- Q1 2023 revenue of $591
million, an increase of $96
million, or 19%, over Q1 2022.
- Q1 2023 Adjusted EBITDA* of $33 million, a decrease of $3 million, or 8%, compared to Q1 2022.
- Q1 2023 net income of $4 million or
$0.15 per share compared with $7 million or $0.30
per share for the first quarter of 2022.
LASALLE,
QC, May 11, 2023 /CNW/ - GDI Integrated
Facility Services Inc. ("GDI" or the "Company") (TSX:
GDI) is pleased to announce its financial results for the first
quarter ended March 31, 2023.
For the first quarter of 2023:
- Revenue reached $591 million, an
increase of $96 million, or 19%, over
the first quarter of 2022, comprised of 14% Organic Growth, 2%
growth from acquisitions and 3% growth from the appreciation of the
U.S. dollar relative to the Canadian dollar.
- Adjusted EBITDA* amounted to $33 million, a decrease of $3 million, or 8%, compared to the first quarter
of 2022.
- Net income was $4 million or
$0.15 per share compared to
$7 million or $0.30 per share in Q1 2022. The decrease of net
income in the first quarter of 2023 compared to 2022 is mainly
attributable to lower operating income of $6
million, partially offset by lower net finance expense of
$2 million and lower income tax
expense of $1 million.
For the first quarters of 2023 and 2022, the business segments
performed as follows:
(in millions
of
Canadian
dollars)
|
Business
Services
Canada (1)
|
Business
Services
USA (1)
|
Technical
Services
|
Corporate and
Other (2)
|
Consolidated
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
Revenue
|
141
|
142
|
177
|
163
|
252
|
172
|
21
|
18
|
591
|
495
|
Organic (Decline)
Growth
|
(1 %)
|
5 %
|
(2 %)
|
14 %
|
43 %
|
(2 %)
|
17 %
|
18 %
|
14 %
|
4 %
|
Adjusted
EBITDA* (3)
|
14
|
19
|
12
|
13
|
11
|
6
|
(4)
|
(2)
|
33
|
36
|
Adjusted EBITDA
Margin*
|
10 %
|
13 %
|
7 %
|
8 %
|
4 %
|
3 %
|
(19 %)
|
(11 %)
|
6 %
|
7 %
|
(1)
|
"Business Services
Canada" formerly "Janitorial Canada" and "Business Services USA"
formerly "Janitorial USA".
|
(2)
|
Comparative results
have been recast to reflect a change in our reporting segments, as
former Complementary Services and Corporate and eliminations
segments are now grouped under Corporate and
Other.
|
(3)
|
Adjusted EBITDA
definition now exclude the strategic information technology
projects configuration and customization costs. This change has no
impact on the three-month period ended March 31,
2022.
|
GDI's Business Services Canada segment had a good quarter,
recording $141 million in revenue
representing an organic revenue decline of 1%, while delivering
$14 million in Adjusted
EBITDA*. GDI's Business Services USA segment also performed well in Q1 2023,
recording revenue of $177 million,
representing an organic revenue decline of 2%, and Adjusted
EBITDA* of $12 million.
The organic revenue decline is attributable to a decrease in
COVID-19 related extra services as compared to Q1 2022, which also
led to lower Adjusted EBITDA* margin in both Business Services
segments.
The Technical Services segment had a strong quarter, recording
revenues of $252 million or growth of
47% over Q1 2022, including organic revenue growth of 43%. The
segment recorded Adjusted EBITDA* of $11 million compared to $6
million in Q1 2022, representing an Adjusted EBITDA
margin* of 4%. Revenue growth for the business is
attributable to a strong increase in project revenues and higher
service revenues compared to previous year.
Finally, GDI's Corporate and Other segment recorded revenue of
$21 million compared to revenue of
$18 million in Q1 2022, representing
Organic Growth of 17%, mainly due to GDI's integrated facility
services business unit ("GDI IFS") which was launched at the
beginning of 2022. The Corporate and Other segment is composed of
GDI IFS, GDI's janitorial products manufacturing and distribution
business as well as GDI's corporate costs and elimination of
intercompany transactions.
