- Q4 2021 revenue of $433.0
million – an increase of $68.4
million, or 18.7%, over Q4 2020.
- Q4 2021 Adjusted EBITDA1 of $33.5 million – an increase of $1.4 million, or 4.3%, over Q4 2020.
- Q4 2021 net income of $6.9 million or
$0.30 per share compared with $17.0 million or $0.75 per share for the fourth quarter of
2020.
- 2021 revenue of $1.6 billion,
an increase of $185.6 million or
13.1% over 2020.
- 2021 Adjusted EBITDA1 of $132.8 million, an increase of $27.8 million, or 26.5%, over 2020.
- 2021 net income of $43.4
million or $1.89 per share
compared with $48.0 million or
$2.18 per share in 2020.
- During Fiscal 2021, GDI acquired The BPAC Group, Inc. and
its subsidiaries ("BP") (January
2021), Enginuity, LLC ("Enginuity") (September 2021), Fuller Industries, LLC
("Fuller") (September 2021) and IH
Services, Inc. and its subsidiaries ("IH") (December 2021). GDI also acquired Gestion E.C.I.
Inc., along with its subsidiaries ("Énergère") in January 2022.
LASALLE, QC, March 1, 2022 /CNW/ - GDI Integrated Facility
Services Inc. ("GDI" or the "Company") (TSX: GDI) is
pleased to announce its financial results for the fourth quarter
and the year ended December 31,
2021.
For the fourth quarter of 2021:
- Revenue reached $433.0 million,
an increase of $68.4 million, or
18.7%, over the fourth quarter of 2020. Organic revenue growth was
5.1%, growth from acquisitions was 14.6%. The revenue growth was
partially offset by a negative exchange rate effect of 1.0%.
- Adjusted EBITDA1 amounted to $33.5 million, an increase of $1.4 million, or 4.3%, over the fourth quarter of
2020.
- Net income was $6.9 million or
$0.30 per share compared to
$17.0 million or $0.75 per share in Q4 2020. The decrease of net
income is mainly attributable to lower CEWS subsidies in 2021
compared to 2020.
For the fourth quarters of 2021 and 2020, the business segments
performed as follows:
(in thousands
of
Canadian
dollars)
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Consolidated
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
Revenue
|
140,509
|
138,038
|
89,176
|
84,420
|
189,646
|
125,651
|
18,154
|
21,415
|
433,022
|
364,669
|
Organic Growth
(Decline)
|
1.4%
|
(2.8%)
|
8.9%
|
2.8%
|
13.9%
|
(17.8%)
|
(39.8%)
|
29.6%
|
5.1%
|
(4.2%)
|
Adjusted
EBITDA1
|
18,374
|
18,017
|
7,663
|
9,141
|
11,832
|
7,037
|
(1,161)
|
1,560
|
33,543
|
32,158
|
Adjusted EBITDA
Margin1
|
13.1%
|
13.1%
|
8.6%
|
10.8%
|
6.2%
|
5.6%
|
(6.4%)
|
7.3%
|
7.7%
|
8.8%
|
For the year ended December 31,
2021:
- Revenue reached $1.6 billion, an
increase of $185.6 million, or 13.1%,
compared to 2020. Organic revenue growth was 3.7%, growth from
acquisitions was 11.2%. The revenue growth was partially offset by
a negative exchange rate effect of 1.8%.
- Adjusted EBITDA1 amounted to $132.8 million, an increase of $27.8 million, or 26.5%, compared to 2020.
- Net income was $43.4 million or
$1.89 per share compared to
$48.0 million or $2.18 per share in 2020.
