TORONTO, March 2, 2022 /CNW/ - Andlauer Healthcare Group
Inc. (TSX: AND) ("AHG" or the "Company") today reported its
financial results for the three-month period ("Q4 2021") and year
ended December 31, 2021 ("Fiscal
2021").
Q4 2021 Summary
- Revenue increased 53.6% to $133.0
million, compared to $86.6
million in the three months ended December 31, 2020 ("Q4 2020");
- Operating income increased 50.2% to $21.5 million, compared to $14.3 million in Q4 2020;
- Net income, including a gain of $37.9
million on the step acquisition of 51% of Skelton
USA Inc. (the "step acquisition",
discussed below) increased to $53.1
million, compared to $13.9
million in Q4 2020;
- Total comprehensive income increased to $56.0 million, or $1.26 per share (diluted) compared to
$13.9 million, or $0.36 per share (diluted) in Q4 2020;
- EBITDA1 increased to $73.7
million, or $35.8 million
excluding the gain on the step acquisition, compared to
$22.0 million in Q4 2020;
- EBITDA Margin1 was 55.4%, or 26.9% excluding the
gain on the step acquisition, compared to 25.4% in Q4 2020;
- AHG continued to provide logistics and distribution,
specialized transportation, and packaging solutions to certain of
its manufacturer, 3PL provider, wholesaler and government clients
that are involved in the Canadian supply of COVID-19 vaccines and
ancillary products. In Q4 2021, the Company's COVID-19
pandemic-related revenue comprised approximately 5.0% of total
revenue, compared with effectively nil in Q4 2020 and 2.5% in the
three months ended September 30,
2021;
- On October 26, 2021, together
with Andlauer Management Group Inc. (the "Selling Shareholder"),
AHG completed a bought deal offering of 3.5 million subordinate
voting shares at a price of $48.20
per subordinate voting share for aggregate gross proceeds of
$168.7 million (the "Offering"). The
Offering was comprised of 2.0 million subordinate voting shares
issued from treasury and offered by AHG for gross proceeds of
$96.4 million, and 1.5 million
subordinate voting shares offered by the Selling Shareholder, for
gross proceeds to the Selling Shareholder of $72.3 million;
- On November 1, 2021, AHG acquired
100% of T.F. Boyle Transportation, Inc. ("Boyle Transportation")
and 51% of Skelton USA, increasing
its aggregate ownership of Skelton USA to 100%. Boyle Transportation and Skelton
USA accounted for approximately
$19.0 million of consolidated revenue
during Q4 2021; and
- AHG continued to maintain service levels across its operations,
while monitoring the safety measures implemented in response to
COVID-19 to prioritize the health and safety of its personnel,
clients, and suppliers.
Fiscal 2021 Summary
- Revenue increased 40.0% to $440.1
million, compared to $314.3
million in the year ended December
31, 2020 ("Fiscal 2020");
- Operating income increased 44.7% to $73.7 million, compared to $50.9 million in Fiscal 2020;
- Net income increased to $90.0
million, including the gain on the step acquisition,
compared to $37.7 million in Fiscal
2020. Net income excluding the gain on step acquisition was
$52.0 million for Fiscal 2021;
- Total comprehensive income increased to $92.8 million, or $2.25 per share (diluted), compared to
$37.7 million, or $0.98 per share (diluted), in Fiscal 2020;
- EBITDA1 increased to $157.2
million, or $119.3 million
excluding the gain on the step acquisition, compared to
$78.9 million in Fiscal 2020;
- EBITDA Margin1 was 35.7%, or 27.1% excluding the
gain on the step acquisition, compared to 25.1% in Fiscal 2020;
and
- On March 1, 2021, AHG acquired
100% of Skelton Canada Inc. ("Skelton") and 49% of Skelton
USA for total aggregate
consideration of approximately $114.7
million, before customary working capital adjustments.
Skelton added approximately $33.6
million of revenue during Fiscal 2021.
Subsequent Event
- On March 1, 2022, AHG acquired
100% of the issued and outstanding shares of Logistics Support Unit
(LSU) Inc. ("LSU") for consideration of
approximately $30.0 million before
customary working capital adjustments. LSU is a third-party logistics provider offering
specialty pharmacy, warehousing, distribution and order management
services throughout Canada to
national and international companies as well as government clients
in the pharmaceutical, medical and biotechnology sectors. The
purchase price was financed through the issuance of 154,639
subordinate voting shares and cash of approximately $22.5 million provided by a combination of cash
on hand and by drawing on the Company's credit facilities.
