- Q4 2023 revenue of $622
million, an increase of $34
million, or 6%, over Q4 2022.
- Q4 2023 Adjusted EBITDA* of $37 million, representing an Adjusted EBITDA*
margin of 6%.
- Q4 2023 net income of $6 million or
$0.26 per share compared with $10 million or $0.41 per share for the fourth quarter of
2022.
- Q4 2023 decrease in net working capital of $36 million, resulting in long-term debt
repayment of $33 million.
- 2023 revenue of $2.44 billion,
an increase of $265 million or 12%
over 2022.
- 2023 Adjusted EBITDA* of $143
million, a decrease of $13
million, or 8%, over 2022.
- 2023 net income of $19 million
or $0.80 per share compared with
$36 million or $1.57 per share in 2022.
LASALLE,
QC, Feb. 28, 2024 /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,
2023.
For the fourth quarter of 2023:
- Revenue reached $622 million, an
increase of $34 million, or 6%, over
the fourth quarter of 2022, comprised of 2% organic growth and 4%
growth from acquisitions.
- Adjusted EBITDA* amounted to $37 million, representing an Adjusted EBITDA*
margin of 6%.
- Net income was $6 million or
$0.26 per share compared to
$10 million or $0.41 per share in Q4 2022. The decrease of net
income in the fourth quarter of 2023 compared to 2022 is mainly due
to lower operating income of $7
million and higher income tax expense of $4 million, offset by lower net finance expense
of $7 million.
- Net working capital reduction of $36
million, resulting in long-term debt repayment of
$33 million before business
acquisition payment.
|
___________________________
|
|
* 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).
|
For the fourth 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
|
146
|
144
|
215
|
176
|
239
|
250
|
22
|
18
|
622
|
588
|
|
Organic Growth
(Decline)
|
1 %
|
3 %
|
10 %
|
(2 %)
|
(5 %)
|
20 %
|
22 %
|
39 %
|
2 %
|
10 %
|
|
Adjusted
EBITDA* (3)
|
13
|
16
|
16
|
14
|
14
|
17
|
(6)
|
(5)
|
37
|
42
|
|
Adjusted EBITDA
Margin*
|
9 %
|
11 %
|
7 %
|
8 %
|
6 %
|
7 %
|
N/A
|
N/A
|
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 exclude the strategic information technology projects
configuration and customization costs. 2022 results were recast to
align with the revised definition.
|
For the year ended December 31,
2023:
- Revenue reached $2.44 billion, an
increase of $265 million, or 12%,
compared to 2022, comprised of 8% organic growth, 2% growth from
acquisitions and 2% growth from the appreciation of the U.S. dollar
relative to the Canadian dollar.
- Adjusted EBITDA* amounted to $143 million, a decrease of $13 million, or 8%, compared to 2022.
- Net income was $19 million or
$0.80 per share compared to
$36 million or $1.57 per share in 2022. The decrease is mainly
due to lower operating income of $21
million, partially offset by lower income tax expense of
$3 million.
For the years ended December 31,
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
|
578
|
572
|
756
|
678
|
1,024
|
851
|
79
|
71
|
2,437
|
2,172
|
|
Organic Growth
(Decline)
|
1 %
|
7 %
|
2 %
|
8 %
|
18 %
|
10 %
|
10 %
|
29 %
|
8 %
|
9 %
|
|
Adjusted
EBITDA* (3)
|
54
|
71
|
55
|
51
|
53
|
47
|
(19)
|
(13)
|
143
|
156
|
|
Adjusted EBITDA
Margin*
|
9 %
|
12 %
|
7 %
|
8 %
|
5 %
|
6 %
|
N/A
|
N/A
|
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. 2022 results were
recast to align with the revised definition.
|
GDI's Business Services Canada segment delivered another solid
fourth quarter, recording $146
million in revenue while generating $13 million in Adjusted EBITDA*,
representing an Adjusted EBITDA margin* of 9%. GDI's
Business Services USA segment also
performed well in Q4 2023, recording revenue of $215 million and Adjusted EBITDA* of
$16 million, representing an Adjusted
EBITDA margin* of 7%. Business Services Canada
experienced slightly positive organic revenue growth that is
attributable to some customers now operating at pre-COVID-19
levels. Business Services USA recorded 10% organic revenue growth which
is due to increases in revenue with new customers, and 12% revenue
growth that was generated from acquisitions.
