GDI Integrated Facility Services Inc. Releases its Financial Results for the Second Quarter Ended June 30, 2022 Français
- Q2 2022 revenue of $526 million – an increase of $154 million, or 41%, over Q2 2021.
- Q2 2022 Adjusted EBITDA1 of $37 million – an increase of $4 million, or 12%, over Q2 2021.
- Q2 2022 net income of $10 million or $0.40 per share compared with $14 million or $0.61 per share in the second quarter of 2021.
LASALLE, QC, Aug. 5, 2022 /CNW Telbec/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce its financial results for its second quarter ended June 30, 2022.
For the second quarter of 2022:
- Revenue was $526 million, an increase of $154 million, or 41%, over the second quarter of 2021, which is mainly the result of organic revenue growth of 11% and growth from acquisitions of 29%.
- Adjusted EBITDA1 amounted to $37 million, an increase of $4 million, or 12%, over the second quarter of 2021.
- Net income was $10 million or $0.40 per share compared to $14 million or $0.61 per share in Q2 2021.
For the second quarters of 2022 and 2021, the business segments performed as follows:
(in millions of Canadian dollars) |
Janitorial Canada |
Janitorial USA |
Technical Services |
Complementary |
Consolidated |
|||||
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
|
Revenue |
145 |
126 |
164 |
75 |
199 |
160 |
25 |
15 |
526 |
372 |
Organic Growth (Decline) |
14 % |
6 % |
12 % |
5 % |
8 % |
22 % |
27 % |
(42 %) |
11 % |
8 % |
Adjusted EBITDA1 |
19 |
18 |
13 |
7 |
8 |
10 |
1 |
1 |
37 |
33 |
Adjusted EBITDA Margin1 |
13 % |
14 % |
8 % |
9 % |
4 % |
6 % |
4 % |
7 % |
7 % |
9 % |
For the six-month period ended June 30, 2022:
- Revenue reached $1.021 billion, an increase of $265 million, or 35%, over the corresponding period of 2021, which is mainly the result of organic revenue growth of 7% and growth from acquisitions of 27%.
- Adjusted EBITDA1 amounted to $73 million, an increase of $6 million, or 9%, over the corresponding period of 2021.
- Net income was $17 million or $0.71 per share compared to $27 million or $1.18 per share in the corresponding period of 2021.
For the first two quarters of 2022 and 2021, the business segments performed as follows:
(in millions of Canadian dollars) |
Janitorial Canada |
Janitorial USA |
Technical Services |
Complementary |
Consolidated |
|||||
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
|
Revenue |
287 |
260 |
327 |
155 |
371 |
316 |
50 |
32 |
1,021 |
756 |
Organic Growth (Decline) |
10 % |
1 % |
13 % |
3 % |
3 % |
10 % |
22 % |
(24 %) |
7 % |
3 % |
Adjusted EBITDA1 |
39 |
40 |
25 |
15 |
14 |
16 |
1 |
2 |
73 |
67 |
Adjusted EBITDA Margin1 |
14 % |
15 % |
8 % |
10 % |
4 % |
5 % |
2 % |
6 % |
7 % |
9 % |
GDI's Janitorial Canada segment had a strong quarter, recording $145 million in revenue representing an organic growth of 14%, while delivering $19 million in Adjusted EBITDA1, an increase of $1 million compared to Q2 2021. GDI's Janitorial USA segment also performed well in Q2 2022, recording revenue of $164 million representing organic growth of 12% and Adjusted EBITDA1 of $13 million, an increase of 86% over Q2 2021 primarily due to the acquisition of IH Services, Inc. ("IH Services") on December 31, 2021.
The Technical Services segment recorded revenue of $199 million or growth of 24% over Q2 2021 with 15% generated from acquisitions and 8% from organic revenue growth. The segment recorded Adjusted EBITDA1 of $8 million which was lower when compared to Q2 2021, which was unusually high due to a positive COVID-19 impact. Historically, the first half of the year in the Technical Services segment is seasonally slower and the business ramps up as the year progresses.
Finally, GDI's Complementary Services segment recorded revenues of $25 million and Adjusted EBITDA1 of $1 million. This segment, which has been negatively affected by low demand for daily consumables such as tissue, towels and soaps, started to rebound in the second quarter. This segment also recorded organic growth of 27% in Q2 2022, the majority of which was due to GDI's integrated facility services business unit ("GDI IFS") which was launched at the beginning of 2022.