For the years ended December 31,
2021 and 2020, the business segments performed as
follows:
(in thousands
of
Canadian
dollars)
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Consolidated
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
2020
|
Revenue
|
533,006
|
532,156
|
329,835
|
331,615
|
685,054
|
483,751
|
64,768
|
84,878
|
1,597,169
|
1,411,611
|
Organic Growth
(Decline)
|
0.1%
|
(2.0%)
|
5.9%
|
(0.9%)
|
11.1%
|
(11.8%)
|
(31.0%)
|
20.2%
|
3.7%
|
(2.8%)
|
Adjusted
EBITDA1
|
76,994
|
61,000
|
30,767
|
29,333
|
38,404
|
16,960
|
(804)
|
9,601
|
132,779
|
104,930
|
Adjusted EBITDA
Margin1
|
14.4%
|
11.5%
|
9.3%
|
8.8%
|
5.6%
|
3.5%
|
(1.2%)
|
11.3%
|
8.3%
|
7.4%
|
GDI's Janitorial Canada segment
had another strong quarter, recording $140.5
million in revenue while delivering $18.4 million of Adjusted EBITDA1
representing an Adjusted EBITDA margin of 13.1%. GDI's
Janitorial USA segment also
performed very well in Q4 2021, generating revenue of
$89.2 million and Adjusted
EBITDA1 of $7.7 million
representing an Adjusted EBITDA margin1 of 8.6%. This
slight decline in Adjusted EBITDA margin1 compared to Q4
2020 is due to the Company recording a higher amount of one-time
COVID-related services in Q4 2020. Janitorial Canada organic growth for Q4 2021
amounted to 1.4% as a result of COVID-19 related revenue
fluctuations in certain market segments whereas it totalled 8.9%
for Janitorial USA segment
resulting from increased volume with existing clients as well as
new client wins. GDI's Janitorial segments continued to provide
clients with expert advice and services to keep their facilities
safe and occupants protected during the ongoing COVID-19 pandemic.
While many of our clients in Canada and the USA continued to require additional one-time
enhanced COVID-19 services, this was to a lesser degree in the
Janitorial USA segment due to a
different end market mix. On December
31, 2021, Janitorial USA
segment completed the acquisition of IH Services, Inc. and its
subsidiaries, adding approximately 8,000 employees and
approximately $260.0 million in
annual revenues generated across 29 states, significantly expanding
GDI's cleaning business in the United
States ("U.S.").
The Technical Services segment seems to have now fully recovered
after having been negatively impacted by the COVID-19 pandemic
during 2020 and into 2021, even while certain aspects of its
business remain affected by COVID-19 containment measures. This
segment recorded revenue of $189.6
million in Q4 2021, including 37.8% growth from acquisitions
and organic growth of 13.9%, while delivering Adjusted
EBITDA1 of $11.8 million representing an Adjusted
EBITDA margin1 of 6.2% during the quarter.
GDI's Complementary services segment, composed of our Superior
Solutions janitorial product distribution and manufacturing
business, recorded a negative Adjusted EBITDA1 of
$1.2 million in Q4 2021 including a
$1.3 million related mainly to the
inventory valuation. Superior Solution's business has been
significantly affected by the COVID-19 pandemic. It delivered very
strong performance in 2020 when it was able to procure supply of
personal protective equipment ("PPE") when market demand was high,
however its traditional business of supplying daily consumables
such as soaps, towels and tissue has been significantly reduced by
low occupancy rates at many client facilities. Superior Solutions'
business volumes are expected to return to pre-pandemic levels once
occupancy rates improve. Additionally, Superior Solutions
established a janitorial products manufacturing platform in the
U.S. in September 2021 with the
acquisition of Fuller Industries, LLC, and is focusing on growing
its U.S. business volume in 2022.
"GDI preformed very well in Q4 2021," stated Claude Bigras, President & CEO of GDI. "We
experienced a resurgence in the COVID-19 pandemic with the arrival
of the Omicron variant in the second half of the quarter, with our
janitorial businesses continuing to perform well while our
technical services business remained resilient to headwinds. Our
manufacturing and distribution business was impacted again in the
quarter by low demand due to low occupancy rates, however we expect
the business to recover as buildings begin to reoccupy."
"2021 was a challenging and tumultuous environment that I feel
we navigated extremely well. GDI delivered $1.6 billion in revenue and over $132 million in Adjusted EBITDA1 and
an Adjusted EBITDA margin1 of 8.3%. We completed five
acquisitions during the year and one subsequent to year-end, adding
more than $500 million in revenue to
our top line, establishing new U.S. platforms and new growth
avenues for Ainsworth and Superior Solutions, almost doubling our
U.S. janitorial business with a major extension of its footprint
into the Southeastern part of the U.S. and building our
capabilities for the next generation to include energy advisory and
energy efficiency expertise," stated Mr. Bigras.