The Technical Services segment recorded revenue of $239 million and Adjusted EBITDA* of
$14 million, representing an Adjusted
EBITDA margin* of 6%. The segment experienced an organic
revenue decline of 5% which is attributed to lower project
revenues.
Finally, GDI's Corporate and Other segment recorded revenue of
$22 million compared to revenue of
$18 million in Q4 2022 with the
difference mainly attributable to organic growth generated by GDI's
integrated facility services business ("GDI IFS") launched at the
beginning of 2022.
"I am satisfied with GDI's overall performance in Q4 and fiscal
2023," stated Claude Bigras,
President & CEO of GDI. "For the full year revenue increased to
more than $2.4 billion or 12% over
2022, including organic growth of 8%. Adjusted EBITDA grew in both
our Business Services USA and
Technical Services segments, and while an expected decline in
COVID-related incremental services caused Business Services
Canada's Adjusted EBITDA to decrease year-over-year, the business
still generated an Adjusted EBITDA margin of 9% for both the full
year and in Q4 2023. Our Business Services USA segment also generated strong results in
the fourth quarter with organic growth of 10% and a 14% increase in
Adjusted EBITDA. Ainsworth, our Technical Services segment, had a
challenging Q4 as it experienced cost overruns on a few large
projects in their U.S operations that caused Adjusted EBITDA to
fall short of expectations. Ainsworth has been moving away from
large projects in certain markets while focusing on increasing the
margin profile of project work, and while Q4 was below expectations
the segment still delivered Adjusted EBITDA margin of 6% during the
quarter."
"I am happy to report that the working capital management
strategies that we began to implement at Ainsworth in Q2 last year
are beginning to bear fruit with a $36
million decrease in net working capital between September 30 and December 31, 2023. We
expect to continue to see a decline in working capital usage in the
upcoming quarters which should result in incrementally positive
effects on free cash flows. During Q4, GDI announced the
acquisition of the U.S. business services of Atalian operating
across 25 States, adding more than 2,500 team members and
considerably strengthening GDI's Business Services platform in the
Northeast. Additionally, subsequent to Q4 GDI announced the sale of
its Superior Sany Solutions janitorial products distribution
business, which is expected to close at the end of Q1 2024. This
will enable GDI to allocate more capital to support the growth of
its core facility services businesses. GDI is retaining ownership
of Superior's chemical manufacturing business which has attractive
growth and margin profiles and has recently seen good success in
winning new clients for its white label product offering."
"I feel that GDI is starting fiscal 2024 in a strong competitive
and financial position. We are the largest facility services
provider in Canada and among the
largest in North America, our
reputation is excellent, our culture is entrepreneurial and dynamic
and we have a flexible cost structure that enables our business to
be resilient. The working capital initiatives we implemented
mid-last year are improving our free cash flow generation, our
leverage ratios are within our comfort zone, our balance sheet has
sufficient capacity to support our growth through acquisition
strategy and our pipeline is healthy. I look forward to seeing
GDI's business continue to develop during 2024," 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, changes to business structure, inherent
operating risks from acquisition activity, failure to
integrate an acquired company, 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, exchange rate fluctuations,
deterioration in 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, disputes with franchisees, environmental,
social and governance ("ESG") considerations, goodwill and
long-lived assets impairment charges, tax matters, key employees,
participation in multi-employer pension plans, legislation or other
governmental action, cybersecurity, data confidentiality and data
protection, 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:
|
February 29, 2024 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: 72270118
|
|
A rebroadcast of the
conference call will be available until March 7, 2024 by
dialing:
North America
Toll-Free: 1-888-390-0541
Local:
416-764-8677 (Toronto)
Confirmation
Code 271982 #
|
December 31, 2023 consolidated
financial statements and accompanied Management & Discussion
Analysis are filed on www.sedarplus.ca.
