favorable quarter we interest we cash quarter line earnings also benefited and rate of improved the strong exchange. per another year a focus and and was were funding both debt of achieved lower earnings in year expenses Below EBITDA Our environment with XX% expense quarter. reflecting to significant XX% benefited reduction containment paydown from share the an the Compensation key flow. cost compared operating lower foreign debt the a earnings cost lower costs prior paydown. corporate in current tax to superior Two together growth drivers where XX% on

changes, over more capital prior cash increase cash capital was year line operations Operating earnings the flow during flow working at we the after million, working $XX continue effectively in million, our than XX% little quarter. working double a manage Before as pandemic. year with was capital up $XX.X prior from to the the

capital On reflecting million well levels year-to-date. the $XX $X are our discipline the These now third pacing both within the full capital million and incurred tracking with million prior quarter year deployment outlaid again target. front containment year in lower of during CapEx we $XX than expenditures cost

comprising during the We total. of also rolling transaction bulk that restoration the quarter spent million acquisitions in $XX with the

is reacceleration comfort gained active Our environment. in pipeline the the after program across through of pandemic service navigating lines acquisition our our deal tuck-under having greater with

strong quarter in sheet be X.X XX months balance debt resulting of leverage net was EBITDA. trailing times million these in to to initiatives. At net Our debt support continues of our $XXX end,

generate demonstrating fund capacity These plus cash to line we million operations our free cash largely facility of outlook under credit closing prepared $XXX internally the debt my liquidity ability prior second spend hand. strong with In during flow acquisition earnings quarter of the call. in second Our on our our remained and remained availability from the undrawn total metrics the quarter. to our comments, quarter reiterate with

the are This any storm-related growth absent half consolidated positive results should consistent with then called We loss we related the see and for large we back on recent the of year is QX. with at and remaining adding claims flat see margins from consolidated year modestly topline storm prior in what and our for the activity. backlog growth quarter baseline impact consistent global;

we open would in questions. XXXX. to early on February the scheduled to year XXXX provide I the comments you. summarizing end next some our now operator for Thank high-level results, ask earnings outlook call call our our During will

Operator

from Your George of Instructions] Scotiabank. comes line question with Doumet [Operator first the

is open. Your line

George Doumet

guys morning the good strong another yet quarter. and on Yes, congrats

Scott Patterson

George. you, Thank

George Doumet

Scott, how in you the in prepared but you you piece, just Can margins restoration the year-over-year? might think maybe your remarks to us talk And this improvement much mentioned that business? I I might have GRH up have was missed in tell it. on can

Scott Patterson

weather organically do about two That's the talk margin? XX% prepared I of you It events principal weather quarter. the to comments. two the events up about acquisitions including revenue disclosed Jeremy want for what driving was XX% XX% with the the the in

Jeremy Rakusin

pretty prior George. year. is Yes Margin comparable to

George Doumet

Okay.

at give portfolio? that currently also What's us You size the of you a large about portfolio that sense the guys backlog? Can GRH. of maybe in loss spoken

Scott Patterson

George business expect year, Well, perhaps and losses. large want activity. expect loss but be I we we recurring, Large certainly between our loss every storm to quarter, to part not of large is that every differentiate a

will Some storm of claims so fires them activity, accidental, some come of will storms; and outside them from water of on. come

Louisiana. the not disclosing Laura we're And we're provide large Iowa work So we loss was -- doing. the and don't windstorm hurricane large this around how What guidance to much for trying work it necessarily is storm in we're quarter, the work.

George Doumet

that. we if Thanks pretty protocols Okay. the impact to I expect And the this second have business wondering in the what rates of be utilization for especially to last think But you seem might alluded I main safety to quarter. in wave? Scott you context strong guess a just

Scott Patterson

reduced we our essentially level that the definitely many we associated We of have And of people reduced turn the has manage. facility. has at thought which that It capacity our we'll of is be number facilities in that we that we be this with that service on-site amenities thinking perhaps will I XXXX. last year-end. well of think now the spoke quarter; when open that It's clear and would case would were with dealing into that be most not by

George Doumet

Okay.

part get the but home of to a It one services. last strong There's into inability that's that if business, homes. the built backlog One Okay. I may. in like pretty guys the you looks mentioned

next So some to to of that going quarter, just you into of our look convert sales? is those to wondering, kind ability if impact

Scott Patterson

I think it in will QX.

is think Longer leads to to home The home right timing think up, now. home that some uncertain and convert improvement equity around when are home going in we're little is And going that improvement. The into a QX bit we XXXX, generally QX I into to bodes very similar prices to our home for are look well -- increase term able is sales strength. jobs up. up, respect. businesses show fully are

George Doumet

for your Okay. Thanks answers.