"I am pleased to see that the outlook for the pandemic is
becoming more clear, with federal and regional governments across
North America progressively
reducing their social and economic restrictive regulations and
guidelines. In many regions in the U.S., the reoccupying of
facilities is well underway and in other regions in the U.S. and in
Canada, we expect reoccupation of
facilities to take place as 2022 evolves. Our current expectations
are that our clients will continue to require our enhanced cleaning
and disinfecting services as the population in buildings densifies,
which will also lead to further discussion regarding air quality in
buildings at Ainsworth and will help to support a rebound in demand
at our Superior Solutions business. In sum, the outlook is positive
for all of our business segments as we begin 2022. Our balance
sheet remains strong with a leverage ratio around 2x and we are in
a very good position to continue to grow our business strategically
across North America," concluded
Mr. Bigras.
____________
|
1
|
The terms "Adjusted
EBITDA" and "Adjusted EBITDA Margin" do not have standardized
definitions prescribed by International Financial Reporting
Standards and therefore, may not be comparable to similar measures
presented by other companies. "Adjusted EBITDA" is defined as
operating income before depreciation and amortization, Canadian
Emergency Wage Subsidy and related expenses, transaction,
reorganization and other costs and share-based compensation.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by
revenues and is used to compare profitability between periods and
segments. For more details and for a reconciliation of that measure
to the most directly comparable IFRS measure, consult the
"Operating and Financial Results" section of the Company's
Management Discussion & Analysis (MD&A).
|
ABOUT GDI
GDI is a leading integrated commercial facility services
provider which offers a range of services in Canada and the U.S. to owners and managers of
a variety of facility types including office buildings, educational
facilities, industrial facilities, healthcare establishments,
stadiums and event venues, hotels, shopping centres, distribution
facilities, airports and other transportation facilities. GDI's
commercial facility services capabilities include commercial
janitorial and building maintenance, the installation, maintenance
and repair of HVAC-R, mechanical, electrical and building
automation systems, as well as other complementary services such as
janitorial products manufacturing and distribution. GDI's
subordinate voting shares are listed on the Toronto Stock Exchange
(TSX: GDI). Additional information on GDI can be found on its
website at www.gdi.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this MD&A may constitute
forward-looking information within the meaning of securities laws.
Forward looking information may relate to GDI's future outlook and
anticipated events, business, operations, financial performance,
financial condition or results and, in some cases, can be
identified by terminology such as "may"; "will"; "should";
"expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate";
"predict"; "potential"; "continue"; "foresee"; "ensure" or other
similar expressions concerning matters that are not historical
facts. In particular, statements regarding GDI's future operating
results and economic performance and its objectives and strategies
are forward-looking statements. These statements are based on
certain factors and assumptions including expected growth, results
of operations, performance and business prospects and
opportunities, which GDI believes are reasonable as of the current
date. While management considers these assumptions to be reasonable
based on information currently available to the Company, they may
prove to be incorrect. It is impossible for GDI to predict with
certainty the impact that the current economic uncertainties may
have on future results. Forward-looking information is also subject
to certain factors, including risks and uncertainties (described in
the "Risk Factors" section) that could cause actual results to
differ materially from what GDI currently expects. Namely, these
factors include risks pertaining to COVID-19 and related pandemic,
unsuccessful implementation of the business strategy, inherent
operating risks of acquisition activity, failure to integrate,
decline in commercial real estate occupancy levels, increase in
costs which cannot be passed on to customers, labour shortages,
disruption in information technology systems and execution issues
with strategic IT projects, increases in interest rates,
deterioration in general economic conditions, increase in
competition, influence of the principal shareholders, loss of key
or long-term customers, public procurement laws and regulations,
legal proceedings, reputational damage, labour disputes, goodwill
and long-lived assets impairment charges, tax matters, dependence
on key employees, participation in multi-employer pension plans,
legislation or other governmental action, exchange rate
fluctuations, disputes with franchisees, cybersecurity and data
protection, data confidentiality, and public perception of our
environmental footprint, many of which are beyond the Company's
control. Therefore, future events and results may vary
significantly from what management currently foresees. The reader
should not place undue importance on forward-looking information
and should not rely upon this information as of any other date.
