GDI Integrated Facility Services Inc. Releases its Financial Results for the Third quarter Ended September 30, 2023

Posted on: November 09, 2023
  • Q3 2023 revenue of $615 million, an increase of $52 million, or 9%, over Q3 2022.
  • Q3 2023 Adjusted EBITDA* of $39 million, representing an Adjusted EBITDA* margin of 6%.
  • Q3 2023 net income of $8 million or $0.35 per share compared with $11 million or $0.45 per share for the third quarter of 2022.

LASALLE, QC, Nov. 9, 2023 /CNW/ – GDI Integrated Facility Services Inc. (“GDI” or the “Company“) (TSX: GDI) is pleased to announce its financial results for the third quarter ended September 30, 2023.

For the third quarter of 2023:

  • Revenue reached $615 million, an increase of $52 million, or 9%, over the third quarter of 2022, comprised of 7% organic growth, 1% growth from acquisitions and 1% growth from the appreciation of the U.S. dollar relative to the Canadian dollar.
  • Adjusted EBITDA* amounted to $39 million, representing an Adjusted EBITDA* margin of 6%.
  • Net income was $8 million or $0.35 per share compared to $11 million or $0.45 per share in Q3 2022. The decrease of net income in the third quarter of 2023 compared to 2022 is mainly attributable to lower operating income of $3 million and higher net finance expense of $2 million, partially offset by lower income tax expense of $2 million.

For the third 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

142

185

174

269

230

15

17

615

563

Organic Growth (Decline)

3 %

7 %

0 %

(2 %)

15 %

12 %

0 %

18 %

7 %

7 %

Adjusted EBITDA* (3)

14

17

14

12

16

15

(5)

(3)

39

41

Adjusted EBITDA Margin*

10 %

12 %

8 %

7 %

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 now exclude the strategic information technology projects configuration and customization costs. 2022 results were recast to align with the revised definition. 

___________________________

* 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 nine-month period ended September 30, 2023:

  • Revenue reached $1.8 billion, an increase of $231 million, or 15%, over the corresponding period of 2022, comprised of 11% 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 $106 million, a decrease of $8 million, or 7%, over the corresponding period of 2022.
  • Net income was $13 million or $0.55 per share compared to $27 million or $1.16 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 $15 million and higher net finance expense of $6 million, mostly offset by lower income tax expense of $7 million.

For the first three 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

432

428

541

502

785

602

57

52

1,815

1,584

Organic Growth (Decline)

1 %

9 %

(1 %)

7 %

28 %

6 %

8 %

3 %

11 %

7 %

Adjusted EBITDA* (3)

41

55

39

37

39

30

(13)

(8)

106

114

Adjusted EBITDA Margin*

10 %

13 %

7 %

7 %

5 %

5 %

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 third quarter, recording $146 million in revenue while generating $14 million in Adjusted EBITDA*, representing an Adjusted EBITDA margin* of 10%. GDI’s Business Services USA segment also performed well in Q3 2023, recording revenue of $185 million, and Adjusted EBITDA* of $14 million, representing an Adjusted EBITDA margin* of 8%. Both Business Services segments experienced flat to slightly positive organic revenue growth that is attributable to some customers now operating at pre-COVID-19 levels.  

The Technical Services segment had another strong quarter, recording revenue of $269 million or growth of 17% over Q3 2022, including organic growth of 15%. The segment recorded Adjusted EBITDA*of $16 million compared to $15 million in Q3 2022, representing an Adjusted EBITDA margin* of 6%.

Finally, GDI’s Corporate and Other segment recorded revenue of $15 million compared to revenue of $17 million in Q3 2022. The Corporate and Other segment is composed of GDI’s integrated facility services business unit (“GDI IFS”), GDI’s janitorial products manufacturing and distribution business as well as GDI’s corporate costs and elimination of intercompany transactions.

