Calian® Group Ltd. (TSX:CGY), a diverse products and services
company providing innovative healthcare, communications, learning
and cybersecurity solutions, today released its results for the
third quarter ended June 30, 2024.
Q3-24 Highlights:
- Revenue up 11% to $185 million
- Gross margin at 33.4%, up from 30.7% last year
- Adjusted EBITDA1 up 22% to $17.7 million
- Operating free cash flow1 of $10.0 million
- Net liquidity of $132 million
- Repurchased 26,600 shares in consideration of $1.5 million
- Renewed and won several contracts
- Backlog increased to $1.2 billion
- Completed the acquisition of Mabway on May 9, 2024
- The Company intends to renew its NCIB in August 2024, subject
to TSX approval
Financial Highlights |
Three months ended |
Nine months ended |
(i(in millions of $, except
per share & margins) |
June 30, |
June 30, |
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
% |
|
Revenue |
185.0 |
|
166.6 |
|
11 |
% |
565.4 |
|
482.6 |
|
17 |
% |
Adjusted EBITDA1 |
17.7 |
|
14.5 |
|
22 |
% |
62.9 |
|
45.6 |
|
38 |
% |
Adjusted EBITDA %1 |
9.5 |
% |
8.7 |
% |
83bps |
|
11.1 |
% |
9.4 |
% |
167bps |
|
Net Profit |
1.3 |
|
4.7 |
|
(72 |
)% |
11.7 |
|
13.8 |
|
(15 |
)% |
EPS Diluted |
0.11 |
|
0.40 |
|
(73 |
)% |
0.98 |
|
1.17 |
|
(16 |
)% |
Operating Free Cash Flow1 |
10.0 |
|
11.3 |
|
(12 |
)% |
42.0 |
|
34.1 |
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 This is a non-GAAP measure. Please refer to
the section “Reconciliation of non-GAAP measures to most comparable
IFRS measures” at the end of this press release.
Access the full report on the Calian Financials
web page.
Register for the conference call on Thursday,
August 8, 2024, 8:30 a.m. Eastern Time.
"In the third quarter, we continued our growth
journey towards becoming a global business with over $1 billion in
revenues," said Kevin Ford, Calian Chief Executive Officer. "We
completed the strategic acquisition of Mabway, signed and acquired
new contracts valued at over $300 million and reported revenue and
adjusted EBITDA1 growth of 11% and 22%, respectively. We did
encounter some headwinds as the result of short-term budget
reductions from the Canadian Armed Forces, and we expect this to
persist for a few quarters. Despite this, after nine months, our
revenues are up 17%, adjusted EBITDA is up 38%, and we are on
track for our seventh consecutive record year," stated Mr.
Ford.
Third Quarter Results
Revenues increased 11%, from $167 million to
$185 million. This represents the highest third quarter revenue in
the Company’s history. Acquisitive growth was 11% and was generated
by the acquisitions of Hawaii Pacific Teleport (“HPT”), Decisive,
the nuclear assets from MDA Ltd and Mabway. Organic growth was flat
as double-digit growth generated in the Health segment was offset
by declines in the other segments.
Gross margin reached 33.4%, representing its 9th
consecutive quarter above 30%. Adjusted EBITDA1 reached $17.7
million, up 22% from the same period last year, driven by the
higher margin contribution from acquisitions, revenue growth across
all segments and progress to expand geographically and increase
share of product revenue. Adjusted EBITDA1 margin reached 9.5%, up
from 8.7% in the same period last year, as a result of a favorable
revenue mix and increased volume.
Net profit reached $1.3 million, or $0.11 per
diluted share, down from $4.7 million, or $0.40 per diluted share
for the same period last year. This decrease in profitability is
primarily due to increased amortization and interest expenses
related to acquisitions, partially offset by higher adjusted
EBITDA1 and lower income tax expense.
Liquidity and Capital
Resources
“In the third quarter we generated $10.0 million
in operating free cash flow1, representing a 57% conversion rate
from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used
our cash and a portion of our credit facility to invest in our
business with the acquisition of Mabway for $29.6 million and
capital expenditures of $4.1 million. We also provided a return to
shareholders in the form of dividends of $3.3 million and share
buybacks of $1.5 million. We ended the quarter with $132 million in
net liquidity, well-positioned to pursue our growth objectives,”
concluded Mr. Houston.
