- Q1 2022 revenue of $495
million – an increase $111
million, or 29%, over Q1 2021.
- Q1 2022 Adjusted EBITDA1 of $36 million – an increase of $2 million, or 6%, over Q1 2021.
- Q1 2022 net income of $7 million or
$0.30 per share compared with $13 million or $0.57 per share in the first quarter of
2021.
- During Q1 2022, GDI acquired Gestion E.C.I. Inc.
("Énergère") and M.T.I. Mechanical Trade Industries LTD
("MTI").
- The Company is announcing a normal course issuer bid
("NCIB") subject to Toronto Stock Exchange ("TSX")
approval.
LASALLE,
QC, May 10, 2022 /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, 2022.
For the first quarter of 2022:
- Revenue for the first quarter of 2022 was $495 million, an increase of $111 million, or 29%, over the first quarter of
2021. Organic revenue growth was 4% and growth from acquisitions
was 25%.
- Adjusted EBITDA1 for the first quarter of 2022
amounted to $36 million, an increase
of $2 million, or 6%, over the first
quarter of 2021.
- Net income was $7 million or
$0.30 per share compared to
$13 million or $0.57 per share in Q1 2021. The decrease in net
income is mainly attributable to CEWS subsidies recorded in
2021.
For the first quarters of 2022 and 2021, the business segments
performed as follows:
(in millions
of
Canadian
dollars)
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Consolidated
|
2022
|
2021
|
2022
|
2021
|
2022
|
2021
|
2022
|
2021
|
2022
|
2021
|
Revenue
|
142
|
134
|
163
|
80
|
172
|
156
|
25
|
17
|
495
|
384
|
Organic Growth
(Decline)
|
5%
|
(4%)
|
14%
|
2%
|
(2%)
|
(1%)
|
18%
|
3%
|
4%
|
(1%)
|
Adjusted
EBITDA1
|
19
|
22
|
13
|
8
|
6
|
6
|
1
|
1
|
36
|
34
|
Adjusted EBITDA
Margin1
|
13%
|
16%
|
8%
|
10%
|
3%
|
4%
|
4%
|
6%
|
7%
|
9%
|
GDI's Janitorial Canada segment had
a strong quarter, recording $142
million in revenue representing an organic growth of 5%,
while delivering $19 million in
Adjusted EBITDA1, a decline of $3
million compared to Q1 F2021 which was a pandemic-era high
for the segment. Adjusted EBITDA1 in Q1 F2022 was higher
than in each of the last three quarters.
GDI's Janitorial USA segment
also performed well in Q1 2022, recording revenue of $163 million representing organic growth of 14%
and Adjusted EBITDA1 of $13
million, an increase of 63% over Q1 2021 primarily due to
the acquisition of IH Services, Inc. ("IH Services") on
December 31, 2021.
The Technical Services segment recorded revenue of $172 million or growth of 10% over Q1 F2021 which
was generated mainly from acquisitions. The segment recorded
Adjusted EBITDA1 of $6
million which was in-line with the prior year's quarter.
Historically, the first quarter is the businesses weakest quarter
as this segment is affected by seasonality.
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 first quarter. This segment also recorded organic
growth of 18% in Q1 F2022 mostly due to the new GDI integrated
facility services business unit ("GDI IFS") launched at the
beginning of the quarter.
"I am pleased to report that GDI delivered another strong
quarter of growth in both revenue and Adjusted EBITDA1,"
stated Claude Bigras, President
& CEO of GDI. "We are continuing to see a reopening of regional
economies and a progressive reoccupation of buildings as 2022
evolves. Our Janitorial Canada
business segment delivered a strong quarter with 5% organic growth
and Adjusted EBITDA1 that was higher than each of the
last three quarters. Our Janitorial USA business enjoyed exceptional growth and
more than doubled revenue in the quarter due to the acquisition of
IH Services and an impressive organic growth rate of 14%. Together
with IH, we can offer the market one of the largest janitorial and
sanitation platforms in the eastern half of the USA with a meaningful presence in over 30
States. During the quarter, our Ainsworth Technical Services
business experienced delays in a number of projects because of
bottlenecks in the global supply chain. Even in the face of these
delays the business generated revenue growth of 10% and margins
that were in-line with last year's first quarter and its backlog
continues to grow. Our manufacturing and distribution business
posted a respectable quarter and is showing early signs of recovery
as buildings progressively reoccupy and demand for daily
consumables grows. Finally, I am happy to announce that our new GDI
IFS business unit, which offers clients a single source supplier
for all of their facility services needs, began executing on its
inaugural contract in the quarter and is actively pursuing a
promising pipeline of new opportunities," added Mr. Bigras.