Operator

question Your of with Sheldon William line the comes Blair. next from Stephen

Your is open. line

Stephen Sheldon

really the results. from some and be growth you Is you're look Thanks at in some broadly? drag and that back amenities XQ? opening were the amenities if range still to And Within opened, it congrats even impact there to get amenities I be fully guess that more on obviously as stabilization seeing detail closed. tough And on X% good will targeted? would major only organic and the being on growth residential asked the organic normally organic good we drive way, you've normal to back XQ another X% without

Scott Patterson

X% were amenities growth. If this, to X% Yes. we'd fully and through our showing were we back organic be

and we Our core it's win-loss was this business it's year. the most It be that ancillaries And our range, Stephen. prior and in ratio of is represents important. the third in over quarter reflective is where including might our -- up of Collections it's that and There are else not the There a that with project our isn't are is but anything impact, lots down, ups is downs significant material to management there's continues -- down. are. amenity ancillaries. like things COVID of certain closures

Stephen Sheldon

your then Okay. next and of there the what years? national way bring how How accounts? then? accounts at could impactful on Got it. the wins restoration And the and restoration, business to within a the through that national few recent work mean comes the Is now larger much over there traction the

Scott Patterson

when around also year our an say there's I accounts we that mean customers adding national through our our definitely I know last -- most I a existing account don't in made particularly traction that the new accounts. the These increasing I in of mobilize share comes the work and when We've are have percentage. would it's relationships. of event.

definitely we're making So, progress.

you way. with two Let be organically And acquisitions takeaway me over XX% put momentum impact another by our of take away events of Global the it would national Key grew for the reflective largely the that accounts. quarter. and

Stephen Sheldon

really helpful. Appreciate that’s your Thanks. it color. Got

Operator

of line the Stephen MacLeod Capital question Markets. next from comes BMO Your with

Your line is open.

Stephen MacLeod

Thank you.

the were Good Is weak some good revenues the figure EBITDA unusually on more you with just of work specific Scott I that period give able XXXX something QX own? on QX gave When brands morning And circle on storm-related I thanks -- in business. we an our was impact. or that able you're quarter, the guys, you what my us should and around a questions. gave activity sort there. you that this quarter. to it math impact to taking and was for just was was color do Sorry to back wanted around mute the I some and the for know out

Scott Patterson

do Stephen me specifically Ask you more want? exactly what

Stephen MacLeod

major the the Is dollar that significant impact there growth? on to to any organic year-over-year were from two way a quantify from storms basis EBITDA and so

Scott Patterson

Yes.

range Okay. That $XX million thereabout?

Stephen MacLeod

Okay.

So to million revenues? $XX

Scott Patterson

the was? able impact you Jeremy? to disclose Are Yes. what EBITDA

Jeremy Rakusin

to types the Yes. to is overall the I mix we jobs. how performed business a event non-storm events types the for But those each different event. Again of Stephen in going be it's of pretty quarter that whole the in the terms for the business including mean jobs margin comparable as quarter. of did at resembled this of two

Stephen MacLeod

Okay.

you're there's into basis Okay. like that's And just the like parts. underlying a like to plus of moving the flat number backlog No, But looks activity. lot quantify roll -- as seeing obviously you helpful. of as look storm net underlying that what QX? a sort maybe you to then flat you Are able and QX on a

Scott Patterson

as we a comments, backlog. strong I -- we Well prepared said my in do have

continue We and Iowa. work to on Louisiana

number We strong. will QX, of the lost be other it not be QX level may process. same jobs have it to close a get but as in large will

Stephen MacLeod

Okay.

helpful. Okay. That's

Turning providers? to a any management is in seen you that switching recently a the gains homeowner weren't side associations the operators. still terms sort residential business, of was talked with holding a like things respect core pattern one of you market about of HO movement looking change on lot share of things, the of Have to on lot out property or their service of to

Scott Patterson

Yes. to it. we're see starting No

Our sales been off. have

expectation as into head a couple we'll that currently. think rhythm pickup. we're see drives X% the back quarters, I XXXX of starting And our I organic the settle I've to think win-loss we we growth. last that into mentioned but to that That's X% As

Stephen MacLeod

Right.

guys. it for that’s Okay, it. Appreciate me. Thanks

Scott Patterson

Steve. Thanks

Operator

Markets. Logan of question next comes line the with Matt Capital from RBC Your

is open. line Your

Matt Logan

of good dollar activity your storm in and Jeremy, on QX. comments impact morning. appreciate you the the Thank

million a was that be would confirm $XX EBITDA? $X So million roughly that revenue just and of XX% to of about margin

Jeremy Rakusin

No.