“I am very pleased with GDI’s overall performance in Q3 F2023,” stated Claude Bigras, President & CEO of GDI. “On a consolidated basis, we achieved revenue growth of 9% which included organic growth of 7%. While we generated an expected reduction in Adjusted EBITDA margin* compared to 2022 due to a reduction in higher margin COVID-related services in our Business Services Canada segment, we are very encouraged by the stabilization of Adjusted EBITDA margin in the segment which stood at 10% in Q3 FY23. Our Business Services USA segment had a strong third quarter, demonstrating improved profitability year-over-year with a 1% increase in Adjusted EBITDA* margin compared to 2022. During the quarter the business successfully renegotiated a client contract to remove a large amount of no margin pass-through revenue that was recorded in the prior year which had the effect of negatively impacting organic growth in the quarter. Our Technical Services segment had a good quarter with organic growth of 15% and an Adjusted EBITDA margin* of 6%. Ainsworth continues to perform well across all its geographical areas and ended Q3 with a backlog near record levels. Our janitorial products manufacturing and distribution business is recovering from COVID-induced challenges, continuing to show consistent improvements in revenue and margin, and our GDI IFS business unit is actively pursuing new client opportunities across Canada and the USA. Additionally, I am pleased to welcome the employees of Atalian USA that joined the GDI family on October 31, 2023. The acquisition adds over 2,500 team members to our Business Services USA business and enhances our presence in the US market, and notably expands our Building Services capabilities in the New York City market where our Ainsworth business is already well established. The Atalian integration is underway and is expected to be completed by early 2024, with margin optimization efforts expected to be realized through the end of 2024.

“While I am very pleased with GDI’s performance in Q3, earlier this year we had identified areas where we can improve and have been actively addressing them. The significant organic growth generated by Ainsworth in 2023 required a meaningful investment in working capital in order to support that growth. We have implemented strategies to optimize working capital requirements, which have already led to better work in progress management and improved efficiencies in billing, and we expect to realize incrementally positive effects on free cash flow in the upcoming quarters. We stabilized our debt level in the third quarter despite a 15% organic growth rate at Ainsworth. Our leverage ratios remain within our comfort zone and we increased the availability of credit by $100 million with our existing bank syndicate in Q3, allowing us greater flexibility to pursue strategic growth opportunities. With a healthy balance sheet and a positive outlook for organic and acquisition growth across all business segments, I am looking forward to GDI’s performance in the quarters to come,” 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.



Analyst Conference Call:

November 10, 2023 at 9:00 A.M. (ET)




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September 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 September 30,
2023

As at December 31,
2022

Assets










Current assets





Cash


7


7

Trade and other receivables and contract assets


581


524

Current tax assets


15


7

Inventories


44


45

Other financial assets


12


11

Prepaid expenses and other


13


9

Derivatives


2


3

Total current assets


674


606






Non-current assets





Property, plant and equipment


122


122

Intangible assets


127


139

Goodwill


346


344

Derivatives



1

Other assets


10


8

Total non-current assets


605


614






Total assets


1,279


1,220






Liabilities and Shareholders’ Equity










Current liabilities





Bank indebtedness


1


10

Trade and other payables


286


286

Provisions


24


26

Contract liabilities


34


30

Current tax liabilities


3


2

Current portion of long-term debt


40


43

Total current liabilities


388


397






Non-current liabilities





Long-term debt


404


345

Long-term payables


4


5

Deferred tax liabilities


33


34

Total non-current liabilities


441


384






Shareholders’ equity





Share capital


380


379

Retained earnings


62


49

Contributed surplus


2


4

Accumulated other comprehensive income


6


7

Total shareholders’ equity


450


439






Total liabilities and shareholders’ equity


1,279


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 September 30,

Nine-month periods

ended September 30,


2023

2022

2023

2022






Revenues

615

563

1,815

1,584






Cost of services

498

453

1,478

1,263

Selling and administrative expenses

80

71

238

212

Amortization of intangible assets

6

6

17

19

Depreciation of property, plant and equipment

13

12

38

33

Strategic information technology projects configuration and customization costs

2

1

4

2

Transaction, reorganization and other costs

1

2

2

Operating income

16

19

38

53






Net finance expense

5

3

19

13

Income before income taxes

11

16

19

40






Income tax expense

3

5

6

13

Net income

8

11

13

27






Other comprehensive income (loss)