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated
Statements of Financial Position
December 31, 2023 and 2022
(In millions of Canadian dollars)
|
|
|
|
2023
|
2022
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash
|
17
|
7
|
|
Trade and other
receivables and contract assets
|
571
|
524
|
|
Current tax
assets
|
11
|
7
|
|
Inventories
|
42
|
45
|
|
Other financial
assets
|
13
|
11
|
|
Prepaid expenses and
other
|
11
|
9
|
|
Derivatives
|
1
|
3
|
|
Total current
assets
|
666
|
606
|
|
|
|
|
Non-current
assets
|
|
|
|
Property, plant and
equipment
|
127
|
122
|
|
Intangible
assets
|
131
|
139
|
|
Goodwill
|
356
|
344
|
|
Derivatives
|
‒
|
1
|
|
Other assets
|
12
|
8
|
|
Total non-current
assets
|
626
|
614
|
|
|
|
|
Total assets
|
1,292
|
1,220
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Bank
indebtedness
|
14
|
10
|
|
Trade and other
payables
|
298
|
286
|
|
Provisions
|
32
|
26
|
|
Contract
liabilities
|
34
|
30
|
|
Current tax
liabilities
|
2
|
2
|
|
Current portion of
long-term debt
|
36
|
43
|
|
Total current
liabilities
|
416
|
397
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Long-term
debt
|
384
|
345
|
|
Long-term
payables
|
5
|
5
|
|
Deferred tax
liabilities
|
32
|
34
|
|
Total non-current
liabilities
|
421
|
384
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Share
capital
|
380
|
379
|
|
Retained
earnings
|
68
|
49
|
|
Contributed
surplus
|
2
|
4
|
|
Accumulated other
comprehensive income
|
5
|
7
|
|
Total shareholders'
equity
|
455
|
439
|
|
|
|
|
Total liabilities and
shareholders' equity
|
1,292
|
1,220
|
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated
Statements of Comprehensive Income
Years ended December 31, 2023 and
2022
(In millions of Canadian dollars, except for earnings per
share)
|
|
|
|
2023
|
2022
|
|
|
|
|
Revenues
|
2,437
|
2,172
|
|
|
|
|
Cost of
services
|
1,987
|
1,733
|
|
Selling and
administrative expenses
|
316
|
291
|
|
Transaction,
reorganization and other costs
|
4
|
3
|
|
Strategic information
technology projects configuration and customization
costs
|
6
|
3
|
|
Amortization of
intangible assets
|
24
|
28
|
|
Depreciation of
property, plant and equipment
|
53
|
46
|
|
Operating
income
|
47
|
68
|
|
|
|
|
Net finance
expense
|
18
|
19
|
|
Income before income
taxes
|
29
|
49
|
|
|
|
|
Income tax
expense
|
10
|
13
|
|
Net income
|
19
|
36
|
|
|
|
|
Other comprehensive
(loss) income
|
|
|
|
(Losses) gains that are
or may be reclassified to earnings:
|
|
|
|
Foreign currency translation differences for foreign
operations
|
(7)
|
19
|
|
Hedge of net
investments in foreign operations, net of tax of nil
|
7
|
(16)
|
|
Cash flow
hedges, effective portion of changes in fair value, net of tax of
$1
(($1) in 2022)
|
(2)
|
3
|
|
(2)
|
6
|
|
|
|
|
Total comprehensive
income
|
17
|
42
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
0.80
|
1.57
|
|
Diluted
|
0.79
|
1.53
|
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated
Statements of Changes in Equity
Years ended December 31, 2023 and
2022
(In millions of Canadian dollars)
|
|
|
|
|
|
|
Share
Capital
|
Retained