"I am very pleased with GDI's performance in the first quarter
of 2023," stated Claude Bigras,
President & CEO of GDI. "As expected, we continued to see a
reduction in COVID extras year-over-year in our Business Services
segments which affected both organic growth and margins, however
the base business within both our Canada and USA segments is performing well. Our Technical
Services segment had a very strong quarter, nearly doubling
Adjusted EBITDA and delivering 43% of organic growth. This growth
resulted from Ainsworth executing on its significant projects
backlog as well as solid growth on-call services. Even with this
strong growth, Ainsworth booked more than it billed and ended the
quarter with a backlog at record levels. Q1 remains Ainsworth's
weakest quarter seasonally from a margin perspective as its HVAC
service business only begins to ramp up mid-Q2 each year. Within
GDI's new Corporate and Other segment, our IFS business continued
to execute on its inaugural contracts while building out its
pipeline of client opportunities, and our manufacturing and
distribution business is gradually adapting to a lower office
occupancy environment," stated Mr. Bigras.
"The outlook for all of our business segments remains very
positive. We have a strong market position in Canada and we are steadily growing our U.S.
footprint. The three acquisitions that GDI concluded in 2022 have
been successfully onboarded and are all performing well. Our
balance sheet, which has been supporting our strong organic growth,
has a leverage ratio of less than 3.0x and will provide us with
sufficient room to support our M&A team which is actively
working on new opportunities. I am very much looking forward to
seeing how GDI will perform for the remainder of 2023." concluded
Mr. Bigras.
______________________________
|
|
* 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, transaction,
reorganization and other costs, share-based compensation and
strategic information technology projects configuration and
customization costs. 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).
|
ABOUT GDI
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,
distribution centers, industrial facilities, healthcare
establishments, stadiums and event venues, hotels, shopping
centres, airports and other transportation facilities. GDI's
commercial facility services capabilities include commercial
janitorial and building maintenance, energy advisory and system
optimization, 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 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) that could cause actual results to
differ materially from what GDI currently expects. Namely, these
factors include risks pertaining to 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,
prolonged armed conflict in Ukraine, COVID-19 and related pandemic,
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, environmental, social and governance (ESG)
considerations, 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:
|
May 12, 2023 at 7:30
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: 81654032
|
|
A rebroadcast of the
conference call will be available until May 19, 2023 by
dialing:
North America
Toll-Free: 1-888-390-0541
Local:
416-764-8677 (Toronto)
Confirmation
Code: 654032 #
|
March 31, 2023 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 March 31,
2023
|
As at December 31,
2022
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
6
|
|
7
|
Trade and other
receivables and contract assets
|
|
564
|
|
524
|
Current tax
assets
|
|
4
|
|
7
|
Inventories
|
|
47
|
|
45
|
Other financial
assets
|
|
11
|
|
11
|
Prepaid expenses and
other
|
|
12
|
|
9
|
Derivatives
|
|
3
|
|
3
|
Total current
assets
|
|
647
|
|
606
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Property, plant and
equipment
|
|
123
|
|
122
|
Intangible
assets
|
|
134
|
|
139
|
Goodwill
|
|
344
|
|
344
|
Derivatives
|
|
‒
|
|
1
|
Other assets
|
|
10
|
|
8
|
Total non-current
assets
|
|
611
|
|
614
|
|
|
|
|
|
Total assets
