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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bird Construction Inc | TSX:BDT | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.87 | 3.38% | 26.60 | 26.59 | 26.74 | 26.99 | 25.78 | 25.80 | 180,636 | 21:12:23 |
MISSISSAUGA, ON, March 7, 2023 /CNW/ - "With a strong finish to the year, Bird reported record revenue and gross profit for 2022, due in no small part to the diligent focus of our One Bird team who embraced the Company's strategic focus on collaboration, cross-selling and diversification of both Bird's capabilities and geographical reach. The Company carries a record combined Backlog and Pending Backlog of risk-balanced contracts and awards into 2023, bolstering our confidence in continued revenue and earnings growth for the upcoming year," stated Teri McKibbon, President and CEO of Bird Construction. "In addition, the strength of the Company's balance sheet and access to financing continues to support our disciplined approach to invest in Bird's future growth, both organically and through opportunistic tuck-in acquisitions."
FINANCIAL HIGHLIGHTS
Bird finished the 2022 fiscal year on a high note, delivering a strong fourth quarter of revenue growth, profitability, and cash flow generation. The Company's fourth quarter and full-year performance reflect the Company's strategy to reposition itself over the past several years, resulting in a diversified and risk-balanced business model with larger scopes of self-perform work, and greater depth of cross-selling opportunities, and the vast majority of revenues generated from lower risk contract types. Bird's focus on a more collaborative business model has also allowed Bird to better manage inflationary impacts on costs of construction which, along with increased self-perform activity, strategic organic growth, acquisitions, and diligent cost management, has resulted in growing margins which remain a strategic priority to further improve over the coming years.
The Company's results continue to benefit from cross-selling opportunities across our diversified service offerings, and robust, accretive performance from recent acquisitions. The Company maintained a strong financial position in 2022, ending the year with significant financial flexibility and liquidity to support the Company's disciplined capital allocation approach, including the potential for future accretive tuck-in acquisitions like Dagmar and Trinity Communication Services Ltd. ("Trinity") which was acquired subsequent to year-end.
Full-Year 2022 compared to Full-Year 2021
__________ | |
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. |
Fourth Quarter 2022 compared to Fourth Quarter 2021
_____________ | |
2 | 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. |
Financial Results | |||||
(in thousands of Canadian dollars, except per share amounts) | |||||
Three months ended December 31, | Year ended | ||||
2022 | 2021 | 2022 | 2021 | ||
Construction revenue | $ 657,184 | $ 597,803 | $ 2,377,549 | $ 2,220,026 | |
Net income | 14,932 | 9,917 | 49,863 | 42,783 | |
Basic and diluted earnings per share | 0.28 | 0.18 | 0.93 | 0.80 | |
Adjusted Earnings Per Share | 0.29 | 0.24 | 0.86 | 0.96 | |
Adjusted EBITDA1 | 30,639 | 28,399 | 101,185 | 108,136 | |
Cash flows from operations before changes in non-cash working capital | $ 33,465 | $ 25,791 | $ 114,370 | $ 102,623 | |
(1) Adjusted EBITDA is a non-GAAP financial measure. See "Terminology and Non-GAAP & Other Financial Measures." |
OVERVIEW
CONFERENCE CALL AND WEBCAST
Bird will host an investor webcast to discuss the quarterly results on Wednesday, March 8, 2023 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/bird2022Q4.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 December 31, 2022, prepared as of March 7, 2023. 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 December 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 December 31, | Year ended | ||||
(in thousands of Canadian dollars, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |
Net income | $ 14,932 | $ 9,917 | $ 49,863 | $ 42,783 | |
Add: Acquisition and integration costs | 728 | 4,111 | 2,487 | 10,780 | |
Add: IFRS restructuring costs (1) | — | — | — | — | |
Deduct: Gain on settlement of trade receivable | — | — | (7,596) | — | |
Income tax effect of the above costs | (175) | (982) | 1,270 | (2,609) | |
Adjusted Earnings | $ 15,485 | $ 13,046 | $ 46,024 | $ 50,954 | |
Adjusted Earnings Per Share (2) | $ 0.29 | $ 0.24 | $ 0.86 | $ 0.96 | |
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 December 31, | Year ended | ||||