Okay.

million are business Global's all ballpark XX-ish in at for about events It the rest the range. is of Global. than would XX%. more for the First would the margin the lower XX.X% a the the $XX but margin division division. storm than of those the was be two be resembling talking on number, margins I It lower

Matt Logan

Okay.

it the margin consequence about Was of of activity for and ballpark $XX date? or a a kind be in would million of XX% or revenue. So terms of there to storm this any QX, QX figure in X-month period kind

Jeremy Rakusin

nothing year. first in There any the the half Yes. of significant of consequence was

Matt Logan

when activity And about other in typically great. the normal Global, margin higher That's be think most there be would we average a it any core or with usually storm in flow-through cases? in EBITDA year for line to would

Scott Patterson

Again call from this It to my job job storm with type I event We storm vary some analysts. would prior quarter of and -- events. fairway with of the down comments back a event than from we this event. situations. prior get kind questions margin to in does could that to the earlier the to XX% higher those got

Matt Logan

fair that… it say to Is Okay.

Scott Patterson

focused of to percent your margin top more annual the -- as the a on line revenue, opposed question much the So how as revenue.

Your question is the more driving margin? to

Matt Logan

last million in hurricane typically with would Yeah. would given XX%? through, If it like -- average line think say, about roughly of $XX we activity in hurricane get we at flow years a of margin, the the activity global five if quarter,

Scott Patterson

means… That Yeah.

Matt Logan

for revenue? higher that to be drives margin will a kind cost the there of some Or incremental fixed element

Scott Patterson

margins these for that there business some kind events, in instances netted with in lower many performance In work and out the leverage the particular that something line volume would were quarter. margin operating extra higher global of overall No. to drive

Matt Logan

the appreciate next the thinking growth taking look impact was the think with we we as at years should rebranding, back opposed delivered a organic say that QX? over national XX% more that. How broadly, when the ex-weather accounts. step the say, sense, three about momentum to Maybe the and about of Makes business in

Scott Patterson

can digit, a Certainly, is a our for very businesses. growth proud mid-single in all us, very, of the minimum, at FirstService in brands with this think this XX% priority be would And how is I currently But is really under, a number our you're one, experience early we're organic rebranding And expect a unified we year. many with for shows XXXX. Residential bringing the us business. when message. powerful targeted this

excited think after in could both launch so accelerator that And an very and launch. over be, XXXX that near-term certainly we're the that

Matt Logan

And period? still of the you size to would a restoration that, a it five-year double over say fair to have be say view potentially

Scott Patterson

Absolutely.

Matt Logan

And pipeline, there kind your the over more deal of capital that dislocation given in to a get of it will legwork the be these competition. would that is deals terms chasing little more be of a the of some deals flow lot in the near-term, or there's line? And marketplace, finish sufficient

Scott Patterson

we our been all do areas, there like think mean it do take is competition. above. I regions, program a time these and it pipeline. But, for And with But have we in takes a I years XX and tuck-under of priority place over -- and the have companies. deals. has does relationship

And it expect effort. to so a we multiyear be

Matt Logan

And before back. turn I last question it me, for

on a give the there number with an it. tuck-unders, that some You've years? would us Fire the services synergies, Century the one component Can same the since acquired done in way or to ability cross-sell geography color you've be done Like, of in augment Global or acquisitions? over you for between you

Scott Patterson

of share about footprint our we taking that footprint when and regions quarter, is relationships a our there exceeded the Midwest to part at in work, They've these And of saw a it And partner prepared got organizations and accounts. Iowa said of early And to national had greater in a comments, and be leverage expanding healthcare and has in same. the strength, And as windstorms. this CATCO and strategy that we've perfection the what these with last ground, vertical. tuck-unders presence the that completed on tuck-unders relationships also, year. far with been that's in with national into quarter. of they those were that as Midwest the those been we've weather able number both two they stage in advantage are able Roland to my the event the done strong We with with they I their lot and previously relationships. regional to very leverage there and past the this A those leverage Roland in But leverage their region. we've facilities accounts entity. Yeah. organization the to past stand-alone were and capable of national of And

Matt Logan

Yeah. It's a appreciate the the back. great me. all commentary. I’ll I That’s color. for turn call

Operator

question Your Sidoti. line the next comes Riddick from Marc with of

Your line open. is

Marc Riddick

Hi, good morning gentlemen.

Scott Patterson

morning. Good

Jeremy Rakusin

Hi.