|
|
1,258
|
|
1,220
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Bank
indebtedness
|
|
1
|
|
10
|
Trade and other
payables
|
|
295
|
|
286
|
Provisions
|
|
24
|
|
26
|
Contract
liabilities
|
|
32
|
|
30
|
Current tax
liabilities
|
|
3
|
|
2
|
Current portion of
long-term debt
|
|
39
|
|
43
|
Total current
liabilities
|
|
394
|
|
397
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Long-term
debt
|
|
386
|
|
345
|
Long-term
payables
|
|
6
|
|
5
|
Deferred tax
liabilities
|
|
30
|
|
34
|
Total non-current
liabilities
|
|
422
|
|
384
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Share
capital
|
|
379
|
|
379
|
Retained
earnings
|
|
53
|
|
49
|
Contributed
surplus
|
|
4
|
|
4
|
Accumulated other
comprehensive income
|
|
6
|
|
7
|
Total shareholders'
equity
|
|
442
|
|
439
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
1,258
|
|
1,220
|
|
|
|
|
|
|
|
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 March 31,
|
|
2023
|
2022
|
|
|
|
Revenues
|
591
|
495
|
|
|
|
Cost of
services
|
483
|
394
|
Selling and
administrative expenses
|
77
|
67
|
Strategic information
technology projects configuration and customization
costs
|
1
|
‒
|
Transaction,
reorganization and other costs
|
1
|
‒
|
Amortization of
intangible assets
|
5
|
6
|
Depreciation of
property, plant and equipment
|
12
|
10
|
Operating
income
|
12
|
18
|
|
|
|
Net finance
expense
|
6
|
8
|
Income before income
taxes
|
6
|
10
|
|
|
|
Income tax
expense
|
2
|
3
|
Net income
|
4
|
7
|
|
|
|
Other comprehensive
(loss) income
|
|
|
(Losses) gains
that are or may be reclassified to earnings:
|
|
|
Foreign currency
translation differences for foreign operations
|
‒
|
(4)
|
Hedge of net
investments in foreign operations, net of tax of nil
|
‒
|
4
|
Cash flow hedges,
effective portion of changes in fair value,
net of tax of nil
(2022 ‒ ($1))
|
(1)
|
2
|
|
(1)
|
2
|
|
|
|
Total comprehensive
income
|
3
|
9
|
|
|
|
Earnings per
share:
|
|
|
Basic
|
0.15
|
0.30
|
Diluted
|
0.15
|
0.30
|
GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated
Interim Statements of Changes in Equity
Three-month periods ended March 31,
2023 and 2022
(Unaudited) (In millions of Canadian dollars, except for number of
shares)
|
Share
capital
|
Retained
earnings
|
Contributed
surplus
|
Accumulated
other
comprehensive
income
|
Total
|
|
Number (in
thousands
of
shares)
|
Amount
|
Balance, January 1,
2022
|
23,121
|
371
|
13
|
6
|
1
|
391
|
Net income
|
–
|
–
|
7
|
–
|
–
|
7
|
Other comprehensive
income
|
–
|
–
|
–
|
–
|
2
|
2
|
Total comprehensive
income
for the
period
|
–
|
–
|
7
|
–
|
2
|
9
|
Transactions with
owners of the
Company:
|
|
|
|
|
|
Stock options
exercised
|
136
|
3
|
–
|
(1)
|
–
|
2
|
Balance, March 31,
2022
|
23,257
|
374
|
20
|
5
|
3
|
402
|
|
|
|
|
|
|
|
Balance, January 1,
2023
|
23,414
|
379
|
49
|
4
|
7
|
439
|
Net income
|
–
|
–
|
4
|
–
|
–
|
4
|
Other comprehensive
loss
|
–
|
–
|
–
|
–
|
(1)
|
(1)
|
Total comprehensive
income
for the
period
|
–
|
–
|
4
|
–
|
(1)
|
3
|
Transactions with
owners of the
Company:
|
|
|
|
|
|
Stock options
exercised
|
20
|
–
|
–
|
–
|
–
|
–
|
Balance, March 31,
2023
|
23,434
|
379
|
53
|
4
|
6
|
442
|
GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated
Interim Statements of Cash Flows
(Unaudited) (In millions of Canadian dollars)
Three-month periods
ended March 31,
|
|
|
2023
|
2022
|
|
|
|
|
|
Cash flows from (used
in) operating activities
|
|
|
|
Net
income
|
4
|
7
|
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
17
|
16
|
|
Net finance
expense
|
6
|
8
|
|
Income tax
expense
|
2
|
3
|
|
Income taxes
paid
|
(1)
|
(1)
|
|
Net changes in
non-cash operating assets and
liabilities
|
(37)
|
(27)
|
|
Net cash (used
in) from operating activities
|
(9)
|
6
|
|
|
|
|
|
Cash flows from (used
in) financing activities
|
|
|
|
Proceeds from
issuance of long-term
debt
|
102
|
80
|
|
Repayment of
long-term debt
|
(68)
|
(53)
|
|
Payment of lease
liabilities
|
(8)
|
(6)
|
|
Interest
paid
|
(4)
|
(2)
|
|
Other
|
–
|
2
|
|
Net cash from financing
