GDI Integrated Facility Services Inc. Releases its Financial Results for the Fourth Quarter and the Year Ended December 31, 2021

Posted on: March 02, 2022
  • Q4 2021 revenue of $433.0 million – an increase of $68.4 million, or 18.7%, over Q4 2020.
  • Q4 2021 Adjusted EBITDA1 of $33.5 million – an increase of $1.4 million, or 4.3%, over Q4 2020.
  • Q4 2021 net income of $6.9 million or $0.30 per share compared with $17.0 million or $0.75 per share for the fourth quarter of 2020.
  • 2021 revenue of $1.6 billion, an increase of $185.6 million or 13.1% over 2020.
  • 2021 Adjusted EBITDA1 of $132.8 million, an increase of $27.8 million, or 26.5%, over 2020.
  • 2021 net income of $43.4 million or $1.89 per share compared with $48.0 million or $2.18 per share in 2020.
  • During Fiscal 2021, GDI acquired The BPAC Group, Inc. and its subsidiaries (“BP”) (January 2021), Enginuity, LLC (“Enginuity”) (September 2021), Fuller Industries, LLC (“Fuller”) (September 2021) and IH Services, Inc. and its subsidiaries (“IH”) (December 2021). GDI also acquired Gestion E.C.I. Inc., along with its subsidiaries (“Énergère”) in January 2022.

LASALLE, QC, March 1, 2022 /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, 2021.

For the fourth quarter of 2021:

  • Revenue reached $433.0 million, an increase of $68.4 million, or 18.7%, over the fourth quarter of 2020. Organic revenue growth was 5.1%, growth from acquisitions was 14.6%. The revenue growth was partially offset by a negative exchange rate effect of 1.0%.
  • Adjusted EBITDA1 amounted to $33.5 million, an increase of $1.4 million, or 4.3%, over the fourth quarter of 2020.
  • Net income was $6.9 million or $0.30 per share compared to $17.0 million or $0.75 per share in Q4 2020. The decrease of net income is mainly attributable to lower CEWS subsidies in 2021 compared to 2020.

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

(in thousands of

Canadian dollars)

Janitorial Canada

Janitorial USA

Technical Services

Complementary Services

Consolidated

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Revenue

140,509

138,038

89,176

84,420

189,646

125,651

18,154

21,415

433,022

364,669

Organic Growth (Decline)

1.4%

(2.8%)

8.9%

2.8%

13.9%

(17.8%)

(39.8%)

29.6%

5.1%

(4.2%)

Adjusted EBITDA1

18,374

18,017

7,663

9,141

11,832

7,037

(1,161)

1,560

33,543

32,158

Adjusted EBITDA Margin1

13.1%

13.1%

8.6%

10.8%

6.2%

5.6%

(6.4%)

7.3%

7.7%

8.8%

For the year ended December 31, 2021:

  • Revenue reached $1.6 billion, an increase of $185.6 million, or 13.1%, compared to 2020. Organic revenue growth was 3.7%, growth from acquisitions was 11.2%. The revenue growth was partially offset by a negative exchange rate effect of 1.8%.
  • Adjusted EBITDA1 amounted to $132.8 million, an increase of $27.8 million, or 26.5%, compared to 2020.
  • Net income was $43.4 million or $1.89 per share compared to $48.0 million or $2.18 per share in 2020.

For the years ended December 31, 2021 and 2020, the business segments performed as follows:

(in thousands of

Canadian dollars)

Janitorial Canada

Janitorial USA

Technical Services

Complementary Services

Consolidated

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Revenue

533,006

532,156

329,835

331,615

685,054

483,751

64,768

84,878

1,597,169

1,411,611

Organic Growth (Decline)

0.1%

(2.0%)

5.9%

(0.9%)

11.1%

(11.8%)

(31.0%)

20.2%

3.7%

(2.8%)

Adjusted EBITDA1

76,994

61,000

30,767

29,333

38,404

16,960

(804)

9,601

132,779

104,930

Adjusted EBITDA Margin1

14.4%

11.5%

9.3%

8.8%

5.6%

3.5%

(1.2%)