"I am pleased to say that GDI delivered another consecutive quarter of solid results with all of our business segments performing well", stated Claude Bigras, President & CEO of GDI. "Our Janitorial Canada business generated an impressive organic growth rate of 14% in Q2 which was largely the result of an increase in occupancy in the commercial office market as many employers introduced hybrid return to work programs. Our Janitorial USA business also generated strong organic growth in the quarter, which was the combination of new business wins and periodically recurring services with certain clients. The acquisition of IH Services that closed at the end of 2021 continues to exceed our expectations, our teams are working closely together, and we are beginning to realize revenue synergies from sharing client relationships geographically and by cross-selling services and capabilities. Ainsworth, our Technical Services business, generated solid results which continued to be slightly weighed down by delays in project execution due to slow deliveries of materials in the quarter. I am pleased to report that our Ainsworth team is seeing an improvement in their supply chain in Q3 and expect project execution to improve as the year progresses. Finally, our Complementary Services segment, composed of our manufacturing and distribution business and our new GDI IFS business had a good quarter. Our manufacturing and distribution business is benefitting from the gradual increase in occupancy rates in the office market, and our GDI IFS business recently was awarded its second contract, providing an integrated facility services solution to a client in the aerospace sector", added Mr. Bigras.
"I remain very positive about GDI's business through the remainder of 2022. Our Janitorial Canada business is well positioned to support clients as office occupancy rates rise and employers roll-out a variety of hybrid return to work programs. Our Janitorial USA business has almost doubled with the IH Services acquisition and both businesses are stronger together with broader geographic coverage and a more comprehensive service offering. Ainsworth, which typically performs better in the second half of the year, is poised to perform well as their supply chain challenges mitigate. Our manufacturing and distribution business is rebounding and our new IFS business is garnering interest from clients and has momentum in the sales pipeline. GDI's balance sheet remains strong with a covenant leverage ratio below 2,5X, and in July, we began to execute on the Normal Course Issuer Bid program that was implemented in Q2 as GDI's share price fell to levels that our management team felt were attractive from an internal rate of return perspective. I would like to conclude by thanking all of our GDI team members across Canada and the USA, it is your hard work and dedication to our clients that makes GDI who we are today", stated Mr. Bigras.
Board of Directors
On August 5, 2022, Robert J. McGuire was appointed to our Board of Directors.
GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States 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.
Certain statements in this press release 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 of the MD&A) 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.
_________________________________ |
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. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. 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). |
Analyst Conference Call: |
August 8, 2022 at 9:00 A.M. (ET) |
Kindly note that Investors and Media representatives |
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Please use the following dial-in numbers to have |