Mabway Acquisition
On May 9, 2024 Calian agreed to acquire
U.K.-based Mabway for up to $47.0 million, including $37.8 million
of cash upfront on closing and $8.6 million of earnouts. Mabway is
a leader in the management of large-scale defence role-playing
environments that simulate real-world operational environments and
provides technical engineering education for naval and maritime
communities. The company has been a prime supplier to the British
Army since 2012. Mabway has several offices across the U.K., a
workforce of more than 1,000 ex-military and civilian permanent
staff and contractors, and services reaching into Europe and the
Middle East. Mabway will be integrated in Calian’s Learning
segment.
Contract Signings - Renewing and Winning New
Customers
Calian renewed and won several contracts during
the third quarter including:
On May 7, 2024 Calian renewed a contract worth
$10 million to provide military training support for the Canadian
Defence Academy (CDA) and Military Personnel Generation Group
(MPGG).
On May 1, 2024 Calian was awarded a major new
contract valued up to $90 million over six years with General
Dynamics Mission Systems - Canada (GDMS-C) to enhance the Canadian
Army's capabilities through advanced land command, control,
communications, computers, intelligence, surveillance and
reconnaissance (C4ISR) systems.
On April 25, 2024 Calian was awarded a
significant contract by the Canadian Armed Forces' Canadian Forces
Health Services Group (CFHSG), valued at $17 million for three
years with an option to extend for a fourth year, potentially
increasing the total value to $23 million.
Normal Course Issuer Bid
In the three-month period ended June 30, 2024,
as part of its Normal Course Issuer Bid, the Company repurchased
26,600 shares for cancellation in consideration of $1.5 million.
Since the launch of the Normal Course Issuer Bid on September 1,
2023, the Company repurchased 85,920 common shares for cancellation
in consideration of $4.5 million.
The Company intends to renew its NCIB in August 2024, subject to
TSX approval.
Quarterly Dividend
Today, Calian declared a quarterly dividend of
$0.28 per share. The dividend is payable September 4, 2024, to
shareholders of record as of August 21, 2024. Dividends paid by the
Company are considered “eligible dividend” for tax purposes.
Guidance
Calian’s guidance, which was raised last quarter
and marks its seventh consecutive record year of revenue and
adjusted EBITDA1 growth, is now anticipated to be at the bottom of
its guidance range. This adjustment is due to short-term operating
budget cuts from the Canadian Armed Forces, which have affected the
latter half of its third quarter and are expected to continue into
the fourth quarter.
|
Guidance for the year ended September 30,
2024 |
FY23 Results |
YOY Growth at Low Point |
(in thousands of $) |
Low |
Midpoint |
High |
Revenue |
750,000 |
780,000 |
810,000 |
658,584 |
14% |
Adj. EBITDA1 |
86,000 |
89,000 |
92,000 |
65,987 |
30% |
|
|
|
|
|
|
|
This guidance includes the full-year
contribution from the Hawaii Pacific Teleport acquisition, the
Decisive Group acquisition, closed on December 1, 2023, the nuclear
asset acquisition from MDA Ltd., closed on March 5, 2024 and the
Mabway acquisition, closed on May 9, 2024. It does not include any
other further acquisitions that may close within the fiscal year.
The guidance also includes one-time transaction and integration
costs related to these acquisitions of approximately $2 million.
The guidance reflects another record year for the Company and
positions it well to achieve its long-term growth targets.
At the bottom of the range, this guidance
reflects revenue and adjusted EBITDA1 growth of 14% and 30%,
respectively, and an adjusted EBITDA1 margin of 11.5%. It would
represent the 7th consecutive year of double-digit growth and
record levels.
About Calian
www.calian.com
We keep the world moving forward. Calian® helps
people communicate, innovate, learn and lead safe and healthy
lives. Every day, our employees live our values of customer
commitment, integrity, innovation, respect and teamwork to engineer
reliable solutions that solve complex challenges. That’s
Confidence. Engineered. A stable and growing 40-year company, we
are headquartered in Ottawa with offices and projects spanning
North American, European and international markets. Visit
calian.com to learn about innovative healthcare, communications,
learning and cybersecurity solutions.