"We generated strong year-over-year growth in revenue and
profitability in both the fourth quarter and full year, reflecting
the positive contributions of our acquisitions and continued
organic growth," said Michael
Andlauer, Chief Executive Officer of AHG. "The acquisitions
we completed during 2021 have significantly enhanced our client
service offering and established a strong platform for growth in
the U.S. Our recent acquisition of LSU
further complements our expanding platform. Looking ahead, we are
well positioned to drive continued growth and enhanced shareholder
value in 2022 and beyond."
Selected Consolidated Financial Summary
|
Three
months
ended Dec. 31,
|
Year
ended
Dec. 31,
|
($CAD 000s, except
per share amounts)
|
2021
|
2020
|
Variance
|
2021
|
2020
|
Variance
|
Revenue
|
|
|
|
|
|
|
Logistics &
distribution
|
29,521
|
26,067
|
13.3 %
|
115,255
|
96,976
|
18.8 %
|
Packaging
solutions
|
4,351
|
3,924
|
10.9 %
|
20,072
|
19,380
|
3.6 %
|
Healthcare Logistics
segment
|
33,872
|
29,991
|
12.9 %
|
135,327
|
116,356
|
16.3 %
|
Ground
transportation
|
85,268
|
48,391
|
76.2 %
|
261,870
|
177,170
|
47.8 %
|
Air freight
forwarding
|
10,024
|
6,091
|
64.6 %
|
29,214
|
22,482
|
29.9 %
|
Dedicated and last
mile delivery
|
14,282
|
10,979
|
30.1 %
|
52,260
|
29,795
|
75.4 %
|
Intersegment
revenue
|
(10,421)
|
(8,820)
|
18.2 %
|
(38,556)
|
(31,463)
|
22.5 %
|
Specialized
Transportation segment
|
99,153
|
56,641
|
75.1 %
|
304,788
|
197,984
|
53.9 %
|
Total
revenue
|
133,025
|
86,632
|
53.6 %
|
440,115
|
314,340
|
40.0 %
|
Operating
expenses
|
111,573
|
72,351
|
54.2 %
|
366,412
|
263,401
|
39.1 %
|
Operating
income
|
21,452
|
14,281
|
50.2 %
|
73,703
|
50,939
|
44.7 %
|
Net
income
|
53,104
|
13,869
|
282.9 %
|
89,954
|
37,714
|
138.5 %
|
Foreign currency
translation adjustment
|
2,889
|
-
|
N/A
|
2,889
|
-
|
N/A
|
Total
comprehensive income
|
55,993
|
13,869
|
303.7 %
|
92,843
|
37,714
|
146.2%
|
Earnings per share –
basic
|
$ 1.29
|
$ 0.37
|
$ 0.92
|
$ 2.30
|
$ 1.00
|
$ 1.30
|
Earnings per share –
diluted
|
$ 1.26
|
$ 0.36
|
$ 0.90
|
$ 2.25
|
$ 0.98
|
$ 1.27
|
Select financial
metrics
|
|
|
|
|
|
|
EBITDA¹
|
73,691
|
21,964
|
235.5 %
|
157,177
|
78,912
|
99.2 %
|
EBITDA
Margin¹
|
55.4 %
|
25.4 %
|
3000 bps
|
35.7 %
|
25.1 %
|
1060 bps
|
|
|
|
|
|
|
|
Q4 2021 Financial Results
Revenue for Q4 2021 increased by 53.6% to $133.0 million, compared with $86.6 million in Q4 2020. The Skelton, Skelton
USA and Boyle Transportation
acquisitions accounted for approximately $30.9 million of the $46.4
million increase, with the remaining increase attributable
to organic growth as described below.
Revenue for the healthcare logistics segment totaled
$33.9 million, an increase of 12.9%
compared with Q4 2020. The increase was primarily attributable to
the 13.3% year-over-year growth in the Company's logistics and
distribution product line in Q4 2021, reflecting greater outbound
order handling activities. AHG's packaging solutions also
contributed to growth in the healthcare logistics segment, with
revenue totaling $4.4 million in the
quarter, an increase of 10.9% compared to Q4 2020.