 Gains (losses) that are or may be reclassified to earnings:





Foreign currency translation differences for foreign operations

6

18

(1)

23

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

(6)

(15)

1

(19)

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

1

(1)

3


4

(1)

7






Total comprehensive income

8

15

12

34











Earnings per share:





Basic

0.35

0.45

0.55

1.16

Diluted

0.35

0.44

0.54

1.13

GDI INTEGRATED FACILITY SERVICES INC.
Condensed Consolidated Interim Statements of Changes in Equity
Nine-month periods ended September 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

27

27

Other comprehensive income

7

7

Total comprehensive income for the period

27

7

34

Transactions with owners of the Company:






Stock options exercised

185

5

(1)

4

Share-based compensation

1

1

Shares repurchased for cancellation

(12)

(1)

(1)

Balance, September 30, 2022

23,294

375

40

6

8

429








Balance, January 1, 2023

23,414

379

49

4

7

439

Net income

13

13

Other comprehensive loss

(1)

(1)

Total comprehensive income for the period

13

(1)

12

Transactions with owners of the Company:






Stock options exercised

94

2

2

Share-based compensation

1

1

Shares repurchased for cancellation

(98)

(1)

(3)

(4)

Balance, September 30, 2023

23,410

380

62

2

6

450

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

Nine-month periods ended September 30,


2023

2022




Cash flows from (used in) operating activities



Net income

13

27

Adjustments for:



Depreciation and amortization

55

52

Equity portion of share-based compensation

1

1

Net finance expense

19

13

Income tax expense

6

13

Income taxes paid

(13)

(16)

Net changes in non-cash operating assets and liabilities   

(60)

(75)

Net cash used in operating activities

21

15




Cash flows from (used in) financing activities



Proceeds from issuance of long-term debt                                                         

319

169

Repayment of long-term debt

(269)

(108)

Payment of lease liabilities

(24)

(20)

Interest paid

(17)

(7)

Other

(2)

2

Net cash from financing activities

7

36




Cash flows (used in) from investing activities



Business acquisitions, net of cash acquired

(2)

(37)

Additions to property, plant and equipment

(15)

(15)

Additions to intangible assets

(3)

(5)

Proceeds on disposal of property, plant and equipment

1

Net cash used in investing activities

(19)

(57)




Net change in cash (bank indebtedness)

9

(6)




(Bank indebtedness) cash, beginning of period:



Cash

7

24

Bank indebtedness

(10)

(3)


(3)

21




Cash, end of period:



Cash

7

15

Bank indebtedness

(1)


6

15

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


Three-month period ended September 30, 2023


Business
Services
Canada

Business
Services

USA

Technical
Services

Corporate
and Other (1)

     Total







Recurring/contractual services

125

177

21

3

326

On-call services

11

8

75

1

95

Project

173

173

Manufacturing and distribution

14

14

Other revenues

7

7







Total external revenues

143

185

269

18

615

Inter-segment revenues

3

(3)

Revenues

146

185

269

15

615







Income (loss) before income taxes

11

8

6

(14)

11

Net finance expense

2

1

2

5

Operating income (loss)

11

10

7

(12)

16

Depreciation and amortization

3

4

9

3

19

Transaction, reorganization, and other costs

Share-based compensation (2)

2

2

Strategic information technology projects configuration and customization costs

2

2

Adjusted EBITDA (3)

14

14

16

(5)

39







Total assets

260

346

554

119

1,279

Total liabilities

68

85

265

411

829

Additions to property, plant and equipment

2

2

6

1

11

Additions to intangible assets

Goodwill recorded on business acquisition

(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 September 30, 2022


Business
Services
Canada

Business
Services

USA

Technical
Services

Corporate
and Other (1) 

     Total







Recurring/contractual services

118

160

24

3

305

On-call services

14

14

64

92

Project

137

137

Manufacturing and distribution

17

17

Other revenues

7

5

12







Total external revenues

139

174

230

20

563

Inter-segment revenues

3

(3)