earnings
|
Contributed
surplus
|
Accumulated
other
comprehensive
income
(loss)
|
Total
|
|
Number
(in
thousands
of
shares)
|
Amount
|
|
Balance, January 1,
2022
|
23,121
|
371
|
13
|
6
|
1
|
391
|
|
|
|
|
|
|
|
|
Net income
|
‒
|
‒
|
36
|
‒
|
‒
|
36
|
|
Other comprehensive
income
|
‒
|
‒
|
‒
|
‒
|
6
|
6
|
|
Total comprehensive
income for the year
|
‒
|
‒
|
36
|
‒
|
6
|
42
|
|
Transactions with
owners of the Company:
|
|
|
|
|
|
|
Share-based
compensation
|
‒
|
‒
|
‒
|
1
|
‒
|
1
|
|
Stock options
exercised
|
340
|
9
|
‒
|
(2)
|
‒
|
7
|
|
Shares repurchased for
cancellation
|
(47)
|
(1)
|
‒
|
(1)
|
‒
|
(2)
|
|
Balance, December
31, 2022
|
23,414
|
379
|
49
|
4
|
7
|
439
|
|
|
|
|
|
|
|
|
Net income
|
‒
|
‒
|
19
|
‒
|
‒
|
19
|
|
Other comprehensive
loss
|
‒
|
‒
|
‒
|
‒
|
(2)
|
(2)
|
|
Total comprehensive
income for the year
|
‒
|
‒
|
19
|
‒
|
(2)
|
17
|
|
Transactions with
owners of the Company:
|
|
|
|
|
|
|
Share-based
compensation
|
‒
|
‒
|
‒
|
1
|
‒
|
1
|
|
Stock options
exercised
|
98
|
2
|
‒
|
‒
|
‒
|
2
|
|
Shares
repurchased for cancellation
|
(98)
|
(1)
|
‒
|
(3)
|
‒
|
(4)
|
|
Balance, December
31, 2023
|
23,414
|
380
|
68
|
2
|
5
|
455
|
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated
Statements of Cash Flows
Years ended December 31, 2023 and
2022
(In millions of Canadian dollars)
|
|
|
|
2023
|
2022
|
|
|
|
|
Cash flows from (used
in) operating activities
|
|
|
|
Net income
|
19
|
36
|
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
77
|
74
|
|
Equity portion of
share-based compensation
|
1
|
1
|
|
Net finance
expense
|
18
|
19
|
|
Income tax
expense
|
10
|
13
|
|
Income taxes
paid
|
(14)
|
(23)
|
|
Net changes in
non-cash operating assets and
liabilities
|
(46)
|
(70)
|
|
Net cash from operating
activities
|
65
|
50
|
|
|
|
|
Cash flows from (used
in) financing activities
|
|
|
|
Proceeds from issuance
of long-term debt
|
401
|
217
|
|
Repayment of long-term
debt
|
(370)
|
(192)
|
|
Payment of lease
liabilities
|
(31)
|
(29)
|
|
Interest
paid
|
(23)
|
(11)
|
|
Other
|
(2)
|
5
|
|
Net cash used in
financing activities
|
(25)
|
(10)
|
|
|
|
|
Cash flows from (used
in) investing activities
|
|
|
|
Business acquisitions,
net of cash and bank indebtedness acquired
|
(11)
|
(37)
|
|
Additions to property,
plant and equipment
|
(21)
|
(19)
|
|
Additions to intangible
assets
|
(6)
|
(7)
|
|
Other
|
1
|
‒
|
|
Net cash used in
investing activities
|
(37)
|
(63)
|
|
|
|
|
Foreign exchange gain
(loss) on cash held in foreign currencies
|
3
|
(1)
|
|
|
|
|
Net change in cash
(bank indebtedness)
|
6
|
(24)
|
|
|
|
|
(Bank indebtedness)
cash, beginning of year:
|
|
|
|
Cash
|
7
|
24
|
|
Bank
indebtedness
|
(10)
|
(3)
|
|
(3)
|
21
|
|
|
|
|
Cash (bank
indebtedness), end of year:
|
|
|
|
Cash
|
17
|
7
|
|
Bank
indebtedness
|
(14)
|
(10)
|
|
3
|
(3)
|
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
Years ended December 31, 2023 and
2022
(In millions of Canadian dollars)
|
|
|
2023
|
|
Business
Services
Canada
|
Business
Services
USA
|
Technical
Services
|
Corporate
and Other (1)
|
Total
|
|
|
|
|
|
|
|
Recurring/contractual
services