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North America Toll-Free: 1-888-664-6392 |
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Local: 416-764-8659 (Toronto) or 514-225-6995 (Montreal) |
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Confirmation Code: 47406785 |
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A rebroadcast of the conference call will be available until August 15, 2022 by dialing: |
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North America Toll-Free: 1-888-390-0541 |
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Local: 416-764-8677 (Toronto) |
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Confirmation Code: 406785# |
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June 30, 2022 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on www.sedar.com.
GDI INTEGRATED FACILITY SERVICES INC. |
|
Condensed Consolidated Interim Statements of Financial Position |
|
(Unaudited) (In millions of Canadian dollars) |
As at June 30, 2022 |
As at December 31, 2021 |
|
Assets |
||
Current assets |
||
Cash |
4 |
24 |
Trade and other receivables and contract assets |
466 |
431 |
Current tax assets |
7 |
4 |
Inventories |
40 |
34 |
Other financial assets |
10 |
12 |
Prepaid expenses and other |
12 |
9 |
Derivatives |
2 |
‒ |
Total current assets |
541 |
514 |
Non-current assets |
||
Other long-term assets |
9 |
8 |
Derivatives |
1 |
‒ |
Property, plant and equipment |
119 |
117 |
Deferred tax assets |
1 |
1 |
Intangible assets |
145 |
143 |
Goodwill |
329 |
302 |
Total non-current assets |
604 |
571 |
Total assets |
1,145 |
1,085 |
Liabilities and Shareholders' Equity |
||
Current liabilities |
||
Bank indebtedness |
4 |
3 |
Trade and other payables |
245 |
250 |
Provisions |
29 |
28 |
Contract liabilities |
27 |
43 |
Current tax liabilities |
2 |
5 |
Current portion of long-term debt |
40 |
28 |
Total current liabilities |
347 |
357 |
Non-current liabilities |
||
Long-term debt |
343 |
299 |
Long-term payables |
3 |
7 |
Deferred tax liabilities |
36 |
31 |
Total non-current liabilities |
382 |
337 |
Shareholders' equity |
||
Share capital |
375 |
371 |
Retained earnings |
30 |
13 |
Contributed surplus |
6 |
6 |
Accumulated other comprehensive income |
5 |
1 |
Total shareholders' equity |
416 |
391 |
Total liabilities and shareholders' equity |
1,145 |
1,085 |
GDI INTEGRATED FACILITY SERVICES INC. |
|
Condensed Consolidated Interim Statements of Comprehensive Income |
|
(Unaudited) (In millions of Canadian dollars, except for earnings per share) |
|
Three-month periods ended June 30, |
Six-month periods ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Revenues |
526 |
372 |
1,021 |
756 |
|||
Cost of services |
415 |
289 |
809 |
585 |
|||
Selling and administrative expenses |
75 |
52 |
142 |
108 |
|||
Transaction, reorganization and other costs |
1 |
‒ |
1 |
1 |
|||
Canadian Emergency Wage Subsidy and related expenses |
‒ |
(5) |
‒ |
(13) |
|||
Amortization of intangible assets |
6 |
5 |
12 |
10 |
|||
Depreciation of property, plant and equipment |
12 |
7 |
22 |
14 |
|||
Operating income |
17 |
24 |
35 |
51 |
|||
Net finance expense |
2 |
3 |
10 |
12 |
|||
Income before income taxes |
15 |
21 |
25 |
39 |
|||
Income tax expense |
5 |
7 |
8 |
12 |
|||
Net income |
10 |
14 |
17 |
27 |
|||
Other comprehensive income (loss) |
|||||||
Gains (losses) that are or may be reclassified to earnings: |
|||||||
Foreign currency translation differences for foreign |
8 |
(2) |
4 |
(4) |
|||
Hedge of net investments in foreign operations, net of |
(7) |
1 |
(3) |
2 |
|||
Cash flow hedges, effective portion of changes in fair |
1 |
‒ |
3 |
1 |
|||
2 |
(1) |
4 |
(1) |
||||
Total comprehensive income |
12 |
13 |
21 |
26 |
|||
Earnings per share: |
|||||||
Basic |
0.40 |
0.61 |
0.71 |
1.18 |
|||
Diluted |
0.40 |
0.59 |
0.69 |
1.15 |