11.3%

8.3%

7.4%

GDI’s Janitorial Canada segment had another strong quarter, recording $140.5 million in revenue while delivering $18.4 million of Adjusted EBITDA1 representing an Adjusted EBITDA margin of 13.1%. GDI’s Janitorial USA segment also performed very well in Q4 2021, generating revenue of $89.2 million and Adjusted EBITDA1 of $7.7 million representing an Adjusted EBITDA margin1 of 8.6%. This slight decline in Adjusted EBITDA margin1 compared to Q4 2020 is due to the Company recording a higher amount of one-time COVID-related services in Q4 2020. Janitorial Canada organic growth for Q4 2021 amounted to 1.4% as a result of COVID-19 related revenue fluctuations in certain market segments whereas it totalled 8.9% for Janitorial USA segment resulting from increased volume with existing clients as well as new client wins. GDI’s Janitorial segments continued to provide clients with expert advice and services to keep their facilities safe and occupants protected during the ongoing COVID-19 pandemic. While many of our clients in Canada and the USA continued to require additional one-time enhanced COVID-19 services, this was to a lesser degree in the Janitorial USA segment due to a different end market mix.  On December 31, 2021, Janitorial USA segment completed the acquisition of IH Services, Inc. and its subsidiaries, adding approximately 8,000 employees and approximately $260.0 million in annual revenues generated across 29 states, significantly expanding GDI’s cleaning business in the United States (“U.S.”).

The Technical Services segment seems to have now fully recovered after having been negatively impacted by the COVID-19 pandemic during 2020 and into 2021, even while certain aspects of its business remain affected by COVID-19 containment measures. This segment recorded revenue of $189.6 million in Q4 2021, including 37.8% growth from acquisitions and organic growth of 13.9%, while delivering Adjusted EBITDA1 of $11.8 million representing an Adjusted EBITDA margin1 of 6.2% during the quarter.

GDI’s Complementary services segment, composed of our Superior Solutions janitorial product distribution and manufacturing business, recorded a negative Adjusted EBITDA1 of $1.2 million in Q4 2021 including a $1.3 million related mainly to the inventory valuation. Superior Solution’s business has been significantly affected by the COVID-19 pandemic. It delivered very strong performance in 2020 when it was able to procure supply of personal protective equipment (“PPE”) when market demand was high, however its traditional business of supplying daily consumables such as soaps, towels and tissue has been significantly reduced by low occupancy rates at many client facilities. Superior Solutions’ business volumes are expected to return to pre-pandemic levels once occupancy rates improve. Additionally, Superior Solutions established a janitorial products manufacturing platform in the U.S. in September 2021 with the acquisition of Fuller Industries, LLC, and is focusing on growing its U.S. business volume in 2022.

“GDI preformed very well in Q4 2021,” stated Claude Bigras, President & CEO of GDI. “We experienced a resurgence in the COVID-19 pandemic with the arrival of the Omicron variant in the second half of the quarter, with our janitorial businesses continuing to perform well while our technical services business remained resilient to headwinds. Our manufacturing and distribution business was impacted again in the quarter by low demand due to low occupancy rates, however we expect the business to recover as buildings begin to reoccupy.”

“2021 was a challenging and tumultuous environment that I feel we navigated extremely well. GDI delivered $1.6 billion in revenue and over $132 million in Adjusted EBITDA1 and an Adjusted EBITDA margin1 of 8.3%. We completed five acquisitions during the year and one subsequent to year-end, adding more than $500 million in revenue to our top line, establishing new U.S. platforms and new growth avenues for Ainsworth and Superior Solutions, almost doubling our U.S. janitorial business with a major extension of its footprint into the Southeastern part of the U.S. and building our capabilities for the next generation to include energy advisory and energy efficiency expertise,” stated Mr. Bigras.

“I am pleased to see that the outlook for the pandemic is becoming more clear, with federal and regional governments across North America progressively reducing their social and economic restrictive regulations and guidelines. In many regions in the U.S., the reoccupying of facilities is well underway and in other regions in the U.S. and in Canada, we expect reoccupation of facilities to take place as 2022 evolves. Our current expectations are that our clients will continue to require our enhanced cleaning and disinfecting services as the population in buildings densifies, which will also lead to further discussion regarding air quality in buildings at Ainsworth and will help to support a rebound in demand at our Superior Solutions business. In sum, the outlook is positive for all of our business segments as we begin 2022. Our balance sheet remains strong with a leverage ratio around 2x and we are in a very good position to continue to grow our business strategically across North America,” concluded Mr. Bigras.

