GDI Integrated Facility Services Inc. Releases its Financial Results for the Second Quarter Ended June 30, 2023

Posted on: August 08, 2023
  • Q2 2023 revenue of $609 million, an increase of $83 million, or 16%, over Q2 2022.
  • Q2 2023 Adjusted EBITDA* of $34 million, a decrease of $4 million, or 11%, compared to Q2 2022.
  • Q2 2023 net income of $1 million or $0.04 per share compared with $10 million or $0.40 per share for the second quarter of 2022.

LASALLE, QC, Aug. 8, 2023 /CNW/ – GDI Integrated Facility Services Inc. (“GDI” or the “Company“) (TSX: GDI) is pleased to announce its financial results for the second quarter ended June 30, 2023.

For the second quarter of 2023:

  • Revenue reached $609 million, an increase of $83 million, or 16%, over the second quarter of 2022, comprised of 12% organic growth, 1% growth from acquisitions and 3% growth from the appreciation of the U.S. dollar relative to the Canadian dollar.
  • Adjusted EBITDA* amounted to $34 million, a decrease of $4 million, or 11%, compared to the second quarter of 2022.
  • Net income was $1 million or $0.04 per share compared to $10 million or $0.40 per share in Q2 2022. The decrease of net income in the second quarter of 2023 compared to 2022 is mainly attributable to lower operating income of $7 million and higher net finance expense of $6 million, partially offset by lower income tax expense of $4 million.

For the second 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

144

145

180

164

264

199

21

18

609

526

Organic (Decline) Growth

(1 %)

14 %

0 %

12 %

31 %

8 %

17 %

9 %

12 %

11 %

Adjusted EBITDA* (3)

13

19

13

13

12

8

(4)

(2)

34

38

Adjusted EBITDA Margin*

9 %

13 %

7 %

8 %

5 %

4 %

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. 

 

For the six-month period ended June 30, 2023:

  • Revenue reached $1.2 billion, an increase of $179 million, or 18%, over the corresponding period of 2022, comprised of 13% 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 $67 million, a decrease of $7 million, or 9%, over the corresponding period of 2022.
  • Net income was $5 million or $0.19 per share compared to $17 million or $0.71 per share over the corresponding period of 2022. The decrease of net income in 2023 over the corresponding period of 2022 is mainly attributable to lower operating income of $13 million and higher net finance expense of $4 million, partially offset by lower income tax expense of $5 million.

For the first two 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

286

287

356

327

516

371

42

36

1,200

1,021

Organic (Decline) Growth

(1 %)

10 %

(1 %)

13 %

36 %

3 %

14 %

0 %

13 %

7 %

Adjusted EBITDA* (3)

27

39

25

25

23

14

(8)

(4)

67

74

Adjusted EBITDA Margin*

9 %

14 %

7 %

8 %

4 %

4 %

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 a solid second quarter, recording $144 million in revenue while generating $13 million in Adjusted EBITDA*. GDI’s Business Services USA segment also performed well in Q2 2023, recording revenue of $180 million, and Adjusted EBITDA* of $13 million. Both Business Services segments experienced flat to slightly negative organic revenue growth that is attributable to a lower amount of COVID-19 related extra services as compared to Q2 2022, which also led to lower Adjusted EBITDA* margin.

The Technical Services segment had another strong quarter, recording revenue of $264 million or growth of 33% over Q2 2022, including organic growth of 31%. The segment recorded Adjusted EBITDA* of $12 million compared to $8 million in Q2 2022, representing an Adjusted EBITDA margin* of 5%.

Finally, GDI’s Corporate and Other segment recorded revenue of $21 million compared to revenue of $18 million in Q2 2022, representing Organic Growth of 17%, due to strong performance in GDI’s integrated facility services business unit (“GDI IFS”) as well as GDI’s janitorial products manufacturing and distribution business. The Corporate and Other segment is composed of these two businesses as well as GDI’s corporate costs and elimination of intercompany transactions.