|
498
|
719
|
83
|
18
|
1,318
|
|
On-call
services
|
45
|
37
|
291
|
5
|
378
|
|
Projects
|
–
|
–
|
650
|
–
|
650
|
|
Manufacturing and
distribution
|
–
|
–
|
–
|
62
|
62
|
|
Other
revenues
|
24
|
–
|
–
|
5
|
29
|
|
|
|
|
|
|
|
Total external
revenues
|
567
|
756
|
1,024
|
90
|
2,437
|
|
Inter-segment
revenues
|
11
|
–
|
–
|
(11)
|
–
|
|
Revenues
|
578
|
756
|
1,024
|
79
|
2,437
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
42
|
36
|
17
|
(66)
|
29
|
|
Net finance
expense
|
–
|
1
|
(1)
|
18
|
18
|
|
Operating income
(loss)
|
42
|
37
|
16
|
(48)
|
47
|
|
Depreciation and
amortization
|
11
|
18
|
36
|
12
|
77
|
|
Transaction,
reorganization, and
other costs
|
1
|
–
|
1
|
2
|
4
|
|
Share-based
compensation (2)
|
–
|
–
|
–
|
9
|
9
|
|
Strategic information
technology projects
configuration and customization
costs
|
–
|
–
|
–
|
6
|
6
|
|
Adjusted EBITDA
(3)
|
54
|
55
|
53
|
(19)
|
143
|
|
|
|
|
|
|
|
Total assets
|
267
|
359
|
544
|
122
|
1,292
|
|
Total
liabilities
|
69
|
109
|
253
|
406
|
837
|
|
Additions to property,
plant and equipment
|
8
|
13
|
32
|
8
|
61
|
|
Additions to intangible
assets
|
–
|
10
|
2
|
6
|
18
|
|
Goodwill recorded on
business
acquisition
|
–
|
14
|
2
|
–
|
16
|
|
(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 excludes the strategic information technology
projects configuration and customization costs.
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
Years ended December 31, 2023 and
2022
(In millions of Canadian dollars)
|
|
|
2022
|
|
Business
Services
Canada
|
Business
Services
USA
|
Technical
Services
|
Corporate
and Other (1)
|
Total
|
|
|
|
|
|
|
|
Recurring/contractual
services
|
473
|
624
|
90
|
15
|
1,202
|
|
On-call
services
|
62
|
53
|
241
|
3
|
359
|
|
Projects
|
–
|
–
|
511
|
–
|
511
|
|
Manufacturing and
distribution
|
–
|
–
|
–
|
63
|
63
|
|
Other
revenues
|
28
|
1
|
7
|
1
|
37
|
|
|
|
|
|
|
|
Total external
revenues
|
563
|
678
|
849
|
82
|
2,172
|
|
Inter-segment
revenues
|
9
|
–
|
2
|
(11)
|
–
|
|
Revenues
|
572
|
678
|
851
|
71
|
2,172
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
59
|
29
|
8
|
(47)
|
49
|
|
Net finance
expense
|
(1)
|
6
|
3
|
11
|
19
|
|
Operating income
(loss)
|
58
|
35
|
11
|
(36)
|
68
|
|
Depreciation and
amortization
|
13
|
16
|
35
|
10
|
74
|
|
Transaction,
reorganization, and
other costs
|
–
|
–
|
1
|
2
|
3
|
|
Share-based
compensation (2)
|
–
|
–
|
–
|
8
|
8
|
|
Strategic information
technology projects configuration and customization
costs
|
–
|
–
|
–
|
3
|
3
|
|
Adjusted EBITDA
(3)
|
71
|
51
|
47
|
(13)
|
156
|
|
|
|
|
|
|
|
Total asset
|
267
|
320
|
515
|
118
|
1,220
|
|
Total
liabilities
|
81
|
68
|
232
|
400
|
781
|
|
Additions to property,
plant
and
equipment
|
8
|
9
|
24
|
8
|
49
|
|
Additions to intangible
assets
|
–
|
2
|
10
|
7
|
19
|
|
Goodwill recorded on
business
acquisition
|
–
|
6
|
27
|
–
|
33
|
|
(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)
|
The above table was
revised to reflect the fact that the Adjusted EBITDA definition now
exclude the strategic information technology projects configuration
and customization costs.