____________

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. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues and is used to compare profitability between periods and segments. 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 U.S. 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 MD&A 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 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.

Analyst Conference Call:

March 2, 2022 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: 80873459




A rebroadcast of the conference call will be available until March 9, 2022 by dialing:


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

Local: 416-764-8677 (Toronto)

Confirmation Code: 873459#

December 31, 2021 consolidated financial statements and accompanied Management & Discussion Analysis were filed on www.sedar.com.

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Financial Position
December 31, 2021 and 2020
(In thousands of Canadian dollars)



2021


2020

Assets










Current assets





Cash


24,315


3,443

Trade and other receivables and contract assets


430,697


310,121

Canadian Emergency Wage Subsidy receivable


4,147


1,895

Current tax assets


34,214


21,944

Inventories


12,360


Prepaid expenses and other


8,596


17,492

Total current assets


514,329


354,895






Non-current assets





Trade and other receivables and contract assets


7,716


1,029

Property, plant and equipment


117,267


83,733

Deferred tax assets


544


2,467

Intangible assets


142,869


94,478

Goodwill


301,933


213,415

Total non-current assets


570,329


395,122






Total assets


1,084,658


750,017






Liabilities and Shareholders’ Equity










Current liabilities





Bank indebtedness


2,604


4,620

Trade and other payables


250,076


165,434

Provisions


27,934


14,769

Contract and other liabilities


43,115


19,295

Current tax liabilities


4,789


16,591

Current portion of long-term debt


28,379


18,231

Total current liabilities


356,897


238,940






Non-current liabilities





Long-term debt


298,868


150,506

Long-term payables


6,506


4,595

Derivatives



2,378

Deferred tax liabilities


31,359


14,467

Total non-current liabilities


336,733


171,946






Shareholders’ equity





Share capital


371,283


363,728

Retained earnings (deficit)


12,563


(30,802)

Contributed surplus


6,000


6,406

Accumulated other comprehensive income (loss)


1,182


(201)

Total shareholders’ equity


391,028


339,131






Total liabilities and shareholders’ equity


1,084,658


750,017

 

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Comprehensive Income
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars, except for earnings per share)



2021


2020






Revenues


1,597,169


1,411,611






Cost of services


1,257,188


1,105,800

Selling and administrative expenses


214,106


206,903

Transaction, reorganization and other costs


3,095


5,162

Canadian Emergency Wage Subsidy and related expenses


(13,128)


(38,780)

Amortization of intangible assets


19,631


14,349

Depreciation of property, plant and equipment


32,480


27,682

Operating income


83,797


90,495






Net finance expense


20,230


21,188

Income before income taxes


63,567


69,307






Income tax expense


20,202


21,316

Net income


43,365


47,991






Other comprehensive income (loss)





  (Losses) gains that are or may be reclassified to earnings:





    Foreign currency translation differences for foreign operations


(948)


(2,277)

  Hedge of net investments in foreign operations, net of tax of nil


397


1,750

  Cash flow hedges, effective portion of changes in fair value, net of tax of ($692) ($656 in 2020)


1,934


(1,820)



1,383


(2,347)






Total comprehensive income


44,748


45,644






Earnings per share:





  Basic


1.89


2.18

Diluted


1.84


2.12






GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Changes in Equity
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars and shares)


Share Capital

Retained
earnings
(deficit)

 

Contributed
surplus

Equity
component
of
convertible
debentures

 

Accumulated
other
comprehensive
income (1)

Total


Number

(in
thousands

of shares)

Amount

Balance, January 1, 2020 

21,406

329,705

(78,793)

6,124

1,800

2,146

260,982









Net income

47,991

47,991

Other comprehensive loss

(2,347)

(2,347)

Total comprehensive income for the year

47,991

(2,347)

45,644

Transactions with owners of the Company:







Stock options exercised

313

6,532

(1,599)

4,933

Conversion of convertible debenture

1,061

27,491

37

(1,800)

25,728

Share-based compensation

1,844

1,844

Balance, December 31, 2020

22,780

363,728

(30,802)

