GDI Integrated Facility Services Inc. Releases its Financial Results for the Fourth Quarter and the Year Ended December 31, 2021

• Q4 2021 revenue of $433.0 million – an increase of $68.4 million, or 18.7%, over Q4 2020.
• Q4 2021 Adjusted EBITDA¹ of $33.5 million – an increase of $1.4 million, or 4.3%, over Q4 2020.
• Q4 2021 net income of $6.9 million or $0.30 per share compared with $17.0 million or $0.75 per share for the fourth quarter of 2020.
• 2021 revenue of $1.6 billion, an increase of $185.6 million or 13.1% over 2020.
• 2021 Adjusted EBITDA¹ of $132.8 million, an increase of $27.8 million, or 26.5%, over 2020.
• 2021 net income of $43.4 million or $1.89 per share compared with $48.0 million or $2.18 per share in 2020.
• During Fiscal 2021, GDI acquired The BPAC Group, Inc. and its subsidiaries ("BP") (January 2021), Enginuity, LLC ("Enginuity") (September 2021), Fuller Industries, LLC ("Fuller") (September 2021) and IH Services, Inc. and its subsidiaries ("IH") (December 2021). GDI also acquired Gestion E.C.I. Inc., along with its subsidiaries ("Énergère") in January 2022.

LASALLE, QC, March 1, 2022 /CNW/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce its financial results for the fourth quarter and the year ended December 31, 2021.

For the fourth quarter of 2021:

• Revenue reached $433.0 million, an increase of $68.4 million, or 18.7%, over the fourth quarter of 2020. Organic revenue growth was 5.1%, growth from acquisitions was 14.6%. The revenue growth was partially offset by a negative exchange rate effect of 1.0%.
• Adjusted EBITDA¹ amounted to $33.5 million, an increase of $1.4 million, or 4.3%, over the fourth quarter of 2020.
• Net income was $6.9 million or $0.30 per share compared to $17.0 million or $0.75 per share in Q4 2020. The decrease of net income is mainly attributable to lower CEWS subsidies in 2021 compared to 2020.

For the fourth quarters of 2021 and 2020, the business segments performed as follows:

(in thousands of Canadian dollars)	Janitorial Canada		Janitorial USA		Technical Services		Complementary Services		Consolidated
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Revenue	140,509	138,038	89,176	84,420	189,646	125,651	18,154	21,415	433,022	364,669
Organic Growth (Decline)	1.4%	(2.8%)	8.9%	2.8%	13.9%	(17.8%)	(39.8%)	29.6%	5.1%	(4.2%)
Adjusted EBITDA^1	18,374	18,017	7,663	9,141	11,832	7,037	(1,161)	1,560	33,543	32,158
Adjusted EBITDA Margin^1	13.1%	13.1%	8.6%	10.8%	6.2%	5.6%	(6.4%)	7.3%	7.7%	8.8%

For the year ended December 31, 2021:

• Revenue reached $1.6 billion, an increase of $185.6 million, or 13.1%, compared to 2020. Organic revenue growth was 3.7%, growth from acquisitions was 11.2%. The revenue growth was partially offset by a negative exchange rate effect of 1.8%.
• Adjusted EBITDA¹ amounted to $132.8 million, an increase of $27.8 million, or 26.5%, compared to 2020.
• Net income was $43.4 million or $1.89 per share compared to $48.0 million or $2.18 per share in 2020.

