Canada NewsWire
MISSISSAUGA, ON, May 10, 2022
MISSISSAUGA, ON, May 10, 2022 /CNW/ - "After reporting strong full-year 2021 results, the dedicated Bird team delivered a solid first quarter in 2022, growing our year-over-year revenue and Backlog to new records despite early headwinds from pandemic-related personnel and supply chain challenges, as well as weather-related delays," said Mr. Teri McKibbon, President and CEO of Bird Construction. "Our efforts to build a resilient organization are paying off and the team's focus on collaboration, cross-selling and diversification continue to drive new awards and create opportunities for growth. The Company's strong balance sheet, healthy combined total backlog, and growing recurring revenue streams position Bird to deliver strong financial performance and long-term value to our stakeholders by making investments in our business and taking steps to improve our overall margin profile."
FINANCIAL HIGHLIGHTS
First Quarter 2022 compared to First Quarter 2021
Financial Results | | | | |
(in thousands of Canadian dollars, except per share amounts) | | | | |
| | Three months ended March 31, | ||
| | 2022 | | 2021 |
| | | | |
Construction revenue | $ | 475,521 | $ | 444,637 |
| | | | |
Net income | | 6,361 | | 7,119 |
| | | | |
Basic and diluted earnings per share | | 0.12 | | 0.13 |
| | | | |
Adjusted Earnings Per Share | | 0.12 | | 0.17 |
| | | | |
Adjusted EBITDA1 | | 17,835 | | 21,040 |
| | | | |
Cash flows from operations before changes in non-cash working capital | | 19,268 | | 20,792 |
_________________________ | |
1 | This News Release contains terminology and financial measures that do not have standard meanings under IFRS and may not be comparable with similar measures presented by other companies. Further information regarding these measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section of this News Release. |
OVERVIEW
CONFERENCE CALL AND WEBCAST
Bird will host an investor webcast to discuss the quarterly results on Wednesday, May 11, 2022 at 10:00 a.m. ET, to discuss the Company's results. Analysts and investors may connect to the webcast at https://services.choruscall.ca/links/bird20220511.html. They may also dial 1-855-328-1925 for audio only or to enter the question queue; attendees are asked to be on the line 10 minutes prior to the start of the call. The presentation can also be found on our website at https://www.bird.ca/investors.
The Company's financial statements and Management's Discussion & Analysis ("MD&A") will be filed and available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on the Company's website at www.bird.ca.
TERMINOLOGY AND NON-GAAP & OTHER FINANCIAL MEASURES
Throughout this News Release, certain terminology and financial measures are used that do not have standard meanings under IFRS and are considered specified financial measures. These include non-GAAP financial measures, non-GAAP financial ratios, and supplementary financial measures. These measures may not be comparable with similar measures presented by other companies. Further information on these financial measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section in Bird's most recently filed Management's Discussion & Analysis for the period ended March 31, 2022, prepared as of May 10, 2022. This document is available on Bird's SEDAR profile, at www.sedar.com and on the Company's website at www.bird.ca.
"Backlog" is the total value of all contracts awarded to the Company, less the total value of work completed on these contracts as of the date of the most recently completed quarter. The Company's Backlog equates to the Company's remaining performance obligations as at March 31, 2022 and December 31, 2021.
"Adjusted Earnings" and "Adjusted EBITDA" are non-GAAP financial measures. "Adjusted Earnings Per Share" and "Adjusted EBITDA margin" are non-GAAP financial ratios. "Pending Backlog" is a supplementary financial measure.
Adjusted Earnings and Adjusted EBITDA are reconciled as follows:
Adjusted Earnings
| | Three months ended March 31, | ||
(in thousands of Canadian dollars, except per share amounts) | | 2022 | | 2021 |
| | | | |
Net income | $ | 6,361 | $ | 7,119 |
Add: Acquisition and integration costs | | 246 | | 2,655 |
Add: IFRS restructuring costs (1) | | - | | - |
Income tax effect of the above costs | | (61) | | (637) |
| | | | |
Adjusted Earnings | $ | 6,546 | $ | 9,137 |
| | | | |
Adjusted Earnings Per Share (2) | $ | 0.12 | $ | 0.17 |
| | | | |
Notes | | | | |
(1) Restructuring costs as defined in accordance with IFRS. | | | | |
(2) Calculated as Adjusted Earnings divided by basic weighted average shares outstanding. | | | | |
Adjusted EBITDA
| | | | Three months ended March 31, | ||
(in thousands of Canadian dollars, except percentage amounts) | | | 2022 | | 2021 | |
| | | | | | |
Net income | | $ | 6,361 | $ | 7,119 | |
Add: Income tax expense | | | 1,981 | | 2,245 | |
Add: Depreciation and amortization | | | 8,420 | | 7,960 | |
Add: Finance and other costs | | | 1,773 | | 1,739 | |
Less: Finance income | | | (266) | | (302) | |
Add: (Gain)/loss on sale of property and equipment | (680) | | (403) | |||
Add: IFRS restructuring costs (1) Werbung Mehr Nachrichten zur BLACKROCK STRATEGIC DIVIDEND A Aktie kostenlos abonnieren
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