|
GDI INTEGRATED FACILITY SERVICES INC.
Business
acquisitions
Years ended December 31, 2023 and
2022
(In millions of Canadian dollars)
|
|
|
|
|
|
Acquisition
date
|
Company
acquired
|
Location
|
Segment
reporting
|
Purchase price
allocation
status
|
|
2023
Acquisitions
|
|
|
|
|
|
June 1, 2023
|
React Technical, Inc.
("React")
|
New York,
New York
|
Technical
Services
|
Completed
|
|
|
|
|
|
|
November 1,
2023
|
La Financière
Atalian
("Atalian")
|
Multi-sites in
USA
|
Business Services
USA
|
Preliminary
|
|
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)
|
December
2023
|
September
2023
|
June
2023
|
March
2023
|
|
Revenue
|
622
|
615
|
609
|
591
|
|
Operating
income
|
9
|
16
|
10
|
12
|
|
Depreciation and
amortization
|
22
|
19
|
19
|
17
|
|
Transaction, reorganization
and other costs
|
2
|
‒
|
1
|
1
|
|
Share-based
compensation
|
2
|
2
|
3
|
2
|
|
Strategic
information technology projects
configuration and customization
costs
|
2
|
2
|
1
|
1
|
|
Adjusted EBITDA
(2)
|
37
|
39
|
34
|
33
|
|
Net income for the
period
|
6
|
8
|
1
|
4
|
|
Earnings per
share
|
|
|
|
|
|
Basic
|
0.26
|
0.35
|
0.04
|
0.15
|
|
Diluted
|
0.25
|
0.35
|
0.04
|
0.15
|
|
Three months
ended
(in millions of
Canadian dollars, except per share data) (1)
|
December
2022
|
September
2022
|
June
2022
|
March
2022
|
|
Revenue
|
588
|
563
|
526
|
495
|
|
Operating
income
|
15
|
19
|
17
|
18
|
|
Depreciation and
amortization
|
22
|
18
|
18
|
16
|
|
Transaction, reorganization
and other costs
|
1
|
1
|
1
|
‒
|
|
Share-based
compensation
|
3
|
2
|
1
|
2
|
|
Strategic information
technology projects
configuration and customization
costs
|
1
|
1
|
1
|
‒
|
|
Adjusted EBITDA
(2)
|
42
|
41
|
38
|
36
|
|
Net income for the
period
|
10
|
11
|
10
|
7
|
|
Earnings per
share
|
|
|
|
|
|
Basic
|
0.41
|
0.45
|
0.40
|
0.30
|
|
Diluted
|
0.40
|
0.44
|
0.40
|
0.30
|
|
(1)
|
The differences between
the quarters are mainly the results of business acquisitions, as
well as seasonality in the Technical Services segment.
|
|
(2)
|
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.
|
SOURCE GDI Integrated Facility Services Inc.