Product or service names mentioned herein may be
the trademarks of their respective owners.
Media inquiries:pr@calian.com 613-599-8600 x 2298
Investor Relations inquiries:ir@calian.com
-----------------------------------------------------------------------------
DISCLAIMER
Certain information included in this press
release is forward-looking and is subject to important risks and
uncertainties. The results or events predicted in these statements
may differ materially from actual results or events. Such
statements are generally accompanied by words such as “intend”,
“anticipate”, “believe”, “estimate”, “expect” or similar
statements. Factors which could cause results or events to differ
from current expectations include, among other things: the impact
of price competition; scarce number of qualified professionals; the
impact of rapid technological and market change; loss of business
or credit risk with major customers; technical risks on fixed price
projects; general industry and market conditions and growth rates;
international growth and global economic conditions, and including
currency exchange rate fluctuations; and the impact of
consolidations in the business services industry. For additional
information with respect to certain of these and other factors,
please see the Company’s most recent annual report and other
reports filed by Calian with the Ontario Securities Commission.
Calian disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. No assurance can be given
that actual results, performance or achievement expressed in, or
implied by, forward-looking statements within this disclosure will
occur, or if they do, that any benefits may be derived from
them.
Calian · Head Office · 770 Palladium Drive ·
Ottawa · Ontario · Canada · K2V 1C8 Tel: 613.599.8600 · Fax:
613-592-3664 · General info email: info@calian.com
CALIAN
GROUP LTD.UNAUDITED INTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAs at
June 30, 2024 and September 30, 2023(Canadian
dollars in thousands, except per share data)
|
June 30, |
September 30, |
|
2024 |
2023 |
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
45,999 |
$ |
33,734 |
Accounts receivable |
|
147,745 |
|
173,052 |
Work in process |
|
19,314 |
|
16,580 |
Inventory |
|
24,202 |
|
21,983 |
Prepaid expenses |
|
25,886 |
|
19,040 |
Derivative assets |
|
23 |
|
155 |
Total current assets |
|
263,169 |
|
264,544 |
NON-CURRENT ASSETS |
|
|
|
|
Property, plant and equipment |
|
41,135 |
|
37,223 |
Right of use assets |
|
35,998 |
|
34,637 |
Prepaid expenses |
|
8,598 |
|
10,386 |
Deferred tax asset |
|
1,264 |
|
967 |
Investments |
|
3,673 |
|
3,673 |
Acquired intangible assets |
|
135,323 |
|
75,160 |
Goodwill |
|
209,969 |
|
159,133 |
Total non-current assets |
|
435,960 |
|
321,179 |
TOTAL ASSETS |
$ |
699,129 |
$ |
585,723 |
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Debt facility |
$ |
— |
$ |
37,750 |
Accounts payable and accrued liabilities |
|
112,040 |
|
105,550 |
Provisions |
|
2,180 |
|
2,848 |
Unearned contract revenue |
|
40,066 |
|
32,423 |
Lease obligations |
|
4,957 |
|
4,949 |
Contingent earn-out |
|
32,150 |
|
11,263 |
Derivative liabilities |
|
56 |
|
353 |
Total current liabilities |
|
191,449 |
|
195,136 |
NON-CURRENT LIABILITIES |
|
|
|
|
Debt facility |
|
94,000 |
|
— |
Lease obligations |
|
33,983 |
|
32,057 |
Unearned contract revenue |
|
17,847 |
|
15,592 |