While management may elect to, the Company is under no obligation
and does not undertake to update or alter this information at any
particular time, except as may be required by law.
Analyst Conference
Call:
|
March 2, 2022 at
9:00 A.M. (ET)
|
|
|
|
Kindly note that
Investors and Media representatives may attend as listeners
only.
|
|
|
|
Please use the
following dial-in numbers to have access to the conference call by
dialing 10 minutes before the beginning of the
conference:
|
|
|
|
North America
Toll-Free: 1-888-664-6392
|
Local:
416-764-8659 (Toronto) or 514-225-6995 (Montreal)
|
Confirmation
Code: 80873459
|
|
|
|
A rebroadcast of the
conference call will be available until March 9, 2022 by
dialing:
|
|
North America
Toll-Free: 1-888-390-0541
|
Local:
416-764-8677 (Toronto)
|
Confirmation
Code: 873459#
|
December 31, 2021 consolidated
financial statements and accompanied Management & Discussion
Analysis were filed on www.sedar.com.
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Financial Position
December 31, 2021 and 2020
(In thousands of Canadian dollars)
|
|
2021
|
|
2020
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
|
24,315
|
|
3,443
|
Trade and other
receivables and contract assets
|
|
430,697
|
|
310,121
|
Canadian Emergency Wage
Subsidy receivable
|
|
4,147
|
|
1,895
|
Current tax
assets
|
|
34,214
|
|
21,944
|
Inventories
|
|
12,360
|
|
‒
|
Prepaid expenses and
other
|
|
8,596
|
|
17,492
|
Total current
assets
|
|
514,329
|
|
354,895
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Trade and other
receivables and contract assets
|
|
7,716
|
|
1,029
|
Property, plant and
equipment
|
|
117,267
|
|
83,733
|
Deferred tax
assets
|
|
544
|
|
2,467
|
Intangible
assets
|
|
142,869
|
|
94,478
|
Goodwill
|
|
301,933
|
|
213,415
|
Total non-current
assets
|
|
570,329
|
|
395,122
|
|
|
|
|
|
Total
assets
|
|
1,084,658
|
|
750,017
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Bank
indebtedness
|
|
2,604
|
|
4,620
|
Trade and other
payables
|
|
250,076
|
|
165,434
|
Provisions
|
|
27,934
|
|
14,769
|
Contract and other
liabilities
|
|
43,115
|
|
19,295
|
Current tax
liabilities
|
|
4,789
|
|
16,591
|
Current portion of
long-term debt
|
|
28,379
|
|
18,231
|
Total current
liabilities
|
|
356,897
|
|
238,940
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Long-term
debt
|
|
298,868
|
|
150,506
|
Long-term
payables
|
|
6,506
|
|
4,595
|
Derivatives
|
|
‒
|
|
2,378
|
Deferred tax
liabilities
|
|
31,359
|
|
14,467
|
Total non-current
liabilities
|
|
336,733
|
|
171,946
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Share
capital
|
|
371,283
|
|
363,728
|
Retained earnings
(deficit)
|
|
12,563
|
|
(30,802)
|
Contributed
surplus
|
|
6,000
|
|
6,406
|
Accumulated other
comprehensive income (loss)
|
|
1,182
|
|
(201)
|
Total shareholders'
equity
|
|
391,028
|
|
339,131
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
1,084,658
|
|
750,017
|
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Comprehensive Income
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars, except for earnings per