“I am very pleased with GDI’s overall performance in Q2 F2023,” stated Claude Bigras, President & CEO of GDI. “On a consolidated basis we generated revenue growth of 16% including double digit organic growth of 12%. We continued to see an expected reduction in Adjusted EBITDA* margin in our Business Services Canada segment as our business in the Class A office market has been adapting to a post-COVID operating environment. We believe we are now approaching the end of the decline and expect Adjusted EBITDA* margin to stabilize in the second half of the year. We have a very active pipeline of new bidding opportunities in both Business Services segments, and I am optimistic regarding organic growth going forward. Our Technical Services segment had another very strong quarter, delivering 31% of organic growth and an Adjusted EBITDA* margin of 5% in what is historically the segment’s second weakest quarter. Ainsworth is continuing to perform well across all its geographies and generated bookings in line with billings during the quarter, ending Q2 with a backlog that remains at record levels. Our janitorial products manufacturing and distribution business is recovering from its COVID-induced challenges, and we are seeing progressive and consistent improvements in revenue and margin, and our GDI IFS business unit is continuing to pursue new client opportunities across Canada and the USA,” stated Mr. Bigras.

“While I am quite happy with GDI’s performance in Q2 there are areas where we can improve. The significant organic growth generated by Ainsworth during the first half of 2023 has required a meaningful investment in working capital in order to support that growth. We are actively working on strategies to reduce our working capital requirements on a sustainable basis and expect to realize benefits from these efforts in the coming quarters.  Our leverage ratios still remain within our comfort zone and we are actively working on a healthy pipeline of strategic growth opportunities. Our balance sheet remains strong, the outlook for organic growth across all of our business segments is very positive and I am looking forward to GDI’s performance in the second half of the year,” 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.

For more information, please contact:

Investors, Analysts and Media


David Hinchey

Executive Vice President of Corporate Development

Telephone: 514-368-8690 ext. 282



Analyst Conference Call:

August 9, 2023 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
:  38545487


A rebroadcast of the conference call will be available
until August 16, 2023 by dialing:

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


Local
: 416-764-8677 (Toronto)


Confirmation Code
: 545487 #

 

June 30, 2023 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on www.sedarplus.ca.

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited) (In millions of Canadian dollars)



As at June 30, 
2023


As at December 31, 
2022 

Assets










Current assets





Cash


15


7

Trade and other receivables and contract assets


553


524

Current tax assets


14


7

Inventories


45


45

Other financial assets


12


11

Prepaid expenses and other


14


9

Derivatives


3


3

Total current assets


656


606






Non-current assets





Property, plant and equipment


123


122

Intangible assets


130


139

Goodwill


343


344

Derivatives



1

Other assets


10


8

Total non-current assets


606


614






Total assets


1,262


1,220






Liabilities and Shareholders’ Equity










Current liabilities





Bank indebtedness


3


10

Trade and other payables


280


286

Provisions


24


26

Contract liabilities


33


30

Current tax liabilities


3


2

Current portion of long-term debt


39


43

Total current liabilities


382


397






Non-current liabilities





Long-term debt


405


345

Long-term payables


2


5

Deferred tax liabilities


32


34

Total non-current liabilities


439


384






Shareholders’ equity





Share capital


379


379

Retained earnings


54


49

Contributed surplus


2


4

Accumulated other comprehensive income


6


7

Total shareholders’ equity


441


439






Total liabilities and shareholders’ equity


1,262


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 June 30,

Six-month
periods

ended June 30, 


2023

2022

2023

2022






Revenues

609

526

1,200

1,021






Cost of services

497

415

979

809

Selling and administrative expenses

81

74

159

141

Amortization of intangible assets

6

6

11

12

Depreciation of property, plant and equipment

13

12

25

22

Strategic information technology projects configuration and
customization costs

1

1

2

1

Transaction, reorganization and other costs

1

1

2

1

Operating income

10

17

22

35






Net finance expense

8

2

14

10

Income before income taxes

2

15

8

25






Income tax expense

1

5

3

8

Net income

1

10

5

17






Other comprehensive income (loss)





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





Foreign currency translation differences for foreign operations

(7)

8

(7)

4

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

7

(7)

7

(3)

Cash flow hedges, effective portion of changes in fair value, net
     of tax of nil and nil (nil and ($1) in 2022)

1

(1)

3


2

(1)

4






Total comprehensive income

1

12

4

21











Earnings per share:





Basic

0.04

0.40

0.19

0.71

Diluted

0.04

0.40

0.19

0.69

 

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Changes in Equity
Six-month periods ended June 30, 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

17

17

Other comprehensive income

4

4

Total comprehensive income

for the period

17

4

21








Transactions with owners of the

Company:






Stock options exercised

148

4

(1)