For the years ended December 31, 2021 and 2020, the business segments performed as follows:

(in thousands of Canadian dollars)	Janitorial Canada		Janitorial USA		Technical Services		Complementary Services		Consolidated
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Revenue	533,006	532,156	329,835	331,615	685,054	483,751	64,768	84,878	1,597,169	1,411,611
Organic Growth (Decline)	0.1%	(2.0%)	5.9%	(0.9%)	11.1%	(11.8%)	(31.0%)	20.2%	3.7%	(2.8%)
Adjusted EBITDA^1	76,994	61,000	30,767	29,333	38,404	16,960	(804)	9,601	132,779	104,930
Adjusted EBITDA Margin^1	14.4%	11.5%	9.3%	8.8%	5.6%	3.5%	(1.2%)	11.3%	8.3%	7.4%

GDI's Janitorial Canada segment had another strong quarter, recording $140.5 million in revenue while delivering $18.4 million of Adjusted EBITDA¹ representing an Adjusted EBITDA margin of 13.1%. GDI's Janitorial USA segment also performed very well in Q4 2021, generating revenue of $89.2 million and Adjusted EBITDA¹ of $7.7 million representing an Adjusted EBITDA margin¹ of 8.6%. This slight decline in Adjusted EBITDA margin¹ compared to Q4 2020 is due to the Company recording a higher amount of one-time COVID-related services in Q4 2020. Janitorial Canada organic growth for Q4 2021 amounted to 1.4% as a result of COVID-19 related revenue fluctuations in certain market segments whereas it totalled 8.9% for Janitorial USA segment resulting from increased volume with existing clients as well as new client wins. GDI's Janitorial segments continued to provide clients with expert advice and services to keep their facilities safe and occupants protected during the ongoing COVID-19 pandemic. While many of our clients in Canada and the USA continued to require additional one-time enhanced COVID-19 services, this was to a lesser degree in the Janitorial USA segment due to a different end market mix.  On December 31, 2021, Janitorial USA segment completed the acquisition of IH Services, Inc. and its subsidiaries, adding approximately 8,000 employees and approximately $260.0 million in annual revenues generated across 29 states, significantly expanding GDI's cleaning business in the United States ("U.S.").

The Technical Services segment seems to have now fully recovered after having been negatively impacted by the COVID-19 pandemic during 2020 and into 2021, even while certain aspects of its business remain affected by COVID-19 containment measures. This segment recorded revenue of $189.6 million in Q4 2021, including 37.8% growth from acquisitions and organic growth of 13.9%, while delivering Adjusted EBITDA¹ of $11.8 million representing an Adjusted EBITDA margin¹ of 6.2% during the quarter.

GDI's Complementary services segment, composed of our Superior Solutions janitorial product distribution and manufacturing business, recorded a negative Adjusted EBITDA¹ of $1.2 million in Q4 2021 including a $1.3 million related mainly to the inventory valuation. Superior Solution's business has been significantly affected by the COVID-19 pandemic. It delivered very strong performance in 2020 when it was able to procure supply of personal protective equipment ("PPE") when market demand was high, however its traditional business of supplying daily consumables such as soaps, towels and tissue has been significantly reduced by low occupancy rates at many client facilities. Superior Solutions' business volumes are expected to return to pre-pandemic levels once occupancy rates improve. Additionally, Superior Solutions established a janitorial products manufacturing platform in the U.S. in September 2021 with the acquisition of Fuller Industries, LLC, and is focusing on growing its U.S. business volume in 2022.

"GDI preformed very well in Q4 2021," stated Claude Bigras, President & CEO of GDI. "We experienced a resurgence in the COVID-19 pandemic with the arrival of the Omicron variant in the second half of the quarter, with our janitorial businesses continuing to perform well while our technical services business remained resilient to headwinds. Our manufacturing and distribution business was impacted again in the quarter by low demand due to low occupancy rates, however we expect the business to recover as buildings begin to reoccupy."

"2021 was a challenging and tumultuous environment that I feel we navigated extremely well. GDI delivered $1.6 billion in revenue and over $132 million in Adjusted EBITDA¹ and an Adjusted EBITDA margin¹ of 8.3%. We completed five acquisitions during the year and one subsequent to year-end, adding more than $500 million in revenue to our top line, establishing new U.S. platforms and new growth avenues for Ainsworth and Superior Solutions, almost doubling our U.S. janitorial business with a major extension of its footprint into the Southeastern part of the U.S. and building our capabilities for the next generation to include energy advisory and energy efficiency expertise," stated Mr. Bigras.