Revenue in the specialized transportation segment totaled
$99.2 million, an increase of 75.1%
compared with Q4 2020. The increase was attributable to: 76.2%
growth in the Company's ground transportation product line driven
by incremental revenue from the Skelton, Skelton USA and Boyle Transportation acquisitions of
approximately $30.8 million, higher
volume from the Company's existing client base, and higher fuel
costs passed on to customers as a component of pricing, as well as
year-over-year growth in AHG's air freight forwarding and dedicated
and last mile delivery product lines of 64.6% and 30.1%,
respectively. Growth in air freight forwarding was attributable to
increased volume and growth in dedicated and last mile delivery was
attributable to incremental revenue from route expansion in
Western Canada and increases in
fuel costs passed on to customers.
Cost of transportation and services was $65.7 million, or 49.4% of revenue, compared with
$38.5 million, or 44.5% of revenue,
for Q4 2020. The higher cost of transportation and services for Q4
2021 reflects an approximate 4.1% increase in volume in the ATS
Healthcare business compared to Q4 2020, the acquisitions of
Skelton, Skelton USA and Boyle
Transportation, and higher fuel costs in line with the increases in
revenue related to fuel prices. The increase in the operating ratio
for Q4 2021 reflects the Skelton, Skelton USA and Boyle Transportation acquisitions,
which have increased the relative proportion of the specialized
transportation segment as a percentage of AHG's total consolidated
revenue and cost profiles.
Direct operating expenses were $21.3
million, or 16.0% of revenue, compared with $18.8 million, or 21.7% of revenue, for Q4 2020.
The increase was primarily attributable to growth in the Accuristix
logistics and distribution operations, and investments made to
expand the ATS Healthcare network in Canada. AHG's acquisitions (Skelton, Skelton
USA and Boyle Transportation) –
which are included in AHG's specialized transportation segment –
have lower facility-related costs compared to the healthcare
logistics segment, which results in a lower direct operating
expense operating ratio in Q4 2021 as compared to Q4 2020.
Selling, general and administrative ("SG&A") expenses were
$10.9 million, or 8.2% of revenue,
compared with $7.3 million, or 8.4%
of revenue, for Q4 2020. Increased SG&A expenses for Q4 2021
are attributable to the acquisitions of Skelton, Skelton
USA and Boyle Transportation, and
approximately $0.8 million of
professional fees related to the Boyle Transportation acquisition,
partially offset by a $0.3 million
reduction in the costs attributable to share-based compensation
expenses related to AHG's initial public offering. The decrease in
SG&A expenses as a percentage of revenue reflects operating
leverage generated within SG&A functions compared to revenue
growth.
Operating income for Q4 2021 was $21.5
million, an increase of 50.2% compared to $14.3 million for Q4 2020. Approximately
$3.5 million of the increase is
attributable to the acquisitions of Skelton, Skelton USA and Boyle Transportation, with the
remainder attributable to organic growth.
Net income for Q4 2021 of $53.1
million was significantly impacted by the gain on the step
acquisition of $37.9 million, while
net income for Q4 2020 of $13.9
million was impacted by a deferred income tax recovery of
approximately $4.3 million. However,
higher segment net income before eliminations for both the
healthcare logistics and specialized transportation operating
segments also contributed to the increased profitability in Q4 2021
on a consolidated basis.
Total comprehensive income for Q4 2021 was $56.0 million or $1.26 per share (diluted), compared to
$13.9 million, or $0.36 per share (diluted) in Q4 2020. Q4 2021 is
the first quarter in which total comprehensive income differs from
net income due to the acquisition of foreign operations (Skelton
USA and Boyle Transportation),
which resulted in a positive foreign currency translation
adjustment of $2.9 million in the
quarter.
Earnings before interest, taxes, depreciation and amortization
("EBITDA")¹ totaled $73.7 million in
Q4 2021, or $35.8 million excluding
the gain on the step acquisition, compared to $22.0 million in Q4 2020. The increase compared
to Q4 2020 was due to the factors discussed above and reflects the
incremental contributions from acquisitions and organic growth in
both of AHG's operating segments. EBITDA margin¹ was 55.4%, or
26.9% excluding the gain on the step acquisition, compared with
25.4% in Q4 2020. The performance of AHG's two operating segments
continued to result in strong and stable EBITDA margins at the
higher end of the Company's historical range. Further, Skelton's
higher margin profile has positively impacted AHG's overall
margin.