6,406

(201)

339,131









Net income

43,365

43,365

Other comprehensive income

1,383

1,383

Total comprehensive income for the year

43,365

1,383

44,748

Transactions with owners of the Company:







Stock options exercised

341

7,555

(1,802)

5,753

Share-based compensation

1,396

1,396

Balance, December 31, 2021

23,121

371,283

12,563

6,000

1,182

391,028



(1)  

The amount of Accumulated other comprehensive income is net of tax of ($36) ($656 as at December 31, 2020 and nil as at December 31, 2019)

 

GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Cash Flows
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)



2021


2020






Cash flows from (used in) operating activities





Net income


43,365


47,991

Adjustments for:





Depreciation and amortization


52,111


42,031

Equity portion of share-based compensation


1,396


1,844

Net finance expense


20,230


21,188

Income tax expense


20,202


21,316

Other


(247)


98

Income taxes paid


(32,518)


(9,807)

Net changes in non-cash operating assets and liabilities


12,440


(28,569)

Net cash from operating activities


116,979


96,092






Cash flows from (used in) financing activities





Proceeds from issuance of long-term debt


247,341


181,974

Repayment of long-term debt


(140,967)


(186,572)

Payment of lease liabilities


(19,579)


(15,730)

Interest paid


(3,871)


(6,350)

Proceeds from issuance of subordinate voting shares


5,753


4,933

Financing expenses paid related to loans and borrowings


(439)


(284)

Net cash from (used in) financing activities


88,238


(22,029)






Cash flows from (used in) investing activities





Business acquisitions, net of cash and bank indebtedness acquired


(163,974)


(61,817)

Additions to property, plant and equipment


(15,123)


(13,757)

Additions to intangible assets


(3,900)


(3,439)

Proceeds on disposal of property, plant and equipment


956


1,019

Net cash used in investing activities


(182,041)


(77,994)






Foreign exchange loss on cash held in foreign currencies


(288)


(1,073)






Net change in cash (bank indebtedness)


22,888


(5,004)






(Bank indebtedness) cash, beginning of period:





Cash


3,443


3,827

Bank indebtedness


(4,620)




(1,177)


3,827






Cash (bank indebtedness), end of period:





Cash


24,315


3,443

Bank indebtedness


(2,604)


(4,620)



21,711


(1,177)

 

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)







2021


Janitorial
Canada

Janitorial
USA

Technical
Services

Complementary
Services

Corporate
and
eliminations

Total

Recurring/contractual services

411,166

290,447

89,794

791,407

On-call services

83,038

39,283

188,456

310,777

Project

406,001

406,001

Manufacturing and distribution

49,885

49,885

Other revenues

38,107

755

237

39,099








Total external revenues

532,311

329,730

685,006

50,122

1,597,169

Inter-segment revenues

695

105

48

14,646

(15,494)

Revenues

533,006

329,835

685,054

64,768

(15,494)

1,597,169








Income (loss) before income taxes

64,047

20,206

9,116

(4,583)

(25,219)

63,567

Net finance expense

74

4,188

2,100

323

13,545

20,230

Operating income (loss)

64,121

24,394

11,216

(4,260)

(11,674)

83,797

Depreciation and amortization

12,656

6,275

26,423

3,302

3,455

52,111

Canadian Emergency Wage Subsidy and related expenses

(13,128)

(13,128)

Transaction, reorganization and other costs

217

98

765

154

1,861

3,095

Share-based compensation (1)

6,904

6,904

Adjusted EBITDA

76,994

30,767

38,404

(804)

(12,582)

132,779








Total assets

261,988

322,588

397,864

70,516

31,702

1,084,658

Total liabilities

83,378

91,193

203,404

14,746

300,909

693,630

Acquisition of property, plant and equipment

5,474

13,041

28,116

13,487

6,343

66,461

Acquisition of intangible assets

2,150

36,412

23,743

2,661

3,449

68,415

Addition of goodwill

1,802

54,476

31,501

1,029

88,808












(1) 

Includes stock option plans, performance share unit plan and restricted share unit plan.