"I am pleased to see that the outlook for the pandemic is becoming more clear, with federal and regional governments across North America progressively reducing their social and economic restrictive regulations and guidelines. In many regions in the U.S., the reoccupying of facilities is well underway and in other regions in the U.S. and in Canada, we expect reoccupation of facilities to take place as 2022 evolves. Our current expectations are that our clients will continue to require our enhanced cleaning and disinfecting services as the population in buildings densifies, which will also lead to further discussion regarding air quality in buildings at Ainsworth and will help to support a rebound in demand at our Superior Solutions business. In sum, the outlook is positive for all of our business segments as we begin 2022. Our balance sheet remains strong with a leverage ratio around 2x and we are in a very good position to continue to grow our business strategically across North America," concluded Mr. Bigras.

____________

^1

The terms "Adjusted EBITDA" and "Adjusted EBITDA Margin" do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. "Adjusted EBITDA" is defined as operating income before depreciation and amortization, Canadian Emergency Wage Subsidy and related expenses, transaction, reorganization and other costs and share-based compensation. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues and is used to compare profitability between periods and segments. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Operating and Financial Results" section of the Company's Management Discussion & Analysis (MD&A).

ABOUT GDI

GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the U.S. to owners and managers of a variety of facility types including office buildings, educational facilities, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, distribution facilities, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com. 

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this MD&A may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Risk Factors" section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to COVID-19 and related pandemic, unsuccessful implementation of the business strategy, inherent operating risks of acquisition activity, failure to integrate, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with strategic IT projects, increases in interest rates, deterioration in general economic conditions, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, goodwill and long-lived assets impairment charges, tax matters, dependence on key employees, participation in multi-employer pension plans, legislation or other governmental action, exchange rate fluctuations, disputes with franchisees, cybersecurity and data protection, data confidentiality, and public perception of our environmental footprint, many of which are beyond the Company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.

Analyst Conference Call:	March 2, 2022 at 9:00 A.M. (ET)
	Kindly note that Investors and Media representatives may attend as listeners only.
	Please use the following dial-in numbers to have access to the conference call by dialing 10 minutes before the beginning of the conference:
	North America Toll-Free: 1-888-664-6392
	Local: 416-764-8659 (Toronto) or 514-225-6995 (Montreal)
	Confirmation Code: 80873459
	A rebroadcast of the conference call will be available until March 9, 2022 by dialing:
	North America Toll-Free: 1-888-390-0541
	Local: 416-764-8677 (Toronto)
	Confirmation Code: 873459#

December 31, 2021 consolidated financial statements and accompanied Management & Discussion Analysis were filed on www.sedar.com.

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Financial Position
December 31, 2021 and 2020
(In thousands of Canadian dollars)

		2021		2020
Assets
Current assets
Cash		24,315		3,443
Trade and other receivables and contract assets		430,697		310,121
Canadian Emergency Wage Subsidy receivable		4,147		1,895
Current tax assets		34,214		21,944
Inventories		12,360		‒
Prepaid expenses and other		8,596		17,492
Total current assets		514,329		354,895
Non-current assets
Trade and other receivables and contract assets		7,716		1,029
Property, plant and equipment		117,267		83,733
Deferred tax assets		544		2,467
Intangible assets		142,869		94,478
Goodwill		301,933		213,415
Total non-current assets		570,329		395,122
Total assets		1,084,658		750,017
Liabilities and Shareholders' Equity
Current liabilities
Bank indebtedness		2,604		4,620
Trade and other payables		250,076		165,434
Provisions		27,934		14,769
Contract and other liabilities		43,115		19,295
Current tax liabilities		4,789		16,591
Current portion of long-term debt		28,379		18,231
Total current liabilities		356,897		238,940
Non-current liabilities
Long-term debt		298,868		150,506
Long-term payables		6,506		4,595
Derivatives		‒		2,378
Deferred tax liabilities		31,359		14,467
Total non-current liabilities		336,733		171,946
Shareholders' equity
Share capital		371,283		363,728
Retained earnings (deficit)		12,563		(30,802)
Contributed surplus		6,000		6,406
Accumulated other comprehensive income (loss)		1,182		(201)
Total shareholders' equity		391,028		339,131
Total liabilities and shareholders' equity		1,084,658		750,017