2021 Financial Results
Revenue for Fiscal 2021 increased by 40.0% to $440.1 million, compared with $314.3 million in Fiscal 2020. From October 1, 2020 through November 1, 2021, AHG made five acquisitions: TDS
Logistics Inc. ("TDS"), McAllister Courier Inc. ("MCI"), Skelton,
Skelton USA and Boyle
Transportation. Revenue increases attributable to the acquisitions,
in aggregate, accounted for $77.1
million of the $125.8 million
increase from Fiscal 2020, with the remaining increase attributable
to organic growth as described below.
Revenue for the healthcare logistics segment totaled
$135.3 million, an increase of 16.3%
compared with Fiscal 2020. The increase was primarily attributable
to the 18.8% year-over-year organic growth in the Company's
logistics and distribution product line in Fiscal 2021. A large new
logistics and distribution client implementation (commenced in
July 2020) and COVID-19 vaccine
distribution, together with growth by existing clients comprised
Fiscal 2021 revenue growth – aligned with the Company's mid-to-high
single digit percentage growth expectations. AHG's packaging
solutions also contributed to growth in the healthcare logistics
segment, with revenue totaling $20.1
million in Fiscal 2021, an increase of 3.6% compared to
Fiscal 2020.
Revenue in the specialized transportation segment totaled
$304.8 million, an increase of 53.9%
compared with Fiscal 2020. The increase was attributable to: 47.8%
growth in the Company's ground transportation product line driven
by the acquisitions of Skelton, Skelton USA and Boyle Transportation, as well as
increased volume in the ATS Healthcare business, rate increases and
fuel-related revenue, and year-over-year growth in AHG's air
freight forwarding and dedicated and last mile delivery product
lines of 29.9% and 75.4%, respectively.
Operating expenses for Fiscal 2021 totaled $366.4 million compared to $263.4 million in Fiscal 2020. The increase in
operating expenses was attributable to increases in SG&A
expenses, cost of transportation and services, direct operating
expenses and depreciation and amortization expenses, reflecting the
Company's acquisitions in Fiscal 2020 and Fiscal 2021 (TDS, MCI,
Skelton, Skelton USA and Boyle
Transportation) and continued organic growth. The Company's cost of
transportation and services represented 45.8% of revenue in Fiscal
2021 compared to 41.8% of revenue in Fiscal 2020, reflecting the
higher relative proportion of AHG's specialized transportation
segment and related costs as a percentage of the Company's total
consolidated revenue and cost profiles compared to Fiscal 2020.
Direct operating expenses were 19.3% of revenue
in Fiscal 2021, compared with 24.0% of revenue for Fiscal
2020. The lower direct operating expense ratio reflects AHG's
acquisitions, which are included in the Company's specialized
transportation segment and have lower
facility-related costs compared to the healthcare logistics segment.
SG&A expenses were 8.4% of revenue in Fiscal 2021, compared
with 9.1% of revenue for Fiscal 2020,
reflecting cost efficiencies from scale.
Operating income for Fiscal 2021 was $73.7 million, an increase of 44.7% compared to
$50.9 million for Fiscal 2020.
Net income for Fiscal 2021 increased to $90.0 million, from $37.7
million in Fiscal 2020. Net income for Fiscal 2021 includes
the gain on the step acquisition of $37.9
million. Segment net income before eliminations for both the
specialized transportation and healthcare logistics operating
segments increased in relation to segment revenue as margins
increased in both segments compared to the prior year. Fiscal 2021
net income includes $2.5 million
comprising the share of profit for AHG's equity-accounted investee
(Skelton USA), net of tax, prior
to the acquisition of control on November 1,
2021.
Total comprehensive income for Fiscal 2021 was $92.8 million, or $2.25 per share (diluted), compared to
$37.7 million, or $0.98 per share (diluted) for Fiscal 2020. Fiscal
2021 is the first year in which total comprehensive income differs
from net income due to the acquisition of foreign operations
(Skelton USA and Boyle
Transportation), which resulted in a positive foreign currency
translation adjustment of $2.9
million for the year.