"I am very encouraged about the outlook for our business for the
remainder of 2022 and in the years that will follow. Our Canadian
janitorial business is showing resilience as most restrictive COVID
regulations have been lifted and buildings progressively reoccupy.
Thanks to the addition of IH Services, our U.S. janitorial business
is in a significantly stronger position and our team is now working
hand-in-hand with their partners at IH to identify revenue
synergies and grow market share. With the addition of Energere in
January adding energy advisory and energy engineering capabilities,
Ainsworth continues to strengthen its value proposition to clients
and its position in the market. We are exiting the COVID-19
pandemic with all of GDI's business units performing well, with a
healthy balance sheet that can comfortably support a significant
amount of additional growth, and an overall business that has never
been in a stronger competitive position. I am very much looking
forward to seeing how the year will evolve," concluded Mr.
Bigras.
NCIB
The Company announced today that its Board of Directors approved
a NCIB to purchase for cancellation during the next 12 months up to
500,000 Subordinate Voting Shares, representing approximately 3.6%
of the Company's public float as of the close of business on
May 10, 2022, the whole subject to
approval by the TSX and the issuance of a press release with all
the required details concerning the NCIB prior to the start of the
bid. GDI's management and Board of Directors believe that the
purchase for cancellation of the Company's Subordinate Voting
Shares falls within its criteria for capital allocation. The NCIB
will provide the ability for the Company to purchase Subordinate
Voting Shares from time to time at its di
scretion as part of its mandate to increase shareholder
value.
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,
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 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:
|
May 11, 2022 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: 03250161
|
|
A rebroadcast of the
conference call will be available until May 18, 2022 by
dialing:
North America
Toll-Free: 1-888-390-0541
Local:
416-764-8677 (Toronto)
Confirmation
Code: 250161#
|
March 31, 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 March 31,
2022
|
As at December 31,
2021
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
9
|
|
24
|
Trade and other receivables and contract assets
|
|
470
|
|
431
|
Current tax assets
|
|
2
|
|
4
|
Inventories
|
|
37
|
|
34
|
Other financial assets
|
|
12
|
|
12
|
Prepaid expenses and other
|
|
12
|
|
9
|
Derivatives
|
|
1
|
|
‒
|
Total current assets
|
|
543
|
|
514
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Other long-term assets
|
|
9
|
|
8
|
Derivatives
|
|
1
|
|
‒
|
Property, plant and equipment
|
|
120
|
|
117
|
Deferred tax assets
|
|
1
|
|
1
|
Intangible assets
|
|
151
|
|
143
|
Goodwill
|
|
321
|
|
302
|
Total non-current assets
|
|
603
|
|
571
|
|
|
|
|
|
Total assets
|
|
1,146
|
|
1,085
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Bank indebtedness
|
|
‒
|
|
3
|
Trade and other payables
|
|
266
|
|
250
|
Provisions
|
|
28
|
|
28
|
Contract liabilities
|
|
39
|
|
43
|
Current tax liabilities
|
|
4
|
|
5
|
Current portion of long-term debt
|
|
39
|
|
28
|
Total current liabilities
|
|
376
|
|
357
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Long-term debt
|
|
324
|
|
299
|
Long-term payables
|
|
9
|
|
7
|
Deferred tax liabilities
|
|
35
|
|
31
|
Total non-current
liabilities
|
|
368
|
|
337
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Share capital
|
|
374
|
|
371
|
Retained earnings
|
|
20
|
|
13
|
Contributed surplus
|
|
5
|
|
6
|
Accumulated other comprehensive income
|
|
3
|
|
1
|
Total shareholders' equity
|
|
402
|
|
391
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
1,146
|
|
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 March 31,
|
|
2022
|
2021
|
|
|
|
Revenues
|
495
|
384
|
|
|
|
Cost of
services
|
394
|
295
|
Selling and
administrative expenses
|
67
|
56
|
Transaction,
reorganization and other costs
|
‒
|
1
|
Canadian Emergency Wage
Subsidy and related expenses
|
‒
|
(7)
|
Amortization of
intangible assets
|
6
|
5
|
Depreciation of
property, plant and equipment
|
10
|
7
|
Operating
income
|
18
|
27
|
|
|
|
Net finance
expense
|
8
|
9
|
Income before income
taxes
|
10
|
18
|
|
|
|
Income tax
expense
|
3
|
5
|
Net income
|
7
|
13
|
|
|
|
Other comprehensive
income
|
|
|
(Losses) gains that are or may be reclassified to
earnings:
|
|
|
Foreign currency translation differences
for foreign operations
|
(4)
|
(2)
|
Hedge of net investments in foreign
operations, net of tax of nil
|
4
|
1
|
Cash flow hedges, effective portion of
changes in fair value, net
of tax of ($1) (2021 – nil)
|
2
|
1
|
|
2
|
‒
|
|
|
|
Total comprehensive
income
|
9
|
13
|
|
|
|
Earnings per
share:
|
|
|
Basic
|
0.30
|
0.57
|
Diluted
|
0.30
|
0.56
|
GDI INTEGRATED FACILITY SERVICES INC.