 −

3

Share-based compensation

1

1








Balance, June 30, 2022

23,269

375

30

6

5

416








Balance, January 1, 2023

23,414

379

49

4

7

439








Net income

5

5

Other comprehensive loss

(1)

(1)

Total comprehensive income

for the period

5

(1)

4








Transactions with owners of the

Company:






Stock options exercised

66

1

1

Share-based compensation

1

1

Shares repurchased for cancellation

(98)

(1)

(3)

(4)








Balance, June 30, 2023

23,382

379

54

2

6

441

 

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited) (In millions of Canadian dollars)

Six-month periods ended June 30,


2023

2022




Cash flows from (used in) operating activities



Net income

5

17

Adjustments for:



Depreciation and amortization

36

34

Equity portion of share-based compensation

1

1

Net finance expense

14

10

Income tax expense

3

8

Income taxes paid

(11)

(13)

Net changes in non-cash operating assets and liabilities   

(49)

(57)

Net cash used in operating activities

(1)




Cash flows from (used in) financing activities



Proceeds from issuance of long-term debt                                                         

177

125

Repayment of long-term debt

(118)

(87)

Payment of lease liabilities

(16)

(13)

Interest paid

(10)

(4)

Other

(4)

3

Net cash from financing activities

29

24




Cash flows (used in) from investing activities



Business acquisitions, net of cash acquired

(2)

(33)

Additions to property, plant and equipment

(11)

(9)

Additions to intangible assets

(3)

(4)

Proceeds on disposal of property, plant and equipment

1

1

Net cash used in investing activities

(15)

(45)




Foreign exchange gain on cash held in foreign currencies

2




Net change in cash (bank indebtedness)

15

(21)




(Bank indebtedness) cash, beginning of period:



Cash

7

24

Bank indebtedness

(10)

(3)


(3)

21




Cash, end of period:



Cash

15

4

Bank indebtedness

(3)

(4)


12

 

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars) 


Three-month period ended June 30, 2023


Business
Services
Canada


Business
Services

USA


Technical
Services


Corporate
and Other (1)


     Total













Recurring/contractual services

124


170


21


4


319


On-call services

11


10


73


2


96


Project



170



170


Manufacturing and distribution




18


18


Other revenues

6





6













Total external revenues

141


180


264


24


609


Inter-segment revenues

3




(3)



Revenues

144


180


264


21


609













Income (loss) before income taxes

10


8


2


(18)


2


Net finance expense


1


1


6


8


Operating income (loss)

10


9


3


(12)


10


Depreciation and amortization

3


4


9


3


19


Transaction, reorganization, and other costs




1


1


Share-based compensation (2)




3


3


Strategic information technology projects
     configuration and customization costs




1


1


Adjusted EBITDA (3)

13


13


12


(4)


34













Total assets

259


338


546


119


1,262


Total liabilities

68


81


261


411


821


Additions to property, plant and equipment

3


3


6


2


14


Additions to intangible assets



1


2


3


Goodwill recorded on business acquisition



2



2




(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.

 

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars)





Three-month period ended June 30, 2022


Business
Services
Canada


Business
Services

USA


Technical
Services


Corporate
and Other (1) 


     Total











Recurring/contractual services

118


152


18


3


291

On-call services

17


12


57


1


87

Project



123



123

Manufacturing and distribution




17


17

Other revenues

7




1


8











Total external revenues

142


164


198


22


526

Inter-segment revenues

3



1


(4)


Revenues

145


164


199


18


526











Income (loss) before income taxes

15


7


(1)


(6)


15

Net finance expense


3


1


(2)


2

Operating income (loss)

15


10



(8)


17

Depreciation and amortization

4


3


8


3


18

Transaction, reorganization, and other costs




1


1

Share-based compensation (2)




1


1

Strategic information technology projects
      configuration and customization costs




1


1

Adjusted EBITDA (3)

19


13


8


(2)


38











Total assets (4)

267


320


515


118


1,220

Total liabilities (4)

81


68


232


400


781

Additions to property, plant and equipment

1


1


4


4


10

Additions to intangible assets



(3)


2


(1)

Goodwill recorded on business acquisition



3



3



(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.

(4)

As at December 31, 2022.