Marc Riddick

possible. potential be facilities want maybe just that one was managers. little to of you I talk is that the not that the interesting as the a you're And you and outsourcing piggy was these of back actual one and to service openings on bit growth? really share some So activity was seeing outsourcing work with for getting with increased earlier to of the those whether may that of if color as the activity I compare fairly on commentary questions in on as that the competitors coming to change ground thought offering on wondering I market or done or around Because much the things opposed from residential. some appreciate could any gains gave work of I increase operational

Scott Patterson

that… the increase residential past haven't outsourcing. in And changes management not know property we seen if around we or in these quarter Marc, facilities have more seen environment broadly. I in the any any don't competitive really

Marc Riddick

to activity though the future facilities the accelerate quite no, of be work those done just as as begun been competitive the -- curious the positive. could was that it's would to had share it that seems a future at no though pace I in during that whether lead market the -- And to advantage gains? had be the quarter that seem of Some to

Scott Patterson

Well, closed were to I communities, partially open or previously to many we mean their And that still just were manage be amenity in COVID. clear due facilities we cases remain are we been reopen -- closed. helping the

been piece of differentiator So to companies for amenity that as part There those long full-service are management the ancillary has of few service provide a management as that us. manager provide very and responsibility that communities our service.

Marc Riddick

makes brand And That wanted back side. to of the on sort sense. circle right. I Right, then

first I'm -- growth future not where but revenue had think of as ultimately the company nearly matched going given forward that over be the mix plans brands time and it side. of relative the was as and brand be brand represents though if term not And to on you residential approach or you could I what current quarter time wondering XXX% residential could revenue term what that gains? the any the this was mix of on I just certain ultimately thoughts could that a a mix seems that revenue longer longer storm side that the margin have that basis basis for overall

Scott Patterson

over the organic that few to acquisition, tilt be bit it's growth think a next to brands. is your tilt I activity in years There stronger continue towards going And more division. tuck-under acquisition in would division. that

do add So to that Jeremy, want that? will continue. to you

Jeremy Rakusin

protection I as consolidated those the five the all a being at equal. and And that's been more mean, they growing division we've margin, And years. margins, faster The particularly I brands will division the fire the If higher tuck-under restoration faster to growth bring something think Yeah. being added over Marc, margins. margin uptick years. in consolidated several assists echo newly brand margins. platforms Scott both it for resi things maintain last those higher sentiments, it other grow just saying flat one to than is and and

Marc Riddick

appreciate all Jeremy. time, much. Make I sense. very you the Thank

Jeremy Rakusin

Marc. Thanks,

Operator

line with comes Bastien question of James. Your Raymond Frederic the from next

open. is line Your

Frederic Bastien

good Hi, guys. morning

Just the a that follow-up was last on question asked. one

services Global interested be On might least be the M&A in interesting getting starting Century front the you more partly answered that my verticals verticals you question to at business and the expanding other or on restoration or by would Are still in you're you into? either already and that the opportunities saying your focus see or the there. in

Scott Patterson

do we activity Frederic currently platforms our in across have the all Well, of pipeline.

division. So We that months next terms has close looking to the at. over Global -- there's expect restoration acquisition. year I new platforms nothing would I in and think center say we following certainly of in XX every really deals But in we're the last in the front

in of of lots have opportunity and We currently activity platforms. lots our current

Frederic Bastien

rate revenue, what telegraphing street and you've when to environment, X% to of, go-forward X% your you sort you basis? And that M&A would the on through expect you're that look we Okay. exceed acquisitions. of, a add been, In X% current growth look organically another able at sort growth profile at longer the look term of

Scott Patterson

necessarily. not think has environment No, our current don't I changed really the view.

Frederic Bastien

a answer. enough. question. Also quick a Fair good That's Okay.

business seen or But any your benefit. out own expect Any the see did related see my in in for to Just the restoration QX? see you to wildfires -- third any West? does activity quarter

Scott Patterson

mean, we're the of accounts wouldn't quality It was servicing smoke national primarily Some, retail the to in offices, the not and I air it work be that centers, quarter. to expect distribution in relates material level would our damage. California. quarter. I fourth But

So And we're manpower. to versus other it's different some in terms relative quite with. equipment opportunity -- of we're providing air dealing scrubbers so the revenue the for of stores

Frederic Bastien

Okay.

the there? creates at wildfires way of opportunities -- if when bottom whereas for up rank it rank terms to we've in kind the were disasters are you restoration So natural of storms

Scott Patterson

some the areas. have presence we do for Certainly of we same don't other this out in at us than west time, these

in general, But factor. a yes. would I say, that's So

Frederic Bastien

Okay. helpful. That’s

Thank you, Scott. Okay.

Operator

this at are queue further There questions in no time.

Scott Patterson

today. talk Thank at you, and joining year we'll everyone thank us you end. Tiffany and for safe Be

Operator

day. call. quarter a third Ladies have your for nice conference participation and and this gentlemen, investors you concludes Thank the

FirstService (FSV) 28 Oct 202020 Q3 Earnings call transcript