activities
|
22
|
21
|
|
|
|
|
|
Cash flows (used in)
investing activities
|
|
|
|
Business
acquisitions, net of cash acquired
|
–
|
(33)
|
|
Additions to
property, plant and equipment
|
(4)
|
(5)
|
|
Additions to
intangible assets
|
(1)
|
(2)
|
|
Net cash used in
investing activities
|
(5)
|
(40)
|
|
|
|
|
|
Foreign exchange
gain on cash held in foreign currencies
|
–
|
1
|
|
|
|
|
|
Net change in cash
(bank indebtedness)
|
8
|
(12)
|
|
|
|
|
|
(Bank indebtedness)
cash, beginning of period:
|
|
|
|
Cash
|
7
|
24
|
|
Bank
indebtedness
|
(10)
|
(3)
|
|
|
(3)
|
21
|
|
Cash, end of
period:
|
|
|
|
|
Cash
|
6
|
9
|
|
|
Bank
indebtedness
|
(1)
|
–
|
|
|
|
5
|
9
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
(In millions of Canadian dollars)
|
Three-month period
ended March 31, 2023
|
|
Business
Services
Canada
|
Business
Services
USA
|
Technical
Services
|
Corporate
and Other (1)
|
Total
|
|
|
|
|
|
|
|
|
Recurring/contractual
services
|
120
|
168
|
20
|
6
|
314
|
|
On-call
services
|
11
|
9
|
75
|
1
|
96
|
|
Project
|
–
|
–
|
157
|
–
|
157
|
|
Manufacturing and
distribution
|
–
|
–
|
–
|
16
|
16
|
|
Other
revenues
|
7
|
–
|
–
|
1
|
8
|
|
|
|
|
|
|
|
|
Total external
revenues
|
138
|
177
|
252
|
24
|
591
|
|
Inter-segment
revenues
|
3
|
–
|
–
|
(3)
|
–
|
|
Revenues
|
141
|
177
|
252
|
21
|
591
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
11
|
8
|
2
|
(15)
|
6
|
|
Net finance
expense
|
–
|
–
|
1
|
5
|
6
|
|
Operating income
(loss)
|
11
|
8
|
3
|
(10)
|
12
|
|
Depreciation and
amortization
|
3
|
4
|
8
|
2
|
17
|
|
Transaction,
reorganization, and other costs
|
–
|
–
|
–
|
1
|
1
|
|
Share-based
compensation (2)
|
–
|
–
|
–
|
2
|
2
|
|
Strategic information
technology projects configuration and customization
costs
|
–
|
–
|
–
|
1
|
1
|
|
Adjusted EBITDA
(3)
|
14
|
12
|
11
|
(4)
|
33
|
|
|
|
|
|
|
|
|
Total assets
|
259
|
354
|
526
|
119
|
1,258
|
|
Total
liabilities
|
76
|
84
|
253
|
403
|
816
|
|
Additions to property,
plant and equipment
|
1
|
2
|
7
|
3
|
13
|
|
Additions to intangible
assets
|
–
|
–
|
–
|
1
|
1
|
|
(1)
|
Comparative results
have been recast to reflect a change in our reporting segments, as
former Complementary Services and Corporate and eliminations
segments are now grouped under Corporate and
Other.
|
(2)
|
Includes stock option,
performance share unit and restricted share unit plans.
|
(3)
|
Adjusted EBITDA
definition now exclude the strategic information technology
projects configuration and customization costs. This change has no
impact on the three-month period ended March 31, 2022.
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
(In millions of Canadian dollars)
|
|
|
|
Three-month period
ended March 31, 2022
|
|
Business
Services
Canada
|
Business
Services
USA
|
Technical
Services
|
Corporate
and Other (1)
|
Total
|
|
|
|
|
|
|
Recurring/contractual
services
|
114
|
148
|
24
|
4
|
290
|
On-call
services
|
19
|
15
|
51
|
1
|
86
|
Project
|
–
|
–
|
97
|
–
|
97
|
Manufacturing and
distribution
|
–
|
–
|
–
|
15
|
15
|
Other
revenues
|
7
|
–
|
–
|
–
|
7
|
|
|
|
|
|
|
Total external
revenues
|
140
|
163
|
172
|
20
|
495
|
Inter-segment
revenues
|
2
|
–
|
–
|
(2)
|
–
|
Revenues
|
142
|
163
|
172
|
18
|
495
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
16
|
7
|
(2)
|
(11)
|
10
|
Net finance
expense
|
–
|
2
|
1
|
5
|
8
|
Operating income
(loss)
|
16
|
9
|
(1)
|
(6)
|
18
|
Depreciation and
amortization
|
3
|
4
|
7
|
2
|
16
|
Share-based
compensation (2)
|
–
|
–
|
–
|
2
|
2
|
Adjusted
EBITDA
|
19
|
13
|
6
|
(2)
|
36
|
|
|
|
|
|
|
Total assets
(3)
|
267
|
320
|
515
|
118
|
1,220
|
Total liabilities
(3)
|
81
|
68
|
232
|
400
|
781
|
Additions to property,
plant and equipment
|
2
|
2
|
9
|
1
|
14
|
Additions to intangible
assets
|
–
|
–
|
13
|
2
|
15
|
Addition of
goodwill
|
–
|
–
|
21
|
–
|
21
|
|
|
|
|
|
|
|
|
(1)
|
Comparative results
have been recast to reflect a change in our reporting segments, as
former Complementary Services and Corporate and eliminations
segments are now grouped under Corporate and
Other.