Contingent earn-out |
|
5,475 |
|
2,535 |
Deferred tax liabilities |
|
22,437 |
|
12,031 |
Total non-current liabilities |
|
173,742 |
|
62,215 |
TOTAL LIABILITIES |
|
365,191 |
|
257,351 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
Issued capital |
|
228,829 |
|
225,540 |
Contributed surplus |
|
5,866 |
|
4,856 |
Retained earnings |
|
96,860 |
|
96,859 |
Accumulated other comprehensive income (loss) |
|
2,383 |
|
1,117 |
TOTAL SHAREHOLDERS’ EQUITY |
|
333,938 |
|
328,372 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
699,129 |
$ |
585,723 |
Number of common shares issued
and outstanding |
|
11,841,237 |
|
11,812,650 |
|
CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET
PROFITFor the three and nine months ended June 30,
2024 and 2023(Canadian dollars in thousands,
except per share data)
|
Three months ended |
Nine months ended |
|
June 30, |
June 30, |
|
2024 |
2023 |
|
2024 |
2023 |
Revenue |
$ |
184,998 |
$ |
166,550 |
|
$ |
565,445 |
$ |
482,635 |
Cost of revenues |
|
123,163 |
|
115,443 |
|
|
375,355 |
|
334,219 |
Gross
profit |
|
61,835 |
|
51,107 |
|
|
190,090 |
|
148,416 |
|
|
|
|
|
Selling and marketing |
|
14,284 |
|
11,891 |
|
|
41,649 |
|
34,865 |
General and administration |
|
26,393 |
|
21,437 |
|
|
76,663 |
|
59,329 |
Research and development |
|
3,506 |
|
3,273 |
|
|
8,920 |
|
8,616 |
Profit before under noted
items |
|
17,652 |
|
14,506 |
|
|
62,858 |
|
45,606 |
|
|
|
|
|
Depreciation of property, plant
and equipment |
|
2,494 |
|
2,361 |
|
|
7,298 |
|
6,910 |
Depreciation of right of use
assets |
|
1,525 |
|
1,127 |
|
|
4,456 |
|
3,149 |
Amortization of acquired
intangible assets |
|
6,777 |
|
3,603 |
|
|
18,161 |
|
10,414 |
Restructuring expense |
|
1 |
|
— |
|
|
1,496 |
|
— |
Deemed compensation |
|
1,010 |
|
— |
|
|
2,525 |
|
147 |
Changes in fair value related to contingent earn-out |
|
1,458 |
|
138 |
|
|
6,272 |
|
3,442 |
Profit before interest
income and income tax expense |
|
4,387 |
|
7,277 |
|
|
22,650 |
|
21,544 |
|
|
|
|
|
Interest expense |
|
1,366 |
|
(115 |
) |
|
4,647 |
|
103 |
Income tax expense |
|
1,723 |
|
2,719 |
|
|
6,255 |
|
7,675 |
NET PROFIT |
$ |
1,298 |
$ |
4,673 |
|
$ |
11,748 |
$ |
13,766 |
|
|
|
|
|
Net profit per
share: |
|
|
|
|
Basic |
$ |
0.11 |
$ |
0.40 |
|
$ |
0.99 |
$ |
1.18 |
Diluted |
$ |
0.11 |
$ |
0.40 |
|
$ |
0.98 |
$ |
1.17 |
|
CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSFor the three and nine months ended June 30,
2024 and 2023 (Canadian dollars in
thousands)
|
Three months ended |
Nine months ended |
|
June 30, |
June 30, |
|
2024 |
2023 |
2024 |
2023 |
CASH FLOWS GENERATED FROM (USED
IN) OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net profit |
$ |
1,298 |
|
$ |
4,673 |
|
$ |
11,748 |
|
$ |
13,766 |
|
Items not affecting cash: |
|
|
|
|
|
|
|
|
Interest expense |
|
892 |
|
|
(254 |
) |
|
3,416 |
|
|
(269 |
) |
Changes in fair value related to contingent earn-out |
|
1,458 |
|
|
138 |
|
|
6,272 |
|
|
3,442 |
|
Lease obligations interest expense |
|
474 |
|
|
139 |
|
|
1,231 |
|
|
372 |
|
Income tax expense |
|
1,723 |
|
|
2,719 |
|
|
6,255 |
|
|
7,675 |
|
Employee share purchase plan expense |
|
131 |
|
|
166 |
|
|
427 |
|
|
467 |
|
Share based compensation expense |
|
1,239 |
|
|
673 |
|
|
3,262 |
|
|
1,655 |
|
Depreciation and amortization |
|
10,796 |
|
|
7,091 |
|
|
29,915 |
|
|
20,473 |
|
Deemed compensation |
|
1,010 |
|
|
— |