Condensed
Consolidated Interim Statements of Changes in Equity
Three-month periods ended March 31,
2022 and 2021
(Unaudited) (In millions of Canadian dollars, except for number of
shares)
|
Share
capital
|
Retained
earnings
(deficit)
|
Contributed
surplus
|
Accumulated
other
comprehensive
income
|
Total
|
|
Number (in thousands
of shares)
|
Amount
|
Balance, January 1,
2021
|
22,780
|
364
|
(31)
|
6
|
–
|
339
|
Net income
|
–
|
–
|
13
|
–
|
–
|
13
|
Total comprehensive
income for the period
|
–
|
–
|
13
|
–
|
–
|
13
|
Transactions with
owners of the Company:
|
|
|
|
|
|
Stock options
exercised
|
151
|
3
|
–
|
(1)
|
–
|
2
|
Balance, March 31,
2021
|
22,931
|
367
|
(18)
|
5
|
–
|
354
|
|
|
|
|
|
|
|
Balance, January 1,
2022
|
23,121
|
371
|
13
|
6
|
1
|
391
|
Net income
|
–
|
–
|
7
|
–
|
–
|
7
|
Other comprehensive
loss
|
–
|
–
|
–
|
–
|
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
|
GDI INTEGRATED FACILITY SERVICES INC.
Condensed
Consolidated Interim Statements of Cash Flows
(Unaudited) (In millions of Canadian dollars)
Three-month periods
ended March 31,
|
|
|
2022
|
2021
|
|
|
|
|
|
Cash flows from (used
in) operating activities
|
|
|
|
Net income
|
7
|
13
|
|
Adjustments
for:
|
|
|
|
Depreciation and amortization
|
16
|
12
|
|
Net
finance expense
|
8
|
9
|
|
Income tax expense
|
3
|
5
|
|
Income taxes
paid
|
(1)
|
(18)
|
|
Net changes in non-cash
operating assets and liabilities
|
(27)
|
32
|
|
Net cash from operating
activities
|
6
|
53
|
|
|
|
|
|
Cash flows from (used
in) financing activities
|
|
|
|
Proceeds from issuance
of long-term
debt
|
80
|
53
|
|
Repayment of long-term
debt
|
(53)
|
(42)
|
|
Payment of lease
liabilities
|
(6)
|
(4)
|
|
Interest
paid
|
(2)
|
(1)
|
|
Proceeds from issuance
of subordinate voting shares
|
2
|
2
|
|
Net cash from financing
activities
|
21
|
8
|
|
|
|
|
|
Cash flows from (used
in) investing activities
|
|
|
|
Business acquisitions,
net of cash acquired
|
(33)
|
(34)
|
|
Additions to property,
plant and equipment
|
(5)
|
(3)
|
|
Additions to intangible
assets
|
(2)
|
–
|
|
Net cash used in
investing activities
|
(40)
|
(37)
|
|
|
|
|
|
Foreign exchange gain
on cash held in foreign currencies
|
1
|
–
|
|
|
|
|
|
Net change in
cash
|
(12)
|
24
|
|
|
|
|
|
Cash (bank
indebtedness), beginning of period:
|
|
|
|
Cash
|
24
|
3
|
|
Bank
indebtedness
|
(3)
|
(4)
|
|
|
21
|
(1)
|
|
|
|
|
|
|
Cash, end of
period
|
9
|
23
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
Three-month periods ended March 31,
2022 and 2021
(Unaudited) (In millions of Canadian dollars)
|
|
|
|
Three-month period
ended March 31, 2022
|
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Corporate and
eliminations
|
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
|
–
|
–
|
5
|
(7)
|
–
|
Revenues
|
142
|
163
|
172
|
25
|
(7)
|
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
|
1
|
1
|
16
|
Share-based
compensation (1)
|
–
|
–
|
–
|
–
|
2
|
2
|
Adjusted
EBITDA
|
19
|
13
|
6
|
1
|
(3)
|
36
|
|
|
|
|
|
|
|
Total assets
|
277
|
313
|
446
|
68
|
42
|
1,146
|
Total
liabilities
|
87
|
86
|
224
|
13
|
334
|
744
|
Additions to property,
plant and equipment
|
2
|
2
|
9
|
–
|
1
|
14
|
Additions to intangible
assets
|
–
|
–
|
13
|
–
|
2
|
15
|
Addition of
goodwill
|
–
|
–
|
21
|
–
|
–
|
21
|
(1) Includes
stock option, performance share unit and restricted share unit
plans.