(in thousands of Canadian dollars, except percentage amounts) | 2022 | 2021 | 2022 | 2021 | |
Net income | $ 14,932 | $ 9,917 | $ 49,863 | $ 42,783 | |
Add: Income tax expense | 5,459 | 3,699 | 17,322 | 14,847 | |
Add: Depreciation and amortization | 8,798 | 9,714 | 36,439 | 34,537 | |
Add: Finance and other costs | 2,933 | 1,890 | 9,818 | 7,550 | |
Less: Finance and other income | (904) | (426) | (10,341) | (1,322) | |
Add: (Gain)/loss on sale of property and equipment | (1,307) | (608) | (4,403) | (1,576) | |
Add: IFRS restructuring costs (1) | — | — | — | — | |
Add: Other restructuring and severance costs (2) | — | 102 | — | 537 | |
Add: Acquisition and integration costs | 728 | 4,111 | 2,487 | 10,780 | |
Adjusted EBITDA | $ 30,639 | $ 28,399 | $ 101,185 | $ 108,136 | |
Adjusted EBITDA Margin (3) | 4.7 % | 4.8 % | 4.3 % | 4.9 % | |
Notes: | |||||
(1) Restructuring costs as defined in accordance with IFRS. | |||||
(2) Restructuring and severance costs that did not meet the criteria to be classified as restructuring costs in accordance with IFRS. | |||||
(3) Calculated as Adjusted EBITDA divided by revenue. |
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this news release are based on the expectations, estimates and projections of management of Bird as of the date of this news release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "may", "will", "should" and similar expressions are intended to identify forward-looking statements and information. More particularly and without limitation, this news release contains forward-looking statements concerning: anticipated financial performance; the outlook for 2023; expectations with respect to anticipated revenue growth, growth in earnings per share and adjusted EBITDA in 2023 and margin improvements; the ability to capitalize on new and emerging opportunities; and the ability to realize on the Company's bid pipeline.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which the Company operates in general such as: operational risks, industry and inherent project delivery risks; ability to hire and retain qualified and capable personnel; global pandemics; delays or changes in plans with respect to growth projects or capital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; compliance with environmental laws risks; competition, ethics and reputational risks; ability to access sufficient capital from internal and external sources; repayment of credit facility; collection of recognized revenue; performance bonds and contract security; potential for non-payment and credit risk and ongoing financing availability; regional concentration; regulations; dependence on the public sector; client concentration; labour matters; loss of key management; subcontractor performance; unanticipated shutdowns, work stoppages, strikes and lockouts; maintaining safe worksites; cyber security risks; litigation risk; corporate guarantees and letters of credit; volatility of market trading; failure of clients to obtain required permits and licenses; payment of dividends; economy and cyclicality; Public Private Partnerships project risk; design risks; completion and performance guarantees/design-build risks; ability to secure work; estimating costs and schedules/assessing contract risks; quality assurance and quality control; accuracy of cost to complete estimates; insurance risk; adjustments and cancellations of backlog; joint venture risk; internal and disclosure controls; Public Private Partnerships equity investments; failure to realize the anticipated benefits of the Transactions; and changes in legislation, including but not limited to tax laws and environmental regulations.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties, and the combined company are included in reports on file with applicable securities regulatory authorities, including but not limited to; Bird's Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2022, each of which may be accessed on Bird's SEDAR profile, at www.sedar.com and on the Company's website at www.bird.ca.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as, and to the extent required by applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
T.L. McKibbon, President & CEO or
W.R. Gingrich, CFO
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6
Phone: (905) 602-4122
Bird (TSX: BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada's major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca
SOURCE Bird Construction Inc.
Copyright 2023 Canada NewsWire
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