|
|
2,525 |
|
|
147 |
|
|
|
19,021 |
|
|
15,345 |
|
|
65,051 |
|
|
47,728 |
|
Change in non-cash working
capital |
|
|
|
|
|
|
|
|
Accounts receivable |
|
88,441 |
|
|
3,105 |
|
|
27,256 |
|
|
10,364 |
|
Work in process |
|
(1,829 |
) |
|
9,536 |
|
|
(1,386 |
) |
|
17,119 |
|
Prepaid expenses and other |
|
886 |
|
|
2,234 |
|
|
(2,671 |
) |
|
3,019 |
|
Inventory |
|
813 |
|
|
(190 |
) |
|
1,793 |
|
|
(5,213 |
) |
Accounts payable and accrued liabilities |
|
(84,893 |
) |
|
(19,883 |
) |
|
(10,196 |
) |
|
(27,422 |
) |
Unearned contract revenue |
|
(3,059 |
) |
|
(6,891 |
) |
|
1,681 |
|
|
(3,990 |
) |
|
|
19,380 |
|
|
3,256 |
|
|
81,528 |
|
|
41,605 |
|
Interest paid |
|
(1,366 |
) |
|
114 |
|
|
(4,647 |
) |
|
(104 |
) |
Income tax paid |
|
(3,536 |
) |
|
(825 |
) |
|
(9,077 |
) |
|
(7,430 |
) |
|
|
14,478 |
|
|
2,545 |
|
|
67,804 |
|
|
34,071 |
|
CASH FLOWS GENERATED FROM (USED
IN) FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Issuance of common shares net of costs |
|
529 |
|
|
366 |
|
|
2,168 |
|
|
2,141 |
|
Dividends |
|
(3,321 |
) |
|
(3,286 |
) |
|
(9,954 |
) |
|
(9,828 |
) |
Draw on debt facility |
|
25,000 |
|
|
— |
|
|
56,250 |
|
|
(7,500 |
) |
Payment of lease obligations |
|
(1,371 |
) |
|
(1,199 |
) |
|
(3,971 |
) |
|
(3,121 |
) |
Repurchase of common shares |
|
(1,472 |
) |
|
— |
|
|
(2,829 |
) |
|
— |
|
|
|
19,365 |
|
|
(4,119 |
) |
|
41,664 |
|
|
(18,308 |
) |
CASH FLOWS USED IN INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
Investments |
|
— |
|
|
— |
|
|
— |
|
|
(2,689 |
) |
Business acquisitions |
|
(29,565 |
) |
|
— |
|
|
(87,862 |
) |
|
(8,660 |
) |
Property, plant and equipment |
|
(4,145 |
) |
|
(3,341 |
) |
|
(9,341 |
) |
|
(6,072 |
) |
|
|
(33,710 |
) |
|
(3,341 |
) |
|
(97,203 |
) |
|
(17,421 |
) |
|
|
|
|
|
|
|
|
|
NET CASH INFLOW (OUTFLOW) |
$ |
133 |
|
$ |
(4,915 |
) |
$ |
12,265 |
|
$ |
(1,658 |
) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
45,866 |
|
|
45,903 |
|
|
33,734 |
|
|
42,646 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ |
45,999 |
|
$ |
40,988 |
|
$ |
45,999 |
|
$ |
40,988 |
|
|
Reconciliation of Non-GAAP Measures to Most Comparable
IFRS Measures
These non-GAAP measures are mainly derived from
the consolidated financial statements, but do not have a
standardized meaning prescribed by IFRS; therefore, others using
these terms may calculate them differently. The exclusion of
certain items from non-GAAP performance measures does not imply
that these are necessarily nonrecurring. From time to time, we may
exclude additional items if we believe doing so would result in a
more transparent and comparable disclosure. Other entities may
define the above measures differently than we do. In those cases,
it may be difficult to use similarly named non-GAAP measures of
other entities to compare performance of those entities to the
Company’s performance.
Management believes that providing certain
non-GAAP performance measures, in addition to IFRS measures,
provides users of the Company’s financial reports with enhanced
understanding of the Company’s results and related trends and
increases transparency and clarity into the core results of the
business. Adjusted EBITDA excludes items that do not reflect, in
our opinion, the Company’s core performance and helps users of our
MD&A to better analyze our results, enabling comparability of
our results from one period to another.