|||
GDI INTEGRATED FACILITY SERVICES INC. |
|
Condensed Consolidated Interim Statements of Changes in Equity |
|
Six-month periods ended June 30, 2022 and 2021 |
|
(Unaudited) (In millions of Canadian dollars, except for number of shares) |
|
Share capital |
Retained |
Contributed |
Accumulated |
Total |
||
Number (in |
Amount |
|||||
Balance, January 1, 2021 |
22,780 |
364 |
(31) |
6 |
– |
339 |
Net income |
– |
– |
27 |
– |
– |
27 |
Other comprehensive loss |
– |
– |
– |
– |
(1) |
(1) |
Total comprehensive income for the period |
– |
– |
27 |
– |
(1) |
26 |
Transactions with owners of the Company: |
||||||
Stock options exercised |
185 |
4 |
– |
(1) |
– |
3 |
Share-based compensation |
– |
– |
– |
1 |
– |
1 |
Balance, June 30, 2021 |
22,965 |
368 |
(4) |
6 |
(1) |
369 |
Balance, January 1, 2022 |
23,121 |
371 |
13 |
6 |
1 |
391 |
Net income |
– |
– |
17 |
– |
– |
17 |
Other comprehensive loss |
– |
– |
– |
– |
4 |
4 |
Total comprehensive income for the period |
– |
– |
17 |
– |
4 |
21 |
Transactions with owners of the Company: |
||||||
Stock options exercised |
148 |
4 |
– |
(1) |
– |
3 |
Share-based compensation |
– |
– |
– |
1 |
– |
1 |
Balance, June 30, 2022 |
23,269 |
375 |
30 |
6 |
5 |
416 |
GDI INTEGRATED FACILITY SERVICES INC. |
|
Condensed Consolidated Interim Statements of Cash Flows |
|
(Unaudited) (In millions of Canadian dollars) |
|
Six-month periods ended June 30, |
||
2022 |
2021 |
|
Cash flows from (used in) operating activities |
||
Net income |
17 |
27 |
Adjustments for: |
||
Depreciation and amortization |
34 |
24 |
Equity portion of share-based compensation |
1 |
1 |
Net finance expense |
10 |
12 |
Income tax expense |
8 |
12 |
Income taxes paid |
(13) |
(25) |
Net changes in non-cash operating assets and liabilities |
(57) |
14 |
Net cash from operating activities |
– |
65 |
Cash flows from (used in) financing activities |
||
Proceeds from issuance of long-term debt |
125 |
78 |
Repayment of long-term debt |
(87) |
(72) |
Payment of lease liabilities |
(13) |
(9) |
Interest paid |
(4) |
(2) |
Proceeds from issuance of subordinate voting shares |
3 |
3 |
Net cash from (used in) financing activities |
24 |
(2) |
Cash flows from (used in) investing activities |
||
Business acquisitions, net of cash acquired |
(33) |
(34) |
Additions to property, plant and equipment |
(9) |
(7) |
Additions to intangible assets |
(4) |
(1) |
Proceeds on disposal of property, plant and equipment |
1 |
– |
Net cash used in investing activities |
(45) |
(42) |
Net change in cash |
(21) |
21 |
Cash (bank indebtedness), beginning of period: |
||
Cash |
24 |
3 |
Bank indebtedness |
(3) |
(4) |
21 |
(1) |
|
Cash, end of period: |
||
Cash |
4 |
22 |
Bank indebtedness |
(4) |
(2) |
– |
20 |
GDI INTEGRATED FACILITY SERVICES INC. |
|
Segmented information |
|
Three-month and six-month periods ended June 30, 2022 and 2021 |
|
(Unaudited) (In millions of Canadian dollars) |
|
Three-month period ended June 30, 2022 |
|||||||
Janitorial |
Janitorial |
Technical |
Complementary |
Corporate and |
Total |
||
Recurring/contractual services |
118 |
152 |
18 |
3 |
– |
291 |
|
On-call services |
17 |
12 |
57 |
1 |
– |
87 |
|
Project |
– |
– |
123 |
– |
– |
123 |
|
Manufacturing and distribution |
– |
– |
– |
17 |
– |
17 |
|
Other revenues |
7 |
– |
– |
1 |
– |
8 |
|
Total external revenues |
142 |
164 |
198 |
22 |
– |
526 |
|
Inter-segment revenues |
3 |
– |
1 |
3 |
(7) |
– |
|
Revenues |
145 |
164 |
199 |
25 |
(7) |
526 |
|
Income (loss) before income taxes |
15 |
7 |
(1) |
– |
(6) |
15 |
|
Net finance expense |
– |
3 |
1 |
– |
(2) |
2 |
|
Operating income (loss) |
15 |
10 |
– |
– |
(8) |
17 |
|
Depreciation and amortization |
4 |
3 |
8 |
1 |
2 |
18 |
|
Transaction, reorganization and other |
– |
– |
– |
– |
1 |
1 |
|
Share-based compensation (1) |