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Comprehensive Income
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars, except for earnings per share)

		2021		2020
Revenues		1,597,169		1,411,611
Cost of services		1,257,188		1,105,800
Selling and administrative expenses		214,106		206,903
Transaction, reorganization and other costs		3,095		5,162
Canadian Emergency Wage Subsidy and related expenses		(13,128)		(38,780)
Amortization of intangible assets		19,631		14,349
Depreciation of property, plant and equipment		32,480		27,682
Operating income		83,797		90,495
Net finance expense		20,230		21,188
Income before income taxes		63,567		69,307
Income tax expense		20,202		21,316
Net income		43,365		47,991
Other comprehensive income (loss)
(Losses) gains that are or may be reclassified to earnings:
Foreign currency translation differences for foreign operations		(948)		(2,277)
Hedge of net investments in foreign operations, net of tax of nil		397		1,750
Cash flow hedges, effective portion of changes in fair value, net of tax of ($692) ($656 in 2020)		1,934		(1,820)
		1,383		(2,347)
Total comprehensive income		44,748		45,644
Earnings per share:
Basic		1.89		2.18
Diluted		1.84		2.12

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Changes in Equity
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars and shares)

	Share Capital		Retained earnings (deficit)	Contributed surplus	Equity component of convertible debentures	Accumulated other comprehensive income ^(1)	Total
	Number (in thousands of shares)	Amount
Balance, January 1, 2020	21,406	329,705	(78,793)	6,124	1,800	2,146	260,982
Net income	‒	‒	47,991	‒	‒	‒	47,991
Other comprehensive loss	‒	‒	‒	‒	‒	(2,347)	(2,347)
Total comprehensive income for the year	‒	‒	47,991	‒	‒	(2,347)	45,644
Transactions with owners of the Company:
Stock options exercised	313	6,532	‒	(1,599)	‒	‒	4,933
Conversion of convertible debenture	1,061	27,491	‒	37	(1,800)	‒	25,728
Share-based compensation	‒	‒	‒	1,844	‒	‒	1,844
Balance, December 31, 2020	22,780	363,728	(30,802)	6,406	‒	(201)	339,131
Net income	‒	‒	43,365	‒	‒	‒	43,365
Other comprehensive income	‒	‒	‒	‒	‒	1,383	1,383
Total comprehensive income for the year	‒	‒	43,365	‒	‒	1,383	44,748
Transactions with owners of the Company:
Stock options exercised	341	7,555	‒	(1,802)	‒	‒	5,753
Share-based compensation	‒	‒	‒	1,396	‒	‒	1,396
Balance, December 31, 2021	23,121	371,283	12,563	6,000	‒	1,182	391,028

^(1)	The amount of Accumulated other comprehensive income is net of tax of ($36) ($656 as at December 31, 2020 and nil as at December 31, 2019)

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Cash Flows
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)