share)
|
|
2021
|
|
2020
|
|
|
|
|
|
Revenues
|
|
1,597,169
|
|
1,411,611
|
|
|
|
|
|
Cost of
services
|
|
1,257,188
|
|
1,105,800
|
Selling and
administrative expenses
|
|
214,106
|
|
206,903
|
Transaction,
reorganization and other costs
|
|
3,095
|
|
5,162
|
Canadian Emergency
Wage Subsidy and related expenses
|
|
(13,128)
|
|
(38,780)
|
Amortization of
intangible assets
|
|
19,631
|
|
14,349
|
Depreciation of
property, plant and equipment
|
|
32,480
|
|
27,682
|
Operating
income
|
|
83,797
|
|
90,495
|
|
|
|
|
|
Net finance
expense
|
|
20,230
|
|
21,188
|
Income before income
taxes
|
|
63,567
|
|
69,307
|
|
|
|
|
|
Income tax
expense
|
|
20,202
|
|
21,316
|
Net income
|
|
43,365
|
|
47,991
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
(Losses) gains
that are or may be reclassified to earnings:
|
|
|
|
|
Foreign currency translation differences for foreign
operations
|
|
(948)
|
|
(2,277)
|
Hedge of net
investments in foreign operations, net of tax of nil
|
|
397
|
|
1,750
|
Cash flow
hedges, effective portion of changes in fair value, net of tax of
($692) ($656 in 2020)
|
|
1,934
|
|
(1,820)
|
|
|
1,383
|
|
(2,347)
|
|
|
|
|
|
Total comprehensive
income
|
|
44,748
|
|
45,644
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
Basic
|
|
1.89
|
|
2.18
|
Diluted
|
|
1.84
|
|
2.12
|
|
|
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated Statements of Changes in Equity
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars and shares)
|
Share
Capital
|
Retained
earnings
(deficit)
|
Contributed
surplus
|
Equity
component
of
convertible
debentures
|
Accumulated
other
comprehensive
income (1)
|
Total
|
|
Number
(in
thousands
of
shares)
|
Amount
|
Balance, January
1, 2020
|
21,406
|
329,705
|
(78,793)
|
6,124
|
1,800
|
2,146
|
260,982
|
|
|
|
|
|
|
|
|
Net income
|
‒
|
‒
|
47,991
|
‒
|
‒
|
‒
|
47,991
|
Other comprehensive
loss
|
‒
|
‒
|
‒
|
‒
|
‒
|
(2,347)
|
(2,347)
|
Total comprehensive
income for the year
|
‒
|
‒
|
47,991
|
‒
|
‒
|
(2,347)
|
45,644
|
Transactions with
owners of the Company:
|
|
|
|
|
|
|
Stock options
exercised
|
313
|
6,532
|
‒
|
(1,599)
|
‒
|
‒
|
4,933
|
Conversion of
convertible debenture
|
1,061
|
27,491
|
‒
|
37
|
(1,800)
|
‒
|
25,728
|
Share-based
compensation
|
‒
|
‒
|
‒
|
1,844
|
‒
|
‒
|
1,844
|
Balance, December
31, 2020
|
22,780
|
363,728
|
(30,802)
|
6,406
|
‒
|
(201)
|
339,131
|
|
|
|
|
|
|
|
|
Net income
|
‒
|
‒
|
43,365
|
‒
|
‒
|
‒
|
43,365
|
Other comprehensive
income
|
‒
|
‒
|
‒
|
‒
|
‒
|
1,383
|
1,383
|
Total comprehensive
income for the year
|
‒
|
‒
|
43,365
|
‒
|
‒
|
1,383
|
44,748
|
Transactions with
owners of the Company:
|
|
|
|
|
|
|
Stock options
exercised
|
341
|
7,555
|
‒
|
(1,802)
|
‒
|
‒
|
5,753
|
Share-based
compensation
|
‒
|
‒
|
‒
|
1,396
|
‒
|
‒
|
1,396
|
Balance, December
31, 2021
|
23,121
|
371,283
|
12,563
|
6,000
|
‒
|
1,182
|
391,028
|
|
|
(1)
|
The amount of
Accumulated other comprehensive income is net of tax of ($36) ($656
as at December 31, 2020 and nil as at December 31, 2019)
|
GDI INTEGRATED FACILITY SERVICES INC.