|
|
|
|
|
Three-month period
ended March 31, 2021
|
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Corporate and
eliminations
|
Total
|
|
|
|
|
|
|
|
Recurring/contractual
services
|
98
|
69
|
19
|
–
|
–
|
186
|
On-call
services
|
22
|
11
|
51
|
–
|
–
|
84
|
Project
|
–
|
–
|
86
|
–
|
–
|
86
|
Manufacturing and
distribution
|
–
|
–
|
–
|
14
|
–
|
14
|
Other
revenues
|
14
|
–
|
–
|
–
|
–
|
14
|
|
|
|
|
|
|
|
Total external
revenues
|
134
|
80
|
156
|
14
|
–
|
384
|
Inter-segment
revenues
|
–
|
–
|
–
|
3
|
(3)
|
–
|
Revenues
|
134
|
80
|
156
|
17
|
(3)
|
384
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
19
|
5
|
–
|
–
|
(6)
|
18
|
Net finance
expense
|
–
|
1
|
1
|
–
|
7
|
9
|
Operating
income
|
19
|
6
|
1
|
–
|
1
|
27
|
Depreciation and
amortization
|
3
|
2
|
5
|
1
|
1
|
12
|
Canadian Emergency Wage
Subsidy and related expenses
|
–
|
–
|
–
|
–
|
(7)
|
(7)
|
Transaction,
reorganization and other costs
|
–
|
–
|
–
|
–
|
1
|
1
|
Share-based
compensation (1)
|
–
|
–
|
–
|
–
|
1
|
1
|
Adjusted
EBITDA
|
22
|
8
|
6
|
1
|
(3)
|
34
|
|
|
|
|
|
|
|
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
|
1
|
–
|
9
|
–
|
1
|
11
|
Additions to intangible
assets
|
–
|
–
|
18
|
–
|
1
|
19
|
Addition of
goodwill
|
–
|
–
|
21
|
–
|
–
|
21
|
(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
Three-month periods ended March 31,
2022 and 2021
(Unaudited) (In millions of Canadian dollars)
Acquisition
date
|
Company
acquired
|
Location
|
Segment
reporting
|
Purchase price
allocation status
|
2022
Acquisitions
|
|
|
|
|
January 21,
2022
|
Gestion E.C.I. Inc. and
its subsidiaries ("Énergère")
|
Montreal,
Quebec
|
Technical
Services
|
Preliminary
|
March 1,
2022
|
M.T.I. Mechanical Trade
Industries LTD and its subsidiary ("MTI")
|
Markham,
Ontario
|
Technical
Services
|
Preliminary
|
2021
Acquisitions
|
|
|
|
|
January 1,
2021
|
The BPAC Group, Inc.
and its subsidiaries ("BP")
|
New York, New
York
|
Technical
Services
|
Completed
|
September 1,
2021
|
Enginuity, LLC
("Enginuity")
|
Mechanicsburg,
Pennsylvania
|
Technical
Services
|
Preliminary
|
September 15,
2021
|
Fuller Industries, LLC
("Fuller")
|
Great Bend,
Kansas
|
Complementary
Services
|
Preliminary
|
December 31,
2021
|
IH Services, Inc. and
its subsidiaries ("IH")
|
Greenville, South
Carolina
|
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 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
|
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
|
Three months
ended
|
|
|
|
|
(in millions of
Canadian dollars, except per share data) (1)
|
March
2021
|
December
2020
|
September
2020
|
June
2020
|
Revenue
|
384
|
365
|
365
|
327
|
Operating
income
|
27
|
28
|
25
|
30
|
Depreciation and amortization
|
12
|
10
|
10
|
12
|
Canadian Emergency Wage Subsidy and related expenses
|
(7)
|
(9)
|
(6)
|
(23)
|
Transaction, reorganization and other costs
|
1
|
2
|
-
|
2
|
Share-based compensation
|
1
|
1
|
1
|
2
|
Adjusted
EBITDA
|
34
|
32
|
30
|
23
|
Net income for the
period
|
13
|
17
|
13
|
13
|
Earnings per
share
|
|
|
|
|
Basic
|
0.57
|
0.75
|
0.59
|
0.63
|
Diluted
|
0.56
|
0.73
|
0.57
|
0.61
|
|
|
|
|
|
|
|
|
|
|
(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
30, 2021 and September 30, 2021 were favourably impacted by the
Canadian Emergency Wage Subsidy and related expenses.
|
SOURCE GDI Integrated Facility Services Inc.