		2021		2020
Cash flows from (used in) operating activities
Net income		43,365		47,991
Adjustments for:
Depreciation and amortization		52,111		42,031
Equity portion of share-based compensation		1,396		1,844
Net finance expense		20,230		21,188
Income tax expense		20,202		21,316
Other		(247)		98
Income taxes paid		(32,518)		(9,807)
Net changes in non-cash operating assets and liabilities		12,440		(28,569)
Net cash from operating activities		116,979		96,092
Cash flows from (used in) financing activities
Proceeds from issuance of long-term debt		247,341		181,974
Repayment of long-term debt		(140,967)		(186,572)
Payment of lease liabilities		(19,579)		(15,730)
Interest paid		(3,871)		(6,350)
Proceeds from issuance of subordinate voting shares		5,753		4,933
Financing expenses paid related to loans and borrowings		(439)		(284)
Net cash from (used in) financing activities		88,238		(22,029)
Cash flows from (used in) investing activities
Business acquisitions, net of cash and bank indebtedness acquired		(163,974)		(61,817)
Additions to property, plant and equipment		(15,123)		(13,757)
Additions to intangible assets		(3,900)		(3,439)
Proceeds on disposal of property, plant and equipment		956		1,019
Net cash used in investing activities		(182,041)		(77,994)
Foreign exchange loss on cash held in foreign currencies		(288)		(1,073)
Net change in cash (bank indebtedness)		22,888		(5,004)
(Bank indebtedness) cash, beginning of period:
Cash		3,443		3,827
Bank indebtedness		(4,620)		–
		(1,177)		3,827
Cash (bank indebtedness), end of period:
Cash		24,315		3,443
Bank indebtedness		(2,604)		(4,620)
		21,711		(1,177)

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)

										2021
	Janitorial Canada	Janitorial USA		Technical Services		Complementary Services	Corporate and eliminations		Total
Recurring/contractual services	411,166	290,447		89,794		‒	‒		791,407
On-call services	83,038	39,283		188,456		‒	‒		310,777
Project	‒	‒		406,001		‒	‒		406,001
Manufacturing and distribution	‒	‒		‒		49,885	‒		49,885
Other revenues	38,107	‒		755		237	‒		39,099
Total external revenues	532,311	329,730		685,006		50,122	‒		1,597,169
Inter-segment revenues	695	105		48		14,646	(15,494)		‒
Revenues	533,006	329,835		685,054		64,768	(15,494)		1,597,169
Income (loss) before income taxes	64,047	20,206		9,116		(4,583)	(25,219)		63,567
Net finance expense	74	4,188		2,100		323	13,545		20,230
Operating income (loss)	64,121	24,394		11,216		(4,260)	(11,674)		83,797
Depreciation and amortization	12,656	6,275		26,423		3,302	3,455		52,111
Canadian Emergency Wage Subsidy and related expenses	‒	‒		‒		‒	(13,128)		(13,128)
Transaction, reorganization and other costs	217	98		765		154	1,861		3,095
Share-based compensation ^(1)	‒	‒		‒		‒	6,904		6,904
Adjusted EBITDA	76,994	30,767		38,404		(804)	(12,582)		132,779
Total assets	261,988	322,588		397,864		70,516	31,702		1,084,658
Total liabilities	83,378	91,193		203,404		14,746	300,909		693,630
Acquisition of property, plant and equipment	5,474	13,041		28,116		13,487	6,343		66,461
Acquisition of intangible assets	2,150	36,412		23,743		2,661	3,449		68,415
Addition of goodwill	1,802	54,476		31,501		1,029	‒		88,808

^(1)	^Includes stock option plans, performance share unit plan and restricted share unit plan.

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)