Consolidated
Statements of Cash Flows
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars)
|
|
2021
|
|
2020
|
|
|
|
|
|
Cash flows from (used
in) operating activities
|
|
|
|
|
Net income
|
|
43,365
|
|
47,991
|
Adjustments
for:
|
|
|
|
|
Depreciation and
amortization
|
|
52,111
|
|
42,031
|
Equity portion of
share-based compensation
|
|
1,396
|
|
1,844
|
Net finance
expense
|
|
20,230
|
|
21,188
|
Income tax
expense
|
|
20,202
|
|
21,316
|
Other
|
|
(247)
|
|
98
|
Income taxes
paid
|
|
(32,518)
|
|
(9,807)
|
Net changes in
non-cash operating assets and liabilities
|
|
12,440
|
|
(28,569)
|
Net cash from
operating activities
|
|
116,979
|
|
96,092
|
|
|
|
|
|
Cash flows from (used
in) financing activities
|
|
|
|
|
Proceeds from
issuance of long-term debt
|
|
247,341
|
|
181,974
|
Repayment of
long-term debt
|
|
(140,967)
|
|
(186,572)
|
Payment of lease
liabilities
|
|
(19,579)
|
|
(15,730)
|
Interest
paid
|
|
(3,871)
|
|
(6,350)
|
Proceeds from
issuance of subordinate voting shares
|
|
5,753
|
|
4,933
|
Financing expenses
paid related to loans and borrowings
|
|
(439)
|
|
(284)
|
Net cash from (used
in) financing activities
|
|
88,238
|
|
(22,029)
|
|
|
|
|
|
Cash flows from (used
in) investing activities
|
|
|
|
|
Business
acquisitions, net of cash and bank indebtedness acquired
|
|
(163,974)
|
|
(61,817)
|
Additions to
property, plant and equipment
|
|
(15,123)
|
|
(13,757)
|
Additions to
intangible assets
|
|
(3,900)
|
|
(3,439)
|
Proceeds on disposal
of property, plant and equipment
|
|
956
|
|
1,019
|
Net cash used in
investing activities
|
|
(182,041)
|
|
(77,994)
|
|
|
|
|
|
Foreign exchange loss
on cash held in foreign currencies
|
|
(288)
|
|
(1,073)
|
|
|
|
|
|
Net change in cash
(bank indebtedness)
|
|
22,888
|
|
(5,004)
|
|
|
|
|
|
(Bank indebtedness)
cash, beginning of period:
|
|
|
|
|
Cash
|
|
3,443
|
|
3,827
|
Bank
indebtedness
|
|
(4,620)
|
|
–
|
|
|
(1,177)
|
|
3,827
|
|
|
|
|
|
Cash (bank
indebtedness), end of period:
|
|
|
|
|
Cash
|
|
24,315
|
|
3,443
|
Bank
indebtedness
|
|
(2,604)
|
|
(4,620)
|
|
|
21,711
|
|
(1,177)
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars)
|
|
|
|
|
|
2021
|
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Corporate
and
eliminations
|
Total
|
Recurring/contractual
services
|
411,166
|
290,447
|
89,794
|
‒
|
‒
|
791,407
|
On-call
services
|
83,038
|
39,283
|
188,456
|
‒
|
‒
|
310,777
|
Project
|
‒
|
‒
|
406,001
|
‒
|
‒
|
406,001
|
Manufacturing and
distribution
|
‒
|
‒
|
‒
|
49,885
|
‒
|
49,885
|
Other
revenues
|
38,107
|
‒
|
755
|
237
|
‒
|
39,099
|
|
|
|
|
|
|
|
Total external
revenues
|
532,311
|
329,730
|
685,006
|
50,122
|
‒
|
1,597,169
|
Inter-segment
revenues
|
695
|
105
|
48
|
14,646
|
(15,494)
|
‒
|
Revenues
|
533,006
|
329,835
|
685,054
|
64,768
|
(15,494)
|
1,597,169
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
64,047
|
20,206
|
9,116
|
(4,583)
|
(25,219)
|
63,567
|
Net finance
expense
|
74
|
4,188
|
2,100
|
323
|
13,545
|
20,230
|
Operating income
(loss)
|
64,121
|
24,394
|
11,216
|
(4,260)
|
(11,674)
|
83,797
|
Depreciation and
amortization
|
12,656
|
6,275
|
26,423
|
3,302
|
3,455
|
52,111
|
Canadian Emergency
Wage Subsidy and related expenses
|
‒
|
‒
|
‒
|
‒
|
(13,128)
|
(13,128)
|
Transaction,
reorganization and other costs
|
217
|
98
|
765
|
154
|
1,861
|
3,095
|
Share-based
compensation (1)
|
‒
|
‒
|
‒
|
‒
|
6,904
|
6,904
|
Adjusted
EBITDA
|
76,994
|
30,767
|
38,404
|
(804)
|
(12,582)
|
132,779
|
|
|
|
|
|
|
|
Total
assets
|
261,988
|
322,588
|
397,864
|
70,516
|
31,702
|
1,084,658
|
Total
liabilities
|
83,378
|
91,193
|
203,404
|
14,746
|
300,909
|
693,630
|
Acquisition of
property, plant and equipment
|
5,474
|
13,041
|
28,116
|
13,487
|
6,343
|
66,461
|
Acquisition of
intangible assets
|
2,150
|
36,412
|
23,743
|
2,661
|
3,449
|
68,415
|
Addition of
goodwill
|
1,802
|
54,476
|
31,501
|
1,029
|
‒
|
88,808
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes stock
option plans, performance share unit plan and restricted share unit
plan.