– |
– |
– |
– |
1 |
1 |
|
Adjusted EBITDA |
19 |
13 |
8 |
1 |
(4) |
37 |
|
Total assets |
262 |
318 |
444 |
70 |
51 |
1,145 |
|
Total liabilities |
73 |
86 |
213 |
13 |
344 |
729 |
|
Additions to property, plant and |
1 |
1 |
4 |
1 |
3 |
10 |
|
Additions to intangible assets |
– |
– |
(3) |
– |
2 |
(1) |
|
Goodwill recorded on business |
– |
– |
3 |
– |
– |
3 |
|
(1) Includes stock option, performance share unit and restricted share unit plans. |
Three-month period ended June 30, 2021 |
||||||
Janitorial |
Janitorial |
Technical |
Complementary |
Corporate and |
Total |
|
Recurring/contractual services |
95 |
67 |
20 |
– |
– |
182 |
On-call services |
22 |
8 |
46 |
– |
– |
76 |
Project |
– |
– |
93 |
– |
– |
93 |
Manufacturing and distribution |
– |
– |
– |
11 |
– |
11 |
Other revenues |
9 |
– |
1 |
– |
– |
10 |
Total external revenues |
126 |
75 |
160 |
11 |
– |
372 |
Inter-segment revenues |
– |
– |
– |
4 |
(4) |
– |
Revenues |
126 |
75 |
160 |
15 |
(4) |
372 |
Income (loss) before income taxes |
15 |
5 |
3 |
– |
(2) |
21 |
Net finance expense |
– |
1 |
– |
– |
2 |
3 |
Operating income |
15 |
6 |
3 |
– |
– |
24 |
Depreciation and amortization |
3 |
1 |
7 |
1 |
– |
12 |
Canadian Emergency Wage Subsidy |
– |
– |
– |
– |
(5) |
(5) |
Transaction, reorganization and other |
– |
– |
– |
– |
– |
– |
Share-based compensation (1) |
– |
– |
– |
– |
2 |
2 |
Adjusted EBITDA |
18 |
7 |
10 |
1 |
(3) |
33 |
Total assets (2) |
262 |
323 |
398 |
70 |
32 |
1,085 |
Total liabilities (2) |
83 |
91 |
204 |
15 |
301 |
694 |
Additions to property, plant and |
2 |
– |
4 |
– |
1 |
7 |
Additions to intangible assets |
– |
– |
– |
– |
1 |
1 |
(1) |
Includes stock option, performance share unit and restricted share unit plans. |
(2) |
As at December 31, 2021. |
GDI INTEGRATED FACILITY SERVICES INC. |
|
Segmented information |
|
Three-month and six-month periods ended June 30, 2022 and 2021 |
|
(Unaudited) (In millions of Canadian dollars) |
|
Six-month period ended June 30, 2022 |
||||||
Janitorial |
Janitorial |
Technical |
Complementary |
Corporate and |
Total |
|
Recurring/contractual services |
232 |
300 |
42 |
7 |
– |
581 |
On-call services |
36 |
27 |
108 |
2 |
– |
173 |
Project |
– |
– |
220 |
– |
– |
220 |
Manufacturing and distribution |
– |
– |
– |
32 |
– |
32 |
Other revenues |
14 |
– |
– |
1 |
– |
15 |
Total external revenues |
282 |
327 |
370 |
42 |
– |
1,021 |
Inter-segment revenues |
5 |
– |
1 |
8 |
(14) |
– |
Revenues |
287 |
327 |
371 |
50 |
(14) |
1,021 |
Income (loss) before income taxes |
32 |
13 |
(3) |
(1) |
(16) |
25 |
Net finance expense |
– |
5 |
2 |
– |
3 |
10 |
Operating income (loss) |
32 |
18 |
(1) |
(1) |
(13) |
35 |
Depreciation and amortization |
7 |
7 |
15 |
2 |
3 |
34 |
Transaction, reorganization and other |
– |
– |
– |
– |
1 |
1 |
Share-based compensation (1) |
– |
– |
– |
– |
3 |
3 |
Adjusted EBITDA |
39 |
25 |
14 |
1 |
(6) |
73 |
Total assets |
262 |
318 |
444 |
70 |
51 |
1,145 |
Total liabilities |
73 |
86 |
213 |
13 |
344 |
729 |
Additions to property, plant and equipment |
3 |
3 |
13 |
1 |
4 |
24 |
Additions to intangible assets |
– |
– |
10 |
– |
4 |
14 |
Goodwill recorded on business acquisition |
– |
– |
24 |
– |
– |
24 |
(1) Includes stock option, performance share unit and restricted share unit plans. |
||||||
Six-month period ended June 30, 2021 |
Janitorial |
Janitorial |
Technical |
Complementary |
Corporate and eliminations |
Total |
|
Recurring/contractual services |
193 |
137 |
39 |
– |
– |
369 |
On-call services |
44 |
18 |
97 |
– |
– |
159 |
Project |
– |
– |
179 |
– |
– |
179 |
Manufacturing and distribution |
– |
– |
– |
25 |
– |
25 |
Other revenues |
23 |
– |
1 |
– |
– |
24 |
Total external revenues |
260 |
155 |
316 |
25 |
– |
756 |
Inter-segment revenues |
– |
– |
– |
7 |
(7) |
– |
Revenues |