EBITDA¹ totaled $157.2 million in
Fiscal 2021, or $119.3 million
excluding the gain on the step acquisition, compared to
$78.9 million in Fiscal 2020. The
increase was due to the factors discussed above and reflects the
incremental contributions from acquisitions and organic growth in
both of AHG's operating segments. EBITDA margin¹ was 35.7%, or
27.1% excluding the gain on the step acquisition, compared with
25.1% in Fiscal 2020.
Dividend
The Company paid a dividend (encompassing the period from
October 1, 2021 to December 31, 2021) in the amount of $0.05 per subordinate voting share and multiple
voting share on January 17, 2022.
Subject to financial results, capital requirements, available
cash flow, corporate law requirements and any other factors that
AHG's Board of Directors may consider relevant, it is the Company's
intention to declare a quarterly dividend of $0.06 per subordinate voting share and multiple
voting share on an ongoing basis.
Shares Outstanding
As at December 31, 2021, there
were 18,068,790 subordinate voting shares and 23,600,000 multiple
voting shares outstanding.
As at March 2, 2022, following the
acquisition of LSU, there were
18,223,429 subordinate voting shares and 23,600,000 multiple voting
shares outstanding.
Financial Statements
AHG's audited consolidated financial statements and related
Management's Discussion & Analysis ("MD&A") for Fiscal 2021
are available on the Company's website at
www.andlauerhealthcare.com and on the Company's profile on SEDAR at
www.sedar.com.
Conference call and webcast
Michael Andlauer, Chief Executive
Officer, and Peter Bromley, Chief
Financial Officer, will host a conference call for analysts and
investors on Thursday, March 3, 2022
at 8:30 a.m. (ET). The dial-in
numbers for participants are (416) 764-8650 or (888) 664-6383.
The call will be webcast live at:
www.andlauerhealthcare.com/presentations-events.
To access a replay of the conference call dial (416) 764-8677 or
(888) 390-0541, passcode: 771676 #. The replay will be available
until March 10, 2022. The webcast
will be archived on the Company's website following conclusion of
the call.
About AHG
AHG is a leading and growing supply chain management company
offering a robust platform of customized third-party logistics
("3PL") and specialized transportation solutions for the healthcare
sector. The Company's 3PL services include customized logistics,
distribution and packaging solutions for healthcare manufacturers
across Canada. AHG's specialized
transportation services, including air freight forwarding, ground
transportation, dedicated delivery and last mile services, provide
a one-stop shop for clients' healthcare transportation needs.
Through its complementary service offerings, available across a
coast-to-coast distribution network, the Company strives to
accommodate the full range of its clients' specialized supply chain
needs on an integrated and efficient basis. The Company also
provides specialized ground transportation services, primarily to
the healthcare sector, across the 48 contiguous U.S. states. For
more information on AHG, please
visit: www.andlauerhealthcare.com.
Forward-looking Information
This news release contains forward-looking information and
forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information may relate to the Company's future
financial outlook and anticipated events or results and may include
information regarding the Company's financial position, business
strategy, growth strategies, addressable markets, budgets,
operations, financial results, taxes, dividend policy, plans,
objectives and responses to the outbreak of COVID-19. Particularly,
information regarding the Company's growth expectations,
performance, achievements, payment of dividends, prospects,
financial targets or outlook, intentions, opportunities or the
potential impact of, and response measures to be taken with respect
to, COVID-19 is forward-looking information. In some cases,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "targets", "expects",
"budget", "scheduled", "estimates", "outlook", "forecasts",
"projection", "prospects", "strategy", "intends", "anticipates",
"believes", "commencing" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might", "will", "will be taken", "occur" or "be
achieved". In addition, any statements that refer to expectations,
intentions, projections or other characterizations of future events
or circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances. Such
forward-looking statements are qualified in their entirety by the
inherent risks, uncertainties and changes in circumstances
surrounding future expectations which are difficult to predict and
many of which are beyond the control of the Company.