 

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)







2020


Janitorial
Canada

Janitorial
USA

Technical
Services

Complementary
Services

Corporate
and
eliminations

Total

Recurring/contractual services

407,375

285,031

68,877

761,283

On-call services

81,744

46,259

179,473

307,476

Project

235,280

235,280

Manufacturing and distribution

64,913

64,913

Other revenues

42,659

42,659








Total external revenues

531,778

331,290

483,630

64,913

1,411,611

Inter-segment revenues

378

325

121

19,965

(20,789)

Revenues

532,156

331,615

483,751

84,878

(20,789)

1,411,611








Income (loss) before income taxes

48,324

20,044

(5,669)

6,543

65

69,307

Net finance expense

186

2,354

585

134

17,929

21,188

Operating income (loss)

48,510

22,398

(5,084)

6,677

17,994

90,495

Depreciation and amortization

12,443

6,775

18,009

2,850

1,954

42,031

Canadian Emergency Wage Subsidy and related expenses

(38,780)

(38,780)

Transaction, reorganization and other costs

47

160

4,035

74

846

5,162

Share-based compensation (1)

6,022

6,022

Adjusted EBITDA

61,000

29,333

16,960

9,601

(11,964)

104,930








Total assets

275,829

123,634

272,263

56,663

21,628

750,017

Total liabilities

83,258

35,444

119,891

9,483

162,810

410,886

Acquisition of property, plant and equipment

4,549

1,741

30,013

1,175

5,135

42,613

Acquisition of intangible assets

933

15,325

75

1,146

17,479

Addition of goodwill

36,384

36,384












(1)  

Includes stock option plans, performance share unit plan and restricted share unit plan.

 

GDI INTEGRATED FACILITY SERVICES INC.
Business acquistions
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)






Acquisition date

Company acquired

Location

Segment reporting





2021 Acquisitions








January 1, 2021

The BPAC Group, Inc. and its subsidiaries (“BP“)

New York, New York

Technical Services





September 1, 2021

Enginuity, LLC (“Enginuity“)

Mechanicsburg, Pennsylvania

Technical Services





September 15, 2021

Fuller Industries, LLC (“Fuller“)

Great Bend, Kansas

Complementary Services





December 31, 2021

IH Services, Inc. and its subsidiaries (“IH“)

Greenville, South Carolina

Janitorial USA





2020 Acquisition








January 15, 2020

ESC Automation Inc. and its subsidiaries (“ESC“)

Vancouver, British Columbia

Technical Services





 

GDI INTEGRATED FACILITY SERVICES INC.
Supplementary Quarterly Financial Information
Years ended December 31, 2021 and 2020
(In thousands of Canadian dollars)

Three months ended





(in thousands of Canadian dollars,
except per share data) (1)

December

2021

September

2021

June

2021

March

2021


Revenue

433,022

408,356

372,190

383,601


Operating income

14,598

17,948

24,014

27,237


     Depreciation and amortization

15,568

12,864

12,222

11,457


     Canadian Emergency Wage Subsidy and related expenses

(463)

(5,466)

(7,199)


     Transaction, reorganization and other costs

1,704

570

317

504


     Share-based compensation

1,673

1,801

1,926

1,504


Adjusted EBITDA

33,543

32,720

33,013

33,503


Net income for the period

6,914

9,416

13,959

13,076


Earnings per share






   Basic

0.30

0.41

0.61

0.57


   Diluted

0.29

0.40

0.59

0.56


Three months ended






(in thousands of Canadian dollars,
except per share data) (1)

December

2020

September

2020

June

2020

March

2020


Revenue

364,669

365,358

326,732

354,852


Operating income

27,746

24,415

29,792

8,542


     Depreciation and amortization

10,365

10,415

11,830

9,421


     Canadian Emergency Wage Subsidy and related expenses

(9,385)

(6,145)

(23,250)


     Transaction, reorganization and other costs

1,813

141

2,469

739


     Share-based compensation

1,619

1,365

1,703

1,335


Adjusted EBITDA

32,158

30,191

22,544

20,037


Net income for the period

17,017

13,187

13,485

4,302


Earnings per share






   Basic

0.75

0.59

0.63

0.20


   Diluted

0.73

0.57

0.61

0.20










(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 2021 and September 30, 2021 were favourably impacted by the Canadian Emergency Wage Subsidy and related expenses.

SOURCE GDI Integrated Facility Services Inc.

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