 

GDI INTEGRATED FACILITY SERVICES INC.
Segmented information
(In millions of Canadian dollars)


Six-month period ended June 30, 2023


Business
Services
Canada


Business
Services

USA


Technical
Services


Corporate
and Other (1)


     Total













Recurring/contractual services

244


337


42


11


634


On-call services

23


19


147


3


192


Project



327



327


Manufacturing and distribution




33


33


Other revenues

13




1


14













Total external revenues

280


356


516


48


1,200


Inter-segment revenues

6




(6)



Revenues

286


356


516


42


1,200













Income (loss) before income taxes

22


16


3


(33)


8


Net finance expense


1


3


10


14


Operating income (loss)

22


17


6


(23)


22


Depreciation and amortization

5


8


16


7


36


Transaction, reorganization, and other costs



1


1


2


Share-based compensation (2)




5


5


Strategic information technology projects
     configuration and customization costs




2


2


Adjusted EBITDA (3)

27


25


23


(8)


67













Total assets

259


338


546


119


1,262


Total liabilities

68


81


261


411


821


Additions to property, plant and equipment

4


5


13


5


27


Additions to intangible assets



1


3


4


Goodwill recorded on business acquisition



2



2




(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
(In millions of Canadian dollars)


Six-month period ended June 30, 2022


Business
Services
Canada


Business
Services

USA


Technical
Services


Corporate
and Other (1)


     Total













Recurring/contractual services

232


300


42


7


581


On-call services

36


27


108


2


173


Project



220



220


Manufacturing and distribution




32


32


Other revenues

14




1


15













Total external revenues

282


327


370


42


1,021


Inter-segment revenues

5



1


(6)



Revenues

287


327


371


36


1,021













Income (loss) before income taxes

32


13


(3)


(17)


25


Net finance expense


5


2


3


10


Operating income (loss)

32


18


(1)


(14)


35


Depreciation and amortization

7


7


15


5


34


Transaction, reorganization, and other costs




1


1


Share-based compensation (2)




3


3


Strategic information technology projects
     configuration and customization costs




1


1


Adjusted EBITDA (3)

39


25


14


(4)


74













Total assets (4)

267


320


515


118


1,220


Total liabilities (4)

81


68


232


400


781


Additions to property, plant and equipment

3


3


13


5


24


Additions to intangible assets



10


4


14


Goodwill recorded on business acquisition



24



24




(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.

(4) 

As at December 31, 2022.

 

GDI INTEGRATED FACILITY SERVICES INC.
Business acquisitions

Acquisition date


Company acquired


Location


Segment reporting

2023 Acquisition







June 1, 2023


React Technical, Inc. (“React“)


New York, New York


Technical Services








2022 Acquisitions







January 21, 2022


Gestion E.C.I. inc. and its subsidiaries
(“Énergère“)


Montréal, Quebec


Technical Services








March 1, 2022


M.T.I. Mechanical Trade Industries Ltd.
and its subsidiary
(“MTI“)


Markham, Ontario


Technical Services








September 1, 2022


Cascadian Building Maintenance, Ltd.
(“
Cascadian“)


Bellevue, Washington


Business Services USA








 

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)

June

2023


March

2023


December

2022


September

2022

Revenue

609


591


588


563

Operating income

10


12


15


19

Depreciation and amortization

19


17


22


18

Transaction, reorganization and other costs

1


1


1


1

Share-based compensation

3


2


3


2

Strategic information technology projects
     configuration and customization costs

 

1


1


1


2

Adjusted EBITDA (2)

34


33


42


42

Net income for the period

1


4


10


11

Earnings per share








   Basic

0.04


0.15


0.41


0.45

   Diluted

0.04


0.15


0.40


0.44









Three months ended
















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

June

2022


March

2022


December

2021


September

2021

Revenue

526


495


433


408

Operating income

17


18


15


18

Depreciation and amortization

18


16


15


13

Canadian Emergency Wage Subsidy and related expenses

‒ 


‒ 


‒ 


(1)

Transaction, reorganization and other costs

1


‒ 


2


1

Share-based compensation

1


2


2


2

Strategic information technology projects
     configuration and customization costs

1


‒ 


‒ 


‒ 

Adjusted EBITDA (2)

38


36


34


33

Net income for the period

10


7


7


9

Earnings per share








   Basic

0.40


0.30


0.30


0.41

   Diluted

0.40


0.30


0.29


0.40



(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 period ended September 30, 2021 was 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 September 30, 2021, December 31, 2021, and March 31, 2022.



SOURCE GDI Integrated Facility Services Inc.

Subscribe

Signup Form

Hidden