Forward-looking information is necessarily based on a number
of opinions, estimates and assumptions, including but not limited
to those assumptions described under the heading "Cautionary Note
Regarding Forward-Looking Information" in the Company's MD&A
for the three month period and year ended December 31, 2021. Forward-looking information is
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to factors discussed under the heading "Risk
Factors" in the Company's annual information form dated
March 2, 2022, which is available on
the Company's profile on SEDAR at www.sedar.com. If any of these
risks or uncertainties materialize, or if the opinions, estimates
or assumptions underlying the forward-looking information prove
incorrect, actual results or future events might vary materially
from those anticipated in the forward-looking information.
Accordingly, investors should not place undue reliance on
forward-looking information, which speaks only as of the date made.
The forward-looking information contained in this news release
represents the Company's expectations as of the date of this news
release, and are subject to change after such date and the Company
disclaims any intention or obligation or undertaking to update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required under
applicable securities laws.
(1) Non-IFRS Financial Measures
This news release contains certain non-IFRS measures. These
measures are not recognized measures under IFRS, do not have a
standardized meaning prescribed by IFRS and are therefore unlikely
to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of the Company's results of operations from management's
perspective. Accordingly, these measures should not be considered
in isolation nor as a substitute for analysis of the Company's
financial information reported under IFRS. AHG uses non-IFRS
measures including "EBITDA" and "EBITDA Margin" and then further
adjusts these items for the step acquisition. These non-IFRS
measures are used to provide investors with supplemental measures
of the Company's operating performance and thus highlight trends in
its core business that may not otherwise be apparent when relying
solely on IFRS financial measures. AHG also believes that
securities analysts, investors and other interested parties
frequently use non-IFRS measures in the evaluation of issuers. AHG
management also uses non-IFRS measures in order to facilitate
operating performance comparisons from period to period, to prepare
annual operating budgets and to determine components of management
compensation.
EBITDA
AHG defines EBITDA as net income (loss) and comprehensive
income (loss) for the period before: (i) income tax (recovery)
expense; (ii) interest income; (iii) interest expense; and (iv)
depreciation and amortization.
AHG believes EBITDA is a useful measure to assess the
Company's financial performance because it provides a more relevant
picture of operating results by excluding the effects of expenses
that are not reflective of the Company's underlying business
performance.
EBITDA Margin
AHG defines EBITDA Margin as EBITDA divided by revenue.
EBITDA Margin represents a measure of the Company's
profitability expressed as a percentage of revenue.
AHG believes EBITDA Margin is a useful measure to assess the
Company's financial performance because it helps quantify
the Company's ability to convert revenues generated from clients
into EBITDA.
Step Acquisition
In this news release, AHG has adjusted EBITDA and EBITDA
Margin for the step acquisition. As set out in note 5 to AHG's
audited consolidated financial statements for Fiscal 2021, AHG
completed its acquisition of Skelton USA in two steps (49% on March 1, 2021 and the remaining 51% on
November 1, 2021). Accordingly, AHG
remeasured its previously held equity interest in Skelton
USA at its estimated fair value on
November 1, 2021 resulting in a gain
of $37,921 being recognized from the
step acquisition. AHG has presented EBITDA and EBITDA Margin
excluding the step acquisition given the one-time, non-recurring
nature of the step acquisition.
Reconciliation of EBITDA
($CAD
000s)
|
Three Months
Ended
December 31,
|
Year Ended
December 31,
|
|
2021
|
2020
|
2021
|
2020
|
2019
|
Net
income
|
53,104
|
13,869
|
89,954
|
37,714
|
30,345
|
Income tax
expense
|
5,371
|
(620)
|
18,486
|
8,866
|
12,004
|
Interest
expense
|
1,565
|
1,030
|
6,219
|
4,595
|
3,503
|
Interest
income
|
(32)
|
(39)
|
(198)
|
(285)
|
(1,004)
|
Depreciation &
amortization
|
13,683
|
7,724
|
42,716
|
28,022
|
25,706
|
EBITDA
|
73,691
|
21,964
|
157,177
|
78,912
|
70,554
|
Gain on step
acquisition of equity-accounted investee
|
(37,921)
|
-
|
(37,921)
|
-
|
-
|
EBITDA excluding
gain on step acquisition
|
35,770
|
21,964
|
119,256
|
78,912
|
70,554
|
SOURCE Andlauer Healthcare Group Inc.