Adjusted EBITDA
|
Three months ended |
Nine months ended |
|
June
30, |
June
30, |
June
30, |
June
30, |
|
2024 |
2023 |
2024 |
2023 |
Net profit |
$ |
1,298 |
$ |
4,673 |
|
$ |
11,748 |
$ |
13,766 |
Depreciation of equipment and
application software |
|
2,494 |
|
2,361 |
|
|
7,298 |
|
6,910 |
Depreciation of right of use
asset |
|
1,525 |
|
1,127 |
|
|
4,456 |
|
3,149 |
Amortization of acquired
intangible assets |
|
6,777 |
|
3,603 |
|
|
18,161 |
|
10,414 |
Restructuring expense |
|
1 |
|
— |
|
|
1,496 |
|
— |
Interest expense |
|
1,366 |
|
(115 |
) |
|
4,647 |
|
103 |
Changes in fair value related to
contingent earn-out |
|
1,458 |
|
138 |
|
|
6,272 |
|
3,442 |
Deemed Compensation |
|
1,010 |
|
— |
|
|
2,525 |
|
147 |
Income tax |
|
1,723 |
|
2,719 |
|
|
6,255 |
|
7,675 |
Adjusted EBITDA |
$ |
17,652 |
$ |
14,506 |
|
$ |
62,858 |
$ |
45,606 |
|
Operating Free Cash Flow
|
Three months ended |
Nine months ended |
|
June 30, |
June 30, |
June 30, |
June 30, |
|
2024 |
2023 |
2024 |
2023 |
|
|
|
|
|
|
|
|
|
Cash flows generated from operating activities |
$ |
14,478 |
|
$ |
2,545 |
|
$ |
67,804 |
|
$ |
34,071 |
|
Property, plant and equipment |
|
(4,145 |
) |
|
(3,341 |
) |
|
(9,341 |
) |
|
(6,072 |
) |
Free cash flow |
$ |
10,333 |
|
$ |
(796 |
) |
$ |
58,463 |
|
$ |
27,999 |
|
|
|
|
|
|
|
|
|
|
Free cash flow |
$ |
10,333 |
|
$ |
(796 |
) |
$ |
58,463 |
|
$ |
27,999 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Change in non-cash working capital |
|
(359 |
) |
|
12,089 |
|
|
(16,477 |
) |
|
6,123 |
|
Operating free cash flow |
$ |
9,974 |
|
$ |
11,293 |
|
$ |
41,986 |
|
$ |
34,122 |
|
Operating free cash flow per
share |
|
0.84 |
|
|
0.96 |
|
|
3.55 |
|
|
2.92 |
|
Operating free cash flow conversion |
|
57 |
% |
|
78 |
% |
|
67 |
% |
|
75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt to Adjusted EBITDA
|
June 30, |
September 30, |
|
2024 |
2023 |
Cash |
$ |
45,999 |
$ |
33,734 |
Debt facility |
|
94,000 |
|
37,750 |
Net debt (net cash) |
|
48,001 |
|
4,016 |
Trailing twelve month adjusted EBITDA |
|
82,239 |
|
65,987 |
Net debt to adjusted EBITDA |
|
0.6 |
|
0.1 |
|
|
|
|
|
Operating free cash flow measures the company’s
cash profitability after required capital spending when excluding
working capital changes. The Company’s ability to convert adjusted
EBITDA to operating free cash flow is critical for the long term
success of its strategic growth. These measurements better align
the reporting of our results and improve comparability against our
peers. We believe that securities analysts, investors and other
interested parties frequently use non-GAAP measures in the
evaluation of issuers. Management also uses non-GAAP measures in
order to facilitate operating performance comparisons from period
to period, prepare annual operating budgets and assess our ability
to meet our capital expenditure and working capital requirements.
Non-GAAP measures should not be considered a substitute for or be
considered in isolation from measures prepared in accordance with
IFRS. Investors are encouraged to review our financial statements
and disclosures in their entirety and are cautioned not to put
undue reliance on non-GAAP measures and view them in conjunction
with the most comparable IFRS financial measures. The Company has
reconciled adjusted profit to the most comparable IFRS financial
measure as shown above.
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