										2020
	Janitorial Canada	Janitorial USA		Technical Services		Complementary Services	Corporate and eliminations		Total
Recurring/contractual services	407,375	285,031		68,877		‒	‒		761,283
On-call services	81,744	46,259		179,473		‒	‒		307,476
Project	‒	‒		235,280		‒	‒		235,280
Manufacturing and distribution	‒	‒		‒		64,913	‒		64,913
Other revenues	42,659	‒		‒		‒	‒		42,659
Total external revenues	531,778	331,290		483,630		64,913	‒		1,411,611
Inter-segment revenues	378	325		121		19,965	(20,789)		‒
Revenues	532,156	331,615		483,751		84,878	(20,789)		1,411,611
Income (loss) before income taxes	48,324	20,044		(5,669)		6,543	65		69,307
Net finance expense	186	2,354		585		134	17,929		21,188
Operating income (loss)	48,510	22,398		(5,084)		6,677	17,994		90,495
Depreciation and amortization	12,443	6,775		18,009		2,850	1,954		42,031
Canadian Emergency Wage Subsidy and related expenses	‒	‒		‒		‒	(38,780)		(38,780)
Transaction, reorganization and other costs	47	160		4,035		74	846		5,162
Share-based compensation ^(1)	‒	‒		‒		‒	6,022		6,022
Adjusted EBITDA	61,000	29,333		16,960		9,601	(11,964)		104,930
Total assets	275,829	123,634		272,263		56,663	21,628		750,017
Total liabilities	83,258	35,444		119,891		9,483	162,810		410,886
Acquisition of property, plant and equipment	4,549	1,741		30,013		1,175	5,135		42,613
Acquisition of intangible assets	933	‒		15,325		75	1,146		17,479
Addition of goodwill	‒	‒		36,384		‒	‒		36,384

^(1)	^Includes stock option plans, performance share unit plan and restricted share unit plan.

GDI INTEGRATED FACILITY SERVICES INC.
Business acquistions
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)

Acquisition date	Company acquired	Location	Segment reporting
2021 Acquisitions
January 1, 2021	The BPAC Group, Inc. and its subsidiaries ("BP")	New York, New York	Technical Services
September 1, 2021	Enginuity, LLC ("Enginuity")	Mechanicsburg, Pennsylvania	Technical Services
September 15, 2021	Fuller Industries, LLC ("Fuller")	Great Bend, Kansas	Complementary Services
December 31, 2021	IH Services, Inc. and its subsidiaries ("IH")	Greenville, South Carolina	Janitorial USA
2020 Acquisition
January 15, 2020	ESC Automation Inc. and its subsidiaries ("ESC")	Vancouver, British Columbia	Technical Services

GDI INTEGRATED FACILITY SERVICES INC.
Supplementary Quarterly Financial Information
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)

Three months ended
(in thousands of Canadian dollars, except per share data) ^(1)	December 2021		September 2021	June 2021	March 2021
Revenue	433,022		408,356	372,190	383,601
Operating income	14,598		17,948	24,014	27,237
Depreciation and amortization	15,568		12,864	12,222	11,457
Canadian Emergency Wage Subsidy and related expenses	‒		(463)	(5,466)	(7,199)
Transaction, reorganization and other costs	1,704		570	317	504
Share-based compensation	1,673		1,801	1,926	1,504
Adjusted EBITDA	33,543		32,720	33,013	33,503
Net income for the period	6,914		9,416	13,959	13,076
Earnings per share
Basic	0.30		0.41	0.61	0.57
Diluted	0.29		0.40	0.59	0.56
Three months ended
(in thousands of Canadian dollars, except per share data) ^(1)	December 2020		September 2020	June 2020	March 2020
Revenue	364,669		365,358	326,732	354,852
Operating income	27,746		24,415	29,792	8,542
Depreciation and amortization	10,365		10,415	11,830	9,421
Canadian Emergency Wage Subsidy and related expenses	(9,385)		(6,145)	(23,250)	‒
Transaction, reorganization and other costs	1,813		141	2,469	739
Share-based compensation	1,619		1,365	1,703	1,335
Adjusted EBITDA	32,158		30,191	22,544	20,037
Net income for the period	17,017		13,187	13,485	4,302
Earnings per share
Basic	0.75		0.59	0.63	0.20
Diluted	0.73		0.57	0.61	0.20

^(1)

The differences between the quarters are mainly the results of business acquisitions, as well as seasonality in the Technical Services Segment. The net income for the three-month periods ended June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 2021 and September 30, 2021 were favourably impacted by the Canadian Emergency Wage Subsidy and related expenses.

SOURCE GDI Integrated Facility Services Inc.

Investors, Analysts and Media: David Hinchey, Executive Vice President of Corporate Development, Telephone: [phone] ext. 282