Revenues

142

174

230

17

563







Income (loss) before income taxes

13

7

7

(11)

16

Net finance expense

1

2

3

Operating income (loss)

13

8

7

(9)

19

Depreciation and amortization

4

4

8

2

18

Transaction, reorganization, and other costs

1

1

Share-based compensation (2)

2

2

Strategic information technology projects       configuration and customization costs

1

1

Adjusted EBITDA (3)

17

12

15

(3)

41







Total assets (4)

267

320

515

118

1,220

Total liabilities (4)

81

68

232

400

781

Additions to property, plant and equipment

4

5

12

3

24

Additions to intangible assets

4

1

5

Goodwill recorded on business acquisition

4

(1)

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)


Nine-month period ended September 30, 2023


Business
Services
Canada

Business
Services

USA

Technical
Services

Corporate
and Other (1)

     Total







Recurring/contractual services

370

513

63

14

960

On-call services

33

28

222

4

287

Project

500

500

Manufacturing and distribution

47

47

Other revenues

20

1

21







Total external revenues

423

541

785

66

1,815

Inter-segment revenues

9

(9)

Revenues

432

541

785

57

1,815







Income (loss) before income taxes

33

24

9

(47)

19

Net finance expense

3

4

12

19

Operating income (loss)

33

27

13

(35)

38

Depreciation and amortization

8

12

25

10

55

Transaction, reorganization, and other costs

1

1

2

Share-based compensation (2)

7

7

Strategic information technology projects configuration and customization costs

4

4

Adjusted EBITDA (3)

41

39

39

(13)

106







Total assets

260

346

554

119

1,279

Total liabilities

68

85

265

411

829

Additions to property, plant and equipment

6

7

19

6

38

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)


Nine-month period ended September 30, 2022


Business
Services
Canada

Business
Services

USA

Technical
Services

Corporate
and Other (1)

     Total







Recurring/contractual services

350

460

66

10

886

On-call services

49

41

173

2

265

Project

357

357

Manufacturing and distribution

48

48

Other revenues

21

1

5

1

28







Total external revenues

420

502

601

61

1,584

Inter-segment revenues

8

1

(9)

Revenues

428

502

602

52

1,584







Income (loss) before income taxes

45

19

4

(28)

40

Net finance expense

6

2

5

13

Operating income (loss)

45

25

6

(23)

53

Depreciation and amortization

10

12

23

7

52

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)

55

37

30

(8)

114







Total assets (4)

267

320

515

118

1,220

Total liabilities (4)

81

68

232

400

781

Additions to property, plant and equipment

6

7

17

7

37

Additions to intangible assets

4

10

5

19

Goodwill recorded on business acquisition

4

23

27

(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)

September

2023

March

2023

March

2023

December

2022

Revenue

615

609

591

588

Operating income

16

10

12

15

Depreciation and amortization

19

19

17

22

Transaction, reorganization and other costs

1

1

1

Share-based compensation

2

3

2

3

Strategic information technology projects configuration and customization costs

2

1

1

1

Adjusted EBITDA (2)

39

34

33

42

Net income for the period

8

1

4

10

Earnings per share





   Basic

0.35

0.04

0.15

0.41

   Diluted

0.35

0.04

0.15

0.40

 

Three months ended





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

September

2022

June

2022

March

2022

December

2021

Revenue

563

526

495

433

Operating income

19

17

18

15

Depreciation and amortization

18

18

16

15

Transaction, reorganization and other costs

1

1

2

Share-based compensation

2

1

2

2

Strategic information technology projects configuration and customization costs

1

1

Adjusted EBITDA (2)

41

38

36

34

Net income for the period

11

10

7

7

Earnings per share





   Basic

0.45

0.40

0.30

0.30

   Diluted

0.44

0.40

0.30

0.29

(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 periods ended December 31, 2021, and March 31, 2022.

SOURCE GDI Integrated Facility Services Inc.

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