|
GDI INTEGRATED FACILITY SERVICES INC.
Segmented
information
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars)
|
|
|
|
|
|
2020
|
|
Janitorial
Canada
|
Janitorial
USA
|
Technical
Services
|
Complementary
Services
|
Corporate
and
eliminations
|
Total
|
Recurring/contractual
services
|
407,375
|
285,031
|
68,877
|
‒
|
‒
|
761,283
|
On-call
services
|
81,744
|
46,259
|
179,473
|
‒
|
‒
|
307,476
|
Project
|
‒
|
‒
|
235,280
|
‒
|
‒
|
235,280
|
Manufacturing and
distribution
|
‒
|
‒
|
‒
|
64,913
|
‒
|
64,913
|
Other
revenues
|
42,659
|
‒
|
‒
|
‒
|
‒
|
42,659
|
|
|
|
|
|
|
|
Total external
revenues
|
531,778
|
331,290
|
483,630
|
64,913
|
‒
|
1,411,611
|
Inter-segment
revenues
|
378
|
325
|
121
|
19,965
|
(20,789)
|
‒
|
Revenues
|
532,156
|
331,615
|
483,751
|
84,878
|
(20,789)
|
1,411,611
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
48,324
|
20,044
|
(5,669)
|
6,543
|
65
|
69,307
|
Net finance
expense
|
186
|
2,354
|
585
|
134
|
17,929
|
21,188
|
Operating income
(loss)
|
48,510
|
22,398
|
(5,084)
|
6,677
|
17,994
|
90,495
|
Depreciation and
amortization
|
12,443
|
6,775
|
18,009
|
2,850
|
1,954
|
42,031
|
Canadian Emergency
Wage Subsidy and related expenses
|
‒
|
‒
|
‒
|
‒
|
(38,780)
|
(38,780)
|
Transaction,
reorganization and other costs
|
47
|
160
|
4,035
|
74
|
846
|
5,162
|
Share-based
compensation (1)
|
‒
|
‒
|
‒
|
‒
|
6,022
|
6,022
|
Adjusted
EBITDA
|
61,000
|
29,333
|
16,960
|
9,601
|
(11,964)
|
104,930
|
|
|
|
|
|
|
|
Total
assets
|
275,829
|
123,634
|
272,263
|
56,663
|
21,628
|
750,017
|
Total
liabilities
|
83,258
|
35,444
|
119,891
|
9,483
|
162,810
|
410,886
|
Acquisition of
property, plant and equipment
|
4,549
|
1,741
|
30,013
|
1,175
|
5,135
|
42,613
|
Acquisition of
intangible assets
|
933
|
‒
|
15,325
|
75
|
1,146
|
17,479
|
Addition of
goodwill
|
‒
|
‒
|
36,384
|
‒
|
‒
|
36,384
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes stock
option plans, performance share unit plan and restricted share unit
plan.
|
GDI INTEGRATED FACILITY SERVICES INC.