260 |
155 |
316 |
32 |
(7) |
756 |
Income (loss) before income taxes |
34 |
10 |
3 |
– |
(8) |
39 |
Net finance expense |
– |
2 |
1 |
– |
9 |
12 |
Operating income |
34 |
12 |
4 |
– |
1 |
51 |
Depreciation and amortization |
6 |
3 |
12 |
2 |
1 |
24 |
Canadian Emergency Wage Subsidy |
– |
– |
– |
– |
(13) |
(13) |
Transaction, reorganization and other |
– |
– |
– |
– |
1 |
1 |
Share-based compensation (1) |
– |
– |
– |
– |
4 |
4 |
Adjusted EBITDA |
40 |
15 |
16 |
2 |
(6) |
67 |
Total assets (2) |
262 |
323 |
398 |
70 |
32 |
1,085 |
Total liabilities (2) |
83 |
91 |
204 |
15 |
301 |
694 |
Additions to property, plant and equipment |
2 |
1 |
12 |
– |
3 |
18 |
Additions to intangible assets |
– |
– |
18 |
– |
1 |
19 |
Goodwill recorded on business acquisition |
– |
– |
20 |
– |
– |
20 |
(1) |
Includes stock option, performance share unit and restricted share unit plans. |
(2) |
As at December 31, 2021. |
GDI INTEGRATED FACILITY SERVICES INC. |
|
Business acquisitions |
|
Six-month periods ended June 30, 2022 and 2021 |
|
(Unaudited) (In millions of Canadian dollars) |
|
Acquisition date |
Company acquired |
Location |
Segment |
Purchase price |
2022 Acquisitions |
||||
January 21, 2022 |
Gestion E.C.I. Inc. and |
Montreal, |
Technical |
Preliminary |
March 1, 2022 |
M.T.I. Mechanical Trade Industries |
Markham, |
Technical Services |
Preliminary |
2021 Acquisitions |
||||
January 1, 2021 |
The BPAC Group, Inc. and its |
New York, |
Technical |
Completed |
September 1, 2021 |
Enginuity, LLC ("Enginuity") |
Mechanicsburg, |
Technical |
Preliminary |
September 15, 2021 |
Fuller Industries, LLC ("Fuller") |
Great Bend, |
Complementary |
Preliminary |
December 31, 2021 |
IH Services, Inc. and its |
Greenville, |
Janitorial USA |
Preliminary |
GDI INTEGRATED FACILITY SERVICES INC. |
|
Supplementary Quarterly Financial Information |
|
Three-month periods |
|
(Unaudited) (In millions of Canadian dollars, except per share data) |
|
Three-month periods ended |
||||||||||||||
(in millions of Canadian dollars, except per share data) (1) |
June 2022 |
March 2022 |
December 2021 |
September 2021 |
||||||||||
Revenue |
526 |
495 |
433 |
408 |
||||||||||
Operating income |
17 |
18 |
15 |
18 |
||||||||||
Depreciation and amortization |
18 |
16 |
15 |
13 |
||||||||||
Canadian Emergency Wage Subsidy and related |
‒ |
‒ |
‒ |
(1) |
||||||||||
Transaction, reorganization and other costs |
1 |
‒ |
2 |
1 |
||||||||||
Share-based compensation |
1 |
2 |
2 |
2 |
||||||||||
Adjusted EBITDA |
37 |
36 |
34 |
33 |
||||||||||
Net income for the period |
10 |
7 |
7 |
9 |
||||||||||
Earnings per share |
||||||||||||||
Basic |
0.40 |
0.30 |
0.30 |
0.41 |
||||||||||
Diluted |
0.40 |
0.30 |
0.29 |
0.40 |
||||||||||
Three-month periods ended |
||||||||||||||
(in millions of Canadian dollars, except per share data) (1) |
June 2021 |
March 2021 |
December 2020 |
September 2020 |
||||||||||
Revenue |
372 |
384 |
365 |
365 |
||||||||||
Operating income |
24 |
27 |
28 |
25 |
||||||||||
Depreciation and amortization |
12 |
12 |
10 |
10 |
||||||||||
Canadian Emergency Wage Subsidy and related |
(5) |
(7) |
(9) |
(6) |
||||||||||
Transaction, reorganization and other costs |
‒ |
1 |
2 |
‒ |
||||||||||
Share-based compensation |
2 |
1 |
1 |
1 |
||||||||||
Adjusted EBITDA |
33 |
34 |
32 |
30 |
||||||||||
Net income for the period |
14 |
13 |
17 |
13 |
||||||||||
Earnings per share |
||||||||||||||
Basic |
0.61 |
0.57 |
0.75 |
0.59 |
||||||||||
Diluted |
0.59 |
0.56 |
0.73 |
0.57 |
||||||||||
(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 |
SOURCE GDI Integrated Facility Services Inc.
Investors, Analysts and Media: David Hinchey, Executive Vice President of Corporate Development, Telephone: 514-368-8690 ext. 282
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