GDI Integrated Facility Services Inc. Releases its Financial Results for the First Quarter Ended March 31, 2021

Posted on: May 06, 2021
  • Q1 2021 revenue of $383.6 million – an increase $28.7 million, or 8.1%, over Q1 2020.
  • Q1 2021 Adjusted EBITDA1 of $33.5 million – an increase of $13.5 million, or 67.2%, over Q1 2020.
  • Q1 2021 net income of $13.1 million or $0.57 per share compared with $4.3 million or $0.20 per share in the first quarter of 2020.
  • Excluding The BPAC Group Inc. acquisition, long-term debt, net of cash and bank indebtedness, decreased by $48.9M between December 31, 2020 and March 31, 2021.

LASALLE, QC, May 6, 2021 /CNW Telbec/ – 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, 2021.

For the first quarter of 2021:

  • Revenue for the first quarter of 2021 was $383.6 million, an increase of $28.7 million, or 8.1%, over the first quarter of 2020. The revenue growth came from acquisitions in the amount of 10.4%, offset by an organic revenue decline of 0.7% and a negative exchange rate effect of 1.6%. The organic decline was driven by COVID-19 pandemic related impacts.
  • Adjusted EBITDA1 for the first quarter of 2021 amounted to $33.5 million, an increase of $13.5 million, or 67.2%, over the first quarter of 2020.
  • Net income was $13.1 million or $0.57 per share compared to $4.3 million or $0.20 per share in Q1 2020.
  • Acquisition of The BPAC Group Inc. (“BP”) closed on January 1, 2021, the integration is progressing well and is being implemented according to plan.
  • Long-term debt increased by $20.9 million from $168.7 million on December 31, 2020 to $189.6 million on March 31, 2021 while cash, net of bank indebtedness, also increased by $24.0 million over the same period. Excluding the BP acquisition, long-term debt, net of cash and bank indebtedness, decreased by $48.9 million.


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).

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

(in thousands of

Canadian dollars)

Janitorial Canada

Janitorial USA

Technical Services

Complementary Services























Organic (Decline) Growth


4.1%  ­

1.9%  ­

1.4%  ­




(3.3%)  ­



Adjusted EBITDA1











Adjusted EBITDA Margin1

16.4%  ­


9.7%  ­

7.4%  ­

4.0%  ­


4.9%  ­


8.7%  ­

5.6%  ­

GDI’s Janitorial Canada segment had a strong quarter, recording $133.9 million in revenue representing an organic decline of 3.8%, while delivering $22.0 million in Adjusted EBITDA1, an increase of 134.6% over Q1 2020. GDI’s Janitorial USA segment also performed well in Q1 2021, recording revenue of $79.9 million representing organic growth of 1.9% and Adjusted EBITDA1 of $7.7 million, an increase of 25.9% over Q1 2020. The Janitorial Canada and Janitorial USA segments started 2021 on the same operating basis as experienced during the second half of 2020, with several clients operating facilities at lower-than-normal capacity levels, but many clients requiring enhanced recurring services and specialty services due to the COVID-19 pandemic including higher frequency cleaning and disinfection services. We see this trend continuing in our cleaning businesses while COVID-19 remains a threat within society, particularly in Canada given the elevated COVID-19 pandemic cases levels being experienced in a number of regions.

The Technical services segment, which is GDI’s business that has been most negatively impacted by COVID-19, continues to recover from the pandemic low experienced during the second quarter of 2020. During Q1 2021, this segment recorded Adjusted EBITDA1 of $6.3 million, or an Adjusted EBITDA margin1 of 4.0%, in-line with its historical first quarter performance which is seasonally the businesses weakest quarter.

Finally, GDI’s Complementary services segment recorded a decrease in Adjusted EBITDA1 and Adjusted EBITDA margin1 in Q1 2021 as compared to the prior year. While this segment continued to experience a higher level of demand for personal protective equipment, it is operating in a more balanced supply/demand environment than was experienced at the onset of the pandemic, and it experienced a decrease in demand for day-to-day cleaning supplies as a result of significantly low occupancy rates during the first quarter of 2021.

“I am very pleased with GDI’s performance during Q1 2021,” stated Claude Bigras, President & CEO of GDI. “The COVID-19 pandemic continued to affect the Company during the first quarter of 2021, with each business segment being impacted differently based on their respective geographies, service offerings and end-market mix. As we have done since the pandemic began, all our business units have been working closely with clients to ensure that their facilities are safe environments for occupants. We expect that as long as COVID-19 remains a risk to our society our Janitorial business segments will continue to perform well as our clients look to GDI for expertise and enhanced support to keep their facilities safe. Ainsworth, our Technical Services business, has been progressively recovering from the wide-spread pandemic shutdowns experienced in Q2 2020. As facilities reoccupy, we expect that there will be growing market demand for improved air quality within facilities, and as the largest HVAC services provider and largest non-OEM building automation systems integrator in Canada, Ainsworth is well positioned to benefit from such demand. Finally, our Complementary Services segment faced some challenges during the first quarter as building occupancy was quite low, but we are well positioned to perform better in the upcoming quarters”, added Mr. Bigras.

“We continue to be very enthusiastic about our acquisition of BP on January 1, 2021. Together, BP and Ainsworth are now a major building system and multi-trade facility services provider in the Northeast USA. We have already begun consolidating Ainsworth’s U.S. operations under the BP management team, and we are now focusing on growing this platform alongside our cleaning services platform in the U.S. market with the goal of making GDI a true one-stop shop for both today and tomorrow’s buildings in the Midwestern and Northeastern United States. Our financial position is stronger than it has ever been, which reinforces our ability to continue to focus on our growth strategy through acquisition and capitalize on strategic opportunities as they arise”, concluded Mr. Bigras.


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


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. 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 7, 2021 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: 34281801

A rebroadcast of the conference call will be available until May 14, 2021 by dialing:

North America Toll-Free: 1-888-390-0541

Local: 416-764-8677 (Toronto)

Confirmation Code: 281801#

March 31, 2021 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on

SOURCE GDI Integrated Facility Services Inc.


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