Business
acquistions
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars)
|
|
|
|
Acquisition
date
|
Company
acquired
|
Location
|
Segment
reporting
|
|
|
|
|
2021
Acquisitions
|
|
|
|
|
|
|
|
January 1,
2021
|
The BPAC Group, Inc.
and its subsidiaries ("BP")
|
New York, New
York
|
Technical
Services
|
|
|
|
|
September 1,
2021
|
Enginuity, LLC
("Enginuity")
|
Mechanicsburg,
Pennsylvania
|
Technical
Services
|
|
|
|
|
September 15,
2021
|
Fuller Industries,
LLC ("Fuller")
|
Great Bend,
Kansas
|
Complementary
Services
|
|
|
|
|
December 31,
2021
|
IH Services, Inc. and
its subsidiaries ("IH")
|
Greenville, South
Carolina
|
Janitorial
USA
|
|
|
|
|
2020
Acquisition
|
|
|
|
|
|
|
|
January 15,
2020
|
ESC Automation Inc.
and its subsidiaries ("ESC")
|
Vancouver, British
Columbia
|
Technical
Services
|
|
|
|
|
GDI INTEGRATED FACILITY SERVICES INC.
Supplementary
Quarterly Financial Information
Years ended December 31, 2021 and
2020
(In thousands of Canadian dollars)
Three months
ended
|
|
|
|
|
(in thousands of
Canadian dollars,
except per share data) (1)
|
December
2021
|
September
2021
|
June
2021
|
March
2021
|
|
Revenue
|
433,022
|
408,356
|
372,190
|
383,601
|
|
Operating
income
|
14,598
|
17,948
|
24,014
|
27,237
|
|
Depreciation and
amortization
|
15,568
|
12,864
|
12,222
|
11,457
|
|
Canadian Emergency Wage
Subsidy and related expenses
|
‒
|
(463)
|
(5,466)
|
(7,199)
|
|
Transaction, reorganization
and other costs
|
1,704
|
570
|
317
|
504
|
|
Share-based
compensation
|
1,673
|
1,801
|
1,926
|
1,504
|
|
Adjusted
EBITDA
|
33,543
|
32,720
|
33,013
|
33,503
|
|
Net income for the
period
|
6,914
|
9,416
|
13,959
|
13,076
|
|
Earnings per
share
|
|
|
|
|
|
Basic
|
0.30
|
0.41
|
0.61
|
0.57
|
|
Diluted
|
0.29
|
0.40
|
0.59
|
0.56
|
|
Three months
ended
|
|
|
|
|
|
(in thousands of
Canadian dollars,
except per share data) (1)
|
December
2020
|
September
2020
|
June
2020
|
March
2020
|
|
Revenue
|
364,669
|
365,358
|
326,732
|
354,852
|
|
Operating
income
|
27,746
|
24,415
|
29,792
|
8,542
|
|
Depreciation and
amortization
|
10,365
|
10,415
|
11,830
|
9,421
|
|
Canadian Emergency Wage
Subsidy and related expenses
|
(9,385)
|
(6,145)
|
(23,250)
|
‒
|
|
Transaction, reorganization
and other costs
|
1,813
|
141
|
2,469
|
739
|
|
Share-based
compensation
|
1,619
|
1,365
|
1,703
|
1,335
|
|
Adjusted
EBITDA
|
32,158
|
30,191
|
22,544
|
20,037
|
|
Net income for the
period
|
17,017
|
13,187
|
13,485
|
4,302
|
|
Earnings per
share
|
|
|
|
|
|
Basic
|
0.75
|
0.59
|
0.63
|
0.20
|
|
Diluted
|
0.73
|
0.57
|
0.61
|
0.20
|
|
|
|
|
|
|
|
|
|
(1)
|
The differences
between the quarters are mainly the results of business
acquisitions, as well as seasonality in the Technical Services
Segment. The net income for the three-month periods ended June 30,
2020, September 30, 2020, December 31, 2020,
March 31, 2021, June 2021 and September 30, 2021 were
favourably impacted by the Canadian Emergency Wage Subsidy and
related expenses.
|
SOURCE GDI Integrated Facility Services Inc.