|
(2)
|
Includes stock option,
performance share unit and restricted share unit plans.
|
(3)
|
As at December 31,
2022
|
GDI INTEGRATED FACILITY SERVICES INC.
Business
acquisitions
(In millions of Canadian dollars)
Acquisition
date
|
Company
acquired
|
Location
|
Segment
reporting
|
Purchase price
allocation status
|
2023
Acquisition
|
|
|
|
|
None
|
|
|
|
|
2022
Acquisitions
|
|
|
|
|
January 21,
2022
|
Gestion E.C.I. inc. and
its subsidiaries ("Énergère")
|
Montréal,
Quebec
|
Technical
Services
|
Completed
|
March 1,
2022
|
M.T.I. Mechanical Trade
Industries Ltd. and its subsidiary ("MTI")
|
Markham,
Ontario
|
Technical
Services
|
Completed
|
September 1,
2022
|
Cascadian Building
Maintenance, Ltd. ("Cascadian")
|
Bellevue,
Washington
|
Business
Services USA
|
Completed
|
GDI INTEGRATED FACILITY SERVICES INC.
Supplementary
Quarterly Financial Information
Three-month periods
(Unaudited) (In millions of Canadian dollars, except per share
data)
Three months
ended
|
|
|
|
|
(in millions of
Canadian dollars, except per share data) (1)
|
March
2023
|
December
2022
|
September
2022
|
June
2022
|
Revenue
|
591
|
588
|
563
|
526
|
Operating
income
|
12
|
15
|
19
|
17
|
Depreciation and
amortization
|
17
|
22
|
18
|
18
|
Transaction,
reorganization and other costs
|
1
|
1
|
1
|
1
|
Share-based
compensation
|
2
|
3
|
2
|
1
|
Strategic information
technology projects configuration and customization
costs
|
1
|
1
|
2
|
1
|
Adjusted EBITDA
(2)
|
33
|
42
|
42
|
38
|
Net income for the
period
|
4
|
10
|
11
|
10
|
Earnings per
share
|
|
|
|
|
Basic
|
0.15
|
0.41
|
0.45
|
0.40
|
Diluted
|
0.15
|
0.40
|
0.44
|
0.40
|
Three months
ended
|
|
|
|
|
(in millions of
Canadian dollars, except per share data)
(1)
|
March
2022
|
December
2021
|
September
2021
|
June
2021
|
Revenue
|
495
|
433
|
408
|
372
|
Operating
income
|
18
|
15
|
18
|
24
|
Depreciation and
amortization
|
16
|
15
|
13
|
12
|
Canadian Emergency
Wage Subsidy and related expenses
|
‒
|
‒
|
(1)
|
(5)
|
Transaction,
reorganization and other costs
|
‒
|
2
|
1
|
‒
|
Share-based
compensation
|
2
|
2
|
2
|
2
|
Adjusted EBITDA
(2)
|
36
|
34
|
33
|
33
|
Net income for the
period
|
7
|
7
|
9
|
14
|
Earnings per
share
|
|
|
|
|
Basic
|
0.30
|
0.30
|
0.41
|
0.61
|
Diluted
|
0.30
|
0.29
|
0.40
|
0.59
|
(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, 2021 and
September 30, 2021 were favourably impacted by the Canadian
Emergency Wage Subsidy and related expenses.
|
(2)
|
Adjusted EBITDA
definition now exclude the strategic information technology
projects configuration and customization costs. This change has no
impact on the three-month periods ended June 30, 2021, September
30, 2021, December 31, 2021, and March 31, 2022.
|
|
|
SOURCE GDI Integrated Facility Services Inc.